UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2105

Fidelity Salem Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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, 2011

Item 1. Reports to Stockholders

Fidelity®

Series Global ex U.S. Index

Fund

Annual Report

October 31, 2011

Contents

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

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.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's 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 $10,000 table and the fund's 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, 2011	Past 1 year	Life of fund A
Fidelity® Series Global ex U.S. Index Fund	-6.00%	1.98%

^A From September 29, 2009.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Global ex U.S. Index Fund on September 29, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI® (All Country World Index) ex USA Index performed over the same period.

Annual Report

Management's Discussion of Fund Performance

Market Recap: International equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about the sovereign debt crisis in Europe, a devastating earthquake and tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China and a dimmed outlook for global growth caused foreign markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as eurozone policymakers appeared near a resolution to the debt debacle and buyers stormed back onto the scene in search of bargains. Still, those gains - along with favorable currency fluctuations overall - weren't enough to offset prior losses, and the MSCI® ACWI® (All Country World Index) ex USA Index finished the period down 4.56%. Within the MSCI index, Europe and emerging markets suffered the biggest declines, with many countries in these areas sustaining steep losses. By contrast, Japan showed resilience in the wake of its natural disasters, falling only 2%. Australia (+4%), Switzerland (+3%), the U.K. (+2%) and Canada, which produced a nominal return, were among the few major benchmark components to break into positive territory.

Comments from James Francis, senior portfolio manager of the Geode Capital Management, LLC, investment management team for Fidelity® Series Global ex U.S. Index Fund: For the year, the fund returned -6.00%, trailing the MSCI index. (The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Six of the seven biggest individual detractors were European bank stocks, which suffered amid the sovereign debt crisis there. The biggest challenge was Spain's Banco Santander, followed by Lloyd's Banking Group (U.K.), BNP Paribas (France), HSBC Holdings (U.K.), Unicredit (Italy) and Societe Generale (France). Elsewhere, Japanese utility Tokyo Electric Power, which owns the nuclear power plant most crippled by the country's natural disasters last March, also hurt. In contrast, South Korea's Samsung Electronics, a semiconductor and consumer electronics giant, contributed, while several businesses from relatively defensive sectors also helped results. These included pharmaceutical makers GlaxoSmithKline and Roche Holding, based in the U.K. and Switzerland, respectively; tobacco manufacturer British American Tobacco; and Swiss food products giant Nestle.

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.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Actual	.23%	$ 1,000.00	$ 835.90	$ 1.06**
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,024.05	$ 1.17**

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** If management fee changes effective September 1, 2011, had been in effect during the entire period, the annualized expense ratio would have been .20% and the expenses paid in the actual and hypothetical examples above would have been $.93 and $1.02, respectively.

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom 14.6%
	Japan 14.0%
	Canada 8.2%
	France 6.0%
	Australia 6.0%
	Switzerland 5.6%
	Germany 5.4%
	Brazil 3.5%
	Korea (South) 3.4%
	Other* 33.3%

* Includes short-term investments and net other assets.

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom 13.7%
	Japan 12.7%
	Canada 7.8%
	France 6.5%
	Germany 5.9%
	Australia 5.7%
	Switzerland 5.2%
	Brazil 3.5%
	Korea (South) 3.4%
	Other* 35.6%

* Includes short-term investments and net other assets.

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks, Investment Companies and Equity Futures	100.0	99.9
Short-Term Investments and Net Other Assets	0.0	0.1
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Switzerland, Food Products)	1.4	1.2
HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks)	1.0	1.1
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.0	0.8
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	0.9	0.8
Novartis AG (Switzerland, Pharmaceuticals)	0.9	0.7
BHP Billiton Ltd. (Australia, Metals & Mining)	0.8	0.9
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	0.8	0.6
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	0.8	0.6
Total SA (France, Oil, Gas & Consumable Fuels)	0.8	0.7
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	0.7	0.6
	9.1
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.9	24.6
Materials	12.1	12.6
Energy	11.8	11.9
Industrials	9.9	10.5
Consumer Staples	9.6	8.1
Consumer Discretionary	8.4	7.9
Telecommunication Services	6.4	5.3
Information Technology	6.2	5.9
Health Care	6.1	5.3
Utilities	3.6	3.7

