N-CSR 1 filing836.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-2105


Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31

 

 

Date of reporting period:

October 31, 2016


Item 1.

Reports to Stockholders





Fidelity® Series Global ex U.S. Index Fund



Annual Report

October 31, 2016



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Past 5 years Life of fundA 
Fidelity® Series Global ex U.S. Index Fund 0.71% 3.81% 3.26% 

 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.


Period Ending Values
$12,559Fidelity® Series Global ex U.S. Index Fund
$12,851MSCI ACWI (All Country World Index) ex USA Index

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund's share classes modestly outpaced the 0.40% return of the MSCI ACWI (All Country World Index) ex USA 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.) The Fund’s top-contributing stock on an absolute basis was Taiwan Semiconductor, whose shares rose about 47% in a strong industry environment for this contract semiconductor manufacturer. Other notable contributors included China-based and Grand Cayman-listed media company Tencent Holdings (+41%); Chinese e-commerce business Alibaba Group (+21%), which reported strong earnings in August; and Korean electronics giant Samsung (+21%). In contrast, many of the fund’s biggest detractors included multinational pharmaceutical manufacturers hurt by the potential for drug-pricing regulation in the U.S. Here, the biggest detractors included Switzerland’s Novartis (-19%); Denmark-based Novo Nordisk (-31%); Germany's Bayer (-24%); and, especially, Canada’s Valeant Pharmaceuticals. Valeant shares returned -81%, with much of the decline coming in March, after the company forecast weaker-than-expected earnings and warned of a possible debt default.

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.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 16.7% 
   United Kingdom 11.1% 
   Canada 6.8% 
   France 6.4% 
   Germany 6.2% 
   Switzerland 5.9% 
   Australia 4.9% 
   Korea (South) 3.3% 
   Cayman Islands 3.1% 
   Other* 35.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Japan 15.7% 
   United Kingdom 12.9% 
   Canada 6.8% 
   France 6.7% 
   Switzerland 6.5% 
   Germany 6.4% 
   Australia 5.0% 
   Korea (South) 3.3% 
   Hong Kong 2.6% 
   Other* 34.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.9 99.2 
Short-Term Investments and Net Other Assets (Liabilities) 0.1 0.8 

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.3 1.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.9 1.0 
Novartis AG (Switzerland, Pharmaceuticals) 0.9 1.0 
Toyota Motor Corp. (Japan, Automobiles) 0.9 0.8 
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) 0.8 0.8 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 0.8 0.6 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 0.8 0.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 0.8 0.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 0.7 0.2 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 0.6 0.6 
 8.5  