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
Australia - 6.0%
AGL Energy Ltd.	15,797		$ 238,038
Alumina Ltd.	76,155		116,019
Amcor Ltd.	40,076		293,233
AMP Ltd.	91,732		408,986
Asciano Ltd. unit	93,707		149,816
ASX Ltd.	5,702		183,100
Australia & New Zealand Banking Group Ltd.	83,777		1,893,240
Bendigo & Adelaide Bank Ltd.	11,591		114,465
BHP Billiton Ltd.	103,567		4,054,477
BlueScope Steel Ltd.	49,074		42,935
Boral Ltd.	23,538		96,094
Brambles Ltd.	48,559		335,717
Caltex Australia Ltd.	3,732		51,835
CFS Retail Property Trust	63,255		120,594
Coca-Cola Amatil Ltd.	18,091		233,556
Cochlear Ltd.	1,813		111,330
Commonwealth Bank of Australia	50,345		2,586,472
Computershare Ltd.	14,397		113,790
Crown Ltd.	14,635		123,333
CSL Ltd.	16,818		506,589
DEXUS Property Group unit	151,717		134,974
Echo Entertainment Group Ltd. (a)	20,059		77,867
Energy Resources of Australia Ltd. (a)	745		1,525
Energy Resources of Australia Ltd. rights 11/9/11 (a)	1,277		612
Fortescue Metals Group Ltd.	41,741		209,678
Fosters Group Ltd.	63,017		352,473
Goodman Group unit	214,028		139,097
Harvey Norman Holdings Ltd.	20,325		46,037
Iluka Resources Ltd.	13,227		219,916
Incitec Pivot Ltd.	52,304		189,470
Insurance Australia Group Ltd.	70,109		231,161
John Fairfax Holdings Ltd. (d)	75,024		72,754
Leighton Holdings Ltd.	5,223		118,664
Lend Lease Group unit	17,491		142,326
Lynas Corp. Ltd. (a)	51,255		63,425
MacArthur Coal Ltd.	5,384		91,300
Macquarie Group Ltd.	11,153		287,175
MAp Group unit	13,641		48,680
Metcash Ltd.	26,125		114,337
Mirvac Group unit	115,431		151,170
National Australia Bank Ltd.	69,972		1,869,089
Newcrest Mining Ltd.	24,476		865,109
Common Stocks - continued
	Shares		Value
Australia - continued
OneSteel Ltd.	47,376		$ 60,257
Orica Ltd.	11,767		318,746
Origin Energy Ltd.	34,465		519,417
OZ Minerals Ltd.	10,562		126,849
Paladin Energy Ltd. (Australia) (a)	24,930		38,075
Qantas Airways Ltd. (a)	39,759		66,500
QBE Insurance Group Ltd.	35,107		540,451
QR National Ltd.	57,128		197,395
Ramsay Health Care Ltd.	4,267		83,886
Rio Tinto Ltd.	13,917		999,254
Santos Ltd.	28,073		379,179
Sims Metal Management Ltd.	6,100		87,988
Sonic Healthcare Ltd.	11,703		135,245
SP AusNet unit	50,711		52,881
Stockland Corp. Ltd. unit	80,165		264,747
Suncorp-Metway Ltd.	42,302		379,693
Tabcorp Holdings Ltd.	21,029		64,666
Tattersall's Ltd.	43,268		105,277
Telstra Corp. Ltd.	140,509		456,267
The GPT Group unit	57,906		191,125
Toll Holdings Ltd.	23,094		116,661
Transurban Group unit	43,453		238,384
Wesfarmers Ltd.	32,548		1,104,411
Wesfarmers Ltd. (price protected shares)	4,598		157,553
Westfield Group unit	69,993		563,524
Westfield Retail Trust unit	95,756		255,214
Westpac Banking Corp.	97,164		2,255,026
Woodside Petroleum Ltd.	20,272		771,972
Woolworths Ltd.	38,963		974,083
WorleyParsons Ltd.	6,454		187,344
TOTAL AUSTRALIA			28,892,528
Austria - 0.2%
Erste Bank AG	5,965		128,777
IMMOEAST AG (a)	928		0
IMMOFINANZ Immobilien Anlagen AG	32,264		106,580
OMV AG	5,509		192,694
Osterreichische Elektrizitatswirtschafts AG	2,389		69,545
Raiffeisen International Bank-Holding AG (d)	1,882		52,871
Telekom Austria AG	10,487		119,442
Common Stocks - continued
	Shares		Value
Austria - continued
Vienna Insurance Group AG Wien	1,119		$ 47,031
Voestalpine AG	3,529		122,095
TOTAL AUSTRIA			839,035
Bailiwick of Guernsey - 0.0%
Resolution Ltd.	49,671		219,672
Bailiwick of Jersey - 0.5%
Experian PLC	33,143		432,001
Glencore International PLC (d)	27,508		193,764
Petrofac Ltd.	8,451		195,165
Randgold Resources Ltd.	3,024		330,789
Shire PLC	17,979		564,387
Wolseley PLC	9,517		275,188
WPP PLC	40,485		419,141
TOTAL BAILIWICK OF JERSEY			2,410,435
Belgium - 0.6%
Ageas	74,650		150,830
Anheuser-Busch InBev SA NV	25,876		1,435,191
Bekaert SA	1,286		57,502
Belgacom SA	4,715		143,030
Colruyt NV	2,349		96,873
Delhaize Group SA	3,191		209,055
Dexia SA (a)	17,378		13,708
Groupe Bruxelles Lambert SA	2,605		201,307
KBC Groupe SA	5,239		117,672
Mobistar SA	988		56,421
Solvay SA Class A	1,847		189,328
UCB SA	3,178		140,297
Umicore SA	3,930		169,226
TOTAL BELGIUM			2,980,440
Bermuda - 0.4%
Brilliance China Automotive Holdings Ltd. (a)	66,000		70,756
Central European Media Enterprises Ltd. Class A (a)	200		2,208
Cheung Kong Infrastructure Holdings Ltd.	16,000		85,707
China Yurun Food Group Ltd.	41,000		71,164
CNPC (Hong Kong) Ltd.	70,000		98,055
Cosco Pacific Ltd.	58,000		80,702
Credicorp Ltd. (NY Shares) (d)	2,188		238,011
GOME Electrical Appliances Holdings Ltd.	334,000		102,405
Huabao International Holdings Ltd.	65,000		41,292
Common Stocks - continued
	Shares		Value
Bermuda - continued
Li & Fung Ltd.	186,000		$ 358,458
Noble Group Ltd.	122,363		149,352
NWS Holdings Ltd.	39,662		60,142
Orient Overseas International Ltd.	8,500		38,363
Seadrill Ltd.	10,416		344,419
Sihuan Pharmaceutical Holdings Group Ltd.	83,000		35,092
Sinofert Holdings Ltd.	44,000		14,440
Skyworth Digital Holdings Ltd.	50,390		26,627
Yue Yuen Industrial (Holdings) Ltd.	26,500		75,471
TOTAL BERMUDA			1,892,664
Brazil - 3.5%
AES Tiete SA (PN) (non-vtg.)	2,700		38,475
All America Latina Logistica SA	15,000		74,686
Amil Participacoes SA	4,700		47,542
Anhanguera Educacional Participacoes SA	4,700		69,110
B2W Companhia Global do Varejo	2,309		18,758
Banco Bradesco SA:
(PN)	24,436		441,846
(PN) sponsored ADR	36,570		665,574
Banco do Brasil SA	13,500		203,616
Banco do Brasil SA sponsored ADR (d)	5,600		86,352
Banco do Estado do Rio Grande do Sul SA	6,100		64,297
Banco Santander SA (Brasil):
ADR (d)	13,800		125,580
unit	7,000		62,980
BM&F Bovespa SA	64,000		382,017
BR Malls Participacoes SA	12,400		133,951
Bradespar SA (PN)	6,800		138,598
Brasil Foods SA	11,300		235,252
Brasil Foods SA sponsored ADR	9,700		204,185
Brasil Telecom SA	34		256
Brasil Telecom SA:
(PN)	5,781		39,792
sponsored ADR	1,000		20,550
Braskem SA:
(PN-A)	1,600		14,256
Class A sponsored ADR	1,500		27,060
Brookfield Incorporacoes SA	5,780		22,215
Centrais Eletricas Brasileiras SA (Electrobras)	3,900		39,041
Centrais Eletricas Brasileiras SA (Electrobras):
(PN-B)	2,900		39,974
Common Stocks - continued
	Shares		Value
Brazil - continued
Centrais Eletricas Brasileiras SA (Electrobras): - continued
(PN-B) sponsored ADR (d)	4,800		$ 66,960
sponsored ADR (d)	4,100		40,795
Cetip SA	6,132		84,631
Cia.Hering SA	3,600		80,398
Cielo SA	6,340		167,989
Cielo SA sponsored ADR	2,000		53,400
Companhia Brasileira de Distribuicao Grupo Pao de Acucar:
(PN)	1,901		72,511
sponsored ADR (d)	1,500		58,785
Companhia de Bebidas das Americas (AmBev):
(PN)	11,306		377,591
(PN) sponsored ADR (d)	12,600		424,872
Companhia de Concessoes Rodoviarias	7,000		192,610
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	1,800		49,371
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR (d)	950		51,547
Companhia de Transmissao de Energia Eletrica Paulista (PN)	1,200		34,382
Companhia Energetica de Minas Gerais (CEMIG):
(PN)	5,980		99,945
(PN) sponsored ADR (non-vtg.) (d)	7,000		119,280
Companhia Energetica de Sao Paulo Series A	5,100		86,871
Companhia Paranaense de Energia-Copel:
(PN-B)	1,900		38,007
(PN-B) sponsored ADR	1,700		34,306
Companhia Siderurgica Nacional SA (CSN)	13,400		124,152
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d)	11,400		106,704
Cosan SA Industria e Comercio	3,900		60,867
CPFL Energia SA	3,500		44,779
CPFL Energia SA sponsored ADR	1,608		41,792
Cyrela Brazil Realty SA	9,700		84,787
Diagnosticos da America SA	7,800		62,002
Duratex SA	8,720		47,226
Ecorodovias Infraestrutura e Logistica SA	6,000		45,423
Eletropaulo Metropolitana SA (PN-B)	3,400		60,983
Embraer SA	7,700		53,136
Embraer SA sponsored ADR	2,625		73,028
Energias do Brasil SA	2,800		60,331
Fertilizantes Fosfatados SA (PN)	2,800		39,509
Fibria Celulose SA	1,695		15,092
Fibria Celulose SA sponsored ADR	4,500		39,915
Common Stocks - continued
	Shares		Value
Brazil - continued
Gafisa SA	4,100		$ 15,209
Gafisa SA sponsored ADR	3,750		27,900
Gerdau SA:
(PN)	9,750		87,723
sponsored ADR	17,150		154,693
Gol Linhas Aereas Inteligentes SA:
(PN)	300		2,360
sponsored ADR	2,000		16,040
HRT Participacoes em Petroleo SA (a)	100		49,849
HRT Participacoes em Petroleo SA GDR (a)	7,000		34,760
Hypermarcas SA	9,700		52,194
Itau Unibanco Banco Multiplo SA	29,200		556,555
Itau Unibanco Banco Multiplo SA sponsored ADR (d)	43,850		838,412
Itausa-Investimentos Itau SA (PN)	73,971		463,073
JBS SA (a)	26,400		79,329
Klabin SA (PN) (non-vtg.)	15,900		58,519
Localiza Rent A Car SA	4,000		60,447
Lojas Americanas SA (PN)	9,907		87,116
Lojas Renner SA	3,800		115,204
Marfrig Alimentos SA	3,900		16,920
Metalurgica Gerdau SA (PN)	8,800		99,725
MMX Mineracao e Metalicos SA (a)	9,000		39,361
MRV Engenharia e Participacoes SA	9,700		68,350
Multiplan Empreendimentos Imobiliarios SA	2,400		48,526
Natura Cosmeticos SA	5,400		105,031
Odontoprev SA	3,200		50,352
OGX Petroleo e Gas Participacoes SA (a)	29,000		239,809
OGX Petroleo e Gas Participacoes SA sponsored ADR (a)(d)	13,800		115,230
PDG Realty SA Empreendimentos e Participacoes	37,800		166,635
Petroleo Brasileiro SA - Petrobras:
(ON)	38,411		516,262
(PN) (non-vtg.)	58,540		726,807
(PN) sponsored ADR	38,450		972,401
sponsored ADR	28,700		775,187
Porto Seguro SA	4,700		50,361
Redecard SA	11,500		193,207
Rossi Residencial SA	4,500		28,433
Souza Cruz Industria Comerico	12,100		148,396
Sul America SA unit	4,600		36,940
Suzano Papel e Celulose SA	4,775		23,358
TAM SA:
(PN) (ltd. vtg.)	1,100		21,965
Common Stocks - continued
	Shares		Value
Brazil - continued
TAM SA: - continued
(PN) sponsored ADR (ltd. vtg.)	900		$ 18,081
Tele Norte Leste Participacoes SA	1,600		19,567
Tele Norte Leste Participacoes SA:
(PN)	2,400		25,884
sponsored ADR (non-vtg.) (d)	5,200		56,420
Telefonica Brasil SA	3,240		94,245
Telefonica Brasil SA sponsored ADR (a)	5,940		172,379
Telemar Norte Leste SA (PN-A)	900		24,607
TIM Participacoes SA	16,603		85,858
TIM Participacoes SA sponsored ADR	1,933		50,335
Totvs SA	3,700		61,408
Tractebel Energia SA	4,700		75,268
Ultrapar Participacoes SA	4,300		76,625
Ultrapar Participacoes SA sponsored ADR	5,800		103,008
Usinas Siderurgicas de Minas Gerais SA - Usiminas	6,000		86,129
Usinas Siderurgicas de Minas Gerais SA - Usiminas:
ADR (d)	7,100		49,700
(PN-A) (non-vtg.)	8,400		57,722
Vale SA	17,000		432,722
Vale SA:
(PN-A)	28,800		684,277
(PN-A) sponsored ADR	35,900		847,240
sponsored ADR	24,700		627,627
TOTAL BRAZIL			17,081,681
Canada - 8.1%
Agnico-Eagle Mines Ltd. (Canada)	5,548		240,654
Agrium, Inc.	5,085		419,206
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	3,975		119,627
ARC Resources Ltd.	9,152		232,736
Athabasca Oil Sands Corp. (a)	9,726		126,155
Bank of Montreal	20,576		1,215,550
Bank of Nova Scotia	34,872		1,837,615
Barrick Gold Corp.	32,156		1,587,397
Baytex Energy Corp.	3,843		203,128
BCE, Inc.	8,407		333,210
Bell Aliant, Inc.	2,473		69,612
Bombardier, Inc. Class B (sub. vtg.)	48,801		201,695
Bonavista Energy Corp.	4,594		118,255
Brookfield Asset Management, Inc. Class A	17,854		516,536
Brookfield Properties Corp.	8,115		133,181
Common Stocks - continued
	Shares		Value
Canada - continued
Brookfield Residential Properties, Inc. (a)	437		$ 3,099
CAE, Inc.	8,340		88,934
Cameco Corp.	12,810		274,872
Canadian Imperial Bank of Commerce	12,806		964,770
Canadian National Railway Co.	14,545		1,139,262
Canadian Natural Resources Ltd.	35,143		1,239,532
Canadian Oil Sands Ltd.	15,379		356,378
Canadian Pacific	5,646		348,949
Canadian Tire Ltd. Class A (non-vtg.)	2,483		148,405
Canadian Utilities Ltd. Class A (non-vtg.)	2,690		162,585
Cenovus Energy, Inc.	24,169		827,737
Centerra Gold, Inc.	5,783		114,633
CGI Group, Inc. Class A (sub. vtg.) (a)	7,407		151,580
CI Financial Corp.	4,841		97,126
Crescent Point Energy Corp.	8,085		345,266
Eldorado Gold Corp.	18,060		339,333
Empire Co. Ltd. Class A (non-vtg.)	1,043		63,751
Enbridge, Inc.	23,478		813,257
Encana Corp.	23,471		509,047
Enerplus Corp.	6,154		171,128
Fairfax Financial Holdings Ltd. (sub. vtg.)	656		274,199
Finning International, Inc.	5,939		138,816
First Quantum Minerals Ltd.	14,936		313,299
Fortis, Inc.	5,833		197,193
Franco-Nevada Corp.	4,300		170,344
George Weston Ltd.	1,757		121,775
Gildan Activewear, Inc.	3,481		89,814
Goldcorp, Inc.	25,660		1,248,443
Great-West Lifeco, Inc.	9,408		209,423
Husky Energy, Inc.	8,472		217,484
IAMGOLD Corp.	12,333		265,131
IGM Financial, Inc.	3,573		154,268
Imperial Oil Ltd.	9,746		403,586
Industrial Alliance Life Insurance Co.	2,990		97,272
Inmet Mining Corp.	1,852		110,542
Intact Financial Corp.	3,542		197,629
Ivanhoe Mines Ltd. (a)	8,081		165,373
Kinross Gold Corp.	36,208		516,142
Loblaw Companies Ltd.	3,529		135,057
Magna International, Inc. Class A (sub. vtg.)	7,176		273,766
Manulife Financial Corp.	56,913		751,342
MEG Energy Corp. (a)	4,252		191,774
Common Stocks - continued
	Shares		Value
Canada - continued
Metro, Inc. Class A (sub. vtg.)	3,514		$ 172,166
National Bank of Canada	5,321		379,732
New Gold, Inc. (a)	13,810		171,092
Nexen, Inc.	17,590		298,740
Niko Resources Ltd.	1,413		77,720
Onex Corp. (sub. vtg.)	2,954		97,938
Open Text Corp. (a)	1,921		117,571
Osisko Mining Corp. (a)	10,565		127,393
Pacific Rubiales Energy Corp.	8,145		189,888
Pan American Silver Corp.	3,086		86,285
Pengrowth Energy Corp.	10,699		111,621
Penn West Petroleum Ltd.	14,852		265,350
PetroBakken Energy Ltd. Class A	2,866		26,106
Potash Corp. of Saskatchewan, Inc.	27,572		1,304,958
Power Corp. of Canada (sub. vtg.)	11,477		288,983
Power Financial Corp.	8,129		219,361
Precision Drilling Corp. (a)	7,675		89,003
Progress Energy Resources Corp.	6,261		88,622
Research In Motion Ltd. (a)	15,517		313,443
RioCan (REIT)	4,277		108,507
Ritchie Brothers Auctioneers, Inc.	2,723		54,195
Rogers Communications, Inc. Class B (non-vtg.)	13,534		493,515
Royal Bank of Canada	46,214		2,254,025
Saputo, Inc.	4,697		194,034
Shaw Communications, Inc. Class B	12,230		247,704
Shoppers Drug Mart Corp.	6,882		289,267
Silver Wheaton Corp.	11,420		394,318
Sino-Forest Corp. (a)	5,569		7,657
SNC-Lavalin Group, Inc.	4,595		230,891
Sun Life Financial, Inc.	18,618		469,909
Suncor Energy, Inc.	50,603		1,611,722
Talisman Energy, Inc.	32,953		467,428
Teck Resources Ltd. Class B (sub. vtg.)	18,594		745,364
TELUS Corp.	1,967		105,824
TELUS Corp. (non-vtg.)	4,764		243,397
The Toronto-Dominion Bank	28,691		2,165,244
Thomson Reuters Corp.	12,203		361,004
Tim Hortons, Inc.	4,141		204,234
Tim Hortons, Inc. (Canada)	899		44,244
TMX Group, Inc.	2,204		96,840
Tourmaline Oil Corp. (a)	3,749		124,634
TransAlta Corp.	6,506		143,127
Common Stocks - continued
	Shares		Value
Canada - continued
TransCanada Corp.	22,552		$ 958,548
Valeant Pharmaceuticals International, Inc. (Canada)	9,243		364,954
Vermilion Energy, Inc.	2,713		127,805
Viterra, Inc.	11,970		123,200
Yamana Gold, Inc.	24,335		363,249
TOTAL CANADA			39,177,685
Cayman Islands - 0.7%
Agile Property Holdings Ltd.	50,000		45,069
Alibaba.com Ltd.	34,500		40,516
Anta Sports Products Ltd.	23,000		21,033
Belle International Holdings Ltd.	137,000		268,688
Bosideng International Holdings Ltd.	98,000		27,016
Chaoda Modern Agriculture (Holdings) Ltd.	58,000		8,212
China Dongxiang Group Co. Ltd.	96,000		17,173
China High Speed Transmission Equipment Group Co. Ltd.	25,000		15,738
China Mengniu Dairy Co. Ltd.	39,000		124,273
China Resources Cement Holdings Ltd.	70,000		55,546
China Resources Land Ltd.	60,000		87,822
China Rongsheng Heavy Industry Group Co. Ltd.	38,000		13,168
China Shanshui Cement Group Ltd.	64,000		49,022
China Shineway Pharmaceutical Group Ltd.	18,000		25,126
China Zhongwang Holdings Ltd.	68,000		22,489
Country Garden Holdings Co. Ltd.	153,000		60,578
Dongyue Group Co. Ltd.	30,000		23,230
Enn Energy Holdings Ltd.	24,000		86,725
Evergrande Real Estate Group Ltd.	150,000		64,870
Foxconn International Holdings Ltd. (a)	82,000		54,924
GCL-Poly Energy Holdings Ltd.	210,000		67,787
Geely Automobile Holdings Ltd.	100,000		25,568
Greentown China Holdings Ltd.	18,500		11,865
Hengan International Group Co. Ltd.	23,500		203,706
Hengdeli Holdings Ltd.	52,000		23,312
Hidili Industry International Development Ltd.	41,000		17,172
Intime Department Store Group Co. Ltd.	35,000		50,227
Kingboard Chemical Holdings Ltd.	22,000		75,143
Kingboard Chemical Holdings Ltd. warrants 10/31/12 (a)	150		18
KWG Property Holding Ltd.	42,000		18,115
Lee & Man Paper Manufacturing Ltd.	61,000		25,094
Li Ning Co. Ltd.	18,500		17,637
Lifestyle International Holdings Ltd.	22,500		60,233
Longfor Properties Co. Ltd.	41,000		52,550
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Lonking Holdings Ltd.	50,000		$ 19,659
MStar Semiconductor, Inc.	12,908		74,804
Renhe Commercial Holdings Co. Ltd.	296,000		41,478
Sands China Ltd. (a)	76,800		230,798
Sany Heavy Equipment International Holdings Co. Ltd.	42,000		37,002
Semiconductor Manufacturing International Corp. (a)	693,000		38,015
Shimao Property Holdings Ltd.	42,000		41,005
Shui On Land Ltd.	88,243		27,380
SOHO China Ltd.	75,500		53,829
Tencent Holdings Ltd.	32,400		749,334
TPK Holdings Co.	3,100		51,911
Want Want China Holdings Ltd.	198,000		183,576
Wynn Macau Ltd.	48,800		136,732
TOTAL CAYMAN ISLANDS			3,445,168
Chile - 0.4%
Banco de Credito e Inversiones	992		55,677
Banco Santander Chile	1,556,955		120,438
Banco Santander Chile sponsored ADR	41		3,349
CAP SA	2,174		83,867
Cencosud SA	28,785		183,890
Colbun SA	231,485		63,263
Compania Cervecerias Unidas SA	2,521		28,557
Compania Cervecerias Unidas SA sponsored ADR	63		3,609
Compania de Petroleos de Chile SA (COPEC)	15,380		235,746
CorpBanca SA	3,357,880		48,585
E-CL SA	19,227		52,978
Empresa Nacional de Electricidad SA	104,407		167,281
Empresa Nacional de Electricidad SA sponsored ADR	174		8,394
Empresa Nacional de Telecomunicaciones SA (ENTEL)	3,592		71,114
Empresas CMPC SA	33,720		140,400
Enersis SA	418,885		170,051
Enersis SA sponsored ADR	453		8,892
Gener SA	68,238		38,996
Lan Airlines SA	3,874		99,983
Lan Airlines SA sponsored ADR	303		7,596
SACI Falabella	12,123		113,819
Sociedad Quimica y Minera de Chile SA:
(PN-B)	2,787		167,237
(PN-B) sponsored ADR	95		5,558
Vina Concha y Toro SA	12,981		25,918
TOTAL CHILE			1,905,198
Common Stocks - continued
	Shares		Value
China - 2.2%
Agricultural Bank China Ltd. (H Shares)	604,000		$ 271,085
Air China Ltd. (H Shares)	62,000		48,176
Aluminum Corp. of China Ltd. (H Shares)	128,000		68,747
Angang Steel Co. Ltd. (H Shares)	26,000		15,863
Anhui Conch Cement Co. Ltd. (H Shares)	40,000		145,450
AviChina Industry & Technology Co. Ltd.	40,000		17,517
Bank Communications Co. Ltd. (H Shares)	250,200		171,956
Bank of China Ltd. (H Shares)	2,161,024		769,128
BBMG Corp. (H Shares)	34,500		30,040
Beijing Capital International Airport Co. Ltd. (H Shares)	90,000		40,414
BYD Co. Ltd. (H Shares) (a)	20,500		49,387
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	40,840		59,087
China Bluechemical Ltd. (H shares)	56,000		43,883
China CITIC Bank Corp. Ltd. (H Shares)	240,293		129,093
China Coal Energy Co. Ltd. (H Shares)	142,000		176,865
China Communications Construction Co. Ltd. (H Shares)	147,000		110,876
China Communications Services Corp. Ltd. (H Shares)	56,000		25,826
China Construction Bank Corp. (H Shares)	1,553,649		1,141,521
China Cosco Holdings Co. Ltd. (H Shares)	104,500		54,501
China Gas Holdings Ltd.	70,000		20,088
China International Marine Containers (Group) Ltd. (B Shares)	13,600		16,372
China Life Insurance Co. Ltd. (H Shares)	239,000		617,910
China Longyuan Power Grid Corp. Ltd. (H Shares)	70,000		58,130
China Merchants Bank Co. Ltd. (H Shares)	131,980		266,489
China Minsheng Banking Corp. Ltd. (H Shares)	119,800		97,591
China Molybdenum Co. Ltd. (H Shares)	26,000		12,780
China National Building Materials Co. Ltd. (H Shares)	92,000		117,843
China National Materials Co. Ltd. (H Shares)	28,000		14,097
China Oilfield Services Ltd. (H Shares)	54,000		89,946
China Pacific Insurance Group Co. Ltd. (H Shares)	57,800		177,370
China Petroleum & Chemical Corp. (H Shares)	540,000		510,694
China Railway Construction Corp. Ltd. (H Shares)	60,000		35,757
China Railway Group Ltd. (H Shares)	125,000		41,502
China Shenhua Energy Co. Ltd. (H Shares)	109,500		500,940
China Ship Container Lines Co. Ltd. (H Shares) (a)	91,000		17,264
China Shipping Development Co. Ltd. (H Shares)	36,000		25,451
China Southern Airlines Ltd. (H Shares) (a)	58,000		32,368
China Telecom Corp. Ltd. (H Shares)	448,000		276,598
China Vanke Co. Ltd. (B Shares)	34,100		38,232
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)	49,000		21,679
CSG Holding Co. Ltd. (B Shares)	16,600		14,212
Common Stocks - continued
	Shares		Value
China - continued
CSR Corp. Ltd. (H Shares)	62,000		$ 36,689
Datang International Power Generation Co. Ltd. (H Shares)	70,000		17,951
Dongfang Electric Corp. Ltd. (H Shares)	14,400		44,255
Dongfeng Motor Group Co. Ltd. (H Shares)	86,000		140,287
Golden Eagle Retail Group Ltd. (H Shares)	24,000		60,316
Great Wall Motor Co. Ltd. (H Shares)	32,500		44,132
Guangzhou Automobile Group Co. Ltd. (H Shares)	63,376		63,228
Guangzhou R F Properties Co. Ltd. (H Shares)	26,000		25,264
Huaneng Power International, Inc. (H Shares)	116,000		52,463
Industrial & Commercial Bank of China Ltd. (H Shares)	1,964,008		1,226,451
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)	20,000		110,311
Jiangsu Expressway Co. Ltd. (H Shares)	34,000		29,305
Jiangxi Copper Co. Ltd. (H Shares)	45,000		108,772
Maanshan Iron & Steel Ltd. (H Shares)	46,000		13,696
Metallurgical Corp. China Ltd. (H Shares)	57,000		12,369
Nine Dragons Paper (Holdings) Ltd.	58,000		39,483
Parkson Retail Group Ltd.	52,000		66,166
PetroChina Co. Ltd. (H Shares)	680,000		882,771
PICC Property & Casualty Co. Ltd. (H Shares)	76,000		105,398
Ping An Insurance Group Co. China Ltd. (H Shares)	57,000		422,735
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	48,000		49,888
Shanghai Electric Group Co. Ltd. (H Shares)	110,000		48,401
Shanghai Lujiazui Finance Trust Deltd (B Shares)	7,500		9,017
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) (a)	1,200		621
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	102,000		37,449
Sinopharm Group Co. Ltd. (H Shares)	26,400		71,859
Tingyi (Cayman Islands) Holding Corp.	64,000		182,029
Tsingtao Brewery Co. Ltd. (H Shares)	12,000		61,022
Weichai Power Co. Ltd. (H Shares)	12,000		60,382
Wumart Stores, Inc. (H Shares)	18,000		36,329
Yanzhou Coal Mining Co. Ltd. (H Shares)	66,000		163,369
Zhaojin Mining Industry Co. Ltd. (H Shares)	26,500		47,313
Zhejiang Expressway Co. Ltd. (H Shares)	46,000		30,253
Zhuzhou CSR Times Electric Co. Ltd. (H Shares)	10,000		23,413
Zijin Mining Group Co. Ltd. (H Shares)	201,000		85,552
ZTE Corp. (H Shares)	18,280		51,890
TOTAL CHINA			10,833,557
Colombia - 0.2%
Almacenes Exito SA	6,108		78,560
BanColombia SA	7,376		114,632
Common Stocks - continued
	Shares		Value
Colombia - continued
BanColombia SA:
sponsored ADR	40		$ 2,495
(PN)	8,268		130,268
Cementos Argos SA	9,912		57,050
Corp. Financiera Colombiana SA	1,942		36,571
Corp. Financiera Colombiana SA (RFD) (a)	40		712
Ecopetrol SA	135,997		291,526
Grupo de Inversiones Surameric	7,929		139,289
Grupo de Inversiones Surameric rights 11/22/11 (a)	2,028		304
Interconexion Electrica SA	12,305		78,472
Inversiones Argos SA	9,372		89,903
TOTAL COLOMBIA			1,019,782
Cyprus - 0.0%
Bank of Cyprus Public Co. Ltd.	33,220		45,973
Czech Republic - 0.1%
Ceske Energeticke Zavody A/S	5,195		219,698
Komercni Banka A/S	478		92,190
Telefonica Czech Republic A/S	3,778		79,487
TOTAL CZECH REPUBLIC			391,375
Denmark - 0.7%
A.P. Moller - Maersk A/S:
Series A	18		116,702
Series B	43		293,344
Carlsberg A/S Series B	3,384		230,352
Coloplast A/S Series B	763		111,468
Danske Bank A/S (a)	21,233		294,203
DSV de Sammensluttede Vognmaend A/S	6,580		133,026
Novo Nordisk A/S Series B	13,666		1,451,100
Novozymes A/S Series B	1,456		218,126
Pandora A/S	1,500		14,479
TDC A/S	12,720		105,110
Tryg A/S	937		52,420
Vestas Wind Systems A/S (a)	6,436		100,967
William Demant Holding A/S (a)	792		63,192
TOTAL DENMARK			3,184,489
Egypt - 0.1%
Al Ezz Dekheila Steel Co.- Alexandria SAE	5		377
Commercial International Bank Ltd.	14,763		65,795
Commercial International Bank Ltd. sponsored GDR	2,426		10,718
Common Stocks - continued
	Shares		Value
Egypt - continued
EFG-Hermes Holding SAE	10,818		$ 23,291
Egyptian Co. for Mobile Services (MobiNil)	1,097		18,747
Egyptian Kuwaiti Holding	20,435		20,844
El Ezz Steel Rebars SAE	3,256		3,290
Elsewedy Electric Co.	548		1,956
National Societe Generale Bank	1,200		5,324
Orascom Construction Industries SAE	1,651		67,080
Orascom Construction Industries SAE GDR	1,630		66,830
Orascom Telecom Holding SAE (a)	65,618		36,390
Orascom Telecom Holding SAE unit (a)	4,891		13,421
Sidi Kerir Petrochemcials Co.	360		777
Talaat Moustafa Group Holding	33,119		19,921
Telecom Egypt SAE	8,274		20,656
TOTAL EGYPT			375,417
Finland - 0.6%
Elisa Corp. (A Shares)	4,584		96,870
Fortum Corp.	14,357		350,284
Kesko Oyj	2,283		81,387
Kone Oyj (B Shares)	5,174		285,982
Metso Corp.	3,887		151,371
Neste Oil Oyj	4,784		58,162
Nokia Corp.	120,255		809,335
Nokian Tyres PLC	3,608		132,567
Orion Oyj (B Shares)	2,666		55,600
Outokumpu Oyj (A Shares) (d)	4,957		41,983
Pohjola Bank PLC (A Shares)	4,340		50,241
Rautaruukki Oyj (K Shares)	3,394		36,307
Sampo OYJ (A Shares)	13,467		372,181
Sanoma-WSOY Oyj	2,017		27,160
Stora Enso Oyj (R Shares)	18,938		120,506
UPM-Kymmene Corp.	17,575		206,251
Wartsila Corp.	5,226		159,616
TOTAL FINLAND			3,035,803
France - 6.0%
Accor SA	4,581		150,598
Aeroports de Paris	1,223		96,490
Air France KLM (Reg.) (a)(d)	5,213		39,743
Air Liquide SA	5,748		745,749
Air Liquide SA	3,394		440,340
Alcatel-Lucent SA (a)	73,688		203,755
Common Stocks - continued
	Shares		Value
France - continued
Alstom SA	6,501		$ 243,811
Arkema SA	1,797		122,938
Atos Origin SA	1,674		81,129
AXA SA	56,016		912,417
BIC SA	946		84,533
BNP Paribas SA	30,998		1,409,204
Bouygues SA (d)	7,766		291,898
Bureau Veritas SA	1,703		132,498
Cap Gemini SA	4,881		187,243
Carrefour SA	18,651		496,348
Casino Guichard Perrachon et Compagnie	1,726		162,235
Christian Dior SA	1,842		260,777
CNP Assurances	5,195		79,586
Compagnie de St. Gobain	12,858		599,486
Compagnie Generale de Geophysique SA (a)	4,793		104,739
Credit Agricole SA	31,016		243,631
Danone	18,824		1,310,342
Dassault Systemes SA	2,047		172,718
Edenred	4,962		140,772
EDF SA	7,801		234,377
Eiffage SA	1,304		44,429
Eramet SA	113		17,827
Essilor International SA	6,381		462,727
Eurazeo SA	897		43,057
Eutelsat Communications	3,126		129,133
Fonciere Des Regions	959		70,870
France Telecom SA	59,824		1,075,721
GDF Suez	39,841		1,131,114
Gecina SA	738		73,106
Groupe Eurotunnel SA	18,033		163,361
ICADE	801		72,075
Iliad SA	624		73,039
Imerys	1,018		58,381
JC Decaux SA (a)	2,325		62,308
Klepierre SA	3,412		106,785
L'Oreal SA	4,868		537,666
L'Oreal SA	2,895		319,750
Lafarge SA	2,505		102,180
Lafarge SA (Bearer)	4,058		165,528
Lagardere S.C.A. (Reg.)	3,510		94,575
Legrand SA	6,642		235,909
LVMH Moet Hennessy - Louis Vuitton	8,178		1,360,934
Common Stocks - continued
	Shares		Value
France - continued
M6 Metropole Television SA	2,247		$ 38,622
Michelin CGDE Series B	5,724		417,302
Natixis SA	29,850		95,673
Neopost SA	1,042		79,513
Pernod-Ricard SA	6,331		591,399
Peugeot Citroen SA	4,836		106,244
PPR SA	2,480		387,481
Publicis Groupe SA	4,159		201,649
Renault SA	6,434		271,083
Safran SA	5,564		182,259
Sanofi-aventis	36,037		2,578,425
Schneider Electric SA	15,686		925,840
SCOR SE	5,319		124,474
Societe Generale Series A	20,404		595,803
Sodexo SA	3,017		218,406
Suez Environnement SA	9,230		144,914
Technip SA	3,129		297,573
Television Francaise 1 SA	3,424		46,281
Thales SA	3,216		113,825
Total SA	68,649		3,582,433
Unibail-Rodamco	2,962		592,322
Vallourec SA	3,710		225,805
Veolia Environnement	11,669		165,253
VINCI SA	14,124		697,799
Vivendi	39,377		885,525
Wendel SA	1,180		88,117
TOTAL FRANCE			29,001,852
Germany - 5.1%
adidas AG	6,688		473,513
Allianz AG	14,684		1,650,284
Axel Springer Verlag	1,445		58,552
BASF AG	29,701		2,186,280
Bayer AG	26,692		1,710,094
Bayerische Motoren Werke AG (BMW)	10,694		874,054
Beiersdorf AG	3,288		190,133
Brenntag AG	1,104		111,531
Celesio AG	2,454		38,851
Commerzbank AG (a)	114,629		282,846
Continental AG (a)	2,667		200,008
Daimler AG (Germany)	29,298		1,500,184
Deutsche Bank AG	30,018		1,241,381
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche Boerse AG	6,410		$ 354,832
Deutsche Lufthansa AG	7,852		107,273
Deutsche Post AG	27,893		424,998
Deutsche Telekom AG	90,798		1,155,275
E.ON AG	58,043		1,406,503
Fraport AG Frankfurt Airport Services Worldwide	1,242		78,627
Fresenius Medical Care AG & Co. KGaA	6,666		485,660
Fresenius SE	3,714		366,519
GEA Group AG	5,334		147,376
Hannover Rueckversicherungs AG	1,959		97,205
HeidelbergCement AG	4,402		200,912
Henkel AG & Co. KGaA	4,160		203,914
Hochtief AG	1,386		101,256
Infineon Technologies AG	34,866		315,031
K&S AG	5,472		348,306
Kabel Deutschland Holding AG (a)	3,078		175,753
Lanxess AG	2,571		151,536
Linde AG	5,450		866,982
MAN SE	2,138		189,628
Merck KGaA	2,113		197,675
Metro AG	4,214		196,472
Munich Re Group	6,083		820,444
RWE AG	13,671		585,458
Salzgitter AG	1,118		63,342
SAP AG	29,601		1,790,170
Siemens AG	26,555		2,783,921
Suedzucker AG (Bearer)	1,968		57,725
Thyssenkrupp AG	12,689		366,220
TUI AG (a)	4,232		27,778
United Internet AG	3,622		71,503
Volkswagen AG	906		142,684
Wacker Chemie AG	527		53,320
TOTAL GERMANY			24,852,009
Greece - 0.1%
Alpha Bank AE (a)	14,486		19,847
Coca-Cola Hellenic Bottling Co. SA	6,178		121,834
EFG Eurobank Ergasias SA (a)	6,706		6,311
Greek Organization of Football Prognostics SA	6,659		77,409
Hellenic Petroleum SA	380		3,345
Hellenic Telecommunications Organization SA	6,993		38,710
Common Stocks - continued
	Shares		Value
Greece - continued
National Bank of Greece SA (a)	30,387		$ 72,330
Public Power Corp. of Greece	5,045		43,357
TOTAL GREECE			383,143
Hong Kong - 2.6%
AIA Group Ltd.	271,200		829,259
ASM Pacific Technology Ltd.	6,700		73,572
Bank of East Asia Ltd.	50,240		183,811
Beijing Enterprises Holdings Ltd.	16,500		91,309
BOC Hong Kong (Holdings) Ltd.	117,500		279,411
Cathay Pacific Airways Ltd.	41,000		74,422
Cheung Kong Holdings Ltd.	45,000		557,817
China Agri-Industries Holding Ltd.	60,000		47,832
China Everbright Ltd.	36,000		53,373
China Insurance International Holdings Co. Ltd. (a)	23,600		51,178
China Merchant Holdings International Co. Ltd.	32,872		101,434
China Mobile (Hong Kong) Ltd.	194,500		1,848,594
China Overseas Land & Investment Ltd.	138,000		255,354
China Resources Enterprise Ltd.	38,000		138,778
China Resources Power Holdings Co. Ltd.	54,000		95,907
China State Construction International Holdings Ltd.	32,000		24,646
China Unicom (Hong Kong) Ltd.	190,000		382,017
Citic Pacific Ltd.	42,000		75,905
CLP Holdings Ltd.	61,000		543,396
CNOOC Ltd.	576,000		1,088,847
Esprit Holdings Ltd.	34,169		49,420
Fosun International Ltd.	60,500		34,268
Franshion Properties China Ltd.	88,000		18,074
Fushan International Energy Group Ltd.	108,000		44,416
Galaxy Entertainment Group Ltd. (a)	45,000		91,005
Guangdong Investment Ltd.	84,000		50,567
Hang Lung Group Ltd.	27,000		164,092
Hang Lung Properties Ltd.	81,000		294,987
Hang Seng Bank Ltd.	24,200		312,046
Henderson Land Development Co. Ltd.	32,036		175,110
Hong Kong & China Gas Co. Ltd.	154,750		348,896
Hong Kong Exchanges and Clearing Ltd.	32,700		554,327
Hopewell Holdings Ltd.	19,500		50,641
Hutchison Whampoa Ltd.	68,000		621,958
Hysan Development Co. Ltd.	21,246		74,140
Kerry Properties Ltd.	23,000		84,408
Lenovo Group Ltd.	200,000		134,461
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Link (REIT)	70,494		$ 242,093
Minmetals Resources Ltd. (a)	32,000		16,435
MTR Corp. Ltd.	49,965		161,286
New World Development Co. Ltd.	71,482		75,303
New World Development Co. Ltd. rights 11/22/11 (a)	35,741		12,192
PCCW Ltd.	115,000		45,956
Poly (Hong Kong) Investments Ltd.	44,000		22,069
Power Assets Holdings Ltd.	45,500		345,746
Shanghai Industrial Holdings Ltd.	19,000		62,207
Shangri-La Asia Ltd.	44,000		88,375
Sino Land Ltd.	84,700		133,888
Sino-Ocean Land Holdings Ltd.	108,000		47,917
SJM Holdings Ltd.	58,000		99,415
Sun Hung Kai Properties Ltd.	45,000		619,595
Swire Pacific Ltd. (A Shares)	23,000		265,778
Wharf Holdings Ltd.	49,000		260,643
Wheelock and Co. Ltd.	32,000		94,019
Wing Hang Bank Ltd.	5,543		50,058
Yuexiu Property Co. Ltd.	136,000		20,990
TOTAL HONG KONG			12,563,643
Hungary - 0.1%
Magyar Telekom PLC	11,304		26,307
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) (a)	1,312		102,372
OTP Bank PLC	8,322		133,682
Richter Gedeon PLC	477		77,046
TOTAL HUNGARY			339,407
India - 1.7%
ABB Ltd. India	4		58
ACC Ltd.	1,395		34,096
Adani Enterprises Ltd.	7,440		72,675
Aditya Birla Nuvo Ltd.	1,956		35,985
Ambuja Cements Ltd.	20,868		66,154
Asian Paints India Ltd.	1,016		65,840
Axis Bank Ltd.	7,522		177,780
Bajaj Auto Ltd.	2,902		102,643
Bank of India	2,300		15,645
Bharat Heavy Electricals Ltd.	18,335		119,076
Bharat Petroleum Corp. Ltd.	2,206		28,207
Canara Bank	2,000		19,075
Cipla Ltd.	9,294		56,156
Common Stocks - continued
	Shares		Value
India - continued
Coal India Ltd.	16,654		$ 112,970
Dabur India Ltd.	17,296		35,816
DLF Ltd.	11,752		57,802
Dr. Reddy's Laboratories Ltd.	3,021		102,362
GAIL India Ltd.	12,837		110,893
GMR Infrastructure Ltd. (a)	45,888		25,894
HCL Technologies Ltd.	5,685		51,373
HDFC Bank Ltd.	48,991		488,585
Hero Motocorp Ltd.	2,731		121,813
Hindalco Industries Ltd.	36,147		99,927
Hindustan Unilever Ltd.	28,354		218,413
Housing Development and Infrastructure Ltd. (a)	3,089		6,280
Housing Development Finance Corp. Ltd.	34,982		492,296
ICICI Bank Ltd.	25,939		489,182
Indiabulls Real Estate Ltd.	12,600		19,281
Indiabulls Wholesale Services Ltd.	510		57
IndusInd Bank Ltd.	3,212		19,584
Infosys Ltd.	13,790		806,969
Infrastructure Development Finance Co. Ltd.	31,922		86,181
ITC Ltd.	72,017		314,113
Jaiprakash Associates Ltd.	34,617		54,454
Jindal Steel & Power Ltd.	11,714		134,258
JSW Steel Ltd.	3,154		42,110
Kotak Mahindra Bank Ltd.	9,236		96,615
Larsen & Toubro Ltd.	6,588		190,040
LIC Housing Finance Ltd.	10,141		48,501
Lupin Ltd.	5,233		50,351
Mahindra & Mahindra Ltd.	9,778		172,605
Maruti Suzuki India Ltd.	2,300		52,895
Mundra Port and SEZ Ltd.	14,651		49,116
NTPC Ltd.	16,573		60,734
Oil & Natural Gas Corp. Ltd.	24,705		140,395
Piramal Healthcare Ltd.	964		7,108
Power Grid Corp. of India Ltd.	33,600		72,019
Ranbaxy Laboratories Ltd.	4,641		47,606
Reliance Capital Ltd.	2,388		18,002
Reliance Communication Ltd.	16,737		27,210
Reliance Industries Ltd.	42,205		755,837
Reliance Infrastructure Ltd.	2,614		24,732
Reliance Power Ltd. (a)	13,343		26,006
Rural Electrification Corp. Ltd.	8,595		31,599
Satyam Computer Services Ltd. (a)	18,436		26,695
Common Stocks - continued
	Shares		Value
India - continued
Sesa Goa Ltd.	9,912		$ 41,833
Shriram Transport Finance Co. Ltd.	4,283		53,619
Siemens India Ltd.	2,535		44,372
State Bank of India	1,972		76,702
Steel Authority of India Ltd.	11,433		26,163
Sterlite Industries (India) Ltd.	42,804		110,746
Sun Pharmaceutical Industries Ltd.	9,604		98,879
Suzlon Energy Ltd. (a)	25,401		19,916
Tata Consultancy Services Ltd.	15,349		349,156
Tata Motors Ltd.	50,492		203,672
Tata Power Co. Ltd.	33,150		68,004
Tata Steel Ltd.	9,584		94,378
Titan Industries Ltd.	8,410		37,348
Ultratech Cement Ltd.	1,842		43,491
Unitech Ltd.	37,874		23,201
United Phosphorous Ltd.	7,795		23,326
United Spirits Ltd.	2,532		45,394
Wipro Ltd.	15,882		119,170
Zee Entertainment Enterprises Ltd.	17,545		43,779
Zee Learn Ltd. (a)	546		214
TOTAL INDIA			8,105,432
Indonesia - 0.7%
PT Astra Agro Lestari Tbk	10,000		23,950
PT Adaro Energy Tbk	478,000		107,814
PT Aneka Tambang Tbk	114,500		22,918
PT Astra International Tbk	63,000		485,777
PT Bank Central Asia Tbk	398,000		360,927
PT Bank Danamon Indonesia Tbk Series A	100,713		56,123
PT Bank Mandiri (Persero) Tbk	315,500		251,669
PT Bank Negara Indonesia (Persero) Tbk	232,489		104,193
PT Bank Rakyat Indonesia Tbk	356,500		268,033
PT Bumi Resources Tbk	502,000		131,120
PT Charoen Pokphand Indonesia Tbk	232,500		69,236
PT Gudang Garam Tbk	18,500		121,432
PT Indo Tambangraya Megah Tbk	12,000		59,863
PT Indocement Tunggal Prakarsa Tbk	47,000		85,867
PT Indofood Sukses Makmur Tbk	156,000		91,593
PT Indosat Tbk	54,500		32,641
PT International Nickel Indonesia Tbk	58,500		23,850
PT Kalbe Farma Tbk	158,000		61,501
PT Perusahaan Gas Negara Tbk Series B	354,000		116,769
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Semen Gresik (Persero) Tbk	95,000		$ 101,081
PT Tambang Batubbara Bukit Asam Tbk	27,000		55,368
PT Telkomunikasi Indonesia Tbk Series B	320,000		266,875
PT Unilever Indonesia Tbk	47,500		83,503
PT United Tractors Tbk	56,212		154,614
PT XL Axiata Tbk	70,000		39,150
TOTAL INDONESIA			3,175,867
Ireland - 0.2%
CRH PLC	23,415		422,726
Elan Corp. PLC (a)	15,696		186,169
James Hardie Industries NV CDI (a)	14,459		93,659
Kerry Group PLC Class A	4,482		167,347
Ryanair Holdings PLC	5,111		24,004
Ryanair Holdings PLC sponsored ADR (d)	1,650		47,471
TOTAL IRELAND			941,376
Isle of Man - 0.1%
Genting Singapore PLC (a)	200,000		273,177
Israel - 0.4%
Bank Hapoalim BM (Reg.)	33,014		129,233
Bank Leumi le-Israel BM	36,788		128,885
Bezeq Israeli Telecommunication Corp. Ltd.	53,864		114,860
Cellcom Israel Ltd.	119		2,623
Cellcom Israel Ltd. (Israel)	1,181		26,197
Delek Group Ltd.	121		24,033
Discount Investment Corp. Ltd.	153		1,632
Elbit Systems Ltd.	154		7,027
Elbit Systems Ltd. (Israel)	511		22,766
Israel Chemicals Ltd.	13,977		168,187
Israel Corp. Ltd. (Class A)	87		64,080
Israel Discount Bank Ltd. (Class A) (a)	31,143		51,959
Mizrahi Tefahot Bank Ltd.	5,106		44,369
Nice Systems Ltd. (a)	979		34,866
Nice Systems Ltd. sponsored ADR (a)	1,150		41,124
Ormat Industries Ltd.	833		5,090
Partner Communications Co. Ltd.	3,790		45,001
Teva Pharmaceutical Industries Ltd.	19,948		813,247
Teva Pharmaceutical Industries Ltd. sponsored ADR	10,349		422,757
TOTAL ISRAEL			2,147,936
Common Stocks - continued
	Shares		Value
Italy - 1.5%
A2A SpA	27,910		$ 38,238
Assicurazioni Generali SpA	37,555		677,200
Atlantia SpA	9,745		149,021
Autogrill SpA	3,836		44,486
Banca Carige SpA	22,623		44,457
Banca Monte dei Paschi di Siena SpA	144,572		67,685
Banco Popolare Societa Cooperativa	58,641		87,646
Enel Green Power SpA	58,306		134,106
Enel SpA	211,796		999,486
ENI SpA	77,812		1,720,198
EXOR SpA	1,767		38,881
Fiat Industrial SpA (a)	23,953		209,002
Fiat SpA	23,574		144,851
Finmeccanica SpA	13,354		91,775
Intesa Sanpaolo SpA	326,474		583,283
Intesa Sanpaolo SpA (Risparmio Shares)	26,555		38,624
Luxottica Group SpA	3,732		109,994
Mediaset SpA	23,132		85,729
Mediobanca SpA	16,152		128,752
Parmalat SpA	12,806		28,515
Pirelli & C SpA	8,066		71,440
Prysmian SpA	6,653		100,818
Saipem SpA	8,746		392,156
Snam Rete Gas SpA	51,843		252,688
Telecom Italia SpA	309,889		385,643
Terna SpA	35,014		134,029
UniCredit SpA	435,746		511,369
Unione di Banche Italiane SCPA	28,172		107,605
TOTAL ITALY			7,377,677
Japan - 14.0%
ABC-Mart, Inc.	800		31,334
ACOM Co. Ltd. (a)	230		4,038
Advantest Corp.	4,100		47,725
Aeon Co. Ltd.	19,800		258,992
Aeon Credit Service Co. Ltd.	3,000		44,744
Aeon Mall Co. Ltd.	2,300		53,330
Air Water, Inc.	5,000		63,479
Aisin Seiki Co. Ltd.	6,200		196,112
Ajinomoto Co., Inc.	21,000		235,113
Alfresa Holdings Corp.	1,300		48,713
All Nippon Airways Ltd.	29,000		87,330
Common Stocks - continued
	Shares		Value
Japan - continued
Amada Co. Ltd.	12,000		$ 79,620
Aozora Bank Ltd.	17,000		42,982
Asahi Glass Co. Ltd.	32,000		280,258
Asahi Group Holdings	12,300		251,826
Asahi Kasei Corp.	41,000		243,175
Asics Corp.	5,000		66,294
Astellas Pharma, Inc.	14,200		519,409
Bank of Kyoto Ltd.	10,000		84,955
Bank of Yokohama Ltd.	40,000		183,160
Benesse Corp.	2,200		95,596
Bridgestone Corp.	20,800		487,762
Brother Industries Ltd.	7,800		101,810
Canon, Inc.	36,400		1,652,691
Casio Computer Co. Ltd.	8,800		53,916
Central Japan Railway Co.	49		416,897
Chiba Bank Ltd.	26,000		159,097
Chiyoda Corp.	6,000		69,103
Chubu Electric Power Co., Inc.	22,100		404,388
Chugai Pharmaceutical Co. Ltd.	7,200		112,793
Chugokun Electric Power Co.	9,200		136,909
Citizen Holdings Co. Ltd.	9,000		47,742
Coca-Cola West Co. Ltd.	1,800		32,150
Cosmo Oil Co. Ltd.	19,000		47,538
Credit Saison Co. Ltd.	5,000		97,582
Dai Nippon Printing Co. Ltd.	18,000		188,564
Dai-ichi Mutual Life Insurance Co.	284		323,461
Daicel Chemical Industries Ltd.	10,000		56,773
Daido Steel Co. Ltd.	9,000		54,545
Daihatsu Motor Co. Ltd.	6,000		105,598
Daiichi Sankyo Kabushiki Kaisha	21,600		419,625
Daikin Industries Ltd.	7,400		219,022
Dainippon Sumitomo Pharma Co. Ltd.	5,600		61,376
Daito Trust Construction Co. Ltd.	2,300		203,807
Daiwa House Industry Co. Ltd.	15,000		187,987
Daiwa Securities Group, Inc.	52,000		181,970
DeNA Co. Ltd.	3,100		133,818
Denki Kagaku Kogyo KK	14,000		53,261
Denso Corp.	15,600		479,812
Dentsu, Inc.	6,000		180,684
East Japan Railway Co.	10,800		654,870
Eisai Co. Ltd.	8,200		325,267
Electric Power Development Co. Ltd.	3,700		92,118
Common Stocks - continued
	Shares		Value
Japan - continued
Elpida Memory, Inc. (a)	8,800		$ 54,708
FamilyMart Co. Ltd.	2,200		86,498
Fanuc Corp.	6,100		986,437
Fast Retailing Co. Ltd.	1,700		305,419
Fuji Electric Co. Ltd.	21,000		61,287
Fuji Heavy Industries Ltd.	19,000		120,442
Fujifilm Holdings Corp.	15,200		372,055
Fujitsu Ltd.	60,000		320,900
Fukuoka Financial Group, Inc.	25,000		96,813
Furukawa Electric Co. Ltd.	22,000		61,461
GREE, Inc.	3,200		103,275
GS Yuasa Corp.	12,000		62,873
Gunma Bank Ltd.	13,000		66,541
Hakuhodo DY Holdings, Inc.	850		46,190
Hamamatsu Photonics KK	2,200		83,714
Hino Motors Ltd.	9,000		52,863
Hirose Electric Co. Ltd.	1,000		95,842
Hiroshima Bank Ltd.	15,000		66,731
Hisamitsu Pharmaceutical Co., Inc.	2,000		80,487
Hitachi Chemical Co. Ltd.	3,200		56,861
Hitachi Construction Machinery Co. Ltd. (d)	4,000		76,951
Hitachi High-Technologies Corp.	1,600		33,440
Hitachi Ltd.	144,000		771,692
Hitachi Metals Ltd.	5,000		56,713
Hokkaido Electric Power Co., Inc.	6,000		75,268
Hokuhoku Financial Group, Inc.	42,000		78,504
Hokuriku Electric Power Co., Inc.	5,300		84,449
Honda Motor Co. Ltd.	52,600		1,573,138
Hoya Corp.	14,500		316,819
Ibiden Co. Ltd.	3,600		79,508
Idemitsu Kosan Co. Ltd.	800		74,840
INPEX Corp.	71		468,808
Isetan Mitsukoshi Holdings Ltd.	11,500		117,154
Ishikawajima-Harima Heavy Industries Co. Ltd.	41,000		93,410
Isuzu Motors Ltd.	37,000		156,856
Itochu Corp.	48,100		475,791
ITOCHU Techno-Solutions Corp.	1,100		47,635
Iyo Bank Ltd.	7,000		65,681
J Front Retailing Co. Ltd.	16,000		70,072
Japan Petroleum Exploration Co. Ltd.	800		31,601
Japan Prime Realty Investment Corp.	24		57,482
Japan Real Estate Investment Corp.	16		136,493
Common Stocks - continued
	Shares		Value
Japan - continued
Japan Retail Fund Investment Corp.	65		$ 100,631
Japan Steel Works Ltd.	9,000		61,685
Japan Tobacco, Inc.	145		724,826
JFE Holdings, Inc.	14,500		276,008
JGC Corp.	7,000		197,230
Joyo Bank Ltd.	21,000		87,997
JS Group Corp.	8,500		178,260
JSR Corp.	5,600		106,918
JTEKT Corp.	6,700		73,275
Jupiter Telecommunications Co.	61		59,529
JX Holdings, Inc.	72,810		424,164
Kajima Corp.	29,000		93,109
Kamigumi Co. Ltd.	7,000		61,131
Kaneka Corp.	10,000		53,644
Kansai Electric Power Co., Inc.	24,300		358,505
Kansai Paint Co. Ltd.	7,000		65,717
Kao Corp.	16,700		438,170
Kawasaki Heavy Industries Ltd.	45,000		114,752
Kawasaki Kisen Kaisha Ltd.	25,000		50,997
KDDI Corp.	94		688,672
Keihin Electric Express Railway Co. Ltd.	15,000		134,751
Keio Corp.	18,000		123,426
Keisei Electric Railway Co.	9,000		60,604
Keyence Corp.	1,400		355,941
Kikkoman Corp.	6,000		66,358
Kinden Corp.	4,000		32,851
Kintetsu Corp. (d)	54,000		189,463
Kirin Holdings Co. Ltd.	26,000		318,138
Kobe Steel Ltd.	81,000		135,487
Koito Manufacturing Co. Ltd.	4,000		60,300
Komatsu Ltd.	30,300		749,258
Konami Corp.	3,100		101,029
Konica Minolta Holdings, Inc.	15,500		112,762
Kubota Corp.	38,000		313,015
Kuraray Co. Ltd.	10,900		152,607
Kurita Water Industries Ltd.	3,700		101,900
Kyocera Corp.	4,900		430,795
Kyowa Hakko Kirin Co., Ltd.	9,000		101,443
Kyushu Electric Power Co., Inc.	13,000		172,122
Lawson, Inc.	1,900		106,926
Mabuchi Motor Co. Ltd.	800		35,067
Makita Corp.	3,700		138,152
Common Stocks - continued
	Shares		Value
Japan - continued
Marubeni Corp.	55,000		$ 320,172
Marui Group Co. Ltd.	7,900		61,424
Maruichi Steel Tube Ltd.	1,500		33,604
Mazda Motor Corp. (a)	51,000		107,213
McDonald's Holdings Co. (Japan) Ltd.	2,200		57,831
Medipal Holdings Corp.	4,300		40,117
Meiji Holdings Co. Ltd.	2,200		96,466
Minebea Ltd.	9,000		32,076
Miraca Holdings, Inc.	1,700		64,843
Mitsubishi Chemical Holdings Corp.	45,000		272,819
Mitsubishi Corp.	44,900		923,575
Mitsubishi Electric Corp.	62,000		573,772
Mitsubishi Estate Co. Ltd.	40,000		677,568
Mitsubishi Gas Chemical Co., Inc.	14,000		91,385
Mitsubishi Heavy Industries Ltd.	98,000		399,355
Mitsubishi Logistics Corp.	4,000		43,995
Mitsubishi Materials Corp.	35,000		93,047
Mitsubishi Motors Corp. of Japan (a)	122,000		161,180
Mitsubishi Tanabe Pharma Corp.	7,300		126,286
Mitsubishi UFJ Financial Group, Inc.	411,400		1,788,147
Mitsubishi UFJ Lease & Finance Co. Ltd.	1,700		65,885
Mitsui & Co. Ltd.	55,600		811,559
Mitsui Chemicals, Inc.	26,000		85,283
Mitsui Engineering & Shipbuilding Co.	27,000		42,890
Mitsui Fudosan Co. Ltd.	27,000		449,075
Mitsui OSK Lines Ltd.	38,000		146,433
Mizuho Financial Group, Inc.	737,260		1,032,067
MS&AD Insurance Group Holdings, Inc.	18,590		364,157
Murata Manufacturing Co. Ltd.	6,500		363,124
Nabtesco Corp.	3,400		74,475
Namco Bandai Holdings, Inc.	7,000		101,510
NEC Corp. (a)	88,000		195,839
NGK Insulators Ltd.	8,000		92,235
NGK Spark Plug Co. Ltd.	5,000		61,986
NHK Spring Co. Ltd.	6,000		54,921
Nidec Corp.	3,500		287,659
Nikon Corp.	11,100		248,573
Nintendo Co. Ltd.	3,200		482,848
Nippon Building Fund, Inc.	18		173,843
Nippon Electric Glass Co. Ltd.	12,000		107,668
Nippon Express Co. Ltd.	26,000		100,527
Nippon Meat Packers, Inc.	6,000		74,796
Common Stocks - continued
	Shares		Value
Japan - continued
Nippon Paper Group, Inc.	3,400		$ 77,933
Nippon Sheet Glass Co. Ltd.	30,000		64,698
Nippon Steel Corp.	164,000		427,638
Nippon Telegraph & Telephone Corp.	15,400		790,057
Nippon Yusen KK	49,000		123,596
Nishi-Nippon City Bank Ltd.	21,000		57,276
Nissan Motor Co. Ltd.	80,100		736,594
Nisshin Seifun Group, Inc.	6,000		73,753
Nisshin Steel Co. Ltd.	24,000		37,993
Nissin Food Holdings Co. Ltd.	2,000		77,046
Nitori Holdings Co. Ltd.	1,300		124,343
Nitto Denko Corp.	5,200		218,471
NKSJ Holdings, Inc.	12,200		244,029
NOK Corp.	3,600		60,933
Nomura Holdings, Inc.	114,000		434,416
Nomura Real Estate Holdings, Inc.	2,600		41,919
Nomura Real Estate Office Fund, Inc.	10		53,366
Nomura Research Institute Ltd.	2,900		65,230
NSK Ltd.	14,000		105,807
NTN Corp.	17,000		75,098
NTT Data Corp.	44		147,525
NTT DoCoMo, Inc.	492		873,925
NTT Urban Development Co.	26		17,902
Obayashi Corp.	21,000		96,425
Odakyu Electric Railway Co. Ltd.	20,000		187,412
Oji Paper Co. Ltd.	27,000		133,566
Olympus Corp. (d)	7,100		108,211
Omron Corp.	6,300		135,791
Ono Pharmaceutical Co. Ltd.	2,600		136,088
Oracle Corp. Japan	1,500		51,761
Oriental Land Co. Ltd.	1,700		168,969
ORIX Corp.	3,340		291,537
Osaka Gas Co. Ltd.	59,000		223,286
Otsuka Corp.	500		34,737
Otsuka Holdings Co. Ltd.	8,300		213,008
Panasonic Corp.	70,500		712,782
Rakuten, Inc.	241		264,227
Resona Holdings, Inc.	61,400		275,260
Ricoh Co. Ltd.	21,000		172,138
Rinnai Corp.	1,000		74,716
ROHM Co. Ltd.	3,000		152,874
Sankyo Co. Ltd. (Gunma)	1,800		94,074
Common Stocks - continued
	Shares		Value
Japan - continued
Santen Pharmaceutical Co. Ltd.	2,200		$ 82,100
SBI Holdings, Inc. Japan	797		66,373
Secom Co. Ltd.	7,000		331,094
Sega Sammy Holdings, Inc.	6,600		143,516
Seiko Epson Corp.	3,800		49,952
Sekisui Chemical Co. Ltd.	14,000		109,876
Sekisui House Ltd.	19,000		170,103
Seven & i Holdings Co., Ltd.	24,100		643,209
Seven Bank Ltd.	18		32,036
Sharp Corp.	32,000		295,015
Shikoku Electric Power Co., Inc.	5,700		145,724
Shimadzu Corp.	7,000		59,600
Shimamura Co. Ltd.	700		70,016
SHIMANO, Inc.	2,500		123,591
SHIMIZU Corp.	21,000		90,376
Shin-Etsu Chemical Co., Ltd.	13,200		677,970
Shinsei Bank Ltd.	39,000		42,870
Shionogi & Co. Ltd.	9,200		125,251
Shiseido Co. Ltd.	12,000		219,669
Shizuoka Bank Ltd.	19,000		184,365
Showa Denko KK	52,000		94,355
Showa Shell Sekiyu KK	5,800		41,985
SMC Corp.	1,700		264,455
SOFTBANK CORP.	27,800		902,382
Sojitz Corp.	43,100		73,153
Sony Corp.	32,200		671,888
Sony Financial Holdings, Inc.	5,800		96,495
Square Enix Holdings Co. Ltd.	2,000		38,018
Stanley Electric Co. Ltd.	5,100		74,636
Sumco Corp. (a)	3,500		35,397
Sumitomo Chemical Co. Ltd.	49,000		180,881
Sumitomo Corp.	36,200		448,255
Sumitomo Electric Industries Ltd.	23,600		261,698
Sumitomo Heavy Industries Ltd.	19,000		107,909
Sumitomo Metal Industries Ltd.	107,000		201,250
Sumitomo Metal Mining Co. Ltd.	17,000		234,044
Sumitomo Mitsui Financial Group, Inc.	43,400		1,213,251
Sumitomo Mitsui Trust Holdings, Inc.	98,250		336,267
Sumitomo Realty & Development Co. Ltd.	12,000		248,757
Sumitomo Rubber Industries Ltd.	5,900		73,717
Suzuken Co. Ltd.	2,600		62,213
Suzuki Motor Corp.	10,600		224,846
Common Stocks - continued
	Shares		Value
Japan - continued
Sysmex Corp.	2,400		$ 78,898
T&D Holdings, Inc.	18,400		182,431
Taisei Corp.	36,000		96,206
Taisho Pharmaceutical Holdings Co. Ltd. (a)	1,200		83,552
Taiyo Nippon Sanso Corp.	8,000		56,856
Takashimaya Co. Ltd.	9,000		63,903
Takeda Pharmaceutical Co. Ltd.	25,400		1,145,214
TDK Corp.	4,000		163,134
Teijin Ltd.	31,000		108,228
Terumo Corp.	5,400		274,409
The Chugoku Bank Ltd.	5,000		65,502
The Hachijuni Bank Ltd.	13,000		72,286
The Suruga Bank Ltd.	6,000		50,023
THK Co. Ltd.	4,000		77,966
Tobu Railway Co. Ltd.	32,000		152,741
Toho Co. Ltd.	3,900		67,092
Toho Gas Co. Ltd.	14,000		79,266
Tohoku Electric Power Co., Inc.	14,600		161,340
Tokio Marine Holdings, Inc.	23,100		550,878
Tokyo Electric Power Co.	48,000		176,095
Tokyo Electron Ltd.	5,700		303,185
Tokyo Gas Co. Ltd.	84,000		361,777
Tokyu Corp.	36,000		173,779
Tokyu Land Corp.	14,000		58,943
TonenGeneral Sekiyu KK	9,000		101,572
Toppan Printing Co. Ltd.	19,000		147,749
Toray Industries, Inc.	47,000		334,561
Toshiba Corp.	128,000		558,330
Tosoh Corp.	16,000		52,010
Toto Ltd.	10,000		83,161
Toyo Seikan Kaisha Ltd.	5,300		80,656
Toyo Suisan Kaisha Ltd.	3,000		76,569
Toyoda Gosei Co. Ltd.	2,500		44,106
Toyota Boshoku Corp.	1,600		19,388
Toyota Industries Corp.	5,600		157,470
Toyota Motor Corp.	89,000		2,955,247
Toyota Tsusho Corp.	7,300		115,211
Trend Micro, Inc.	3,300		118,026
Tsumura & Co.	2,100		59,070
Ube Industries Ltd.	33,000		96,758
Unicharm Corp.	3,700		165,722
Ushio, Inc.	3,000		44,360
Common Stocks - continued
	Shares		Value
Japan - continued
USS Co. Ltd.	780		$ 64,490
West Japan Railway Co.	5,600		237,322
Yahoo! Japan Corp.	460		147,753
Yakult Honsha Co. Ltd.	3,100		87,128
Yamada Denki Co. Ltd.	2,590		186,283
Yamaguchi Financial Group, Inc.	8,000		71,293
Yamaha Corp.	5,100		51,626
Yamaha Motor Co. Ltd. (a)	9,200		131,798
Yamato Holdings Co. Ltd.	13,200		218,856
Yamato Kogyo Co. Ltd.	1,600		40,476
Yamazaki Baking Co. Ltd.	4,000		53,036
Yaskawa Electric Corp.	6,000		51,558
Yokogawa Electric Corp. (a)	7,000		65,473
TOTAL JAPAN			67,600,396
Korea (South) - 3.3%
Amorepacific Corp.	112		126,292
BS Financial Group, Inc. (a)	6,770		74,233
Celltrion, Inc.	2,180		72,707
Cheil Industries, Inc.	1,653		145,473
CJ CheilJedang Corp.	249		68,459
Daelim Industrial Co.	931		80,355
Daewoo Engineering & Construction Co. Ltd. (a)	2,660		24,304
Daewoo International Corp.	1,062		30,878
Daewoo Securities Co. Ltd.	5,270		50,561
Daewoo Securities Co. Ltd. rights 11/1/11 (a)	1,763		4,232
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	3,300		80,846
DGB Financial Group Co. Ltd. (a)	4,620		57,302
Dongbu Insurance Co. Ltd.	1,320		55,364
Dongkuk Steel Mill Co. Ltd.	1,070		24,688
Doosan Co. Ltd.	382		48,123
Doosan Heavy Industries & Construction Co. Ltd.	1,464		77,527
Doosan Infracore Co. Ltd. (a)	3,270		55,713
E-Mart Co. Ltd. (a)	657		169,110
GS Engineering & Construction Corp.	1,138		98,597
GS Holdings Corp.	1,620		92,967
Hana Financial Group, Inc.	7,400		263,367
Hanjin Heavy Industries & Consolidated Co. Ltd.	1,084		19,111
Hanjin Shipping Co. Ltd.	1,079		10,574
Hanjin Shipping Co. Ltd. rights 11/4/11 (a)	456		1,476
Hanjin Shipping Holdings Co. Ltd.	12		93
Hankook Tire Co. Ltd.	2,100		83,507
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Hanwha Chemical Corp.	2,830		$ 73,403
Hanwha Corp.	1,560		54,546
Hite Jinro Co. Ltd.	90		2,045
Honam Petrochemical Corp.	445		120,944
Hynix Semiconductor, Inc.	16,720		337,105
Hyosung Corp.	816		46,886
Hyundai Department Store Co. Ltd.	507		72,420
Hyundai Engineering & Construction Co. Ltd.	2,085		132,174
Hyundai Glovis Co. Ltd.	399		74,457
Hyundai Heavy Industries Co. Ltd.	1,374		365,714
Hyundai Hysco Co. Ltd.	1,140		43,964
Hyundai Industrial Development & Construction Co.	2,200		45,264
Hyundai Merchant Marine Co. Ltd.	1,800		46,306
Hyundai Mipo Dockyard Co. Ltd.	312		33,780
Hyundai Mobis	2,179		621,285
Hyundai Motor Co.	4,907		984,527
Hyundai Securities Co. Ltd.	2,880		24,692
Hyundai Steel Co.	1,913		172,947
Hyundai Wia Corp.	435		55,980
Industrial Bank of Korea	5,730		74,945
Kangwon Land, Inc.	3,530		93,753
KB Financial Group, Inc.	11,473		442,827
KB Financial Group, Inc. ADR	362		14,136
KCC Corp.	129		31,152
Kia Motors Corp.	7,622		486,838
Korea Electric Power Corp. (a)	8,230		183,602
Korea Electric Power Corp. sponsored ADR (a)(d)	520		5,736
Korea Exchange Bank	9,580		70,649
Korea Gas Corp.	823		27,685
Korea Investment Holdings Co. Ltd.	1,480		48,978
Korea Kumho Petrochemical Co.	365		61,627
Korea Life Insurance Co. Ltd.	4,200		23,376
Korea Zinc Co. Ltd.	280		81,764
Korean Air Lines Co. Ltd.	947		41,893
KP Chemical Corp.	1,070		15,038
KT Corp.	900		30,053
KT Corp. sponsored ADR	3,220		53,710
KT&G Corp.	3,705		230,905
LG Chemical Ltd.	1,498		481,580
LG Corp.	3,197		186,401
LG Display Co. Ltd.	7,200		145,649
LG Display Co. Ltd. sponsored ADR	460		4,628
Common Stocks - continued
	Shares		Value
Korea (South) - continued
LG Electronics, Inc.	3,034		$ 200,108
LG Household & Health Care Ltd.	303		136,335
LG Innotek Co. Ltd.	229		15,051
LG Telecom Ltd.	6,738		39,978
Lotte Confectionery Co. Ltd.	21		32,715
Lotte Shopping Co. Ltd.	323		115,493
LS Cable Ltd.	548		38,858
LS Industrial Systems Ltd.	371		18,155
Mando Corp.	346		59,042
Mirae Asset Securities Co. Ltd.	566		17,947
NCsoft Corp.	489		153,155
NHN Corp. (a)	1,350		280,587
OCI Co. Ltd.	486		99,372
POSCO	1,998		689,701
POSCO sponsored ADR (d)	336		28,869
S-Oil Corp.	1,378		142,466
S1 Corp.	624		32,354
Samsung C&T Corp.	4,087		251,755
Samsung Card Co. Ltd.	1,431		53,424
Samsung Electro-Mechanics Co. Ltd.	1,955		147,529
Samsung Electronics Co. Ltd.	3,410		2,924,586
Samsung Electronics Co. Ltd.:
GDR	268		115,320
GDR (e)	56		15,708
Samsung Engineering Co. Ltd.	947		192,703
Samsung Fire & Marine Insurance Co. Ltd.	1,082		229,213
Samsung Heavy Industries Ltd.	5,650		171,729
Samsung Life Insurance Co. Ltd.	1,726		133,362
Samsung SDI Co. Ltd.	1,092		131,051
Samsung Securities Co. Ltd.	1,762		90,706
Samsung Securities Co. Ltd. rights 11/24/11 (a)	208		2,169
Samsung Techwin Co. Ltd.	1,376		73,274
Seoul Semiconductor Co. Ltd.	1,110		22,604
Shinhan Financial Group Co. Ltd.	13,106		520,158
Shinhan Financial Group Co. Ltd. sponsored ADR	225		17,910
Shinsegae Co. Ltd.	244		61,137
SK C&C Co. Ltd.	508		68,724
SK Energy Co. Ltd.	1,877		281,400
SK Holdings Co. Ltd.	784		103,982
SK Networks Co. Ltd.	2,930		29,251
SK Telecom Co. Ltd.	331		43,910
SK Telecom Co. Ltd. sponsored ADR (d)	3,790		56,054
Common Stocks - continued
	Shares		Value
Korea (South) - continued
STX Pan Ocean Co. Ltd. (Korea)	2,670		$ 17,479
Woongjin Coway Co. Ltd.	1,610		55,256
Woori Finance Holdings Co. Ltd.	11,840		112,844
Woori Investment & Securities Co. Ltd.	1,850		20,184
Woori Investment & Securities Co. Ltd. rights 11/23/11 (a)	657		1,418
Yuhan Corp.	222		24,291
TOTAL KOREA (SOUTH)			16,030,540
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	27,575		571,796
Kernel Holding SA (a)	1,513		32,587
Millicom International Cellular SA (depositary receipt)	2,484		273,754
SES SA FDR (France) unit	9,832		251,720
Subsea 7 SA (a)	9,323		202,783
Tenaris SA	15,739		251,573
TOTAL LUXEMBOURG			1,584,213
Malaysia - 0.8%
AirAsia Bhd	39,500		49,640
AMMB Holdings Bhd	51,500		99,838
Axiata Group Bhd	82,700		130,712
Berjaya Group Bhd	109,600		36,802
Berjaya Sports Toto Bhd	20,900		28,996
British American Tobacco (Malaysia) Bhd	4,100		61,726
Bumiputra-Commerce Holdings Bhd	147,700		362,547
Bursa Malaysia Bhd	14,700		32,373
DiGi.com Bhd	10,200		105,031
Gamuda Bhd	49,875		54,839
Genting Bhd	63,500		221,171
Genting Malaysia Bhd	92,200		114,694
Genting Plantations Bhd	10,900		25,971
Hong Leong Bank Bhd	19,800		68,113
Hong Leong Credit Bhd	7,600		29,416
IGB Corp. Bhd	4,040		2,607
IJM Corp. Bhd	42,600		78,690
IOI Corp. Bhd	98,800		167,851
Kuala Lumpur Kepong Bhd	14,700		100,302
Lafarge Malayan Cement Bhd	12,700		29,215
Malayan Banking Bhd	112,140		304,452
Malaysia Airports Holdings Bhd	9,000		18,484
Malaysia Marine and Heavy Engineering Sdn Bhd	18,900		38,534
Malaysian Airline System Bhd (a)	14,900		7,088
Common Stocks - continued
	Shares		Value
Malaysia - continued
Malaysian Plantations Bhd	24,900		$ 28,498
Maxis Bhd	71,500		124,340
MISC Bhd	38,000		86,157
MMC Corp. Bhd	24,800		21,682
Parkson Holdings Bhd	16,371		29,719
Petronas Chemicals Group Bhd	77,900		162,509
Petronas Dagangan Bhd	7,300		38,619
Petronas Gas Bhd	23,500		99,988
PLUS Expressways Bhd	45,400		65,345
PPB Group Bhd	15,300		84,734
Public Bank Bhd	42		174
Public Bank Bhd (For. Reg.)	32,800		135,504
RHB Capital Bhd	16,516		41,299
Sime Darby Bhd	89,500		258,179
SP Setia Bhd	27,150		33,876
Telekom Malaysia Bhd	36,900		50,812
Tenaga Nasional Bhd	91,725		177,915
UEM Land Holdings Bhd (a)	21,000		14,930
UMW Holdings Bhd	20,600		44,387
YTL Corp. Bhd	122,200		58,902
YTL Power International Bhd	81,800		50,630
TOTAL MALAYSIA			3,777,291
Mauritius - 0.0%
Golden Agri-Resources Ltd.	206,000		105,418
Mexico - 1.1%
Alfa SA de CV Series A	8,900		103,759
America Movil SAB de CV Series L	1,325,246		1,692,356
Cemex SA de CV unit	345,464		150,426
Coca-Cola FEMSA SAB de CV Series L	9,200		83,027
Compartamos SAB de CV	35,800		55,339
Embotelladoras Arca SAB de CC	10,862		51,537
Fomento Economico Mexicano SAB de CV unit	62,700		420,820
Grupo Aeroportuario del Pacifico SA de CV Series B	17,000		59,474
Grupo Bimbo Sab de CV Series A	55,200		113,590
Grupo Carso SA de CV Series A1	18,000		46,499
Grupo Elektra SA de CV	2,255		173,281
Grupo Financiero Banorte SAB de CV Series O	52,900		180,740
Grupo Financiero Inbursa SAB de CV Series O	61,800		132,182
Grupo Mexico SA de CV Series B	125,600		348,979
Grupo Modelo SAB de CV Series C	19,400		123,055
Grupo Televisa SA de CV	80,000		342,158
Common Stocks - continued
	Shares		Value
Mexico - continued
Industrias Penoles SA de CV	4,605		$ 185,308
Kimberly-Clark de Mexico SA de CV Series A	16,800		95,628
Mexichem SAB de CV	25,700		88,483
Minera Frisco SAB de CV (a)	20,900		81,857
Telefonos de Mexico SA de CV Series L	181,400		142,313
Urbi, Desarrollos Urbanos, SA de CV (a)	11,900		15,125
Wal-Mart de Mexico SA de CV Series V	199,300		514,853
TOTAL MEXICO			5,200,789
Morocco - 0.0%
Attijariwafa Bank	1,117		50,753
Douja Promotion Groupe Addoha SA	3,268		30,784
Maroc Telecom SA	5,232		91,934
TOTAL MOROCCO			173,471
Netherlands - 1.8%
AEGON NV (a)	56,993		271,836
Akzo Nobel NV	7,587		401,244
ASML Holding NV (Netherlands)	13,734		576,210
Corio NV	1,788		91,306
Delta Lloyd NV	3,472		61,431
European Aeronautic Defence and Space Co. EADS NV	13,072		386,591
Fugro NV (Certificaten Van Aandelen) unit	2,174		128,557
Heineken Holding NV (A Shares)	3,533		151,740
Heineken NV (Bearer)	8,427		409,457
ING Groep NV (Certificaten Van Aandelen) (a)	123,546		1,065,241
Koninklijke Ahold NV	37,409		479,652
Koninklijke Boskalis Westminster NV	2,413		84,820
Koninklijke KPN NV	49,243		647,128
Koninklijke Philips Electronics NV	32,267		671,790
PostNL NV	11,386		58,002
QIAGEN NV (a)	8,114		113,076
Randstad Holdings NV	3,829		136,581
Reed Elsevier NV	22,860		281,940
Royal DSM NV	4,858		250,230
SBM Offshore NV	5,071		112,284
STMicroelectronics NV	20,346		141,015
TNT Express NV	11,826		101,027
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	52,825		1,823,976
Vopak NV	2,270		117,490
Wolters Kluwer NV (Certificaten Van Aandelen)	9,995		177,120
TOTAL NETHERLANDS			8,739,744
Common Stocks - continued
	Shares		Value
New Zealand - 0.1%
Auckland International Airport Ltd.	30,701		$ 58,331
Contact Energy Ltd.	9,220		41,744
Fletcher Building Ltd.	20,523		110,342
Sky City Entertainment Group Ltd.	20,678		59,182
Telecom Corp. of New Zealand Ltd.	66,135		134,983
TOTAL NEW ZEALAND			404,582
Norway - 0.5%
Aker Solutions ASA	5,618		65,336
DnB NOR ASA	32,330		377,152
Gjensidige Forsikring ASA	6,694		73,582
Norsk Hydro ASA	31,343		163,651
Orkla ASA (A Shares)	24,002		209,084
Renewable Energy Corp. ASA (a)(d)	19,198		18,655
StatoilHydro ASA	35,818		909,093
Telenor ASA	24,104		430,336
Yara International ASA	5,965		284,129
TOTAL NORWAY			2,531,018
Peru - 0.1%
Compania de Minas Buenaventura SA sponsored ADR	6,078		248,773
Philippines - 0.1%
Aboitiz Equity Ventures, Inc.	71,500		68,674
Aboitiz Power Corp.	53,200		36,997
Alliance Global Group, Inc.	102,800		25,558
Ayala Land, Inc.	160,700		60,910
Banco de Oro Universal Bank	23,710		31,309
Bank of the Philippine Islands (BPI)	40,616		55,730
Globe Telecom, Inc.	1,250		26,651
Jollibee Food Corp.	13,280		28,220
Manila Electric Co.	8,630		48,985
Metropolitan Bank & Trust Co.	31,637		53,019
Philippine Long Distance Telephone Co.	1,235		68,893
PNOC Energy Development Corp.	236,700		33,866
SM Investments Corp.	5,720		74,728
SM Prime Holdings, Inc.	193,400		58,970
Yala Corp.	5,400		38,808
TOTAL PHILIPPINES			711,318
Poland - 0.3%
Asseco Poland SA	1,622		25,321
Bank Handlowy w Warszawie SA	855		20,163
Common Stocks - continued
	Shares		Value
Poland - continued
Bank Millennium SA	19,139		$ 26,779
Bank Polska Kasa Opieki SA	3,969		184,697
BRE Bank SA (a)	381		32,896
Cyfrowy Polsat SA	5,835		27,135
ENEA SA	3,100		18,520
Getin Holding SA (a)	8,451		22,772
Globe Trade Centre SA (a)	3,353		12,019
Grupa Lotos SA (a)	3,064		27,630
Jastrzebska Spolka Weglowa SA (a)	1,600		46,837
KGHM Polska Miedz SA (Bearer)	4,757		231,089
Polish Oil & Gas Co.	64,512		80,528
Polska Grupa Energetyczna SA	20,614		127,039
Polski Koncern Naftowy Orlen SA (a)	10,049		124,649
Powszechna Kasa Oszczednosci Bank SA	19,759		225,523
Powszechny Zaklad Ubezpieczen SA	1,777		188,573
Synthos SA	13,871		18,492
Tauron Polska Energia SA	40,947		71,326
Telekomunikacja Polska SA	22,761		120,947
TVN SA	4,824		19,309
TOTAL POLAND			1,652,244
Portugal - 0.2%
Banco Comercial Portugues SA (Reg.) (a)	83,643		17,942
Banco Espirito Santo SA (Reg.)	19,627		42,644
Cimpor-Cimentos de Portugal SGPS SA	7,305		54,469
Energias de Portugal SA	61,419		194,220
Galp Energia SGPS SA Class B	7,203		149,324
Jeronimo Martins SGPS SA	6,689		115,711
Portugal Telecom SGPS SA (Reg.)	22,121		158,214
TOTAL PORTUGAL			732,524
Russia - 1.5%
Federal Grid Co. Unified Energy System JSC (a)	9,282,410		86,686
Federal Grid Co. Unified Energy System JSC rights (a)	58,040		1
Gazprom Neft (a)	467		1,976
Gazprom Neft sponsored ADR	150		3,101
Gazprom OAO	40,634		241,075
Gazprom OAO sponsored ADR (Reg. S)	151,514		1,768,168
Inter Rao Ues JSC (a)	46,847,000		58,325
LSR Group OJSC GDR (Reg. S)	4,100		19,639
Lukoil Oil Co. (a)	665		38,684
Lukoil Oil Co. sponsored ADR (United Kingdom)	15,736		915,835
Magnit OJSC:
rights 11/29/11 (a)	184		0
GDR (Reg. S)	7,589		193,899
Common Stocks - continued
	Shares		Value
Russia - continued
Mechel Steel Group OAO sponsored ADR	4,594		$ 60,365
Mobile TeleSystems OJSC sponsored ADR	17,266		246,731
Norilsk Nickel OJSC (a)	313		61,772
Norilsk Nickel OJSC ADR	15,280		299,030
Novolipetsk Steel OJSC GDR (Reg. S)	2,352		64,021
NOVATEK OAO GDR	2,959		415,444
Raspadskaya OAO (a)	6,570		21,812
Rosneft Oil Co. OJSC	1,806		13,033
Rosneft Oil Co. OJSC GDR (Reg. S)	50,439		358,873
Rostelecom sponsored ADR	6,849		209,579
RusHydro JSC	144,700		5,469
RusHydro JSC sponsored ADR	36,086		136,044
Sberbank of Russia	280,115		760,100
Severstal JSC (a)	285		4,175
Severstal JSC GDR (Reg. S)	6,201		91,093
Sistema JSFC sponsored GDR	2,626		45,010
Surgutneftegaz JSC:
(Reg.) (a)	10,100		8,752
sponsored ADR	21,940		189,013
Tatneft OAO sponsored ADR	7,949		236,006
TMK OAO GDR (Reg. S)	1,322		17,054
Uralkali JSC	1,055		9,383
Uralkali JSC GDR (Reg. S)	8,768		380,531
VTB Bank JSC (a)	2,224,000		5,397
VTB Bank JSC unit	40,645		195,584
TOTAL RUSSIA			7,161,660
Singapore - 1.1%
Ascendas Real Estate Investment Trust	53,000		86,197
CapitaLand Ltd.	84,000		180,909
CapitaMall Trust	68,000		101,573
CapitaMalls Asia Ltd.	49,000		52,779
City Developments Ltd.	16,000		137,929
ComfortDelgro Corp. Ltd.	56,000		62,029
Cosco Corp. Singapore Ltd.	27,000		21,596
DBS Group Holdings Ltd.	56,841		555,011
Fraser & Neave Ltd.	28,000		136,324
Global Logistic Properties Ltd.	63,000		87,685
Hutchison Port Holdings Trust	172,000		114,112
Jardine Cycle & Carriage Ltd.	4,000		143,741
Keppel Corp. Ltd.	45,400		339,748
Common Stocks - continued
	Shares		Value
Singapore - continued
Keppel Land Ltd.	21,000		$ 46,313
Neptune Orient Lines Ltd.	20,000		17,930
Olam International Ltd.	41,363		82,824
Oversea-Chinese Banking Corp. Ltd.	82,404		551,494
SembCorp Industries Ltd.	33,000		108,759
SembCorp Marine Ltd.	24,000		79,573
Singapore Airlines Ltd.	18,000		166,724
Singapore Exchange Ltd.	27,000		144,040
Singapore Press Holdings Ltd.	48,000		148,490
Singapore Technologies Engineering Ltd.	46,000		103,012
Singapore Telecommunications Ltd.	256,000		647,016
StarHub Ltd.	21,000		46,986
United Overseas Bank Ltd.	40,856		553,913
UOL Group Ltd.	17,000		60,078
Wilmar International Ltd.	63,000		271,926
Yangzijiang Shipbuilding Holdings Ltd.	69,000		51,089
TOTAL SINGAPORE			5,099,800
South Africa - 1.7%
Absa Group Ltd.	8,869		159,582
African Bank Investments Ltd.	22,144		96,095
African Rainbow Minerals Ltd.	3,488		80,613
Anglo Platinum Ltd.	2,157		156,129
AngloGold Ashanti Ltd.	12,226		552,543
ArcelorMittal South Africa Ltd.	5,542		47,101
Aspen Pharmacare Holdings Ltd.	8,491		101,907
Aveng Ltd.	13,475		62,992
Barloworld Ltd.	6,800		57,064
Bidvest Group Ltd.	9,904		197,299
Discovery Holdings Ltd.	9,517		49,766
Exxaro Resources Ltd.	4,037		91,307
FirstRand Ltd.	92,876		231,011
Foschini Ltd.	7,321		92,376
Gold Fields Ltd.	23,391		405,428
Growthpoint Properties Ltd.	48,084		111,784
Harmony Gold Mining Co. Ltd.	12,388		161,957
Impala Platinum Holdings Ltd.	16,566		382,949
Imperial Holdings Ltd.	5,668		83,917
Investec Ltd.	7,933		48,720
Kumba Iron Ore Ltd.	2,768		164,619
Liberty Holdings Ltd.	4,075		41,888
Life Healthcare Group Holdings Ltd.	23,716		57,704
Common Stocks - continued
	Shares		Value
South Africa - continued
Massmart Holdings Ltd.	3,602		$ 72,074
Mmi Holdings Ltd.	34,298		73,684
MTN Group Ltd.	54,893		958,101
Naspers Ltd. Class N	12,339		590,791
Nedbank Group Ltd.	6,468		114,914
Netcare Ltd.	32,557		57,022
Northam Platinum Ltd.	4,875		18,889
Pick 'n Pay Stores Ltd.	8,638		43,265
Pretoria Portland Cement Co. Ltd.	16,365		49,613
Rand Merchant Insurance Holdings Ltd.	24,014		39,941
Redefine Properties Ltd. unit	80,395		81,547
Remgro Ltd.	14,605		221,754
Reunert Ltd.	4,667		36,989
RMB Holdings Ltd.	23,833		75,226
Sanlam Ltd.	57,625		215,287
Sappi Ltd. (a)	18,520		54,372
Sasol Ltd.	17,631		792,834
Shoprite Holdings Ltd.	13,175		193,085
Spar Group Ltd.	5,543		67,748
Standard Bank Group Ltd.	39,131		482,216
Steinhoff International Holdings Ltd.	34,444		103,293
Telkom SA Ltd.	6,166		23,805
Tiger Brands Ltd.	5,010		144,379
Transportation Hex Group Ltd. (a)	136		51
Truworths International Ltd.	13,679		138,233
Vodacom Group (Pty) Ltd.	11,645		131,911
Woolworths Holdings Ltd.	22,925		116,672
TOTAL SOUTH AFRICA			8,332,447
Spain - 2.3%
Abertis Infraestructuras SA	12,563		207,501
Acerinox SA	2,823		37,583
Actividades de Construccion y Servicios SA (ACS)	4,609		175,087
Amadeus IT Holding SA Class A	8,880		167,868
Banco Bilbao Vizcaya Argentaria SA	139,709		1,257,551
Banco de Sabadell SA (d)	35,246		127,308
Banco Popular Espanol SA	29,906		137,860
Banco Santander SA (Spain)	273,103		2,311,840
Bankia SA (d)	28,900		146,181
Bankinter SA	5,741		35,355
Cintra Concesiones de Infrastructuras de Transporte SA	11,865		151,064
Criteria CaixaCorp SA	24,180		118,592
Common Stocks - continued
	Shares		Value
Spain - continued
Distribuidora Internacional de Alimentacion SA (a)	19,800		$ 90,561
EDP Renovaveis SA (a)	8,323		49,989
Enagas SA	5,968		117,858
Fomento Construcciones y Contratas SA (FOCSA)	1,392		36,178
Gas Natural SDG SA	10,924		203,863
Grifols SA (a)	4,922		91,854
Grupo Acciona SA	905		85,954
Iberdrola SA	126,538		920,760
Inditex SA	6,986		635,763
Indra Sistemas	3,093		52,050
International Consolidated Airlines Group SA (a)	18,197		48,301
International Consolidated Airlines Group SA CDI (a)	12,980		34,798
MAPFRE SA (Reg.)	25,993		95,721
Mediaset Espana Comunicacion	6,337		42,095
Red Electrica Corporacion SA	3,625		175,457
Repsol YPF SA	25,508		773,081
Telefonica SA	132,795		2,822,516
Zardoya Otis SA	4,425		59,829
TOTAL SPAIN			11,210,418
Sweden - 2.0%
Alfa Laval AB	10,871		203,595
ASSA ABLOY AB (B Shares)	10,565		257,823
Atlas Copco AB:
(A Shares)	21,421		468,863
(B Shares)	12,507		244,402
Boliden AB	8,760		125,228
Electrolux AB (B Shares)	7,615		142,266
Getinge AB (B Shares)	6,526		169,568
H&M Hennes & Mauritz AB (B Shares)	32,884		1,088,979
Hexagon AB (B Shares)	7,921		122,225
Holmen AB (B Shares)	1,500		42,518
Husqvarna AB (B Shares)	14,922		75,874
Industrivarden AB Series C	4,429		55,468
Investment AB Kinnevik	6,493		136,342
Investor AB (B Shares)	14,977		294,277
Modern Times Group MTG AB (B Shares)	1,670		88,578
Nordea Bank AB	85,673		783,857
Ratos AB (B Shares)	6,135		82,057
Sandvik AB	32,120		444,144
Scania AB (B Shares)	10,754		181,445
Securitas AB (B Shares)	10,484		96,003
Common Stocks - continued
	Shares		Value
Sweden - continued
Skandinaviska Enskilda Banken AB (A Shares)	46,140		$ 291,367
Skanska AB (B Shares)	13,162		216,017
SKF AB (B Shares)	12,699		283,605
SSAB Svenskt Stal AB (A Shares)	4,717		45,799
Svenska Cellulosa AB (SCA) (B Shares)	18,927		276,667
Svenska Handelsbanken AB (A Shares)	15,813		455,747
Swedbank AB (A Shares)	26,113		367,890
Swedish Match Co.	6,686		231,360
Tele2 AB (B Shares)	10,173		214,709
Telefonaktiebolaget LM Ericsson (B Shares)	96,773		1,008,391
TeliaSonera AB	69,864		487,046
Volvo AB (B Shares)	43,910		549,923
TOTAL SWEDEN			9,532,033
Switzerland - 5.6%
ABB Ltd. (Reg.)	70,597		1,329,397
Actelion Ltd.	3,463		128,923
Adecco SA (Reg.)	4,172		201,623
Aryzta AG	2,747		132,881
Baloise Holdings AG	1,437		117,655
Compagnie Financiere Richemont SA Series A	16,817		962,970
Credit Suisse Group	36,855		1,063,239
GAM Holding Ltd.	6,592		79,250
Geberit AG (Reg.)	1,180		242,710
Givaudan SA	271		247,669
Holcim Ltd. (Reg.)	7,861		501,642
Julius Baer Group Ltd.	6,614		251,280
Kuehne & Nagel International AG	1,682		209,495
Lindt & Spruengli AG	4		147,684
Lindt & Spruengli AG (participation certificate)	30		92,713
Lonza Group AG	1,681		112,252
Nestle SA	112,192		6,507,404
Novartis AG	75,559		4,257,850
Pargesa Holding SA	911		71,474
Roche Holding AG (participation certificate)	22,733		3,748,465
Schindler Holding AG:
(participation certificate)	1,588		186,749
(Reg.)	725		85,343
SGS SA (Reg.)	172		295,960
Sika AG (Bearer)	63		123,983
Sonova Holding AG Class B	1,583		168,663
Straumann Holding AG	293		51,752
Common Stocks - continued
	Shares		Value
Switzerland - continued
Sulzer AG (Reg.)	812		$ 95,306
Swiss Life Holding AG	957		118,650
Swiss Re Ltd.	11,277		619,782
Swisscom AG	735		297,082
Syngenta AG (Switzerland)	3,055		931,188
The Swatch Group AG:
(Bearer)	1,020		431,921
(Reg.)	1,350		100,225
Transocean Ltd. (Switzerland)	10,230		582,873
UBS AG (a)	117,707		1,488,029
Zurich Financial Services AG	4,714		1,094,767
TOTAL SWITZERLAND			27,078,849
Taiwan - 2.5%
Acer, Inc.	85,013		97,070
Advanced Semiconductor Engineering, Inc.	157,947		139,573
Advantech Co. Ltd.	10,400		28,305
Asia Cement Corp.	61,475		74,050
ASUSTeK Computer, Inc.	21,422		148,930
AU Optronics Corp.	240,000		103,444
Capital Securities Corp.	59,040		22,677
Catcher Technology Co. Ltd.	17,000		94,716
Cathay Financial Holding Co. Ltd.	212,919		253,915
Chang Hwa Commercial Bank	131,190		84,437
Cheng Shin Rubber Industry Co. Ltd.	52,400		119,520
Cheng Uei Precision Industries Co. Ltd.	13,139		29,522
Chicony Electronics Co. Ltd.	22,313		37,285
Chimei Innolux Corp. (a)	173,341		69,629
China Airlines Ltd.	90,000		45,282
China Development Finance Holding Corp.	287,543		90,993
China Life Insurance Co. Ltd.	56,639		62,776
China Motor Co. Ltd.	10,000		9,559
China Petrochemical Development Corp.	55,000		63,872
China Steel Corp.	351,340		349,551
Chinatrust Financial Holding Co. Ltd.	301,016		197,285
Chunghwa Picture Tubes, Ltd. (a)	73,551		4,478
Chunghwa Telecom Co. Ltd.	121,400		406,160
Clevo Co. Ltd.	15,000		26,254
CMC Magnetics Corp. (a)	44,000		8,749
Compal Communications, Inc.	1,000		1,429
Compal Electronics, Inc.	132,394		121,508
Coretronic Corp.	16,000		12,037
Common Stocks - continued
	Shares		Value
Taiwan - continued
Delta Electronics, Inc.	59,000		$ 138,724
E Ink Holdings, Inc.	27,000		55,119
E.Sun Financial Holdings Co. Ltd.	126,324		62,957
Epistar Corp.	28,000		51,841
Eternal Chemical Co. Ltd.	22,260		18,276
EVA Airways Corp.	45,100		32,626
Evergreen International Storage & Transport Corp.	23,000		13,717
Evergreen Marine Corp. (Taiwan)	35,199		19,298
Everlight Electronics Co. Ltd.	10,000		18,493
Far East Department Stores Co. Ltd.	33,246		50,830
Far Eastern Textile Ltd.	94,487		111,090
Far EasTone Telecommunications Co. Ltd.	56,000		91,833
Farglory Land Development Co. Ltd.	5,000		8,441
Feng Hsin Iron & Steel Co.	12,000		20,180
First Financial Holding Co. Ltd.	183,268		121,652
Formosa Chemicals & Fibre Corp.	96,000		277,830
Formosa International Hotel Corp.	1,100		16,077
Formosa Petrochemical Corp.	34,000		106,929
Formosa Plastics Corp.	130,000		382,342
Formosa Taffeta Co. Ltd.	24,000		22,174
Foxconn Technology Co. Ltd.	21,191		73,858
Fubon Financial Holding Co. Ltd.	159,198		186,650
Giant Manufacturing Co. Ltd.	9,042		34,989
HannStar Display Corp. (a)	162,000		9,326
Highwealth Construction Corp.	11,000		19,025
HIWIN Technologies Corp.	5,150		46,557
Hon Hai Precision Industry Co. Ltd. (Foxconn)	286,252		784,725
HTC Corp.	24,057		540,646
Hua Nan Financial Holdings Co. Ltd.	133,549		87,002
Inotera Memories, Inc. (a)	26,257		3,880
Inventec Corp.	57,400		20,628
KGI Securities Co. Ltd.	80,564		33,788
Kinsus Interconnect Technology Corp.	9,000		31,084
Largan Precision Co. Ltd.	3,000		67,069
Lee Chang Yung Chemical Industries Corp.	12,183		20,625
Lite-On Technology Corp.	72,309		68,234
Macronix International Co. Ltd.	122,000		46,100
MediaTek, Inc.	34,007		356,879
Mega Financial Holding Co. Ltd.	252,420		194,035
Micro-Star International Co. Ltd.	5,000		2,229
Mitac International Corp.	21,000		7,474
Motech Industries, Inc.	8,060		15,140
Common Stocks - continued
	Shares		Value
Taiwan - continued
Nan Ya Plastics Corp.	149,000		$ 335,194
Nan Ya Printed Circuit Board Corp.	10,090		29,360
Nankang Rubber Tire Co. Ltd.	20,376		35,162
Nanya Technology Corp. (a)	63,000		6,211
Novatek Microelectronics Corp.	13,000		31,868
Pegatron Corp.	53,652		57,948
Phison Electronics Corp.	4,199		22,125
PixArt Imaging, Inc.	1,010		2,456
Pou Chen Corp.	78,240		60,144
Powerchip Technology Corp. (a)	134,840		5,530
Powertech Technology, Inc.	26,700		65,003
President Chain Store Corp.	18,000		100,093
Qisda Corp.	55,080		15,050
Quanta Computer, Inc.	84,000		165,299
Realtek Semiconductor Corp.	16,080		26,785
Richtek Technology Corp.	5,050		25,390
Ruentex Development Co. Ltd.	7,000		8,341
Ruentex Development Co. Ltd. rights 11/14/11 (a)	1,622		447
Ruentex Industries Ltd.	13,754		27,680
Shin Kong Financial Holding Co. Ltd. (a)	212,995		66,341
Siliconware Precision Industries Co. Ltd.	93,000		95,471
SIMPLO Technology Co. Ltd.	8,610		50,663
Sino-American Silicon Prds, Inc.	8,400		13,706
Sinopac Holdings Co.	211,493		68,470
Synnex Technology International Corp.	44,496		109,072
Tainan Spinning Co. Ltd.	13,390		5,915
Taishin Financial Holdings Co. Ltd.	171,365		72,559
Taiwan Business Bank	106,298		34,713
Taiwan Cement Corp.	106,110		132,519
Taiwan Cooperative Bank	126,022		82,709
Taiwan Fertilizer Co. Ltd.	27,000		69,591
Taiwan Glass Industry Corp.	26,532		32,643
Taiwan Mobile Co. Ltd.	50,400		144,421
Taiwan Semiconductor Manufacturing Co. Ltd.	786,000		1,915,385
Tatung Co. Ltd. (a)	49,714		17,504
TECO Electric & Machinery Co. Ltd.	49,000		28,587
Transcend Information, Inc.	8,000		18,679
Tripod Technology Corp.	15,880		41,314
TSRC Corp.	20,100		52,183
Tung Ho Steel Enterprise Corp.	32,000		28,682
U-Ming Marine Transport Corp.	14,000		22,075
Unified-President Enterprises Corp.	115,170		158,377
Common Stocks - continued
	Shares		Value
Taiwan - continued
Unimicron Technology Corp.	47,000		$ 61,027
United Microelectronics Corp.	414,000		181,776
Vanguard International Semiconductor Corp.	28,000		9,974
Walsin Lihwa Corp.	131,000		43,944
Wan Hai Lines Ltd.	17,850		9,265
Winbond Electronics Corp. (a)	132,000		24,654
Wintek Corp.	39,597		30,264
Wistron Corp.	66,719		77,214
WPG Holding Co. Ltd.	46,107		55,674
Yang Ming Marine Transport Corp.	45,100		18,584
Young Fast Optoelectron Co. Ltd.	4,248		12,254
Yuanta Financial Holding Co. Ltd.	254,157		144,881
Yulon Motor Co. Ltd.	30,000		63,122
TOTAL TAIWAN			11,987,676
Thailand - 0.4%
Advanced Info Service PCL (For. Reg.)	28,200		118,477
Bangkok Bank Public Co. Ltd.	17,300		87,619
Bangkok Bank Public Co. Ltd. (For. Reg.)	27,100		137,468
Bank of Ayudhya PCL	20,900		13,461
Bank of Ayudhya PCL (For. Reg.)	26,800		17,277
Banpu PCL (For. Reg.)	4,900		99,472
BEC World PCL (For. Reg.)	28,100		33,924
C.P. Seven Eleven PCL (For. Reg.)	66,400		100,471
Charoen Pokphand Foods PCL (For. Reg.)	100,000		97,387
Glow Energy PCL (For. Reg.)	14,700		25,319
Indorama Ventures PCL	18,500		21,229
Indorama Ventures PCL (For. Reg.)	38,700		44,541
IRPC Public Co. Ltd. (For. Reg.)	310,900		38,435
Kasikornbank PCL	22,300		90,070
Kasikornbank PCL (For. Reg.)	37,200		150,380
Krung Thai Bank PCL (For. Reg.)	85,000		41,595
Land & House PCL (For. Reg.)	3,500		646
PTT Exploration and Production PCL	3,700		19,234
PTT Exploration and Production PCL (For. Reg.)	34,800		180,377
PTT Global Chemical PCL (For. Reg.) (a)	39,986		84,319
PTT PCL (For. Reg.)	26,300		259,091
Ratchaburi Electric Generating Holding PCL	700		930
Siam Cement PCL (For. Reg.)	9,600		115,100
Siam Commercial Bank PCL (For. Reg.)	49,400		186,870
Thai Airways International PCL (For. Reg.)	21,900		13,678
Thai Oil PCL (For. Reg.)	27,900		52,321
Common Stocks - continued
	Shares		Value
Thailand - continued
TMB PCL (For. Reg.)	88,300		$ 3,895
Total Access Communication PCL (For. Reg.)	700		1,668
TOTAL THAILAND			2,035,254
Turkey - 0.3%
Akbank T.A.S.	37,362		136,496
Aksigorta AS (a)	222		185
Anadolu Efes Biracilik ve Malt Sanayii AS	6,686		81,295
Arcelik AS	5,045		19,401
Asya Katilim Bankasi AS (a)	12,846		13,803
Bim Birlesik Magazalar AS JSC	2,841		86,760
Coca-Cola Icecek AS	2,062		27,987
Dogan Sirketler Grubu Holding AS (a)	4,796		1,763
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	25,694		34,729
Enka Insaat ve Sanayi AS	7,817		20,247
Eregli Demir ve Celik Fabrikalari T.A.S.	13,830		28,626
Haci Omer Sabanci Holding AS	14,962		51,277
Koc Holding AS	20,158		72,048
TAV Havalimanlari Holding AS (a)	4,000		19,364
Tupras-Turkiye Petrol Rafinerileri AS	4,248		96,095
Turk Hava Yollari AO	14,880		21,543
Turk Sise ve Cam Fabrikalari AS	18,447		35,366
Turk Telekomunikasyon AS	18,071		76,648
Turkcell Iletisim Hizmet AS	24,779		122,021
Turkiye Garanti Bankasi AS	63,942		225,646
Turkiye Halk Bankasi AS	11,151		68,738
Turkiye Is Bankasi AS Series C	49,520		115,661
Turkiye Vakiflar Bankasi Tao	27,678		47,271
Yapi ve Kredi Bankasi AS (a)	31,552		59,241
TOTAL TURKEY			1,462,211
United Kingdom - 14.6%
3i Group PLC	34,398		113,736
Admiral Group PLC	6,299		119,433
Aggreko PLC	8,698		239,477
AMEC PLC	11,053		164,512
Anglo American PLC (United Kingdom)	42,713		1,575,429
Antofagasta PLC	13,086		245,594
ARM Holdings PLC	43,328		406,617
Associated British Foods PLC	11,191		199,051
AstraZeneca PLC (United Kingdom)	44,552		2,139,303
Aviva PLC	92,242		503,326
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Babcock International Group PLC	11,709		$ 132,660
BAE Systems PLC	109,416		486,713
Balfour Beatty PLC	22,227		90,043
Barclays PLC	373,261		1,157,304
BG Group PLC	109,492		2,388,593
BHP Billiton PLC	69,067		2,175,290
BP PLC	610,551		4,493,782
British American Tobacco PLC (United Kingdom)	64,251		2,946,479
British Land Co. PLC	27,668		227,150
British Sky Broadcasting Group PLC	36,610		414,488
BT Group PLC	249,137		751,843
Bunzl PLC	10,618		137,631
Burberry Group PLC	13,800		297,610
Cairn Energy PLC (a)	47,208		223,660
Capita Group PLC	19,166		223,927
Capital & Counties Properties PLC	1,831		5,294
Capital Shopping Centres Group PLC	18,224		96,511
Carnival PLC	6,004		219,724
Centrica PLC	165,413		789,273
Cobham PLC	37,913		109,749
Compass Group PLC	60,041		546,518
Diageo PLC	80,710		1,670,667
Essar Energy PLC (a)	8,800		43,532
Eurasian Natural Resources Corp. PLC	7,799		82,529
Fresnillo PLC	5,601		152,948
G4S PLC (United Kingdom)	45,384		178,233
GKN PLC	48,193		147,490
GlaxoSmithKline PLC	166,844		3,745,072
Hammerson PLC	22,539		147,562
HSBC Holdings PLC (United Kingdom)	577,172		5,036,943
ICAP PLC	17,326		112,597
Imperial Tobacco Group PLC	32,805		1,199,694
Inmarsat PLC	15,029		113,404
InterContinental Hotel Group PLC	9,858		181,974
International Power PLC	50,725		275,890
Intertek Group PLC	5,457		180,346
Invensys PLC	26,356		95,580
Investec PLC	15,906		96,795
ITV PLC	129,074		132,953
J Sainsbury PLC	39,633		190,640
Johnson Matthey PLC	7,096		214,427
Kazakhmys PLC	7,081		105,621
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Kingfisher PLC	77,309		$ 321,886
Land Securities Group PLC	24,992		274,914
Legal & General Group PLC	186,427		331,292
Lloyds Banking Group PLC (a)	1,327,455		686,586
London Stock Exchange Group PLC	4,443		64,307
Lonmin PLC	5,049		88,343
Man Group PLC	59,860		144,304
Marks & Spencer Group PLC	52,314		270,819
National Grid PLC	112,687		1,120,548
Next PLC	5,631		231,466
Old Mutual PLC	178,790		316,283
Pearson PLC	25,674		471,741
Prudential PLC	82,271		849,945
Reckitt Benckiser Group PLC	19,962		1,026,650
Reed Elsevier PLC	39,701		341,263
Rexam PLC	27,033		150,465
Rio Tinto PLC	46,183		2,498,916
Rolls-Royce Group PLC	59,671		674,139
Rolls-Royce Group PLC Class C	4,117,299		6,621
Royal & Sun Alliance Insurance Group PLC	113,403		203,713
Royal Bank of Scotland Group PLC (a)	570,994		220,399
Royal Dutch Shell PLC:
Class A (Netherlands)	74,016		2,624,959
Class A (United Kingdom)	42,837		1,517,771
Class B	86,681		3,110,534
SABMiller PLC	30,714		1,121,990
Sage Group PLC	43,915		196,406
Schroders PLC	3,955		90,891
Scottish & Southern Energy PLC	29,809		644,298
Segro PLC	24,664		96,702
Serco Group PLC	15,911		132,930
Severn Trent PLC	7,868		191,824
Smith & Nephew PLC	29,357		268,759
Smiths Group PLC	12,543		193,043
Standard Chartered PLC (United Kingdom)	76,909		1,804,565
Standard Life PLC	74,157		257,362
Tesco PLC	259,882		1,679,083
The Weir Group PLC	6,820		210,474
TUI Travel PLC	18,008		49,436
Tullow Oil PLC	28,553		644,243
Unilever PLC	41,400		1,387,993
United Utilities Group PLC	21,079		205,599
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Vedanta Resources PLC	4,024		$ 82,704
Vodafone Group PLC	1,658,758		4,606,710
Whitbread PLC	5,689		151,600
Wm Morrison Supermarkets PLC	74,032		359,794
Xstrata PLC	66,909		1,124,990
TOTAL UNITED KINGDOM			70,774,877
United States of America - 0.1%
Southern Copper Corp.	5,548		170,213
Synthes, Inc.	2,128		356,950
TOTAL UNITED STATES OF AMERICA			527,163
TOTAL COMMON STOCKS (Cost $501,867,617)		471,587,130
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.3%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	1,710		93,629
Henkel AG & Co. KGaA	5,732		341,971
Porsche Automobil Holding SE (Germany)	4,929		289,118
ProSiebenSat.1 Media AG	2,184		46,848
RWE AG (non-vtg.)	1,069		40,165
Volkswagen AG	4,696		824,047
TOTAL GERMANY			1,635,778
Italy - 0.0%
Telecom Italia SpA (Risparmio Shares)	199,781		209,692
Korea (South) - 0.1%
Hyundai Motor Co.	871		54,762
Hyundai Motor Co. Series 2	1,360		90,732
LG Chemical Ltd.	200		22,583
Samsung Electronics Co. Ltd.	650		369,474
TOTAL KOREA (SOUTH)			537,551
Russia - 0.1%
Sberbank (Savings Bank of the Russian Federation) (a)	27,575		58,233
Nonconvertible Preferred Stocks - continued
	Shares		Value
Russia - continued
Surgutneftegaz JSC	210,000		$ 106,042
Transneft (a)	44		56,762
TOTAL RUSSIA			221,037
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,434,126)		2,604,058
Investment Companies - 0.0%
iShares MSCI Canada Index ETF (d) (Cost $63,111)	2,500		70,600

Nonconvertible Bonds - 0.0%
		Principal Amount (h)
India - 0.0%
Dr. Reddy's Laboratories Ltd. 9.25% 3/24/14 (Cost $253) (g)	INR	11,184	12
U.S. Government and Government Agency Obligations - 0.7%
U.S. Treasury Obligations - 0.7%
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.1% 11/17/11 to 3/8/12 (f) (Cost $3,299,622)		$ 3,300,000	3,299,862

Money Market Funds - 6.8%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	28,735,109		$ 28,735,109
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	4,088,909		4,088,909
TOTAL MONEY MARKET FUNDS (Cost $32,824,018)		32,824,018
TOTAL INVESTMENT PORTFOLIO - 105.5% (Cost $540,488,747)			510,385,680
NET OTHER ASSETS (LIABILITIES) - (5.5)%			(26,721,509)
NET ASSETS - 100%		$ 483,664,171

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
89 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	$ 6,590,005	$ 680,141
48 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	2,343,840	342,858
5 TME S&P/TSX 60 Index Contracts	Dec. 2011	698,902	47,239
TOTAL EQUITY INDEX CONTRACTS		$ 9,632,747	$ 1,070,238

The face value of futures purchased as a percentage of net assets is 2%

Security Type Abbreviations
ETF	-	Exchange-Traded Fund
Currency Abbreviations
INR	-	Indian rupee

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,708 or 0.0% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,139,864.