Top Ten Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 23.1 26.5 
Industrials 11.0 10.5 
Consumer Discretionary 10.2 11.6 
Consumer Staples 10.2 11.1 
Information Technology 9.7 8.3 
Health Care 7.9 8.7 
Materials 7.1 6.7 
Energy 6.4 6.7 
Telecommunication Services 4.8 5.1 
Real Estate 3.4 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 95.3%   
 Shares Value 
Australia - 4.9%   
AGL Energy Ltd. 137,143 $2,000,947 
Alumina Ltd. 494,635 594,505 
Amcor Ltd. 234,768 2,625,244 
AMP Ltd. 599,485 2,084,049 
APA Group unit 226,090 1,369,014 
Aristocrat Leisure Ltd. 109,749 1,280,676 
ASX Ltd. 39,178 1,404,601 
Aurizon Holdings Ltd. 415,857 1,543,751 
Australia & New Zealand Banking Group Ltd. 593,242 12,568,125 
Bank of Queensland Ltd. 77,234 614,545 
Bendigo & Adelaide Bank Ltd. 93,472 791,389 
BHP Billiton Ltd. 653,513 11,417,419 
Boral Ltd. 150,665 722,048 
Brambles Ltd. 321,547 2,820,247 
Caltex Australia Ltd. 53,624 1,253,531 
Challenger Ltd. 115,891 948,583 
Cimic Group Ltd. 20,036 450,993 
Coca-Cola Amatil Ltd. 116,399 844,717 
Cochlear Ltd. 11,630 1,132,055 
Commonwealth Bank of Australia 348,819 19,473,788 
Computershare Ltd. 94,821 760,975 
Crown Ltd. 73,783 611,220 
CSL Ltd. 93,265 7,130,851 
DEXUS Property Group unit 199,990 1,360,064 
Dominos Pizza Enterprises Ltd. 12,427 607,369 
DUET Group 495,157 896,465 
Flight Centre Travel Group Ltd. 11,366 292,844 
Fortescue Metals Group Ltd. 315,238 1,318,909 
Goodman Group unit 366,655 1,893,829 
Harvey Norman Holdings Ltd. 113,032 434,216 
Healthscope Ltd. 353,395 594,109 
Incitec Pivot Ltd. 342,301 768,146 
Insurance Australia Group Ltd. 492,535 2,064,439 
Lendlease Group unit 112,028 1,152,170 
Macquarie Group Ltd. 62,443 3,790,531 
Medibank Private Ltd. 557,921 1,094,979 
Mirvac Group unit 752,310 1,196,070 
National Australia Bank Ltd. 537,934 11,457,779 
Newcrest Mining Ltd. (a) 156,548 2,686,582 
Orica Ltd. 75,675 937,750 
Origin Energy Ltd. 354,890 1,444,312 
Platinum Asset Management Ltd. 48,566 184,351 
Qantas Airways Ltd. 145,592 338,901 
QBE Insurance Group Ltd. 277,882 2,111,735 
Ramsay Health Care Ltd. 28,764 1,605,174 
realestate.com.au Ltd. 10,696 416,098 
Rio Tinto Ltd. 86,362 3,559,386 
Santos Ltd. 323,316 878,029 
Scentre Group unit 1,087,277 3,482,056 
SEEK Ltd. 66,585 741,534 
Sonic Healthcare Ltd. 80,251 1,250,852 
South32 Ltd. 1,063,736 2,079,603 
South32 Ltd. sponsored ADR 2,887 27,787 
SP AusNet 359,140 409,797 
Stockland Corp. Ltd. unit 487,199 1,638,106 
Suncorp Group Ltd. 260,623 2,373,123 
Sydney Airport unit 222,560 1,059,827 
Tabcorp Holdings Ltd. 168,431 620,127 
Tatts Group Ltd. 303,512 937,379 
Telstra Corp. Ltd. 872,045 3,298,026 
The GPT Group unit 365,393 1,295,268 
TPG Telecom Ltd. 68,782 395,558 
Transurban Group unit 413,154 3,265,434 
Treasury Wine Estates Ltd. 149,921 1,224,842 
Vicinity Centers unit 692,322 1,511,484 
Vocus Communications Ltd. 103,705 450,453 
Wesfarmers Ltd. 229,280 7,152,689 
Westfield Corp. unit (a) 403,370 2,730,908 
Westpac Banking Corp. 678,460 15,689,353 
Woodside Petroleum Ltd. 153,688 3,316,750 
Woolworths Ltd. 260,761 4,691,235 
TOTAL AUSTRALIA  177,169,701 
Austria - 0.1%   
Andritz AG 14,626 765,054 
Erste Group Bank AG 60,926 1,913,480 
IMMOEAST AG (a) 928 0 
OMV AG 29,428 919,873 
Raiffeisen International Bank-Holding AG (a) 23,127 379,038 
Voestalpine AG 22,873 809,258 
TOTAL AUSTRIA  4,786,703 
Bailiwick of Jersey - 0.9%   
Experian PLC 194,941 3,753,300 
Glencore Xstrata PLC (a) 2,481,056 7,592,031 
Petrofac Ltd. 52,625 519,491 
Randgold Resources Ltd. 19,001 1,687,414 
Shire PLC 182,343 10,295,578 
Wolseley PLC 51,234 2,665,820 
WPP PLC 262,053 5,689,970 
TOTAL BAILIWICK OF JERSEY  32,203,604 
Belgium - 0.9%   
Ageas 39,941 1,458,950 
Anheuser-Busch InBev SA NV 163,445 18,758,544 
Colruyt NV 13,629 732,577 
Groupe Bruxelles Lambert SA 16,129 1,387,412 
KBC Groep NV 50,819 3,096,712 
Proximus 30,287 867,096 
Solvay SA Class A 14,982 1,719,481 
Telenet Group Holding NV (a) 10,681 571,773 
UCB SA 25,624 1,735,262 
Umicore SA 19,215 1,168,356 
TOTAL BELGIUM  31,496,163 
Bermuda - 0.4%   
Alibaba Health Information Technology Ltd. (a) 656,000 343,413 
Alibaba Pictures Group Ltd. (a) 2,260,000 445,848 
Beijing Enterprises Water Group Ltd. 880,000 638,820 
Brilliance China Automotive Holdings Ltd. 612,000 726,772 
Cheung Kong Infrastructure Holdings Ltd. 133,000 1,089,820 
China Gas Holdings Ltd. 348,000 530,376 
China Resource Gas Group Ltd. 180,000 565,144 
Cosco Shipping Ports Ltd. 345,377 342,903 
Credicorp Ltd. (United States) 13,174 1,958,710 
First Pacific Co. Ltd. 458,078 347,018 
GOME Electrical Appliances Holdings Ltd. 2,507,418 316,840 
Haier Electronics Group Co. Ltd. 254,000 410,039 
Hanergy Thin Film Power Group Ltd. (a) 1,902,000 2 
Hongkong Land Holdings Ltd. 238,865 1,600,396 
Jardine Matheson Holdings Ltd. 50,622 3,083,386 
Kerry Properties Ltd. 124,000 392,519 
Kunlun Energy Co. Ltd. 648,000 490,457 
Li & Fung Ltd. 1,174,000 578,254 
Luye Pharma Group Ltd. 280,500 188,795 
Nine Dragons Paper (Holdings) Ltd. 328,000 267,287 
Noble Group Ltd. (a) 1,764,497 210,535 
NWS Holdings Ltd. 300,007 531,503 
Shangri-La Asia Ltd. 240,000 263,966 
Yue Yuen Industrial (Holdings) Ltd. 148,000 563,906 
TOTAL BERMUDA  15,886,709 
Brazil - 1.1%   
AES Tiete Energia SA unit 40,476 209,735 
Ambev SA 894,630 5,277,532 
Banco Bradesco SA 164,142 1,631,650 
Banco do Brasil SA 174,100 1,597,553 
Banco Santander SA (Brasil) unit 83,300 686,338 
BB Seguridade Participacoes SA 141,700 1,426,766 
BM&F BOVESPA SA 349,000 2,055,514 
BR Malls Participacoes SA 116,170 465,117 
Brasil Foods SA 114,000 1,907,143 
CCR SA 178,500 970,230 
Cetip SA - Mercados Organizado 44,460 624,975 
Cielo SA 208,679 2,118,170 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 69,100 729,533 
Companhia Siderurgica Nacional SA (CSN) (a) 126,100 424,284 
Cosan SA Industria e Comercio 24,400 328,085 
CPFL Energia SA 40,981 310,952 
Drogasil SA 46,900 1,041,145 
Duratex SA 63,185 170,631 
EDP Energias do Brasil SA 73,180 351,915 
Embraer SA 135,300 726,941 
ENGIE Brasil Energia SA 33,500 425,572 
Equatorial Energia SA 40,400 720,669 
Fibria Celulose SA 50,295 402,423 
Hypermarcas SA 70,600 591,872 
JBS SA 144,300 438,958 
Klabin SA unit 112,300 578,739 
Kroton Educacional SA 280,292 1,396,191 
Localiza Rent A Car SA 32,160 399,280 
Lojas Americanas SA 42,210 207,083 
Lojas Renner SA 130,000 1,099,624 
M. Dias Branco SA 6,900 294,655 
Multiplan Empreendimentos Imobiliarios SA 16,000 321,554 
Natura Cosmeticos SA 34,900 335,224 
Odontoprev SA 53,500 201,128 
Petroleo Brasileiro SA - Petrobras (ON) (a) 549,811 3,210,676 
Porto Seguro SA 23,300 220,956 
Qualicorp SA 44,900 288,924 
Rumo Logistica Operadora Multimodal SA (a) 163,100 364,829 
Sul America SA unit 36,342 219,395 
Terna Participacoes SA unit 18,700 121,562 
TIM Participacoes SA 172,603 479,092 
Totvs SA 25,300 229,539 
Ultrapar Participacoes SA 73,200 1,658,695 
Vale SA 237,400 1,642,165 
Vale SA sponsored ADR (b) 26,400 182,688 
Weg SA 114,120 629,233 
TOTAL BRAZIL  39,714,935 
Canada - 6.6%   
Agnico Eagle Mines Ltd. (Canada) 45,098 2,290,372 
Agrium, Inc. 26,649 2,446,352 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 85,668 4,303,519 
AltaGas Ltd. (b) 32,869 813,332 
ARC Resources Ltd. 70,880 1,203,264 
ATCO Ltd. Class I (non-vtg.) 15,630 547,918 
Bank of Montreal 130,360 8,296,078 
Bank of Nova Scotia 244,128 13,119,173 
Barrick Gold Corp. 237,509 4,178,940 
BCE, Inc. 29,843 1,355,873 
BlackBerry Ltd. (a) 100,444 709,166 
Bombardier, Inc. Class B (sub. vtg.) (a) 389,963 517,508 
Brookfield Asset Management, Inc. Class A 177,119 6,202,400 
CAE, Inc. 55,105 774,009 
Cameco Corp. 80,145 617,235 
Canadian Imperial Bank of Commerce 79,980 5,992,686 
Canadian National Railway Co. 158,384 9,956,713 
Canadian Natural Resources Ltd. 222,361 7,057,264 
Canadian Pacific Railway Ltd. 29,649 4,238,350 
Canadian Tire Ltd. Class A (non-vtg.) 14,160 1,376,412 
Canadian Utilities Ltd. Class A (non-vtg.) 25,424 726,535 
CCL Industries, Inc. Class B 5,641 1,003,209 
Cenovus Energy, Inc. 168,779 2,434,857 
CGI Group, Inc. Class A (sub. vtg.) (a) 44,567 2,116,874 
CI Financial Corp. 50,167 923,076 
Constellation Software, Inc. 3,885 1,819,980 
Crescent Point Energy Corp. 107,896 1,284,649 
Dollarama, Inc. 23,367 1,746,123 
ECN Capital Corp. 78,570 171,632 
Eldorado Gold Corp. (a) 145,543 458,993 
Element Financial Corp. 78,570 765,608 
Empire Co. Ltd. Class A (non-vtg.) 33,260 479,075 
Enbridge, Inc. 188,313 8,131,730 
Encana Corp. 193,327 1,843,474 
Fairfax Financial Holdings Ltd. (sub. vtg.) 4,673 2,393,288 
Finning International, Inc. 35,149 654,081 
First Capital Realty, Inc. 26,023 414,994 
First Quantum Minerals Ltd. 139,660 1,326,525 
Fortis, Inc. 80,477 2,648,967 
Franco-Nevada Corp. 36,359 2,379,748 
George Weston Ltd. 10,444 851,062 
Gildan Activewear, Inc. 46,146 1,185,216 
Goldcorp, Inc. 168,650 2,561,247 
Great-West Lifeco, Inc. 60,326 1,515,234 
H&R REIT/H&R Finance Trust 30,217 513,867 
Husky Energy, Inc. 71,076 764,651 
Hydro One Ltd. 36,200 660,415 
IGM Financial, Inc. 19,398 520,635 
Imperial Oil Ltd. 59,998 1,945,809 
Industrial Alliance Insurance and Financial Services, Inc. 20,870 808,162 
Intact Financial Corp. 26,656 1,812,044 
Inter Pipeline Ltd. 68,139 1,412,768 
Jean Coutu Group, Inc. Class A (sub. vtg.) 17,438 262,617 
Keyera Corp. 36,979 1,109,949 
Kinross Gold Corp. (a) 252,014 978,896 
Linamar Corp. 9,896 402,465 
Loblaw Companies Ltd. 45,524 2,246,163 
Magna International, Inc. Class A (sub. vtg.) 80,493 3,304,816 
Manulife Financial Corp. 401,616 5,817,788 
Methanex Corp. 18,250 663,302 
Metro, Inc. Class A (sub. vtg.) 48,114 1,487,219 
National Bank of Canada 68,352 2,439,942 
Onex Corp. (sub. vtg.) 16,848 1,089,788 
Open Text Corp. 24,658 1,530,991 
Pembina Pipeline Corp. 78,566 2,413,856 
Peyto Exploration & Development Corp. 33,309 855,758 
Potash Corp. of Saskatchewan, Inc. 171,457 2,787,950 
Power Corp. of Canada (sub. vtg.) 75,412 1,617,538 
Power Financial Corp. 50,452 1,192,372 
PrairieSky Royalty Ltd. 41,655 905,895 
Restaurant Brands International, Inc. 44,951 1,998,381 
RioCan (REIT) 32,173 625,566 
Rogers Communications, Inc. Class B (non-vtg.) 74,165 2,983,630 
Royal Bank of Canada 302,109 18,874,774 
Saputo, Inc. 51,799 1,861,412 
Seven Generations Energy Ltd. (a) 43,913 936,339 
Shaw Communications, Inc. Class B 83,815 1,660,928 
Silver Wheaton Corp. 89,101 2,146,980 
Smart (REIT) 13,159 328,166 
SNC-Lavalin Group, Inc. 30,418 1,235,951 
Sun Life Financial, Inc. 124,099 4,153,287 
Suncor Energy, Inc. 337,402 10,124,827 
Teck Resources Ltd. Class B (sub. vtg.) 114,901 2,480,827 
TELUS Corp. (a) 39,794 1,288,491 
The Toronto-Dominion Bank 375,762 17,049,784 
Thomson Reuters Corp. 68,527 2,700,617 
Tourmaline Oil Corp. (a) 42,314 1,108,877 
TransCanada Corp. 162,015 7,334,340 
Turquoise Hill Resources Ltd. (a) 203,762 631,961 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 65,784 1,173,586 
Veresen, Inc. (b) 62,129 562,788 
Vermilion Energy, Inc. 22,924 898,980 
West Fraser Timber Co. Ltd. 13,749 470,703 
Yamana Gold, Inc. 191,687 684,545 
TOTAL CANADA  238,694,137 
Cayman Islands - 3.1%   
3SBio, Inc. (a) 204,000 203,854 
58.com, Inc. ADR (a)(b) 15,582 652,107 
AAC Technology Holdings, Inc. 149,500 1,426,462 
Alibaba Group Holding Ltd. sponsored ADR (a)(b) 228,542 23,240,436 
Anta Sports Products Ltd. 202,000 583,427 
ASM Pacific Technology Ltd. 48,000 463,255 
Baidu.com, Inc. sponsored ADR (a) 55,251 9,771,692 
Belle International Holdings Ltd. 1,280,000 775,703 
Casetek Holdings 27,000 86,921 
Chailease Holding Co. Ltd. 208,977 361,899 
Cheung Kong Property Holdings Ltd. 543,616 4,026,889 
China Conch Venture Holdings Ltd. 271,500 507,604 
China Huishan Dairy Holdings Co. Ltd. (b) 1,079,000 400,683 
China Medical System Holdings Ltd. 252,000 393,813 
China Mengniu Dairy Co. Ltd. 556,000 1,053,852 
China Resources Land Ltd. 560,465 1,397,630 
China State Construction International Holdings Ltd. 366,000 535,157 
CK Hutchison Holdings Ltd. 548,616 6,787,359 
Country Garden Holdings Co. Ltd. 1,126,537 586,833 
Ctrip.com International Ltd. ADR (a)(b) 76,086 3,359,197 
ENN Energy Holdings Ltd. 154,000 724,771 
Evergrande Real Estate Group Ltd. (b) 950,000 628,389 
Fang Holdings Ltd. ADR (a) 57,280 190,742 
GCL-Poly Energy Holdings Ltd. 2,600,000 352,006 
Geely Automobile Holdings Ltd. 1,070,000 1,103,726 
Haitian International Holdings Ltd. 128,000 264,069 
Hengan International Group Co. Ltd. 147,500 1,174,401 
JD.com, Inc. sponsored ADR (a)(b) 140,148 3,636,841 
Kingsoft Corp. Ltd. (b) 159,000 357,545 
Longfor Properties Co. Ltd. 291,500 387,136 
Melco Crown Entertainment Ltd. sponsored ADR (b) 38,277 640,757 
MGM China Holdings Ltd. 189,200 313,237 
NetEase, Inc. ADR 16,082 4,132,913 
New Oriental Education & Technology Group, Inc. sponsored ADR 27,024 1,354,713 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 28,000 9,676 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 7,275 215,122 
Sands China Ltd. 493,600 2,148,010 
Semiconductor Manufacturing International Corp. (a) 5,550,000 672,148 
Shenzhou International Group Holdings Ltd. 113,000 749,637 
Shimao Property Holdings Ltd. 256,000 342,629 
Shui On Land Ltd. 704,670 174,451 
Sino Biopharmaceutical Ltd. 921,000 644,832 
SOHO China Ltd. 413,500 213,800 
Sunac China Holdings Ltd. 377,000 258,121 
TAL Education Group ADR (a)(b) 8,690 707,714 
Tencent Holdings Ltd. 1,148,900 30,448,535 
Tingyi (Cayman Islands) Holding Corp. 394,000 425,215 
Vipshop Holdings Ltd. ADR (a)(b) 81,790 1,118,069 
Want Want China Holdings Ltd. (b) 1,159,000 706,858 
WH Group Ltd. 1,186,000 961,884 
Wynn Macau Ltd. 311,200 477,501 
YY, Inc. ADR (a) 5,934 285,247 
Zhen Ding Technology Holding Ltd. 82,230 187,524 
TOTAL CAYMAN ISLANDS  112,622,992 
Chile - 0.3%   
AES Gener SA 516,229 175,751 
Aguas Andinas SA 529,809 349,856 
Banco de Chile 4,785,562 571,144 
Banco de Credito e Inversiones 7,540 385,011 
Banco Santander Chile 13,153,544 736,391 
Cencosud SA 287,625 937,615 
Colbun SA 1,595,194 348,724 
Compania Cervecerias Unidas SA 30,343 325,922 
Compania de Petroleos de Chile SA (COPEC) 91,323 921,311 
CorpBanca SA 30,492,412 276,113 
Empresa Nacional de Electricidad SA 663,498 455,151 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 34,034 364,713 
Empresas CMPC SA 265,029 574,063 
Endesa Americas SA 656,297 305,432 
Enersis Chile SA 3,986,784 402,816 
Enersis SA 3,969,085 671,418 
LATAM Airlines Group SA (a) 60,588 582,182 
S.A.C.I. Falabella 125,915 987,897 
TOTAL CHILE  9,371,510 
China - 2.3%   
Agricultural Bank of China Ltd. (H Shares) 4,960,000 2,091,302 
Air China Ltd. (H Shares) 366,000 240,679 
Aluminum Corp. of China Ltd. (H Shares) (a) 784,000 291,136 
Anhui Conch Cement Co. Ltd. (H Shares) 249,000 690,280 
AviChina Industry & Technology Co. Ltd. (H Shares) 427,000 290,152 
Bank Communications Co. Ltd. (H Shares) 1,759,200 1,340,572 
Bank of China Ltd. (H Shares) 16,128,024 7,236,821 
Beijing Capital International Airport Co. Ltd. (H Shares) 312,000 327,064 
BYD Co. Ltd. (H Shares) 132,500 871,312 
CGN Power Co. Ltd. (H Shares) 2,148,000 628,706 
China Cinda Asset Management Co. Ltd. (H Shares) 1,733,000 623,434 
China CITIC Bank Corp. Ltd. (H Shares) 1,791,293 1,157,156 
China Coal Energy Co. Ltd. (H Shares) (a) 614,000 348,344 
China Communications Construction Co. Ltd. (H Shares) 894,000 984,425 
China Communications Services Corp. Ltd. (H Shares) 484,000 287,696 
China Construction Bank Corp. (H Shares) 17,110,649 12,531,476 
China Cosco Holdings Co. Ltd. (H Shares) (a)(b) 526,000 181,764 
China Everbright Bank Co. Ltd. (H Shares) 642,000 293,039 
China Galaxy Securities Co. Ltd. (H Shares) 632,500 601,872 
China Life Insurance Co. Ltd. (H Shares) 1,516,000 3,753,212 
China Longyuan Power Grid Corp. Ltd. (H Shares) 648,000 495,470 
China Merchants Bank Co. Ltd. (H Shares) 860,191 2,098,473 
China Minsheng Banking Corp. Ltd. (H Shares) 1,187,360 1,354,918 
China National Building Materials Co. Ltd. (H Shares) 570,000 260,910 
China Oilfield Services Ltd. (H Shares) 356,000 344,270 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 533,200 1,928,459 
China Petroleum & Chemical Corp. (H Shares) 5,155,800 3,728,680 
China Railway Construction Corp. Ltd. (H Shares) 398,500 499,438 
China Railway Group Ltd. (H Shares) 809,000 625,874 
China Shenhua Energy Co. Ltd. (H Shares) 683,000 1,421,385 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 760,000 159,731 
China Southern Airlines Ltd. (H Shares) 372,000 209,130 
China Telecom Corp. Ltd. (H Shares) 2,802,000 1,448,772 
China Vanke Co. Ltd. (H Shares) 264,500 692,324 
Chongqing Changan Automobile Co. Ltd. (B Shares) 176,200 269,223 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 494,000 296,188 
CITIC Securities Co. Ltd. (H Shares) 446,500 990,233 
CRRC Corp. Ltd. (H Shares) 832,800 755,963 
Dongfeng Motor Group Co. Ltd. (H Shares) 548,000 570,219 
GF Securities Co. Ltd. (H Shares) 273,600 608,898 
Great Wall Motor Co. Ltd. (H Shares) 627,000 611,999 
Guangzhou Automobile Group Co. Ltd. (H Shares) 425,376 514,474 
Guangzhou R&F Properties Co. Ltd. (H Shares) 192,800 272,461 
Haitong Securities Co. Ltd. (H Shares) 613,200 1,087,948 
Huadian Power International Corp. Ltd. (H Shares) 324,000 139,116 
Huaneng Power International, Inc. (H Shares) 856,000 526,165 
Huaneng Renewables Corp. Ltd. (H Shares) 812,000 273,265 
Huatai Securities Co. Ltd. (H Shares) 295,400 624,657 
Industrial & Commercial Bank of China Ltd. (H Shares) 14,987,008 8,995,797 
Jiangsu Expressway Co. Ltd. (H Shares) 248,000 337,678 
Jiangxi Copper Co. Ltd. (H Shares) 264,000 311,808 
New China Life Insurance Co. Ltd. (H Shares) 156,000 675,851 
People's Insurance Co. of China Group (H Shares) 1,392,000 554,607 
PetroChina Co. Ltd. (H Shares) 4,260,000 2,914,842 
PICC Property & Casualty Co. Ltd. (H Shares) 929,334 1,505,043 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 1,056,000 5,575,775 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 380,000 247,926 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 554,000 256,443 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 81,500 250,630 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 185,410 288,313 
Shanghai Pharma Holding Co. Ltd. (H Shares) 141,800 365,674 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 252,500 223,343 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 698,000 356,400 
Sinopharm Group Co. Ltd. (H Shares) 241,600 1,175,984 
Sinotrans Ltd. (H Shares) 406,000 191,600 
TravelSky Technology Ltd. (H Shares) 187,000 399,773 
Tsingtao Brewery Co. Ltd. (H Shares) 72,000 287,794 
Weichai Power Co. Ltd. (H Shares) 192,400 290,750 
Yanzhou Coal Mining Co. Ltd. (H Shares) 372,000 275,802 
Zhejiang Expressway Co. Ltd. (H Shares) 288,000 301,905 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 110,500 535,720 
Zijin Mining Group Co. Ltd. (H Shares) 1,169,000 367,783 
ZTE Corp. (H Shares) 151,936 209,228 
TOTAL CHINA  84,475,554 
Colombia - 0.1%   
Cementos Argos SA 93,931 371,753 
Corporacion Financiera Colombiana SA 17,899 221,923 
Ecopetrol SA (a) 990,401 431,500 
Grupo de Inversiones Suramerica SA 47,910 617,920 
Interconexion Electrica SA ESP 78,552 260,988 
Inversiones Argos SA 58,912 382,065 
TOTAL COLOMBIA  2,286,149 
Czech Republic - 0.0%   
Ceske Energeticke Zavody A/S 32,608 614,559 
Komercni Banka A/S 15,356 562,484 
Telefonica Czech Rep A/S 12,486 114,567 
TOTAL CZECH REPUBLIC  1,291,610 
Denmark - 1.1%   
A.P. Moller - Maersk A/S:   
Series A 728 1,065,279 
Series B 1,338 2,052,334 
Carlsberg A/S Series B 21,836 1,969,036 
Christian Hansen Holding A/S 19,985 1,196,894 
Coloplast A/S Series B 24,234 1,688,205 
Danske Bank A/S 140,601 4,340,997 
DSV de Sammensluttede Vognmaend A/S 38,502 1,866,061 
Genmab A/S (a) 11,631 1,919,103 
ISS Holdings A/S 33,657 1,323,272 
Novo Nordisk A/S Series B 389,032 13,859,463 
Novozymes A/S Series B 46,780 1,737,732 
Pandora A/S 23,156 3,014,196 
TDC A/S 163,983 904,886 
Tryg A/S 23,587 460,893 
Vestas Wind Systems A/S 45,095 3,617,157 
William Demant Holding A/S (a) 24,778 461,493 
TOTAL DENMARK  41,477,001 
Egypt - 0.0%   
Commercial International Bank SAE 166,594 962,423 
Commercial International Bank SAE sponsored GDR 46,373 204,969 
Global Telecom Holding (a) 437,779 235,160 
Global Telecom Holding GDR (a) 18,000 36,900 
Talaat Moustafa Group Holding 182,639 117,235 
TOTAL EGYPT  1,556,687 
Finland - 0.6%   
Elisa Corp. (A Shares) 29,295 987,269 
Fortum Corp. 89,714 1,495,965 
Kone Oyj (B Shares) 68,657 3,160,190 
Metso Corp. 22,660 594,513 
Neste Oyj 25,910 1,118,651 
Nokia Corp. 1,187,635 5,302,268 
Nokian Tyres PLC 23,203 778,651 
Orion Oyj (B Shares) 20,847 887,701 
Sampo Oyj (A Shares) 90,592 4,150,385 
Stora Enso Oyj (R Shares) 111,925 1,058,488 
UPM-Kymmene Corp. 109,305 2,543,779 
Wartsila Corp. 29,866 1,291,745 
TOTAL FINLAND  23,369,605 
France - 6.3%   
Accor SA 40,432 1,535,029 
Aeroports de Paris 5,997 605,721 
Air Liquide SA 45,857 4,659,650 
Alstom SA (a) 38,516 1,034,615 
Arkema SA 13,711 1,300,127 
Atos Origin SA 17,856 1,854,687 
AXA SA 395,091 8,914,170 
BIC SA 5,819 806,780 
BNP Paribas SA 215,373 12,492,735 
Bollore Group (a) 1,174 4,253 
Bollore Group 174,482 574,613 
Bouygues SA 41,981 1,368,944 
Bureau Veritas SA 53,632 1,013,231 
Capgemini SA 33,358 2,763,983 
Carrefour SA 112,402 2,948,387 
Casino Guichard Perrachon SA 11,458 570,162 
Christian Dior SA 10,928 2,108,334 
CNP Assurances 34,103 590,936 
Compagnie de St. Gobain 100,218 4,449,529 
Credit Agricole SA 218,219 2,355,255 
Danone SA 119,879 8,314,606 
Dassault Systemes SA 26,240 2,077,990 
Edenred SA 41,981 972,616 
EDF SA (a) 23,260 260,699 
EDF SA (b) 27,245 305,363 
Eiffage SA 11,859 877,949 
Engie 296,111 4,269,609 
Essilor International SA 41,897 4,709,625 
Eurazeo SA 8,104 466,426 
Eutelsat Communications 35,378 741,771 
Fonciere des Regions 7,025 614,082 
Gecina SA 8,445 1,231,122 
Groupe Eurotunnel SA 94,748 887,306 
Hermes International SCA 5,326 2,157,986 
ICADE 7,406 532,348 
Iliad SA 5,353 1,122,952 
Imerys SA 7,105 494,177 
Ingenico SA 11,129 880,836 
JCDecaux SA 15,018 459,218 
Kering SA 15,405 3,416,835 
Klepierre SA 44,804 1,832,827 