(g) Principal amount shown represents units.

(h) Principal amount is stated in United States dollars unless otherwise noted.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 21,553
Fidelity Securities Lending Cash Central Fund	117,398
Total	$ 138,951

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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 in the tables below, please refer to the Security 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:
United Kingdom	$ 70,774,877	$ 25,981,692	$ 44,793,185	$ -
Japan	67,600,396	-	67,600,396	-
Canada	39,177,685	39,170,028	-	7,657
France	29,001,852	21,291,526	7,710,326	-
Australia	28,892,528	-	28,892,528	-
Switzerland	27,078,849	18,009,146	9,069,703	-
Germany	26,487,787	20,186,655	6,301,132	-
Brazil	17,081,681	17,081,681	-	-
Korea (South)	16,568,091	312,071	16,256,020	-
Cayman Islands	3,445,168	-	3,436,956	8,212
Austria	839,035	839,035	-	-
Other	147,243,239	63,022,193	84,221,046	-
Investment Companies	70,600	70,600	-	-
Corporate Bonds	12	-	12	-
U.S. Government and Government Agency Obligations	3,299,862	-	3,299,862	-
Money Market Funds	32,824,018	32,824,018	-	-
Total Investments in Securities:	$ 510,385,680	$ 238,788,645	$ 271,581,166	$ 15,869
Derivative Instruments:
Assets
Futures Contracts	$ 1,070,238	$ 1,070,238	$ -	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 160
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(142,454)
Cost of Purchases	83,635
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	74,688
Transfers out of Level 3	(160)
Ending Balance	$ 15,869
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (142,454)

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. 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 risk exposure as of October 31, 2011. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 1,070,238	$ -
Total Value of Derivatives	$ 1,070,238	$ -

(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $2,685,793 all of which will expire in fiscal 2019. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $3,831,638) - See accompanying schedule: Unaffiliated issuers (cost $507,664,729)	$ 477,561,662
Fidelity Central Funds (cost $32,824,018)	32,824,018
Total Investments (cost $540,488,747)		$ 510,385,680
Foreign currency held at value (cost $736,107)		751,569
Receivable for investments sold		3,141,807
Dividends receivable		1,035,264
Interest receivable		67
Distributions receivable from Fidelity Central Funds		4,087
Other receivables		91
Total assets		515,318,565
Liabilities
Payable for investments purchased	$ 28,992
Payable for fund shares redeemed	25,795,907
Accrued management fee	81,344
Payable for daily variation margin on futures contracts	1,659,242
Collateral on securities loaned, at value	4,088,909
Total liabilities		31,654,394
Net Assets		$ 483,664,171
Net Assets consist of:
Paid in capital		$ 508,132,780
Undistributed net investment income		8,706,001
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,153,340)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(29,021,270)
Net Assets, for 47,240,378 shares outstanding		$ 483,664,171
Net Asset Value, offering price and redemption price per share ($483,664,171 ÷ 47,240,378 shares)		$ 10.24

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

Annual Report

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 11,054,835
Interest		6,964
Income from Fidelity Central Funds		138,951
Income before foreign taxes withheld		11,200,750
Less foreign taxes withheld		(948,375)
Total income		10,252,375
Expenses
Management fee	$ 800,848
Independent trustees' compensation	1,080
Miscellaneous	916
Total expenses before reductions	802,844
Expense reductions	(11,083)	791,761
Net investment income (loss)		9,460,614
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $2,870)	(751,759)
Foreign currency transactions	(178,081)
Futures contracts	(2,756,698)
Total net realized gain (loss)		(3,686,538)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $34,690)	(42,445,446)
Assets and liabilities in foreign currencies	(3,374)
Futures contracts	752,316
Total change in net unrealized appreciation (depreciation)		(41,696,504)
Net gain (loss)		(45,383,042)
Net increase (decrease) in net assets resulting from operations		$ (35,922,428)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,460,614	$ 1,367,437
Net realized gain (loss)	(3,686,538)	354,828
Change in net unrealized appreciation (depreciation)	(41,696,504)	13,134,493
Net increase (decrease) in net assets resulting from operations	(35,922,428)	14,856,758
Distributions to shareholders from net investment income	(1,927,322)	(60,924)
Distributions to shareholders from net realized gain	(891,654)	-
Total distributions	(2,818,976)	(60,924)
Share transactions Proceeds from sales of shares	410,805,114	169,156,723
Reinvestment of distributions	2,818,976	60,924
Cost of shares redeemed	(73,256,011)	(21,792,680)
Net increase (decrease) in net assets resulting from share transactions	340,368,079	147,424,967
Total increase (decrease) in net assets	301,626,675	162,220,801
Net Assets
Beginning of period	182,037,496	19,816,695
End of period (including undistributed net investment income of $8,706,001 and undistributed net investment income of $1,266,435, respectively)	$ 483,664,171	$ 182,037,496
Other Information Shares
Sold	37,276,641	16,525,064
Issued in reinvestment of distributions	255,708	5,979
Redeemed	(6,762,856)	(2,090,141)
Net increase (decrease)	30,769,493	14,440,902

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

Annual Report

Financial Highlights

Years ended October 31,	2011	2010	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.05	$ 9.76	$ 10.00
Income from Investment Operations
Net investment income (loss)D	.31	.23	.01
Net realized and unrealized gain (loss)	(.96)	1.09	(.25)
Total from investment operations	(.65)	1.32	(.24)
Distributions from net investment income	(.11)	(.03)	-
Distributions from net realized gain	(.05)	-	-
Total distributions	(.16)	(.03)	-
Net asset value, end of period	$ 10.24	$ 11.05	$ 9.76
Total Return B,C	(6.00)%	13.55%	(2.40)%
Ratios to Average Net Assets E,I
Expenses before reductions	.24%	.25%	.25% A
Expenses net of fee waivers, if any	.24%	.25%	.25% A
Expenses net of all reductions	.24%	.18%	.25% A
Net investment income (loss)	2.81%	2.27%	.58% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 483,664	$ 182,037	$ 19,817
Portfolio turnover rate F	17%	8%	-% G

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than 1%.

^H For the period September 29, 2009 (commencement of operations) to October 31, 2009.

^I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust)(formerly Fidelity Fixed-Income Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

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

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. 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 an independent 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 significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by an independent 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board of Trustees believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate 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.

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, the Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to futures transactions, certain foreign taxes, foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 25,883,293
Gross unrealized depreciation	(56,350,295)
Net unrealized appreciation (depreciation) on securities and other investments	$ (30,467,002)
Tax Cost	$ 540,852,682

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

Undistributed ordinary income	$ 8,706,001
Capital loss carryforward	$ (2,685,793)
Net unrealized appreciation (depreciation)	$ (30,488,888)

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be October 31, 2012.

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 2,462,315	$ 60,924
Long-term Capital Gains	356,661	-
Total	$ 2,818,976	$ 60,924

Annual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Operating Policies.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts, in order to meet its investment objectives. The strategy is to use derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

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

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

Annual Report

Notes to Financial Statements - continued

5. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. The Fund's maximum risk of loss from counterparty credit risk is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. Counterparty risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.

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

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable 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 underlying face amount at value of open futures contracts at period end is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end and is representative of activity for the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Certain risks arise upon entering into futures contracts, including the risk that an illiquid market limits the ability to close out a futures contract prior to settlement date.

During the period the Fund recognized net realized gain (loss) of $(2,756,698) and a change in net unrealized appreciation (depreciation) of $752,316 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $406,785,873 and $56,815,518, respectively.

Annual Report

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. Effective September 1, 2011, the Board of Trustees approved an amendment to the management contract reducing the management fee from an annual rate of .25% to .20% of the Fund's average net assets. Under the management contract, FMR pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. For the period, the total annual management fee rate was .24% of 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 FMR for providing these services.

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $916 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending

Annual Report

Notes to Financial Statements - continued

9. Security Lending - continued

income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $117,398.During the period, there were no securities loaned to FCM.

10. Expense Reductions.

The advisor voluntarily agreed to waive fees of $11,083.

11. Other.

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

At the end of the period, mutual funds managed by FMR or an FMR affiliate were the owners of record of all the outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust (formerly Fidelity Fixed-Income Trust) and Shareholders of Fidelity Series Global ex U.S. Index Fund:

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, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from September 29, 2009 (commencement of operations) to October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Series Global ex U.S. Index Fund as of October 31, 2011, 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 two years in the period then ended and for the period from September 29, 2009 (commencement of operations) to October 31, 2009, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

Annual Report

Distributions

December 15, 2011

Annual Report

Trustees and Officers

The Trustees and executive 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 James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

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) (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. The executive officers hold office without limit in time, except that any officer 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.

Experience, Skills, Attributes, and Qualifications of the Fund's 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.

Annual Report

Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) 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. Kenneth L. Wolfe 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, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations 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 FMR'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 Fund's Trustees."

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Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (49)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trusts or various entities under common control with FMR.

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience+
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (64)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (72)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Derek L. Young (47)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officer of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Deputy Treasurer of other Fidelity funds (2008-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The fund designates 70% and 77% of the dividends distributed on December 10, and December 30, 2010, respectively, 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 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Global ex U.S. Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. 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 considers at each of its meetings 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 three standing committees, Operations, Audit, and Nominating and Governance, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2011 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of 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 is in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts is 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, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual 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, managed by Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, managing, and compensating investment personnel. The Board also noted that FMR has devoted increased resources to non-U.S. offices. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; 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.

Annual Report

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers, with 35 new branches opening since 2010.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and support of the senior management team that oversees asset management; (ii) rationalizing product lines through the mergers of six funds into other funds; (iii) continuing to migrate the Freedom Funds to dedicated lower cost underlying funds; (iv) obtaining shareholder approval to broaden the investment strategies for Fidelity Consumer Finance Portfolio, Fidelity Emerging Asia Fund, and Fidelity Environment and Alternative Energy Portfolio; (v) contractually agreeing to reduce the management fees and impose other expense limitations on Spartan 500 Index Fund and U.S. Bond Index Fund in connection with launching new institutional classes of these funds; (vi) changing the name, primary and supplemental benchmarks, and investment policies of Fidelity Global Strategies Fund to support the fund's flexible investment mandate and global orientation; and (vii) reducing the transfer agency account fee rates on certain accounts.

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. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against a broad-based securities market index. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. Because the fund had been in existence less than three calendar years, the following chart considered by the Board shows, for the one-year period ended December 31, 2010, the fund's total return and the total return of a broad-based securities market index ("benchmark").

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Series Global ex U.S. Index Fund

The Board noted that the investment performance of the fund was lower than its benchmark for the period shown, primarily because the fund bears fees, expenses, and brokerage commissions while the benchmark does not. In addition, the Board noted that the performance of the fund and benchmark may vary due to valuation differences. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board noted that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown 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 relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "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 TMG % of 0% means that 100% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, 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 ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians) from the fund's management fee. In this regard, the Board realized that net management fees can vary from year to year because of differences in "fund-level" non-management expenses. The Board noted, however, that FMR does not pay transfer agent fees or other "class-level" expenses under the fund's management contract.

Annual Report

Fidelity Series Global ex U.S. Index Fund

The Board noted that the fund's hypothetical net management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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 hypothetical net management fee as well as the fund's gross management fee. The Board also considered other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees. The Board also considered other "class-level" expenses, such as transfer agent fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below its competitive median for 2010.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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, including the findings of the Committee.

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 its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability 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.

Annual Report

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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 in the circumstances.

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 through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR 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 any potential economies of scale 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, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the compensation paid to fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes; (vi) the reasons why certain expenses affect various funds and classes differently; (vii) Fidelity's transfer agent fees, expenses, and services and how the benefits of decreased costs and new efficiencies can be shared across all of the Fidelity funds; (viii) the reasons for and consequences of changes to certain product lines compared to competitors; (ix) the allocation of and historical trends in Fidelity's realization of fall-out benefits; and (x) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

For mutual fund and brokerage trading.

For quotes.*

For account balances and holdings.

To review orders and mutual
fund activity.

To change your PIN.

To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.

Annual Report

To Visit Fidelity

For directions and hours, 
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Annual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

SGX-ANN-1211
1.899279.102

Spartan® Emerging Markets Index Fund
Spartan Global ex U.S.

Index Fund
Investor Class

Fidelity Advantage® Class

Annual Report

October 31, 2011

Contents

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Spartan® Emerging Markets Index Fund	(Click Here) (Click Here) (Click Here)	Investment Summary Investments Financial Statements
Spartan® Global ex U.S. Index Fund	(Click Here) (Click Here) (Click Here)	Investment Summary Investments Financial Statements
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.

Annual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Global equity markets began the fourth quarter on a strong note, sharply reversing course in October amid strong corporate earnings, better-than-expected economic news and the promise of a resolution to the sovereign debt crisis in Europe. The mini rally followed a third quarter marked by a significant downturn in July and August, which heightened investor anxiety and set off a wave of volatility that hampered most major asset classes through the end of September. Financial markets are difficult to predict, of course, but you can help put the odds in your favor by following these time-tested investment principles.

One of the basic tenets is to invest according to your time horizon. For long-term investors, riding out the markets' inevitable ups and downs has proven much more effective than making decisions based on short-term developments. If your goal is approaching, you can also benefit from patience and restraint, rather than attempting to time the market. No matter your time horizon, missing only a few of the markets' best days can significantly diminish returns. Patience also affords the benefits of compounding - earning interest on additional income or reinvested dividends and capital gains. While staying the course doesn't eliminate risk, it can considerably lessen the negative impact of short-term downturns.

Asset allocation is another principle to manage risk. As you spread your portfolio among the asset classes, be sure to consider your time horizon, risk tolerance and investment objectives. Younger investors may be better served by emphasizing equities, which historically have been the best-performing asset class over time. Investors who are nearing a specific goal, such as retirement or sending a child to college, may choose to favor bonds and other investments that have tended to be more stable. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. After deciding on a suitable allocation strategy, make sure your portfolio is adequately diversified, with exposure to stocks of small-, mid- and large-cap companies in a range of sectors, for example. And today, more than ever, geographic diversification should be taken into account.

Lastly, investing a certain amount of money on a regular basis - a principle known as dollar-cost averaging - can help lower the average cost of your purchases, while also giving you the discipline to avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to learn more by visiting us on the Internet, dropping by one of our Investor Centers or calling us by phone. It is our privilege to provide the resources you need to choose investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Abigail P. Johnson

Annual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 8, 2011 to October 31, 2011). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value October 31, 2011	Expenses Paid During Period*
Spartan Emerging Markets Index Fund
Investor Class	.33%
Actual		$ 1,000.00	$ 954.00	$ .48 B
HypotheticalA		$ 1,000.00	$ 1,023.54	$ 1.68 C
Fidelity Advantage Class	.22%
Actual		$ 1,000.00	$ 954.00	$ .32 B
HypotheticalA		$ 1,000.00	$ 1,024.10	$ 1.12 C
Institutional Class	.15%
Actual		$ 1,000.00	$ 954.00	$ .22 B
HypotheticalA		$ 1,000.00	$ 1,024.45	$ .77 C
Fidelity Advantage Institutional Class	.12%
Actual		$ 1,000.00	$ 954.00	$ .17 B
HypotheticalA		$ 1,000.00	$ 1,024.60	$ .61 C
Spartan Global ex U.S. Index Fund
Investor Class	.24%
Actual		$ 1,000.00	$ 1,009.00	$ .36 B
HypotheticalA		$ 1,000.00	$ 1,024.00	$ 1.22 C
Fidelity Advantage Class	.18%
Actual		$ 1,000.00	$ 1,009.00	$ .27 B
HypotheticalA		$ 1,000.00	$ 1,024.30	$ .92 C
Institutional Class	.13%
Actual		$ 1,000.00	$ 1,009.00	$ .19 B
HypotheticalA		$ 1,000.00	$ 1,024.55	$ .66 C
Fidelity Advantage Institutional Class	.10%
Actual		$ 1,000.00	$ 1,009.00	$ .15 B
HypotheticalA		$ 1,000.00	$ 1,024.70	$ .51 C

^A 5% return per year before expenses

^B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 54/365 (to reflect the period September 8, 2011 to October 31, 2011).

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Spartan Emerging Markets Index

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	2.1
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	1.9
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	1.8
America Movil SAB de CV Series L (Mexico, Wireless Telecommunication Services)	1.7
OAO Gazprom sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)	1.7
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.6
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels)	1.5
Vale SA (PN-A) (Brazil, Metals & Mining)	1.5
Itau Unibanco Banco Multiplo SA (Brazil, Commercial Banks)	1.3
Vale SA (Brazil, Metals & Mining)	1.3
	16.4
Market Sectors as of October 31, 2011
	% of fund's net assets
Financials	22.7
Energy	14.9
Materials	13.9
Telecommunication Services	9.6
Information Technology	7.2
Consumer Staples	6.9
Industrials	5.3
Consumer Discretionary	4.3
Utilities	3.9
Health Care	0.8

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	Brazil 19.1%
	Taiwan 12.5%
	China 11.4%
	South Africa 9.8%
	Russia 6.8%
	India 5.7%
	Mexico 5.5%
	Malaysia 4.7%
	Hong Kong 4.5%
	Other 20.0%

Percentages are adjusted for the effect of futures and swaps contracts, if applicable.

Annual Report

Spartan Emerging Markets Index

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 89.5%
	Shares		Value
Bermuda - 0.5%
Brilliance China Automotive Holdings Ltd. (a)	26,000		$ 27,874
China Foods Ltd.	12,000		9,434
CITIC Resources Holdings Ltd. (a)	16,000		2,262
CNPC (Hong Kong) Ltd.	28,000		39,222
Cosco Pacific Ltd.	14,000		19,480
Credicorp Ltd.	82		8,937
Credicorp Ltd. (NY Shares)	514		55,913
Shenzhen International Holdings Ltd.	165,000		10,709
Sinofert Holdings Ltd.	24,000		7,877
TOTAL BERMUDA			181,708
Brazil - 19.1%
AES Tiete SA	900		11,190
AES Tiete SA (PN) (non-vtg.)	1,400		19,950
All America Latina Logistica SA	7,000		34,853
Amil Participacoes SA	1,500		15,173
Anhanguera Educacional Participacoes SA	1,500		22,056
B2W Companhia Global do Varejo	900		7,311
Banco Bradesco SA (PN)	19,800		358,019
Banco do Brasil SA	11,700		176,468
Banco do Estado do Rio Grande do Sul SA	2,100		22,135
Banco Santander SA (Brasil) unit	7,600		68,379
BM&F Bovespa SA	21,000		125,349
BR Malls Participacoes SA	4,700		50,772
Bradespar SA (PN)	2,300		46,879
Brasil Foods SA	9,200		191,533
Brasil Telecom SA	700		5,263
Brasil Telecom SA (PN)	3,600		24,780
Braskem SA (PN-A)	1,700		15,147
Centrais Eletricas Brasileiras SA (Electrobras)	5,700		57,060
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)	2,800		38,595
Cetip SA	2,600		35,884
Cielo SA	2,200		58,293
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)	1,300		49,587
Companhia de Bebidas das Americas (AmBev)	2,200		59,394
Companhia de Bebidas das Americas (AmBev) (PN)	10,700		357,352
Companhia de Concessoes Rodoviarias	3,400		93,553
Companhia de Gas de Sao Paulo	300		6,132
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	800		21,943
Companhia de Transmissao de Energia Eletrica Paulista (PN)	400		11,461
Companhia Energetica de Minas Gerais (CEMIG)	1,200		16,387
Common Stocks - continued
	Shares		Value
Brazil - continued
Companhia Energetica de Minas Gerais (CEMIG) (PN)	3,700		$ 61,839
Companhia Energetica de Sao Paulo Series A	1,700		28,957
Companhia Paranaense de Energia-Copel (PN-B)	1,500		30,005
Companhia Siderurgica Nacional SA (CSN)	11,100		102,842
Cosan SA Industria e Comercio	1,800		28,092
CPFL Energia SA	1,200		15,353
Cyrela Brazil Realty SA	3,300		28,845
Duratex SA	2,500		13,539
Ecorodovias Infraestrutura e Logistica SA	2,000		15,141
Eletropaulo Metropolitana SA (PN-B)	1,200		21,523
Embraer SA	7,600		52,446
Energias do Brasil SA	1,000		21,547
Fertilizantes Fosfatados SA (PN)	1,300		18,343
Fibria Celulose SA	1,700		15,137
Gerdau SA	2,600		19,835
Gerdau SA (PN)	8,000		71,978
HRT Participacoes em Petroleo SA GDR (a)	4,050		20,111
Hypermarcas SA	3,500		18,833
Itau Unibanco Banco Multiplo SA	2,400		39,217
Itau Unibanco Banco Multiplo SA	23,600		449,818
Itausa-Investimentos Itau SA (PN)	27,400		171,529
JBS SA (a)	10,100		30,349
Klabin SA (PN) (non-vtg.)	6,600		24,291
Light SA	1,100		17,135
LLX Logistica SA (a)	3,300		7,341
Lojas Americanas SA	1,500		11,740
Lojas Americanas SA (PN)	4,900		43,088
Lojas Renner SA	1,200		36,380
Marfrig Alimentos SA	1,800		7,809
Metalurgica Gerdau SA (PN)	2,100		23,798
MMX Mineracao e Metalicos SA (a)	2,100		9,184
MPX Mineracao e Energia SA (a)	400		8,724
MRV Engenharia e Participacoes SA	3,900		27,481
Multiplan Empreendimentos Imobiliarios SA	1,000		20,219
Natura Cosmeticos SA	2,200		42,791
OGX Petroleo e Gas Participacoes SA (a)	13,500		111,635
PDG Realty SA Empreendimentos e Participacoes	11,400		50,255
Petroleo Brasileiro SA - Petrobras:
(ON)	39,000		524,179
(PN) (non-vtg.)	58,400		725,065
Porto Seguro SA	1,300		13,930
Redecard SA	5,100		85,683
Common Stocks - continued
	Shares		Value
Brazil - continued
Souza Cruz Industria Comerico	5,000		$ 61,321
Sul America SA unit	1,400		11,243
Suzano Papel e Celulose SA	2,400		11,740
TAM SA (PN) (ltd. vtg.)	1,100		21,965
Tele Norte Leste Participacoes SA	900		11,006
Tele Norte Leste Participacoes SA (PN)	3,200		34,512
Telefonica Brasil SA	2,400		69,811
Telemar Norte Leste SA (PN-A)	600		16,405
TIM Participacoes SA	9,600		49,644
Tractebel Energia SA	2,800		44,840
Ultrapar Participacoes SA	4,300		76,625
Usinas Siderurgicas de Minas Gerais SA - Usiminas	2,100		30,145
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	5,100		35,045
Vale SA	17,100		435,267
Vale SA (PN-A)	21,900		520,335
Weg SA	2,700		29,953
TOTAL BRAZIL			6,526,762
Cayman Islands - 0.3%
China Resources Cement Holdings Ltd.	22,000		17,457
China Resources Land Ltd.	22,000		32,201
MStar Semiconductor, Inc.	6,000		34,771
TOTAL CAYMAN ISLANDS			84,429
Chile - 2.3%
Banco de Chile	347,488		48,511
Banco de Credito e Inversiones	428		24,022
Banco Santander Chile	360,484		27,885
CAP SA	1,131		43,631
Cencosud SA	9,524		60,843
Colbun SA	80,564		22,018
Compania Cervecerias Unidas SA	1,434		16,244
Compania de Petroleos de Chile SA (COPEC)	5,356		82,097
CorpBanca SA	1,343,606		19,440
Embotelladora Andina SA	2,521		11,999
Empresa Nacional de Electricidad SA	43,819		70,207
Empresa Nacional de Telecomunicaciones SA (ENTEL)	1,220		24,153
Empresas CMPC SA	11,416		47,533
Enersis SA	139,101		56,469
Gener SA	25,823		14,757
Lan Airlines SA	2,627		67,800
SACI Falabella	7,360		69,101
Common Stocks - continued
	Shares		Value
Chile - continued
Sociedad Matriz Banco de Chile Class B	49,297		$ 15,545
Sociedad Quimica y Minera de Chile SA (PN-B)	1,252		75,128
TOTAL CHILE			797,383
China - 11.4%
Agricultural Bank China Ltd. (H Shares)	235,000		105,472
Air China Ltd. (H Shares)	22,000		17,095
Aluminum Corp. of China Ltd. (H Shares)	40,000		21,484
Angang Steel Co. Ltd. (H Shares)	6,000		3,661
Anhui Conch Cement Co. Ltd. (H Shares)	13,500		49,090
Anhui Expressway Co. Ltd. (H Shares)	4,000		2,502
Bank Communications Co. Ltd. (H Shares)	87,000		59,793
Bank of China Ltd. (H Shares)	647,000		230,273
BBMG Corp. (H Shares)	11,000		9,578
Beijing Capital International Airport Co. Ltd. (H Shares)	16,000		7,185
Beijing North Star Co. Ltd. (H Shares)	12,000		1,924
Bengang Steel Plates Co. Ltd. (B Shares)	4,900		1,717
BOE Technology Group Co. Ltd. (B Shares)	10,700		1,641
BYD Co. Ltd. (H Shares) (a)	5,000		12,046
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	15,800		22,859
China Bluechemical Ltd. (H shares)	22,000		17,240
China CITIC Bank Corp. Ltd. (H Shares)	112,000		60,170
China Coal Energy Co. Ltd. (H Shares)	42,000		52,312
China Communications Construction Co. Ltd. (H Shares)	47,000		35,450
China Communications Services Corp. Ltd. (H Shares)	24,000		11,068
China Construction Bank Corp. (H Shares)	750,000		551,051
China Cosco Holdings Co. Ltd. (H Shares)	22,000		11,474
China Eastern Airlines Corp. Ltd. (a) (H Shares)	20,000		7,869
China International Marine Containers (Group) Ltd. (B Shares)	16,700		20,104
China Life Insurance Co. Ltd. (H Shares)	77,000		199,076
China Longyuan Power Grid Corp. Ltd. (H Shares)	14,000		11,626
China Merchants Bank Co. Ltd. (H Shares)	39,500		79,757
China Merchants Property Development Co. Ltd. (B Shares)	3,000		4,155
China Minsheng Banking Corp. Ltd. (H Shares)	40,500		32,992
China Molybdenum Co. Ltd. (H Shares)	13,000		6,390
China National Building Materials Co. Ltd. (H Shares)	28,000		35,865
China National Materials Co. Ltd. (H Shares)	16,000		8,055
China Oilfield Services Ltd. (H Shares)	16,000		26,651
China Pacific Insurance Group Co. Ltd. (H Shares)	17,800		54,623
China Petroleum & Chemical Corp. (H Shares)	176,000		166,449
China Railway Construction Corp. Ltd. (H Shares)	23,000		13,707
Common Stocks - continued
	Shares		Value
China - continued
China Railway Group Ltd. (H Shares)	45,000		$ 14,941
China Shenhua Energy Co. Ltd. (H Shares)	35,500		162,405
China Ship Container Lines Co. Ltd. (H Shares) (a)	39,000		7,399
China Shipping Development Co. Ltd. (H Shares)	12,000		8,484
China Southern Airlines Ltd. (H Shares) (a)	22,000		12,277
China Telecom Corp. Ltd. (H Shares)	170,000		104,959
China Vanke Co. Ltd. (B Shares)	12,700		14,239
Chongqing Changan Automobile Co. Ltd. (B Shares)	6,000		1,745
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)	26,000		11,503
CITIC Securities Co. Ltd. (H Shares) (a)	5,000		9,823
CSG Holding Co. Ltd. (B Shares)	9,300		7,962
CSR Corp. Ltd. (H Shares)	20,000		11,835
Datang International Power Generation Co. Ltd. (H Shares)	38,000		9,745
Dazhong Transport Group Co. Ltd. (B Shares)	8,900		4,821
Dongfang Electric Corp. Ltd. (H Shares)	3,800		11,678
Dongfeng Motor Group Co. Ltd. (H Shares)	26,000		42,412
Double Coin Holdings Ltd. (B Shares)	2,600		1,615
Foshan Electrical and Lighting Co. Ltd. (B Shares)	2,200		1,711
Great Wall Motor Co. Ltd. (H Shares)	9,000		12,221
Guangdong Provincial Expressway Development Co. Ltd. (B Shares)	5,300		1,604
Guangshen Railway Co. Ltd. (H Shares)	16,000		5,555
Guangzhou Automobile Group Co. Ltd. (H Shares)	26,000		25,939
Guangzhou Pharmaceutical Ltd. (H Shares)	2,000		1,401
Guangzhou R F Properties Co. Ltd. (H Shares)	12,000		11,661
Guangzhou Shipyard International Ltd. (H Shares)	2,000		1,685
Hainan Airlines Co. Ltd. (B Shares)	2,600		2,026
Harbin Power Equipment Co. Ltd. (H Shares)	8,000		8,062
Huadian Energy Co. Ltd. (B Shares) (a)	5,000		1,540
Huadian Power International Corp. Ltd. (H shares) (a)	12,000		1,862
Huaneng Power International, Inc. (H Shares)	42,000		18,995
Industrial & Commercial Bank of China Ltd. (H Shares)	675,000		421,513
Inner Mongolia Eerduosi Resourses Co. Ltd. (B Shares)	3,700		5,022
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)	7,700		42,470
Jiangling Motors Corp. Ltd. (B Shares)	900		1,704
Jiangsu Expressway Co. Ltd. (H Shares)	12,000		10,343
Jiangxi Copper Co. Ltd. (H Shares)	14,000		33,840
Jinzhou Port Co. Ltd. (B Shares)	6,600		3,389
Lianhua Supermarket Holdings Ltd. (H Shares)	5,000		8,045
Maanshan Iron & Steel Ltd. (H Shares)	10,000		2,977
Metallurgical Corp. China Ltd. (H Shares)	32,000		6,944
PetroChina Co. Ltd. (H Shares)	220,000		285,602
Common Stocks - continued
	Shares		Value
China - continued
PICC Property & Casualty Co. Ltd. (H Shares)	34,000		$ 47,152
Ping An Insurance Group Co. China Ltd. (H Shares)	24,000		177,994
Shandong Chenming Paper Holdings Ltd. (B Shares)	7,900		3,983
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	20,000		20,787
Shanghai Chlor Alkali Co. Ltd. (B Shares) (a)	8,000		4,674
Shanghai Electric Group Co. Ltd. (H Shares)	30,000		13,200
Shanghai Friendship Group, Inc. (B Shares) (a)	3,000		4,507
Shanghai Haixin Group Co. Ltd. (B Shares) (a)	3,700		1,801
Shanghai Jin Jiang International Hotels (Group) Co. Ltd. (B Shares)	1,400		1,955
Shanghai Jin Jiang International Industrial Investment Co. Ltd. (B Shares)	2,600		2,106
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares)	5,000		3,733
Shanghai Lujiazui Finance Trust Deltd (B Shares)	7,400		8,897
Shanghai Pharma Holding Co. Ltd. (H Shares)	5,400		10,284
Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)	4,100		4,507
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. (B Shares)	6,000		4,227
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) (a)	11,000		5,690
Shenzhen Chiwan Wharf Holding Ltd. (B Shares)	1,500		1,674
Shenzhen Expressway Co. (H Shares)	4,000		1,684
Sichuan Expressway Co. Ltd. (H Shares)	10,000		4,445
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	26,000		9,546
SINOPEC Yizheng Chemical Fibre Co. Ltd. (H Shares)	22,000		5,304
Sinopharm Group Co. Ltd. (H Shares)	8,000		21,775
Sinotrans Ltd. (H Shares)	24,000		4,951
Travelsky Technology Ltd. (H Shares)	12,000		5,913
Tsingtao Brewery Co. Ltd. (H Shares)	6,000		30,511
Weichai Power Co. Ltd. (H Shares)	4,000		20,127
Weifu High-Technology Co. Ltd. (B Shares)	700		1,583
Weiqiao Textile Co. Ltd. (H Shares)	9,500		5,195
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)	3,600		2,303
Yantai Changyu Pioneer Wine Co. (B Shares)	2,200		24,752
Yanzhou Coal Mining Co. Ltd. (H Shares)	20,000		49,506
Zhaojin Mining Industry Co. Ltd. (H Shares)	10,500		18,747
Zhejiang Expressway Co. Ltd. (H Shares)	18,000		11,838
Zhejiang Southeast Electric Power Co. Ltd. (B Shares)	8,700		4,210
Zhuzhou CSR Times Electric Co. Ltd. (H Shares)	6,000		14,048
Zijin Mining Group Co. Ltd. (H Shares)	64,000		27,240
ZTE Corp. (H Shares)	5,800		16,464
TOTAL CHINA			3,903,671
Common Stocks - continued
	Shares		Value
Colombia - 1.1%
Almacenes Exito SA	2,435		$ 31,318
BanColombia SA	3,808		59,181
BanColombia SA (PN)	2,639		41,579
Cementos Argos SA	3,700		21,296
Corp. Financiera Colombiana SA	1,056		19,886
Corp. Financiera Colombiana SA (RFD) (a)	9		160
Ecopetrol SA	47,421		101,653
Grupo de Inversiones Surameric	2,307		40,527
Grupo de Inversiones Surameric rights 11/22/11 (a)	590		89
Interconexion Electrica SA	3,716		23,698
Inversiones Argos SA	3,416		32,769
Isagen SA ESP	9,547		11,256
TOTAL COLOMBIA			383,412
Czech Republic - 0.5%
Ceske Energeticke Zavody A/S	2,193		92,743
Komercni Banka A/S	139		26,808
Telefonica Czech Republic A/S	1,533		32,253
TOTAL CZECH REPUBLIC			151,804
Egypt - 0.5%
Commercial International Bank Ltd.	5,322		23,719
Commercial International Bank Ltd. sponsored GDR	533		2,355
EFG-Hermes Holding SAE	4,547		9,790
Egyptian Co. for Mobile Services (MobiNil)	554		9,468
Egyptian Iron & Steel (a)	1,787		1,437
Egyptian Kuwaiti Holding	8,822		8,998
El Ezz Steel Rebars SAE	2,241		2,264
Elsewedy Electric Co.	1,325		4,729
Maridive & Oil Services S.A.E.	1,763		3,350
National Societe Generale Bank	583		2,587
Orascom Construction Industries SAE	977		39,695
Orascom Construction Industries SAE GDR	106		4,346
Orascom Telecom Holding SAE (a)	31,453		17,443
Sidi Kerir Petrochemcials Co.	3,402		7,347
Talaat Moustafa Group Holding	14,511		8,728
Telecom Egypt SAE	4,207		10,503
TOTAL EGYPT			156,759
Hong Kong - 4.5%
Beijing Enterprises Holdings Ltd.	6,000		33,203
China Agri-Industries Holding Ltd.	18,000		14,350
China Everbright Ltd.	8,000		11,861
Common Stocks - continued
	Shares		Value
Hong Kong - continued
China Insurance International Holdings Co. Ltd. (a)	9,200		$ 19,951
China Merchant Holdings International Co. Ltd.	14,000		43,200
China Mobile (Hong Kong) Ltd.	57,000		541,747
China Mobile (Hong Kong) Ltd. sponsored ADR	1,200		57,072
China Overseas Land & Investment Ltd.	42,000		77,716
China Resources Enterprise Ltd.	12,000		43,825
China Resources Power Holdings Co. Ltd.	20,000		35,521
China Unicom (Hong Kong) Ltd.	74,000		148,786
Citic Pacific Ltd.	12,000		21,687
CNOOC Ltd.	169,000		319,471
CNOOC Ltd. sponsored ADR	190		35,836
Franshion Properties China Ltd.	34,000		6,983
Guangdong Investment Ltd.	24,000		14,448
Lenovo Group Ltd.	78,000		52,440
Poly (Hong Kong) Investments Ltd.	19,000		9,530
Shanghai Industrial Holdings Ltd.	6,000		19,644
Shenzhen Investment Ltd.	26,000		5,553
Sino-Ocean Land Holdings Ltd.	46,500		20,631
Sinotruk Hong Kong Ltd.	8,500		4,998
Yuexiu Property Co. Ltd.	76,000		11,730
TOTAL HONG KONG			1,550,183
Hungary - 0.4%
Magyar Telekom PLC	5,303		12,341
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) (a)	834		65,075
OTP Bank PLC	2,728		43,822
Richter Gedeon PLC	160		25,843
TOTAL HUNGARY			147,081
Indonesia - 3.3%
PT Astra Agro Lestari Tbk	5,500		13,173
PT Adaro Energy Tbk	137,500		31,013
PT Aneka Tambang Tbk	42,000		8,407
PT Astra International Tbk	31,000		239,033
PT Bank Central Asia Tbk	126,000		114,263
PT Bank Danamon Indonesia Tbk Series A	17,000		9,473
PT Bank Mandiri (Persero) Tbk	93,500		74,583
PT Bank Negara Indonesia (Persero) Tbk	57,000		25,545
PT Bank Rakyat Indonesia Tbk	125,000		93,981
PT Bumi Resources Tbk	215,000		56,157
PT Charoen Pokphand Indonesia Tbk	90,500		26,950
PT Gudang Garam Tbk	6,500		42,665
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Indo Tambangraya Megah Tbk	3,500		$ 17,460
PT Indocement Tunggal Prakarsa Tbk	12,500		22,837
PT Indofood Sukses Makmur Tbk	41,000		24,073
PT Indosat Tbk	23,500		14,075
PT International Nickel Indonesia Tbk	22,000		8,969
PT Kalbe Farma Tbk	81,500		31,724
PT Perusahaan Gas Negara Tbk Series B	102,000		33,645
PT Semen Gresik (Persero) Tbk	32,000		34,048
PT Tambang Batubbara Bukit Asam Tbk	9,500		19,481
PT Telkomunikasi Indonesia Tbk Series B	106,500		88,819
PT Unilever Indonesia Tbk	17,000		29,885
PT United Tractors Tbk	28,500		78,390
TOTAL INDONESIA			1,138,649
Malaysia - 4.7%
AMMB Holdings Bhd	22,700		44,006
Axiata Group Bhd	67,500		106,688
Berjaya Sports Toto Bhd	11,800		16,371
British American Tobacco (Malaysia) Bhd	1,700		25,594
Bumiputra-Commerce Holdings Bhd	56,000		137,458
DiGi.com Bhd	6,400		65,902
Gamuda Bhd	22,600		24,850
Genting Bhd	28,300		98,569
Genting Malaysia Bhd	30,300		37,692
Hong Leong Bank Bhd	4,900		16,856
IJM Corp. Bhd	14,600		26,969
IOI Corp. Bhd	51,000		86,644
Kuala Lumpur Kepong Bhd	6,100		41,622
Lafarge Malayan Cement Bhd	4,600		10,582
Malayan Banking Bhd	56,900		154,479
Malaysian Plantations Bhd	9,200		10,529
Maxis Bhd	26,200		45,562
MISC Bhd	17,400		39,451
MMC Corp. Bhd	12,200		10,666
Parkson Holdings Bhd	5,800		10,529
Petronas Chemicals Group Bhd	34,000		70,928
Petronas Dagangan Bhd	3,200		16,929
Petronas Gas Bhd	8,600		36,591
PLUS Expressways Bhd	21,600		31,089
PPB Group Bhd	6,800		37,660
Proton Holdings Bhd	1,900		1,653
Public Bank Bhd (For. Reg.)	36,300		149,963
Common Stocks - continued
	Shares		Value
Malaysia - continued
RHB Capital Bhd	3,800		$ 9,502
Sime Darby Bhd	46,600		134,426
SP Setia Bhd	14,600		18,217
Telekom Malaysia Bhd	14,200		19,554
Tenaga Nasional Bhd	14,900		28,901
UEM Land Holdings Bhd (a)	11,800		8,389
UMW Holdings Bhd	6,800		14,652
YTL Power International Bhd	33,900		20,982
TOTAL MALAYSIA			1,610,455
Mexico - 5.5%
Alfa SA de CV Series A	2,900		33,809
America Movil SAB de CV Series L	456,000		582,318
Cemex SA de CV unit	98,800		43,021
Fomento Economico Mexicano SAB de CV unit	22,800		153,025
Grupo Aeroportuario del Pacifico SA de CV Series B	5,500		19,242
Grupo Bimbo Sab de CV Series A	25,000		51,445
Grupo Carso SA de CV Series A1	6,400		16,533
Grupo Elektra SA de CV	740		56,864
Grupo Financiero Banorte SAB de CV Series O	23,400		79,949
Grupo Financiero Inbursa SAB de CV Series O	19,600		41,922
Grupo Mexico SA de CV Series B	80,700		224,225
Grupo Modelo SAB de CV Series C	6,900		43,767
Grupo Televisa SA de CV	28,600		122,322
Industrias Penoles SA de CV	1,690		68,007
Inmuebles Carso SAB de CV (a)	8,000		6,096
Kimberly-Clark de Mexico SA de CV Series A	4,500		25,615
Mexichem SAB de CV	8,100		27,888
Minera Frisco SAB de CV (a)	7,800		30,550
Organizacion Soriana SA Series B (a)	3,700		8,044
Telefonos de Mexico SA de CV Series L	78,900		61,899
Urbi, Desarrollos Urbanos, SA de CV (a)	4,800		6,101
Wal-Mart de Mexico SA de CV Series V	74,800		193,231
TOTAL MEXICO			1,895,873
Morocco - 0.2%
Douja Promotion Groupe Addoha SA	1,432		13,489
Maroc Telecom SA	2,101		36,918
TOTAL MOROCCO			50,407
Pakistan - 0.1%
Fauji Fertilizer Co. Ltd.	3,877		8,664
MCB Bank Ltd.	3,695		6,833
Common Stocks - continued
	Shares		Value
Pakistan - continued
National Bank of Pakistan (a)	3,125		$ 1,576
Oil & Gas Development Co. Ltd.	7,017		11,860
Pakistan Petroleum Ltd.	3,829		7,796
Pakistan State Oil Co. Ltd.	1,687		4,768
Pakistan Telecommunication Co. Ltd. Class A	12,499		1,589
TOTAL PAKISTAN			43,086
Peru - 0.3%
Compania de Minas Buenaventura SA	150		6,096
Compania de Minas Buenaventura SA sponsored ADR	1,999		81,819
Volcan Compania Minera SAA Class B	20,751		20,086
TOTAL PERU			108,001
Philippines - 0.7%
Aboitiz Equity Ventures, Inc.	25,600		24,588
Aboitiz Power Corp.	22,200		15,439
Ayala Land, Inc.	55,700		21,112
Banco de Oro Universal Bank	8,720		11,515
Bank of the Philippine Islands (BPI)	15,070		20,678
Globe Telecom, Inc.	490		10,447
Jollibee Food Corp.	4,820		10,243
Manila Electric Co.	4,930		27,983
Metropolitan Bank & Trust Co.	5,450		9,133
Philippine Long Distance Telephone Co.	475		26,497
SM Investments Corp.	2,030		26,521
SM Prime Holdings, Inc.	41,100		12,532
Yala Corp.	1,730		12,433
TOTAL PHILIPPINES			229,121
Poland - 1.4%
Bank Handlowy w Warszawie SA	347		8,183
Bank Polska Kasa Opieki SA	1,014		47,187
BRE Bank SA (a)	107		9,239
ENEA SA	1,706		10,192
Getin Holding SA (a)	3,208		8,644
Globe Trade Centre SA (a)	614		2,201
ING Bank Slaski SA	35		8,518
KGHM Polska Miedz SA (Bearer)	1,575		76,512
Polish Oil & Gas Co.	14,934		18,642
Polska Grupa Energetyczna SA	5,881		36,243
Polski Koncern Naftowy Orlen SA (a)	3,338		41,405
Powszechna Kasa Oszczednosci Bank SA	6,251		71,347
Powszechny Zaklad Ubezpieczen SA	675		71,630
Common Stocks - continued
	Shares		Value
Poland - continued
Tauron Polska Energia SA	14,829		$ 25,831
Telekomunikacja Polska SA	7,249		38,520
TVN SA	1,533		6,136
TOTAL POLAND			480,430
Russia - 6.8%
Aeroflot - Russian Airlines (a)	3,163		5,912
Federal Grid Co. Unified Energy System JSC (a)	2,660,000		24,841
Gazprom OAO sponsored ADR (Reg. S)	49,490		577,548
Inter Rao Ues JSC (a)	11,100,000		13,820
Interregional Distribution Grid Companies Holding JSC (a)	167,181		15,634
Interregional Distribution Grid Companies Holding JSC rights (a)	12,162		0
Lukoil Oil Co. sponsored ADR (United Kingdom)	6,659		387,554
Magnitogorsk Iron & Steel Works OJSC unit	1,114		6,901
Mobile TeleSystems OJSC sponsored ADR	5,114		73,079
Mosenergo AO (a)	136,037		8,695
Norilsk Nickel OJSC ADR	9,060		177,304
NOVATEK OAO GDR	964		135,346
Novolipetsk Steel OJSC GDR (Reg. S)	610		16,604
OGK-4 OJSC (a)	188,873		14,933
PIK Group GDR (Reg. S) unit (a)	500		1,485
Polymetal JSC GDR (Reg. S) (a)	1,160		18,920
Raspadskaya OAO (a)	2,560		8,499
Rosneft Oil Co. OJSC GDR (Reg. S)	19,880		141,446
Rostelecom sponsored ADR	2,567		78,550
RusHydro JSC sponsored ADR	17,470		65,862
Sberbank of Russia	39,030		105,909
Sberbank of Russia sponsored ADR	12,300		134,070
Severstal JSC GDR (Reg. S)	1,970		28,939
Surgutneftegaz JSC sponsored ADR	7,340		63,234
Tatneft OAO sponsored ADR	2,933		87,081
TGK-1 OAO (a)	6,416,533		2,323
TMK OAO GDR (Reg. S)	778		10,036
Uralkali JSC GDR (Reg. S)	1,750		75,950
VTB Bank JSC unit	12,445		59,885
TOTAL RUSSIA			2,340,360
South Africa - 9.8%
Absa Group Ltd.	3,312		59,594
Adcock Ingram Holdings Ltd.	1,851		14,227
Aeci Ltd.	1,710		16,378
African Bank Investments Ltd.	7,608		33,015
Common Stocks - continued
	Shares		Value
South Africa - continued
African Oxygen Ltd.	1,935		$ 4,047
African Rainbow Minerals Ltd.	924		21,355
Allied Technologies Ltd.	1,005		6,672
Anglo Platinum Ltd.	816		59,064
AngloGold Ashanti Ltd.	3,985		180,099
ArcelorMittal South Africa Ltd.	2,264		19,242
Aspen Pharmacare Holdings Ltd.	3,389		40,674
Aveng Ltd.	4,632		21,653
AVI Ltd.	4,571		20,504
Barloworld Ltd.	2,592		21,752
Bidvest Group Ltd.	3,290		65,540
Capital Property Fund	16,437		18,433
Capitec Bank Holdings Ltd.	326		7,476
Clicks Group Ltd.	2,469		12,957
Discovery Holdings Ltd.	3,754		19,630
Exxaro Resources Ltd.	1,216		27,503
FirstRand Ltd.	42,154		104,850
Foschini Ltd.	2,486		31,368
Fountainhead Property Trust	16,941		14,964
Gold Fields Ltd.	7,549		130,844
Grindrod Ltd.	3,844		7,265
Growthpoint Properties Ltd.	17,141		39,849
Harmony Gold Mining Co. Ltd.	4,526		59,172
Illovo Sugar Ltd.	2,884		9,630
Impala Platinum Holdings Ltd.	6,562		151,691
Imperial Holdings Ltd.	2,175		32,202
Investec Ltd.	2,548		15,648
JD Group Ltd.	1,974		11,044
JSE Ltd.	806		7,138
Kumba Iron Ore Ltd.	949		56,439
Lewis Group Ltd.	1,093		10,329
Liberty Holdings Ltd.	1,753		18,020
Life Healthcare Group Holdings Ltd.	9,273		22,562
Massmart Holdings Ltd.	1,192		23,851
Mediclinic International Ltd.	4,188		18,338
Mmi Holdings Ltd.	15,862		34,077
Mondi Ltd.	1,249		9,757
Mpact Ltd. (a)	2,600		4,505
Mr Price Group Ltd.	2,625		25,270
MTN Group Ltd.	19,667		343,267
Murray & Roberts Holdings Ltd.	3,292		10,038
Nampak Ltd.	8,033		22,066
Common Stocks - continued
	Shares		Value
South Africa - continued
Naspers Ltd. Class N	4,142		$ 198,319
Nedbank Group Ltd.	2,394		42,533
Netcare Ltd.	15,840		27,743
Northam Platinum Ltd.	2,828		10,957
Pick 'n Pay Stores Ltd.	2,396		12,001
Pick'n Pay Holdings Ltd.	3,712		7,717
Pretoria Portland Cement Co. Ltd.	6,472		19,621
Remgro Ltd.	4,820		73,184
Reunert Ltd.	2,498		19,798
RMB Holdings Ltd.	10,656		33,634
Royal Bafokeng Holdings (Pty) Ltd.	982		6,929
Sanlam Ltd.	20,971		78,348
Santam Ltd.	494		8,890
Sappi Ltd. (a)	6,256		18,367
Sasol Ltd.	6,669		299,893
Shoprite Holdings Ltd.	5,617		82,320
Spar Group Ltd.	1,941		23,724
Standard Bank Group Ltd.	15,874		195,617
Steinhoff International Holdings Ltd.	16,571		49,694
Sun International Ltd.	1,040		11,173
Telkom SA Ltd.	5,317		20,528
Tiger Brands Ltd.	1,556		44,841
Tongaat Hulett Ltd.	1,517		17,681
Truworths International Ltd.	4,585		46,334
Vodacom Group (Pty) Ltd.	4,810		54,486
Wilson Bayly Holmes-Ovcon Ltd.	639		8,736
Woolworths Holdings Ltd.	8,530		43,412
TOTAL SOUTH AFRICA			3,340,479
Taiwan - 12.5%
Acer, Inc.	28,000		31,971
Advanced Semiconductor Engineering, Inc.	69,000		60,973
Advantech Co. Ltd.	4,000		10,886
Asia Cement Corp.	26,000		31,318
ASUSTeK Computer, Inc.	8,000		55,617
AU Optronics Corp.	79,000		34,050
Capital Securities Corp.	22,195		8,525
Catcher Technology Co. Ltd.	8,000		44,572
Cathay Financial Holding Co. Ltd.	80,000		95,403
Cathay Real Estate Development Co. Ltd.	14,000		5,710
Chang Hwa Commercial Bank	40,000		25,745
Cheng Shin Rubber Industry Co. Ltd.	18,000		41,057
Common Stocks - continued
	Shares		Value
Taiwan - continued
Cheng Uei Precision Industries Co. Ltd.	3,000		$ 6,741
Chicony Electronics Co. Ltd.	6,000		10,026
Chimei Innolux Corp. (a)	69,000		27,716
China Airlines Ltd.	20,000		10,063
China Development Finance Holding Corp.	114,000		36,075
China Motor Co. Ltd.	4,000		3,824
China Steel Corp.	118,000		117,399
Chinatrust Financial Holding Co. Ltd.	110,102		72,161
Chunghwa Picture Tubes, Ltd. (a)	22,000		1,339
Chunghwa Telecom Co. Ltd.	41,000		137,171
CMC Magnetics Corp. (a)	30,000		5,965
Compal Communications, Inc.	2,000		2,857
Compal Electronics, Inc.	46,000		42,218
Coretronic Corp.	8,000		6,018
D-Link Corp.	8,000		6,433
Delta Electronics, Inc.	24,000		56,430
E.Sun Financial Holdings Co. Ltd.	29,000		14,453
Epistar Corp.	8,000		14,812
Eternal Chemical Co. Ltd.	11,000		9,031
EVA Airways Corp.	16,900		12,226
Evergreen Marine Corp. (Taiwan)	17,000		9,321
Far Eastern International Bank	16,000		6,659
Far Eastern Textile Ltd.	38,000		44,677
Far EasTone Telecommunications Co. Ltd.	19,000		31,158
Faraday Technology Corp.	2,000		1,809
Feng Hsin Iron & Steel Co.	6,000		10,090
First Financial Holding Co. Ltd.	58,000		38,500
Formosa Chemicals & Fibre Corp.	45,000		130,233
Formosa Petrochemical Corp.	20,000		62,899
Formosa Plastics Corp.	65,000		191,171
Formosa Taffeta Co. Ltd.	13,000		12,011
Foxconn Technology Co. Ltd.	12,000		41,824
Fubon Financial Holding Co. Ltd.	70,000		82,071
Giant Manufacturing Co. Ltd.	3,000		11,609
HannStar Display Corp. (a)	29,000		1,669
Hon Hai Precision Industry Co. Ltd. (Foxconn)	110,000		301,552
HTC Corp.	9,000		202,262
Hua Nan Financial Holdings Co. Ltd.	52,000		33,876
Inotera Memories, Inc. (a)	13,000		1,921
Inventec Corp.	42,000		15,094
KGI Securities Co. Ltd.	32,000		13,421
Largan Precision Co. Ltd.	1,000		22,356
Common Stocks - continued
	Shares		Value
Taiwan - continued
LITE-ON IT Corp.	6,000		$ 5,610
Lite-On Technology Corp.	26,000		24,535
Macronix International Co. Ltd.	33,000		12,470
MediaTek, Inc.	12,000		125,931
Mega Financial Holding Co. Ltd.	88,000		67,645
Micro-Star International Co. Ltd.	10,000		4,458
Mitac International Corp.	14,000		4,982
Nan Ya Plastics Corp.	83,000		186,719
Nan Ya Printed Circuit Board Corp.	3,000		8,729
Nanya Technology Corp. (a)	12,000		1,183
Novatek Microelectronics Corp.	5,000		12,257
Oriental Union Chemical Corp.	6,000		7,835
Pegatron Corp.	18,000		19,441
Pou Chen Corp.	32,000		24,599
Powerchip Technology Corp. (a)	31,000		1,271
President Chain Store Corp.	8,000		44,486
President Securities Corp.	9,000		4,605
Qisda Corp.	7,000		1,913
Quanta Computer, Inc.	30,000		59,035
Realtek Semiconductor Corp.	5,000		8,329
Ritek Corp. (a)	30,000		5,753
Shin Kong Financial Holding Co. Ltd. (a)	63,000		19,622
Siliconware Precision Industries Co. Ltd.	32,000		32,850
Sinopac Holdings Co.	75,000		24,281
Synnex Technology International Corp.	16,000		39,220
Taishin Financial Holdings Co. Ltd.	65,000		27,522
Taiwan Business Bank	28,000		9,144
Taiwan Cement Corp.	38,000		47,457
Taiwan Cooperative Bank	49,000		32,159
Taiwan Fertilizer Co. Ltd.	8,000		20,620
Taiwan Glass Industry Corp.	19,000		23,377
Taiwan Mobile Co. Ltd.	18,900		54,158
Taiwan Secom Co.	6,000		10,826
Taiwan Semiconductor Manufacturing Co. Ltd.	242,000		589,724
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5,200		65,624
Tatung Co. Ltd. (a)	28,000		9,858
TECO Electric & Machinery Co. Ltd.	19,000		11,085
Ton Yi Industrial Corp.	13,000		6,616
Transcend Information, Inc.	2,000		4,670
U-Ming Marine Transport Corp.	5,000		7,884
Unified-President Enterprises Corp.	49,000		67,383
Unimicron Technology Corp.	17,000		22,074
Common Stocks - continued
	Shares		Value
Taiwan - continued
United Microelectronics Corp.	136,000		$ 59,714
Vanguard International Semiconductor Corp.	5,000		1,781
Walsin Lihwa Corp.	36,000		12,076
Wan Hai Lines Ltd.	14,000		7,267
Waterland Financial Holdings Co. Ltd. (a)	23,144		8,497
Winbond Electronics Corp. (a)	30,000		5,603
Wistron Corp.	22,000		25,461
Yageo Corp.	19,000		5,723
Yang Ming Marine Transport Corp.	16,900		6,964
Yuanta Financial Holding Co. Ltd.	102,570		58,470
Yuen Foong Yu Paper Manufacturing Co.	21,000		8,536
Yulon Motor Co. Ltd.	12,000		25,249
TOTAL TAIWAN			4,288,249
Thailand - 2.0%
Advanced Info Service PCL	1,300		5,485
Advanced Info Service PCL (For. Reg.)	11,400		47,895
Airports of Thailand PCL (For. Reg.)	6,400		7,881
Bangkok Bank Public Co. Ltd. (For. Reg.)	4,500		22,827
Bank of Ayudhya PCL	23,400		15,071
Banpu PCL	150		3,037
Banpu PCL (For. Reg.)	1,100		22,330
BEC World PCL (For. Reg.)	8,700		10,503
C.P. Seven Eleven PCL	2,600		3,949
C.P. Seven Eleven PCL (For. Reg.)	21,000		31,775
Central Pattana PCL	4,200		4,413
Central Pattana PCL (For. Reg.)	8,900		9,312
Charoen Pokphand Foods PCL	3,400		3,322
Charoen Pokphand Foods PCL (For. Reg.)	29,900		29,119
Delta Electronics PCL (For. Reg.)	6,100		3,653
Electricity Generating PCL (For. Reg.)	2,400		6,490
Indorama Ventures PCL (For. Reg.)	14,000		16,113
IRPC Public Co. Ltd. (For. Reg.)	92,300		11,411
Kasikornbank PCL (For. Reg.)	11,500		46,489
Krung Thai Bank PCL	3,200		1,568
Krung Thai Bank PCL (For. Reg.)	15,700		7,683
Land & House PCL (For. Reg.)	30,700		5,662
PTT Exploration and Production PCL	1,400		7,278
PTT Exploration and Production PCL (For. Reg.)	13,000		67,382
PTT Global Chemical PCL (a)	6,000		12,652
PTT Global Chemical PCL (For. Reg.) (a)	11,539		24,332
PTT PCL	900		8,882
Common Stocks - continued
	Shares		Value
Thailand - continued
PTT PCL (For. Reg.)	8,100		$ 79,796
Ratchaburi Electric Generating Holding PCL	4,700		6,242
Siam Cement PCL (For. Reg.)	3,100		37,168
Siam City Cement PCL	400		3,045
Siam City Cement PCL (For. Reg.)	700		5,296
Siam Commercial Bank PCL	1,700		6,431
Siam Commercial Bank PCL (For. Reg.)	13,600		51,446
Siam Makro PCL (For. Reg.)	1,600		10,714
Thai Airways International PCL (For. Reg.)	3,700		2,311
Thai Oil PCL (For. Reg.)	7,700		14,440
Thai Union Frozen Products PCL (For. Reg.)	6,600		11,261
TMB PCL (For. Reg.)	276,100		12,178
Total Access Communication PCL	7,000		16,750
TOTAL THAILAND			693,592
Turkey - 1.4%
Akbank T.A.S.	11,863		43,339
Anadolu Efes Biracilik ve Malt Sanayii AS	2,555		31,066
Arcelik AS	2,422		9,314
Asya Katilim Bankasi AS (a)	10,029		10,776
Bim Birlesik Magazalar AS JSC	867		26,477
Coca-Cola Icecek AS	806		10,940
Dogan Sirketler Grubu Holding AS (a)	5,394		1,983
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	7,981		10,787
Enka Insaat ve Sanayi AS	5,618		14,551
Eregli Demir ve Celik Fabrikalari T.A.S.	10,461		21,653
Ford Otomotiv Sanayi AS	390		2,845
Haci Omer Sabanci Holding AS	3,941		13,506
Koc Holding AS	10,456		37,371
Tofas Turk Otomobil Fabrikasi AS	1,665		6,441
Tupras-Turkiye Petrol Rafinerileri AS	1,157		26,173
Turk Hava Yollari AO	10,745		15,556
Turk Sise ve Cam Fabrikalari AS	4,571		8,763
Turk Telekomunikasyon AS	6,306		26,747
Turkcell Iletisim Hizmet AS	3,932		19,363
Turkiye Garanti Bankasi AS	12,387		43,713
Turkiye Halk Bankasi AS	3,951		24,355
Turkiye Is Bankasi AS Series C	13,710		32,022
Turkiye Vakiflar Bankasi Tao	6,604		11,279
Yapi ve Kredi Bankasi AS (a)	7,587		14,245
TOTAL TURKEY			463,265
Common Stocks - continued
	Shares		Value
United Arab Emirates - 0.2%
Air Arabia PJSC (a)	46,460		$ 8,007
DP World Ltd.	2,624		28,733
Dubai Financial Market PJSC (a)	29,430		8,253
Dubai Islamic Bank Pakistan Ltd. (a)	16,694		9,090
Emaar Properties (a)	36,671		27,755
TOTAL UNITED ARAB EMIRATES			81,838
TOTAL COMMON STOCKS (Cost $30,325,955)		30,646,997
Investment Companies - 1.2%
PowerShares India Portfolio ETF (Cost $388,162)	21,000		416,640

Government Obligations - 1.7%
	Principal Amount
United States of America - 1.7%
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.05% 3/8/12 to 5/31/12 (c) (Cost $599,903)	$ 600,000	599,862

Money Market Funds - 13.0%
	Shares
Fidelity Cash Central Fund, 0.12% (b) (Cost $4,445,276)	4,445,276		4,445,276
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $35,759,296)			36,108,775
NET OTHER ASSETS (LIABILITIES) - (5.4)%			(1,862,549)
NET ASSETS - 100%		$ 34,246,226

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
112 SGX S&P CNX Nifty Index Contracts (Singapore)	Nov. 2011	$ 1,197,728	$ 37,924

The face value of futures purchased as a percentage of net assets is 3.5%

Swap Agreements
		Notional Amount	Value
Equity Total Return Swaps
Receive monthly a return equal to MSCI Daily TR Net Emerging Markets India Index and pay monthly a floating rate based on 1-month LIBOR plus 41 basis points with JPMorgan Chase, Inc.	Sept. 2012	$ 1,827,524	$ 140,723

Security Type Abbreviations
ETF	-	Exchange Traded Fund

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $399,904.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 566

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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 in the tables below, please refer to the Security 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:
Brazil	$ 6,526,762	$ 6,526,762	$ -	$ -
Taiwan	4,288,249	65,624	4,222,625	-
China	3,903,671	-	3,901,926	1,745
South Africa	3,340,479	2,670,471	670,008	-
Russia	2,340,360	2,340,360	-	-
Mexico	1,895,873	1,895,873	-	-
Malaysia	1,610,455	-	1,610,455	-
Hong Kong	1,550,183	92,908	1,457,275	-
Indonesia	1,138,649	-	1,138,649	-
Other	4,052,316	3,111,488	940,828	-
Investment Companies	416,640	416,640	-	-
Government Obligations	599,862	-	599,862	-
Money Market Funds	4,445,276	4,445,276	-	-
Total Investments in Securities:	$ 36,108,775	$ 21,565,402	$ 14,541,628	$ 1,745
Derivative Instruments:
Assets
Futures Contracts	$ 37,924	$ 37,924	$ -	$ -
Swap Agreements	140,723	-	140,723	-
Total Assets	$ 178,647	$ 37,924	$ 140,723	$ -
Total Derivative Instruments:	$ 178,647	$ 37,924	$ 140,723	$ -

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(91)
Cost of Purchases	1,836
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,745
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (91)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities and Derivative Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. 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 risk exposure as of October 31, 2011. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 37,924	$ -
Swap Agreements (b)	140,723	-
Total Value of Derivatives	$ 178,647	$ -

(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

(b) Value is disclosed on the Statement of Assets and Liabilities in the Swap agreements, at value line-items.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $31,314,020)	$ 31,663,499
Fidelity Central Funds (cost $4,445,276)	4,445,276
Total Investments (cost $35,759,296)		$ 36,108,775
Foreign currency held at value (cost $672,823)		677,248
Receivable for investments sold		39,959
Receivable for fund shares sold		92,937
Dividends receivable		14,299
Distributions receivable from Fidelity Central Funds		349
Swap agreements, at value		140,723
Receivable from investment adviser for expense reductions		3,210
Total assets		37,077,500
Liabilities
Payable for investments purchased	$ 2,792,301
Payable for fund shares redeemed	8,771
Accrued management fee	6,012
Payable for daily variation margin on futures contracts	8,555
Other affiliated payables	3,050
Other payables and accrued expenses	12,585
Total liabilities		2,831,274
Net Assets		$ 34,246,226
Net Assets consist of:
Paid in capital		$ 33,777,627
Accumulated net investment loss		(13,858)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(63,829)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		546,286
Net Assets		$ 34,246,226

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Investor Class: Net Asset Value, offering price and redemption price per share ($14,187,791 ÷ 1,487,390 shares)		$ 9.54
Fidelity Advantage Class: Net Asset Value, offering price and redemption price per share ($10,517,014 ÷ 1,102,387 shares)		$ 9.54
Institutional Class: Net Asset Value, offering price and redemption price per share ($4,770,603 ÷ 500,001 shares)		$ 9.54
Fidelity Advantage Institutional Class: Net Asset Value, offering price and redemption price per share ($4,770,818 ÷ 500,001 shares)		$ 9.54

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

Annual Report

Financial Statements - continued

Statement of Operations

For the period September 8, 2011 (commencement of operations) to October 31, 2011
Investment Income
Dividends		$ 81,130
Interest		147
Income from Fidelity Central Funds		566
Income before foreign taxes withheld		81,843
Less foreign taxes withheld		(4,969)
Total income		76,874
Expenses
Management fee	$ 9,175
Transfer agent fees	4,164
Independent trustees' compensation	5
Total expenses before reductions	13,344
Expense reductions	(4,870)	8,474
Net investment income (loss)		68,400
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(216)
Foreign currency transactions	(157,592)
Futures contracts	189,916
Swap agreements	(178,195)
Total net realized gain (loss)		(146,087)
Change in net unrealized appreciation (depreciation) on: Investment securities	349,479
Assets and liabilities in foreign currencies	18,160
Futures contracts	37,924
Swap agreements	140,723
Total change in net unrealized appreciation (depreciation)		546,286
Net gain (loss)		400,199
Net increase (decrease) in net assets resulting from operations		$ 468,599

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

Annual Report

Statement of Changes in Net Assets

	For the period September 8, 2011 (commencement of operations) to October 31, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 68,400
Net realized gain (loss)	(146,087)
Change in net unrealized appreciation (depreciation)	546,286
Net increase (decrease) in net assets resulting from operations	468,599
Share transactions - net increase (decrease)	33,777,627
Total increase (decrease) in net assets	34,246,226
Net Assets
Beginning of period	-
End of period (including accumulated net investment loss of $13,858)	$ 34,246,226

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

Annual Report

Financial Highlights - Investor Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.02
Net realized and unrealized gain (loss)	(.48) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.46% A
Expenses net of fee waivers, if any	.33% A
Expenses net of all reductions	.33% A
Net investment income (loss)	1.76% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,188
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Financial Highlights - Fidelity Advantage Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.02
Net realized and unrealized gain (loss)	(.48) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.35% A
Expenses net of fee waivers, if any	.22% A
Expenses net of all reductions	.22% A
Net investment income (loss)	1.87% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,517
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Financial Highlights - Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	(.49) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.28% A
Expenses net of fee waivers, if any	.15% A
Expenses net of all reductions	.15% A
Net investment income (loss)	1.93% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,771
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Financial Highlights - Fidelity Advantage Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	(.49) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.25% A
Expenses net of fee waivers, if any	.12% A
Expenses net of all reductions	.12% A
Net investment income (loss)	1.96% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,771
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Spartan Global ex U.S. Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets
Nestle SA (Switzerland, Food Products)	1.3
HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks)	1.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	0.9
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	0.9
Novartis AG (Switzerland, Pharmaceuticals)	0.9
Royal Dutch Shell PLC Class A (Netherlands) (United Kingdom, Oil, Gas & Consumable Fuels)	0.8
BHP Billiton Ltd. (Australia, Metals & Mining)	0.8
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	0.8
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	0.8
Total SA (France, Oil, Gas & Consumable Fuels)	0.7
	8.9
Market Sectors as of October 31, 2011
	% of fund's net assets
Financials	22.5
Materials	11.5
Energy	11.1
Industrials	9.1
Consumer Staples	9.1
Consumer Discretionary	8.3
Telecommunication Services	6.3
Health Care	5.9
Information Technology	5.5
Utilities	3.6

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom 14.1%
	Japan 13.4%
	Canada 7.8%
	France 5.8%
	Australia 5.8%
	Switzerland 5.4%
	Germany 5.3%
	Brazil 3.4%
	Korea (South) 3.3%
	Other 35.7%

Percentages are adjusted for the effect of futures and swaps contracts, if applicable.

Annual Report

Spartan Global ex U.S. Index Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 92.4%
	Shares		Value
Australia - 5.8%
AGL Energy Ltd.	1,041		$ 15,686
Alumina Ltd.	4,576		6,971
Amcor Ltd.	2,694		19,712
AMP Ltd.	6,226		27,759
Asciano Ltd. unit	7,483		11,964
ASX Ltd.	424		13,615
Australia & New Zealand Banking Group Ltd.	5,826		131,659
Bendigo & Adelaide Bank Ltd.	676		6,676
BHP Billiton Ltd.	7,209		282,220
BlueScope Steel Ltd.	3,245		2,839
Boral Ltd.	1,333		5,442
Brambles Ltd.	3,236		22,372
Caltex Australia Ltd.	247		3,431
CFS Retail Property Trust	5,184		9,883
Coca-Cola Amatil Ltd.	1,288		16,628
Cochlear Ltd.	106		6,509
Commonwealth Bank of Australia	3,498		179,710
Computershare Ltd.	822		6,497
Crown Ltd.	1,242		10,467
CSL Ltd.	1,189		35,815
DEXUS Property Group unit	12,851		11,433
Echo Entertainment Group Ltd. (a)	1,264		4,907
Fortescue Metals Group Ltd.	2,743		13,779
Fosters Group Ltd.	4,170		23,324
Goodman Group unit	18,323		11,908
Harvey Norman Holdings Ltd.	1,286		2,913
Iluka Resources Ltd.	995		16,543
Incitec Pivot Ltd.	3,996		14,475
Insurance Australia Group Ltd.	4,765		15,711
John Fairfax Holdings Ltd.	3,967		3,847
Leighton Holdings Ltd.	278		6,316
Lend Lease Group unit	1,425		11,595
Lynas Corp. Ltd. (a)	3,199		3,959
MacArthur Coal Ltd.	311		5,274
Macquarie Group Ltd.	756		19,466
MAp Group unit	845		3,015
Metcash Ltd.	1,424		6,232
Mirvac Group unit	8,873		11,620
National Australia Bank Ltd.	4,860		129,820
Newcrest Mining Ltd.	1,688		59,663
OneSteel Ltd.	2,312		2,941
Orica Ltd.	813		22,023
Common Stocks - continued
	Shares		Value
Australia - continued
Origin Energy Ltd.	2,415		$ 36,396
OZ Minerals Ltd.	607		7,290
Paladin Energy Ltd. (Australia) (a)	1,267		1,935
Qantas Airways Ltd. (a)	2,104		3,519
QBE Insurance Group Ltd.	2,462		37,901
QR National Ltd.	4,151		14,343
Ramsay Health Care Ltd.	244		4,797
Rio Tinto Ltd.	974		69,934
Santos Ltd.	1,874		25,312
Sims Metal Management Ltd.	299		4,313
Sonic Healthcare Ltd.	974		11,256
SP AusNet unit	2,877		3,000
Stockland Corp. Ltd. unit	5,356		17,688
Suncorp-Metway Ltd.	2,750		24,683
Tabcorp Holdings Ltd.	1,229		3,779
Tattersall's Ltd.	2,425		5,900
Telstra Corp. Ltd.	10,040		32,602
The GPT Group unit	4,297		14,183
Toll Holdings Ltd.	1,226		6,193
Transurban Group unit	2,922		16,030
Wesfarmers Ltd.	2,199		74,616
Wesfarmers Ltd. (price protected shares)	394		13,501
Westfield Group unit	4,699		37,832
Westfield Retail Trust unit	6,519		17,375
Westpac Banking Corp.	6,744		156,518
Woodside Petroleum Ltd.	1,445		55,027
Woolworths Ltd.	2,729		68,226
WorleyParsons Ltd.	477		13,846
TOTAL AUSTRALIA			1,994,614
Austria - 0.2%
Erste Bank AG	502		10,838
IMMOFINANZ Immobilien Anlagen AG	2,728		9,012
OMV AG	399		13,956
Osterreichische Elektrizitatswirtschafts AG	128		3,726
Raiffeisen International Bank-Holding AG	92		2,585
Telekom Austria AG	614		6,993
Vienna Insurance Group AG Wien	73		3,068
Voestalpine AG	282		9,757
TOTAL AUSTRIA			59,935
Common Stocks - continued
	Shares		Value
Bailiwick of Guernsey - 0.0%
Resolution Ltd.	3,460		$ 15,302
Bailiwick of Jersey - 0.5%
Experian PLC	2,134		27,816
Glencore International PLC	2,084		14,680
Petrofac Ltd.	637		14,711
Randgold Resources Ltd.	203		22,206
Shire PLC	1,249		39,208
Wolseley PLC	642		18,564
WPP PLC	2,969		30,738
TOTAL BAILIWICK OF JERSEY			167,923
Belgium - 0.6%
Ageas	5,753		11,624
Anheuser-Busch InBev SA NV	1,765		97,894
Bekaert SA	71		3,175
Belgacom SA	383		11,618
Colruyt NV	142		5,856
Delhaize Group SA	234		15,330
Dexia SA (a)	1,211		955
Groupe Bruxelles Lambert SA	188		14,528
KBC Groupe SA	451		10,130
Mobistar SA	54		3,084
Solvay SA Class A	143		14,658
UCB SA	262		11,566
Umicore SA	214		9,215
TOTAL BELGIUM			209,633
Bermuda - 0.4%
Brilliance China Automotive Holdings Ltd. (a)	4,000		4,288
Cheung Kong Infrastructure Holdings Ltd.	1,000		5,357
China Yurun Food Group Ltd.	3,000		5,207
CNPC (Hong Kong) Ltd.	4,000		5,603
Cosco Pacific Ltd.	4,000		5,566
Credicorp Ltd. (NY Shares)	126		13,706
GOME Electrical Appliances Holdings Ltd.	19,000		5,825
Huabao International Holdings Ltd.	4,000		2,541
Li & Fung Ltd.	12,000		23,126
Noble Group Ltd.	10,000		12,206
NWS Holdings Ltd.	4,000		6,066
Orient Overseas International Ltd.	500		2,257
Seadrill Ltd.	714		23,609
Sihuan Pharmaceutical Holdings Group Ltd.	8,000		3,382
Common Stocks - continued
	Shares		Value
Bermuda - continued
Sinofert Holdings Ltd.	8,000		$ 2,626
Skyworth Digital Holdings Ltd.	4,000		2,114
Yue Yuen Industrial (Holdings) Ltd.	1,500		4,272
TOTAL BERMUDA			127,751
Brazil - 3.4%
AES Tiete SA (PN) (non-vtg.)	200		2,850
All America Latina Logistica SA	800		3,983
Amil Participacoes SA	300		3,035
Anhanguera Educacional Participacoes SA	200		2,941
Banco Bradesco SA (PN)	4,200		75,943
Banco do Brasil SA	1,300		19,608
Banco do Estado do Rio Grande do Sul SA	300		3,162
Banco Santander SA (Brasil) unit	1,600		14,396
BM&F Bovespa SA	4,200		25,070
BR Malls Participacoes SA	800		8,642
Bradespar SA (PN)	500		10,191
Brasil Foods SA	1,400		29,146
Brasil Telecom SA (PN)	500		3,442
Braskem SA (PN-A)	300		2,673
Brookfield Incorporacoes SA	600		2,306
Centrais Eletricas Brasileiras SA (Electrobras)	500		5,005
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)	600		8,270
Cetip SA	400		5,521
Cia.Hering SA	400		8,933
Cielo SA	500		13,248
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)	200		7,629
Companhia de Bebidas das Americas (AmBev) (PN)	1,700		56,776
Companhia de Concessoes Rodoviarias	500		13,758
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	300		8,229
Companhia de Transmissao de Energia Eletrica Paulista (PN)	100		2,865
Companhia Energetica de Minas Gerais (CEMIG) (PN)	900		15,042
Companhia Energetica de Sao Paulo Series A	300		5,110
Companhia Paranaense de Energia-Copel (PN-B)	200		4,001
Companhia Siderurgica Nacional SA (CSN)	1,800		16,677
Cosan SA Industria e Comercio	200		3,121
CPFL Energia SA	400		5,118
Cyrela Brazil Realty SA	600		5,245
Diagnosticos da America SA	400		3,180
Duratex SA	500		2,708
Ecorodovias Infraestrutura e Logistica SA	300		2,271
Common Stocks - continued
	Shares		Value
Brazil - continued
Eletropaulo Metropolitana SA (PN-B)	200		$ 3,587
Embraer SA	1,500		10,351
Energias do Brasil SA	200		4,309
Fertilizantes Fosfatados SA (PN)	200		2,822
Fibria Celulose SA	400		3,562
Gafisa SA	800		2,968
Gerdau SA (PN)	2,000		17,994
Gol Linhas Aereas Inteligentes SA (PN)	400		3,147
HRT Participacoes em Petroleo SA GDR (a)	900		4,469
Hypermarcas SA	500		2,690
Itau Unibanco Banco Multiplo SA	5,100		97,207
Itausa-Investimentos Itau SA (PN)	5,000		31,301
JBS SA (a)	1,400		4,207
Klabin SA (PN) (non-vtg.)	900		3,312
Localiza Rent A Car SA	200		3,022
Lojas Americanas SA (PN)	600		5,276
Lojas Renner SA	300		9,095
Marfrig Alimentos SA	500		2,169
Metalurgica Gerdau SA (PN)	500		5,666
MMX Mineracao e Metalicos SA (a)	600		2,624
MRV Engenharia e Participacoes SA	500		3,523
Multiplan Empreendimentos Imobiliarios SA	100		2,022
Natura Cosmeticos SA	500		9,725
Odontoprev SA	200		3,147
OGX Petroleo e Gas Participacoes SA (a)	2,800		23,154
PDG Realty SA Empreendimentos e Participacoes	2,900		12,784
Petroleo Brasileiro SA - Petrobras:
(ON)	6,700		90,051
(PN) (non-vtg.)	9,300		115,465
Porto Seguro SA	200		2,143
Redecard SA	800		13,440
Rossi Residencial SA	400		2,527
Souza Cruz Industria Comerico	1,000		12,264
Sul America SA unit	300		2,409
Suzano Papel e Celulose SA	500		2,446
TAM SA (PN) (ltd. vtg.)	200		3,994
Tele Norte Leste Participacoes SA	200		2,446
Tele Norte Leste Participacoes SA (PN)	500		5,393
Telefonica Brasil SA	700		20,362
Telemar Norte Leste SA (PN-A)	100		2,734
TIM Participacoes SA	2,100		10,860
Totvs SA	200		3,319
Common Stocks - continued
	Shares		Value
Brazil - continued
Tractebel Energia SA	400		$ 6,406
Ultrapar Participacoes SA	800		14,256
Usinas Siderurgicas de Minas Gerais SA - Usiminas	300		4,306
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	1,300		8,933
Vale SA	2,900		73,817
Vale SA (PN-A)	4,400		104,542
TOTAL BRAZIL			1,176,341
Canada - 7.8%
Agnico-Eagle Mines Ltd. (Canada)	356		15,442
Agrium, Inc.	370		30,503
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	231		6,952
ARC Resources Ltd.	665		16,911
Athabasca Oil Sands Corp. (a)	562		7,290
Bank of Montreal	1,421		83,947
Bank of Nova Scotia	2,411		127,050
Barrick Gold Corp.	2,208		108,999
Baytex Energy Corp.	278		14,694
BCE, Inc.	582		23,067
Bell Aliant, Inc.	134		3,772
Bombardier, Inc. Class B (sub. vtg.)	3,492		14,433
Bonavista Energy Corp.	267		6,873
Brookfield Asset Management, Inc. Class A	1,160		33,560
Brookfield Properties Corp.	689		11,308
CAE, Inc.	468		4,991
Cameco Corp.	898		19,269
Canadian Imperial Bank of Commerce	881		66,372
Canadian National Railway Co.	990		77,543
Canadian Natural Resources Ltd.	2,454		86,555
Canadian Oil Sands Ltd.	1,029		23,845
Canadian Pacific	370		22,868
Canadian Tire Ltd. Class A (non-vtg.)	200		11,954
Canadian Utilities Ltd. Class A (non-vtg.)	215		12,995
Cenovus Energy, Inc.	1,670		57,194
Centerra Gold, Inc.	308		6,105
CGI Group, Inc. Class A (sub. vtg.) (a)	596		12,197
CI Financial Corp.	289		5,798
Crescent Point Energy Corp.	526		22,463
Eldorado Gold Corp.	1,163		21,852
Empire Co. Ltd. Class A (non-vtg.)	52		3,178
Enbridge, Inc.	1,624		56,254
Common Stocks - continued
	Shares		Value
Canada - continued
Encana Corp.	1,651		$ 35,807
Enerplus Corp.	453		12,597
Fairfax Financial Holdings Ltd. (sub. vtg.)	44		18,391
Finning International, Inc.	466		10,892
First Quantum Minerals Ltd.	1,017		21,333
Fortis, Inc.	456		15,416
Franco-Nevada Corp.	319		12,637
George Weston Ltd.	97		6,723
Gildan Activewear, Inc.	215		5,547
Goldcorp, Inc.	1,758		85,532
Great-West Lifeco, Inc.	691		15,382
Husky Energy, Inc.	635		16,301
IAMGOLD Corp.	870		18,703
IGM Financial, Inc.	292		12,607
Imperial Oil Ltd.	631		26,130
Industrial Alliance Life Insurance Co.	155		5,043
Inmet Mining Corp.	98		5,849
Intact Financial Corp.	261		14,563
Ivanhoe Mines Ltd. (a)	684		13,998
Kinross Gold Corp.	2,523		35,965
Loblaw Companies Ltd.	295		11,290
Magna International, Inc. Class A (sub. vtg.)	492		18,770
Manulife Financial Corp.	3,943		52,054
MEG Energy Corp. (a)	309		13,937
Metro, Inc. Class A (sub. vtg.)	258		12,641
National Bank of Canada	343		24,478
New Gold, Inc. (a)	1,086		13,454
Nexen, Inc.	1,127		19,140
Niko Resources Ltd.	86		4,730
Onex Corp. (sub. vtg.)	269		8,919
Open Text Corp. (a)	106		6,488
Osisko Mining Corp. (a)	643		7,753
Pacific Rubiales Energy Corp.	608		14,175
Pan American Silver Corp.	190		5,312
Pengrowth Energy Corp.	612		6,385
Penn West Petroleum Ltd.	1,069		19,099
PetroBakken Energy Ltd. Class A	235		2,141
Potash Corp. of Saskatchewan, Inc.	1,897		89,783
Power Corp. of Canada (sub. vtg.)	787		19,816
Power Financial Corp.	591		15,948
Precision Drilling Corp. (a)	443		5,137
Progress Energy Resources Corp.	345		4,883
Common Stocks - continued
	Shares		Value
Canada - continued
Research In Motion Ltd. (a)	1,117		$ 22,563
RioCan (REIT)	241		6,114
Ritchie Brothers Auctioneers, Inc.	175		3,483
Rogers Communications, Inc. Class B (non-vtg.)	900		32,818
Royal Bank of Canada	3,197		155,929
Saputo, Inc.	344		14,211
Shaw Communications, Inc. Class B	847		17,155
Shoppers Drug Mart Corp.	477		20,049
Silver Wheaton Corp.	732		25,275
SNC-Lavalin Group, Inc.	335		16,833
Sun Life Financial, Inc.	1,272		32,105
Suncor Energy, Inc.	3,500		111,476
Talisman Energy, Inc.	2,294		32,540
Teck Resources Ltd. Class B (sub. vtg.)	1,276		51,150
TELUS Corp.	106		5,703
TELUS Corp. (non-vtg.)	351		17,933
The Toronto-Dominion Bank	1,983		149,652
Thomson Reuters Corp.	814		24,081
Tim Hortons, Inc.	371		18,298
TMX Group, Inc.	136		5,976
Tourmaline Oil Corp. (a)	324		10,771
TransAlta Corp.	534		11,748
TransCanada Corp.	1,566		66,561
Valeant Pharmaceuticals International, Inc. (Canada)	682		26,928
Vermilion Energy, Inc.	228		10,741
Viterra, Inc.	996		10,251
Yamana Gold, Inc.	1,785		26,645
TOTAL CANADA			2,708,972
Cayman Islands - 0.7%
Agile Property Holdings Ltd.	2,000		1,803
Alibaba.com Ltd.	2,500		2,936
Anta Sports Products Ltd.	2,000		1,829
Belle International Holdings Ltd.	10,000		19,612
China Mengniu Dairy Co. Ltd.	3,000		9,559
China Resources Cement Holdings Ltd.	4,000		3,174
China Resources Land Ltd.	4,000		5,855
China Rongsheng Heavy Industry Group Co. Ltd.	7,000		2,426
China Shanshui Cement Group Ltd.	3,000		2,298
China Zhongwang Holdings Ltd.	6,400		2,117
Country Garden Holdings Co. Ltd.	7,000		2,772
Dongyue Group Co. Ltd.	4,000		3,097
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Enn Energy Holdings Ltd.	2,000		$ 7,227
Evergrande Real Estate Group Ltd.	10,000		4,325
Foxconn International Holdings Ltd. (a)	6,000		4,019
GCL-Poly Energy Holdings Ltd.	13,000		4,196
Geely Automobile Holdings Ltd.	10,000		2,557
Hengan International Group Co. Ltd.	1,500		13,003
Hengdeli Holdings Ltd.	4,000		1,793
Intime Department Store Group Co. Ltd.	2,000		2,870
Kingboard Chemical Holdings Ltd.	1,000		3,416
KWG Property Holding Ltd.	5,000		2,157
Li Ning Co. Ltd.	2,000		1,907
Lifestyle International Holdings Ltd.	1,000		2,677
Longfor Properties Co. Ltd.	2,000		2,563
Lonking Holdings Ltd.	7,000		2,752
MStar Semiconductor, Inc.	1,000		5,795
Renhe Commercial Holdings Co. Ltd.	18,000		2,522
Sands China Ltd. (a)	5,200		15,627
Sany Heavy Equipment International Holdings Co. Ltd.	3,000		2,643
Semiconductor Manufacturing International Corp. (a)	53,000		2,907
Shimao Property Holdings Ltd.	2,500		2,441
Shui On Land Ltd.	7,500		2,327
SOHO China Ltd.	3,500		2,495
Tencent Holdings Ltd.	2,200		50,881
Want Want China Holdings Ltd.	15,000		13,907
Wynn Macau Ltd.	4,000		11,208
TOTAL CAYMAN ISLANDS			225,693
Chile - 0.4%
Banco de Credito e Inversiones	57		3,199
Banco Santander Chile	130,647		10,106
CAP SA	224		8,641
Cencosud SA	1,690		10,796
Colbun SA	12,558		3,432
Compania Cervecerias Unidas SA	251		2,843
Compania de Petroleos de Chile SA (COPEC)	1,033		15,834
CorpBanca SA	188,853		2,732
E-CL SA	1,029		2,835
Empresa Nacional de Electricidad SA	7,754		12,423
Empresa Nacional de Telecomunicaciones SA (ENTEL)	189		3,742
Empresas CMPC SA	2,911		12,121
Enersis SA	33,568		13,627
Gener SA	4,705		2,689
Common Stocks - continued
	Shares		Value
Chile - continued
Lan Airlines SA	257		$ 6,633
SACI Falabella	668		6,272
Sociedad Quimica y Minera de Chile SA (PN-B)	238		14,281
Vina Concha y Toro SA	1,386		2,767
TOTAL CHILE			134,973
China - 2.2%
Agricultural Bank China Ltd. (H Shares)	43,000		19,299
Air China Ltd. (H Shares)	4,000		3,108
Aluminum Corp. of China Ltd. (H Shares)	10,000		5,371
Angang Steel Co. Ltd. (H Shares)	6,000		3,661
Anhui Conch Cement Co. Ltd. (H Shares)	2,500		9,091
AviChina Industry & Technology Co. Ltd.	4,000		1,752
Bank Communications Co. Ltd. (H Shares)	18,000		12,371
Bank of China Ltd. (H Shares)	147,000		52,319
BBMG Corp. (H Shares)	2,500		2,177
Beijing Capital International Airport Co. Ltd. (H Shares)	6,000		2,694
BYD Co. Ltd. (H Shares) (a)	1,500		3,614
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	2,200		3,183
China Bluechemical Ltd. (H shares)	4,000		3,135
China CITIC Bank Corp. Ltd. (H Shares)	20,000		10,745
China Coal Energy Co. Ltd. (H Shares)	8,000		9,964
China Communications Construction Co. Ltd. (H Shares)	8,000		6,034
China Communications Services Corp. Ltd. (H Shares)	6,000		2,767
China Construction Bank Corp. (H Shares)	106,000		77,882
China Cosco Holdings Co. Ltd. (H Shares)	5,000		2,608
China Gas Holdings Ltd.	8,000		2,296
China International Marine Containers (Group) Ltd. (B Shares)	2,100		2,528
China Life Insurance Co. Ltd. (H Shares)	16,000		41,366
China Longyuan Power Grid Corp. Ltd. (H Shares)	4,000		3,322
China Merchants Bank Co. Ltd. (H Shares)	8,500		17,163
China Minsheng Banking Corp. Ltd. (H Shares)	11,000		8,961
China Molybdenum Co. Ltd. (H Shares)	5,000		2,458
China National Building Materials Co. Ltd. (H Shares)	6,000		7,685
China Oilfield Services Ltd. (H Shares)	4,000		6,663
China Pacific Insurance Group Co. Ltd. (H Shares)	4,400		13,502
China Petroleum & Chemical Corp. (H Shares)	36,000		34,046
China Railway Construction Corp. Ltd. (H Shares)	5,500		3,278
China Railway Group Ltd. (H Shares)	10,000		3,320
China Shenhua Energy Co. Ltd. (H Shares)	7,500		34,311
China Ship Container Lines Co. Ltd. (H Shares) (a)	12,000		2,277
Common Stocks - continued
	Shares		Value
China - continued
China Shipping Development Co. Ltd. (H Shares)	4,000		$ 2,828
China Southern Airlines Ltd. (H Shares) (a)	4,000		2,232
China Telecom Corp. Ltd. (H Shares)	32,000		19,757
China Vanke Co. Ltd. (B Shares)	2,200		2,467
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)	6,000		2,655
CSG Holding Co. Ltd. (B Shares)	4,100		3,510
CSR Corp. Ltd. (H Shares)	5,000		2,959
Datang International Power Generation Co. Ltd. (H Shares)	14,000		3,590
Dongfang Electric Corp. Ltd. (H Shares)	800		2,459
Dongfeng Motor Group Co. Ltd. (H Shares)	6,000		9,787
Golden Eagle Retail Group Ltd. (H Shares)	1,000		2,513
Great Wall Motor Co. Ltd. (H Shares)	2,000		2,716
Guangzhou Automobile Group Co. Ltd. (H Shares)	4,000		3,991
Guangzhou R F Properties Co. Ltd. (H Shares)	2,400		2,332
Huaneng Power International, Inc. (H Shares)	6,000		2,714
Industrial & Commercial Bank of China Ltd. (H Shares)	134,000		83,678
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)	1,100		6,067
Jiangsu Expressway Co. Ltd. (H Shares)	4,000		3,448
Jiangxi Copper Co. Ltd. (H Shares)	4,000		9,669
Metallurgical Corp. China Ltd. (H Shares)	10,000		2,170
Nine Dragons Paper (Holdings) Ltd.	4,000		2,723
Parkson Retail Group Ltd.	2,500		3,181
PetroChina Co. Ltd. (H Shares)	46,000		59,717
PICC Property & Casualty Co. Ltd. (H Shares)	6,000		8,321
Ping An Insurance Group Co. China Ltd. (H Shares)	4,000		29,666
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	4,000		4,157
Shanghai Electric Group Co. Ltd. (H Shares)	6,000		2,640
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	10,000		3,671
Sinopharm Group Co. Ltd. (H Shares)	2,400		6,533
Tingyi (Cayman Islands) Holding Corp.	4,000		11,377
Tsingtao Brewery Co. Ltd. (H Shares)	2,000		10,170
Weichai Power Co. Ltd. (H Shares)	1,000		5,032
Wumart Stores, Inc. (H Shares)	1,000		2,018
Yanzhou Coal Mining Co. Ltd. (H Shares)	4,000		9,901
Zhaojin Mining Industry Co. Ltd. (H Shares)	1,500		2,678
Zhejiang Expressway Co. Ltd. (H Shares)	4,000		2,631
Zhuzhou CSR Times Electric Co. Ltd. (H Shares)	1,000		2,341
Zijin Mining Group Co. Ltd. (H Shares)	10,000		4,256
ZTE Corp. (H Shares)	1,000		2,839
TOTAL CHINA			760,345
Common Stocks - continued
	Shares		Value
Colombia - 0.2%
Almacenes Exito SA	533		$ 6,855
BanColombia SA	649		10,086
BanColombia SA (PN)	731		11,517
Cementos Argos SA	515		2,964
Corp. Financiera Colombiana SA	146		2,749
Corp. Financiera Colombiana SA (RFD) (a)	3		53
Ecopetrol SA	8,955		19,196
Grupo de Inversiones Surameric	577		10,136
Grupo de Inversiones Surameric rights 11/22/11 (a)	147		22
Interconexion Electrica SA	715		4,560
Inversiones Argos SA	529		5,075
TOTAL COLOMBIA			73,213
Cyprus - 0.0%
Bank of Cyprus Public Co. Ltd.	1,636		2,264
Czech Republic - 0.1%
Ceske Energeticke Zavody A/S	383		16,197
Komercni Banka A/S	28		5,400
Telefonica Czech Republic A/S	206		4,334
TOTAL CZECH REPUBLIC			25,931
Denmark - 0.6%
A.P. Moller - Maersk A/S:
Series A	1		6,483
Series B	3		20,466
Carlsberg A/S Series B	250		17,018
Coloplast A/S Series B	43		6,282
Danske Bank A/S (a)	1,439		19,939
DSV de Sammensluttede Vognmaend A/S	547		11,059
Novo Nordisk A/S Series B	946		100,449
Novozymes A/S Series B	107		16,030
TDC A/S	688		5,685
Tryg A/S	51		2,853
Vestas Wind Systems A/S (a)	379		5,946
William Demant Holding A/S (a)	44		3,511
TOTAL DENMARK			215,721
Egypt - 0.1%
Commercial International Bank Ltd.	962		4,287
EFG-Hermes Holding SAE	1,302		2,803
Egyptian Kuwaiti Holding	2,478		2,528
Orascom Construction Industries SAE	234		9,507
Common Stocks - continued
	Shares		Value
Egypt - continued
Orascom Telecom Holding SAE (a)	4,904		$ 2,720
Telecom Egypt SAE	1,138		2,841
TOTAL EGYPT			24,686
Finland - 0.6%
Elisa Corp. (A Shares)	256		5,410
Fortum Corp.	968		23,617
Kesko Oyj	124		4,421
Kone Oyj (B Shares)	344		19,014
Metso Corp.	328		12,773
Neste Oil Oyj	256		3,112
Nokia Corp.	8,239		55,450
Nokian Tyres PLC	293		10,766
Orion Oyj (B Shares)	175		3,650
Outokumpu Oyj (A Shares)	283		2,397
Pohjola Bank PLC (A Shares)	249		2,883
Rautaruukki Oyj (K Shares)	187		2,000
Sampo OYJ (A Shares)	898		24,818
Sanoma-WSOY Oyj	189		2,545
Stora Enso Oyj (R Shares)	1,580		10,054
UPM-Kymmene Corp.	1,238		14,529
Wartsila Corp.	422		12,889
TOTAL FINLAND			210,328
France - 5.8%
Accor SA	377		12,394
Aeroports de Paris	63		4,970
Air France KLM (Reg.) (a)	289		2,203
Air Liquide SA	617		80,050
Alcatel-Lucent SA (a)	5,524		15,274
Alstom SA	453		16,989
Arkema SA	104		7,115
Atos Origin SA	91		4,410
AXA SA	3,851		62,727
BIC SA	54		4,825
BNP Paribas SA	2,127		96,696
Bouygues SA	522		19,620
Bureau Veritas SA	144		11,204
Cap Gemini SA	363		13,925
Carrefour SA	1,329		35,368
Casino Guichard Perrachon et Compagnie	140		13,159
Christian Dior SA	127		17,980
Common Stocks - continued
	Shares		Value
France - continued
CNP Assurances	277		$ 4,244
Compagnie de St. Gobain	879		40,982
Compagnie Generale de Geophysique SA (a)	272		5,944
Credit Agricole SA	2,274		17,862
Danone	1,287		89,588
Dassault Systemes SA	153		12,910
Edenred	415		11,774
EDF SA	556		16,705
Eiffage SA	74		2,521
Eramet SA	13		2,051
Essilor International SA	460		33,358
Eurazeo SA	55		2,640
Eutelsat Communications	258		10,658
Fonciere Des Regions	52		3,843
France Telecom SA	4,059		72,987
GDF Suez	2,736		77,677
Gecina SA	42		4,161
Groupe Eurotunnel SA	1,348		12,212
ICADE	44		3,959
Iliad SA	35		4,097
Imerys	62		3,556
JC Decaux SA (a)	119		3,189
Klepierre SA	300		9,389
L'Oreal SA	532		58,759
Lafarge SA (Bearer)	449		18,315
Lagardere S.C.A. (Reg.)	217		5,847
Legrand SA	480		17,049
LVMH Moet Hennessy - Louis Vuitton	555		92,360
M6 Metropole Television SA	134		2,303
Michelin CGDE Series B	420		30,620
Natixis SA	1,629		5,221
Neopost SA	62		4,731
Pernod-Ricard SA	440		41,102
Peugeot Citroen SA	418		9,183
PPR SA	161		25,155
Publicis Groupe SA	298		14,449
Renault SA	441		18,581
Safran SA	415		13,594
Sanofi-aventis	2,479		177,371
Schneider Electric SA	1,062		62,683
SCOR SE	445		10,414
Societe Generale Series A	1,410		41,172
Common Stocks - continued
	Shares		Value
France - continued
Sodexo SA	222		$ 16,071
Suez Environnement SA	699		10,975
Technip SA	219		20,827
Television Francaise 1 SA	211		2,852
Thales SA	185		6,548
Total SA	4,744		247,565
Unibail-Rodamco	187		37,395
Vallourec SA	272		16,555
Veolia Environnement	861		12,193
VINCI SA	961		47,478
Vivendi	2,707		60,876
Wendel SA	60		4,481
TOTAL FRANCE			1,997,941
Germany - 5.0%
adidas AG	482		34,126
Allianz AG	1,019		114,522
Axel Springer Verlag	70		2,836
BASF AG	2,044		150,458
Bayer AG	1,844		118,141
Bayerische Motoren Werke AG (BMW)	739		60,401
Beiersdorf AG	246		14,225
Brenntag AG	62		6,264
Celesio AG	171		2,707
Commerzbank AG (a)	7,789		19,219
Continental AG (a)	194		14,549
Daimler AG (Germany)	2,012		103,023
Deutsche Bank AG	2,066		85,438
Deutsche Boerse AG	416		23,028
Deutsche Lufthansa AG	437		5,970
Deutsche Post AG	1,993		30,367
Deutsche Telekom AG	6,255		79,586
E.ON AG	4,021		97,437
Fraport AG Frankfurt Airport Services Worldwide	67		4,242
Fresenius Medical Care AG & Co. KGaA	456		33,222
Fresenius SE	257		25,362
GEA Group AG	441		12,185
Hannover Rueckversicherungs AG	111		5,508
HeidelbergCement AG	338		15,427
Henkel AG & Co. KGaA	312		15,294
Hochtief AG	78		5,698
Infineon Technologies AG	2,434		21,992
Common Stocks - continued
	Shares		Value
Germany - continued
K&S AG	368		$ 23,424
Kabel Deutschland Holding AG (a)	220		12,562
Lanxess AG	212		12,495
Linde AG	370		58,859
MAN SE	156		13,836
Merck KGaA	159		14,875
Metro AG	311		14,500
Munich Re Group	426		57,457
RWE AG	937		40,127
Salzgitter AG	68		3,853
SAP AG	2,051		124,038
Siemens AG	1,830		191,850
Suedzucker AG (Bearer)	123		3,608
Thyssenkrupp AG	837		24,157
TUI AG (a)	414		2,717
United Internet AG	207		4,086
Volkswagen AG	78		12,284
Wacker Chemie AG	29		2,934
TOTAL GERMANY			1,718,889
Greece - 0.1%
Alpha Bank AE (a)	876		1,200
Coca-Cola Hellenic Bottling Co. SA	504		9,939
EFG Eurobank Ergasias SA (a)	1,237		1,164
Greek Organization of Football Prognostics SA	389		4,522
Hellenic Telecommunications Organization SA	460		2,546
National Bank of Greece SA (a)	1,712		4,075
Public Power Corp. of Greece	330		2,836
TOTAL GREECE			26,282
Hong Kong - 2.5%
AIA Group Ltd.	18,600		56,874
ASM Pacific Technology Ltd.	400		4,392
Bank of East Asia Ltd.	3,800		13,903
Beijing Enterprises Holdings Ltd.	1,000		5,534
BOC Hong Kong (Holdings) Ltd.	8,500		20,213
Cathay Pacific Airways Ltd.	2,000		3,630
Cheung Kong Holdings Ltd.	3,000		37,188
China Agri-Industries Holding Ltd.	3,000		2,392
China Everbright Ltd.	2,000		2,965
China Insurance International Holdings Co. Ltd. (a)	1,400		3,036
China Merchant Holdings International Co. Ltd.	2,000		6,171
Common Stocks - continued
	Shares		Value
Hong Kong - continued
China Mobile (Hong Kong) Ltd.	13,500		$ 128,309
China Overseas Land & Investment Ltd.	10,000		18,504
China Resources Enterprise Ltd.	2,000		7,304
China Resources Power Holdings Co. Ltd.	4,000		7,104
China State Construction International Holdings Ltd.	4,000		3,081
China Unicom (Hong Kong) Ltd.	14,000		28,149
Citic Pacific Ltd.	4,000		7,229
CLP Holdings Ltd.	4,000		35,633
CNOOC Ltd.	40,000		75,614
Esprit Holdings Ltd.	2,300		3,327
Fosun International Ltd.	4,000		2,266
Franshion Properties China Ltd.	12,000		2,465
Fushan International Energy Group Ltd.	6,000		2,468
Galaxy Entertainment Group Ltd. (a)	4,000		8,089
Guangdong Investment Ltd.	4,000		2,408
Hang Lung Group Ltd.	2,000		12,155
Hang Lung Properties Ltd.	6,000		21,851
Hang Seng Bank Ltd.	1,600		20,631
Henderson Land Development Co. Ltd.	2,000		10,932
Hong Kong & China Gas Co. Ltd.	10,000		22,546
Hong Kong Exchanges and Clearing Ltd.	2,300		38,989
Hopewell Holdings Ltd.	1,000		2,597
Hutchison Whampoa Ltd.	5,000		45,732
Hysan Development Co. Ltd.	2,000		6,979
Kerry Properties Ltd.	1,500		5,505
Lenovo Group Ltd.	12,000		8,068
Link (REIT)	5,000		17,171
Minmetals Resources Ltd. (a)	4,000		2,054
MTR Corp. Ltd.	3,500		11,298
New World Development Co. Ltd.	7,000		7,374
New World Development Co. Ltd. rights 11/22/11 (a)	2,000		682
PCCW Ltd.	7,000		2,797
Poly (Hong Kong) Investments Ltd.	5,000		2,508
Power Assets Holdings Ltd.	3,000		22,796
Shanghai Industrial Holdings Ltd.	1,000		3,274
Shangri-La Asia Ltd.	4,000		8,034
Sino Land Ltd.	6,000		9,484
Sino-Ocean Land Holdings Ltd.	6,000		2,662
SJM Holdings Ltd.	3,000		5,142
Sun Hung Kai Properties Ltd.	3,000		41,306
Swire Pacific Ltd. (A Shares)	1,500		17,333
Wharf Holdings Ltd.	4,000		21,277
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Wheelock and Co. Ltd.	2,000		$ 5,876
Wing Hang Bank Ltd.	500		4,515
Yuexiu Property Co. Ltd.	16,000		2,469
TOTAL HONG KONG			872,285
Hungary - 0.1%
Magyar Telekom PLC	1,058		2,462
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) (a)	117		9,129
OTP Bank PLC	440		7,068
Richter Gedeon PLC	26		4,200
TOTAL HUNGARY			22,859
Indonesia - 0.6%
PT Astra Agro Lestari Tbk	1,000		2,395
PT Adaro Energy Tbk	26,500		5,977
PT Astra International Tbk	4,500		34,698
PT Bank Central Asia Tbk	26,500		24,032
PT Bank Danamon Indonesia Tbk Series A	9,500		5,294
PT Bank Mandiri (Persero) Tbk	21,500		17,150
PT Bank Negara Indonesia (Persero) Tbk	13,500		6,050
PT Bank Rakyat Indonesia Tbk	24,000		18,044
PT Bumi Resources Tbk	42,000		10,970
PT Charoen Pokphand Indonesia Tbk	13,500		4,020
PT Gudang Garam Tbk	1,500		9,846
PT Indo Tambangraya Megah Tbk	1,000		4,989
PT Indocement Tunggal Prakarsa Tbk	2,500		4,567
PT Indofood Sukses Makmur Tbk	8,000		4,697
PT Indosat Tbk	4,500		2,695
PT International Nickel Indonesia Tbk	6,500		2,650
PT Kalbe Farma Tbk	8,500		3,309
PT Perusahaan Gas Negara Tbk Series B	30,000		9,896
PT Semen Gresik (Persero) Tbk	5,500		5,852
PT Tambang Batubbara Bukit Asam Tbk	1,500		3,076
PT Telkomunikasi Indonesia Tbk Series B	22,500		18,765
PT Unilever Indonesia Tbk	3,000		5,274
PT United Tractors Tbk	4,000		11,002
PT XL Axiata Tbk	5,000		2,796
TOTAL INDONESIA			218,044
Ireland - 0.2%
CRH PLC	1,693		30,565
Elan Corp. PLC (a)	1,228		14,565
James Hardie Industries NV CDI (a)	804		5,208
Common Stocks - continued
	Shares		Value
Ireland - continued
Kerry Group PLC Class A	350		$ 13,068
Ryanair Holdings PLC sponsored ADR	120		3,452
TOTAL IRELAND			66,858
Isle of Man - 0.1%
Genting Singapore PLC (a)	13,000		17,757
Israel - 0.4%
Bank Hapoalim BM (Reg.)	2,640		10,334
Bank Leumi le-Israel BM	2,944		10,314
Bezeq Israeli Telecommunication Corp. Ltd.	4,492		9,579
Cellcom Israel Ltd. (Israel)	127		2,817
Delek Group Ltd.	16		3,178
Elbit Systems Ltd. (Israel)	70		3,119
Israel Chemicals Ltd.	1,067		12,839
Israel Corp. Ltd. (Class A)	4		2,946
Israel Discount Bank Ltd. (Class A) (a)	1,650		2,753
Mizrahi Tefahot Bank Ltd.	297		2,581
Nice Systems Ltd. (a)	97		3,455
Partner Communications Co. Ltd.	257		3,052
Teva Pharmaceutical Industries Ltd.	195		7,950
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,865		76,185
TOTAL ISRAEL			151,102
Italy - 1.5%
A2A SpA	2,053		2,813
Assicurazioni Generali SpA	2,584		46,595
Atlantia SpA	774		11,836
Autogrill SpA	229		2,656
Banca Carige SpA	1,275		2,506
Banca Monte dei Paschi di Siena SpA	7,845		3,673
Banco Popolare Societa Cooperativa	3,228		4,825
Enel Green Power SpA	4,685		10,776
Enel SpA	14,577		68,790
ENI SpA	5,379		118,914
EXOR SpA	119		2,618
Fiat Industrial SpA (a)	1,827		15,941
Fiat SpA	1,898		11,662
Finmeccanica SpA	740		5,086
Intesa Sanpaolo SpA	22,402		40,024
Intesa Sanpaolo SpA (Risparmio Shares)	2,083		3,030
Luxottica Group SpA	219		6,455
Mediaset SpA	1,274		4,722
Common Stocks - continued
	Shares		Value
Italy - continued
Mediobanca SpA	1,331		$ 10,610
Parmalat SpA	1,203		2,679
Pirelli & C SpA	432		3,826
Prysmian SpA	373		5,652
Saipem SpA	571		25,603
Snam Rete Gas SpA	3,633		17,708
Telecom Italia SpA	20,616		25,656
Terna SpA	3,037		11,625
UniCredit SpA	30,219		35,463
Unione di Banche Italiane SCPA	2,225		8,499
TOTAL ITALY			510,243
Japan - 13.4%
ABC-Mart, Inc.	100		3,917
Advantest Corp.	300		3,492
Aeon Co. Ltd.	1,300		17,005
Aeon Credit Service Co. Ltd.	200		2,983
Aeon Mall Co. Ltd.	100		2,319
Aisin Seiki Co. Ltd.	400		12,652
Ajinomoto Co., Inc.	2,000		22,392
Alfresa Holdings Corp.	100		3,747
All Nippon Airways Ltd.	2,000		6,023
Amada Co. Ltd.	1,000		6,635
Aozora Bank Ltd.	1,000		2,528
Asahi Glass Co. Ltd.	2,000		17,516
Asahi Group Holdings	800		16,379
Asahi Kasei Corp.	3,000		17,793
Asics Corp.	400		5,304
Astellas Pharma, Inc.	1,000		36,578
Bank of Kyoto Ltd.	1,000		8,496
Bank of Yokohama Ltd.	3,000		13,737
Benesse Corp.	200		8,691
Bridgestone Corp.	1,400		32,830
Brother Industries Ltd.	400		5,221
Canon, Inc.	2,500		113,509
Casio Computer Co. Ltd.	400		2,451
Central Japan Railway Co.	3		25,524
Chiba Bank Ltd.	2,000		12,238
Chubu Electric Power Co., Inc.	1,500		27,447
Chugai Pharmaceutical Co. Ltd.	400		6,266
Chugokun Electric Power Co.	600		8,929
Citizen Holdings Co. Ltd.	600		3,183
Common Stocks - continued
	Shares		Value
Japan - continued
Coca-Cola West Co. Ltd.	200		$ 3,572
Cosmo Oil Co. Ltd.	2,000		5,004
Credit Saison Co. Ltd.	300		5,855
Dai Nippon Printing Co. Ltd.	1,000		10,476
Dai-ichi Mutual Life Insurance Co.	20		22,779
Daicel Chemical Industries Ltd.	1,000		5,677
Daido Steel Co. Ltd.	1,000		6,061
Daihatsu Motor Co. Ltd.	1,000		17,600
Daiichi Sankyo Kabushiki Kaisha	1,500		29,141
Daikin Industries Ltd.	500		14,799
Dainippon Sumitomo Pharma Co. Ltd.	300		3,288
Daito Trust Construction Co. Ltd.	100		8,861
Daiwa House Industry Co. Ltd.	1,000		12,532
Daiwa Securities Group, Inc.	4,000		13,998
DeNA Co. Ltd.	200		8,633
Denki Kagaku Kogyo KK	1,000		3,804
Denso Corp.	1,100		33,833
Dentsu, Inc.	400		12,046
East Japan Railway Co.	800		48,509
Eisai Co. Ltd.	600		23,800
Electric Power Development Co. Ltd.	200		4,979
Elpida Memory, Inc. (a)	500		3,108
FamilyMart Co. Ltd.	100		3,932
Fanuc Corp.	400		64,684
Fast Retailing Co. Ltd.	100		17,966
Fuji Electric Co. Ltd.	1,000		2,918
Fuji Heavy Industries Ltd.	2,000		12,678
Fujifilm Holdings Corp.	1,000		24,477
Fujitsu Ltd.	4,000		21,393
Fukuoka Financial Group, Inc.	2,000		7,745
Furukawa Electric Co. Ltd.	1,000		2,794
GREE, Inc.	200		6,455
GS Yuasa Corp.	1,000		5,239
Gunma Bank Ltd.	1,000		5,119
Hakuhodo DY Holdings, Inc.	50		2,717
Hamamatsu Photonics KK	200		7,610
Hino Motors Ltd.	1,000		5,874
Hirose Electric Co. Ltd.	100		9,584
Hiroshima Bank Ltd.	1,000		4,449
Hisamitsu Pharmaceutical Co., Inc.	100		4,024
Hitachi Chemical Co. Ltd.	200		3,554
Hitachi Construction Machinery Co. Ltd.	200		3,848
Common Stocks - continued
	Shares		Value
Japan - continued
Hitachi High-Technologies Corp.	200		$ 4,180
Hitachi Ltd.	10,000		53,590
Hitachi Metals Ltd.	1,000		11,343
Hokkaido Electric Power Co., Inc.	300		3,763
Hokuhoku Financial Group, Inc.	2,000		3,738
Hokuriku Electric Power Co., Inc.	400		6,374
Honda Motor Co. Ltd.	3,600		107,667
Hoya Corp.	1,000		21,850
Ibiden Co. Ltd.	300		6,626
INPEX Corp.	5		33,015
Isetan Mitsukoshi Holdings Ltd.	700		7,131
Ishikawajima-Harima Heavy Industries Co. Ltd.	3,000		6,835
Isuzu Motors Ltd.	3,000		12,718
Itochu Corp.	3,400		33,632
ITOCHU Techno-Solutions Corp.	100		4,330
Iyo Bank Ltd.	1,000		9,383
J Front Retailing Co. Ltd.	1,000		4,379
Japan Petroleum Exploration Co. Ltd.	100		3,950
Japan Prime Realty Investment Corp.	1		2,395
Japan Real Estate Investment Corp.	1		8,531
Japan Retail Fund Investment Corp.	5		7,741
Japan Steel Works Ltd.	1,000		6,854
Japan Tobacco, Inc.	10		49,988
JFE Holdings, Inc.	1,100		20,939
Joyo Bank Ltd.	2,000		8,381
JS Group Corp.	600		12,583
JSR Corp.	500		9,546
JTEKT Corp.	400		4,375
Jupiter Telecommunications Co.	3		2,928
JX Holdings, Inc.	5,300		30,876
Kajima Corp.	2,000		6,421
Kamigumi Co. Ltd.	1,000		8,733
Kaneka Corp.	1,000		5,364
Kansai Electric Power Co., Inc.	1,700		25,081
Kansai Paint Co. Ltd.	1,000		9,388
Kao Corp.	1,200		31,485
Kawasaki Heavy Industries Ltd.	3,000		7,650
Kawasaki Kisen Kaisha Ltd.	2,000		4,080
KDDI Corp.	6		43,958
Keihin Electric Express Railway Co. Ltd.	1,000		8,983
Keio Corp.	1,000		6,857
Keyence Corp.	100		25,424
Common Stocks - continued
	Shares		Value
Japan - continued
Kintetsu Corp.	4,000		$ 14,034
Kirin Holdings Co. Ltd.	2,000		24,472
Kobe Steel Ltd.	6,000		10,036
Komatsu Ltd.	2,100		51,929
Konami Corp.	200		6,518
Konica Minolta Holdings, Inc.	1,000		7,275
Kubota Corp.	3,000		24,712
Kuraray Co. Ltd.	800		11,200
Kurita Water Industries Ltd.	200		5,508
Kyocera Corp.	400		35,167
Kyowa Hakko Kirin Co., Ltd.	1,000		11,271
Kyushu Electric Power Co., Inc.	800		10,592
Lawson, Inc.	200		11,255
Mabuchi Motor Co. Ltd.	100		4,383
Makita Corp.	300		11,202
Marubeni Corp.	4,000		23,285
Marui Group Co. Ltd.	400		3,110
Maruichi Steel Tube Ltd.	100		2,240
Mazda Motor Corp. (a)	3,000		6,307
McDonald's Holdings Co. (Japan) Ltd.	100		2,629
Medipal Holdings Corp.	300		2,799
Meiji Holdings Co. Ltd.	200		8,770
Minebea Ltd.	1,000		3,564
Miraca Holdings, Inc.	100		3,814
Mitsubishi Chemical Holdings Corp.	3,000		18,188
Mitsubishi Corp.	3,100		63,766
Mitsubishi Electric Corp.	4,000		37,018
Mitsubishi Estate Co. Ltd.	3,000		50,818
Mitsubishi Gas Chemical Co., Inc.	1,000		6,528
Mitsubishi Heavy Industries Ltd.	7,000		28,525
Mitsubishi Materials Corp.	3,000		7,975
Mitsubishi Motors Corp. of Japan (a)	9,000		11,890
Mitsubishi Tanabe Pharma Corp.	600		10,380
Mitsubishi UFJ Financial Group, Inc.	28,500		123,875
Mitsubishi UFJ Lease & Finance Co. Ltd.	110		4,263
Mitsui & Co. Ltd.	3,800		55,466
Mitsui Chemicals, Inc.	2,000		6,560
Mitsui Engineering & Shipbuilding Co.	2,000		3,177
Mitsui Fudosan Co. Ltd.	2,000		33,265
Mitsui OSK Lines Ltd.	3,000		11,561
Mizuho Financial Group, Inc.	51,000		71,393
MS&AD Insurance Group Holdings, Inc.	1,300		25,466
Common Stocks - continued
	Shares		Value
Japan - continued
Murata Manufacturing Co. Ltd.	500		$ 27,933
Nabtesco Corp.	200		4,381
Namco Bandai Holdings, Inc.	400		5,801
NEC Corp. (a)	6,000		13,353
NGK Insulators Ltd.	1,000		11,529
Nidec Corp.	300		24,656
Nikon Corp.	700		15,676
Nintendo Co. Ltd.	200		30,178
Nippon Building Fund, Inc.	1		9,658
Nippon Electric Glass Co. Ltd.	1,000		8,972
Nippon Express Co. Ltd.	2,000		7,733
Nippon Paper Group, Inc.	200		4,584
Nippon Sheet Glass Co. Ltd.	2,000		4,313
Nippon Steel Corp.	11,000		28,683
Nippon Telegraph & Telephone Corp.	1,100		56,433
Nippon Yusen KK	3,000		7,567
Nishi-Nippon City Bank Ltd.	1,000		2,727
Nissan Motor Co. Ltd.	5,500		50,578
Nisshin Seifun Group, Inc.	500		6,146
Nisshin Steel Co. Ltd.	1,000		1,583
Nissin Food Holdings Co. Ltd.	100		3,852
Nitori Holdings Co. Ltd.	100		9,565
Nitto Denko Corp.	400		16,805
NKSJ Holdings, Inc.	750		15,002
NOK Corp.	200		3,385
Nomura Holdings, Inc.	8,200		31,247
Nomura Real Estate Holdings, Inc.	200		3,225
Nomura Real Estate Office Fund, Inc.	1		5,337
Nomura Research Institute Ltd.	200		4,499
NSK Ltd.	1,000		7,558
NTN Corp.	1,000		4,418
NTT Data Corp.	3		10,059
NTT DoCoMo, Inc.	34		60,393
NTT Urban Development Co.	4		2,754
Obayashi Corp.	2,000		9,183
Odakyu Electric Railway Co. Ltd.	1,000		9,371
Oji Paper Co. Ltd.	2,000		9,894
Olympus Corp.	400		6,096
Omron Corp.	400		8,622
Ono Pharmaceutical Co. Ltd.	200		10,468
Oracle Corp. Japan	100		3,451
Oriental Land Co. Ltd.	100		9,939
Common Stocks - continued
	Shares		Value
Japan - continued
ORIX Corp.	240		$ 20,949
Osaka Gas Co. Ltd.	4,000		15,138
Otsuka Holdings Co. Ltd.	500		12,832
Panasonic Corp.	4,800		48,530
Rakuten, Inc.	17		18,638
Resona Holdings, Inc.	4,200		18,829
Ricoh Co. Ltd.	2,000		16,394
Rinnai Corp.	100		7,472
ROHM Co. Ltd.	200		10,192
Sankyo Co. Ltd. (Gunma)	100		5,226
Santen Pharmaceutical Co. Ltd.	200		7,464
SBI Holdings, Inc. Japan	40		3,331
Secom Co. Ltd.	500		23,650
Sega Sammy Holdings, Inc.	500		10,872
Seiko Epson Corp.	400		5,258
Sekisui Chemical Co. Ltd.	1,000		7,848
Sekisui House Ltd.	1,000		8,953
Seven & i Holdings Co., Ltd.	1,700		45,372
Seven Bank Ltd.	1		1,780
Sharp Corp.	2,000		18,438
Shikoku Electric Power Co., Inc.	400		10,226
Shimamura Co. Ltd.	100		10,002
SHIMANO, Inc.	200		9,887
SHIMIZU Corp.	1,000		4,304
Shin-Etsu Chemical Co., Ltd.	900		46,225
Shinsei Bank Ltd.	3,000		3,298
Shionogi & Co. Ltd.	600		8,169
Shiseido Co. Ltd.	900		16,475
Shizuoka Bank Ltd.	1,000		9,703
Showa Denko KK	3,000		5,444
Showa Shell Sekiyu KK	400		2,896
SMC Corp.	100		15,556
SOFTBANK CORP.	1,900		61,674
Sojitz Corp.	2,200		3,734
Sony Corp.	2,200		45,905
Sony Financial Holdings, Inc.	300		4,991
Square Enix Holdings Co. Ltd.	100		1,901
Stanley Electric Co. Ltd.	300		4,390
Sumco Corp. (a)	200		2,023
Sumitomo Chemical Co. Ltd.	4,000		14,766
Sumitomo Corp.	2,600		32,195
Sumitomo Electric Industries Ltd.	1,700		18,851
Common Stocks - continued
	Shares		Value
Japan - continued
Sumitomo Heavy Industries Ltd.	1,000		$ 5,679
Sumitomo Metal Industries Ltd.	7,000		13,166
Sumitomo Metal Mining Co. Ltd.	1,000		13,767
Sumitomo Mitsui Financial Group, Inc.	3,000		83,865
Sumitomo Mitsui Trust Holdings, Inc.	7,000		23,958
Sumitomo Realty & Development Co. Ltd.	1,000		20,730
Sumitomo Rubber Industries Ltd.	300		3,748
Suzuken Co. Ltd.	100		2,393
Suzuki Motor Corp.	700		14,848
Sysmex Corp.	200		6,575
T&D Holdings, Inc.	1,500		14,872
Taisei Corp.	2,000		5,345
Takashimaya Co. Ltd.	1,000		7,100
Takeda Pharmaceutical Co. Ltd.	1,800		81,157
TDK Corp.	300		12,235
Teijin Ltd.	2,000		6,982
Terumo Corp.	400		20,327
The Hachijuni Bank Ltd.	1,000		5,560
THK Co. Ltd.	200		3,898
Tobu Railway Co. Ltd.	2,000		9,546
Toho Co. Ltd.	200		3,441
Toho Gas Co. Ltd.	1,000		5,662
Tohoku Electric Power Co., Inc.	1,000		11,051
Tokio Marine Holdings, Inc.	1,600		38,156
Tokyo Electric Power Co.	3,000		11,006
Tokyo Electron Ltd.	400		21,276
Tokyo Gas Co. Ltd.	6,000		25,841
Tokyu Corp.	3,000		14,482
Tokyu Land Corp.	1,000		4,210
TonenGeneral Sekiyu KK	1,000		11,286
Toppan Printing Co. Ltd.	1,000		7,776
Toray Industries, Inc.	3,000		21,355
Toshiba Corp.	9,000		39,258
Tosoh Corp.	1,000		3,251
Toto Ltd.	1,000		8,316
Toyo Seikan Kaisha Ltd.	300		4,565
Toyoda Gosei Co. Ltd.	200		3,529
Toyota Boshoku Corp.	200		2,423
Toyota Industries Corp.	400		11,248
Toyota Motor Corp.	6,100		202,551
Toyota Tsusho Corp.	400		6,313
Trend Micro, Inc.	200		7,153
Common Stocks - continued
	Shares		Value
Japan - continued
Tsumura & Co.	100		$ 2,813
Ube Industries Ltd.	2,000		5,864
Unicharm Corp.	300		13,437
Ushio, Inc.	200		2,957
USS Co. Ltd.	40		3,307
West Japan Railway Co.	400		16,952
Yahoo! Japan Corp.	37		11,884
Yakult Honsha Co. Ltd.	200		5,621
Yamada Denki Co. Ltd.	200		14,385
Yamaha Corp.	300		3,037
Yamaha Motor Co. Ltd. (a)	700		10,028
Yamato Holdings Co. Ltd.	900		14,922
Yamato Kogyo Co. Ltd.	100		2,530
Yokogawa Electric Corp. (a)	400		3,741
TOTAL JAPAN			4,649,217
Korea (South) - 3.2%
Amorepacific Corp.	6		6,766
BS Financial Group, Inc. (a)	330		3,618
Celltrion, Inc.	128		4,269
Cheil Industries, Inc.	123		10,825
CJ CheilJedang Corp.	14		3,849
Daelim Industrial Co.	51		4,402
Daewoo Engineering & Construction Co. Ltd. (a)	270		2,467
Daewoo International Corp.	90		2,617
Daewoo Securities Co. Ltd.	570		5,469
Daewoo Securities Co. Ltd. rights 11/1/11 (a)	112		269
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	170		4,165
DGB Financial Group Co. Ltd. (a)	230		2,853
Dongbu Insurance Co. Ltd.	70		2,936
Dongkuk Steel Mill Co. Ltd.	100		2,307
Doosan Co. Ltd.	23		2,897
Doosan Heavy Industries & Construction Co. Ltd.	75		3,972
Doosan Infracore Co. Ltd. (a)	180		3,067
E-Mart Co. Ltd. (a)	50		12,870
GS Engineering & Construction Corp.	65		5,632
GS Holdings Corp.	94		5,394
Hana Financial Group, Inc.	510		18,151
Hanjin Heavy Industries & Consolidated Co. Ltd.	150		2,645
Hanjin Shipping Co. Ltd.	170		1,666
Hanjin Shipping Co. Ltd. rights 11/4/11 (a)	71		230
Hankook Tire Co. Ltd.	140		5,567
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Hanwha Chemical Corp.	160		$ 4,150
Hanwha Corp.	80		2,797
Honam Petrochemical Corp.	27		7,338
Hynix Semiconductor, Inc.	1,100		22,178
Hyosung Corp.	41		2,356
Hyundai Department Store Co. Ltd.	27		3,857
Hyundai Engineering & Construction Co. Ltd.	176		11,157
Hyundai Glovis Co. Ltd.	20		3,732
Hyundai Heavy Industries Co. Ltd.	101		26,883
Hyundai Hysco Co. Ltd.	60		2,314
Hyundai Industrial Development & Construction Co.	120		2,469
Hyundai Merchant Marine Co. Ltd.	110		2,830
Hyundai Mipo Dockyard Co. Ltd.	22		2,382
Hyundai Mobis	148		42,198
Hyundai Motor Co.	336		67,414
Hyundai Securities Co. Ltd.	270		2,315
Hyundai Steel Co.	141		12,747
Hyundai Wia Corp.	21		2,702
Industrial Bank of Korea	290		3,793
Kangwon Land, Inc.	170		4,515
KB Financial Group, Inc.	840		32,422
KCC Corp.	10		2,415
Kia Motors Corp.	543		34,683
Korea Electric Power Corp. (a)	630		14,055
Korea Exchange Bank	450		3,319
Korea Gas Corp.	90		3,028
Korea Investment Holdings Co. Ltd.	80		2,647
Korea Kumho Petrochemical Co.	19		3,208
Korea Life Insurance Co. Ltd.	480		2,672
Korea Zinc Co. Ltd.	16		4,672
Korean Air Lines Co. Ltd.	65		2,875
KP Chemical Corp.	150		2,108
KT Corp.	110		3,673
KT&G Corp.	245		15,269
LG Chemical Ltd.	104		33,434
LG Corp.	231		13,468
LG Display Co. Ltd.	430		8,699
LG Electronics, Inc.	223		14,708
LG Household & Health Care Ltd.	24		10,799
LG Innotek Co. Ltd.	46		3,023
LG Telecom Ltd.	610		3,619
Lotte Confectionery Co. Ltd.	2		3,116
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Lotte Shopping Co. Ltd.	28		$ 10,012
LS Cable Ltd.	33		2,340
LS Industrial Systems Ltd.	49		2,398
Mando Corp.	23		3,925
Mirae Asset Securities Co. Ltd.	80		2,537
NCsoft Corp.	38		11,902
NHN Corp. (a)	90		18,706
OCI Co. Ltd.	29		5,930
POSCO	140		48,327
S-Oil Corp.	118		12,200
S1 Corp.	56		2,904
Samsung C&T Corp.	274		16,878
Samsung Card Co. Ltd.	70		2,613
Samsung Electro-Mechanics Co. Ltd.	151		11,395
Samsung Electronics Co. Ltd.	245		210,124
Samsung Engineering Co. Ltd.	71		14,448
Samsung Fire & Marine Insurance Co. Ltd.	78		16,524
Samsung Heavy Industries Ltd.	430		13,070
Samsung Life Insurance Co. Ltd.	133		10,276
Samsung SDI Co. Ltd.	90		10,801
Samsung Securities Co. Ltd.	155		7,979
Samsung Securities Co. Ltd. rights 11/24/11 (a)	18		188
Samsung Techwin Co. Ltd.	66		3,515
Seoul Semiconductor Co. Ltd.	111		2,260
Shinhan Financial Group Co. Ltd.	960		38,101
Shinsegae Co. Ltd.	13		3,257
SK C&C Co. Ltd.	27		3,653
SK Energy Co. Ltd.	135		20,239
SK Holdings Co. Ltd.	72		9,549
SK Networks Co. Ltd.	260		2,596
SK Telecom Co. Ltd.	36		4,776
STX Pan Ocean Co. Ltd. (Korea)	370		2,422
Woongjin Coway Co. Ltd.	100		3,432
Woori Finance Holdings Co. Ltd.	1,020		9,721
Woori Investment & Securities Co. Ltd.	200		2,182
Woori Investment & Securities Co. Ltd. rights 11/23/11 (a)	71		153
Yuhan Corp.	25		2,735
TOTAL KOREA (SOUTH)			1,111,010
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	1,919		39,792
Kernel Holding SA (a)	125		2,692
Common Stocks - continued
	Shares		Value
Luxembourg - continued
Millicom International Cellular SA (depositary receipt)	172		$ 18,956
SES SA FDR (France) unit	723		18,510
Subsea 7 SA (a)	666		14,486
Tenaris SA	1,110		17,742
TOTAL LUXEMBOURG			112,178
Malaysia - 0.8%
AirAsia Bhd	2,600		3,267
AMMB Holdings Bhd	4,600		8,918
Axiata Group Bhd	6,700		10,590
Berjaya Group Bhd	8,500		2,854
Berjaya Sports Toto Bhd	2,000		2,775
British American Tobacco (Malaysia) Bhd	200		3,011
Bumiputra-Commerce Holdings Bhd	10,400		25,528
Bursa Malaysia Bhd	1,300		2,863
DiGi.com Bhd	600		6,178
Gamuda Bhd	2,900		3,189
Genting Bhd	4,800		16,718
Genting Malaysia Bhd	8,100		10,076
Hong Leong Bank Bhd	1,100		3,784
Hong Leong Credit Bhd	700		2,709
IJM Corp. Bhd	2,000		3,694
IOI Corp. Bhd	5,800		9,854
Kuala Lumpur Kepong Bhd	900		6,141
Lafarge Malayan Cement Bhd	1,300		2,991
Malayan Banking Bhd	7,500		20,362
Malaysia Airports Holdings Bhd	1,400		2,875
Malaysia Marine and Heavy Engineering Sdn Bhd	1,300		2,650
Malaysian Plantations Bhd	2,500		2,861
Maxis Bhd	5,900		10,260
MISC Bhd	2,000		4,535
MMC Corp. Bhd	3,200		2,798
Parkson Holdings Bhd	1,600		2,905
Petronas Chemicals Group Bhd	6,200		12,934
Petronas Dagangan Bhd	500		2,645
Petronas Gas Bhd	1,300		5,531
PLUS Expressways Bhd	2,500		3,598
PPB Group Bhd	800		4,431
Public Bank Bhd (For. Reg.)	2,000		8,262
RHB Capital Bhd	1,000		2,501
Sime Darby Bhd	6,200		17,885
SP Setia Bhd	2,200		2,745
Common Stocks - continued
	Shares		Value
Malaysia - continued
Telekom Malaysia Bhd	2,000		$ 2,754
Tenaga Nasional Bhd	6,800		13,190
UEM Land Holdings Bhd (a)	4,000		2,844
UMW Holdings Bhd	1,200		2,586
YTL Corp. Bhd	6,600		3,181
YTL Power International Bhd	4,500		2,785
TOTAL MALAYSIA			262,258
Mauritius - 0.0%
Golden Agri-Resources Ltd.	19,000		9,723
Mexico - 1.0%
Alfa SA de CV Series A	700		8,161
America Movil SAB de CV Series L	90,600		115,697
Cemex SA de CV unit	28,000		12,192
Coca-Cola FEMSA SAB de CV Series L	500		4,512
Compartamos SAB de CV	1,900		2,937
Embotelladoras Arca SAB de CC	600		2,847
Fomento Economico Mexicano SAB de CV unit	4,600		30,874
Grupo Aeroportuario del Pacifico SA de CV Series B	800		2,799
Grupo Bimbo Sab de CV Series A	3,100		6,379
Grupo Carso SA de CV Series A1	1,100		2,842
Grupo Elektra SA de CV	180		13,832
Grupo Financiero Banorte SAB de CV Series O	4,000		13,667
Grupo Financiero Inbursa SAB de CV Series O	3,800		8,128
Grupo Mexico SA de CV Series B	9,300		25,840
Grupo Modelo SAB de CV Series C	1,200		7,612
Grupo Televisa SA de CV	5,300		22,668
Industrias Penoles SA de CV	340		13,682
Kimberly-Clark de Mexico SA de CV Series A	1,000		5,692
Mexichem SAB de CV	1,400		4,820
Minera Frisco SAB de CV (a)	1,200		4,700
Telefonos de Mexico SA de CV Series L	14,200		11,140
Urbi, Desarrollos Urbanos, SA de CV (a)	1,500		1,907
Wal-Mart de Mexico SA de CV Series V	14,200		36,683
TOTAL MEXICO			359,611
Morocco - 0.0%
Attijariwafa Bank	59		2,681
Douja Promotion Groupe Addoha SA	251		2,364
Maroc Telecom SA	494		8,680
TOTAL MOROCCO			13,725
Common Stocks - continued
	Shares		Value
Netherlands - 1.7%
AEGON NV (a)	3,903		$ 18,616
Akzo Nobel NV	500		26,443
ASML Holding NV (Netherlands)	982		41,200
Corio NV	114		5,822
Delta Lloyd NV	188		3,326
European Aeronautic Defence and Space Co. EADS NV	977		28,894
Fugro NV (Certificaten Van Aandelen) unit	130		7,687
Heineken Holding NV (A Shares)	293		12,584
Heineken NV (Bearer)	575		27,939
ING Groep NV (Certificaten Van Aandelen) (a)	8,498		73,272
Koninklijke Ahold NV	2,685		34,427
Koninklijke Boskalis Westminster NV	130		4,570
Koninklijke KPN NV	3,387		44,510
Koninklijke Philips Electronics NV	2,203		45,866
PostNL NV	604		3,077
QIAGEN NV (a)	436		6,076
Randstad Holdings NV	310		11,058
Reed Elsevier NV	1,546		19,067
Royal DSM NV	353		18,183
SBM Offshore NV	320		7,086
STMicroelectronics NV	1,646		11,408
TNT Express NV	654		5,587
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	3,656		126,237
Vopak NV	130		6,729
Wolters Kluwer NV (Certificaten Van Aandelen)	732		12,972
TOTAL NETHERLANDS			602,636
New Zealand - 0.1%
Auckland International Airport Ltd.	1,729		3,285
Contact Energy Ltd.	674		3,052
Fletcher Building Ltd.	1,906		10,248
Sky City Entertainment Group Ltd.	1,087		3,111
Telecom Corp. of New Zealand Ltd.	3,608		7,364
TOTAL NEW ZEALAND			27,060
Norway - 0.5%
Aker Solutions ASA	306		3,559
DnB NOR ASA	2,080		24,265
Gjensidige Forsikring ASA	360		3,957
Norsk Hydro ASA	2,355		12,296
Orkla ASA (A Shares)	1,772		15,436
Renewable Energy Corp. ASA (a)	1,528		1,485
Common Stocks - continued
	Shares		Value
Norway - continued
StatoilHydro ASA	2,467		$ 62,615
Telenor ASA	1,755		31,333
Yara International ASA	424		20,196
TOTAL NORWAY			175,142
Peru - 0.0%
Compania de Minas Buenaventura SA sponsored ADR	415		16,986
Philippines - 0.1%
Aboitiz Equity Ventures, Inc.	3,300		3,170
Aboitiz Power Corp.	4,000		2,782
Alliance Global Group, Inc.	11,700		2,909
Ayala Land, Inc.	8,800		3,335
Banco de Oro Universal Bank	2,050		2,707
Bank of the Philippine Islands (BPI)	2,230		3,060
Globe Telecom, Inc.	130		2,772
Jollibee Food Corp.	1,390		2,954
Manila Electric Co.	490		2,781
Metropolitan Bank & Trust Co.	1,650		2,765
Philippine Long Distance Telephone Co.	60		3,347
PNOC Energy Development Corp.	19,300		2,761
SM Investments Corp.	550		7,185
SM Prime Holdings, Inc.	10,300		3,141
Yala Corp.	400		2,875
TOTAL PHILIPPINES			48,544
Poland - 0.3%
Asseco Poland SA	193		3,013
Bank Handlowy w Warszawie SA	132		3,113
Bank Polska Kasa Opieki SA	295		13,728
BRE Bank SA (a)	30		2,590
Cyfrowy Polsat SA	548		2,548
Getin Holding SA (a)	839		2,261
Globe Trade Centre SA (a)	832		2,982
Jastrzebska Spolka Weglowa SA (a)	100		2,927
KGHM Polska Miedz SA (Bearer)	317		15,399
Polish Oil & Gas Co.	3,361		4,195
Polska Grupa Energetyczna SA	1,244		7,666
Polski Koncern Naftowy Orlen SA (a)	605		7,504
Powszechna Kasa Oszczednosci Bank SA	1,468		16,755
Powszechny Zaklad Ubezpieczen SA	138		14,644
Synthos SA	1,583		2,110
Tauron Polska Energia SA	1,971		3,433
Common Stocks - continued
	Shares		Value
Poland - continued
Telekomunikacja Polska SA	1,374		$ 7,301
TVN SA	563		2,253
TOTAL POLAND			114,422
Portugal - 0.2%
Banco Comercial Portugues SA (Reg.) (a)	7,824		1,678
Banco Espirito Santo SA (Reg.)	924		2,008
Cimpor-Cimentos de Portugal SGPS SA	369		2,751
Energias de Portugal SA	4,340		13,724
Galp Energia SGPS SA Class B	581		12,045
Jeronimo Martins SGPS SA	586		10,137
Portugal Telecom SGPS SA (Reg.)	1,680		12,016
TOTAL PORTUGAL			54,359
Russia - 1.4%
Federal Grid Co. Unified Energy System JSC (a)	600,000		5,603
Gazprom OAO sponsored ADR (Reg. S)	11,930		139,223
Inter Rao Ues JSC (a)	2,400,000		2,988
LSR Group OJSC GDR (Reg. S)	570		2,730
Lukoil Oil Co. sponsored ADR (United Kingdom)	1,140		66,348
Magnit OJSC:
rights 11/29/11 (a)	10		0
GDR (Reg S)	567		14,487
Mechel Steel Group OAO sponsored ADR	268		3,522
Mobile TeleSystems OJSC sponsored ADR	1,138		16,262
Norilsk Nickel OJSC ADR	1,260		24,658
NOVATEK OAO GDR	194		27,238
Novolipetsk Steel OJSC GDR (Reg S)	120		3,266
Rosneft Oil Co. OJSC GDR (Reg. S)	3,400		24,191
Rostelecom sponsored ADR	512		15,667
RusHydro JSC sponsored ADR	3,110		11,725
Sberbank of Russia	1,860		5,047
Sberbank of Russia sponsored ADR	4,350		47,415
Severstal JSC GDR (Reg. S)	400		5,876
Sistema JSFC sponsored GDR	181		3,102
Surgutneftegaz JSC sponsored ADR	1,800		15,507
Tatneft OAO sponsored ADR	537		15,944
TMK OAO GDR (Reg. S)	266		3,431
Uralkali JSC GDR (Reg. S)	602		26,127
VTB Bank JSC unit	3,230		15,543
TOTAL RUSSIA			495,900
Singapore - 1.0%
Ascendas Real Estate Investment Trust	5,000		8,132
CapitaLand Ltd.	5,000		10,768
Common Stocks - continued
	Shares		Value
Singapore - continued
CapitaMall Trust	4,000		$ 5,975
CapitaMalls Asia Ltd.	3,000		3,231
City Developments Ltd.	1,000		8,621
ComfortDelgro Corp. Ltd.	3,000		3,323
Cosco Corp. Singapore Ltd.	3,000		2,400
DBS Group Holdings Ltd.	4,000		39,057
Fraser & Neave Ltd.	2,000		9,737
Global Logistic Properties Ltd.	6,000		8,351
Hutchison Port Holdings Trust	10,000		6,634
Keppel Corp. Ltd.	3,000		22,450
Keppel Land Ltd.	2,000		4,411
Neptune Orient Lines Ltd.	3,000		2,690
Olam International Ltd.	4,000		8,010
Oversea-Chinese Banking Corp. Ltd.	6,000		40,155
SembCorp Industries Ltd.	2,000		6,591
SembCorp Marine Ltd.	2,000		6,631
Singapore Airlines Ltd.	1,000		9,262
Singapore Exchange Ltd.	2,000		10,670
Singapore Press Holdings Ltd.	4,000		12,374
Singapore Technologies Engineering Ltd.	3,000		6,718
Singapore Telecommunications Ltd.	17,000		42,966
StarHub Ltd.	1,000		2,237
United Overseas Bank Ltd.	3,000		40,673
UOL Group Ltd.	1,000		3,534
Wilmar International Ltd.	4,000		17,265
Yangzijiang Shipbuilding Holdings Ltd.	3,000		2,221
TOTAL SINGAPORE			345,087
South Africa - 1.7%
Absa Group Ltd.	730		13,135
African Bank Investments Ltd.	1,321		5,733
African Rainbow Minerals Ltd.	201		4,645
Anglo Platinum Ltd.	171		12,377
AngloGold Ashanti Ltd.	855		38,641
ArcelorMittal South Africa Ltd.	322		2,737
Aspen Pharmacare Holdings Ltd.	527		6,325
Aveng Ltd.	663		3,099
Barloworld Ltd.	375		3,147
Bidvest Group Ltd.	709		14,124
Discovery Holdings Ltd.	532		2,782
Exxaro Resources Ltd.	238		5,383
FirstRand Ltd.	6,571		16,344
Common Stocks - continued
	Shares		Value
South Africa - continued
Foschini Ltd.	376		$ 4,744
Gold Fields Ltd.	1,728		29,951
Growthpoint Properties Ltd.	3,002		6,979
Harmony Gold Mining Co. Ltd.	997		13,034
Impala Platinum Holdings Ltd.	1,213		28,040
Imperial Holdings Ltd.	328		4,856
Investec Ltd.	400		2,457
Kumba Iron Ore Ltd.	204		12,132
Liberty Holdings Ltd.	260		2,673
Life Healthcare Group Holdings Ltd.	1,340		3,260
Massmart Holdings Ltd.	190		3,802
Mmi Holdings Ltd.	1,941		4,170
MTN Group Ltd.	3,692		64,440
Naspers Ltd. Class N	850		40,698
Nedbank Group Ltd.	568		10,091
Netcare Ltd.	1,590		2,785
Northam Platinum Ltd.	550		2,131
Pick 'n Pay Stores Ltd.	527		2,640
Pretoria Portland Cement Co. Ltd.	951		2,883
Rand Merchant Insurance Holdings Ltd.	1,569		2,610
Redefine Properties Ltd. unit	4,804		4,873
Remgro Ltd.	982		14,910
Reunert Ltd.	338		2,679
RMB Holdings Ltd.	1,273		4,018
Sanlam Ltd.	3,365		12,572
Sappi Ltd. (a)	977		2,868
Sasol Ltd.	1,200		53,962
Shoprite Holdings Ltd.	990		14,509
Spar Group Ltd.	315		3,850
Standard Bank Group Ltd.	2,721		33,531
Steinhoff International Holdings Ltd.	3,091		9,270
Telkom SA Ltd.	557		2,150
Tiger Brands Ltd.	415		11,960
Truworths International Ltd.	1,156		11,682
Vodacom Group (Pty) Ltd.	994		11,260
Woolworths Holdings Ltd.	2,114		10,759
TOTAL SOUTH AFRICA			577,701
Spain - 2.2%
Abertis Infraestructuras SA	906		14,964
Acerinox SA	196		2,609
Actividades de Construccion y Servicios SA (ACS)	336		12,764
Common Stocks - continued
	Shares		Value
Spain - continued
Amadeus IT Holding SA Class A	719		$ 13,592
Banco Bilbao Vizcaya Argentaria SA	9,583		86,259
Banco de Sabadell SA	2,935		10,601
Banco Popular Espanol SA	2,488		11,469
Banco Santander SA (Spain)	18,810		159,228
Bankia SA	2,200		11,128
Bankinter SA	488		3,005
Cintra Concesiones de Infrastructuras de Transporte SA	923		11,752
Criteria CaixaCorp SA	1,385		6,793
Distribuidora Internacional de Alimentacion SA (a)	1,100		5,031
EDP Renovaveis SA (a)	474		2,847
Enagas SA	491		9,696
Fomento Construcciones y Contratas SA (FOCSA)	109		2,833
Gas Natural SDG SA	775		14,463
Grifols SA (a)	257		4,796
Grupo Acciona SA	47		4,464
Iberdrola SA	8,679		63,153
Inditex SA	478		43,501
Indra Sistemas	176		2,962
International Consolidated Airlines Group SA (a)	1,761		4,674
MAPFRE SA (Reg.)	1,381		5,086
Mediaset Espana Comunicacion	392		2,604
Red Electrica Corporacion SA	265		12,827
Repsol YPF SA	1,754		53,159
Telefonica SA	9,135		194,162
Zardoya Otis SA	264		3,569
TOTAL SPAIN			773,991
Sweden - 1.9%
Alfa Laval AB	809		15,151
ASSA ABLOY AB (B Shares)	727		17,741
Atlas Copco AB:
(A Shares)	1,554		34,014
(B Shares)	734		14,343
Boliden AB	757		10,822
Electrolux AB (B Shares)	640		11,957
Getinge AB (B Shares)	503		13,070
H&M Hennes & Mauritz AB (B Shares)	2,223		73,616
Hexagon AB (B Shares)	475		7,329
Holmen AB (B Shares)	100		2,835
Husqvarna AB (B Shares)	822		4,180
Industrivarden AB Series C	230		2,880
Common Stocks - continued
	Shares		Value
Sweden - continued
Investment AB Kinnevik	533		$ 11,192
Investor AB (B Shares)	1,017		19,983
Modern Times Group MTG AB (B Shares)	89		4,721
Nordea Bank AB	5,663		51,813
Ratos AB (B Shares)	355		4,748
Sandvik AB	2,374		32,827
Scania AB (B Shares)	794		13,397
Securitas AB (B Shares)	577		5,284
Skandinaviska Enskilda Banken AB (A Shares)	3,179		20,075
Skanska AB (B Shares)	951		15,608
SKF AB (B Shares)	865		19,318
SSAB Svenskt Stal AB (A Shares)	281		2,728
Svenska Cellulosa AB (SCA) (B Shares)	1,313		19,193
Svenska Handelsbanken AB (A Shares)	1,150		33,144
Swedbank AB (A Shares)	1,751		24,669
Swedish Match Co.	491		16,990
Tele2 AB (B Shares)	740		15,618
Telefonaktiebolaget LM Ericsson (B Shares)	6,597		68,742
TeliaSonera AB	4,931		34,376
Volvo AB (B Shares)	3,120		39,074
TOTAL SWEDEN			661,438
Switzerland - 5.4%
ABB Ltd. (Reg.)	4,817		90,708
Actelion Ltd.	296		11,020
Adecco SA (Reg.)	315		15,223
Aryzta AG	225		10,884
Baloise Holdings AG	129		10,562
Compagnie Financiere Richemont SA Series A	1,144		65,507
Credit Suisse Group	2,520		72,700
GAM Holding Ltd.	379		4,556
Geberit AG (Reg.)	87		17,895
Givaudan SA	20		18,278
Holcim Ltd. (Reg.)	559		35,672
Julius Baer Group Ltd.	466		17,704
Kuehne & Nagel International AG	128		15,943
Lindt & Spruengli AG (participation certificate)	2		6,181
Lonza Group AG	94		6,277
Nestle SA	7,752		449,635
Novartis AG	5,218		294,041
Pargesa Holding SA	48		3,766
Roche Holding AG (participation certificate)	1,568		258,549
Common Stocks - continued
	Shares		Value
Switzerland - continued
Schindler Holding AG:
(participation certificate)	118		$ 13,877
(Reg.)	42		4,944
SGS SA (Reg.)	12		20,648
Sika AG (Bearer)	4		7,872
Sonova Holding AG Class B	124		13,212
Straumann Holding AG	15		2,649
Sulzer AG (Reg.)	44		5,164
Swiss Life Holding AG	83		10,290
Swiss Re Ltd.	781		42,924
Swisscom AG	52		21,018
Syngenta AG (Switzerland)	207		63,095
The Swatch Group AG:
(Bearer)	73		30,912
(Reg.)	84		6,236
Transocean Ltd. (Switzerland)	714		40,681
UBS AG (a)	8,067		101,981
Zurich Financial Services AG	326		75,709
TOTAL SWITZERLAND			1,866,313
Taiwan - 2.4%
Acer, Inc.	5,000		5,709
Advanced Semiconductor Engineering, Inc.	9,000		7,953
Advantech Co. Ltd.	1,000		2,722
Asia Cement Corp.	4,000		4,818
ASUSTeK Computer, Inc.	1,000		6,952
AU Optronics Corp.	14,000		6,034
Capital Securities Corp.	6,090		2,339
Catcher Technology Co. Ltd.	1,000		5,572
Cathay Financial Holding Co. Ltd.	13,000		15,503
Chang Hwa Commercial Bank	8,000		5,149
Cheng Shin Rubber Industry Co. Ltd.	4,000		9,124
Cheng Uei Precision Industries Co. Ltd.	1,000		2,247
Chicony Electronics Co. Ltd.	2,000		3,342
Chimei Innolux Corp. (a)	10,000		4,017
China Airlines Ltd.	5,000		2,516
China Development Finance Holding Corp.	17,000		5,380
China Life Insurance Co. Ltd.	3,285		3,641
China Motor Co. Ltd.	3,000		2,868
China Petrochemical Development Corp.	3,000		3,484
China Steel Corp.	24,000		23,878
Chinatrust Financial Holding Co. Ltd.	23,223		15,220
Common Stocks - continued
	Shares		Value
Taiwan - continued
Chunghwa Telecom Co. Ltd.	9,000		$ 30,111
Clevo Co. Ltd.	2,000		3,501
Compal Electronics, Inc.	8,000		7,342
Delta Electronics, Inc.	4,000		9,405
E Ink Holdings, Inc.	2,000		4,083
E.Sun Financial Holdings Co. Ltd.	7,000		3,489
Epistar Corp.	2,000		3,703
EVA Airways Corp.	4,400		3,183
Evergreen Marine Corp. (Taiwan)	4,000		2,193
Everlight Electronics Co. Ltd.	2,000		3,699
Far East Department Stores Co. Ltd.	2,000		3,058
Far Eastern Textile Ltd.	6,000		7,054
Far EasTone Telecommunications Co. Ltd.	3,000		4,920
Feng Hsin Iron & Steel Co.	1,000		1,682
First Financial Holding Co. Ltd.	11,000		7,302
Formosa Chemicals & Fibre Corp.	6,000		17,364
Formosa Petrochemical Corp.	3,000		9,435
Formosa Plastics Corp.	8,000		23,529
Formosa Taffeta Co. Ltd.	3,000		2,772
Foxconn Technology Co. Ltd.	2,000		6,971
Fubon Financial Holding Co. Ltd.	12,000		14,069
Giant Manufacturing Co. Ltd.	1,000		3,870
Highwealth Construction Corp.	1,000		1,730
Hon Hai Precision Industry Co. Ltd. (Foxconn)	20,000		54,828
HTC Corp.	2,000		44,947
Hua Nan Financial Holdings Co. Ltd.	8,000		5,212
Inventec Corp.	8,000		2,875
KGI Securities Co. Ltd.	6,000		2,516
Kinsus Interconnect Technology Corp.	1,000		3,454
Lee Chang Yung Chemical Industries Corp.	1,000		1,693
Lite-On Technology Corp.	4,000		3,775
Macronix International Co. Ltd.	7,000		2,645
MediaTek, Inc.	2,000		20,989
Mega Financial Holding Co. Ltd.	19,000		14,605
Motech Industries, Inc.	1,000		1,878
Nan Ya Plastics Corp.	10,000		22,496
Nan Ya Printed Circuit Board Corp.	1,000		2,910
Novatek Microelectronics Corp.	1,000		2,451
Pegatron Corp.	3,000		3,240
Phison Electronics Corp.	1,000		5,269
Pou Chen Corp.	4,000		3,075
Powertech Technology, Inc.	1,000		2,435
Common Stocks - continued
	Shares		Value
Taiwan - continued
President Chain Store Corp.	2,000		$ 11,121
Quanta Computer, Inc.	5,000		9,839
Realtek Semiconductor Corp.	2,000		3,331
Richtek Technology Corp.	1,000		5,028
Ruentex Industries Ltd.	1,146		2,306
Shin Kong Financial Holding Co. Ltd. (a)	11,000		3,426
Siliconware Precision Industries Co. Ltd.	6,000		6,159
SIMPLO Technology Co. Ltd.	1,000		5,884
Sino-American Silicon Prds, Inc.	1,000		1,632
Sinopac Holdings Co.	11,000		3,561
Synnex Technology International Corp.	3,000		7,354
Taishin Financial Holdings Co. Ltd.	10,000		4,234
Taiwan Business Bank	8,000		2,612
Taiwan Cement Corp.	9,000		11,240
Taiwan Cooperative Bank	7,000		4,594
Taiwan Fertilizer Co. Ltd.	2,000		5,155
Taiwan Glass Industry Corp.	2,000		2,461
Taiwan Mobile Co. Ltd.	3,600		10,316
Taiwan Semiconductor Manufacturing Co. Ltd.	54,000		131,591
Tatung Co. Ltd. (a)	7,000		2,465
TECO Electric & Machinery Co. Ltd.	4,000		2,334
Tripod Technology Corp.	1,000		2,602
TSRC Corp.	1,000		2,596
Tung Ho Steel Enterprise Corp.	3,000		2,689
U-Ming Marine Transport Corp.	2,000		3,154
Unified-President Enterprises Corp.	9,000		12,376
Unimicron Technology Corp.	3,000		3,895
United Microelectronics Corp.	24,000		10,538
Walsin Lihwa Corp.	7,000		2,348
Wintek Corp.	3,000		2,293
Wistron Corp.	4,000		4,629
WPG Holding Co. Ltd.	3,000		3,623
Yang Ming Marine Transport Corp.	8,000		3,297
Yuanta Financial Holding Co. Ltd.	20,190		11,509
Yulon Motor Co. Ltd.	2,000		4,208
TOTAL TAIWAN			820,626
Thailand - 0.4%
Advanced Info Service PCL	800		3,375
Advanced Info Service PCL (For. Reg.)	1,600		6,722
Bangkok Bank Public Co. Ltd.	900		4,558
Bangkok Bank Public Co. Ltd. (For. Reg.)	1,600		8,116
Common Stocks - continued
	Shares		Value
Thailand - continued
Bank of Ayudhya PCL	3,400		$ 2,190
Banpu PCL (For. Reg.)	300		6,090
BEC World PCL (For. Reg.)	2,100		2,535
C.P. Seven Eleven PCL (For. Reg.)	4,100		6,204
Charoen Pokphand Foods PCL (For. Reg.)	5,600		5,454
Glow Energy PCL (For. Reg.)	1,600		2,756
Indorama Ventures PCL (For. Reg.)	2,700		3,108
IRPC Public Co. Ltd. (For. Reg.)	18,200		2,250
Kasikornbank PCL	1,100		4,443
Kasikornbank PCL (For. Reg.)	3,000		12,127
Krung Thai Bank PCL (For. Reg.)	5,100		2,496
PTT Exploration and Production PCL	600		3,119
PTT Exploration and Production PCL (For. Reg.)	2,200		11,403
PTT Global Chemical PCL (a)	1,800		3,796
PTT Global Chemical PCL (For. Reg.) (a)	2,639		5,565
PTT PCL (For. Reg.)	1,900		18,718
Siam Cement PCL (For. Reg.)	600		7,194
Siam Commercial Bank PCL (For. Reg.)	3,900		14,753
Thai Airways International PCL (For. Reg.)	3,300		2,061
Thai Oil PCL (For. Reg.)	1,500		2,813
TOTAL THAILAND			141,846
Turkey - 0.3%
Akbank T.A.S.	2,361		8,626
Anadolu Efes Biracilik ve Malt Sanayii AS	398		4,839
Arcelik AS	803		3,088
Bim Birlesik Magazalar AS JSC	162		4,947
Coca-Cola Icecek AS	256		3,475
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	2,184		2,952
Enka Insaat ve Sanayi AS	1,355		3,510
Eregli Demir ve Celik Fabrikalari T.A.S.	1,478		3,059
Haci Omer Sabanci Holding AS	1,038		3,557
Koc Holding AS	1,216		4,346
TAV Havalimanlari Holding AS (a)	681		3,297
Tupras-Turkiye Petrol Rafinerileri AS	247		5,587
Turk Hava Yollari AO	2,045		2,961
Turk Sise ve Cam Fabrikalari AS	1,570		3,010
Turk Telekomunikasyon AS	1,043		4,424
Turkcell Iletisim Hizmet AS	1,498		7,377
Turkiye Garanti Bankasi AS	4,950		17,468
Turkiye Halk Bankasi AS	626		3,859
Turkiye Is Bankasi AS Series C	3,107		7,257
Common Stocks - continued
	Shares		Value
Turkey - continued
Turkiye Vakiflar Bankasi Tao	1,578		$ 2,695
Yapi ve Kredi Bankasi AS (a)	1,788		3,357
TOTAL TURKEY			103,691
United Kingdom - 14.1%
3i Group PLC	1,760		5,819
Admiral Group PLC	379		7,186
Aggreko PLC	594		16,354
AMEC PLC	849		12,636
Anglo American PLC (United Kingdom)	2,929		108,033
Antofagasta PLC	885		16,609
ARM Holdings PLC	2,933		27,525
Associated British Foods PLC	847		15,065
AstraZeneca PLC (United Kingdom)	3,067		147,272
Aviva PLC	6,529		35,626
Babcock International Group PLC	955		10,820
BAE Systems PLC	7,176		31,921
Balfour Beatty PLC	1,246		5,048
Barclays PLC	25,653		79,538
BG Group PLC	7,558		164,880
BHP Billiton PLC	4,747		149,508
BP PLC	42,244		310,925
British American Tobacco PLC (United Kingdom)	4,421		202,742
British Land Co. PLC	1,934		15,878
British Sky Broadcasting Group PLC	2,409		27,274
BT Group PLC	16,877		50,931
Bunzl PLC	854		11,070
Burberry Group PLC	957		20,639
Cairn Energy PLC (a)	3,309		15,677
Capita Group PLC	1,428		16,684
Capital Shopping Centres Group PLC	1,047		5,545
Carnival PLC	430		15,736
Centrica PLC	11,329		54,057
Cobham PLC	2,095		6,065
Compass Group PLC	4,237		38,567
Diageo PLC	5,537		114,614
Essar Energy PLC (a)	692		3,423
Eurasian Natural Resources Corp. PLC	484		5,122
Fresnillo PLC	470		12,834
G4S PLC (United Kingdom)	3,296		12,944
GKN PLC	3,972		12,156
GlaxoSmithKline PLC	11,504		258,225
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Hammerson PLC	1,833		$ 12,001
HSBC Holdings PLC (United Kingdom)	39,848		347,751
ICAP PLC	1,502		9,761
Imperial Tobacco Group PLC	2,247		82,174
Inmarsat PLC	1,267		9,560
InterContinental Hotel Group PLC	721		13,309
International Power PLC	3,469		18,868
Intertek Group PLC	399		13,186
Invensys PLC	1,495		5,422
Investec PLC	881		5,361
ITV PLC	10,157		10,462
J Sainsbury PLC	2,930		14,094
Johnson Matthey PLC	513		15,502
Kazakhmys PLC	403		6,011
Kingfisher PLC	5,182		21,576
Land Securities Group PLC	1,715		18,865
Legal & General Group PLC	12,836		22,810
Lloyds Banking Group PLC (a)	90,940		47,036
London Stock Exchange Group PLC	271		3,922
Lonmin PLC	301		5,267
Man Group PLC	4,795		11,559
Marks & Spencer Group PLC	3,534		18,295
National Grid PLC	7,708		76,648
Next PLC	399		16,401
Old Mutual PLC	11,888		21,030
Pearson PLC	1,857		34,121
Prudential PLC	5,651		58,381
Reckitt Benckiser Group PLC	1,373		70,614
Reed Elsevier PLC	2,637		22,667
Rexam PLC	2,223		12,373
Rio Tinto PLC	3,176		171,850
Rolls-Royce Group PLC	4,082		46,117
Rolls-Royce Group PLC Class C	281,658		453
Royal & Sun Alliance Insurance Group PLC	8,359		15,016
Royal Bank of Scotland Group PLC (a)	41,154		15,885
Royal Dutch Shell PLC:
Class A (Netherlands)	8,090		286,910
Class B	5,989		214,914
SABMiller PLC	2,101		76,750
Sage Group PLC	3,175		14,200
Schroders PLC	206		4,734
Scottish & Southern Energy PLC	2,028		43,834
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Segro PLC	1,386		$ 5,434
Serco Group PLC	1,303		10,886
Severn Trent PLC	573		13,970
Smith & Nephew PLC	2,097		19,198
Smiths Group PLC	943		14,513
Standard Chartered PLC (United Kingdom)	5,270		123,653
Standard Life PLC	5,301		18,397
Tesco PLC	17,855		115,360
The Weir Group PLC	507		15,647
TUI Travel PLC	1,141		3,132
Tullow Oil PLC	1,984		44,765
Unilever PLC	2,838		95,148
United Utilities Group PLC	1,598		15,586
Vedanta Resources PLC	224		4,604
Vodafone Group PLC	114,419		317,765
Whitbread PLC	449		11,965
Wm Morrison Supermarkets PLC	4,794		23,299
Xstrata PLC	4,577		76,956
TOTAL UNITED KINGDOM			4,890,916
United States of America - 0.1%
Southern Copper Corp.	434		13,315
Synthes, Inc.	142		23,819
TOTAL UNITED STATES OF AMERICA			37,134
TOTAL COMMON STOCKS (Cost $31,543,947)		32,007,399
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.3%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	98		5,366
Henkel AG & Co. KGaA	383		22,850
Porsche Automobil Holding SE (Germany)	345		20,237
ProSiebenSat.1 Media AG	142		3,046
RWE AG (non-vtg.)	84		3,156
Volkswagen AG	316		55,451
TOTAL GERMANY			110,106
Italy - 0.1%
Telecom Italia SpA (Risparmio Shares)	14,293		15,002
Nonconvertible Preferred Stocks - continued
	Shares		Value
Korea (South) - 0.1%
Hyundai Motor Co.	47		$ 2,955
Hyundai Motor Co. Series 2	68		4,537
LG Chemical Ltd.	23		2,597
Samsung Electronics Co. Ltd.	44		25,011
TOTAL KOREA (SOUTH)			35,100
Russia - 0.0%
Sberbank (Savings Bank of the Russian Federation) (a)	1,900		4,012
Surgutneftegaz JSC	13,200		6,666
Transneft (a)	3		3,870
TOTAL RUSSIA			14,548
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $160,015)		174,756
Investment Companies - 0.5%
iShares MSCI Canada Index ETF (Cost $144,894)	5,500		155,320