L'Oreal SA 23,031 4,122,276 
L'Oreal SA 28,438 5,090,065 
Lagardere S.C.A. (Reg.) 23,739 604,580 
Legrand SA 53,889 3,045,976 
LVMH Moet Hennessy - Louis Vuitton SA 56,641 10,312,130 
Michelin CGDE Series B 36,856 3,990,439 
Natixis SA 189,494 957,918 
Orange SA 402,608 6,334,500 
Pernod Ricard SA 43,228 5,141,591 
Peugeot Citroen SA (a) 98,301 1,472,431 
Publicis Groupe SA 38,399 2,634,531 
Remy Cointreau SA 4,529 367,409 
Renault SA 38,919 3,379,843 
Rexel SA 62,455 866,255 
Safran SA 63,413 4,359,776 
Sanofi SA 229,634 17,869,846 
Sanofi SA sponsored ADR 11,693 454,741 
Schneider Electric SA 113,559 7,636,855 
SCOR SE 32,919 1,066,036 
SFR Group SA 22,211 598,337 
Societe Generale Series A 156,149 6,090,984 
Sodexo SA (a) 6,008 697,781 
Sodexo SA (a) 1,778 206,500 
Sodexo SA 11,379 1,321,579 
Suez Environnement SA 66,224 1,048,660 
Technip SA 22,250 1,475,755 
Thales SA 21,553 2,029,302 
Total SA 445,353 21,334,593 
Total SA sponsored ADR (b) 14,043 670,413 
Unibail-Rodamco 20,141 4,780,770 
Valeo SA 48,296 2,783,389 
Veolia Environnement SA 91,491 1,998,839 
VINCI SA 102,575 7,429,461 
Vivendi SA 235,623 4,769,138 
Wendel SA 5,781 665,071 
Zodiac Aerospace 41,175 1,002,081 
TOTAL FRANCE  227,187,335 
Germany - 5.8%   
adidas AG 39,306 6,457,739 
Allianz SE 92,924 14,505,834 
Axel Springer Verlag AG 8,787 439,999 
BASF AG 186,653 16,453,336 
Bayer AG 168,286 16,709,064 
Bayerische Motoren Werke AG (BMW) 66,630 5,805,366 
Beiersdorf AG 20,427 1,798,384 
Brenntag AG 31,328 1,674,636 
Commerzbank AG 215,715 1,465,089 
Continental AG 22,383 4,288,857 
Covestro AG 14,339 847,476 
Daimler AG (Germany) 195,815 13,952,789 
Deutsche Bank AG (a) 279,681 4,038,846 
Deutsche Borse AG (a) 39,080 3,040,757 
Deutsche Lufthansa AG 47,195 603,308 
Deutsche Post AG 196,836 6,099,846 
Deutsche Telekom AG 655,345 10,692,102 
Deutsche Wohnen AG (Bearer) 68,911 2,248,230 
E.ON AG 408,541 2,992,231 
Evonik Industries AG 33,044 1,032,360 
Fraport AG Frankfurt Airport Services Worldwide 8,496 504,283 
Fresenius Medical Care AG & Co. KGaA 42,004 3,421,400 
Fresenius Medical Care AG & Co. KGaA sponsored ADR 4,913 199,370 
Fresenius SE & Co. KGaA 83,145 6,137,158 
GEA Group AG 37,251 1,440,431 
Hannover Reuck SE 12,162 1,355,777 
HeidelbergCement Finance AG 28,529 2,698,334 
Henkel AG & Co. KGaA 20,994 2,311,530 
Hochtief AG 4,212 574,960 
Hugo Boss AG 13,496 847,580 
Infineon Technologies AG 230,358 4,143,054 
Innogy SE 29,000 1,151,622 
K&S AG (b) 38,821 785,408 
Lanxess AG 18,540 1,187,149 
Linde AG 37,811 6,238,506 
MAN SE 7,020 717,910 
Merck KGaA 26,372 2,711,444 
Metro AG 36,100 1,081,469 
Muenchener Rueckversicherungs AG 33,195 6,445,123 
OSRAM Licht AG 17,920 1,016,042 
ProSiebenSat.1 Media AG 44,807 1,931,100 
RWE AG (a) 99,173 1,574,219 
SAP AG 199,852 17,606,847 
Schaeffler AG 33,775 510,914 
Siemens AG 152,589 17,336,768 
Siemens AG sponsored ADR 2,955 335,836 
Symrise AG 25,027 1,717,362 
Telefonica Deutschland Holding AG 149,986 581,369 
Thyssenkrupp AG 75,279 1,742,825 
TUI AG 74,876 950,392 
TUI AG 26,331 334,718 
United Internet AG 25,404 1,042,704 
Volkswagen AG 6,673 997,510 
Vonovia SE 94,396 3,324,751 
Zalando SE (a) 17,548 770,340 
TOTAL GERMANY  210,872,454 
Greece - 0.1%   
Alpha Bank AE (a) 280,682 480,665 
EFG Eurobank Ergasias SA (a) 378,872 222,926 
Ff Group (a) 7,090 169,826 
Greek Organization of Football Prognostics SA 47,066 401,450 
Hellenic Telecommunications Organization SA 50,067 458,925 
Jumbo SA 21,222 301,689 
National Bank of Greece SA (a) 1,090,799 223,090 
Piraeus Bank SA (a) 1,363,282 225,978 
Titan Cement Co. SA (Reg.) 9,358 217,474 
TOTAL GREECE  2,702,023 
Hong Kong - 2.6%   
AIA Group Ltd. 2,448,800 15,455,868 
Bank of East Asia Ltd. (b) 242,066 975,374 
Beijing Enterprises Holdings Ltd. 102,000 510,293 
BOC Hong Kong (Holdings) Ltd. 741,500 2,648,368 
Cathay Pacific Airways Ltd. 233,000 307,039 
China Everbright International Ltd. 499,000 598,371 
China Everbright Ltd. 186,000 364,539 
China Jinmao Holdings Group Ltd. 744,000 205,293 
China Merchants Holdings International Co. Ltd. 262,694 680,822 
China Mobile Ltd. 1,250,000 14,320,493 
China Overseas Land and Investment Ltd. 806,000 2,489,018 
China Power International Development Ltd. 670,000 244,483 
China Resources Beer Holdings Co. Ltd. 326,989 695,672 
China Resources Power Holdings Co. Ltd. 391,780 665,802 
China Taiping Insurance Group Ltd. (a) 326,465 630,574 
China Unicom Ltd. 1,212,000 1,422,905 
CITIC Pacific Ltd. 883,000 1,268,333 
CLP Holdings Ltd. 355,500 3,616,629 
CNOOC Ltd. 3,615,000 4,548,662 
CSPC Pharmaceutical Group Ltd. 838,000 868,735 
Far East Horizon Ltd. 399,000 364,245 
Fosun International Ltd. 521,500 757,147 
Galaxy Entertainment Group Ltd. 474,000 1,946,593 
Guangdong Investment Ltd. 568,000 858,348 
Hang Lung Properties Ltd. 446,000 984,523 
Hang Seng Bank Ltd. 152,900 2,762,059 
Henderson Land Development Co. Ltd. 240,194 1,423,099 
HK Electric Investments & HK Electric Investments Ltd. unit 523,500 518,400 
HKT Trust/HKT Ltd. unit 543,640 747,233 
Hong Kong & China Gas Co. Ltd. 1,523,777 2,986,430 
Hong Kong Exchanges and Clearing Ltd. 236,246 6,256,800 
Hysan Development Co. Ltd. 122,434 565,161 
Lenovo Group Ltd. 1,462,000 938,781 
Link (REIT) 456,230 3,253,092 
MTR Corp. Ltd. 293,270 1,624,120 
New World Development Co. Ltd. 1,118,022 1,394,005 
PCCW Ltd. 828,627 493,615 
Power Assets Holdings Ltd. 280,000 2,633,727 
Shanghai Industrial Holdings Ltd. 98,000 300,108 
Sino Land Ltd. 609,365 1,037,143 
Sino-Ocean Group Holding Ltd. 627,913 261,511 
SJM Holdings Ltd. 385,000 266,577 
Sun Art Retail Group Ltd. 479,500 338,192 
Sun Hung Kai Properties Ltd. 326,583 4,876,290 
Swire Pacific Ltd. (A Shares) 109,500 1,138,691 
Swire Properties Ltd. 227,400 653,857 
Techtronic Industries Co. Ltd. 277,000 1,042,918 
Wharf Holdings Ltd. 274,000 2,059,712 
Wheelock and Co. Ltd. 169,000 1,043,782 
TOTAL HONG KONG  96,043,432 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 7,396 475,846 
OTP Bank PLC 48,995 1,376,225 
Richter Gedeon PLC 29,820 640,936 
TOTAL HUNGARY  2,493,007 
India - 1.9%   
ABB Ltd. India 4 65 
ACC Ltd. 8,642 196,496 
Adani Ports & Special Economic Zone 167,391 770,387 
Ambuja Cements Ltd. 132,420 479,214 
Apollo Hospitals Enterprise Ltd. 15,328 307,914 
Ashok Leyland Ltd. (a) 226,808 306,863 
Asian Paints Ltd. 57,895 928,588 
Aurobindo Pharma Ltd. 52,988 644,860 
Axis Bank Ltd. 337,822 2,465,848 
Bajaj Auto Ltd. 16,783 716,578 
Bajaj Finance Ltd. 32,270 518,866 
Bharat Forge Ltd. 21,253 281,938 
Bharat Heavy Electricals Ltd. (a) 115,353 240,285 
Bharat Petroleum Corp. Ltd. 60,398 605,787 
Bharti Airtel Ltd. 226,023 1,080,383 
Bharti Infratel Ltd. 114,839 595,065 
Bosch Ltd. (a) 1,508 494,888 
Cadila Healthcare Ltd. 40,731 258,257 
Cairn India Ltd. 89,320 302,619 
Cipla Ltd. (a) 69,389 598,288 
Coal India Ltd. 138,646 675,091 
Container Corp. of India Ltd. 10,558 217,719 
Dabur India Ltd. 105,907 462,889 
Divi's Laboratories Ltd. 15,861 304,330 
Dr. Reddy's Laboratories Ltd. (a) 23,799 1,197,062 
Eicher Motors Ltd. 2,681 965,403 
GAIL India Ltd. 72,164 468,865 
GlaxoSmithKline Consumer Healthcare Ltd. 2,019 183,995 
Glenmark Pharmaceuticals Ltd. (a) 27,678 387,149 
Godrej Consumer Products Ltd. 23,911 576,792 
Havells India Ltd. 48,501 295,999 
HCL Technologies Ltd. 114,060 1,304,914 
Hero Motocorp Ltd. (a) 9,951 500,023 
Hindalco Industries Ltd. (a) 225,819 506,612 
Hindustan Unilever Ltd. 142,239 1,783,706 
Housing Development Finance Corp. Ltd. 305,172 6,366,914 
ICICI Bank Ltd. (a) 222,484 925,864 
Idea Cellular Ltd. (a) 255,135 291,450 
Indiabulls Housing Finance Ltd. 58,922 749,847 
Indiabulls Wholesale Services Ltd. (a) 510 178 
Infosys Ltd. 373,774 5,584,859 
ITC Ltd. 689,314 2,512,122 
JSW Steel Ltd. (a) 16,709 415,524 
Larsen & Toubro Ltd. 64,008 1,420,823 
LIC Housing Finance Ltd. 59,451 519,374 
Lupin Ltd. 44,651 996,265 
Mahindra & Mahindra Financial Services Ltd. (a) 55,785 302,653 
Mahindra & Mahindra Ltd. 75,120 1,477,277 
Marico Ltd. 90,402 382,110 
Maruti Suzuki India Ltd. (a) 21,324 1,878,453 
Motherson Sumi Systems Ltd. 86,354 428,757 
Nestle India Ltd. 4,595 481,213 
NTPC Ltd. 330,191 753,635 
Oil & Natural Gas Corp. Ltd. 167,514 720,477 
Piramal Enterprises Ltd. 15,588 414,707 
Power Finance Corp. Ltd. 185,635 345,359 
Reliance Industries Ltd. 261,935 4,142,515 
Shree Cement Ltd. 1,663 416,819 
Shriram Transport Finance Co. Ltd. 29,785 482,147 
Siemens India Ltd. (a) 13,683 242,807 
State Bank of India 313,052 1,210,807 
Sun Pharmaceutical Industries Ltd. 194,545 2,168,110 
Tata Consultancy Services Ltd. 95,700 3,441,332 
Tata Motors Ltd. (a) 321,575 2,588,781 
Tata Motors Ltd. Class A (a) 78,875 412,316 
Tata Power Co. Ltd. 220,507 258,835 
Tata Steel Ltd. (a) 60,243 366,170 
Tech Mahindra Ltd. 46,588 304,264 
Titan Co. Ltd. 61,135 342,356 
Ultratech Cemco Ltd. (a) 6,985 417,045 
United Spirits Ltd. (a) 13,037 439,792 
UPL Ltd. (a) 71,652 749,545 
Vedanta Ltd. (a) 208,593 633,546 
Wipro Ltd. 123,818 860,593 
Yes Bank Ltd. (a) 62,717 1,196,227 
Zee Entertainment Enterprises Ltd. 116,118 905,803 
TOTAL INDIA  70,171,409 
Indonesia - 0.6%   
PT Adaro Energy Tbk 2,939,700 357,099 
PT AKR Corporindo Tbk 363,000 197,525 
PT Astra International Tbk 4,103,700 2,586,828 
PT Bank Central Asia Tbk 2,492,000 2,965,075 
PT Bank CIMB Niaga Tbk (a) 153,469 11,233 
PT Bank Danamon Indonesia Tbk Series A 679,513 201,021 
PT Bank Mandiri (Persero) Tbk 1,889,100 1,664,011 
PT Bank Negara Indonesia (Persero) Tbk 1,502,089 641,795 
PT Bank Rakyat Indonesia Tbk 2,245,400 2,099,470 
PT Bumi Serpong Damai Tbk 1,544,100 256,798 
PT Charoen Pokphand Indonesia Tbk 1,499,200 425,126 
PT Global Mediacom Tbk 1,477,200 96,231 
PT Gudang Garam Tbk 97,700 508,417 
PT Hanjaya Mandala Sampoerna Tbk 1,884,200 570,401 
PT Indocement Tunggal Prakarsa Tbk 296,200 373,428 
PT Indofood CBP Sukses Makmur Tbk 471,500 339,677 
PT Indofood Sukses Makmur Tbk 886,400 577,437 
PT Jasa Marga Tbk 409,200 142,066 
PT Kalbe Farma Tbk 4,270,600 569,501 
PT Lippo Karawaci Tbk 3,805,600 263,954 
PT Matahari Department Store Tbk 473,200 653,696 
PT Media Nusantara Citra Tbk 1,043,100 167,881 
PT Perusahaan Gas Negara Tbk Series B 2,206,000 432,814 
PT Semen Gresik (Persero) Tbk 593,700 448,187 
PT Summarecon Agung Tbk 2,037,300 257,629 
PT Surya Citra Media Tbk 1,180,300 239,715 
PT Telkomunikasi Indonesia Tbk Series B 10,208,900 3,301,775 
PT Tower Bersama Infrastructure Tbk 484,300 221,773 
PT Unilever Indonesia Tbk 312,700 1,065,859 
PT United Tractors Tbk 336,512 557,716 
PT Waskita Karya Persero Tbk 985,900 197,966 
PT XL Axiata Tbk (a) 742,925 125,263 
TOTAL INDONESIA  22,517,367 
Ireland - 0.4%   
Bank of Ireland (a) 5,588,485 1,196,278 
CRH PLC 168,707 5,476,915 
DCC PLC (United Kingdom) 18,043 1,471,941 
James Hardie Industries PLC CDI 90,410 1,350,051 
Kerry Group PLC Class A 32,310 2,345,874 
Paddy Power PLC (Ireland) 16,196 1,676,575 
Ryanair Holdings PLC 4,983 69,061 
Ryanair Holdings PLC sponsored ADR 5,638 423,357 
TOTAL IRELAND  14,010,052 
Isle of Man - 0.0%   
Genting Singapore PLC 1,214,400 650,299 