Government Obligations - 2.3%
	Principal Amount
United States of America - 2.3%
U.S. Treasury Bills, yield at date of purchase 0.05% 3/8/12 (c) (Cost $799,829)	$ 800,000	799,916

Money Market Funds - 3.4%
	Shares
Fidelity Cash Central Fund, 0.12% (b) (Cost $1,191,680)	1,191,680		1,191,680
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $33,840,365)			34,329,071
NET OTHER ASSETS (LIABILITIES) - 0.9%			309,884
NET ASSETS - 100%		$ 34,638,955

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
18 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	$ 1,332,810	$ 62,398
8 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	390,640	30,625
6 SGX S&P CNX Nifty Index Contracts (Singapore)	Nov. 2011	64,164	1,155
TOTAL EQUITY INDEX CONTRACTS		$ 1,787,614	$ 94,178

The face value of futures purchased as a percentage of net assets is 5.2%

Swap Agreements
		Notional Amount	Value
Equity Total Return Swaps
Receive monthly a return equal to MSCI Daily TR Net Emerging Markets India Index and pay monthly a floating rate based on 1-month LIBOR plus 41 basis points with JPMorgan Chase, Inc.	Sept. 2012	$ 456,881	$ 35,181

Security Type Abbreviations
ETF	-	Exchange Traded Fund

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $499,961.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 358

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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 in the table below, please refer to the Security 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:
United Kingdom	$ 4,890,916	$ 1,799,358	$ 3,091,558	$ -
Japan	4,649,217	-	4,649,217	-
Canada	2,708,972	2,708,972	-	-
France	1,997,941	1,466,607	531,334	-
Australia	1,994,614	-	1,994,614	-
Switzerland	1,866,313	1,243,788	622,525	-
Germany	1,828,995	1,394,447	434,548	-
Brazil	1,176,341	1,176,341	-	-
Korea (South)	1,146,110	-	1,146,110	-
Other	9,922,736	4,484,683	5,438,053	-
Investment Companies	155,320	155,320	-	-
Government Obligations	799,916	-	799,916	-
Money Market Funds	1,191,680	1,191,680	-	-
Total Investments in Securities:	$ 34,329,071	$ 15,621,196	$ 18,707,875	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 94,178	$ 94,178	$ -	$ -
Swap Agreements	35,181	-	35,181	-
Total Assets	$ 129,359	$ 94,178	$ 35,181	$ -
Total Derivative Instruments:	$ 129,359	$ 94,178	$ 35,181	$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by risk exposure as of October 31, 2011. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 94,178	$ -
Swap Agreements (b)	35,181	-
Total Value of Derivatives	$ 129,359	$ -

(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

(b) Value is disclosed on the Statement of Assets and Liabilities in the Swap agreements, at value line-items.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $32,648,685)	$ 33,137,391
Fidelity Central Funds (cost $1,191,680)	1,191,680
Total Investments (cost $33,840,365)		$ 34,329,071
Cash		8,400
Foreign currency held at value (cost $255,932)		254,619
Receivable for fund shares sold		145,883
Dividends receivable		54,267
Distributions receivable from Fidelity Central Funds		217
Swap agreements, at value		35,181
Receivable from investment adviser for expense reductions		2,679
Total assets		34,830,317
Liabilities
Payable for investments purchased	$ 93,916
Accrued management fee	5,302
Payable for daily variation margin on futures contracts	90,487
Other affiliated payables	1,657
Total liabilities		191,362
Net Assets		$ 34,638,955
Net Assets consist of:
Paid in capital		$ 34,189,278
Accumulated net investment loss		(136,472)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(30,240)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		616,389
Net Assets		$ 34,638,955

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

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Statement of Assets and Liabilities - continued

	October 31, 2011
Investor Class: Net Asset Value, offering price and redemption price per share ($1,789,620 ÷ 177,410 shares)		$ 10.09
Fidelity Advantage Class: Net Asset Value, offering price and redemption price per share ($17,714,613 ÷ 1,755,857 shares)		$ 10.09
Institutional Class: Net Asset Value, offering price and redemption price per share ($7,567,189 ÷ 750,001 shares)		$ 10.09
Fidelity Advantage Institutional Class: Net Asset Value, offering price and redemption price per share ($7,567,533 ÷ 750,001 shares)		$ 10.09

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

Annual Report

Financial Statements - continued

Statement of Operations

	For the period September 8, 2011 (commencement of operations) to October 31, 2011
Investment Income
Dividends		$ 101,094
Interest		174
Income from Fidelity Central Funds		358
Income before foreign taxes withheld		101,626
Less foreign taxes withheld		(7,368)
Total income		94,258
Expenses
Management fee	$ 9,233
Transfer agent fees	2,909
Independent trustees' compensation	8
Total expenses before reductions	12,150
Expense reductions	(4,662)	7,488
Net investment income (loss)		86,770
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(9,045)
Foreign currency transactions	(309,767)
Futures contracts	109,879
Swap agreements	(44,549)
Total net realized gain (loss)		(253,482)
Change in net unrealized appreciation (depreciation) on: Investment securities	488,706
Assets and liabilities in foreign currencies	(1,676)
Futures contracts	94,178
Swap agreements	35,181
Total change in net unrealized appreciation (depreciation)		616,389
Net gain (loss)		362,907
Net increase (decrease) in net assets resulting from operations		$ 449,677

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

Annual Report

Statement of Changes in Net Assets

	For the period September 8, 2011 (commencement of operations) to October 31, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 86,770
Net realized gain (loss)	(253,482)
Change in net unrealized appreciation (depreciation)	616,389
Net increase (decrease) in net assets resulting from operations	449,677
Share transactions - net increase (decrease)	34,189,185
Redemption fees	93
Total increase (decrease) in net assets	34,638,955
Net Assets
Beginning of period	-
End of period (including accumulated net investment loss of $136,472)	$ 34,638,955

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

Annual Report

Financial Highlights - Investor Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.34% A
Expenses net of fee waivers, if any	.24% A
Expenses net of all reductions	.24% A
Net investment income (loss)	1.79% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,790
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Financial Highlights - Fidelity Advantage Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.28% A
Expenses net of fee waivers, if any	.18% A
Expenses net of all reductions	.18% A
Net investment income (loss)	1.86% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,715
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Financial Highlights - Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.23% A
Expenses net of fee waivers, if any	.13% A
Expenses net of all reductions	.13% A
Net investment income (loss)	1.91% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,567
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Financial Highlights - Fidelity Advantage Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.20% A
Expenses net of fee waivers, if any	.10% A
Expenses net of all reductions	.10% A
Net investment income (loss)	1.94% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,568
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust)(formerly Fidelity Fixed-Income Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund offers Investor Class, Fidelity Advantage Class, Institutional Class and Fidelity Advantage Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

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.

Annual Report

3. Significant Accounting Policies - continued

Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

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

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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, 2011, as well as a roll forward of Level 3 securities, is included at the end of each Fund's Schedule of Investments. 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 an independent 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 significant 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 are used and are categorized as Level 2 in the

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Swaps are marked-to-market daily based on valuations from independent pricing services or dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Pricing services utilize matrix pricing which considers comparisons to movements in the underlying index, interest rate curves, credit spread curves, default possibilities and recovery rates and, as a result, swaps are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

ETFs are valued at their last sale price or official closing price as reported by an independent 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board of Trustees believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may

Annual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

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 rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, each Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

for based on each 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, swap agreements, foreign currency transactions, passive foreign investment companies, net operating losses and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation) on securities and other investments
Spartan Emerging Markets Index Fund	$ 35,781,182	$ 1,321,594	$ (994,001)	$ 327,593
Spartan Global ex U.S. Index Fund	33,859,034	1,281,540	(811,503)	470,037

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

	Undistributed long-term capital gain	Net unrealized appreciation (depreciation)
Spartan Emerging Markets Index Fund	$ 136,704	$ 345,753
Spartan Global ex U.S. Index Fund	117,787	468,361

Short-Term Trading (Redemption) Fees. Shares held by investors in the Funds, less than 90 days are subject to a redemption fee equal to 1.50% and 1.00% of the net asset value of shares redeemed for Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund, respectively. All redemption fees, which reduce the proceeds of the

Annual Report

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees - continued

shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital.

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Funds' financial statement disclosures.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds used derivative instruments (derivatives), including futures contracts and swap agreements, in order to meet their investment objectives. The strategy is to use derivatives to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their exposure to the following risks:

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

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter derivatives, the Funds attempt to reduce their exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement on a bilateral basis with each of their counterparties. The ISDA Master Agreement gives the Funds the right to terminate all transactions traded under such agreement if there is a certain

Annual Report

Notes to Financial Statements - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

deterioration in the credit quality of the counterparty. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk, the Funds receive collateral in the form of cash or securities, if required, which is held in segregated accounts with the Funds' custodian bank in accordance with the collateral agreements entered into between the Funds, the swap counterparty and the Funds' custodian bank. The Funds could experience delays and costs in gaining access to the collateral even though it is held by the Funds' custodian bank. The Funds' maximum risk of loss from counterparty credit risk is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Funds. The Funds may be required to pledge collateral for the benefit of the counterparties in an amount equal to the counterparties unrealized appreciation on outstanding swaps contracts, and any such pledged collateral is identified on the Schedule of Investments. Counterparty risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Funds, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period.

Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Spartan Emerging Markets Index Fund
Equity Risk
Futures Contracts	$ 189,916	$ 37,924
Swap Agreements	(178,195)	140,723
Totals (a)	$ 11,721	$ 178,647
Spartan Global ex U.S. Index Fund
Equity Risk
Futures Contracts	$ 109,879	$ 94,178
Swap Agreements	(44,549)	35,181
Totals (a)	$ 65,330	$ 129,359

(a) A summary of the value of derivatives by risk exposure as of period end is included at the end of the Schedule of Investments and is representative of activity for the period.

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4. Derivative Instruments - continued

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

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable 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 included in the Statement of Operations.

The underlying face amount at value of open futures contracts at period end, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Certain risks arise upon entering into futures contracts, including the risk that an illiquid market limits the ability to close out a futures contract prior to settlement date.

Swap Agreements. A swap agreement (swap) is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.

Details of swaps open at period end are included in the Schedule of Investments under the caption "Swap Agreements." Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. Any upfront premiums paid or received upon entering a swap to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as realized gain or (loss) ratably over the term of the swap. Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Realized gain or (loss) is also recorded in the event of an early termination of a swap. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is included in the Statement of Operations.

Risks of loss include equity risk. In addition, there is the risk of failure by the counterparty to perform under the terms of the agreement and lack of liquidity in the market.

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Notes to Financial Statements - continued

4. Derivative Instruments - continued

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual security or a basket of securities (i.e., an index), and the other on a fixed or floating rate. The Funds entered into total return swaps to manage their market exposure.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Spartan Emerging Markets Index Fund	30,759,553	47,940
Spartan Global ex U.S. Index Fund	32,161,266	303,373

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contracts. FMR and its affiliates provides 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 .25% and .20% of average net assets for Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund, respectively. Under the management contract, FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

In addition, under expense contracts, FMR pays class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:

	Investor Class	Fidelity Advantage Class	Institutional Class	Fidelity Advantage Institutional Class
Spartan Emerging Markets Index	.46%	.35%	.28%	.25%
Spartan Global ex U.S. Index	.34%	.28%	.23%	.20%

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 FMR for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives transfer agent fees at an annual rate of .21%, .11%, .035%, and .015% of average net assets for each Fund's Investor Class,

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6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

Fidelity Advantage Class, Institutional Class, and Fidelity Advantage Institutional Class, respectively.

Under the expense contracts, for Spartan Emerging Markets Index Fund, Investor Class, Fidelity Advantage Class and Institutional Class pay all or a portion of the transfer agent fees at an annual rate of .21%, .10% and .03% of average net assets, respectively. Fidelity Advantage Institutional Class does not pay transfer agent fees.

Under the expense contracts, for Spartan Global ex U.S. Index Fund, Investor Class, Fidelity Advantage Class and Institutional Class pay a portion of the transfer agent fees at an annual rate of .14%, .08% and .03% of average net assets, respectively. Fidelity Advantage Institutional Class does not pay transfer agent fees.