New Europe Property Investments PLC 49,317 608,098 
TOTAL ISLE OF MAN  1,258,397 
Israel - 0.4%   
Azrieli Group 8,721 371,455 
Bank Hapoalim BM (Reg.) 216,127 1,247,309 
Bank Leumi le-Israel BM (a) 293,418 1,107,497 
Bezeq The Israel Telecommunication Corp. Ltd. 421,419 765,657 
Check Point Software Technologies Ltd. (a)(b) 26,217 2,216,910 
Israel Chemicals Ltd. 103,569 368,780 
Mizrahi Tefahot Bank Ltd. 28,270 368,454 
NICE Systems Ltd. 12,197 809,784 
Taro Pharmaceutical Industries Ltd. (a)(b) 3,015 306,053 
Teva Pharmaceutical Industries Ltd. sponsored ADR 185,932 7,946,734 
TOTAL ISRAEL  15,508,633 
Italy - 1.2%   
Assicurazioni Generali SpA 237,224 3,065,057 
Atlantia SpA 83,841 2,053,333 
Enel SpA 1,550,923 6,667,942 
Eni SpA 515,444 7,480,257 
EXOR SpA 22,474 955,008 
EXOR SpA rights (a) 22,474 1 
Intesa Sanpaolo SpA 2,570,098 5,959,213 
Intesa Sanpaolo SpA (Risparmio Shares) 203,904 440,508 
Leonardo-Finmeccanica SpA (a) 84,022 1,023,810 
Luxottica Group SpA 34,285 1,706,809 
Mediobanca SpA 114,765 840,938 
Poste Italiane SpA 105,612 703,149 
Prysmian SpA 39,367 979,687 
Saipem SpA (a) 1,233,760 507,885 
Snam Rete Gas SpA 496,890 2,619,304 
Telecom Italia SpA (a) 2,160,281 1,877,918 
Terna SpA 309,992 1,518,391 
UniCredit SpA 1,065,582 2,643,618 
Unione di Banche Italiane SCpA (b) 183,171 505,103 
Unipolsai SpA 229,292 437,967 
TOTAL ITALY  41,985,898 
Japan - 16.7%   
ABC-MART, Inc. 6,800 414,342 
ACOM Co. Ltd. (a) 80,100 369,681 
AEON Co. Ltd. 134,200 1,859,374 
AEON Financial Service Co. Ltd. 23,400 413,020 
AEON MALL Co. Ltd. 22,920 340,948 
Air Water, Inc. 30,000 562,697 
Aisin Seiki Co. Ltd. 38,800 1,707,466 
Ajinomoto Co., Inc. 112,300 2,502,040 
Alfresa Holdings Corp. 38,100 807,268 
All Nippon Airways Ltd. 235,000 661,505 
Alps Electric Co. Ltd. 38,200 917,936 
Amada Holdings Co. Ltd. 68,700 784,806 
Aozora Bank Ltd. 239,000 790,817 
Asahi Glass Co. Ltd. 204,000 1,429,770 
Asahi Group Holdings 78,500 2,807,795 
Asahi Kasei Corp. 256,000 2,313,691 
Ashikaga Holdings Co. Ltd. 188,910 673,714 
Asics Corp. 32,600 696,951 
Astellas Pharma, Inc. 430,300 6,386,454 
Bandai Namco Holdings, Inc. 40,400 1,213,502 
Bank of Kyoto Ltd. 65,000 477,877 
Benesse Holdings, Inc. 13,500 354,396 
Bridgestone Corp. 132,400 4,942,748 
Brother Industries Ltd. 47,800 879,699 
Calbee, Inc. 16,300 592,190 
Canon, Inc. 206,600 5,935,213 
Canon, Inc. sponsored ADR (b) 11,056 317,528 
Casio Computer Co. Ltd. 46,500 650,033 
Central Japan Railway Co. 29,400 5,008,401 
Chiba Bank Ltd. 141,000 873,939 
Chubu Electric Power Co., Inc. 130,500 1,921,972 
Chugai Pharmaceutical Co. Ltd. 45,300 1,546,429 
Chugoku Electric Power Co., Inc. 56,000 655,745 
Concordia Financial Group Ltd. (a) 237,000 1,101,043 
Credit Saison Co. Ltd. 30,100 521,232 
CYBERDYNE, Inc. (a)(b) 20,900 314,287 
Dai Nippon Printing Co. Ltd. 108,000 1,085,458 
Dai-ichi Mutual Life Insurance Co. 218,600 3,212,192 
Daicel Chemical Industries Ltd. 58,200 768,082 
Daiichi Sankyo Kabushiki Kaisha 123,100 2,965,105 
Daikin Industries Ltd. 47,900 4,604,100 
Dainippon Sumitomo Pharma Co. Ltd. 32,100 557,396 
Daito Trust Construction Co. Ltd. 14,300 2,396,515 
Daiwa House Industry Co. Ltd. 114,700 3,156,520 
Daiwa House REIT Investment Corp. 278 751,530 
Daiwa Securities Group, Inc. 336,000 2,011,130 
DENSO Corp. 99,100 4,313,831 
Dentsu, Inc. 43,900 2,193,535 
Don Quijote Holdings Co. Ltd. 24,000 914,275 
East Japan Railway Co. 67,700 5,975,960 
Eisai Co. Ltd. 51,500 3,289,282 
Electric Power Development Co. Ltd. 29,700 693,009 
FamilyMart Co. Ltd. 16,800 1,054,105 
Fanuc Corp. 39,700 7,268,574 
Fast Retailing Co. Ltd. 10,800 3,651,836 
Fuji Electric Co. Ltd. 113,000 565,700 
Fuji Heavy Industries Ltd. 125,700 4,907,178 
Fujifilm Holdings Corp. 89,400 3,388,624 
Fujitsu Ltd. 378,000 2,245,941 
Fukuoka Financial Group, Inc. 157,000 681,177 
GungHo Online Entertainment, Inc. (b) 86,300 218,898 
Hakuhodo DY Holdings, Inc. 44,700 538,344 
Hamamatsu Photonics K.K. 28,800 873,310 
Hankyu Hanshin Holdings, Inc. 48,900 1,622,695 
Hikari Tsushin, Inc. 4,400 404,463 
Hino Motors Ltd. 52,300 571,026 
Hirose Electric Co. Ltd. 6,625 876,848 
Hiroshima Bank Ltd. 101,000 433,394 
Hisamitsu Pharmaceutical Co., Inc. 12,500 668,685 
Hitachi Chemical Co. Ltd. 21,300 499,647 
Hitachi Construction Machinery Co. Ltd. 21,400 448,325 
Hitachi High-Technologies Corp. 13,900 581,210 
Hitachi Ltd. 987,000 5,262,996 
Hitachi Metals Ltd. 43,200 540,463 
Hokuriku Electric Power Co., Inc. 34,100 387,921 
Honda Motor Co. Ltd. 332,200 9,939,964 
Hoshizaki Corp. 10,200 922,056 
Hoya Corp. 82,700 3,457,991 
Hulic Co. Ltd. 60,100 573,664 
Idemitsu Kosan Co. Ltd. 17,600 406,309 
IHI Corp. 298,000 787,127 
Iida Group Holdings Co. Ltd. 30,000 580,433 
INPEX Corp. 192,500 1,809,173 
Isetan Mitsukoshi Holdings Ltd. 68,000 688,624 
Isuzu Motors Ltd. 120,300 1,490,701 
Itochu Corp. 303,200 3,840,957 
Iyo Bank Ltd. 49,200 303,072 
J. Front Retailing Co. Ltd. 49,200 678,863 
Japan Airlines Co. Ltd. 24,200 714,439 
Japan Airport Terminal Co. Ltd. (b) 9,600 369,372 
Japan Exchange Group, Inc. 105,700 1,575,370 
Japan Post Bank Co. Ltd. 81,400 960,934 
Japan Post Holdings Co. Ltd. 90,600 1,155,934 
Japan Prime Realty Investment Corp. 168 724,897 
Japan Real Estate Investment Corp. 265 1,533,851 
Japan Retail Fund Investment Corp. 518 1,175,095 
Japan Tobacco, Inc. 224,100 8,534,904 
JFE Holdings, Inc. 105,800 1,519,860 
JGC Corp. 42,000 744,522 
JSR Corp. 39,000 594,279 
JTEKT Corp. 45,100 668,737 
JX Holdings, Inc. 428,510 1,699,412 
Kajima Corp. 182,000 1,230,457 
Kakaku.com, Inc. 29,000 488,080 
Kamigumi Co. Ltd. 47,000 402,012 
Kaneka Corp. 57,000 472,871 
Kansai Electric Power Co., Inc. (a) 142,600 1,365,898 
Kansai Paint Co. Ltd. 44,200 952,532 
Kao Corp. 102,700 5,293,158 
Kawasaki Heavy Industries Ltd. 287,000 840,174 
KDDI Corp. 375,400 11,409,598 
Keihan Electric Railway Co., Ltd. 103,000 696,357 
Keihin Electric Express Railway Co. Ltd. 95,000 959,331 
Keio Corp. 117,000 970,630 
Keisei Electric Railway Co. 28,000 677,372 
Keyence Corp. 9,270 6,811,731 
Kikkoman Corp. 30,000 956,899 
Kintetsu Group Holdings Co. Ltd. 367,000 1,483,818 
Kirin Holdings Co. Ltd. 166,800 2,874,902 
Kobe Steel Ltd. 62,500 517,307 
Koito Manufacturing Co. Ltd. 22,800 1,191,418 
Komatsu Ltd. 187,200 4,166,904 
Konami Holdings Corp. 18,900 747,025 
Konica Minolta, Inc. 91,500 821,031 
Kose Corp. 6,100 557,824 
Kubota Corp. 214,400 3,464,297 
Kuraray Co. Ltd. 71,900 1,092,864 
Kurita Water Industries Ltd. 20,300 481,416 
Kyocera Corp. 65,600 3,196,491 
Kyowa Hakko Kirin Co., Ltd. 52,400 801,964 
Kyushu Electric Power Co., Inc. 86,500 786,064 
Kyushu Financial Group, Inc. 70,300 468,577 
Lawson, Inc. 13,200 1,004,444 
LIXIL Group Corp. 53,900 1,240,209 
M3, Inc. 39,400 1,202,250 
Mabuchi Motor Co. Ltd. 9,800 570,974 
Makita Corp. 22,700 1,573,653 
Marubeni Corp. 334,200 1,761,346 
Marui Group Co. Ltd. 42,300 594,951 
Maruichi Steel Tube Ltd. 11,400 367,970 
Mazda Motor Corp. 115,600 1,917,085 
McDonald's Holdings Co. (Japan) Ltd. 13,400 385,887 
Medipal Holdings Corp. 34,800 595,652 
Meiji Holdings Co. Ltd. 23,200 2,318,451 
Minebea Mitsumi, Inc. 69,000 706,646 
Miraca Holdings, Inc. 11,600 561,915 
Mitsubishi Chemical Holdings Corp. 274,900 1,811,346 
Mitsubishi Corp. 307,600 6,719,859 
Mitsubishi Electric Corp. 392,000 5,317,250 
Mitsubishi Estate Co. Ltd. 255,000 5,061,338 
Mitsubishi Gas Chemical Co., Inc. 36,500 563,145 
Mitsubishi Heavy Industries Ltd. 649,000 2,781,163 
Mitsubishi Logistics Corp. 23,000 312,310 
Mitsubishi Materials Corp. 22,600 649,747 
Mitsubishi Motors Corp. of Japan 139,700 779,293 
Mitsubishi Tanabe Pharma Corp. 45,400 885,748 
Mitsubishi UFJ Financial Group, Inc. 2,595,600 13,392,807 
Mitsubishi UFJ Lease & Finance Co. Ltd. 91,300 443,136 
Mitsui & Co. Ltd. 345,900 4,809,023 
Mitsui Chemicals, Inc. 187,000 923,677 
Mitsui Fudosan Co. Ltd. 181,000 4,125,875 
Mitsui OSK Lines Ltd. 232,000 581,825 
mixi, Inc. 9,400 346,438 
Mizuho Financial Group, Inc. 4,841,460 8,151,821 
MS&AD Insurance Group Holdings, Inc. 102,690 3,057,101 
Murata Manufacturing Co. Ltd. 39,000 5,455,612 
Nabtesco Corp. 22,800 682,674 
Nagoya Railroad Co. Ltd. 186,000 982,588 
NEC Corp. 528,000 1,414,780 
New Hampshire Foods Ltd. 35,000 839,039 
Nexon Co. Ltd. 35,400 604,234 
NGK Insulators Ltd. 53,000 974,387 
NGK Spark Plug Co. Ltd. 36,200 716,613 
NHK Spring Co. Ltd. 44,500 420,092 
Nidec Corp. 48,600 4,713,092 
Nikon Corp. 69,300 1,048,718 
Nintendo Co. Ltd. 23,100 5,568,490 
Nippon Building Fund, Inc. 286 1,699,037 
Nippon Electric Glass Co. Ltd. 86,000 468,256 
Nippon Express Co. Ltd. 168,000 831,429 
Nippon Paint Holdings Co. Ltd. 33,000 1,126,538 
Nippon Prologis REIT, Inc. 318 719,571 
Nippon Steel & Sumitomo Metal Corp. 164,717 3,264,654 
Nippon Telegraph & Telephone Corp. 140,800 6,242,627 
Nippon Yusen KK 329,000 674,502 
Nissan Motor Co. Ltd. 504,200 5,128,967 
Nisshin Seifun Group, Inc. 40,145 592,586 
Nissin Food Holdings Co. Ltd. 12,100 701,516 
Nitori Holdings Co. Ltd. 16,400 1,965,748 
Nitto Denko Corp. 33,500 2,340,240 
NKSJ Holdings, Inc. 71,500 2,320,835 
NOK Corp. 19,400 436,024 
Nomura Holdings, Inc. 736,200 3,687,579 
Nomura Real Estate Holdings, Inc. 25,200 427,009 
Nomura Real Estate Master Fund, Inc. 806 1,306,570 
Nomura Research Institute Ltd. 25,100 872,409 
NSK Ltd. 89,300 992,885 
NTT Data Corp. 25,600 1,323,086 
NTT DOCOMO, Inc. 263,900 6,627,586 
NTT DOCOMO, Inc. sponsored ADR 21,056 529,348 
NTT Urban Development Co. 22,900 210,504 
Obayashi Corp. 131,600 1,271,201 
OBIC Co. Ltd. 13,600 708,077 
Odakyu Electric Railway Co. Ltd. 59,500 1,217,007 
Oji Holdings Corp. 172,000 729,856 
Olympus Corp. 59,100 2,113,331 
OMRON Corp. 39,000 1,498,713 
Ono Pharmaceutical Co. Ltd. 83,600 2,126,072 
Oracle Corp. Japan 7,800 425,441 
Oriental Land Co. Ltd. 44,600 2,609,995 
ORIX Corp. 268,400 4,262,613 
Osaka Gas Co. Ltd. 379,000 1,578,233 
Otsuka Corp. 10,600 505,388 
Otsuka Holdings Co. Ltd. 79,800 3,498,051 
Panasonic Corp. 450,600 4,648,327 
Park24 Co. Ltd. 20,600 637,427 
Pola Orbis Holdings, Inc. 4,600 383,370 
Rakuten, Inc. 188,700 2,181,737 
Recruit Holdings Co. Ltd. 75,000 3,018,022 
Resona Holdings, Inc. 447,400 1,988,065 
Ricoh Co. Ltd. 135,800 1,108,466 
Rinnai Corp. 6,900 664,537 
ROHM Co. Ltd. 18,300 964,995 
Ryohin Keikaku Co. Ltd. 4,900 1,048,498 
Sankyo Co. Ltd. (Gunma) 9,900 349,290 
Santen Pharmaceutical Co. Ltd. 75,500 1,104,386 
SBI Holdings, Inc. Japan 43,380 517,069 
Secom Co. Ltd. 42,500 3,073,114 
Sega Sammy Holdings, Inc. 37,600 556,094 
Seibu Holdings, Inc. 34,700 600,889 
Seiko Epson Corp. 56,600 1,151,214 
Sekisui Chemical Co. Ltd. 82,900 1,308,282 
Sekisui House Ltd. 122,500 2,028,428 
Seven & i Holdings Co. Ltd. 153,600 6,419,651 
Seven Bank Ltd. 120,800 372,064 
Sharp Corp. (a)(b) 305,000 529,200 
Shikoku Electric Power Co., Inc. 34,200 322,205 
Shimadzu Corp. 48,000 699,838 
Shimamura Co. Ltd. 4,500 577,143 
SHIMANO, Inc. 15,200 2,603,147 
SHIMIZU Corp. 112,000 997,502 
Shin-Etsu Chemical Co. Ltd. 79,200 6,019,865 
Shinsei Bank Ltd. 362,000 586,822 
Shionogi & Co. Ltd. 60,900 3,006,963 
Shiseido Co. Ltd. 77,100 1,990,911 
Shizuoka Bank Ltd. 108,000 913,474 
Showa Shell Sekiyu K.K. 37,400 349,856 
SMC Corp. 11,600 3,372,595 
SoftBank Corp. 195,600 12,319,107 
Sohgo Security Services Co., Ltd. 14,500 662,296 
Sony Corp. 250,400 7,892,169 
Sony Corp. sponsored ADR 6,648 208,282 
Sony Financial Holdings, Inc. 34,900 491,202 
Stanley Electric Co. Ltd. 30,500 841,389 
Start Today Co. Ltd. 36,000 633,012 
Sumitomo Chemical Co. Ltd. 319,000 1,514,847 
Sumitomo Corp. 240,400 2,772,612 
Sumitomo Electric Industries Ltd. 152,900 2,266,454 
Sumitomo Heavy Industries Ltd. 111,000 586,383 
Sumitomo Metal Mining Co. Ltd. 100,000 1,296,367 
Sumitomo Mitsui Financial Group, Inc. 268,500 9,309,350 
Sumitomo Mitsui Financial Group, Inc. ADR 25,186 173,280 
Sumitomo Mitsui Trust Holdings, Inc. 67,225 2,268,358 
Sumitomo Realty & Development Co. Ltd. 73,000 1,923,324 
Sumitomo Rubber Industries Ltd. 34,700 581,697 
Sundrug Co. Ltd. 7,500 591,447 
Suntory Beverage & Food Ltd. 28,200 1,235,616 
Suzuken Co. Ltd. 15,810 508,809 
Suzuki Motor Corp. 72,700 2,585,782 
Sysmex Corp. 31,700 2,203,614 
T&D Holdings, Inc. 117,300 1,421,649 
Taiheiyo Cement Corp. 245,000 703,204 
Taisei Corp. 214,000 1,608,010 
Taisho Pharmaceutical Holdings Co. Ltd. 7,300 713,502 
Taiyo Nippon Sanso Corp. 27,700 291,871 
Takashimaya Co. Ltd. 61,000 498,493 
Takeda Pharmaceutical Co. Ltd. 148,600 6,659,865 
TDK Corp. 25,000 1,730,714 
Teijin Ltd. 38,000 736,664 
Terumo Corp. 70,000 2,713,359 
The Chugoku Bank Ltd. 34,300 461,171 
The Hachijuni Bank Ltd. 82,400 450,226 
The Suruga Bank Ltd. 35,200 860,952 
THK Co. Ltd. 24,500 518,642 
Tobu Railway Co. Ltd. 196,000 964,394 
Toho Co. Ltd. 22,900 688,943 
Toho Gas Co. Ltd. 76,000 705,140 
Tohoku Electric Power Co., Inc. 91,700 1,123,624 
Tokio Marine Holdings, Inc. 139,100 5,503,251 
Tokyo Electric Power Co., Inc. (a) 293,300 1,141,093 
Tokyo Electron Ltd. 32,200 2,913,260 
Tokyo Gas Co. Ltd. 428,000 1,943,488 
Tokyo Tatemono Co. Ltd. 41,900 533,789 
Tokyu Corp. 215,000 1,613,474 
Tokyu Fudosan Holdings Corp. 103,600 585,819 
TonenGeneral Sekiyu K.K. 59,000 582,855 
Toppan Printing Co. Ltd. 106,000 998,646 
Toray Industries, Inc. 298,000 2,781,371 
Toshiba Corp. (a) 817,000 2,968,218 
Toto Ltd. 28,600 1,145,418 
Toyo Seikan Group Holdings Ltd. 32,700 604,920 
Toyo Suisan Kaisha Ltd. 17,900 726,275 
Toyoda Gosei Co. Ltd. 13,400 306,793 
Toyota Industries Corp. 33,000 1,515,162 
Toyota Motor Corp. 530,972 30,799,966 
Toyota Motor Corp. sponsored ADR (b) 6,255 723,453 
Toyota Tsusho Corp. 42,900 1,015,740 
Trend Micro, Inc. 22,700 800,896 
Tsuruha Holdings, Inc. 7,400 855,230 
Unicharm Corp. 82,500 1,965,541 
United Urban Investment Corp. 596 1,005,363 
USS Co. Ltd. 46,000 779,899 
West Japan Railway Co. 33,400 2,061,264 
Yahoo! Japan Corp. 293,500 1,127,877 
Yakult Honsha Co. Ltd. 17,800 831,696 
Yamada Denki Co. Ltd. 128,400 664,835 
Yamaguchi Financial Group, Inc. 40,000 441,690 
Yamaha Corp. 34,000 1,217,412 
Yamaha Motor Co. Ltd. 56,800 1,264,690 
Yamato Holdings Co. Ltd. 71,700 1,637,470 
Yamazaki Baking Co. Ltd. 26,700 599,840 
Yaskawa Electric Corp. 51,300 820,350 
Yokogawa Electric Corp. 46,300 652,094 
Yokohama Rubber Co. Ltd. 22,300 387,863 
TOTAL JAPAN  607,249,736 
Korea (South) - 3.1%   
AMOREPACIFIC Corp. 6,480 2,033,932 
AMOREPACIFIC Group, Inc. 5,652 731,359 
BGFretail Co. Ltd. 2,015 306,543 
BS Financial Group, Inc. 55,001 446,738 
Celltrion, Inc. 15,354 1,425,650 
Cheil Industries, Inc. 15,390 2,173,092 
Cheil Worldwide, Inc. 14,658 217,226 
CJ CheilJedang Corp. 1,593 486,777 
CJ Corp. 2,946 449,464 
CJ E&M Corp. 3,835 234,374 
Coway Co. Ltd. 10,947 857,571 
Daelim Industrial Co. 5,547 396,230 
Daewoo Engineering & Construction Co. Ltd. (a) 25,157 139,229 
DGB Financial Group Co. Ltd. 33,708 282,925 
Dong Suh Companies, Inc. 8,128 192,939 
Dongbu Insurance Co. Ltd. 9,996 621,388 
Doosan Heavy Industries & Construction Co. Ltd. 9,686 221,877 
E-Mart Co. Ltd. 4,082 579,954 
EUSU Holdings Co. Ltd. 6 33 
GS Engineering & Construction Corp. (a) 10,184 238,627 
GS Holdings Corp. 10,236 457,318 
GS Retail Co. Ltd. 5,450 232,532 
Hana Financial Group, Inc. 59,930 1,718,641 
Hanjin Shipping Co. Ltd. (a) 12 10 
Hankook Tire Co. Ltd. 15,028 725,283 
Hanmi Pharm Co. Ltd. 1,057 334,542 
Hanmi Science Co. Ltd. 2,328 154,894 
Hanon Systems 37,714 352,820 
Hanssem Co. Ltd. 2,174 337,384 
Hanwha Chemical Corp. 21,670 512,499 
Hanwha Corp. 8,986 293,443 
Hanwha Life Insurance Co. Ltd. 42,535 232,431 
Hotel Shilla Co. 6,768 339,064 
Hyosung Corp. 4,320 506,122 
Hyundai Department Store Co. Ltd. 3,064 314,770 
Hyundai Engineering & Construction Co. Ltd. 14,736 534,037 
Hyundai Fire & Marine Insurance Co. Ltd. 12,613 389,830 
Hyundai Glovis Co. Ltd. 3,775 572,642 
Hyundai Heavy Industries Co. Ltd. (a) 8,450 1,074,946 
Hyundai Industrial Development & Construction Co. 11,344 481,033 
Hyundai Mobis 13,888 3,327,034 
Hyundai Motor Co. 29,114 3,563,665 
Hyundai Steel Co. 16,115 696,024 
Hyundai Wia Corp. 3,254 223,903 
Industrial Bank of Korea 52,321 603,833 
Kakao Corp. 6,142 410,270 
Kangwon Land, Inc. 23,746 787,897 
KB Financial Group, Inc. 78,196 2,895,819 
KCC Corp. 1,167 412,721 
KEPCO Plant Service & Engineering Co. Ltd. 4,601 220,847 
Kia Motors Corp. 53,943 1,919,537 
Korea Aerospace Industries Ltd. 11,857 671,764 
Korea Electric Power Corp. 52,388 2,267,320 
Korea Express Co. Ltd. (a) 1,381 242,693 
Korea Gas Corp. 5,516 223,533 
Korea Investment Holdings Co. Ltd. 7,924 284,743 
Korea Zinc Co. Ltd. 1,760 700,150 
Korean Air Lines Co. Ltd. (a) 7,371 206,226 
KT Corp. 8,413 237,431 
KT&G Corp. 23,866 2,357,898 
Kumho Petro Chemical Co. Ltd. 3,704 227,016 
LG Chemical Ltd. 9,426 2,031,474 
LG Corp. 19,160 1,026,888 
LG Display Co. Ltd. 47,105 1,126,750 
LG Electronics, Inc. 21,582 901,959 
LG Household & Health Care Ltd. 1,846 1,323,465 
LG Innotek Co. Ltd. 2,861 195,110 
LG Telecom Ltd. 43,215 445,845 
Lotte Chemical Corp. 3,120 786,987 
Lotte Chilsung Beverage Co. Ltd. 124 166,959 
Lotte Confectionery Co. Ltd. 1,190 199,763 
Lotte Shopping Co. Ltd. 2,220 443,513 
Mirae Asset Daewoo Co. Ltd. 35,957 243,642 
Mirae Asset Securities Co. Ltd. 14,959 296,236 
NAVER Corp. 5,718 4,284,419 
NCSOFT Corp. 3,556 822,346 
Oci Co. Ltd. (a) 3,367 266,415 
Orion Corp. 725 453,222 
Ottogi Corp. 241 138,647 
Paradise Co. Ltd. 9,185 104,397 
POSCO 14,224 2,960,905 
Posco Daewoo Corp. 9,249 201,759 
S-Oil Corp. 9,066 622,232 
S1 Corp. 3,833 309,990 
Samsung Card Co. Ltd. 7,020 295,836 
Samsung Electro-Mechanics Co. Ltd. 11,293 465,047 
Samsung Electronics Co. Ltd. 20,211 28,962,347 
Samsung Fire & Marine Insurance Co. Ltd. 6,722 1,713,184 
Samsung Heavy Industries Co. Ltd. 30,131 256,853 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 18,708 42,200 
Samsung Life Insurance Co. Ltd. 15,069 1,455,840 
Samsung SDI Co. Ltd. 11,135 918,055 
Samsung SDS Co. Ltd. 7,054 952,864 
Samsung Securities Co. Ltd. 11,465 346,329 
Shinhan Financial Group Co. Ltd. 86,288 3,308,164 
Shinsegae Co. Ltd. 1,495 243,120 
SK C&C Co. Ltd. 9,272 1,811,832 
SK Energy Co. Ltd. 13,099 1,735,073 
SK Hynix, Inc. 118,639 4,252,833 
SK Networks Co. Ltd. 24,722 140,928 
SK Telecom Co. Ltd. 4,064 797,018 
Woori Bank 62,654 684,740 
Woori Investment & Securities Co. Ltd. 27,930 246,638 
Yuhan Corp. 1,665 305,704 
TOTAL KOREA (SOUTH)  112,368,021 
Luxembourg - 0.2%   
ArcelorMittal SA (Netherlands) (a) 372,709 2,518,381 
Millicom International Cellular SA (depository receipt) 13,411 589,617 
RTL Group SA 7,815 612,535 
SES SA (France) (depositary receipt) 73,870 1,698,852 
Tenaris SA 95,649 1,352,836 
TOTAL LUXEMBOURG  6,772,221 
Malaysia - 0.6%   
AirAsia Bhd 244,700 161,578 
Alliance Financial Group Bhd 194,600 185,090 
AMMB Holdings Bhd 375,600 376,048 
Astro Malaysia Holdings Bhd 303,400 206,124 
Axiata Group Bhd 504,976 592,248 
Berjaya Sports Toto Bhd 120,014 91,262 
British American Tobacco (Malaysia) Bhd 28,600 337,610 
Bumiputra-Commerce Holdings Bhd 998,226 1,196,919 
Dialog Group Bhd 754,222 278,676 
DiGi.com Bhd 675,600 810,076 
Felda Global Ventures Holdings Bhd 236,100 113,125 
Gamuda Bhd 315,075 368,777 
Gamuda Bhd warrants 3/6/21 (a) 49,479 15,333 
Genting Bhd 433,600 810,351 
Genting Malaysia Bhd 560,100 635,537 
Genting Plantations Bhd 41,900 109,869 
Hap Seng Consolidated Bhd 105,900 196,653 
Hartalega Holdings Bhd 126,700 147,993 
Hong Leong Bank Bhd 125,800 399,441 
Hong Leong Credit Bhd 44,900 168,255 
IHH Healthcare Bhd 626,000 955,042 
IJM Corp. Bhd 575,900 453,032 
IOI Corp. Bhd 551,100 591,168 
IOI Properties Group Sdn Bhd 292,200 170,653 
Kuala Lumpur Kepong Bhd 78,300 447,215 
Lafarge Malaysia Bhd 70,200 135,547 
Malayan Banking Bhd 935,018 1,760,821 
Malaysia Airports Holdings Bhd 161,698 255,556 
Maxis Bhd 355,600 505,215 
MISC Bhd 212,400 380,750 
Petronas Chemicals Group Bhd 520,600 868,701 
Petronas Dagangan Bhd 46,300 257,823 
Petronas Gas Bhd 130,000 681,764 
PPB Group Bhd 90,100 346,225 
Public Bank Bhd 518,000 2,452,319 
RHB Capital Bhd 122,876 0 
RHB Capital Bhd 160,257 184,515 
SapuraKencana Petroleum Bhd (a) 745,400 287,854 
Sime Darby Bhd 578,516 1,129,451 
Telekom Malaysia Bhd 215,074 335,300 
Tenaga Nasional Bhd 663,225 2,267,139 
UMW Holdings Bhd 112,100 159,265 
Westports Holdings Bhd 191,000 200,789 
YTL Corp. Bhd 817,800 309,965 
YTL Power International Bhd 408,315 148,921 
TOTAL MALAYSIA  22,485,995 
Malta - 0.0%   
Brait SA 68,817 457,240 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 1,422,500 393,648 
Mexico - 0.9%   
Alfa SA de CV Series A 569,000 862,787 
America Movil S.A.B. de CV Series L 6,447,446 4,270,781 
CEMEX S.A.B. de CV unit 2,840,500 2,458,631 
Coca-Cola FEMSA S.A.B. de CV Series L 100,800 757,187 
Compartamos S.A.B. de CV 211,800 417,975 
El Puerto de Liverpool S.A.B. de CV Class C 37,855 396,796 
Embotelladoras Arca S.A.B. de CV 85,262 530,581 
Fibra Uno Administracion SA de CV 524,100 1,000,174 
Fomento Economico Mexicano S.A.B. de CV unit 372,800 3,575,929 
Gruma S.A.B. de CV Series B 43,860 608,554 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 72,700 702,691 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 42,290 672,644 
Grupo Bimbo S.A.B. de CV Series A 332,700 896,130 
Grupo Carso SA de CV Series A1 115,100 502,394 
Grupo Comercial Chedraui S.A.B. de CV 70,500 157,255 
Grupo Financiero Banorte S.A.B. de CV Series O 505,500 2,976,943 
Grupo Financiero Inbursa S.A.B. de CV Series O 470,400 763,302 
Grupo Financiero Santander Mexico S.A.B. de CV 368,900 667,693 
Grupo Lala S.A.B. de CV 124,300 231,423 
Grupo Mexico SA de CV Series B 771,523 1,900,948 
Grupo Televisa SA de CV 496,100 2,440,998 
Industrias Penoles SA de CV 28,025 679,667 
Kimberly-Clark de Mexico SA de CV Series A 317,500 684,689 
Mexichem S.A.B. de CV 213,084 509,571 
OHL Mexico S.A.B. de CV (a) 157,400 185,372 
Promotora y Operadora de Infraestructura S.A.B. de CV 54,060 604,353 
Wal-Mart de Mexico SA de CV Series V 1,062,400 2,247,785 
TOTAL MEXICO  31,703,253 
Netherlands - 2.7%   
ABN AMRO Group NV GDR 47,535 1,097,117 
AEGON NV 382,672 1,655,418 
AerCap Holdings NV (a) 34,026 1,398,809 
Ahold Delhaize NV 260,899 5,955,727 