For the period, the total transfer agent fees paid by each applicable class were as follows:

	Amount
Spartan Emerging Markets Index
Investor Class	$ 3,157
Fidelity Advantage Class	802
Institutional Class	205
	$ 4,164
Spartan Global ex U.S. Index
Investor Class	$ 1,459
Fidelity Advantage Class	1,124
Institutional Class	326
	$ 2,909

7. Expense Reductions.

FMR contractually agreed to reimburse each class of Spartan Emerging Markets Index Fund and Spartan Global ex U.S. 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 December 31, 2012. Some expenses, for example interest expense are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Spartan Emerging Markets Index	Expense Limitations	Reimbursement from adviser
Investor Class	.33%	$ 2,010
Fidelity Advantage Class	.22%	1,091
Institutional Class	.15%	885
Fidelity Advantage Institutional Class	.12%	884

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Notes to Financial Statements - continued

7. Expense Reductions - continued

Spartan Global ex U.S. Index	Expense Limitations	Reimbursement from adviser
Investor Class	.24%	$ 1,007
Fidelity Advantage Class	.18%	1,476
Institutional Class	.13%	1,090
Fidelity Advantage Institutional Class	.10%	1,089

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Dollars
Period ended October 31,	2011 A	2011 A
Spartan Emerging Markets Index Fund
Investor Class
Shares sold	2,000,573	$ 17,944,136
Shares redeemed	(513,183)	(4,599,752)
Net increase (decrease)	1,487,390	$ 13,344,384
Fidelity Advantage Class
Shares sold	1,102,387	$ 10,433,223
Shares redeemed	-	-
Net increase (decrease)	1,102,387	$ 10,433,223
Institutional Class
Shares sold	500,001	$ 5,000,010
Shares redeemed	-	-
Net increase (decrease)	500,001	$ 5,000,010
Fidelity Advantage Institutional Class
Shares sold	500,001	$ 5,000,010
Shares redeemed	-	-
Net increase (decrease)	500,001	$ 5,000,010
Spartan Global ex U.S. Index Fund
Investor Class
Shares sold	928,520	$ 9,214,235
Shares redeemed	(751,110)	(7,397,542)
Net increase (decrease)	177,410	$ 1,816,693
Fidelity Advantage Class
Shares sold	1,755,857	$ 17,372,473
Shares redeemed	-	-
Net increase (decrease)	1,755,857	$ 17,372,473
Institutional Class
Shares sold	750,001	$ 7,500,009
Shares redeemed	-	-
Net increase (decrease)	750,001	$ 7,500,009

Annual Report

8. Share Transactions - continued

	Shares	Dollars
Period ended October 31,	2011 A	2011 A
Spartan Global ex U.S. Index Fund
Fidelity Advantage Institutional Class
Shares sold	750,001	$ 7,500,010
Shares redeemed	-	-
Net increase (decrease)	750,001	$ 7,500,010

^A For the period September 8, 2011 (commencement of operations) to October 31, 2011.

9. Other.

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

At the end of the period, FMR or its affiliates were owners of record of more than 10% of the outstanding shares of the following funds:

Fund	Affiliated %
Spartan Emerging Markets Index Fund	56
Spartan Global ex U.S. Index Fund	88

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust (formerly Fidelity Fixed-Income Trust) and the Shareholders of Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund:

We have audited the accompanying statements of assets and liabilities of Spartan Emerging Markets Index Fund and Spartan 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, 2011, and the related statements of operations, the statements of changes in net assets and the financial highlights for the period from September 8, 2011 (commencement of operations) to October 31, 2011. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). 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. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund as of October 31, 2011, the results of their operations, the changes in their net assets, and the financial highlights for the period from September 8, 2011 (commencement of operations) to October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Trustees and Officers

The Trustees and executive 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 James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

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) (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. The executive officers hold office without limit in time, except that any officer 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.

Experience, Skills, Attributes, and Qualifications of the Funds' 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.

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) 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. Kenneth L. Wolfe 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, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations 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 FMR'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 Funds' Trustees."

Annual Report

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.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (49)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience+
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (64)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (72)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.

Annual Report

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Derek L. Young (47)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officer of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Deputy Treasurer of other Fidelity funds (2008-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Spartan Emerging Market Index Fund
Investor Class	12/12/11	12/09/11	$-	$0.033
Fidelity Advantage Class	12/12/11	12/09/11	$-	$0.033
Spartan Global ex U.S. Index Fund
Investor Class	12/12/11	12/09/11	$-	$0.033
Fidelity Advantage Class	12/12/11	12/09/11	$-	$0.033

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2011, or, if subsequently determined to be different, the net capital gain of such year.

Spartan Emerging Market Index Fund	$136,704
Spartan Global ex U.S. Index Fund	$117,787

The funds will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Spartan Emerging Markets Index Fund

Spartan Global ex U.S. Index Fund

On July 14, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of thefund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

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

Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit each fund's shareholders.

Annual Report

Competitiveness of Management Fee and Total Fund Expenses.The Board considered each fund's proposed management fee out of which FMR will pay all "fund-level" expenses, with certain limited exceptions, and the projected total expenses of each class of the fund. The Board noted that each fund's proposed management fee rate, even before deducting projected payments by FMR, is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics.

The Board also considered that the proposed contractual arrangements for each fund oblige FMR to pay all class-level expenses of each class of each fund and limit the total expenses of each class of each fund. These contractual arrangements may not be amended to increase fees shareholders pay without the approval of the Board. In addition, the Board considered that FMR had contractually agreed to reimburse each class of each fund to the extent that each class's total operating expenses (excluding interest, taxes, securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets exceed certain limits.

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

Costs of the Services and Profitability.  Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of each fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders.

Additional Information Requested by the Board. The Board also received information explaining that each fund's investments will be chosen using an investment discipline developed by Geode Capital Management, LLC, the sub-adviser to Fidelity's equity index funds.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

For mutual fund and brokerage trading.

For quotes.*

For account balances and holdings.

To review orders and mutual
fund activity.

To change your PIN.

To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Adviser

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Service Company, Inc.

Boston, MA

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®)
1-800-544-5555

Automated line for quickest service

EMX-GUX-UANN-1211
1.929359.100

Spartan® Emerging Markets Index Fund
Spartan Global ex U.S.

Index Fund
Institutional Class

Fidelity Advantage® Institutional Class

Annual Report

October 31, 2011

Contents

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Spartan® Emerging Markets Index Fund	(Click Here) (Click Here) (Click Here)	Investment Summary Investments Financial Statements
Spartan® Global ex U.S. Index Fund	(Click Here) (Click Here) (Click Here)	Investment Summary Investments Financial Statements
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Geode is a registered trademark of Geode Capital Management, LLC.

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.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.

Annual Report

Chairman's Message

(photo_of_Abigail_P_Johnson)

Dear Shareholder:

Global equity markets began the fourth quarter on a strong note, sharply reversing course in October amid strong corporate earnings, better-than-expected economic news and the promise of a resolution to the sovereign debt crisis in Europe. The mini rally followed a third quarter marked by a significant downturn in July and August, which heightened investor anxiety and set off a wave of volatility that hampered most major asset classes through the end of September. Financial markets are difficult to predict, of course, but you can help put the odds in your favor by following these time-tested investment principles.

One of the basic tenets is to invest according to your time horizon. For long-term investors, riding out the markets' inevitable ups and downs has proven much more effective than making decisions based on short-term developments. If your goal is approaching, you can also benefit from patience and restraint, rather than attempting to time the market. No matter your time horizon, missing only a few of the markets' best days can significantly diminish returns. Patience also affords the benefits of compounding - earning interest on additional income or reinvested dividends and capital gains. While staying the course doesn't eliminate risk, it can considerably lessen the negative impact of short-term downturns.

Asset allocation is another principle to manage risk. As you spread your portfolio among the asset classes, be sure to consider your time horizon, risk tolerance and investment objectives. Younger investors may be better served by emphasizing equities, which historically have been the best-performing asset class over time. Investors who are nearing a specific goal, such as retirement or sending a child to college, may choose to favor bonds and other investments that have tended to be more stable. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. After deciding on a suitable allocation strategy, make sure your portfolio is adequately diversified, with exposure to stocks of small-, mid- and large-cap companies in a range of sectors, for example. And today, more than ever, geographic diversification should be taken into account.

Lastly, investing a certain amount of money on a regular basis - a principle known as dollar-cost averaging - can help lower the average cost of your purchases, while also giving you the discipline to avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to learn more by visiting us on the Internet, dropping by one of our Investor Centers or calling us by phone. It is our privilege to provide the resources you need to choose investments that are right for you.

Sincerely,

(The chairman's signature appears here.)

Abigail P. Johnson

Annual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 8, 2011 to October 31, 2011). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value October 31, 2011	Expenses Paid During Period*
Spartan Emerging Markets Index Fund
Investor Class	.33%
Actual		$ 1,000.00	$ 954.00	$ .48 B
HypotheticalA		$ 1,000.00	$ 1,023.54	$ 1.68 C
Fidelity Advantage Class	.22%
Actual		$ 1,000.00	$ 954.00	$ .32 B
HypotheticalA		$ 1,000.00	$ 1,024.10	$ 1.12 C
Institutional Class	.15%
Actual		$ 1,000.00	$ 954.00	$ .22 B
HypotheticalA		$ 1,000.00	$ 1,024.45	$ .77 C
Fidelity Advantage Institutional Class	.12%
Actual		$ 1,000.00	$ 954.00	$ .17 B
HypotheticalA		$ 1,000.00	$ 1,024.60	$ .61 C
Spartan Global ex U.S. Index Fund
Investor Class	.24%
Actual		$ 1,000.00	$ 1,009.00	$ .36 B
HypotheticalA		$ 1,000.00	$ 1,024.00	$ 1.22 C
Fidelity Advantage Class	.18%
Actual		$ 1,000.00	$ 1,009.00	$ .27 B
HypotheticalA		$ 1,000.00	$ 1,024.30	$ .92 C
Institutional Class	.13%
Actual		$ 1,000.00	$ 1,009.00	$ .19 B
HypotheticalA		$ 1,000.00	$ 1,024.55	$ .66 C
Fidelity Advantage Institutional Class	.10%
Actual		$ 1,000.00	$ 1,009.00	$ .15 B
HypotheticalA		$ 1,000.00	$ 1,024.70	$ .51 C

^A 5% return per year before expenses

^B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 54/365 (to reflect the period September 8, 2011 to October 31, 2011).

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Spartan Emerging Markets Index

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	2.1
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	1.9
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	1.8
America Movil SAB de CV Series L (Mexico, Wireless Telecommunication Services)	1.7
OAO Gazprom sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)	1.7
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.6
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels)	1.5
Vale SA (PN-A) (Brazil, Metals & Mining)	1.5
Itau Unibanco Banco Multiplo SA (Brazil, Commercial Banks)	1.3
Vale SA (Brazil, Metals & Mining)	1.3
	16.4
Market Sectors as of October 31, 2011
	% of fund's net assets
Financials	22.7
Energy	14.9
Materials	13.9
Telecommunication Services	9.6
Information Technology	7.2
Consumer Staples	6.9
Industrials	5.3
Consumer Discretionary	4.3
Utilities	3.9
Health Care	0.8

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	Brazil 19.1%
	Taiwan 12.5%
	China 11.4%
	South Africa 9.8%
	Russia 6.8%
	India 5.7%
	Mexico 5.5%
	Malaysia 4.7%
	Hong Kong 4.5%
	Other 20.0%

Percentages are adjusted for the effect of futures and swaps contracts, if applicable.

Annual Report

Spartan Emerging Markets Index

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 89.5%
	Shares		Value
Bermuda - 0.5%
Brilliance China Automotive Holdings Ltd. (a)	26,000		$ 27,874
China Foods Ltd.	12,000		9,434
CITIC Resources Holdings Ltd. (a)	16,000		2,262
CNPC (Hong Kong) Ltd.	28,000		39,222
Cosco Pacific Ltd.	14,000		19,480
Credicorp Ltd.	82		8,937
Credicorp Ltd. (NY Shares)	514		55,913
Shenzhen International Holdings Ltd.	165,000		10,709
Sinofert Holdings Ltd.	24,000		7,877
TOTAL BERMUDA			181,708
Brazil - 19.1%
AES Tiete SA	900		11,190
AES Tiete SA (PN) (non-vtg.)	1,400		19,950
All America Latina Logistica SA	7,000		34,853
Amil Participacoes SA	1,500		15,173
Anhanguera Educacional Participacoes SA	1,500		22,056
B2W Companhia Global do Varejo	900		7,311
Banco Bradesco SA (PN)	19,800		358,019
Banco do Brasil SA	11,700		176,468
Banco do Estado do Rio Grande do Sul SA	2,100		22,135
Banco Santander SA (Brasil) unit	7,600		68,379
BM&F Bovespa SA	21,000		125,349
BR Malls Participacoes SA	4,700		50,772
Bradespar SA (PN)	2,300		46,879
Brasil Foods SA	9,200		191,533
Brasil Telecom SA	700		5,263
Brasil Telecom SA (PN)	3,600		24,780
Braskem SA (PN-A)	1,700		15,147
Centrais Eletricas Brasileiras SA (Electrobras)	5,700		57,060
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)	2,800		38,595
Cetip SA	2,600		35,884
Cielo SA	2,200		58,293
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)	1,300		49,587
Companhia de Bebidas das Americas (AmBev)	2,200		59,394
Companhia de Bebidas das Americas (AmBev) (PN)	10,700		357,352
Companhia de Concessoes Rodoviarias	3,400		93,553
Companhia de Gas de Sao Paulo	300		6,132
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	800		21,943
Companhia de Transmissao de Energia Eletrica Paulista (PN)	400		11,461
Companhia Energetica de Minas Gerais (CEMIG)	1,200		16,387
Common Stocks - continued
	Shares		Value
Brazil - continued
Companhia Energetica de Minas Gerais (CEMIG) (PN)	3,700		$ 61,839
Companhia Energetica de Sao Paulo Series A	1,700		28,957
Companhia Paranaense de Energia-Copel (PN-B)	1,500		30,005
Companhia Siderurgica Nacional SA (CSN)	11,100		102,842
Cosan SA Industria e Comercio	1,800		28,092
CPFL Energia SA	1,200		15,353
Cyrela Brazil Realty SA	3,300		28,845
Duratex SA	2,500		13,539
Ecorodovias Infraestrutura e Logistica SA	2,000		15,141
Eletropaulo Metropolitana SA (PN-B)	1,200		21,523
Embraer SA	7,600		52,446
Energias do Brasil SA	1,000		21,547
Fertilizantes Fosfatados SA (PN)	1,300		18,343
Fibria Celulose SA	1,700		15,137
Gerdau SA	2,600		19,835
Gerdau SA (PN)	8,000		71,978
HRT Participacoes em Petroleo SA GDR (a)	4,050		20,111
Hypermarcas SA	3,500		18,833
Itau Unibanco Banco Multiplo SA	2,400		39,217
Itau Unibanco Banco Multiplo SA	23,600		449,818
Itausa-Investimentos Itau SA (PN)	27,400		171,529
JBS SA (a)	10,100		30,349
Klabin SA (PN) (non-vtg.)	6,600		24,291
Light SA	1,100		17,135
LLX Logistica SA (a)	3,300		7,341
Lojas Americanas SA	1,500		11,740
Lojas Americanas SA (PN)	4,900		43,088
Lojas Renner SA	1,200		36,380
Marfrig Alimentos SA	1,800		7,809
Metalurgica Gerdau SA (PN)	2,100		23,798
MMX Mineracao e Metalicos SA (a)	2,100		9,184
MPX Mineracao e Energia SA (a)	400		8,724
MRV Engenharia e Participacoes SA	3,900		27,481
Multiplan Empreendimentos Imobiliarios SA	1,000		20,219
Natura Cosmeticos SA	2,200		42,791
OGX Petroleo e Gas Participacoes SA (a)	13,500		111,635
PDG Realty SA Empreendimentos e Participacoes	11,400		50,255
Petroleo Brasileiro SA - Petrobras:
(ON)	39,000		524,179
(PN) (non-vtg.)	58,400		725,065
Porto Seguro SA	1,300		13,930
Redecard SA	5,100		85,683
Common Stocks - continued
	Shares		Value
Brazil - continued
Souza Cruz Industria Comerico	5,000		$ 61,321
Sul America SA unit	1,400		11,243
Suzano Papel e Celulose SA	2,400		11,740
TAM SA (PN) (ltd. vtg.)	1,100		21,965
Tele Norte Leste Participacoes SA	900		11,006
Tele Norte Leste Participacoes SA (PN)	3,200		34,512
Telefonica Brasil SA	2,400		69,811
Telemar Norte Leste SA (PN-A)	600		16,405
TIM Participacoes SA	9,600		49,644
Tractebel Energia SA	2,800		44,840
Ultrapar Participacoes SA	4,300		76,625
Usinas Siderurgicas de Minas Gerais SA - Usiminas	2,100		30,145
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	5,100		35,045
Vale SA	17,100		435,267
Vale SA (PN-A)	21,900		520,335
Weg SA	2,700		29,953
TOTAL BRAZIL			6,526,762
Cayman Islands - 0.3%
China Resources Cement Holdings Ltd.	22,000		17,457
China Resources Land Ltd.	22,000		32,201
MStar Semiconductor, Inc.	6,000		34,771
TOTAL CAYMAN ISLANDS			84,429
Chile - 2.3%
Banco de Chile	347,488		48,511
Banco de Credito e Inversiones	428		24,022
Banco Santander Chile	360,484		27,885
CAP SA	1,131		43,631
Cencosud SA	9,524		60,843
Colbun SA	80,564		22,018
Compania Cervecerias Unidas SA	1,434		16,244
Compania de Petroleos de Chile SA (COPEC)	5,356		82,097
CorpBanca SA	1,343,606		19,440
Embotelladora Andina SA	2,521		11,999
Empresa Nacional de Electricidad SA	43,819		70,207
Empresa Nacional de Telecomunicaciones SA (ENTEL)	1,220		24,153
Empresas CMPC SA	11,416		47,533
Enersis SA	139,101		56,469
Gener SA	25,823		14,757
Lan Airlines SA	2,627		67,800
SACI Falabella	7,360		69,101
Common Stocks - continued
	Shares		Value
Chile - continued
Sociedad Matriz Banco de Chile Class B	49,297		$ 15,545
Sociedad Quimica y Minera de Chile SA (PN-B)	1,252		75,128
TOTAL CHILE			797,383
China - 11.4%
Agricultural Bank China Ltd. (H Shares)	235,000		105,472
Air China Ltd. (H Shares)	22,000		17,095
Aluminum Corp. of China Ltd. (H Shares)	40,000		21,484
Angang Steel Co. Ltd. (H Shares)	6,000		3,661
Anhui Conch Cement Co. Ltd. (H Shares)	13,500		49,090
Anhui Expressway Co. Ltd. (H Shares)	4,000		2,502
Bank Communications Co. Ltd. (H Shares)	87,000		59,793
Bank of China Ltd. (H Shares)	647,000		230,273
BBMG Corp. (H Shares)	11,000		9,578
Beijing Capital International Airport Co. Ltd. (H Shares)	16,000		7,185
Beijing North Star Co. Ltd. (H Shares)	12,000		1,924
Bengang Steel Plates Co. Ltd. (B Shares)	4,900		1,717
BOE Technology Group Co. Ltd. (B Shares)	10,700		1,641
BYD Co. Ltd. (H Shares) (a)	5,000		12,046
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	15,800		22,859
China Bluechemical Ltd. (H shares)	22,000		17,240
China CITIC Bank Corp. Ltd. (H Shares)	112,000		60,170
China Coal Energy Co. Ltd. (H Shares)	42,000		52,312
China Communications Construction Co. Ltd. (H Shares)	47,000		35,450
China Communications Services Corp. Ltd. (H Shares)	24,000		11,068
China Construction Bank Corp. (H Shares)	750,000		551,051
China Cosco Holdings Co. Ltd. (H Shares)	22,000		11,474
China Eastern Airlines Corp. Ltd. (a) (H Shares)	20,000		7,869
China International Marine Containers (Group) Ltd. (B Shares)	16,700		20,104
China Life Insurance Co. Ltd. (H Shares)	77,000		199,076
China Longyuan Power Grid Corp. Ltd. (H Shares)	14,000		11,626
China Merchants Bank Co. Ltd. (H Shares)	39,500		79,757
China Merchants Property Development Co. Ltd. (B Shares)	3,000		4,155
China Minsheng Banking Corp. Ltd. (H Shares)	40,500		32,992
China Molybdenum Co. Ltd. (H Shares)	13,000		6,390
China National Building Materials Co. Ltd. (H Shares)	28,000		35,865
China National Materials Co. Ltd. (H Shares)	16,000		8,055
China Oilfield Services Ltd. (H Shares)	16,000		26,651
China Pacific Insurance Group Co. Ltd. (H Shares)	17,800		54,623
China Petroleum & Chemical Corp. (H Shares)	176,000		166,449
China Railway Construction Corp. Ltd. (H Shares)	23,000		13,707
Common Stocks - continued
	Shares		Value
China - continued
China Railway Group Ltd. (H Shares)	45,000		$ 14,941
China Shenhua Energy Co. Ltd. (H Shares)	35,500		162,405
China Ship Container Lines Co. Ltd. (H Shares) (a)	39,000		7,399
China Shipping Development Co. Ltd. (H Shares)	12,000		8,484
China Southern Airlines Ltd. (H Shares) (a)	22,000		12,277
China Telecom Corp. Ltd. (H Shares)	170,000		104,959
China Vanke Co. Ltd. (B Shares)	12,700		14,239
Chongqing Changan Automobile Co. Ltd. (B Shares)	6,000		1,745
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)	26,000		11,503
CITIC Securities Co. Ltd. (H Shares) (a)	5,000		9,823
CSG Holding Co. Ltd. (B Shares)	9,300		7,962
CSR Corp. Ltd. (H Shares)	20,000		11,835
Datang International Power Generation Co. Ltd. (H Shares)	38,000		9,745
Dazhong Transport Group Co. Ltd. (B Shares)	8,900		4,821
Dongfang Electric Corp. Ltd. (H Shares)	3,800		11,678
Dongfeng Motor Group Co. Ltd. (H Shares)	26,000		42,412
Double Coin Holdings Ltd. (B Shares)	2,600		1,615
Foshan Electrical and Lighting Co. Ltd. (B Shares)	2,200		1,711
Great Wall Motor Co. Ltd. (H Shares)	9,000		12,221
Guangdong Provincial Expressway Development Co. Ltd. (B Shares)	5,300		1,604
Guangshen Railway Co. Ltd. (H Shares)	16,000		5,555
Guangzhou Automobile Group Co. Ltd. (H Shares)	26,000		25,939
Guangzhou Pharmaceutical Ltd. (H Shares)	2,000		1,401
Guangzhou R F Properties Co. Ltd. (H Shares)	12,000		11,661
Guangzhou Shipyard International Ltd. (H Shares)	2,000		1,685
Hainan Airlines Co. Ltd. (B Shares)	2,600		2,026
Harbin Power Equipment Co. Ltd. (H Shares)	8,000		8,062
Huadian Energy Co. Ltd. (B Shares) (a)	5,000		1,540
Huadian Power International Corp. Ltd. (H shares) (a)	12,000		1,862
Huaneng Power International, Inc. (H Shares)	42,000		18,995
Industrial & Commercial Bank of China Ltd. (H Shares)	675,000		421,513
Inner Mongolia Eerduosi Resourses Co. Ltd. (B Shares)	3,700		5,022
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)	7,700		42,470
Jiangling Motors Corp. Ltd. (B Shares)	900		1,704
Jiangsu Expressway Co. Ltd. (H Shares)	12,000		10,343
Jiangxi Copper Co. Ltd. (H Shares)	14,000		33,840
Jinzhou Port Co. Ltd. (B Shares)	6,600		3,389
Lianhua Supermarket Holdings Ltd. (H Shares)	5,000		8,045
Maanshan Iron & Steel Ltd. (H Shares)	10,000		2,977
Metallurgical Corp. China Ltd. (H Shares)	32,000		6,944
PetroChina Co. Ltd. (H Shares)	220,000		285,602
Common Stocks - continued
	Shares		Value
China - continued
PICC Property & Casualty Co. Ltd. (H Shares)	34,000		$ 47,152
Ping An Insurance Group Co. China Ltd. (H Shares)	24,000		177,994
Shandong Chenming Paper Holdings Ltd. (B Shares)	7,900		3,983
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	20,000		20,787
Shanghai Chlor Alkali Co. Ltd. (B Shares) (a)	8,000		4,674
Shanghai Electric Group Co. Ltd. (H Shares)	30,000		13,200
Shanghai Friendship Group, Inc. (B Shares) (a)	3,000		4,507
Shanghai Haixin Group Co. Ltd. (B Shares) (a)	3,700		1,801
Shanghai Jin Jiang International Hotels (Group) Co. Ltd. (B Shares)	1,400		1,955
Shanghai Jin Jiang International Industrial Investment Co. Ltd. (B Shares)	2,600		2,106
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares)	5,000		3,733
Shanghai Lujiazui Finance Trust Deltd (B Shares)	7,400		8,897
Shanghai Pharma Holding Co. Ltd. (H Shares)	5,400		10,284
Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)	4,100		4,507
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. (B Shares)	6,000		4,227
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) (a)	11,000		5,690
Shenzhen Chiwan Wharf Holding Ltd. (B Shares)	1,500		1,674
Shenzhen Expressway Co. (H Shares)	4,000		1,684
Sichuan Expressway Co. Ltd. (H Shares)	10,000		4,445
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	26,000		9,546
SINOPEC Yizheng Chemical Fibre Co. Ltd. (H Shares)	22,000		5,304
Sinopharm Group Co. Ltd. (H Shares)	8,000		21,775
Sinotrans Ltd. (H Shares)	24,000		4,951
Travelsky Technology Ltd. (H Shares)	12,000		5,913
Tsingtao Brewery Co. Ltd. (H Shares)	6,000		30,511
Weichai Power Co. Ltd. (H Shares)	4,000		20,127
Weifu High-Technology Co. Ltd. (B Shares)	700		1,583
Weiqiao Textile Co. Ltd. (H Shares)	9,500		5,195
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)	3,600		2,303
Yantai Changyu Pioneer Wine Co. (B Shares)	2,200		24,752
Yanzhou Coal Mining Co. Ltd. (H Shares)	20,000		49,506
Zhaojin Mining Industry Co. Ltd. (H Shares)	10,500		18,747
Zhejiang Expressway Co. Ltd. (H Shares)	18,000		11,838
Zhejiang Southeast Electric Power Co. Ltd. (B Shares)	8,700		4,210
Zhuzhou CSR Times Electric Co. Ltd. (H Shares)	6,000		14,048
Zijin Mining Group Co. Ltd. (H Shares)	64,000		27,240
ZTE Corp. (H Shares)	5,800		16,464
TOTAL CHINA			3,903,671
Common Stocks - continued
	Shares		Value
Colombia - 1.1%
Almacenes Exito SA	2,435		$ 31,318
BanColombia SA	3,808		59,181
BanColombia SA (PN)	2,639		41,579
Cementos Argos SA	3,700		21,296
Corp. Financiera Colombiana SA	1,056		19,886
Corp. Financiera Colombiana SA (RFD) (a)	9		160
Ecopetrol SA	47,421		101,653
Grupo de Inversiones Surameric	2,307		40,527
Grupo de Inversiones Surameric rights 11/22/11 (a)	590		89
Interconexion Electrica SA	3,716		23,698
Inversiones Argos SA	3,416		32,769
Isagen SA ESP	9,547		11,256
TOTAL COLOMBIA			383,412
Czech Republic - 0.5%
Ceske Energeticke Zavody A/S	2,193		92,743
Komercni Banka A/S	139		26,808
Telefonica Czech Republic A/S	1,533		32,253
TOTAL CZECH REPUBLIC			151,804
Egypt - 0.5%
Commercial International Bank Ltd.	5,322		23,719
Commercial International Bank Ltd. sponsored GDR	533		2,355
EFG-Hermes Holding SAE	4,547		9,790
Egyptian Co. for Mobile Services (MobiNil)	554		9,468
Egyptian Iron & Steel (a)	1,787		1,437
Egyptian Kuwaiti Holding	8,822		8,998
El Ezz Steel Rebars SAE	2,241		2,264
Elsewedy Electric Co.	1,325		4,729
Maridive & Oil Services S.A.E.	1,763		3,350
National Societe Generale Bank	583		2,587
Orascom Construction Industries SAE	977		39,695
Orascom Construction Industries SAE GDR	106		4,346
Orascom Telecom Holding SAE (a)	31,453		17,443
Sidi Kerir Petrochemcials Co.	3,402		7,347
Talaat Moustafa Group Holding	14,511		8,728
Telecom Egypt SAE	4,207		10,503
TOTAL EGYPT			156,759
Hong Kong - 4.5%
Beijing Enterprises Holdings Ltd.	6,000		33,203
China Agri-Industries Holding Ltd.	18,000		14,350
China Everbright Ltd.	8,000		11,861
Common Stocks - continued
	Shares		Value
Hong Kong - continued
China Insurance International Holdings Co. Ltd. (a)	9,200		$ 19,951
China Merchant Holdings International Co. Ltd.	14,000		43,200
China Mobile (Hong Kong) Ltd.	57,000		541,747
China Mobile (Hong Kong) Ltd. sponsored ADR	1,200		57,072
China Overseas Land & Investment Ltd.	42,000		77,716
China Resources Enterprise Ltd.	12,000		43,825
China Resources Power Holdings Co. Ltd.	20,000		35,521
China Unicom (Hong Kong) Ltd.	74,000		148,786
Citic Pacific Ltd.	12,000		21,687
CNOOC Ltd.	169,000		319,471
CNOOC Ltd. sponsored ADR	190		35,836
Franshion Properties China Ltd.	34,000		6,983
Guangdong Investment Ltd.	24,000		14,448
Lenovo Group Ltd.	78,000		52,440
Poly (Hong Kong) Investments Ltd.	19,000		9,530
Shanghai Industrial Holdings Ltd.	6,000		19,644
Shenzhen Investment Ltd.	26,000		5,553
Sino-Ocean Land Holdings Ltd.	46,500		20,631
Sinotruk Hong Kong Ltd.	8,500		4,998
Yuexiu Property Co. Ltd.	76,000		11,730
TOTAL HONG KONG			1,550,183
Hungary - 0.4%
Magyar Telekom PLC	5,303		12,341
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) (a)	834		65,075
OTP Bank PLC	2,728		43,822
Richter Gedeon PLC	160		25,843
TOTAL HUNGARY			147,081
Indonesia - 3.3%
PT Astra Agro Lestari Tbk	5,500		13,173
PT Adaro Energy Tbk	137,500		31,013
PT Aneka Tambang Tbk	42,000		8,407
PT Astra International Tbk	31,000		239,033
PT Bank Central Asia Tbk	126,000		114,263
PT Bank Danamon Indonesia Tbk Series A	17,000		9,473
PT Bank Mandiri (Persero) Tbk	93,500		74,583
PT Bank Negara Indonesia (Persero) Tbk	57,000		25,545
PT Bank Rakyat Indonesia Tbk	125,000		93,981
PT Bumi Resources Tbk	215,000		56,157
PT Charoen Pokphand Indonesia Tbk	90,500		26,950
PT Gudang Garam Tbk	6,500		42,665
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Indo Tambangraya Megah Tbk	3,500		$ 17,460
PT Indocement Tunggal Prakarsa Tbk	12,500		22,837
PT Indofood Sukses Makmur Tbk	41,000		24,073
PT Indosat Tbk	23,500		14,075
PT International Nickel Indonesia Tbk	22,000		8,969
PT Kalbe Farma Tbk	81,500		31,724
PT Perusahaan Gas Negara Tbk Series B	102,000		33,645
PT Semen Gresik (Persero) Tbk	32,000		34,048
PT Tambang Batubbara Bukit Asam Tbk	9,500		19,481
PT Telkomunikasi Indonesia Tbk Series B	106,500		88,819
PT Unilever Indonesia Tbk	17,000		29,885
PT United Tractors Tbk	28,500		78,390
TOTAL INDONESIA			1,138,649
Malaysia - 4.7%
AMMB Holdings Bhd	22,700		44,006
Axiata Group Bhd	67,500		106,688
Berjaya Sports Toto Bhd	11,800		16,371
British American Tobacco (Malaysia) Bhd	1,700		25,594
Bumiputra-Commerce Holdings Bhd	56,000		137,458
DiGi.com Bhd	6,400		65,902
Gamuda Bhd	22,600		24,850
Genting Bhd	28,300		98,569
Genting Malaysia Bhd	30,300		37,692
Hong Leong Bank Bhd	4,900		16,856
IJM Corp. Bhd	14,600		26,969
IOI Corp. Bhd	51,000		86,644
Kuala Lumpur Kepong Bhd	6,100		41,622
Lafarge Malayan Cement Bhd	4,600		10,582
Malayan Banking Bhd	56,900		154,479
Malaysian Plantations Bhd	9,200		10,529
Maxis Bhd	26,200		45,562
MISC Bhd	17,400		39,451
MMC Corp. Bhd	12,200		10,666
Parkson Holdings Bhd	5,800		10,529
Petronas Chemicals Group Bhd	34,000		70,928
Petronas Dagangan Bhd	3,200		16,929
Petronas Gas Bhd	8,600		36,591
PLUS Expressways Bhd	21,600		31,089
PPB Group Bhd	6,800		37,660
Proton Holdings Bhd	1,900		1,653
Public Bank Bhd (For. Reg.)	36,300		149,963
Common Stocks - continued
	Shares		Value
Malaysia - continued
RHB Capital Bhd	3,800		$ 9,502
Sime Darby Bhd	46,600		134,426
SP Setia Bhd	14,600		18,217
Telekom Malaysia Bhd	14,200		19,554
Tenaga Nasional Bhd	14,900		28,901
UEM Land Holdings Bhd (a)	11,800		8,389
UMW Holdings Bhd	6,800		14,652
YTL Power International Bhd	33,900		20,982
TOTAL MALAYSIA			1,610,455
Mexico - 5.5%
Alfa SA de CV Series A	2,900		33,809
America Movil SAB de CV Series L	456,000		582,318
Cemex SA de CV unit	98,800		43,021
Fomento Economico Mexicano SAB de CV unit	22,800		153,025
Grupo Aeroportuario del Pacifico SA de CV Series B	5,500		19,242
Grupo Bimbo Sab de CV Series A	25,000		51,445
Grupo Carso SA de CV Series A1	6,400		16,533
Grupo Elektra SA de CV	740		56,864
Grupo Financiero Banorte SAB de CV Series O	23,400		79,949
Grupo Financiero Inbursa SAB de CV Series O	19,600		41,922
Grupo Mexico SA de CV Series B	80,700		224,225
Grupo Modelo SAB de CV Series C	6,900		43,767
Grupo Televisa SA de CV	28,600		122,322
Industrias Penoles SA de CV	1,690		68,007
Inmuebles Carso SAB de CV (a)	8,000		6,096
Kimberly-Clark de Mexico SA de CV Series A	4,500		25,615
Mexichem SAB de CV	8,100		27,888
Minera Frisco SAB de CV (a)	7,800		30,550
Organizacion Soriana SA Series B (a)	3,700		8,044
Telefonos de Mexico SA de CV Series L	78,900		61,899
Urbi, Desarrollos Urbanos, SA de CV (a)	4,800		6,101
Wal-Mart de Mexico SA de CV Series V	74,800		193,231
TOTAL MEXICO			1,895,873
Morocco - 0.2%
Douja Promotion Groupe Addoha SA	1,432		13,489
Maroc Telecom SA	2,101		36,918
TOTAL MOROCCO			50,407
Pakistan - 0.1%
Fauji Fertilizer Co. Ltd.	3,877		8,664
MCB Bank Ltd.	3,695		6,833
Common Stocks - continued
	Shares		Value
Pakistan - continued
National Bank of Pakistan (a)	3,125		$ 1,576
Oil & Gas Development Co. Ltd.	7,017		11,860
Pakistan Petroleum Ltd.	3,829		7,796
Pakistan State Oil Co. Ltd.	1,687		4,768
Pakistan Telecommunication Co. Ltd. Class A	12,499		1,589
TOTAL PAKISTAN			43,086
Peru - 0.3%
Compania de Minas Buenaventura SA	150		6,096
Compania de Minas Buenaventura SA sponsored ADR	1,999		81,819
Volcan Compania Minera SAA Class B	20,751		20,086
TOTAL PERU			108,001
Philippines - 0.7%
Aboitiz Equity Ventures, Inc.	25,600		24,588
Aboitiz Power Corp.	22,200		15,439
Ayala Land, Inc.	55,700		21,112
Banco de Oro Universal Bank	8,720		11,515
Bank of the Philippine Islands (BPI)	15,070		20,678
Globe Telecom, Inc.	490		10,447
Jollibee Food Corp.	4,820		10,243
Manila Electric Co.	4,930		27,983
Metropolitan Bank & Trust Co.	5,450		9,133
Philippine Long Distance Telephone Co.	475		26,497
SM Investments Corp.	2,030		26,521
SM Prime Holdings, Inc.	41,100		12,532
Yala Corp.	1,730		12,433
TOTAL PHILIPPINES			229,121
Poland - 1.4%
Bank Handlowy w Warszawie SA	347		8,183
Bank Polska Kasa Opieki SA	1,014		47,187
BRE Bank SA (a)	107		9,239
ENEA SA	1,706		10,192
Getin Holding SA (a)	3,208		8,644
Globe Trade Centre SA (a)	614		2,201
ING Bank Slaski SA	35		8,518
KGHM Polska Miedz SA (Bearer)	1,575		76,512
Polish Oil & Gas Co.	14,934		18,642
Polska Grupa Energetyczna SA	5,881		36,243
Polski Koncern Naftowy Orlen SA (a)	3,338		41,405
Powszechna Kasa Oszczednosci Bank SA	6,251		71,347
Powszechny Zaklad Ubezpieczen SA	675		71,630
Common Stocks - continued
	Shares		Value
Poland - continued
Tauron Polska Energia SA	14,829		$ 25,831
Telekomunikacja Polska SA	7,249		38,520
TVN SA	1,533		6,136
TOTAL POLAND			480,430
Russia - 6.8%
Aeroflot - Russian Airlines (a)	3,163		5,912
Federal Grid Co. Unified Energy System JSC (a)	2,660,000		24,841
Gazprom OAO sponsored ADR (Reg. S)	49,490		577,548
Inter Rao Ues JSC (a)	11,100,000		13,820
Interregional Distribution Grid Companies Holding JSC (a)	167,181		15,634
Interregional Distribution Grid Companies Holding JSC rights (a)	12,162		0
Lukoil Oil Co. sponsored ADR (United Kingdom)	6,659		387,554
Magnitogorsk Iron & Steel Works OJSC unit	1,114		6,901
Mobile TeleSystems OJSC sponsored ADR	5,114		73,079
Mosenergo AO (a)	136,037		8,695
Norilsk Nickel OJSC ADR	9,060		177,304
NOVATEK OAO GDR	964		135,346
Novolipetsk Steel OJSC GDR (Reg. S)	610		16,604
OGK-4 OJSC (a)	188,873		14,933
PIK Group GDR (Reg. S) unit (a)	500		1,485
Polymetal JSC GDR (Reg. S) (a)	1,160		18,920
Raspadskaya OAO (a)	2,560		8,499
Rosneft Oil Co. OJSC GDR (Reg. S)	19,880		141,446
Rostelecom sponsored ADR	2,567		78,550
RusHydro JSC sponsored ADR	17,470		65,862
Sberbank of Russia	39,030		105,909
Sberbank of Russia sponsored ADR	12,300		134,070
Severstal JSC GDR (Reg. S)	1,970		28,939
Surgutneftegaz JSC sponsored ADR	7,340		63,234
Tatneft OAO sponsored ADR	2,933		87,081
TGK-1 OAO (a)	6,416,533		2,323
TMK OAO GDR (Reg. S)	778		10,036
Uralkali JSC GDR (Reg. S)	1,750		75,950
VTB Bank JSC unit	12,445		59,885
TOTAL RUSSIA			2,340,360
South Africa - 9.8%
Absa Group Ltd.	3,312		59,594
Adcock Ingram Holdings Ltd.	1,851		14,227
Aeci Ltd.	1,710		16,378
African Bank Investments Ltd.	7,608		33,015
Common Stocks - continued
	Shares		Value
South Africa - continued
African Oxygen Ltd.	1,935		$ 4,047
African Rainbow Minerals Ltd.	924		21,355
Allied Technologies Ltd.	1,005		6,672
Anglo Platinum Ltd.	816		59,064
AngloGold Ashanti Ltd.	3,985		180,099
ArcelorMittal South Africa Ltd.	2,264		19,242
Aspen Pharmacare Holdings Ltd.	3,389		40,674
Aveng Ltd.	4,632		21,653
AVI Ltd.	4,571		20,504
Barloworld Ltd.	2,592		21,752
Bidvest Group Ltd.	3,290		65,540
Capital Property Fund	16,437		18,433
Capitec Bank Holdings Ltd.	326		7,476
Clicks Group Ltd.	2,469		12,957
Discovery Holdings Ltd.	3,754		19,630
Exxaro Resources Ltd.	1,216		27,503
FirstRand Ltd.	42,154		104,850
Foschini Ltd.	2,486		31,368
Fountainhead Property Trust	16,941		14,964
Gold Fields Ltd.	7,549		130,844
Grindrod Ltd.	3,844		7,265
Growthpoint Properties Ltd.	17,141		39,849
Harmony Gold Mining Co. Ltd.	4,526		59,172
Illovo Sugar Ltd.	2,884		9,630
Impala Platinum Holdings Ltd.	6,562		151,691
Imperial Holdings Ltd.	2,175		32,202
Investec Ltd.	2,548		15,648
JD Group Ltd.	1,974		11,044
JSE Ltd.	806		7,138
Kumba Iron Ore Ltd.	949		56,439
Lewis Group Ltd.	1,093		10,329
Liberty Holdings Ltd.	1,753		18,020
Life Healthcare Group Holdings Ltd.	9,273		22,562
Massmart Holdings Ltd.	1,192		23,851
Mediclinic International Ltd.	4,188		18,338
Mmi Holdings Ltd.	15,862		34,077
Mondi Ltd.	1,249		9,757
Mpact Ltd. (a)	2,600		4,505
Mr Price Group Ltd.	2,625		25,270
MTN Group Ltd.	19,667		343,267
Murray & Roberts Holdings Ltd.	3,292		10,038
Nampak Ltd.	8,033		22,066
Common Stocks - continued
	Shares		Value
South Africa - continued
Naspers Ltd. Class N	4,142		$ 198,319
Nedbank Group Ltd.	2,394		42,533
Netcare Ltd.	15,840		27,743
Northam Platinum Ltd.	2,828		10,957
Pick 'n Pay Stores Ltd.	2,396		12,001
Pick'n Pay Holdings Ltd.	3,712		7,717
Pretoria Portland Cement Co. Ltd.	6,472		19,621
Remgro Ltd.	4,820		73,184
Reunert Ltd.	2,498		19,798
RMB Holdings Ltd.	10,656		33,634
Royal Bafokeng Holdings (Pty) Ltd.	982		6,929
Sanlam Ltd.	20,971		78,348
Santam Ltd.	494		8,890
Sappi Ltd. (a)	6,256		18,367
Sasol Ltd.	6,669		299,893
Shoprite Holdings Ltd.	5,617		82,320
Spar Group Ltd.	1,941		23,724
Standard Bank Group Ltd.	15,874		195,617
Steinhoff International Holdings Ltd.	16,571		49,694
Sun International Ltd.	1,040		11,173
Telkom SA Ltd.	5,317		20,528
Tiger Brands Ltd.	1,556		44,841
Tongaat Hulett Ltd.	1,517		17,681
Truworths International Ltd.	4,585		46,334
Vodacom Group (Pty) Ltd.	4,810		54,486
Wilson Bayly Holmes-Ovcon Ltd.	639		8,736
Woolworths Holdings Ltd.	8,530		43,412
TOTAL SOUTH AFRICA			3,340,479
Taiwan - 12.5%
Acer, Inc.	28,000		31,971
Advanced Semiconductor Engineering, Inc.	69,000		60,973
Advantech Co. Ltd.	4,000		10,886
Asia Cement Corp.	26,000		31,318
ASUSTeK Computer, Inc.	8,000		55,617
AU Optronics Corp.	79,000		34,050
Capital Securities Corp.	22,195		8,525
Catcher Technology Co. Ltd.	8,000		44,572
Cathay Financial Holding Co. Ltd.	80,000		95,403
Cathay Real Estate Development Co. Ltd.	14,000		5,710
Chang Hwa Commercial Bank	40,000		25,745
Cheng Shin Rubber Industry Co. Ltd.	18,000		41,057
Common Stocks - continued
	Shares		Value
Taiwan - continued
Cheng Uei Precision Industries Co. Ltd.	3,000		$ 6,741
Chicony Electronics Co. Ltd.	6,000		10,026
Chimei Innolux Corp. (a)	69,000		27,716
China Airlines Ltd.	20,000		10,063
China Development Finance Holding Corp.	114,000		36,075
China Motor Co. Ltd.	4,000		3,824
China Steel Corp.	118,000		117,399
Chinatrust Financial Holding Co. Ltd.	110,102		72,161
Chunghwa Picture Tubes, Ltd. (a)	22,000		1,339
Chunghwa Telecom Co. Ltd.	41,000		137,171
CMC Magnetics Corp. (a)	30,000		5,965
Compal Communications, Inc.	2,000		2,857
Compal Electronics, Inc.	46,000		42,218
Coretronic Corp.	8,000		6,018
D-Link Corp.	8,000		6,433
Delta Electronics, Inc.	24,000		56,430
E.Sun Financial Holdings Co. Ltd.	29,000		14,453
Epistar Corp.	8,000		14,812
Eternal Chemical Co. Ltd.	11,000		9,031
EVA Airways Corp.	16,900		12,226
Evergreen Marine Corp. (Taiwan)	17,000		9,321
Far Eastern International Bank	16,000		6,659
Far Eastern Textile Ltd.	38,000		44,677
Far EasTone Telecommunications Co. Ltd.	19,000		31,158
Faraday Technology Corp.	2,000		1,809
Feng Hsin Iron & Steel Co.	6,000		10,090
First Financial Holding Co. Ltd.	58,000		38,500
Formosa Chemicals & Fibre Corp.	45,000		130,233
Formosa Petrochemical Corp.	20,000		62,899
Formosa Plastics Corp.	65,000		191,171
Formosa Taffeta Co. Ltd.	13,000		12,011
Foxconn Technology Co. Ltd.	12,000		41,824
Fubon Financial Holding Co. Ltd.	70,000		82,071
Giant Manufacturing Co. Ltd.	3,000		11,609
HannStar Display Corp. (a)	29,000		1,669
Hon Hai Precision Industry Co. Ltd. (Foxconn)	110,000		301,552
HTC Corp.	9,000		202,262
Hua Nan Financial Holdings Co. Ltd.	52,000		33,876
Inotera Memories, Inc. (a)	13,000		1,921
Inventec Corp.	42,000		15,094
KGI Securities Co. Ltd.	32,000		13,421
Largan Precision Co. Ltd.	1,000		22,356
Common Stocks - continued
	Shares		Value
Taiwan - continued
LITE-ON IT Corp.	6,000		$ 5,610
Lite-On Technology Corp.	26,000		24,535
Macronix International Co. Ltd.	33,000		12,470
MediaTek, Inc.	12,000		125,931
Mega Financial Holding Co. Ltd.	88,000		67,645
Micro-Star International Co. Ltd.	10,000		4,458
Mitac International Corp.	14,000		4,982
Nan Ya Plastics Corp.	83,000		186,719
Nan Ya Printed Circuit Board Corp.	3,000		8,729
Nanya Technology Corp. (a)	12,000		1,183
Novatek Microelectronics Corp.	5,000		12,257
Oriental Union Chemical Corp.	6,000		7,835
Pegatron Corp.	18,000		19,441
Pou Chen Corp.	32,000		24,599
Powerchip Technology Corp. (a)	31,000		1,271
President Chain Store Corp.	8,000		44,486
President Securities Corp.	9,000		4,605
Qisda Corp.	7,000		1,913
Quanta Computer, Inc.	30,000		59,035
Realtek Semiconductor Corp.	5,000		8,329
Ritek Corp. (a)	30,000		5,753
Shin Kong Financial Holding Co. Ltd. (a)	63,000		19,622
Siliconware Precision Industries Co. Ltd.	32,000		32,850
Sinopac Holdings Co.	75,000		24,281
Synnex Technology International Corp.	16,000		39,220
Taishin Financial Holdings Co. Ltd.	65,000		27,522
Taiwan Business Bank	28,000		9,144
Taiwan Cement Corp.	38,000		47,457
Taiwan Cooperative Bank	49,000		32,159
Taiwan Fertilizer Co. Ltd.	8,000		20,620
Taiwan Glass Industry Corp.	19,000		23,377
Taiwan Mobile Co. Ltd.	18,900		54,158
Taiwan Secom Co.	6,000		10,826
Taiwan Semiconductor Manufacturing Co. Ltd.	242,000		589,724
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5,200		65,624
Tatung Co. Ltd. (a)	28,000		9,858
TECO Electric & Machinery Co. Ltd.	19,000		11,085
Ton Yi Industrial Corp.	13,000		6,616
Transcend Information, Inc.	2,000		4,670
U-Ming Marine Transport Corp.	5,000		7,884
Unified-President Enterprises Corp.	49,000		67,383
Unimicron Technology Corp.	17,000		22,074
Common Stocks - continued
	Shares		Value
Taiwan - continued
United Microelectronics Corp.	136,000		$ 59,714
Vanguard International Semiconductor Corp.	5,000		1,781
Walsin Lihwa Corp.	36,000		12,076
Wan Hai Lines Ltd.	14,000		7,267
Waterland Financial Holdings Co. Ltd. (a)	23,144		8,497
Winbond Electronics Corp. (a)	30,000		5,603
Wistron Corp.	22,000		25,461
Yageo Corp.	19,000		5,723
Yang Ming Marine Transport Corp.	16,900		6,964
Yuanta Financial Holding Co. Ltd.	102,570		58,470
Yuen Foong Yu Paper Manufacturing Co.	21,000		8,536
Yulon Motor Co. Ltd.	12,000		25,249
TOTAL TAIWAN			4,288,249
Thailand - 2.0%
Advanced Info Service PCL	1,300		5,485
Advanced Info Service PCL (For. Reg.)	11,400		47,895
Airports of Thailand PCL (For. Reg.)	6,400		7,881
Bangkok Bank Public Co. Ltd. (For. Reg.)	4,500		22,827
Bank of Ayudhya PCL	23,400		15,071
Banpu PCL	150		3,037
Banpu PCL (For. Reg.)	1,100		22,330
BEC World PCL (For. Reg.)	8,700		10,503
C.P. Seven Eleven PCL	2,600		3,949
C.P. Seven Eleven PCL (For. Reg.)	21,000		31,775
Central Pattana PCL	4,200		4,413
Central Pattana PCL (For. Reg.)	8,900		9,312
Charoen Pokphand Foods PCL	3,400		3,322
Charoen Pokphand Foods PCL (For. Reg.)	29,900		29,119
Delta Electronics PCL (For. Reg.)	6,100		3,653
Electricity Generating PCL (For. Reg.)	2,400		6,490
Indorama Ventures PCL (For. Reg.)	14,000		16,113
IRPC Public Co. Ltd. (For. Reg.)	92,300		11,411
Kasikornbank PCL (For. Reg.)	11,500		46,489
Krung Thai Bank PCL	3,200		1,568
Krung Thai Bank PCL (For. Reg.)	15,700		7,683
Land & House PCL (For. Reg.)	30,700		5,662
PTT Exploration and Production PCL	1,400		7,278
PTT Exploration and Production PCL (For. Reg.)	13,000		67,382
PTT Global Chemical PCL (a)	6,000		12,652
PTT Global Chemical PCL (For. Reg.) (a)	11,539		24,332
PTT PCL	900		8,882
Common Stocks - continued
	Shares		Value
Thailand - continued
PTT PCL (For. Reg.)	8,100		$ 79,796
Ratchaburi Electric Generating Holding PCL	4,700		6,242
Siam Cement PCL (For. Reg.)	3,100		37,168
Siam City Cement PCL	400		3,045
Siam City Cement PCL (For. Reg.)	700		5,296
Siam Commercial Bank PCL	1,700		6,431
Siam Commercial Bank PCL (For. Reg.)	13,600		51,446
Siam Makro PCL (For. Reg.)	1,600		10,714
Thai Airways International PCL (For. Reg.)	3,700		2,311
Thai Oil PCL (For. Reg.)	7,700		14,440
Thai Union Frozen Products PCL (For. Reg.)	6,600		11,261
TMB PCL (For. Reg.)	276,100		12,178
Total Access Communication PCL	7,000		16,750
TOTAL THAILAND			693,592
Turkey - 1.4%
Akbank T.A.S.	11,863		43,339
Anadolu Efes Biracilik ve Malt Sanayii AS	2,555		31,066
Arcelik AS	2,422		9,314
Asya Katilim Bankasi AS (a)	10,029		10,776
Bim Birlesik Magazalar AS JSC	867		26,477
Coca-Cola Icecek AS	806		10,940
Dogan Sirketler Grubu Holding AS (a)	5,394		1,983
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	7,981		10,787
Enka Insaat ve Sanayi AS	5,618		14,551
Eregli Demir ve Celik Fabrikalari T.A.S.	10,461		21,653
Ford Otomotiv Sanayi AS	390		2,845
Haci Omer Sabanci Holding AS	3,941		13,506
Koc Holding AS	10,456		37,371
Tofas Turk Otomobil Fabrikasi AS	1,665		6,441
Tupras-Turkiye Petrol Rafinerileri AS	1,157		26,173
Turk Hava Yollari AO	10,745		15,556
Turk Sise ve Cam Fabrikalari AS	4,571		8,763
Turk Telekomunikasyon AS	6,306		26,747
Turkcell Iletisim Hizmet AS	3,932		19,363
Turkiye Garanti Bankasi AS	12,387		43,713
Turkiye Halk Bankasi AS	3,951		24,355
Turkiye Is Bankasi AS Series C	13,710		32,022
Turkiye Vakiflar Bankasi Tao	6,604		11,279
Yapi ve Kredi Bankasi AS (a)	7,587		14,245
TOTAL TURKEY			463,265
Common Stocks - continued
	Shares		Value
United Arab Emirates - 0.2%
Air Arabia PJSC (a)	46,460		$ 8,007
DP World Ltd.	2,624		28,733
Dubai Financial Market PJSC (a)	29,430		8,253
Dubai Islamic Bank Pakistan Ltd. (a)	16,694		9,090
Emaar Properties (a)	36,671		27,755
TOTAL UNITED ARAB EMIRATES			81,838
TOTAL COMMON STOCKS (Cost $30,325,955)		30,646,997
Investment Companies - 1.2%
PowerShares India Portfolio ETF (Cost $388,162)	21,000		416,640

Government Obligations - 1.7%
	Principal Amount
United States of America - 1.7%
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.05% 3/8/12 to 5/31/12 (c) (Cost $599,903)	$ 600,000	599,862

Money Market Funds - 13.0%
	Shares
Fidelity Cash Central Fund, 0.12% (b) (Cost $4,445,276)	4,445,276		4,445,276
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $35,759,296)			36,108,775
NET OTHER ASSETS (LIABILITIES) - (5.4)%			(1,862,549)
NET ASSETS - 100%		$ 34,246,226

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
112 SGX S&P CNX Nifty Index Contracts (Singapore)	Nov. 2011	$ 1,197,728	$ 37,924

The face value of futures purchased as a percentage of net assets is 3.5%

Swap Agreements
		Notional Amount	Value
Equity Total Return Swaps
Receive monthly a return equal to MSCI Daily TR Net Emerging Markets India Index and pay monthly a floating rate based on 1-month LIBOR plus 41 basis points with JPMorgan Chase, Inc.	Sept. 2012	$ 1,827,524	$ 140,723

Security Type Abbreviations
ETF	-	Exchange Traded Fund

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $399,904.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 566

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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 in the tables below, please refer to the Security 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:
Brazil	$ 6,526,762	$ 6,526,762	$ -	$ -
Taiwan	4,288,249	65,624	4,222,625	-
China	3,903,671	-	3,901,926	1,745
South Africa	3,340,479	2,670,471	670,008	-
Russia	2,340,360	2,340,360	-	-
Mexico	1,895,873	1,895,873	-	-
Malaysia	1,610,455	-	1,610,455	-
Hong Kong	1,550,183	92,908	1,457,275	-
Indonesia	1,138,649	-	1,138,649	-
Other	4,052,316	3,111,488	940,828	-
Investment Companies	416,640	416,640	-	-
Government Obligations	599,862	-	599,862	-
Money Market Funds	4,445,276	4,445,276	-	-
Total Investments in Securities:	$ 36,108,775	$ 21,565,402	$ 14,541,628	$ 1,745
Derivative Instruments:
Assets
Futures Contracts	$ 37,924	$ 37,924	$ -	$ -
Swap Agreements	140,723	-	140,723	-
Total Assets	$ 178,647	$ 37,924	$ 140,723	$ -
Total Derivative Instruments:	$ 178,647	$ 37,924	$ 140,723	$ -

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(91)
Cost of Purchases	1,836
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,745
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (91)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities and Derivative Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. 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 risk exposure as of October 31, 2011. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 37,924	$ -
Swap Agreements (b)	140,723	-
Total Value of Derivatives	$ 178,647	$ -

(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

(b) Value is disclosed on the Statement of Assets and Liabilities in the Swap agreements, at value line-items.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $31,314,020)	$ 31,663,499
Fidelity Central Funds (cost $4,445,276)	4,445,276
Total Investments (cost $35,759,296)		$ 36,108,775
Foreign currency held at value (cost $672,823)		677,248
Receivable for investments sold		39,959
Receivable for fund shares sold		92,937
Dividends receivable		14,299
Distributions receivable from Fidelity Central Funds		349
Swap agreements, at value		140,723
Receivable from investment adviser for expense reductions		3,210
Total assets		37,077,500
Liabilities
Payable for investments purchased	$ 2,792,301
Payable for fund shares redeemed	8,771
Accrued management fee	6,012
Payable for daily variation margin on futures contracts	8,555
Other affiliated payables	3,050
Other payables and accrued expenses	12,585
Total liabilities		2,831,274
Net Assets		$ 34,246,226
Net Assets consist of:
Paid in capital		$ 33,777,627
Accumulated net investment loss		(13,858)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(63,829)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		546,286
Net Assets		$ 34,246,226

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Investor Class: Net Asset Value, offering price and redemption price per share ($14,187,791 ÷ 1,487,390 shares)		$ 9.54
Fidelity Advantage Class: Net Asset Value, offering price and redemption price per share ($10,517,014 ÷ 1,102,387 shares)		$ 9.54
Institutional Class: Net Asset Value, offering price and redemption price per share ($4,770,603 ÷ 500,001 shares)		$ 9.54
Fidelity Advantage Institutional Class: Net Asset Value, offering price and redemption price per share ($4,770,818 ÷ 500,001 shares)		$ 9.54

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

Annual Report

Financial Statements - continued

Statement of Operations

For the period September 8, 2011 (commencement of operations) to October 31, 2011
Investment Income
Dividends		$ 81,130
Interest		147
Income from Fidelity Central Funds		566
Income before foreign taxes withheld		81,843
Less foreign taxes withheld		(4,969)
Total income		76,874
Expenses
Management fee	$ 9,175
Transfer agent fees	4,164
Independent trustees' compensation	5
Total expenses before reductions	13,344
Expense reductions	(4,870)	8,474
Net investment income (loss)		68,400
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(216)
Foreign currency transactions	(157,592)
Futures contracts	189,916
Swap agreements	(178,195)
Total net realized gain (loss)		(146,087)
Change in net unrealized appreciation (depreciation) on: Investment securities	349,479
Assets and liabilities in foreign currencies	18,160
Futures contracts	37,924
Swap agreements	140,723
Total change in net unrealized appreciation (depreciation)		546,286
Net gain (loss)		400,199
Net increase (decrease) in net assets resulting from operations		$ 468,599

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

Annual Report

Statement of Changes in Net Assets

	For the period September 8, 2011 (commencement of operations) to October 31, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 68,400
Net realized gain (loss)	(146,087)
Change in net unrealized appreciation (depreciation)	546,286
Net increase (decrease) in net assets resulting from operations	468,599
Share transactions - net increase (decrease)	33,777,627
Total increase (decrease) in net assets	34,246,226
Net Assets
Beginning of period	-
End of period (including accumulated net investment loss of $13,858)	$ 34,246,226

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

Annual Report

Financial Highlights - Investor Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.02
Net realized and unrealized gain (loss)	(.48) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.46% A
Expenses net of fee waivers, if any	.33% A
Expenses net of all reductions	.33% A
Net investment income (loss)	1.76% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 14,188
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Financial Highlights - Fidelity Advantage Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.02
Net realized and unrealized gain (loss)	(.48) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.35% A
Expenses net of fee waivers, if any	.22% A
Expenses net of all reductions	.22% A
Net investment income (loss)	1.87% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,517
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Financial Highlights - Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	(.49) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.28% A
Expenses net of fee waivers, if any	.15% A
Expenses net of all reductions	.15% A
Net investment income (loss)	1.93% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,771
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Financial Highlights - Fidelity Advantage Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	(.49) G
Total from investment operations	(.46)
Net asset value, end of period	$ 9.54
Total Return B,C	(4.60)%
Ratios to Average Net Assets E,I
Expenses before reductions	.25% A
Expenses net of fee waivers, if any	.12% A
Expenses net of all reductions	.12% A
Net investment income (loss)	1.96% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,771
Portfolio turnover rate F	-% J,K

^A Annualized

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

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

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

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

^K Amount represents less than 1%.

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

Annual Report

Spartan Global ex U.S. Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2011
	% of fund's net assets
Nestle SA (Switzerland, Food Products)	1.3
HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks)	1.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	0.9
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	0.9
Novartis AG (Switzerland, Pharmaceuticals)	0.9
Royal Dutch Shell PLC Class A (Netherlands) (United Kingdom, Oil, Gas & Consumable Fuels)	0.8
BHP Billiton Ltd. (Australia, Metals & Mining)	0.8
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	0.8
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	0.8
Total SA (France, Oil, Gas & Consumable Fuels)	0.7
	8.9
Market Sectors as of October 31, 2011
	% of fund's net assets
Financials	22.5
Materials	11.5
Energy	11.1
Industrials	9.1
Consumer Staples	9.1
Consumer Discretionary	8.3
Telecommunication Services	6.3
Health Care	5.9
Information Technology	5.5
Utilities	3.6

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom 14.1%
	Japan 13.4%
	Canada 7.8%
	France 5.8%
	Australia 5.8%
	Switzerland 5.4%
	Germany 5.3%
	Brazil 3.4%
	Korea (South) 3.3%
	Other 35.7%

Percentages are adjusted for the effect of futures and swaps contracts, if applicable.

Annual Report

Spartan Global ex U.S. Index Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 92.4%
	Shares		Value
Australia - 5.8%
AGL Energy Ltd.	1,041		$ 15,686
Alumina Ltd.	4,576		6,971
Amcor Ltd.	2,694		19,712
AMP Ltd.	6,226		27,759
Asciano Ltd. unit	7,483		11,964
ASX Ltd.	424		13,615
Australia & New Zealand Banking Group Ltd.	5,826		131,659
Bendigo & Adelaide Bank Ltd.	676		6,676
BHP Billiton Ltd.	7,209		282,220
BlueScope Steel Ltd.	3,245		2,839
Boral Ltd.	1,333		5,442
Brambles Ltd.	3,236		22,372
Caltex Australia Ltd.	247		3,431
CFS Retail Property Trust	5,184		9,883
Coca-Cola Amatil Ltd.	1,288		16,628
Cochlear Ltd.	106		6,509
Commonwealth Bank of Australia	3,498		179,710
Computershare Ltd.	822		6,497
Crown Ltd.	1,242		10,467
CSL Ltd.	1,189		35,815
DEXUS Property Group unit	12,851		11,433
Echo Entertainment Group Ltd. (a)	1,264		4,907
Fortescue Metals Group Ltd.	2,743		13,779
Fosters Group Ltd.	4,170		23,324
Goodman Group unit	18,323		11,908
Harvey Norman Holdings Ltd.	1,286		2,913
Iluka Resources Ltd.	995		16,543
Incitec Pivot Ltd.	3,996		14,475
Insurance Australia Group Ltd.	4,765		15,711
John Fairfax Holdings Ltd.	3,967		3,847
Leighton Holdings Ltd.	278		6,316
Lend Lease Group unit	1,425		11,595
Lynas Corp. Ltd. (a)	3,199		3,959
MacArthur Coal Ltd.	311		5,274
Macquarie Group Ltd.	756		19,466
MAp Group unit	845		3,015
Metcash Ltd.	1,424		6,232
Mirvac Group unit	8,873		11,620
National Australia Bank Ltd.	4,860		129,820
Newcrest Mining Ltd.	1,688		59,663
OneSteel Ltd.	2,312		2,941
Orica Ltd.	813		22,023
Common Stocks - continued
	Shares		Value
Australia - continued
Origin Energy Ltd.	2,415		$ 36,396
OZ Minerals Ltd.	607		7,290
Paladin Energy Ltd. (Australia) (a)	1,267		1,935
Qantas Airways Ltd. (a)	2,104		3,519
QBE Insurance Group Ltd.	2,462		37,901
QR National Ltd.	4,151		14,343
Ramsay Health Care Ltd.	244		4,797
Rio Tinto Ltd.	974		69,934
Santos Ltd.	1,874		25,312
Sims Metal Management Ltd.	299		4,313
Sonic Healthcare Ltd.	974		11,256
SP AusNet unit	2,877		3,000
Stockland Corp. Ltd. unit	5,356		17,688
Suncorp-Metway Ltd.	2,750		24,683
Tabcorp Holdings Ltd.	1,229		3,779
Tattersall's Ltd.	2,425		5,900
Telstra Corp. Ltd.	10,040		32,602
The GPT Group unit	4,297		14,183
Toll Holdings Ltd.	1,226		6,193
Transurban Group unit	2,922		16,030
Wesfarmers Ltd.	2,199		74,616
Wesfarmers Ltd. (price protected shares)	394		13,501
Westfield Group unit	4,699		37,832
Westfield Retail Trust unit	6,519		17,375
Westpac Banking Corp.	6,744		156,518
Woodside Petroleum Ltd.	1,445		55,027
Woolworths Ltd.	2,729		68,226
WorleyParsons Ltd.	477		13,846
TOTAL AUSTRALIA			1,994,614
Austria - 0.2%
Erste Bank AG	502		10,838
IMMOFINANZ Immobilien Anlagen AG	2,728		9,012
OMV AG	399		13,956
Osterreichische Elektrizitatswirtschafts AG	128		3,726
Raiffeisen International Bank-Holding AG	92		2,585
Telekom Austria AG	614		6,993
Vienna Insurance Group AG Wien	73		3,068
Voestalpine AG	282		9,757
TOTAL AUSTRIA			59,935
Common Stocks - continued
	Shares		Value
Bailiwick of Guernsey - 0.0%
Resolution Ltd.	3,460		$ 15,302
Bailiwick of Jersey - 0.5%
Experian PLC	2,134		27,816
Glencore International PLC	2,084		14,680
Petrofac Ltd.	637		14,711
Randgold Resources Ltd.	203		22,206
Shire PLC	1,249		39,208
Wolseley PLC	642		18,564
WPP PLC	2,969		30,738
TOTAL BAILIWICK OF JERSEY			167,923
Belgium - 0.6%
Ageas	5,753		11,624
Anheuser-Busch InBev SA NV	1,765		97,894
Bekaert SA	71		3,175
Belgacom SA	383		11,618
Colruyt NV	142		5,856
Delhaize Group SA	234		15,330
Dexia SA (a)	1,211		955
Groupe Bruxelles Lambert SA	188		14,528
KBC Groupe SA	451		10,130
Mobistar SA	54		3,084
Solvay SA Class A	143		14,658
UCB SA	262		11,566
Umicore SA	214		9,215
TOTAL BELGIUM			209,633
Bermuda - 0.4%
Brilliance China Automotive Holdings Ltd. (a)	4,000		4,288
Cheung Kong Infrastructure Holdings Ltd.	1,000		5,357
China Yurun Food Group Ltd.	3,000		5,207
CNPC (Hong Kong) Ltd.	4,000		5,603
Cosco Pacific Ltd.	4,000		5,566
Credicorp Ltd. (NY Shares)	126		13,706
GOME Electrical Appliances Holdings Ltd.	19,000		5,825
Huabao International Holdings Ltd.	4,000		2,541
Li & Fung Ltd.	12,000		23,126
Noble Group Ltd.	10,000		12,206
NWS Holdings Ltd.	4,000		6,066
Orient Overseas International Ltd.	500		2,257
Seadrill Ltd.	714		23,609
Sihuan Pharmaceutical Holdings Group Ltd.	8,000		3,382
Common Stocks - continued
	Shares		Value
Bermuda - continued
Sinofert Holdings Ltd.	8,000		$ 2,626
Skyworth Digital Holdings Ltd.	4,000		2,114
Yue Yuen Industrial (Holdings) Ltd.	1,500		4,272
TOTAL BERMUDA			127,751
Brazil - 3.4%
AES Tiete SA (PN) (non-vtg.)	200		2,850
All America Latina Logistica SA	800		3,983
Amil Participacoes SA	300		3,035
Anhanguera Educacional Participacoes SA	200		2,941
Banco Bradesco SA (PN)	4,200		75,943
Banco do Brasil SA	1,300		19,608
Banco do Estado do Rio Grande do Sul SA	300		3,162
Banco Santander SA (Brasil) unit	1,600		14,396
BM&F Bovespa SA	4,200		25,070
BR Malls Participacoes SA	800		8,642
Bradespar SA (PN)	500		10,191
Brasil Foods SA	1,400		29,146
Brasil Telecom SA (PN)	500		3,442
Braskem SA (PN-A)	300		2,673
Brookfield Incorporacoes SA	600		2,306
Centrais Eletricas Brasileiras SA (Electrobras)	500		5,005
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)	600		8,270
Cetip SA	400		5,521
Cia.Hering SA	400		8,933
Cielo SA	500		13,248
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)	200		7,629
Companhia de Bebidas das Americas (AmBev) (PN)	1,700		56,776
Companhia de Concessoes Rodoviarias	500		13,758
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	300		8,229
Companhia de Transmissao de Energia Eletrica Paulista (PN)	100		2,865
Companhia Energetica de Minas Gerais (CEMIG) (PN)	900		15,042
Companhia Energetica de Sao Paulo Series A	300		5,110
Companhia Paranaense de Energia-Copel (PN-B)	200		4,001
Companhia Siderurgica Nacional SA (CSN)	1,800		16,677
Cosan SA Industria e Comercio	200		3,121
CPFL Energia SA	400		5,118
Cyrela Brazil Realty SA	600		5,245
Diagnosticos da America SA	400		3,180
Duratex SA	500		2,708
Ecorodovias Infraestrutura e Logistica SA	300		2,271
Common Stocks - continued
	Shares		Value
Brazil - continued
Eletropaulo Metropolitana SA (PN-B)	200		$ 3,587
Embraer SA	1,500		10,351
Energias do Brasil SA	200		4,309
Fertilizantes Fosfatados SA (PN)	200		2,822
Fibria Celulose SA	400		3,562
Gafisa SA	800		2,968
Gerdau SA (PN)	2,000		17,994
Gol Linhas Aereas Inteligentes SA (PN)	400		3,147
HRT Participacoes em Petroleo SA GDR (a)	900		4,469
Hypermarcas SA	500		2,690
Itau Unibanco Banco Multiplo SA	5,100		97,207
Itausa-Investimentos Itau SA (PN)	5,000		31,301
JBS SA (a)	1,400		4,207
Klabin SA (PN) (non-vtg.)	900		3,312
Localiza Rent A Car SA	200		3,022
Lojas Americanas SA (PN)	600		5,276
Lojas Renner SA	300		9,095
Marfrig Alimentos SA	500		2,169
Metalurgica Gerdau SA (PN)	500		5,666
MMX Mineracao e Metalicos SA (a)	600		2,624
MRV Engenharia e Participacoes SA	500		3,523
Multiplan Empreendimentos Imobiliarios SA	100		2,022
Natura Cosmeticos SA	500		9,725
Odontoprev SA	200		3,147
OGX Petroleo e Gas Participacoes SA (a)	2,800		23,154
PDG Realty SA Empreendimentos e Participacoes	2,900		12,784
Petroleo Brasileiro SA - Petrobras:
(ON)	6,700		90,051
(PN) (non-vtg.)	9,300		115,465
Porto Seguro SA	200		2,143
Redecard SA	800		13,440
Rossi Residencial SA	400		2,527
Souza Cruz Industria Comerico	1,000		12,264
Sul America SA unit	300		2,409
Suzano Papel e Celulose SA	500		2,446
TAM SA (PN) (ltd. vtg.)	200		3,994
Tele Norte Leste Participacoes SA	200		2,446
Tele Norte Leste Participacoes SA (PN)	500		5,393
Telefonica Brasil SA	700		20,362
Telemar Norte Leste SA (PN-A)	100		2,734
TIM Participacoes SA	2,100		10,860
Totvs SA	200		3,319
Common Stocks - continued
	Shares		Value
Brazil - continued
Tractebel Energia SA	400		$ 6,406
Ultrapar Participacoes SA	800		14,256
Usinas Siderurgicas de Minas Gerais SA - Usiminas	300		4,306
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	1,300		8,933
Vale SA	2,900		73,817
Vale SA (PN-A)	4,400		104,542
TOTAL BRAZIL			1,176,341
Canada - 7.8%
Agnico-Eagle Mines Ltd. (Canada)	356		15,442
Agrium, Inc.	370		30,503
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	231		6,952
ARC Resources Ltd.	665		16,911
Athabasca Oil Sands Corp. (a)	562		7,290
Bank of Montreal	1,421		83,947
Bank of Nova Scotia	2,411		127,050
Barrick Gold Corp.	2,208		108,999
Baytex Energy Corp.	278		14,694
BCE, Inc.	582		23,067
Bell Aliant, Inc.	134		3,772
Bombardier, Inc. Class B (sub. vtg.)	3,492		14,433
Bonavista Energy Corp.	267		6,873
Brookfield Asset Management, Inc. Class A	1,160		33,560
Brookfield Properties Corp.	689		11,308
CAE, Inc.	468		4,991
Cameco Corp.	898		19,269
Canadian Imperial Bank of Commerce	881		66,372
Canadian National Railway Co.	990		77,543
Canadian Natural Resources Ltd.	2,454		86,555
Canadian Oil Sands Ltd.	1,029		23,845
Canadian Pacific	370		22,868
Canadian Tire Ltd. Class A (non-vtg.)	200		11,954
Canadian Utilities Ltd. Class A (non-vtg.)	215		12,995
Cenovus Energy, Inc.	1,670		57,194
Centerra Gold, Inc.	308		6,105
CGI Group, Inc. Class A (sub. vtg.) (a)	596		12,197
CI Financial Corp.	289		5,798
Crescent Point Energy Corp.	526		22,463
Eldorado Gold Corp.	1,163		21,852
Empire Co. Ltd. Class A (non-vtg.)	52		3,178
Enbridge, Inc.	1,624		56,254
Common Stocks - continued
	Shares		Value
Canada - continued
Encana Corp.	1,651		$ 35,807
Enerplus Corp.	453		12,597
Fairfax Financial Holdings Ltd. (sub. vtg.)	44		18,391
Finning International, Inc.	466		10,892
First Quantum Minerals Ltd.	1,017		21,333
Fortis, Inc.	456		15,416
Franco-Nevada Corp.	319		12,637
George Weston Ltd.	97		6,723
Gildan Activewear, Inc.	215		5,547
Goldcorp, Inc.	1,758		85,532
Great-West Lifeco, Inc.	691		15,382
Husky Energy, Inc.	635		16,301
IAMGOLD Corp.	870		18,703
IGM Financial, Inc.	292		12,607
Imperial Oil Ltd.	631		26,130
Industrial Alliance Life Insurance Co.	155		5,043
Inmet Mining Corp.	98		5,849
Intact Financial Corp.	261		14,563
Ivanhoe Mines Ltd. (a)	684		13,998
Kinross Gold Corp.	2,523		35,965
Loblaw Companies Ltd.	295		11,290
Magna International, Inc. Class A (sub. vtg.)	492		18,770
Manulife Financial Corp.	3,943		52,054
MEG Energy Corp. (a)	309		13,937
Metro, Inc. Class A (sub. vtg.)	258		12,641
National Bank of Canada	343		24,478
New Gold, Inc. (a)	1,086		13,454
Nexen, Inc.	1,127		19,140
Niko Resources Ltd.	86		4,730
Onex Corp. (sub. vtg.)	269		8,919
Open Text Corp. (a)	106		6,488
Osisko Mining Corp. (a)	643		7,753
Pacific Rubiales Energy Corp.	608		14,175
Pan American Silver Corp.	190		5,312
Pengrowth Energy Corp.	612		6,385
Penn West Petroleum Ltd.	1,069		19,099
PetroBakken Energy Ltd. Class A	235		2,141
Potash Corp. of Saskatchewan, Inc.	1,897		89,783
Power Corp. of Canada (sub. vtg.)	787		19,816
Power Financial Corp.	591		15,948
Precision Drilling Corp. (a)	443		5,137
Progress Energy Resources Corp.	345		4,883
Common Stocks - continued
	Shares		Value
Canada - continued
Research In Motion Ltd. (a)	1,117		$ 22,563
RioCan (REIT)	241		6,114
Ritchie Brothers Auctioneers, Inc.	175		3,483
Rogers Communications, Inc. Class B (non-vtg.)	900		32,818
Royal Bank of Canada	3,197		155,929
Saputo, Inc.	344		14,211
Shaw Communications, Inc. Class B	847		17,155
Shoppers Drug Mart Corp.	477		20,049
Silver Wheaton Corp.	732		25,275
SNC-Lavalin Group, Inc.	335		16,833
Sun Life Financial, Inc.	1,272		32,105
Suncor Energy, Inc.	3,500		111,476
Talisman Energy, Inc.	2,294		32,540
Teck Resources Ltd. Class B (sub. vtg.)	1,276		51,150
TELUS Corp.	106		5,703
TELUS Corp. (non-vtg.)	351		17,933
The Toronto-Dominion Bank	1,983		149,652
Thomson Reuters Corp.	814		24,081
Tim Hortons, Inc.	371		18,298
TMX Group, Inc.	136		5,976
Tourmaline Oil Corp. (a)	324		10,771
TransAlta Corp.	534		11,748
TransCanada Corp.	1,566		66,561
Valeant Pharmaceuticals International, Inc. (Canada)	682		26,928
Vermilion Energy, Inc.	228		10,741
Viterra, Inc.	996		10,251
Yamana Gold, Inc.	1,785		26,645
TOTAL CANADA			2,708,972
Cayman Islands - 0.7%
Agile Property Holdings Ltd.	2,000		1,803
Alibaba.com Ltd.	2,500		2,936
Anta Sports Products Ltd.	2,000		1,829
Belle International Holdings Ltd.	10,000		19,612
China Mengniu Dairy Co. Ltd.	3,000		9,559
China Resources Cement Holdings Ltd.	4,000		3,174
China Resources Land Ltd.	4,000		5,855
China Rongsheng Heavy Industry Group Co. Ltd.	7,000		2,426
China Shanshui Cement Group Ltd.	3,000		2,298
China Zhongwang Holdings Ltd.	6,400		2,117
Country Garden Holdings Co. Ltd.	7,000		2,772
Dongyue Group Co. Ltd.	4,000		3,097
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Enn Energy Holdings Ltd.	2,000		$ 7,227
Evergrande Real Estate Group Ltd.	10,000		4,325
Foxconn International Holdings Ltd. (a)	6,000		4,019
GCL-Poly Energy Holdings Ltd.	13,000		4,196
Geely Automobile Holdings Ltd.	10,000		2,557
Hengan International Group Co. Ltd.	1,500		13,003
Hengdeli Holdings Ltd.	4,000		1,793
Intime Department Store Group Co. Ltd.	2,000		2,870
Kingboard Chemical Holdings Ltd.	1,000		3,416
KWG Property Holding Ltd.	5,000		2,157
Li Ning Co. Ltd.	2,000		1,907
Lifestyle International Holdings Ltd.	1,000		2,677
Longfor Properties Co. Ltd.	2,000		2,563
Lonking Holdings Ltd.	7,000		2,752
MStar Semiconductor, Inc.	1,000		5,795
Renhe Commercial Holdings Co. Ltd.	18,000		2,522
Sands China Ltd. (a)	5,200		15,627
Sany Heavy Equipment International Holdings Co. Ltd.	3,000		2,643
Semiconductor Manufacturing International Corp. (a)	53,000		2,907
Shimao Property Holdings Ltd.	2,500		2,441
Shui On Land Ltd.	7,500		2,327
SOHO China Ltd.	3,500		2,495
Tencent Holdings Ltd.	2,200		50,881
Want Want China Holdings Ltd.	15,000		13,907
Wynn Macau Ltd.	4,000		11,208
TOTAL CAYMAN ISLANDS			225,693
Chile - 0.4%
Banco de Credito e Inversiones	57		3,199
Banco Santander Chile	130,647		10,106
CAP SA	224		8,641
Cencosud SA	1,690		10,796
Colbun SA	12,558		3,432
Compania Cervecerias Unidas SA	251		2,843
Compania de Petroleos de Chile SA (COPEC)	1,033		15,834
CorpBanca SA	188,853		2,732
E-CL SA	1,029		2,835
Empresa Nacional de Electricidad SA	7,754		12,423
Empresa Nacional de Telecomunicaciones SA (ENTEL)	189		3,742
Empresas CMPC SA	2,911		12,121
Enersis SA	33,568		13,627
Gener SA	4,705		2,689
Common Stocks - continued
	Shares		Value
Chile - continued
Lan Airlines SA	257		$ 6,633
SACI Falabella	668		6,272
Sociedad Quimica y Minera de Chile SA (PN-B)	238		14,281
Vina Concha y Toro SA	1,386		2,767
TOTAL CHILE			134,973
China - 2.2%
Agricultural Bank China Ltd. (H Shares)	43,000		19,299
Air China Ltd. (H Shares)	4,000		3,108
Aluminum Corp. of China Ltd. (H Shares)	10,000		5,371
Angang Steel Co. Ltd. (H Shares)	6,000		3,661
Anhui Conch Cement Co. Ltd. (H Shares)	2,500		9,091
AviChina Industry & Technology Co. Ltd.	4,000		1,752
Bank Communications Co. Ltd. (H Shares)	18,000		12,371
Bank of China Ltd. (H Shares)	147,000		52,319
BBMG Corp. (H Shares)	2,500		2,177
Beijing Capital International Airport Co. Ltd. (H Shares)	6,000		2,694
BYD Co. Ltd. (H Shares) (a)	1,500		3,614
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	2,200		3,183
China Bluechemical Ltd. (H shares)	4,000		3,135
China CITIC Bank Corp. Ltd. (H Shares)	20,000		10,745
China Coal Energy Co. Ltd. (H Shares)	8,000		9,964
China Communications Construction Co. Ltd. (H Shares)	8,000		6,034
China Communications Services Corp. Ltd. (H Shares)	6,000		2,767
China Construction Bank Corp. (H Shares)	106,000		77,882
China Cosco Holdings Co. Ltd. (H Shares)	5,000		2,608
China Gas Holdings Ltd.	8,000		2,296
China International Marine Containers (Group) Ltd. (B Shares)	2,100		2,528
China Life Insurance Co. Ltd. (H Shares)	16,000		41,366
China Longyuan Power Grid Corp. Ltd. (H Shares)	4,000		3,322
China Merchants Bank Co. Ltd. (H Shares)	8,500		17,163
China Minsheng Banking Corp. Ltd. (H Shares)	11,000		8,961
China Molybdenum Co. Ltd. (H Shares)	5,000		2,458
China National Building Materials Co. Ltd. (H Shares)	6,000		7,685
China Oilfield Services Ltd. (H Shares)	4,000		6,663
China Pacific Insurance Group Co. Ltd. (H Shares)	4,400		13,502
China Petroleum & Chemical Corp. (H Shares)	36,000		34,046
China Railway Construction Corp. Ltd. (H Shares)	5,500		3,278
China Railway Group Ltd. (H Shares)	10,000		3,320
China Shenhua Energy Co. Ltd. (H Shares)	7,500		34,311
China Ship Container Lines Co. Ltd. (H Shares) (a)	12,000		2,277
Common Stocks - continued
	Shares		Value
China - continued
China Shipping Development Co. Ltd. (H Shares)	4,000		$ 2,828
China Southern Airlines Ltd. (H Shares) (a)	4,000		2,232
China Telecom Corp. Ltd. (H Shares)	32,000		19,757
China Vanke Co. Ltd. (B Shares)	2,200		2,467
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)	6,000		2,655
CSG Holding Co. Ltd. (B Shares)	4,100		3,510
CSR Corp. Ltd. (H Shares)	5,000		2,959
Datang International Power Generation Co. Ltd. (H Shares)	14,000		3,590
Dongfang Electric Corp. Ltd. (H Shares)	800		2,459
Dongfeng Motor Group Co. Ltd. (H Shares)	6,000		9,787
Golden Eagle Retail Group Ltd. (H Shares)	1,000		2,513
Great Wall Motor Co. Ltd. (H Shares)	2,000		2,716
Guangzhou Automobile Group Co. Ltd. (H Shares)	4,000		3,991
Guangzhou R F Properties Co. Ltd. (H Shares)	2,400		2,332
Huaneng Power International, Inc. (H Shares)	6,000		2,714
Industrial & Commercial Bank of China Ltd. (H Shares)	134,000		83,678
Inner Mongolia Yitai Coal Co. Ltd. (B Shares)	1,100		6,067
Jiangsu Expressway Co. Ltd. (H Shares)	4,000		3,448
Jiangxi Copper Co. Ltd. (H Shares)	4,000		9,669
Metallurgical Corp. China Ltd. (H Shares)	10,000		2,170
Nine Dragons Paper (Holdings) Ltd.	4,000		2,723
Parkson Retail Group Ltd.	2,500		3,181
PetroChina Co. Ltd. (H Shares)	46,000		59,717
PICC Property & Casualty Co. Ltd. (H Shares)	6,000		8,321
Ping An Insurance Group Co. China Ltd. (H Shares)	4,000		29,666
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	4,000		4,157
Shanghai Electric Group Co. Ltd. (H Shares)	6,000		2,640
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)	10,000		3,671
Sinopharm Group Co. Ltd. (H Shares)	2,400		6,533
Tingyi (Cayman Islands) Holding Corp.	4,000		11,377
Tsingtao Brewery Co. Ltd. (H Shares)	2,000		10,170
Weichai Power Co. Ltd. (H Shares)	1,000		5,032
Wumart Stores, Inc. (H Shares)	1,000		2,018
Yanzhou Coal Mining Co. Ltd. (H Shares)	4,000		9,901
Zhaojin Mining Industry Co. Ltd. (H Shares)	1,500		2,678
Zhejiang Expressway Co. Ltd. (H Shares)	4,000		2,631
Zhuzhou CSR Times Electric Co. Ltd. (H Shares)	1,000		2,341
Zijin Mining Group Co. Ltd. (H Shares)	10,000		4,256
ZTE Corp. (H Shares)	1,000		2,839
TOTAL CHINA			760,345
Common Stocks - continued
	Shares		Value
Colombia - 0.2%
Almacenes Exito SA	533		$ 6,855
BanColombia SA	649		10,086
BanColombia SA (PN)	731		11,517
Cementos Argos SA	515		2,964
Corp. Financiera Colombiana SA	146		2,749
Corp. Financiera Colombiana SA (RFD) (a)	3		53
Ecopetrol SA	8,955		19,196
Grupo de Inversiones Surameric	577		10,136
Grupo de Inversiones Surameric rights 11/22/11 (a)	147		22
Interconexion Electrica SA	715		4,560
Inversiones Argos SA	529		5,075
TOTAL COLOMBIA			73,213
Cyprus - 0.0%
Bank of Cyprus Public Co. Ltd.	1,636		2,264
Czech Republic - 0.1%
Ceske Energeticke Zavody A/S	383		16,197
Komercni Banka A/S	28		5,400
Telefonica Czech Republic A/S	206		4,334
TOTAL CZECH REPUBLIC			25,931
Denmark - 0.6%
A.P. Moller - Maersk A/S:
Series A	1		6,483
Series B	3		20,466
Carlsberg A/S Series B	250		17,018
Coloplast A/S Series B	43		6,282
Danske Bank A/S (a)	1,439		19,939
DSV de Sammensluttede Vognmaend A/S	547		11,059
Novo Nordisk A/S Series B	946		100,449
Novozymes A/S Series B	107		16,030
TDC A/S	688		5,685
Tryg A/S	51		2,853
Vestas Wind Systems A/S (a)	379		5,946
William Demant Holding A/S (a)	44		3,511
TOTAL DENMARK			215,721
Egypt - 0.1%
Commercial International Bank Ltd.	962		4,287
EFG-Hermes Holding SAE	1,302		2,803
Egyptian Kuwaiti Holding	2,478		2,528
Orascom Construction Industries SAE	234		9,507
Common Stocks - continued
	Shares		Value
Egypt - continued
Orascom Telecom Holding SAE (a)	4,904		$ 2,720
Telecom Egypt SAE	1,138		2,841
TOTAL EGYPT			24,686
Finland - 0.6%
Elisa Corp. (A Shares)	256		5,410
Fortum Corp.	968		23,617
Kesko Oyj	124		4,421
Kone Oyj (B Shares)	344		19,014
Metso Corp.	328		12,773
Neste Oil Oyj	256		3,112
Nokia Corp.	8,239		55,450
Nokian Tyres PLC	293		10,766
Orion Oyj (B Shares)	175		3,650
Outokumpu Oyj (A Shares)	283		2,397
Pohjola Bank PLC (A Shares)	249		2,883
Rautaruukki Oyj (K Shares)	187		2,000
Sampo OYJ (A Shares)	898		24,818
Sanoma-WSOY Oyj	189		2,545
Stora Enso Oyj (R Shares)	1,580		10,054
UPM-Kymmene Corp.	1,238		14,529
Wartsila Corp.	422		12,889
TOTAL FINLAND			210,328
France - 5.8%
Accor SA	377		12,394
Aeroports de Paris	63		4,970
Air France KLM (Reg.) (a)	289		2,203
Air Liquide SA	617		80,050
Alcatel-Lucent SA (a)	5,524		15,274
Alstom SA	453		16,989
Arkema SA	104		7,115
Atos Origin SA	91		4,410
AXA SA	3,851		62,727
BIC SA	54		4,825
BNP Paribas SA	2,127		96,696
Bouygues SA	522		19,620
Bureau Veritas SA	144		11,204
Cap Gemini SA	363		13,925
Carrefour SA	1,329		35,368
Casino Guichard Perrachon et Compagnie	140		13,159
Christian Dior SA	127		17,980
Common Stocks - continued
	Shares		Value
France - continued
CNP Assurances	277		$ 4,244
Compagnie de St. Gobain	879		40,982
Compagnie Generale de Geophysique SA (a)	272		5,944
Credit Agricole SA	2,274		17,862
Danone	1,287		89,588
Dassault Systemes SA	153		12,910
Edenred	415		11,774
EDF SA	556		16,705
Eiffage SA	74		2,521
Eramet SA	13		2,051
Essilor International SA	460		33,358
Eurazeo SA	55		2,640
Eutelsat Communications	258		10,658
Fonciere Des Regions	52		3,843
France Telecom SA	4,059		72,987
GDF Suez	2,736		77,677
Gecina SA	42		4,161
Groupe Eurotunnel SA	1,348		12,212
ICADE	44		3,959
Iliad SA	35		4,097
Imerys	62		3,556
JC Decaux SA (a)	119		3,189
Klepierre SA	300		9,389
L'Oreal SA	532		58,759
Lafarge SA (Bearer)	449		18,315
Lagardere S.C.A. (Reg.)	217		5,847
Legrand SA	480		17,049
LVMH Moet Hennessy - Louis Vuitton	555		92,360
M6 Metropole Television SA	134		2,303
Michelin CGDE Series B	420		30,620
Natixis SA	1,629		5,221
Neopost SA	62		4,731
Pernod-Ricard SA	440		41,102
Peugeot Citroen SA	418		9,183
PPR SA	161		25,155
Publicis Groupe SA	298		14,449
Renault SA	441		18,581
Safran SA	415		13,594
Sanofi-aventis	2,479		177,371
Schneider Electric SA	1,062		62,683
SCOR SE	445		10,414
Societe Generale Series A	1,410		41,172
Common Stocks - continued
	Shares		Value
France - continued
Sodexo SA	222		$ 16,071
Suez Environnement SA	699		10,975
Technip SA	219		20,827
Television Francaise 1 SA	211		2,852
Thales SA	185		6,548
Total SA	4,744		247,565
Unibail-Rodamco	187		37,395
Vallourec SA	272		16,555
Veolia Environnement	861		12,193
VINCI SA	961		47,478
Vivendi	2,707		60,876
Wendel SA	60		4,481
TOTAL FRANCE			1,997,941
Germany - 5.0%
adidas AG	482		34,126
Allianz AG	1,019		114,522
Axel Springer Verlag	70		2,836
BASF AG	2,044		150,458
Bayer AG	1,844		118,141
Bayerische Motoren Werke AG (BMW)	739		60,401
Beiersdorf AG	246		14,225
Brenntag AG	62		6,264
Celesio AG	171		2,707
Commerzbank AG (a)	7,789		19,219
Continental AG (a)	194		14,549
Daimler AG (Germany)	2,012		103,023
Deutsche Bank AG	2,066		85,438
Deutsche Boerse AG	416		23,028
Deutsche Lufthansa AG	437		5,970
Deutsche Post AG	1,993		30,367
Deutsche Telekom AG	6,255		79,586
E.ON AG	4,021		97,437
Fraport AG Frankfurt Airport Services Worldwide	67		4,242
Fresenius Medical Care AG & Co. KGaA	456		33,222
Fresenius SE	257		25,362
GEA Group AG	441		12,185
Hannover Rueckversicherungs AG	111		5,508
HeidelbergCement AG	338		15,427
Henkel AG & Co. KGaA	312		15,294
Hochtief AG	78		5,698
Infineon Technologies AG	2,434		21,992
Common Stocks - continued
	Shares		Value
Germany - continued
K&S AG	368		$ 23,424
Kabel Deutschland Holding AG (a)	220		12,562
Lanxess AG	212		12,495
Linde AG	370		58,859
MAN SE	156		13,836
Merck KGaA	159		14,875
Metro AG	311		14,500
Munich Re Group	426		57,457
RWE AG	937		40,127
Salzgitter AG	68		3,853
SAP AG	2,051		124,038
Siemens AG	1,830		191,850
Suedzucker AG (Bearer)	123		3,608
Thyssenkrupp AG	837		24,157
TUI AG (a)	414		2,717
United Internet AG	207		4,086
Volkswagen AG	78		12,284
Wacker Chemie AG	29		2,934
TOTAL GERMANY			1,718,889
Greece - 0.1%
Alpha Bank AE (a)	876		1,200
Coca-Cola Hellenic Bottling Co. SA	504		9,939
EFG Eurobank Ergasias SA (a)	1,237		1,164
Greek Organization of Football Prognostics SA	389		4,522
Hellenic Telecommunications Organization SA	460		2,546
National Bank of Greece SA (a)	1,712		4,075
Public Power Corp. of Greece	330		2,836
TOTAL GREECE			26,282
Hong Kong - 2.5%
AIA Group Ltd.	18,600		56,874
ASM Pacific Technology Ltd.	400		4,392
Bank of East Asia Ltd.	3,800		13,903
Beijing Enterprises Holdings Ltd.	1,000		5,534
BOC Hong Kong (Holdings) Ltd.	8,500		20,213
Cathay Pacific Airways Ltd.	2,000		3,630
Cheung Kong Holdings Ltd.	3,000		37,188
China Agri-Industries Holding Ltd.	3,000		2,392
China Everbright Ltd.	2,000		2,965
China Insurance International Holdings Co. Ltd. (a)	1,400		3,036
China Merchant Holdings International Co. Ltd.	2,000		6,171
Common Stocks - continued
	Shares		Value
Hong Kong - continued
China Mobile (Hong Kong) Ltd.	13,500		$ 128,309
China Overseas Land & Investment Ltd.	10,000		18,504
China Resources Enterprise Ltd.	2,000		7,304
China Resources Power Holdings Co. Ltd.	4,000		7,104
China State Construction International Holdings Ltd.	4,000		3,081
China Unicom (Hong Kong) Ltd.	14,000		28,149
Citic Pacific Ltd.	4,000		7,229
CLP Holdings Ltd.	4,000		35,633
CNOOC Ltd.	40,000		75,614
Esprit Holdings Ltd.	2,300		3,327
Fosun International Ltd.	4,000		2,266
Franshion Properties China Ltd.	12,000		2,465
Fushan International Energy Group Ltd.	6,000		2,468
Galaxy Entertainment Group Ltd. (a)	4,000		8,089
Guangdong Investment Ltd.	4,000		2,408
Hang Lung Group Ltd.	2,000		12,155
Hang Lung Properties Ltd.	6,000		21,851
Hang Seng Bank Ltd.	1,600		20,631
Henderson Land Development Co. Ltd.	2,000		10,932
Hong Kong & China Gas Co. Ltd.	10,000		22,546
Hong Kong Exchanges and Clearing Ltd.	2,300		38,989
Hopewell Holdings Ltd.	1,000		2,597
Hutchison Whampoa Ltd.	5,000		45,732
Hysan Development Co. Ltd.	2,000		6,979
Kerry Properties Ltd.	1,500		5,505
Lenovo Group Ltd.	12,000		8,068
Link (REIT)	5,000		17,171
Minmetals Resources Ltd. (a)	4,000		2,054
MTR Corp. Ltd.	3,500		11,298
New World Development Co. Ltd.	7,000		7,374
New World Development Co. Ltd. rights 11/22/11 (a)	2,000		682
PCCW Ltd.	7,000		2,797
Poly (Hong Kong) Investments Ltd.	5,000		2,508
Power Assets Holdings Ltd.	3,000		22,796
Shanghai Industrial Holdings Ltd.	1,000		3,274
Shangri-La Asia Ltd.	4,000		8,034
Sino Land Ltd.	6,000		9,484
Sino-Ocean Land Holdings Ltd.	6,000		2,662
SJM Holdings Ltd.	3,000		5,142
Sun Hung Kai Properties Ltd.	3,000		41,306
Swire Pacific Ltd. (A Shares)	1,500		17,333
Wharf Holdings Ltd.	4,000		21,277
Common Stocks - continued
	Shares		Value
Hong Kong - continued
Wheelock and Co. Ltd.	2,000		$ 5,876
Wing Hang Bank Ltd.	500		4,515
Yuexiu Property Co. Ltd.	16,000		2,469
TOTAL HONG KONG			872,285
Hungary - 0.1%
Magyar Telekom PLC	1,058		2,462
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) (a)	117		9,129
OTP Bank PLC	440		7,068
Richter Gedeon PLC	26		4,200
TOTAL HUNGARY			22,859
Indonesia - 0.6%
PT Astra Agro Lestari Tbk	1,000		2,395
PT Adaro Energy Tbk	26,500		5,977
PT Astra International Tbk	4,500		34,698
PT Bank Central Asia Tbk	26,500		24,032
PT Bank Danamon Indonesia Tbk Series A	9,500		5,294
PT Bank Mandiri (Persero) Tbk	21,500		17,150
PT Bank Negara Indonesia (Persero) Tbk	13,500		6,050
PT Bank Rakyat Indonesia Tbk	24,000		18,044
PT Bumi Resources Tbk	42,000		10,970
PT Charoen Pokphand Indonesia Tbk	13,500		4,020
PT Gudang Garam Tbk	1,500		9,846
PT Indo Tambangraya Megah Tbk	1,000		4,989
PT Indocement Tunggal Prakarsa Tbk	2,500		4,567
PT Indofood Sukses Makmur Tbk	8,000		4,697
PT Indosat Tbk	4,500		2,695
PT International Nickel Indonesia Tbk	6,500		2,650
PT Kalbe Farma Tbk	8,500		3,309
PT Perusahaan Gas Negara Tbk Series B	30,000		9,896
PT Semen Gresik (Persero) Tbk	5,500		5,852
PT Tambang Batubbara Bukit Asam Tbk	1,500		3,076
PT Telkomunikasi Indonesia Tbk Series B	22,500		18,765
PT Unilever Indonesia Tbk	3,000		5,274
PT United Tractors Tbk	4,000		11,002
PT XL Axiata Tbk	5,000		2,796
TOTAL INDONESIA			218,044
Ireland - 0.2%
CRH PLC	1,693		30,565
Elan Corp. PLC (a)	1,228		14,565
James Hardie Industries NV CDI (a)	804		5,208
Common Stocks - continued
	Shares		Value
Ireland - continued
Kerry Group PLC Class A	350		$ 13,068
Ryanair Holdings PLC sponsored ADR	120		3,452
TOTAL IRELAND			66,858
Isle of Man - 0.1%
Genting Singapore PLC (a)	13,000		17,757
Israel - 0.4%
Bank Hapoalim BM (Reg.)	2,640		10,334
Bank Leumi le-Israel BM	2,944		10,314
Bezeq Israeli Telecommunication Corp. Ltd.	4,492		9,579
Cellcom Israel Ltd. (Israel)	127		2,817
Delek Group Ltd.	16		3,178
Elbit Systems Ltd. (Israel)	70		3,119
Israel Chemicals Ltd.	1,067		12,839
Israel Corp. Ltd. (Class A)	4		2,946
Israel Discount Bank Ltd. (Class A) (a)	1,650		2,753
Mizrahi Tefahot Bank Ltd.	297		2,581
Nice Systems Ltd. (a)	97		3,455
Partner Communications Co. Ltd.	257		3,052
Teva Pharmaceutical Industries Ltd.	195		7,950
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,865		76,185
TOTAL ISRAEL			151,102
Italy - 1.5%
A2A SpA	2,053		2,813
Assicurazioni Generali SpA	2,584		46,595
Atlantia SpA	774		11,836
Autogrill SpA	229		2,656
Banca Carige SpA	1,275		2,506
Banca Monte dei Paschi di Siena SpA	7,845		3,673
Banco Popolare Societa Cooperativa	3,228		4,825
Enel Green Power SpA	4,685		10,776
Enel SpA	14,577		68,790
ENI SpA	5,379		118,914
EXOR SpA	119		2,618
Fiat Industrial SpA (a)	1,827		15,941
Fiat SpA	1,898		11,662
Finmeccanica SpA	740		5,086
Intesa Sanpaolo SpA	22,402		40,024
Intesa Sanpaolo SpA (Risparmio Shares)	2,083		3,030
Luxottica Group SpA	219		6,455
Mediaset SpA	1,274		4,722
Common Stocks - continued
	Shares		Value
Italy - continued
Mediobanca SpA	1,331		$ 10,610
Parmalat SpA	1,203		2,679
Pirelli & C SpA	432		3,826
Prysmian SpA	373		5,652
Saipem SpA	571		25,603
Snam Rete Gas SpA	3,633		17,708
Telecom Italia SpA	20,616		25,656
Terna SpA	3,037		11,625
UniCredit SpA	30,219		35,463
Unione di Banche Italiane SCPA	2,225		8,499
TOTAL ITALY			510,243
Japan - 13.4%
ABC-Mart, Inc.	100		3,917
Advantest Corp.	300		3,492
Aeon Co. Ltd.	1,300		17,005
Aeon Credit Service Co. Ltd.	200		2,983
Aeon Mall Co. Ltd.	100		2,319
Aisin Seiki Co. Ltd.	400		12,652
Ajinomoto Co., Inc.	2,000		22,392
Alfresa Holdings Corp.	100		3,747
All Nippon Airways Ltd.	2,000		6,023
Amada Co. Ltd.	1,000		6,635
Aozora Bank Ltd.	1,000		2,528
Asahi Glass Co. Ltd.	2,000		17,516
Asahi Group Holdings	800		16,379
Asahi Kasei Corp.	3,000		17,793
Asics Corp.	400		5,304
Astellas Pharma, Inc.	1,000		36,578
Bank of Kyoto Ltd.	1,000		8,496
Bank of Yokohama Ltd.	3,000		13,737
Benesse Corp.	200		8,691
Bridgestone Corp.	1,400		32,830
Brother Industries Ltd.	400		5,221
Canon, Inc.	2,500		113,509
Casio Computer Co. Ltd.	400		2,451
Central Japan Railway Co.	3		25,524
Chiba Bank Ltd.	2,000		12,238
Chubu Electric Power Co., Inc.	1,500		27,447
Chugai Pharmaceutical Co. Ltd.	400		6,266
Chugokun Electric Power Co.	600		8,929
Citizen Holdings Co. Ltd.	600		3,183
Common Stocks - continued
	Shares		Value
Japan - continued
Coca-Cola West Co. Ltd.	200		$ 3,572
Cosmo Oil Co. Ltd.	2,000		5,004
Credit Saison Co. Ltd.	300		5,855
Dai Nippon Printing Co. Ltd.	1,000		10,476
Dai-ichi Mutual Life Insurance Co.	20		22,779
Daicel Chemical Industries Ltd.	1,000		5,677
Daido Steel Co. Ltd.	1,000		6,061
Daihatsu Motor Co. Ltd.	1,000		17,600
Daiichi Sankyo Kabushiki Kaisha	1,500		29,141
Daikin Industries Ltd.	500		14,799
Dainippon Sumitomo Pharma Co. Ltd.	300		3,288
Daito Trust Construction Co. Ltd.	100		8,861
Daiwa House Industry Co. Ltd.	1,000		12,532
Daiwa Securities Group, Inc.	4,000		13,998
DeNA Co. Ltd.	200		8,633
Denki Kagaku Kogyo KK	1,000		3,804
Denso Corp.	1,100		33,833
Dentsu, Inc.	400		12,046
East Japan Railway Co.	800		48,509
Eisai Co. Ltd.	600		23,800
Electric Power Development Co. Ltd.	200		4,979
Elpida Memory, Inc. (a)	500		3,108
FamilyMart Co. Ltd.	100		3,932
Fanuc Corp.	400		64,684
Fast Retailing Co. Ltd.	100		17,966
Fuji Electric Co. Ltd.	1,000		2,918
Fuji Heavy Industries Ltd.	2,000		12,678
Fujifilm Holdings Corp.	1,000		24,477
Fujitsu Ltd.	4,000		21,393
Fukuoka Financial Group, Inc.	2,000		7,745
Furukawa Electric Co. Ltd.	1,000		2,794
GREE, Inc.	200		6,455
GS Yuasa Corp.	1,000		5,239
Gunma Bank Ltd.	1,000		5,119
Hakuhodo DY Holdings, Inc.	50		2,717
Hamamatsu Photonics KK	200		7,610
Hino Motors Ltd.	1,000		5,874
Hirose Electric Co. Ltd.	100		9,584
Hiroshima Bank Ltd.	1,000		4,449
Hisamitsu Pharmaceutical Co., Inc.	100		4,024
Hitachi Chemical Co. Ltd.	200		3,554
Hitachi Construction Machinery Co. Ltd.	200		3,848
Common Stocks - continued
	Shares		Value
Japan - continued
Hitachi High-Technologies Corp.	200		$ 4,180
Hitachi Ltd.	10,000		53,590
Hitachi Metals Ltd.	1,000		11,343
Hokkaido Electric Power Co., Inc.	300		3,763
Hokuhoku Financial Group, Inc.	2,000		3,738
Hokuriku Electric Power Co., Inc.	400		6,374
Honda Motor Co. Ltd.	3,600		107,667
Hoya Corp.	1,000		21,850
Ibiden Co. Ltd.	300		6,626
INPEX Corp.	5		33,015
Isetan Mitsukoshi Holdings Ltd.	700		7,131
Ishikawajima-Harima Heavy Industries Co. Ltd.	3,000		6,835
Isuzu Motors Ltd.	3,000		12,718
Itochu Corp.	3,400		33,632
ITOCHU Techno-Solutions Corp.	100		4,330
Iyo Bank Ltd.	1,000		9,383
J Front Retailing Co. Ltd.	1,000		4,379
Japan Petroleum Exploration Co. Ltd.	100		3,950
Japan Prime Realty Investment Corp.	1		2,395
Japan Real Estate Investment Corp.	1		8,531
Japan Retail Fund Investment Corp.	5		7,741
Japan Steel Works Ltd.	1,000		6,854
Japan Tobacco, Inc.	10		49,988
JFE Holdings, Inc.	1,100		20,939
Joyo Bank Ltd.	2,000		8,381
JS Group Corp.	600		12,583
JSR Corp.	500		9,546
JTEKT Corp.	400		4,375
Jupiter Telecommunications Co.	3		2,928
JX Holdings, Inc.	5,300		30,876
Kajima Corp.	2,000		6,421
Kamigumi Co. Ltd.	1,000		8,733
Kaneka Corp.	1,000		5,364
Kansai Electric Power Co., Inc.	1,700		25,081
Kansai Paint Co. Ltd.	1,000		9,388
Kao Corp.	1,200		31,485
Kawasaki Heavy Industries Ltd.	3,000		7,650
Kawasaki Kisen Kaisha Ltd.	2,000		4,080
KDDI Corp.	6		43,958
Keihin Electric Express Railway Co. Ltd.	1,000		8,983
Keio Corp.	1,000		6,857
Keyence Corp.	100		25,424
Common Stocks - continued
	Shares		Value
Japan - continued
Kintetsu Corp.	4,000		$ 14,034
Kirin Holdings Co. Ltd.	2,000		24,472
Kobe Steel Ltd.	6,000		10,036
Komatsu Ltd.	2,100		51,929
Konami Corp.	200		6,518
Konica Minolta Holdings, Inc.	1,000		7,275
Kubota Corp.	3,000		24,712
Kuraray Co. Ltd.	800		11,200
Kurita Water Industries Ltd.	200		5,508
Kyocera Corp.	400		35,167
Kyowa Hakko Kirin Co., Ltd.	1,000		11,271
Kyushu Electric Power Co., Inc.	800		10,592
Lawson, Inc.	200		11,255
Mabuchi Motor Co. Ltd.	100		4,383
Makita Corp.	300		11,202
Marubeni Corp.	4,000		23,285
Marui Group Co. Ltd.	400		3,110
Maruichi Steel Tube Ltd.	100		2,240
Mazda Motor Corp. (a)	3,000		6,307
McDonald's Holdings Co. (Japan) Ltd.	100		2,629
Medipal Holdings Corp.	300		2,799
Meiji Holdings Co. Ltd.	200		8,770
Minebea Ltd.	1,000		3,564
Miraca Holdings, Inc.	100		3,814
Mitsubishi Chemical Holdings Corp.	3,000		18,188
Mitsubishi Corp.	3,100		63,766
Mitsubishi Electric Corp.	4,000		37,018
Mitsubishi Estate Co. Ltd.	3,000		50,818
Mitsubishi Gas Chemical Co., Inc.	1,000		6,528
Mitsubishi Heavy Industries Ltd.	7,000		28,525
Mitsubishi Materials Corp.	3,000		7,975
Mitsubishi Motors Corp. of Japan (a)	9,000		11,890
Mitsubishi Tanabe Pharma Corp.	600		10,380
Mitsubishi UFJ Financial Group, Inc.	28,500		123,875
Mitsubishi UFJ Lease & Finance Co. Ltd.	110		4,263
Mitsui & Co. Ltd.	3,800		55,466
Mitsui Chemicals, Inc.	2,000		6,560
Mitsui Engineering & Shipbuilding Co.	2,000		3,177
Mitsui Fudosan Co. Ltd.	2,000		33,265
Mitsui OSK Lines Ltd.	3,000		11,561
Mizuho Financial Group, Inc.	51,000		71,393
MS&AD Insurance Group Holdings, Inc.	1,300		25,466
Common Stocks - continued
	Shares		Value
Japan - continued
Murata Manufacturing Co. Ltd.	500		$ 27,933
Nabtesco Corp.	200		4,381
Namco Bandai Holdings, Inc.	400		5,801
NEC Corp. (a)	6,000		13,353
NGK Insulators Ltd.	1,000		11,529
Nidec Corp.	300		24,656
Nikon Corp.	700		15,676
Nintendo Co. Ltd.	200		30,178
Nippon Building Fund, Inc.	1		9,658
Nippon Electric Glass Co. Ltd.	1,000		8,972
Nippon Express Co. Ltd.	2,000		7,733
Nippon Paper Group, Inc.	200		4,584
Nippon Sheet Glass Co. Ltd.	2,000		4,313
Nippon Steel Corp.	11,000		28,683
Nippon Telegraph & Telephone Corp.	1,100		56,433
Nippon Yusen KK	3,000		7,567
Nishi-Nippon City Bank Ltd.	1,000		2,727
Nissan Motor Co. Ltd.	5,500		50,578
Nisshin Seifun Group, Inc.	500		6,146
Nisshin Steel Co. Ltd.	1,000		1,583
Nissin Food Holdings Co. Ltd.	100		3,852
Nitori Holdings Co. Ltd.	100		9,565
Nitto Denko Corp.	400		16,805
NKSJ Holdings, Inc.	750		15,002
NOK Corp.	200		3,385
Nomura Holdings, Inc.	8,200		31,247
Nomura Real Estate Holdings, Inc.	200		3,225
Nomura Real Estate Office Fund, Inc.	1		5,337
Nomura Research Institute Ltd.	200		4,499
NSK Ltd.	1,000		7,558
NTN Corp.	1,000		4,418
NTT Data Corp.	3		10,059
NTT DoCoMo, Inc.	34		60,393
NTT Urban Development Co.	4		2,754
Obayashi Corp.	2,000		9,183
Odakyu Electric Railway Co. Ltd.	1,000		9,371
Oji Paper Co. Ltd.	2,000		9,894
Olympus Corp.	400		6,096
Omron Corp.	400		8,622
Ono Pharmaceutical Co. Ltd.	200		10,468
Oracle Corp. Japan	100		3,451
Oriental Land Co. Ltd.	100		9,939
Common Stocks - continued
	Shares		Value
Japan - continued
ORIX Corp.	240		$ 20,949
Osaka Gas Co. Ltd.	4,000		15,138
Otsuka Holdings Co. Ltd.	500		12,832
Panasonic Corp.	4,800		48,530
Rakuten, Inc.	17		18,638
Resona Holdings, Inc.	4,200		18,829
Ricoh Co. Ltd.	2,000		16,394
Rinnai Corp.	100		7,472
ROHM Co. Ltd.	200		10,192
Sankyo Co. Ltd. (Gunma)	100		5,226
Santen Pharmaceutical Co. Ltd.	200		7,464
SBI Holdings, Inc. Japan	40		3,331
Secom Co. Ltd.	500		23,650
Sega Sammy Holdings, Inc.	500		10,872
Seiko Epson Corp.	400		5,258
Sekisui Chemical Co. Ltd.	1,000		7,848
Sekisui House Ltd.	1,000		8,953
Seven & i Holdings Co., Ltd.	1,700		45,372
Seven Bank Ltd.	1		1,780
Sharp Corp.	2,000		18,438
Shikoku Electric Power Co., Inc.	400		10,226
Shimamura Co. Ltd.	100		10,002
SHIMANO, Inc.	200		9,887
SHIMIZU Corp.	1,000		4,304
Shin-Etsu Chemical Co., Ltd.	900		46,225
Shinsei Bank Ltd.	3,000		3,298
Shionogi & Co. Ltd.	600		8,169
Shiseido Co. Ltd.	900		16,475
Shizuoka Bank Ltd.	1,000		9,703
Showa Denko KK	3,000		5,444
Showa Shell Sekiyu KK	400		2,896
SMC Corp.	100		15,556
SOFTBANK CORP.	1,900		61,674
Sojitz Corp.	2,200		3,734
Sony Corp.	2,200		45,905
Sony Financial Holdings, Inc.	300		4,991
Square Enix Holdings Co. Ltd.	100		1,901
Stanley Electric Co. Ltd.	300		4,390
Sumco Corp. (a)	200		2,023
Sumitomo Chemical Co. Ltd.	4,000		14,766
Sumitomo Corp.	2,600		32,195
Sumitomo Electric Industries Ltd.	1,700		18,851
Common Stocks - continued
	Shares		Value
Japan - continued
Sumitomo Heavy Industries Ltd.	1,000		$ 5,679
Sumitomo Metal Industries Ltd.	7,000		13,166
Sumitomo Metal Mining Co. Ltd.	1,000		13,767
Sumitomo Mitsui Financial Group, Inc.	3,000		83,865
Sumitomo Mitsui Trust Holdings, Inc.	7,000		23,958
Sumitomo Realty & Development Co. Ltd.	1,000		20,730
Sumitomo Rubber Industries Ltd.	300		3,748
Suzuken Co. Ltd.	100		2,393
Suzuki Motor Corp.	700		14,848
Sysmex Corp.	200		6,575
T&D Holdings, Inc.	1,500		14,872
Taisei Corp.	2,000		5,345
Takashimaya Co. Ltd.	1,000		7,100
Takeda Pharmaceutical Co. Ltd.	1,800		81,157
TDK Corp.	300		12,235
Teijin Ltd.	2,000		6,982
Terumo Corp.	400		20,327
The Hachijuni Bank Ltd.	1,000		5,560
THK Co. Ltd.	200		3,898
Tobu Railway Co. Ltd.	2,000		9,546
Toho Co. Ltd.	200		3,441
Toho Gas Co. Ltd.	1,000		5,662
Tohoku Electric Power Co., Inc.	1,000		11,051
Tokio Marine Holdings, Inc.	1,600		38,156
Tokyo Electric Power Co.	3,000		11,006
Tokyo Electron Ltd.	400		21,276
Tokyo Gas Co. Ltd.	6,000		25,841
Tokyu Corp.	3,000		14,482
Tokyu Land Corp.	1,000		4,210
TonenGeneral Sekiyu KK	1,000		11,286
Toppan Printing Co. Ltd.	1,000		7,776
Toray Industries, Inc.	3,000		21,355
Toshiba Corp.	9,000		39,258
Tosoh Corp.	1,000		3,251
Toto Ltd.	1,000		8,316
Toyo Seikan Kaisha Ltd.	300		4,565
Toyoda Gosei Co. Ltd.	200		3,529
Toyota Boshoku Corp.	200		2,423
Toyota Industries Corp.	400		11,248
Toyota Motor Corp.	6,100		202,551
Toyota Tsusho Corp.	400		6,313
Trend Micro, Inc.	200		7,153
Common Stocks - continued
	Shares		Value
Japan - continued
Tsumura & Co.	100		$ 2,813
Ube Industries Ltd.	2,000		5,864
Unicharm Corp.	300		13,437
Ushio, Inc.	200		2,957
USS Co. Ltd.	40		3,307
West Japan Railway Co.	400		16,952
Yahoo! Japan Corp.	37		11,884
Yakult Honsha Co. Ltd.	200		5,621
Yamada Denki Co. Ltd.	200		14,385
Yamaha Corp.	300		3,037
Yamaha Motor Co. Ltd. (a)	700		10,028
Yamato Holdings Co. Ltd.	900		14,922
Yamato Kogyo Co. Ltd.	100		2,530
Yokogawa Electric Corp. (a)	400		3,741
TOTAL JAPAN			4,649,217
Korea (South) - 3.2%
Amorepacific Corp.	6		6,766
BS Financial Group, Inc. (a)	330		3,618
Celltrion, Inc.	128		4,269
Cheil Industries, Inc.	123		10,825
CJ CheilJedang Corp.	14		3,849
Daelim Industrial Co.	51		4,402
Daewoo Engineering & Construction Co. Ltd. (a)	270		2,467
Daewoo International Corp.	90		2,617
Daewoo Securities Co. Ltd.	570		5,469
Daewoo Securities Co. Ltd. rights 11/1/11 (a)	112		269
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	170		4,165
DGB Financial Group Co. Ltd. (a)	230		2,853
Dongbu Insurance Co. Ltd.	70		2,936
Dongkuk Steel Mill Co. Ltd.	100		2,307
Doosan Co. Ltd.	23		2,897
Doosan Heavy Industries & Construction Co. Ltd.	75		3,972
Doosan Infracore Co. Ltd. (a)	180		3,067
E-Mart Co. Ltd. (a)	50		12,870
GS Engineering & Construction Corp.	65		5,632
GS Holdings Corp.	94		5,394
Hana Financial Group, Inc.	510		18,151
Hanjin Heavy Industries & Consolidated Co. Ltd.	150		2,645
Hanjin Shipping Co. Ltd.	170		1,666
Hanjin Shipping Co. Ltd. rights 11/4/11 (a)	71		230
Hankook Tire Co. Ltd.	140		5,567
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Hanwha Chemical Corp.	160		$ 4,150
Hanwha Corp.	80		2,797
Honam Petrochemical Corp.	27		7,338
Hynix Semiconductor, Inc.	1,100		22,178
Hyosung Corp.	41		2,356
Hyundai Department Store Co. Ltd.	27		3,857
Hyundai Engineering & Construction Co. Ltd.	176		11,157
Hyundai Glovis Co. Ltd.	20		3,732
Hyundai Heavy Industries Co. Ltd.	101		26,883
Hyundai Hysco Co. Ltd.	60		2,314
Hyundai Industrial Development & Construction Co.	120		2,469
Hyundai Merchant Marine Co. Ltd.	110		2,830
Hyundai Mipo Dockyard Co. Ltd.	22		2,382
Hyundai Mobis	148		42,198
Hyundai Motor Co.	336		67,414
Hyundai Securities Co. Ltd.	270		2,315
Hyundai Steel Co.	141		12,747
Hyundai Wia Corp.	21		2,702
Industrial Bank of Korea	290		3,793
Kangwon Land, Inc.	170		4,515
KB Financial Group, Inc.	840		32,422
KCC Corp.	10		2,415
Kia Motors Corp.	543		34,683
Korea Electric Power Corp. (a)	630		14,055
Korea Exchange Bank	450		3,319
Korea Gas Corp.	90		3,028
Korea Investment Holdings Co. Ltd.	80		2,647
Korea Kumho Petrochemical Co.	19		3,208
Korea Life Insurance Co. Ltd.	480		2,672
Korea Zinc Co. Ltd.	16		4,672
Korean Air Lines Co. Ltd.	65		2,875
KP Chemical Corp.	150		2,108
KT Corp.	110		3,673
KT&G Corp.	245		15,269
LG Chemical Ltd.	104		33,434
LG Corp.	231		13,468
LG Display Co. Ltd.	430		8,699
LG Electronics, Inc.	223		14,708
LG Household & Health Care Ltd.	24		10,799
LG Innotek Co. Ltd.	46		3,023
LG Telecom Ltd.	610		3,619
Lotte Confectionery Co. Ltd.	2		3,116
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Lotte Shopping Co. Ltd.	28		$ 10,012
LS Cable Ltd.	33		2,340
LS Industrial Systems Ltd.	49		2,398
Mando Corp.	23		3,925
Mirae Asset Securities Co. Ltd.	80		2,537
NCsoft Corp.	38		11,902
NHN Corp. (a)	90		18,706
OCI Co. Ltd.	29		5,930
POSCO	140		48,327
S-Oil Corp.	118		12,200
S1 Corp.	56		2,904
Samsung C&T Corp.	274		16,878
Samsung Card Co. Ltd.	70		2,613
Samsung Electro-Mechanics Co. Ltd.	151		11,395
Samsung Electronics Co. Ltd.	245		210,124
Samsung Engineering Co. Ltd.	71		14,448
Samsung Fire & Marine Insurance Co. Ltd.	78		16,524
Samsung Heavy Industries Ltd.	430		13,070
Samsung Life Insurance Co. Ltd.	133		10,276
Samsung SDI Co. Ltd.	90		10,801
Samsung Securities Co. Ltd.	155		7,979
Samsung Securities Co. Ltd. rights 11/24/11 (a)	18		188
Samsung Techwin Co. Ltd.	66		3,515
Seoul Semiconductor Co. Ltd.	111		2,260
Shinhan Financial Group Co. Ltd.	960		38,101
Shinsegae Co. Ltd.	13		3,257
SK C&C Co. Ltd.	27		3,653
SK Energy Co. Ltd.	135		20,239
SK Holdings Co. Ltd.	72		9,549
SK Networks Co. Ltd.	260		2,596
SK Telecom Co. Ltd.	36		4,776
STX Pan Ocean Co. Ltd. (Korea)	370		2,422
Woongjin Coway Co. Ltd.	100		3,432
Woori Finance Holdings Co. Ltd.	1,020		9,721
Woori Investment & Securities Co. Ltd.	200		2,182
Woori Investment & Securities Co. Ltd. rights 11/23/11 (a)	71		153
Yuhan Corp.	25		2,735
TOTAL KOREA (SOUTH)			1,111,010
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	1,919		39,792
Kernel Holding SA (a)	125		2,692
Common Stocks - continued
	Shares		Value
Luxembourg - continued
Millicom International Cellular SA (depositary receipt)	172		$ 18,956
SES SA FDR (France) unit	723		18,510
Subsea 7 SA (a)	666		14,486
Tenaris SA	1,110		17,742
TOTAL LUXEMBOURG			112,178
Malaysia - 0.8%
AirAsia Bhd	2,600		3,267
AMMB Holdings Bhd	4,600		8,918
Axiata Group Bhd	6,700		10,590
Berjaya Group Bhd	8,500		2,854
Berjaya Sports Toto Bhd	2,000		2,775
British American Tobacco (Malaysia) Bhd	200		3,011
Bumiputra-Commerce Holdings Bhd	10,400		25,528
Bursa Malaysia Bhd	1,300		2,863
DiGi.com Bhd	600		6,178
Gamuda Bhd	2,900		3,189
Genting Bhd	4,800		16,718
Genting Malaysia Bhd	8,100		10,076
Hong Leong Bank Bhd	1,100		3,784
Hong Leong Credit Bhd	700		2,709
IJM Corp. Bhd	2,000		3,694
IOI Corp. Bhd	5,800		9,854
Kuala Lumpur Kepong Bhd	900		6,141
Lafarge Malayan Cement Bhd	1,300		2,991
Malayan Banking Bhd	7,500		20,362
Malaysia Airports Holdings Bhd	1,400		2,875
Malaysia Marine and Heavy Engineering Sdn Bhd	1,300		2,650
Malaysian Plantations Bhd	2,500		2,861
Maxis Bhd	5,900		10,260
MISC Bhd	2,000		4,535
MMC Corp. Bhd	3,200		2,798
Parkson Holdings Bhd	1,600		2,905
Petronas Chemicals Group Bhd	6,200		12,934
Petronas Dagangan Bhd	500		2,645
Petronas Gas Bhd	1,300		5,531
PLUS Expressways Bhd	2,500		3,598
PPB Group Bhd	800		4,431
Public Bank Bhd (For. Reg.)	2,000		8,262
RHB Capital Bhd	1,000		2,501
Sime Darby Bhd	6,200		17,885
SP Setia Bhd	2,200		2,745
Common Stocks - continued
	Shares		Value
Malaysia - continued
Telekom Malaysia Bhd	2,000		$ 2,754
Tenaga Nasional Bhd	6,800		13,190
UEM Land Holdings Bhd (a)	4,000		2,844
UMW Holdings Bhd	1,200		2,586
YTL Corp. Bhd	6,600		3,181
YTL Power International Bhd	4,500		2,785
TOTAL MALAYSIA			262,258
Mauritius - 0.0%
Golden Agri-Resources Ltd.	19,000		9,723
Mexico - 1.0%
Alfa SA de CV Series A	700		8,161
America Movil SAB de CV Series L	90,600		115,697
Cemex SA de CV unit	28,000		12,192
Coca-Cola FEMSA SAB de CV Series L	500		4,512
Compartamos SAB de CV	1,900		2,937
Embotelladoras Arca SAB de CC	600		2,847
Fomento Economico Mexicano SAB de CV unit	4,600		30,874
Grupo Aeroportuario del Pacifico SA de CV Series B	800		2,799
Grupo Bimbo Sab de CV Series A	3,100		6,379
Grupo Carso SA de CV Series A1	1,100		2,842
Grupo Elektra SA de CV	180		13,832
Grupo Financiero Banorte SAB de CV Series O	4,000		13,667
Grupo Financiero Inbursa SAB de CV Series O	3,800		8,128
Grupo Mexico SA de CV Series B	9,300		25,840
Grupo Modelo SAB de CV Series C	1,200		7,612
Grupo Televisa SA de CV	5,300		22,668
Industrias Penoles SA de CV	340		13,682
Kimberly-Clark de Mexico SA de CV Series A	1,000		5,692
Mexichem SAB de CV	1,400		4,820
Minera Frisco SAB de CV (a)	1,200		4,700
Telefonos de Mexico SA de CV Series L	14,200		11,140
Urbi, Desarrollos Urbanos, SA de CV (a)	1,500		1,907
Wal-Mart de Mexico SA de CV Series V	14,200		36,683
TOTAL MEXICO			359,611
Morocco - 0.0%
Attijariwafa Bank	59		2,681
Douja Promotion Groupe Addoha SA	251		2,364
Maroc Telecom SA	494		8,680
TOTAL MOROCCO			13,725
Common Stocks - continued
	Shares		Value
Netherlands - 1.7%
AEGON NV (a)	3,903		$ 18,616
Akzo Nobel NV	500		26,443
ASML Holding NV (Netherlands)	982		41,200
Corio NV	114		5,822
Delta Lloyd NV	188		3,326
European Aeronautic Defence and Space Co. EADS NV	977		28,894
Fugro NV (Certificaten Van Aandelen) unit	130		7,687
Heineken Holding NV (A Shares)	293		12,584
Heineken NV (Bearer)	575		27,939
ING Groep NV (Certificaten Van Aandelen) (a)	8,498		73,272
Koninklijke Ahold NV	2,685		34,427
Koninklijke Boskalis Westminster NV	130		4,570
Koninklijke KPN NV	3,387		44,510
Koninklijke Philips Electronics NV	2,203		45,866
PostNL NV	604		3,077
QIAGEN NV (a)	436		6,076
Randstad Holdings NV	310		11,058
Reed Elsevier NV	1,546		19,067
Royal DSM NV	353		18,183
SBM Offshore NV	320		7,086
STMicroelectronics NV	1,646		11,408
TNT Express NV	654		5,587
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	3,656		126,237
Vopak NV	130		6,729
Wolters Kluwer NV (Certificaten Van Aandelen)	732		12,972
TOTAL NETHERLANDS			602,636
New Zealand - 0.1%
Auckland International Airport Ltd.	1,729		3,285
Contact Energy Ltd.	674		3,052
Fletcher Building Ltd.	1,906		10,248
Sky City Entertainment Group Ltd.	1,087		3,111
Telecom Corp. of New Zealand Ltd.	3,608		7,364
TOTAL NEW ZEALAND			27,060
Norway - 0.5%
Aker Solutions ASA	306		3,559
DnB NOR ASA	2,080		24,265
Gjensidige Forsikring ASA	360		3,957
Norsk Hydro ASA	2,355		12,296
Orkla ASA (A Shares)	1,772		15,436
Renewable Energy Corp. ASA (a)	1,528		1,485
Common Stocks - continued
	Shares		Value
Norway - continued
StatoilHydro ASA	2,467		$ 62,615
Telenor ASA	1,755		31,333
Yara International ASA	424		20,196
TOTAL NORWAY			175,142
Peru - 0.0%
Compania de Minas Buenaventura SA sponsored ADR	415		16,986
Philippines - 0.1%
Aboitiz Equity Ventures, Inc.	3,300		3,170
Aboitiz Power Corp.	4,000		2,782
Alliance Global Group, Inc.	11,700		2,909
Ayala Land, Inc.	8,800		3,335
Banco de Oro Universal Bank	2,050		2,707
Bank of the Philippine Islands (BPI)	2,230		3,060
Globe Telecom, Inc.	130		2,772
Jollibee Food Corp.	1,390		2,954
Manila Electric Co.	490		2,781
Metropolitan Bank & Trust Co.	1,650		2,765
Philippine Long Distance Telephone Co.	60		3,347
PNOC Energy Development Corp.	19,300		2,761
SM Investments Corp.	550		7,185
SM Prime Holdings, Inc.	10,300		3,141
Yala Corp.	400		2,875
TOTAL PHILIPPINES			48,544
Poland - 0.3%
Asseco Poland SA	193		3,013
Bank Handlowy w Warszawie SA	132		3,113
Bank Polska Kasa Opieki SA	295		13,728
BRE Bank SA (a)	30		2,590
Cyfrowy Polsat SA	548		2,548
Getin Holding SA (a)	839		2,261
Globe Trade Centre SA (a)	832		2,982
Jastrzebska Spolka Weglowa SA (a)	100		2,927
KGHM Polska Miedz SA (Bearer)	317		15,399
Polish Oil & Gas Co.	3,361		4,195
Polska Grupa Energetyczna SA	1,244		7,666
Polski Koncern Naftowy Orlen SA (a)	605		7,504
Powszechna Kasa Oszczednosci Bank SA	1,468		16,755
Powszechny Zaklad Ubezpieczen SA	138		14,644
Synthos SA	1,583		2,110
Tauron Polska Energia SA	1,971		3,433
Common Stocks - continued
	Shares		Value
Poland - continued
Telekomunikacja Polska SA	1,374		$ 7,301
TVN SA	563		2,253
TOTAL POLAND			114,422
Portugal - 0.2%
Banco Comercial Portugues SA (Reg.) (a)	7,824		1,678
Banco Espirito Santo SA (Reg.)	924		2,008
Cimpor-Cimentos de Portugal SGPS SA	369		2,751
Energias de Portugal SA	4,340		13,724
Galp Energia SGPS SA Class B	581		12,045
Jeronimo Martins SGPS SA	586		10,137
Portugal Telecom SGPS SA (Reg.)	1,680		12,016
TOTAL PORTUGAL			54,359
Russia - 1.4%
Federal Grid Co. Unified Energy System JSC (a)	600,000		5,603
Gazprom OAO sponsored ADR (Reg. S)	11,930		139,223
Inter Rao Ues JSC (a)	2,400,000		2,988
LSR Group OJSC GDR (Reg. S)	570		2,730
Lukoil Oil Co. sponsored ADR (United Kingdom)	1,140		66,348
Magnit OJSC:
rights 11/29/11 (a)	10		0
GDR (Reg S)	567		14,487
Mechel Steel Group OAO sponsored ADR	268		3,522
Mobile TeleSystems OJSC sponsored ADR	1,138		16,262
Norilsk Nickel OJSC ADR	1,260		24,658
NOVATEK OAO GDR	194		27,238
Novolipetsk Steel OJSC GDR (Reg S)	120		3,266
Rosneft Oil Co. OJSC GDR (Reg. S)	3,400		24,191
Rostelecom sponsored ADR	512		15,667
RusHydro JSC sponsored ADR	3,110		11,725
Sberbank of Russia	1,860		5,047
Sberbank of Russia sponsored ADR	4,350		47,415
Severstal JSC GDR (Reg. S)	400		5,876
Sistema JSFC sponsored GDR	181		3,102
Surgutneftegaz JSC sponsored ADR	1,800		15,507
Tatneft OAO sponsored ADR	537		15,944
TMK OAO GDR (Reg. S)	266		3,431
Uralkali JSC GDR (Reg. S)	602		26,127
VTB Bank JSC unit	3,230		15,543
TOTAL RUSSIA			495,900
Singapore - 1.0%
Ascendas Real Estate Investment Trust	5,000		8,132
CapitaLand Ltd.	5,000		10,768
Common Stocks - continued
	Shares		Value
Singapore - continued
CapitaMall Trust	4,000		$ 5,975
CapitaMalls Asia Ltd.	3,000		3,231
City Developments Ltd.	1,000		8,621
ComfortDelgro Corp. Ltd.	3,000		3,323
Cosco Corp. Singapore Ltd.	3,000		2,400
DBS Group Holdings Ltd.	4,000		39,057
Fraser & Neave Ltd.	2,000		9,737
Global Logistic Properties Ltd.	6,000		8,351
Hutchison Port Holdings Trust	10,000		6,634
Keppel Corp. Ltd.	3,000		22,450
Keppel Land Ltd.	2,000		4,411
Neptune Orient Lines Ltd.	3,000		2,690
Olam International Ltd.	4,000		8,010
Oversea-Chinese Banking Corp. Ltd.	6,000		40,155
SembCorp Industries Ltd.	2,000		6,591
SembCorp Marine Ltd.	2,000		6,631
Singapore Airlines Ltd.	1,000		9,262
Singapore Exchange Ltd.	2,000		10,670
Singapore Press Holdings Ltd.	4,000		12,374
Singapore Technologies Engineering Ltd.	3,000		6,718
Singapore Telecommunications Ltd.	17,000		42,966
StarHub Ltd.	1,000		2,237
United Overseas Bank Ltd.	3,000		40,673
UOL Group Ltd.	1,000		3,534
Wilmar International Ltd.	4,000		17,265
Yangzijiang Shipbuilding Holdings Ltd.	3,000		2,221
TOTAL SINGAPORE			345,087
South Africa - 1.7%
Absa Group Ltd.	730		13,135
African Bank Investments Ltd.	1,321		5,733
African Rainbow Minerals Ltd.	201		4,645
Anglo Platinum Ltd.	171		12,377
AngloGold Ashanti Ltd.	855		38,641
ArcelorMittal South Africa Ltd.	322		2,737
Aspen Pharmacare Holdings Ltd.	527		6,325
Aveng Ltd.	663		3,099
Barloworld Ltd.	375		3,147
Bidvest Group Ltd.	709		14,124
Discovery Holdings Ltd.	532		2,782
Exxaro Resources Ltd.	238		5,383
FirstRand Ltd.	6,571		16,344
Common Stocks - continued
	Shares		Value
South Africa - continued
Foschini Ltd.	376		$ 4,744
Gold Fields Ltd.	1,728		29,951
Growthpoint Properties Ltd.	3,002		6,979
Harmony Gold Mining Co. Ltd.	997		13,034
Impala Platinum Holdings Ltd.	1,213		28,040
Imperial Holdings Ltd.	328		4,856
Investec Ltd.	400		2,457
Kumba Iron Ore Ltd.	204		12,132
Liberty Holdings Ltd.	260		2,673
Life Healthcare Group Holdings Ltd.	1,340		3,260
Massmart Holdings Ltd.	190		3,802
Mmi Holdings Ltd.	1,941		4,170
MTN Group Ltd.	3,692		64,440
Naspers Ltd. Class N	850		40,698
Nedbank Group Ltd.	568		10,091
Netcare Ltd.	1,590		2,785
Northam Platinum Ltd.	550		2,131
Pick 'n Pay Stores Ltd.	527		2,640
Pretoria Portland Cement Co. Ltd.	951		2,883
Rand Merchant Insurance Holdings Ltd.	1,569		2,610
Redefine Properties Ltd. unit	4,804		4,873
Remgro Ltd.	982		14,910
Reunert Ltd.	338		2,679
RMB Holdings Ltd.	1,273		4,018
Sanlam Ltd.	3,365		12,572
Sappi Ltd. (a)	977		2,868
Sasol Ltd.	1,200		53,962
Shoprite Holdings Ltd.	990		14,509
Spar Group Ltd.	315		3,850
Standard Bank Group Ltd.	2,721		33,531
Steinhoff International Holdings Ltd.	3,091		9,270
Telkom SA Ltd.	557		2,150
Tiger Brands Ltd.	415		11,960
Truworths International Ltd.	1,156		11,682
Vodacom Group (Pty) Ltd.	994		11,260
Woolworths Holdings Ltd.	2,114		10,759
TOTAL SOUTH AFRICA			577,701
Spain - 2.2%
Abertis Infraestructuras SA	906		14,964
Acerinox SA	196		2,609
Actividades de Construccion y Servicios SA (ACS)	336		12,764
Common Stocks - continued
	Shares		Value
Spain - continued
Amadeus IT Holding SA Class A	719		$ 13,592
Banco Bilbao Vizcaya Argentaria SA	9,583		86,259
Banco de Sabadell SA	2,935		10,601
Banco Popular Espanol SA	2,488		11,469
Banco Santander SA (Spain)	18,810		159,228
Bankia SA	2,200		11,128
Bankinter SA	488		3,005
Cintra Concesiones de Infrastructuras de Transporte SA	923		11,752
Criteria CaixaCorp SA	1,385		6,793
Distribuidora Internacional de Alimentacion SA (a)	1,100		5,031
EDP Renovaveis SA (a)	474		2,847
Enagas SA	491		9,696
Fomento Construcciones y Contratas SA (FOCSA)	109		2,833
Gas Natural SDG SA	775		14,463
Grifols SA (a)	257		4,796
Grupo Acciona SA	47		4,464
Iberdrola SA	8,679		63,153
Inditex SA	478		43,501
Indra Sistemas	176		2,962
International Consolidated Airlines Group SA (a)	1,761		4,674
MAPFRE SA (Reg.)	1,381		5,086
Mediaset Espana Comunicacion	392		2,604
Red Electrica Corporacion SA	265		12,827
Repsol YPF SA	1,754		53,159
Telefonica SA	9,135		194,162
Zardoya Otis SA	264		3,569
TOTAL SPAIN			773,991
Sweden - 1.9%
Alfa Laval AB	809		15,151
ASSA ABLOY AB (B Shares)	727		17,741
Atlas Copco AB:
(A Shares)	1,554		34,014
(B Shares)	734		14,343
Boliden AB	757		10,822
Electrolux AB (B Shares)	640		11,957
Getinge AB (B Shares)	503		13,070
H&M Hennes & Mauritz AB (B Shares)	2,223		73,616
Hexagon AB (B Shares)	475		7,329
Holmen AB (B Shares)	100		2,835
Husqvarna AB (B Shares)	822		4,180
Industrivarden AB Series C	230		2,880
Common Stocks - continued
	Shares		Value
Sweden - continued
Investment AB Kinnevik	533		$ 11,192
Investor AB (B Shares)	1,017		19,983
Modern Times Group MTG AB (B Shares)	89		4,721
Nordea Bank AB	5,663		51,813
Ratos AB (B Shares)	355		4,748
Sandvik AB	2,374		32,827
Scania AB (B Shares)	794		13,397
Securitas AB (B Shares)	577		5,284
Skandinaviska Enskilda Banken AB (A Shares)	3,179		20,075
Skanska AB (B Shares)	951		15,608
SKF AB (B Shares)	865		19,318
SSAB Svenskt Stal AB (A Shares)	281		2,728
Svenska Cellulosa AB (SCA) (B Shares)	1,313		19,193
Svenska Handelsbanken AB (A Shares)	1,150		33,144
Swedbank AB (A Shares)	1,751		24,669
Swedish Match Co.	491		16,990
Tele2 AB (B Shares)	740		15,618
Telefonaktiebolaget LM Ericsson (B Shares)	6,597		68,742
TeliaSonera AB	4,931		34,376
Volvo AB (B Shares)	3,120		39,074
TOTAL SWEDEN			661,438
Switzerland - 5.4%
ABB Ltd. (Reg.)	4,817		90,708
Actelion Ltd.	296		11,020
Adecco SA (Reg.)	315		15,223
Aryzta AG	225		10,884
Baloise Holdings AG	129		10,562
Compagnie Financiere Richemont SA Series A	1,144		65,507
Credit Suisse Group	2,520		72,700
GAM Holding Ltd.	379		4,556
Geberit AG (Reg.)	87		17,895
Givaudan SA	20		18,278
Holcim Ltd. (Reg.)	559		35,672
Julius Baer Group Ltd.	466		17,704
Kuehne & Nagel International AG	128		15,943
Lindt & Spruengli AG (participation certificate)	2		6,181
Lonza Group AG	94		6,277
Nestle SA	7,752		449,635
Novartis AG	5,218		294,041
Pargesa Holding SA	48		3,766
Roche Holding AG (participation certificate)	1,568		258,549
Common Stocks - continued
	Shares		Value
Switzerland - continued
Schindler Holding AG:
(participation certificate)	118		$ 13,877
(Reg.)	42		4,944
SGS SA (Reg.)	12		20,648
Sika AG (Bearer)	4		7,872
Sonova Holding AG Class B	124		13,212
Straumann Holding AG	15		2,649
Sulzer AG (Reg.)	44		5,164
Swiss Life Holding AG	83		10,290
Swiss Re Ltd.	781		42,924
Swisscom AG	52		21,018
Syngenta AG (Switzerland)	207		63,095
The Swatch Group AG:
(Bearer)	73		30,912
(Reg.)	84		6,236
Transocean Ltd. (Switzerland)	714		40,681
UBS AG (a)	8,067		101,981
Zurich Financial Services AG	326		75,709
TOTAL SWITZERLAND			1,866,313
Taiwan - 2.4%
Acer, Inc.	5,000		5,709
Advanced Semiconductor Engineering, Inc.	9,000		7,953
Advantech Co. Ltd.	1,000		2,722
Asia Cement Corp.	4,000		4,818
ASUSTeK Computer, Inc.	1,000		6,952
AU Optronics Corp.	14,000		6,034
Capital Securities Corp.	6,090		2,339
Catcher Technology Co. Ltd.	1,000		5,572
Cathay Financial Holding Co. Ltd.	13,000		15,503
Chang Hwa Commercial Bank	8,000		5,149
Cheng Shin Rubber Industry Co. Ltd.	4,000		9,124
Cheng Uei Precision Industries Co. Ltd.	1,000		2,247
Chicony Electronics Co. Ltd.	2,000		3,342
Chimei Innolux Corp. (a)	10,000		4,017
China Airlines Ltd.	5,000		2,516
China Development Finance Holding Corp.	17,000		5,380
China Life Insurance Co. Ltd.	3,285		3,641
China Motor Co. Ltd.	3,000		2,868
China Petrochemical Development Corp.	3,000		3,484
China Steel Corp.	24,000		23,878
Chinatrust Financial Holding Co. Ltd.	23,223		15,220
Common Stocks - continued
	Shares		Value
Taiwan - continued
Chunghwa Telecom Co. Ltd.	9,000		$ 30,111
Clevo Co. Ltd.	2,000		3,501
Compal Electronics, Inc.	8,000		7,342
Delta Electronics, Inc.	4,000		9,405
E Ink Holdings, Inc.	2,000		4,083
E.Sun Financial Holdings Co. Ltd.	7,000		3,489
Epistar Corp.	2,000		3,703
EVA Airways Corp.	4,400		3,183
Evergreen Marine Corp. (Taiwan)	4,000		2,193
Everlight Electronics Co. Ltd.	2,000		3,699
Far East Department Stores Co. Ltd.	2,000		3,058
Far Eastern Textile Ltd.	6,000		7,054
Far EasTone Telecommunications Co. Ltd.	3,000		4,920
Feng Hsin Iron & Steel Co.	1,000		1,682
First Financial Holding Co. Ltd.	11,000		7,302
Formosa Chemicals & Fibre Corp.	6,000		17,364
Formosa Petrochemical Corp.	3,000		9,435
Formosa Plastics Corp.	8,000		23,529
Formosa Taffeta Co. Ltd.	3,000		2,772
Foxconn Technology Co. Ltd.	2,000		6,971
Fubon Financial Holding Co. Ltd.	12,000		14,069
Giant Manufacturing Co. Ltd.	1,000		3,870
Highwealth Construction Corp.	1,000		1,730
Hon Hai Precision Industry Co. Ltd. (Foxconn)	20,000		54,828
HTC Corp.	2,000		44,947
Hua Nan Financial Holdings Co. Ltd.	8,000		5,212
Inventec Corp.	8,000		2,875
KGI Securities Co. Ltd.	6,000		2,516
Kinsus Interconnect Technology Corp.	1,000		3,454
Lee Chang Yung Chemical Industries Corp.	1,000		1,693
Lite-On Technology Corp.	4,000		3,775
Macronix International Co. Ltd.	7,000		2,645
MediaTek, Inc.	2,000		20,989
Mega Financial Holding Co. Ltd.	19,000		14,605
Motech Industries, Inc.	1,000		1,878
Nan Ya Plastics Corp.	10,000		22,496
Nan Ya Printed Circuit Board Corp.	1,000		2,910
Novatek Microelectronics Corp.	1,000		2,451
Pegatron Corp.	3,000		3,240
Phison Electronics Corp.	1,000		5,269
Pou Chen Corp.	4,000		3,075
Powertech Technology, Inc.	1,000		2,435
Common Stocks - continued
	Shares		Value
Taiwan - continued
President Chain Store Corp.	2,000		$ 11,121
Quanta Computer, Inc.	5,000		9,839
Realtek Semiconductor Corp.	2,000		3,331
Richtek Technology Corp.	1,000		5,028
Ruentex Industries Ltd.	1,146		2,306
Shin Kong Financial Holding Co. Ltd. (a)	11,000		3,426
Siliconware Precision Industries Co. Ltd.	6,000		6,159
SIMPLO Technology Co. Ltd.	1,000		5,884
Sino-American Silicon Prds, Inc.	1,000		1,632
Sinopac Holdings Co.	11,000		3,561
Synnex Technology International Corp.	3,000		7,354
Taishin Financial Holdings Co. Ltd.	10,000		4,234
Taiwan Business Bank	8,000		2,612
Taiwan Cement Corp.	9,000		11,240
Taiwan Cooperative Bank	7,000		4,594
Taiwan Fertilizer Co. Ltd.	2,000		5,155
Taiwan Glass Industry Corp.	2,000		2,461
Taiwan Mobile Co. Ltd.	3,600		10,316
Taiwan Semiconductor Manufacturing Co. Ltd.	54,000		131,591
Tatung Co. Ltd. (a)	7,000		2,465
TECO Electric & Machinery Co. Ltd.	4,000		2,334
Tripod Technology Corp.	1,000		2,602
TSRC Corp.	1,000		2,596
Tung Ho Steel Enterprise Corp.	3,000		2,689
U-Ming Marine Transport Corp.	2,000		3,154
Unified-President Enterprises Corp.	9,000		12,376
Unimicron Technology Corp.	3,000		3,895
United Microelectronics Corp.	24,000		10,538
Walsin Lihwa Corp.	7,000		2,348
Wintek Corp.	3,000		2,293
Wistron Corp.	4,000		4,629
WPG Holding Co. Ltd.	3,000		3,623
Yang Ming Marine Transport Corp.	8,000		3,297
Yuanta Financial Holding Co. Ltd.	20,190		11,509
Yulon Motor Co. Ltd.	2,000		4,208
TOTAL TAIWAN			820,626
Thailand - 0.4%
Advanced Info Service PCL	800		3,375
Advanced Info Service PCL (For. Reg.)	1,600		6,722
Bangkok Bank Public Co. Ltd.	900		4,558
Bangkok Bank Public Co. Ltd. (For. Reg.)	1,600		8,116
Common Stocks - continued
	Shares		Value
Thailand - continued
Bank of Ayudhya PCL	3,400		$ 2,190
Banpu PCL (For. Reg.)	300		6,090
BEC World PCL (For. Reg.)	2,100		2,535
C.P. Seven Eleven PCL (For. Reg.)	4,100		6,204
Charoen Pokphand Foods PCL (For. Reg.)	5,600		5,454
Glow Energy PCL (For. Reg.)	1,600		2,756
Indorama Ventures PCL (For. Reg.)	2,700		3,108
IRPC Public Co. Ltd. (For. Reg.)	18,200		2,250
Kasikornbank PCL	1,100		4,443
Kasikornbank PCL (For. Reg.)	3,000		12,127
Krung Thai Bank PCL (For. Reg.)	5,100		2,496
PTT Exploration and Production PCL	600		3,119
PTT Exploration and Production PCL (For. Reg.)	2,200		11,403
PTT Global Chemical PCL (a)	1,800		3,796
PTT Global Chemical PCL (For. Reg.) (a)	2,639		5,565
PTT PCL (For. Reg.)	1,900		18,718
Siam Cement PCL (For. Reg.)	600		7,194
Siam Commercial Bank PCL (For. Reg.)	3,900		14,753
Thai Airways International PCL (For. Reg.)	3,300		2,061
Thai Oil PCL (For. Reg.)	1,500		2,813
TOTAL THAILAND			141,846
Turkey - 0.3%
Akbank T.A.S.	2,361		8,626
Anadolu Efes Biracilik ve Malt Sanayii AS	398		4,839
Arcelik AS	803		3,088
Bim Birlesik Magazalar AS JSC	162		4,947
Coca-Cola Icecek AS	256		3,475
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	2,184		2,952
Enka Insaat ve Sanayi AS	1,355		3,510
Eregli Demir ve Celik Fabrikalari T.A.S.	1,478		3,059
Haci Omer Sabanci Holding AS	1,038		3,557
Koc Holding AS	1,216		4,346
TAV Havalimanlari Holding AS (a)	681		3,297
Tupras-Turkiye Petrol Rafinerileri AS	247		5,587
Turk Hava Yollari AO	2,045		2,961
Turk Sise ve Cam Fabrikalari AS	1,570		3,010
Turk Telekomunikasyon AS	1,043		4,424
Turkcell Iletisim Hizmet AS	1,498		7,377
Turkiye Garanti Bankasi AS	4,950		17,468
Turkiye Halk Bankasi AS	626		3,859
Turkiye Is Bankasi AS Series C	3,107		7,257
Common Stocks - continued
	Shares		Value
Turkey - continued
Turkiye Vakiflar Bankasi Tao	1,578		$ 2,695
Yapi ve Kredi Bankasi AS (a)	1,788		3,357
TOTAL TURKEY			103,691
United Kingdom - 14.1%
3i Group PLC	1,760		5,819
Admiral Group PLC	379		7,186
Aggreko PLC	594		16,354
AMEC PLC	849		12,636
Anglo American PLC (United Kingdom)	2,929		108,033
Antofagasta PLC	885		16,609
ARM Holdings PLC	2,933		27,525
Associated British Foods PLC	847		15,065
AstraZeneca PLC (United Kingdom)	3,067		147,272
Aviva PLC	6,529		35,626
Babcock International Group PLC	955		10,820
BAE Systems PLC	7,176		31,921
Balfour Beatty PLC	1,246		5,048
Barclays PLC	25,653		79,538
BG Group PLC	7,558		164,880
BHP Billiton PLC	4,747		149,508
BP PLC	42,244		310,925
British American Tobacco PLC (United Kingdom)	4,421		202,742
British Land Co. PLC	1,934		15,878
British Sky Broadcasting Group PLC	2,409		27,274
BT Group PLC	16,877		50,931
Bunzl PLC	854		11,070
Burberry Group PLC	957		20,639
Cairn Energy PLC (a)	3,309		15,677
Capita Group PLC	1,428		16,684
Capital Shopping Centres Group PLC	1,047		5,545
Carnival PLC	430		15,736
Centrica PLC	11,329		54,057
Cobham PLC	2,095		6,065
Compass Group PLC	4,237		38,567
Diageo PLC	5,537		114,614
Essar Energy PLC (a)	692		3,423
Eurasian Natural Resources Corp. PLC	484		5,122
Fresnillo PLC	470		12,834
G4S PLC (United Kingdom)	3,296		12,944
GKN PLC	3,972		12,156
GlaxoSmithKline PLC	11,504		258,225
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Hammerson PLC	1,833		$ 12,001
HSBC Holdings PLC (United Kingdom)	39,848		347,751
ICAP PLC	1,502		9,761
Imperial Tobacco Group PLC	2,247		82,174
Inmarsat PLC	1,267		9,560
InterContinental Hotel Group PLC	721		13,309
International Power PLC	3,469		18,868
Intertek Group PLC	399		13,186
Invensys PLC	1,495		5,422
Investec PLC	881		5,361
ITV PLC	10,157		10,462
J Sainsbury PLC	2,930		14,094
Johnson Matthey PLC	513		15,502
Kazakhmys PLC	403		6,011
Kingfisher PLC	5,182		21,576
Land Securities Group PLC	1,715		18,865
Legal & General Group PLC	12,836		22,810
Lloyds Banking Group PLC (a)	90,940		47,036
London Stock Exchange Group PLC	271		3,922
Lonmin PLC	301		5,267
Man Group PLC	4,795		11,559
Marks & Spencer Group PLC	3,534		18,295
National Grid PLC	7,708		76,648
Next PLC	399		16,401
Old Mutual PLC	11,888		21,030
Pearson PLC	1,857		34,121
Prudential PLC	5,651		58,381
Reckitt Benckiser Group PLC	1,373		70,614
Reed Elsevier PLC	2,637		22,667
Rexam PLC	2,223		12,373
Rio Tinto PLC	3,176		171,850
Rolls-Royce Group PLC	4,082		46,117
Rolls-Royce Group PLC Class C	281,658		453
Royal & Sun Alliance Insurance Group PLC	8,359		15,016
Royal Bank of Scotland Group PLC (a)	41,154		15,885
Royal Dutch Shell PLC:
Class A (Netherlands)	8,090		286,910
Class B	5,989		214,914
SABMiller PLC	2,101		76,750
Sage Group PLC	3,175		14,200
Schroders PLC	206		4,734
Scottish & Southern Energy PLC	2,028		43,834
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Segro PLC	1,386		$ 5,434
Serco Group PLC	1,303		10,886
Severn Trent PLC	573		13,970
Smith & Nephew PLC	2,097		19,198
Smiths Group PLC	943		14,513
Standard Chartered PLC (United Kingdom)	5,270		123,653
Standard Life PLC	5,301		18,397
Tesco PLC	17,855		115,360
The Weir Group PLC	507		15,647
TUI Travel PLC	1,141		3,132
Tullow Oil PLC	1,984		44,765
Unilever PLC	2,838		95,148
United Utilities Group PLC	1,598		15,586
Vedanta Resources PLC	224		4,604
Vodafone Group PLC	114,419		317,765
Whitbread PLC	449		11,965
Wm Morrison Supermarkets PLC	4,794		23,299
Xstrata PLC	4,577		76,956
TOTAL UNITED KINGDOM			4,890,916
United States of America - 0.1%
Southern Copper Corp.	434		13,315
Synthes, Inc.	142		23,819
TOTAL UNITED STATES OF AMERICA			37,134
TOTAL COMMON STOCKS (Cost $31,543,947)		32,007,399
Nonconvertible Preferred Stocks - 0.5%
Germany - 0.3%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	98		5,366
Henkel AG & Co. KGaA	383		22,850
Porsche Automobil Holding SE (Germany)	345		20,237
ProSiebenSat.1 Media AG	142		3,046
RWE AG (non-vtg.)	84		3,156
Volkswagen AG	316		55,451
TOTAL GERMANY			110,106
Italy - 0.1%
Telecom Italia SpA (Risparmio Shares)	14,293		15,002
Nonconvertible Preferred Stocks - continued
	Shares		Value
Korea (South) - 0.1%
Hyundai Motor Co.	47		$ 2,955
Hyundai Motor Co. Series 2	68		4,537
LG Chemical Ltd.	23		2,597
Samsung Electronics Co. Ltd.	44		25,011
TOTAL KOREA (SOUTH)			35,100
Russia - 0.0%
Sberbank (Savings Bank of the Russian Federation) (a)	1,900		4,012
Surgutneftegaz JSC	13,200		6,666
Transneft (a)	3		3,870
TOTAL RUSSIA			14,548
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $160,015)		174,756
Investment Companies - 0.5%
iShares MSCI Canada Index ETF (Cost $144,894)	5,500		155,320