Airbus Group NV 119,018 7,067,278 
Akzo Nobel NV 50,227 3,246,448 
Altice NV:   
Class A (a) 72,982 1,345,949 
Class B (a) 24,148 449,451 
ASML Holding NV (Netherlands) 74,885 7,922,382 
CNH Industrial NV 207,057 1,609,262 
Ferrari NV 24,971 1,315,224 
Fiat Chrysler Automobiles NV 183,243 1,341,704 
Gemalto NV 16,300 886,346 
Heineken Holding NV 20,800 1,600,836 
Heineken NV (Bearer) 46,974 3,870,006 
ING Groep NV:   
(Certificaten Van Aandelen) 788,737 10,353,765 
sponsored ADR (b) 24,888 326,282 
Koninklijke Boskalis Westminster NV 17,832 575,409 
Koninklijke DSM NV 36,769 2,364,475 
Koninklijke KPN NV 697,794 2,275,332 
Koninklijke Philips Electronics NV 188,869 5,691,032 
Mobileye NV (a)(b) 35,625 1,324,538 
NN Group NV 65,654 1,978,368 
NXP Semiconductors NV (a) 59,884 5,988,400 
OCI NV (a)(b) 19,247 267,274 
QIAGEN NV (Germany) (a) 44,925 1,100,003 
Randstad Holding NV 24,177 1,245,138 
RELX NV 203,162 3,425,826 
Steinhoff International Holdings NV (South Africa) 607,687 3,280,507 
STMicroelectronics NV 128,896 1,223,353 
Unilever NV:   
(Certificaten Van Aandelen) (Bearer) 324,501 13,600,517 
(NY Reg.) 6,558 274,256 
Vopak NV 14,172 715,714 
Wolters Kluwer NV 61,792 2,391,423 
TOTAL NETHERLANDS  99,163,569 
New Zealand - 0.1%   
Auckland International Airport Ltd. 192,675 907,983 
Contact Energy Ltd. 144,133 489,580 
Fletcher Building Ltd. 139,733 1,036,202 
Mercury Nz Ltd. 139,779 304,866 
Meridian Energy Ltd. 259,083 476,145 
Ryman Healthcare Group Ltd. 76,614 486,506 
Spark New Zealand Ltd. 370,039 968,490 
TOTAL NEW ZEALAND  4,669,772 
Norway - 0.4%   
DNB ASA 197,938 2,862,816 
Gjensidige Forsikring ASA 40,050 717,884 
Marine Harvest ASA 77,479 1,405,956 
Norsk Hydro ASA 270,985 1,211,504 
Orkla ASA 164,862 1,556,698 
Schibsted ASA:   
(A Shares) 15,964 382,757 
(B Shares) 17,357 390,737 
Statoil ASA 218,066 3,560,147 
Statoil ASA sponsored ADR (b) 10,127 164,462 
Telenor ASA 152,107 2,420,869 
Yara International ASA 36,257 1,281,360 
TOTAL NORWAY  15,955,190 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 277,602 1,406,404 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR 37,519 498,628 
Philippines - 0.3%   
Aboitiz Equity Ventures, Inc. 385,500 620,882 
Aboitiz Power Corp. 285,800 271,168 
Alliance Global Group, Inc. 395,000 116,307 
Ayala Corp. 48,410 834,664 
Ayala Land, Inc. 1,468,000 1,098,814 
Bank of the Philippine Islands (BPI) 151,738 316,764 
BDO Unibank, Inc. 320,963 747,574 
DMCI Holdings, Inc. 744,700 192,212 
Globe Telecom, Inc. 6,575 241,661 
GT Capital Holdings, Inc. 15,250 412,822 
International Container Terminal Services, Inc. 101,740 163,441 
JG Summit Holdings, Inc. 572,980 899,173 
Jollibee Food Corp. 81,920 402,584 
Megaworld Corp. 2,158,300 179,155 
Metro Pacific Investments Corp. 2,514,100 373,771 
Metropolitan Bank & Trust Co. 117,951 198,008 
Philippine Long Distance Telephone Co. 19,590 618,893 
PNOC Energy Development Corp. 1,892,200 230,520 
Robinsons Land Corp. 316,800 202,458 
Security Bank Corp. 86,180 392,200 
SM Investments Corp. 47,360 657,160 
SM Prime Holdings, Inc. 1,655,575 919,583 
Universal Robina Corp. 173,690 652,734 
TOTAL PHILIPPINES  10,742,548 
Poland - 0.3%   
Alior Bank SA (a) 18,606 223,609 
Bank Handlowy w Warszawie SA 6,604 130,809 
Bank Millennium SA (a) 124,838 183,602 
Bank Polska Kasa Opieki SA 31,862 983,087 
Bank Zachodni WBK SA 7,030 568,027 
BRE Bank SA (a) 2,950 266,032 
Cyfrowy Polsat SA (a) 39,066 241,172 
ENEA SA (a) 44,130 112,933 
Energa SA 46,320 94,925 
Eurocash SA 16,038 162,536 
Grupa Lotos SA (a) 18,642 161,604 
KGHM Polska Miedz SA (Bearer) 28,061 508,399 
LPP SA 263 394,173 
NG2 SA 5,573 282,823 
Polish Oil & Gas Co. SA 356,210 455,789 
Polska Grupa Energetyczna SA 170,959 447,524 
Polski Koncern Naftowy Orlen SA 64,892 1,286,841 
Powszechna Kasa Oszczednosci Bank SA 177,158 1,240,885 
Powszechny Zaklad Ubezpieczen SA 113,464 787,806 
Synthos SA (a) 113,075 136,615 
Tauron Polska Energia SA (a) 209,762 141,686 
Telekomunikacja Polska SA 132,319 188,871 
Zaklady Azotowe w Tarnowie-Moscicach SA 9,137 145,559 
TOTAL POLAND  9,145,307 
Portugal - 0.1%   
Banco Espirito Santo SA (Reg.) (a) 319,729 4 
Energias de Portugal SA 469,877 1,553,096 
Galp Energia SGPS SA Class B 93,605 1,269,023 
Jeronimo Martins SGPS SA 51,307 882,570 
TOTAL PORTUGAL  3,704,693 
Qatar - 0.2%   
Barwa Real Estate Co. (a) 21,160 185,652 
Commercial Bank of Qatar (a) 32,264 316,301 
Doha Bank (a) 25,513 255,021 
Ezdan Holding Group (a) 160,752 693,058 
Industries Qatar QSC (a) 30,503 854,391 
Masraf al Rayan (a) 74,103 704,086 
Qatar Electricity & Water Co. (a) 5,628 324,554 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 54,867 340,663 
Qatar Insurance Co. SAQ (a) 24,207 582,316 
Qatar Islamic Bank (a) 12,447 350,008 
Qatar National Bank SAQ 42,448 1,865,052 
Qatar Telecom (Qtel) Q.S.C. (a) 16,189 431,227 
Vodafone Qatar QSC (a) 70,082 202,266 
TOTAL QATAR  7,104,595 
Russia - 0.8%   
Alrosa Co. Ltd. (a) 516,000 721,084 
Gazprom OAO (a) 208,734 457,400 
Gazprom OAO sponsored ADR (Reg. S) 1,086,542 4,693,861 
Lukoil PJSC (a) 665 32,451 
Lukoil PJSC sponsored ADR 95,072 4,634,760 
Magnit OJSC GDR (Reg. S) 57,386 2,277,650 
MegaFon PJSC GDR 17,558 167,328 
MMC Norilsk Nickel PJSC (a) 639 94,175 
MMC Norilsk Nickel PJSC sponsored ADR 105,554 1,591,754 
Mobile TeleSystems OJSC sponsored ADR 103,291 796,374 
Moscow Exchange MICEX-RTS OAO (a) 268,560 494,369 
NOVATEK OAO GDR (Reg. S) 18,150 1,940,235 
PhosAgro OJSC GDR (Reg. S) 19,013 235,761 
Rosneft Oil Co. OJSC (a) 6,906 37,868 
Rosneft Oil Co. OJSC GDR (Reg. S) 225,212 1,227,405 
Rostelecom PJSC (a) 15,000 18,693 
Rostelecom PJSC sponsored ADR 24,117 177,742 
RusHydro PJSC (a) 1,364,700 17,110 
RusHydro PJSC ADR 207,336 252,950 
Sberbank of Russia (a) 432,015 1,005,579 
Sberbank of Russia sponsored ADR 414,101 3,929,818 
Severstal PAO (a) 1,309 18,301 
Severstal PAO GDR (Reg. S) 39,925 562,943 
Sistema JSFC sponsored GDR 33,109 247,324 
Surgutneftegas OJSC (a) 10,100 4,304 
Surgutneftegas OJSC sponsored ADR 216,337 929,816 
Tatneft PAO (a) 14,400 80,629 
Tatneft PAO sponsored ADR 44,531 1,490,453 
VTB Bank OJSC (a) 47,224,000 50,463 
VTB Bank OJSC sponsored GDR (Reg. S) 490,772 1,027,677 
TOTAL RUSSIA  29,216,277 
Singapore - 0.8%   
Ascendas Real Estate Investment Trust 457,200 778,842 
CapitaCommercial Trust (REIT) 412,000 466,415 
CapitaLand Ltd. 513,200 1,139,830 
CapitaMall Trust 498,200 741,257 
City Developments Ltd. 81,600 497,958 
ComfortDelgro Corp. Ltd. 435,500 795,091 
DBS Group Holdings Ltd. 362,531 3,908,690 
Global Logistic Properties Ltd. 592,700 756,185 
Hutchison Port Holdings Trust 1,076,000 478,820 
Jardine Cycle & Carriage Ltd. 22,393 679,556 
Keppel Corp. Ltd. 295,100 1,119,948 
Oversea-Chinese Banking Corp. Ltd. 622,425 3,793,829 
Sembcorp Industries Ltd. 197,800 359,701 
Sembcorp Marine Ltd. 163,800 152,468 
Singapore Airlines Ltd. 108,800 792,197 
Singapore Exchange Ltd. 160,100 815,891 
Singapore Press Holdings Ltd. 322,300 861,783 
Singapore Technologies Engineering Ltd. 313,800 705,980 
Singapore Telecommunications Ltd. 1,621,300 4,521,577 
StarHub Ltd. 120,900 293,723 
Suntec (REIT) 479,800 579,381 
United Overseas Bank Ltd. 266,833 3,601,886 
UOL Group Ltd. 93,234 379,973 
Wilmar International Ltd. 385,300 916,689 
Yangzijiang Shipbuilding Holdings Ltd. 380,600 203,807 
TOTAL SINGAPORE  29,341,477 
South Africa - 1.5%   
Anglo American Platinum Ltd. (a) 10,696 252,000 
AngloGold Ashanti Ltd. (a) 82,540 1,123,839 
Aspen Pharmacare Holdings Ltd. 74,723 1,627,766 
Barclays Africa Group Ltd. 85,234 988,389 
Bidcorp Ltd. 67,955 1,198,205 
Bidvest Group Ltd. 64,382 799,347 
Capitec Bank Holdings Ltd. 7,916 402,148 
Coronation Fund Managers Ltd. 45,187 243,064 
Discovery Ltd. 71,363 609,857 
Exxaro Resources Ltd. 29,117 214,214 
FirstRand Ltd. 680,097 2,437,177 
Fortress Income Fund Ltd.:   
Class A 181,009 219,486 
Class B 157,674 374,898 
Foschini Ltd. 44,126 454,227 
Gold Fields Ltd. 166,360 686,114 
Growthpoint Properties Ltd. 461,548 860,541 
Hyprop Investments Ltd. 48,904 434,138 
Impala Platinum Holdings Ltd. (a) 126,048 506,669 
Imperial Holdings Ltd. 34,983 441,888 
Investec Ltd. 48,984 302,069 
Liberty Holdings Ltd. 21,755 187,076 
Life Healthcare Group Holdings Ltd. 194,084 518,181 
Massmart Holdings Ltd. 22,171 192,150 
MMI Holdings Ltd. 206,787 346,747 
Mondi Ltd. 24,130 471,549 
Mr Price Group Ltd. 49,164 560,489 
MTN Group Ltd. 336,620 2,907,500 
Naspers Ltd. Class N 89,118 14,936,332 
Nedbank Group Ltd. 39,738 649,836 
Netcare Ltd. 191,379 491,514 
Pick 'n Pay Stores Ltd. 73,287 358,669 
Pioneer Foods Ltd. 25,332 305,797 
PSG Group Ltd. 18,614 290,866 
Rand Merchant Insurance Holdings Ltd. 131,872 394,919 
Redefine Properties Ltd. 876,099 752,404 
Remgro Ltd. 96,855 1,609,012 
Resilient Property Income Fund Ltd. 61,614 509,819 
RMB Holdings Ltd. 140,794 621,493 
Sanlam Ltd. 326,973 1,584,942 
Sappi Ltd. (a) 110,267 613,333 
Sasol Ltd. 112,148 3,096,966 
Shoprite Holdings Ltd. 86,957 1,283,355 
Sibanye Gold Ltd. 150,406 418,394 
Spar Group Ltd. 37,131 525,968 
Standard Bank Group Ltd. 261,500 2,774,465 
Telkom SA Ltd. 52,640 242,865 
Tiger Brands Ltd. 32,570 927,504 
Transportation Hex Group Ltd. (a) 136 42 
Truworths International Ltd. 89,235 472,854 
Tsogo Sun Holdings Ltd. 72,446 164,463 
Vodacom Group Ltd. 74,122 799,558 
Woolworths Holdings Ltd. 201,301 1,166,116 
TOTAL SOUTH AFRICA  54,351,214 
Spain - 2.2%   
Abertis Infraestructuras SA 130,285 1,934,350 
ACS Actividades de Construccion y Servicios SA 39,291 1,204,668 
Aena SA 13,698 2,011,196 
Amadeus IT Holding SA Class A 89,449 4,222,284 
Banco Bilbao Vizcaya Argentaria SA 1,310,365 9,432,907 
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (b) 28,259 203,747 
Banco de Sabadell SA 1,071,251 1,433,502 
Banco Popular Espanol SA 680,985 746,804 
Banco Santander SA:   
rights 11/1/16 (a) 2,823,703 158,086 
(Spain) 2,823,703 13,836,226 
(Spain) sponsored ADR (b) 112,095 542,540 
Bankia SA 934,980 823,152 
Bankinter SA 135,624 1,038,298 
CaixaBank SA 658,742 1,987,681 
Distribuidora Internacional de Alimentacion SA 126,728 678,467 
Enagas SA 46,028 1,321,287 
Endesa SA 64,151 1,363,717 
Ferrovial SA 98,168 1,910,116 
Ferrovial SA rights 11/14/16 (a) 98,168 42,028 
Gas Natural SDG SA 70,874 1,398,490 
Grifols SA 61,444 1,214,777 
Iberdrola SA 1,105,978 7,538,268 
Inditex SA 221,910 7,757,496 
International Consolidated Airlines Group SA 164,348 872,838 
MAPFRE SA (Reg.) 218,721 649,953 
Red Electrica Corporacion SA 87,807 1,831,895 
Repsol YPF SA 224,318 3,143,319 
Telefonica SA 894,514 9,088,801 
Telefonica SA sponsored ADR (b) 16,739 169,733 
Zardoya Otis SA 39,151 330,501 
TOTAL SPAIN  78,887,127 
Sweden - 1.8%   
Alfa Laval AB 59,221 851,058 
ASSA ABLOY AB (B Shares) 204,069 3,708,639 
Atlas Copco AB:   
(A Shares) (b) 137,364 4,030,210 
(B Shares) 78,101 2,042,421 
Boliden AB 55,122 1,277,330 
Electrolux AB (B Shares) 48,869 1,157,319 
Getinge AB (B Shares) 40,675 666,497 
H&M Hennes & Mauritz AB (B Shares) 193,454 5,442,410 
Hexagon AB (B Shares) 52,778 1,847,667 
Husqvarna AB (B Shares) 84,970 639,240 