Government Obligations - 2.3%
	Principal Amount
United States of America - 2.3%
U.S. Treasury Bills, yield at date of purchase 0.05% 3/8/12 (c) (Cost $799,829)	$ 800,000	799,916

Money Market Funds - 3.4%
	Shares
Fidelity Cash Central Fund, 0.12% (b) (Cost $1,191,680)	1,191,680		1,191,680
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $33,840,365)			34,329,071
NET OTHER ASSETS (LIABILITIES) - 0.9%			309,884
NET ASSETS - 100%		$ 34,638,955

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
18 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	$ 1,332,810	$ 62,398
8 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	390,640	30,625
6 SGX S&P CNX Nifty Index Contracts (Singapore)	Nov. 2011	64,164	1,155
TOTAL EQUITY INDEX CONTRACTS		$ 1,787,614	$ 94,178

The face value of futures purchased as a percentage of net assets is 5.2%

Swap Agreements
		Notional Amount	Value
Equity Total Return Swaps
Receive monthly a return equal to MSCI Daily TR Net Emerging Markets India Index and pay monthly a floating rate based on 1-month LIBOR plus 41 basis points with JPMorgan Chase, Inc.	Sept. 2012	$ 456,881	$ 35,181

Security Type Abbreviations
ETF	-	Exchange Traded Fund

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $499,961.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 358

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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 in the table below, please refer to the Security 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:
United Kingdom	$ 4,890,916	$ 1,799,358	$ 3,091,558	$ -
Japan	4,649,217	-	4,649,217	-
Canada	2,708,972	2,708,972	-	-
France	1,997,941	1,466,607	531,334	-
Australia	1,994,614	-	1,994,614	-
Switzerland	1,866,313	1,243,788	622,525	-
Germany	1,828,995	1,394,447	434,548	-
Brazil	1,176,341	1,176,341	-	-
Korea (South)	1,146,110	-	1,146,110	-
Other	9,922,736	4,484,683	5,438,053	-
Investment Companies	155,320	155,320	-	-
Government Obligations	799,916	-	799,916	-
Money Market Funds	1,191,680	1,191,680	-	-
Total Investments in Securities:	$ 34,329,071	$ 15,621,196	$ 18,707,875	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 94,178	$ 94,178	$ -	$ -
Swap Agreements	35,181	-	35,181	-
Total Assets	$ 129,359	$ 94,178	$ 35,181	$ -
Total Derivative Instruments:	$ 129,359	$ 94,178	$ 35,181	$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by risk exposure as of October 31, 2011. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 94,178	$ -
Swap Agreements (b)	35,181	-
Total Value of Derivatives	$ 129,359	$ -

(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.

(b) Value is disclosed on the Statement of Assets and Liabilities in the Swap agreements, at value line-items.

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $32,648,685)	$ 33,137,391
Fidelity Central Funds (cost $1,191,680)	1,191,680
Total Investments (cost $33,840,365)		$ 34,329,071
Cash		8,400
Foreign currency held at value (cost $255,932)		254,619
Receivable for fund shares sold		145,883
Dividends receivable		54,267
Distributions receivable from Fidelity Central Funds		217
Swap agreements, at value		35,181
Receivable from investment adviser for expense reductions		2,679
Total assets		34,830,317
Liabilities
Payable for investments purchased	$ 93,916
Accrued management fee	5,302
Payable for daily variation margin on futures contracts	90,487
Other affiliated payables	1,657
Total liabilities		191,362
Net Assets		$ 34,638,955
Net Assets consist of:
Paid in capital		$ 34,189,278
Accumulated net investment loss		(136,472)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(30,240)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		616,389
Net Assets		$ 34,638,955

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011
Investor Class: Net Asset Value, offering price and redemption price per share ($1,789,620 ÷ 177,410 shares)		$ 10.09
Fidelity Advantage Class: Net Asset Value, offering price and redemption price per share ($17,714,613 ÷ 1,755,857 shares)		$ 10.09
Institutional Class: Net Asset Value, offering price and redemption price per share ($7,567,189 ÷ 750,001 shares)		$ 10.09
Fidelity Advantage Institutional Class: Net Asset Value, offering price and redemption price per share ($7,567,533 ÷ 750,001 shares)		$ 10.09

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

Annual Report

Financial Statements - continued

Statement of Operations

	For the period September 8, 2011 (commencement of operations) to October 31, 2011
Investment Income
Dividends		$ 101,094
Interest		174
Income from Fidelity Central Funds		358
Income before foreign taxes withheld		101,626
Less foreign taxes withheld		(7,368)
Total income		94,258
Expenses
Management fee	$ 9,233
Transfer agent fees	2,909
Independent trustees' compensation	8
Total expenses before reductions	12,150
Expense reductions	(4,662)	7,488
Net investment income (loss)		86,770
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(9,045)
Foreign currency transactions	(309,767)
Futures contracts	109,879
Swap agreements	(44,549)
Total net realized gain (loss)		(253,482)
Change in net unrealized appreciation (depreciation) on: Investment securities	488,706
Assets and liabilities in foreign currencies	(1,676)
Futures contracts	94,178
Swap agreements	35,181
Total change in net unrealized appreciation (depreciation)		616,389
Net gain (loss)		362,907
Net increase (decrease) in net assets resulting from operations		$ 449,677

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

Annual Report

Statement of Changes in Net Assets

	For the period September 8, 2011 (commencement of operations) to October 31, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 86,770
Net realized gain (loss)	(253,482)
Change in net unrealized appreciation (depreciation)	616,389
Net increase (decrease) in net assets resulting from operations	449,677
Share transactions - net increase (decrease)	34,189,185
Redemption fees	93
Total increase (decrease) in net assets	34,638,955
Net Assets
Beginning of period	-
End of period (including accumulated net investment loss of $136,472)	$ 34,638,955

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

Annual Report

Financial Highlights - Investor Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.34% A
Expenses net of fee waivers, if any	.24% A
Expenses net of all reductions	.24% A
Net investment income (loss)	1.79% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,790
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Financial Highlights - Fidelity Advantage Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.28% A
Expenses net of fee waivers, if any	.18% A
Expenses net of all reductions	.18% A
Net investment income (loss)	1.86% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,715
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Financial Highlights - Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.23% A
Expenses net of fee waivers, if any	.13% A
Expenses net of all reductions	.13% A
Net investment income (loss)	1.91% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,567
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

Annual Report

Financial Highlights - Fidelity Advantage Institutional Class

Period ended October 31,	2011 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.03
Net realized and unrealized gain (loss)	.06
Total from investment operations	.09
Redemption fees added to paid in capital D	- G
Net asset value, end of period	$ 10.09
Total Return B,C	.90%
Ratios to Average Net Assets E,I
Expenses before reductions	.20% A
Expenses net of fee waivers, if any	.10% A
Expenses net of all reductions	.10% A
Net investment income (loss)	1.94% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,568
Portfolio turnover rate F	1% J

^A Annualized

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

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

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

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

^H For the period September 8, 2011 (commencement of operations) to October 31, 2011.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount not annualized.

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

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Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust)(formerly Fidelity Fixed-Income Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund offers Investor Class, Fidelity Advantage Class, Institutional Class and Fidelity Advantage Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

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.

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3. Significant Accounting Policies - continued

Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

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

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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, 2011, as well as a roll forward of Level 3 securities, is included at the end of each Fund's Schedule of Investments. 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 an independent 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 significant 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 are used and are categorized as Level 2 in the

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Swaps are marked-to-market daily based on valuations from independent pricing services or dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Pricing services utilize matrix pricing which considers comparisons to movements in the underlying index, interest rate curves, credit spread curves, default possibilities and recovery rates and, as a result, swaps are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

ETFs are valued at their last sale price or official closing price as reported by an independent 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board of Trustees believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may

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3. Significant Accounting Policies - continued

Foreign Currency - continued

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 rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, each Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

for based on each 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, swap agreements, foreign currency transactions, passive foreign investment companies, net operating losses and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation) on securities and other investments
Spartan Emerging Markets Index Fund	$ 35,781,182	$ 1,321,594	$ (994,001)	$ 327,593
Spartan Global ex U.S. Index Fund	33,859,034	1,281,540	(811,503)	470,037

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

	Undistributed long-term capital gain	Net unrealized appreciation (depreciation)
Spartan Emerging Markets Index Fund	$ 136,704	$ 345,753
Spartan Global ex U.S. Index Fund	117,787	468,361

Short-Term Trading (Redemption) Fees. Shares held by investors in the Funds, less than 90 days are subject to a redemption fee equal to 1.50% and 1.00% of the net asset value of shares redeemed for Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund, respectively. All redemption fees, which reduce the proceeds of the

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3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees - continued

shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital.

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Funds' financial statement disclosures.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds used derivative instruments (derivatives), including futures contracts and swap agreements, in order to meet their investment objectives. The strategy is to use derivatives to increase returns, to gain exposure to certain types of assets and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their exposure to the following risks:

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

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter derivatives, the Funds attempt to reduce their exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement on a bilateral basis with each of their counterparties. The ISDA Master Agreement gives the Funds the right to terminate all transactions traded under such agreement if there is a certain

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Notes to Financial Statements - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

deterioration in the credit quality of the counterparty. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk, the Funds receive collateral in the form of cash or securities, if required, which is held in segregated accounts with the Funds' custodian bank in accordance with the collateral agreements entered into between the Funds, the swap counterparty and the Funds' custodian bank. The Funds could experience delays and costs in gaining access to the collateral even though it is held by the Funds' custodian bank. The Funds' maximum risk of loss from counterparty credit risk is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Funds. The Funds may be required to pledge collateral for the benefit of the counterparties in an amount equal to the counterparties unrealized appreciation on outstanding swaps contracts, and any such pledged collateral is identified on the Schedule of Investments. Counterparty risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Funds, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period.

Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Spartan Emerging Markets Index Fund
Equity Risk
Futures Contracts	$ 189,916	$ 37,924
Swap Agreements	(178,195)	140,723
Totals (a)	$ 11,721	$ 178,647
Spartan Global ex U.S. Index Fund
Equity Risk
Futures Contracts	$ 109,879	$ 94,178
Swap Agreements	(44,549)	35,181
Totals (a)	$ 65,330	$ 129,359

(a) A summary of the value of derivatives by risk exposure as of period end is included at the end of the Schedule of Investments and is representative of activity for the period.

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4. Derivative Instruments - continued

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

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable 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 included in the Statement of Operations.

The underlying face amount at value of open futures contracts at period end, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Certain risks arise upon entering into futures contracts, including the risk that an illiquid market limits the ability to close out a futures contract prior to settlement date.

Swap Agreements. A swap agreement (swap) is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.

Details of swaps open at period end are included in the Schedule of Investments under the caption "Swap Agreements." Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. Any upfront premiums paid or received upon entering a swap to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as realized gain or (loss) ratably over the term of the swap. Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Realized gain or (loss) is also recorded in the event of an early termination of a swap. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is included in the Statement of Operations.

Risks of loss include equity risk. In addition, there is the risk of failure by the counterparty to perform under the terms of the agreement and lack of liquidity in the market.

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Notes to Financial Statements - continued

4. Derivative Instruments - continued

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual security or a basket of securities (i.e., an index), and the other on a fixed or floating rate. The Funds entered into total return swaps to manage their market exposure.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Spartan Emerging Markets Index Fund	30,759,553	47,940
Spartan Global ex U.S. Index Fund	32,161,266	303,373

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contracts. FMR and its affiliates provides 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 .25% and .20% of average net assets for Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund, respectively. Under the management contract, FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

In addition, under expense contracts, FMR pays class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:

	Investor Class	Fidelity Advantage Class	Institutional Class	Fidelity Advantage Institutional Class
Spartan Emerging Markets Index	.46%	.35%	.28%	.25%
Spartan Global ex U.S. Index	.34%	.28%	.23%	.20%

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 FMR for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives transfer agent fees at an annual rate of .21%, .11%, .035%, and .015% of average net assets for each Fund's Investor Class,

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6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

Fidelity Advantage Class, Institutional Class, and Fidelity Advantage Institutional Class, respectively.

Under the expense contracts, for Spartan Emerging Markets Index Fund, Investor Class, Fidelity Advantage Class and Institutional Class pay all or a portion of the transfer agent fees at an annual rate of .21%, .10% and .03% of average net assets, respectively. Fidelity Advantage Institutional Class does not pay transfer agent fees.

Under the expense contracts, for Spartan Global ex U.S. Index Fund, Investor Class, Fidelity Advantage Class and Institutional Class pay a portion of the transfer agent fees at an annual rate of .14%, .08% and .03% of average net assets, respectively. Fidelity Advantage Institutional Class does not pay transfer agent fees.

For the period, the total transfer agent fees paid by each applicable class were as follows:

	Amount
Spartan Emerging Markets Index
Investor Class	$ 3,157
Fidelity Advantage Class	802
Institutional Class	205
	$ 4,164
Spartan Global ex U.S. Index
Investor Class	$ 1,459
Fidelity Advantage Class	1,124
Institutional Class	326
	$ 2,909

7. Expense Reductions.

FMR contractually agreed to reimburse each class of Spartan Emerging Markets Index Fund and Spartan Global ex U.S. 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 December 31, 2012. Some expenses, for example interest expense are excluded from this reimbursement.

The following classes were in reimbursement during the period:

Spartan Emerging Markets Index	Expense Limitations	Reimbursement from adviser
Investor Class	.33%	$ 2,010
Fidelity Advantage Class	.22%	1,091
Institutional Class	.15%	885
Fidelity Advantage Institutional Class	.12%	884

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Notes to Financial Statements - continued

7. Expense Reductions - continued

Spartan Global ex U.S. Index	Expense Limitations	Reimbursement from adviser
Investor Class	.24%	$ 1,007
Fidelity Advantage Class	.18%	1,476
Institutional Class	.13%	1,090
Fidelity Advantage Institutional Class	.10%	1,089

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Dollars
Period ended October 31,	2011 A	2011 A
Spartan Emerging Markets Index Fund
Investor Class
Shares sold	2,000,573	$ 17,944,136
Shares redeemed	(513,183)	(4,599,752)
Net increase (decrease)	1,487,390	$ 13,344,384
Fidelity Advantage Class
Shares sold	1,102,387	$ 10,433,223
Shares redeemed	-	-
Net increase (decrease)	1,102,387	$ 10,433,223
Institutional Class
Shares sold	500,001	$ 5,000,010
Shares redeemed	-	-
Net increase (decrease)	500,001	$ 5,000,010
Fidelity Advantage Institutional Class
Shares sold	500,001	$ 5,000,010
Shares redeemed	-	-
Net increase (decrease)	500,001	$ 5,000,010
Spartan Global ex U.S. Index Fund
Investor Class
Shares sold	928,520	$ 9,214,235
Shares redeemed	(751,110)	(7,397,542)
Net increase (decrease)	177,410	$ 1,816,693
Fidelity Advantage Class
Shares sold	1,755,857	$ 17,372,473
Shares redeemed	-	-
Net increase (decrease)	1,755,857	$ 17,372,473
Institutional Class
Shares sold	750,001	$ 7,500,009
Shares redeemed	-	-
Net increase (decrease)	750,001	$ 7,500,009

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8. Share Transactions - continued

	Shares	Dollars
Period ended October 31,	2011 A	2011 A
Spartan Global ex U.S. Index Fund
Fidelity Advantage Institutional Class
Shares sold	750,001	$ 7,500,010
Shares redeemed	-	-
Net increase (decrease)	750,001	$ 7,500,010

^A For the period September 8, 2011 (commencement of operations) to October 31, 2011.

9. Other.

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

At the end of the period, FMR or its affiliates were owners of record of more than 10% of the outstanding shares of the following funds:

Fund	Affiliated %
Spartan Emerging Markets Index Fund	56
Spartan Global ex U.S. Index Fund	88

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust (formerly Fidelity Fixed-Income Trust) and the Shareholders of Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund:

We have audited the accompanying statements of assets and liabilities of Spartan Emerging Markets Index Fund and Spartan 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, 2011, and the related statements of operations, the statements of changes in net assets and the financial highlights for the period from September 8, 2011 (commencement of operations) to October 31, 2011. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). 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. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund as of October 31, 2011, the results of their operations, the changes in their net assets, and the financial highlights for the period from September 8, 2011 (commencement of operations) to October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Trustees and Officers

The Trustees and executive 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 James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

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) (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. The executive officers hold office without limit in time, except that any officer 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.

Experience, Skills, Attributes, and Qualifications of the Funds' 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.

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) 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. Kenneth L. Wolfe 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, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations 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 FMR'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 Funds' Trustees."

Annual Report

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (49)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience+
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (64)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (72)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.

Annual Report

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Derek L. Young (47)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Asset Allocation Funds. Mr. Young also serves as Chief Investment Officer of the Global Asset Allocation Group (2009-present). Previously, Mr. Young served as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Deputy Treasurer of other Fidelity funds (2008-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Spartan Emerging Market Index Fund
Institutional Class	12/12/11	12/09/11	$-	$0.033
Fidelity Advantage Institutional Class	12/12/11	12/09/11	$-	$0.033
Spartan Global ex U.S. Index Fund
Institutional Class	12/12/11	12/09/11	$-	$0.033
Fidelity Advantage Institutional Class	12/12/11	12/09/11	$-	$0.033

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2011, or, if subsequently determined to be different, the net capital gain of such year.

Spartan Emerging Market Index Fund	$136,704
Spartan Global ex U.S. Index Fund	$117,787

The funds will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Spartan Emerging Markets Index Fund

Spartan Global ex U.S. Index Fund

On July 14, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of thefund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.

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

Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit each fund's shareholders.

Annual Report

Competitiveness of Management Fee and Total Fund Expenses.The Board considered each fund's proposed management fee out of which FMR will pay all "fund-level" expenses, with certain limited exceptions, and the projected total expenses of each class of the fund. The Board noted that each fund's proposed management fee rate, even before deducting projected payments by FMR, is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics.

The Board also considered that the proposed contractual arrangements for each fund oblige FMR to pay all class-level expenses of each class of each fund and limit the total expenses of each class of each fund. These contractual arrangements may not be amended to increase fees shareholders pay without the approval of the Board. In addition, the Board considered that FMR had contractually agreed to reimburse each class of each fund to the extent that each class's total operating expenses (excluding interest, taxes, securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets exceed certain limits.

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

Costs of the Services and Profitability.  Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of each fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders.

Additional Information Requested by the Board. The Board also received information explaining that each fund's investments will be chosen using an investment discipline developed by Geode Capital Management, LLC, the sub-adviser to Fidelity's equity index funds.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

Annual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Adviser

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Service Company, Inc.

Boston, MA

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

EMX-I-GUX-I-UANN-1211
1.929367.100

Item 2. Code of Ethics

As of the end of the period, October 31, 2011, 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 Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Ms. Knowles 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 Series Global ex U.S. Index Fund, Spartan Emerging Markets Index Fund and Spartan Global ex U.S. Index Fund (the "Funds"):

Services Billed by Deloitte Entities

October 31, 2011 Fees^A,B,C

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Series Global ex U.S. Index Fund	$41,000	$-	$5,700	$300
Spartan Emerging Markets Index Fund	$32,000	$-	$6,800	$-
Spartan Global ex U.S. Index Fund	$33,000	$-	$5,700	$-

October 31, 2010 Fees^A,B,C

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Series Global ex U.S. Index Fund	$33,000	$-	$5,600	$-
Spartan Emerging Markets Index Fund	$-	$-	$-	$-
Spartan Global ex U.S. Index Fund	$-	$-	$-	$-

^A Amounts may reflect rounding.

^B Spartan Emerging Markets Index Fund commenced operations on September 8, 2011.

^C Spartan Global ex U.S. Index Fund commenced operations on September 8, 2011.

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

Services Billed by Deloitte Entities

	October 31, 2011A	October 31, 2010A
Audit-Related Fees	$440,000	$720,000
Tax Fees	$-	$-
All Other Fees	$430,000	$790,000

^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 for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:

Billed By	October 31, 2011 A	October 31, 2010 A
Deloitte Entities	$980,000	$1,605,000

^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 to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

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

Item 11. Controls and Procedures

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

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of 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. 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/John R. Hebble
	John R. Hebble
	President and Treasurer
Date:	December 28, 2011

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/John R. Hebble
	John R. Hebble
	President and Treasurer
Date:	December 28, 2011

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer
Date:	December 28, 2011