ICA Gruppen AB 16,435 510,401 
Industrivarden AB (C Shares) 33,153 591,693 
Investor AB (B Shares) 92,065 3,272,983 
Kinnevik AB (B Shares) 47,680 1,205,705 
Lundin Petroleum AB (a) 40,582 730,122 
Nordea Bank AB 615,647 6,471,957 
Sandvik AB 215,173 2,446,623 
Securitas AB (B Shares) 63,356 979,224 
Skandinaviska Enskilda Banken AB (A Shares) 307,134 3,099,513 
Skanska AB (B Shares) 71,532 1,553,847 
SKF AB (B Shares) 80,526 1,364,961 
Svenska Cellulosa AB (SCA) (B Shares) 123,554 3,500,547 
Svenska Handelsbanken AB (A Shares) 306,609 4,180,039 
Swedbank AB (A Shares) 183,179 4,291,412 
Swedish Match Co. AB 39,330 1,368,602 
Tele2 AB:   
rights 11/16/16(a) 65,200 19,535 
(B Shares) (b) 65,200 538,873 
Telefonaktiebolaget LM Ericsson:   
(B Shares) 599,482 2,908,004 
(B Shares) sponsored ADR 23,312 113,529 
TeliaSonera AB 525,051 2,098,541 
Volvo AB (B Shares) 312,107 3,351,846 
TOTAL SWEDEN  66,260,748 
Switzerland - 5.9%   
ABB Ltd. (Reg.) 413,248 8,525,484 
Actelion Ltd. 20,973 3,030,811 
Adecco SA (Reg.) 33,633 2,000,204 
Aryzta AG 17,682 776,932 
Baloise Holdings AG 10,140 1,248,095 
Barry Callebaut AG 449 559,010 
Coca-Cola HBC AG 36,994 799,656 
Compagnie Financiere Richemont SA Series A 106,234 6,829,774 
Credit Suisse Group AG 376,741 5,256,583 
Credit Suisse Group AG sponsored ADR 421 5,852 
Dufry AG (a) 9,413 1,145,294 
Ems-Chemie Holding AG 1,660 833,313 
Galenica AG 791 792,958 
Geberit AG (Reg.) 7,715 3,264,383 
Givaudan SA 1,874 3,626,608 
Julius Baer Group Ltd. 45,321 1,834,667 
Kuehne & Nagel International AG 11,068 1,501,011 
Lafargeholcim Ltd. (Reg.) 92,663 4,948,956 
Lindt & Spruengli AG 21 1,303,017 
Lindt & Spruengli AG (participation certificate) 204 1,059,633 
Lonza Group AG 10,839 2,046,107 
Nestle SA (Reg. S) 648,108 46,996,858 
Novartis AG 443,329 31,461,987 
Novartis AG sponsored ADR 10,706 760,340 
Pargesa Holding SA 7,121 478,188 
Partners Group Holding AG 3,512 1,778,093 
Roche Holding AG (participation certificate) 142,890 32,819,219 
Schindler Holding AG:   
(participation certificate) 8,982 1,669,233 
(Reg.) 4,203 777,271 
SGS SA (Reg.) 1,111 2,252,202 
Sika AG 437 2,100,320 
Sonova Holding AG Class B 10,990 1,473,774 
Swatch Group AG (Bearer) (b) 6,338 1,906,748 
Swatch Group AG (Bearer) (Reg.) 9,815 565,859 
Swiss Life Holding AG 6,497 1,720,190 
Swiss Prime Site AG 14,132 1,171,776 
Swiss Re Ltd. 67,825 6,298,941 
Swisscom AG 5,287 2,418,700 
Syngenta AG (Switzerland) 18,911 7,567,537 
UBS Group AG (b) 711,219 10,062,216 
UBS Group AG 32,977 463,986 
Zurich Insurance Group AG 30,602 8,006,526 
TOTAL SWITZERLAND  214,138,312 
Taiwan - 2.8%   
Acer, Inc. 586,060 269,530 
Advanced Semiconductor Engineering, Inc. 1,283,639 1,509,637 
Advantech Co. Ltd. 63,516 517,741 
Asia Cement Corp. 471,785 412,252 
Asia Pacific Telecom Co. Ltd. (a) 416,000 133,923 
ASUSTeK Computer, Inc. 145,422 1,275,328 
AU Optronics Corp. 1,755,000 667,195 
Catcher Technology Co. Ltd. 133,000 1,044,055 
Cathay Financial Holding Co. Ltd. 1,654,227 2,148,551 
Chang Hwa Commercial Bank 995,081 509,715 
Cheng Shin Rubber Industry Co. Ltd. 393,513 802,540 
Chicony Electronics Co. Ltd. 116,563 298,723 
China Airlines Ltd. 539,835 163,516 
China Development Finance Holding Corp. 2,766,819 694,151 
China Life Insurance Co. Ltd. 700,253 647,426 
China Steel Corp. 2,412,421 1,744,555 
Chinatrust Financial Holding Co. Ltd. 3,556,255 1,917,514 
Chunghwa Picture Tubes, Ltd. (a) 551 27 
Chunghwa Telecom Co. Ltd. 770,400 2,640,402 
Compal Electronics, Inc. 890,394 530,929 
Delta Electronics, Inc. 395,383 2,087,992 
E.SUN Financial Holdings Co. Ltd. 1,594,155 907,594 
ECLAT Textile Co. Ltd. 38,589 439,395 
EVA Airways Corp. 418,931 201,968 
Evergreen Marine Corp. (Taiwan) (a) 353,730 132,389 
Far Eastern Textile Ltd. 670,032 519,602 
Far EasTone Telecommunications Co. Ltd. 324,000 766,621 
Feng Tay Enterprise Co. Ltd. 67,760 283,690 
First Financial Holding Co. Ltd. 1,939,518 1,018,095 
Formosa Chemicals & Fibre Corp. 653,620 1,946,649 
Formosa Petrochemical Corp. 230,000 769,621 
Formosa Plastics Corp. 838,640 2,271,591 
Formosa Taffeta Co. Ltd. 150,000 137,019 
Foxconn Technology Co. Ltd. 185,811 539,838 
Fubon Financial Holding Co. Ltd. 1,347,487 1,914,694 
Giant Manufacturing Co. Ltd. 58,042 411,450 
Hermes Microvision, Inc. 9,000 398,211 
Highwealth Construction Corp. 165,400 245,253 
HIWIN Technologies Corp. 41,600 184,062 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 3,151,742 8,527,002 
Hotai Motor Co. Ltd. 50,000 582,806 
HTC Corp. (a) 134,057 392,878 
Hua Nan Financial Holdings Co. Ltd. 1,475,880 751,316 
Innolux Corp. 1,816,819 613,703 
Inotera Memories, Inc. (a) 534,000 500,490 
Inventec Corp. 506,209 396,573 
Largan Precision Co. Ltd. 20,000 2,369,285 
Lite-On Technology Corp. 427,053 613,588 
MediaTek, Inc. 302,989 2,306,401 
Mega Financial Holding Co. Ltd. 2,201,833 1,508,464 
Merida Industry Co. Ltd. 42,050 194,055 
Nan Ya Plastics Corp. 965,980 2,012,937 
Nanya Technology Corp. 138,000 179,238 
Nien Made Enterprise Co. Ltd. 30,000 348,256 
Novatek Microelectronics Corp. 117,000 439,745 
OBI Pharma, Inc. (a) 23,000 241,099 
Pegatron Corp. 395,652 1,066,667 
Phison Electronics Corp. 30,199 214,554 
Pou Chen Corp. 446,240 604,356 
Powertech Technology, Inc. 131,700 376,363 
President Chain Store Corp. 116,000 868,294 
Quanta Computer, Inc. 547,000 1,110,360 
Realtek Semiconductor Corp. 90,744 307,963 
Ruentex Development Co. Ltd. (a) 168,984 195,094 
Ruentex Industries Ltd. 113,484 183,210 
Shin Kong Financial Holding Co. Ltd. (a) 1,704,637 370,356 
Siliconware Precision Industries Co. Ltd. 489,000 740,309 
Simplo Technology Co. Ltd. 55,971 173,087 
Sinopac Holdings Co. 2,041,620 589,916 
Standard Foods Corp. 82,713 204,890 
Synnex Technology International Corp. 290,920 310,957 
TaiMed Biologics, Inc. 33,000 207,764 
Taishin Financial Holdings Co. Ltd. 1,726,673 632,541 
Taiwan Business Bank 825,381 208,908 
Taiwan Cement Corp. 677,110 812,871 
Taiwan Cooperative Financial Holding Co. Ltd. 1,550,914 681,293 
Taiwan Fertilizer Co. Ltd. 156,000 209,296 
Taiwan Mobile Co. Ltd. 340,400 1,193,022 
Taiwan Semiconductor Manufacturing Co. Ltd. 5,011,000 30,100,460 
TECO Electric & Machinery Co. Ltd. 380,000 338,075 
Transcend Information, Inc. 39,000 107,864 
Unified-President Enterprises Corp. 978,620 1,896,496 
United Microelectronics Corp. 2,450,000 912,739 
Vanguard International Semiconductor Corp. 180,000 367,667 
Wistron Corp. 505,928 381,911 
WPG Holding Co. Ltd. 308,107 361,576 
Yuanta Financial Holding Co. Ltd. 1,950,085 729,848 
Yulon Motor Co. Ltd. 184,000 161,365 
TOTAL TAIWAN  101,701,352 
Thailand - 0.5%   
Advanced Info Service PCL (For. Reg.) 210,300 921,329 
Airports of Thailand PCL (For. Reg.) 86,400 939,519 
Bangkok Bank PCL (For. Reg.) 61,400 278,633 
Bangkok Dusit Medical Services PCL (For. Reg.) 782,600 509,262 
Bangkok Expressway and Metro PCL 1,385,300 294,555 
Banpu PCL (For. Reg.) 396,000 206,830 
BEC World PCL (For. Reg.) 197,800 115,730 
BTS Group Holdings PCL 1,174,200 286,533 
Bumrungrad Hospital PCL (For. Reg.) 71,800 375,010 
C.P. ALL PCL 13,700 23,754 
C.P. ALL PCL (For. Reg.) 1,001,300 1,736,111 
Central Pattana PCL (For. Reg.) 268,300 426,906 
Charoen Pokphand Foods PCL (For. Reg.) 577,200 518,924 
Delta Electronics PCL (For. Reg.) 100,300 224,718 
Electricity Generating PCL (For. Reg.) 27,100 150,824 
Energy Absolute PCL 218,400 176,091 
Glow Energy PCL (For. Reg.) 102,000 224,160 
Home Product Center PCL (For. Reg.) 791,047 228,029 
Indorama Ventures PCL (For. Reg.) 289,300 241,513 
IRPC PCL (For. Reg.) 1,995,700 272,264 
Kasikornbank PCL 48,200 236,615 
Kasikornbank PCL (For. Reg.) 308,200 1,512,962 
Krung Thai Bank PCL (For. Reg.) 684,475 336,011 
Minor International PCL 21,600 23,735 
Minor International PCL (For. Reg.) 433,170 475,977 
PTT Exploration and Production PCL (For. Reg.) 277,051 658,280 
PTT Global Chemical PCL (For. Reg.) 418,286 716,294 
PTT PCL (For. Reg.) 201,500 1,989,839 
Robinsons Department Store PCL (For. Reg.) 98,800 163,550 
Siam Cement PCL (For. Reg.) 82,550 1,187,448 
Siam Commercial Bank PCL (For. Reg.) 314,100 1,286,432 
Thai Oil PCL (For. Reg.) 163,000 325,651 
Thai Union Frozen Products PCL (For. Reg.) 383,900 237,763 
TMB PCL (For. Reg.) 2,584,000 154,874 
True Corp. PCL (For. Reg.) 2,144,335 413,108 
TOTAL THAILAND  17,869,234 
Turkey - 0.3%   
Akbank T.A.S. 444,761 1,188,712 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 42,038 256,908 
Arcelik A/S 48,923 323,176 
Bim Birlesik Magazalar A/S JSC 43,244 704,370 
Coca-Cola Icecek Sanayi A/S 15,431 174,545 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 386,828 395,048 
Eregli Demir ve Celik Fabrikalari T.A.S. 282,362 383,266 
Ford Otomotiv Sanayi A/S 14,266 145,876 
Haci Omer Sabanci Holding A/S 185,556 560,701 
Koc Holding A/S 127,929 533,339 
Petkim Petrokimya Holding A/S 140,038 190,081 
TAV Havalimanlari Holding A/S 33,987 139,715 
Tofas Turk Otomobil Fabrikasi A/S 25,388 191,174 
Tupras Turkiye Petrol Rafinelleri A/S 25,381 517,176 
Turk Hava Yollari AO (a) 111,739 196,448 
Turk Sise ve Cam Fabrikalari A/S 145,435 152,756 
Turk Telekomunikasyon A/S 93,459 172,767 
Turkcell Iletisim Hizmet A/S 177,853 573,061 
Turkiye Garanti Bankasi A/S 467,829 1,271,533 
Turkiye Halk Bankasi A/S 128,157 389,327 
Turkiye Is Bankasi A/S Series C 316,555 513,567 
Turkiye Vakiflar Bankasi TAO 150,866 223,307 
Ulker Biskuvi Sanayi A/S 31,627 196,247 
Yapi ve Kredi Bankasi A/S (a) 175,016 209,278 
TOTAL TURKEY  9,602,378 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC (a) 395,950 661,902 
Aldar Properties PJSC (a) 634,601 456,131 
Arabtec Holding Co. (a) 465,730 168,644 
DP World Ltd. 33,743 605,687 
Dubai Financial Market PJSC (a) 417,464 130,708 
Dubai Islamic Bank Pakistan Ltd. (a) 251,059 358,172 
Emaar Malls Group PJSC (a) 398,540 278,862 
Emaar Properties PJSC 710,170 1,347,659 
Emirates Telecommunications Corp. 356,384 1,829,004 
First Gulf Bank PJSC 180,496 565,133 
National Bank of Abu Dhabi PJSC (a) 137,801 332,033 
TOTAL UNITED ARAB EMIRATES  6,733,935 
United Kingdom - 11.1%   
3i Group PLC 197,143 1,619,143 
Aberdeen Asset Management PLC 186,863 732,362 
Admiral Group PLC 42,818 1,004,685 
Aggreko PLC 51,979 509,933 
Anglo American PLC (United Kingdom) (a) 284,359 3,936,507 
Antofagasta PLC 79,581 528,921 
Ashtead Group PLC 102,255 1,599,546 
Associated British Foods PLC 72,279 2,178,119 
AstraZeneca PLC:   
(United Kingdom) 248,347 13,906,208 
sponsored ADR (b) 16,548 468,639 
Auto Trader Group PLC 203,304 932,419 
Aviva PLC 822,988 4,459,588 
Babcock International Group PLC 51,641 625,133 
BAE Systems PLC 644,489 4,270,226 
Barclays PLC 3,365,319 7,796,797 
Barclays PLC sponsored ADR 16,118 148,608 
Barratt Developments PLC 203,482 1,129,994 
Berkeley Group Holdings PLC 26,681 770,391 
BHP Billiton PLC 413,824 6,222,700 
BHP Billiton PLC ADR 7,219 218,303 
BP PLC 3,850,502 22,763,036 
British American Tobacco PLC:   
(United Kingdom) 368,425 21,115,523 
sponsored ADR (b) 4,978 571,922 
British Land Co. PLC 198,410 1,421,909 
BT Group PLC 1,712,052 7,858,387 
Bunzl PLC 68,147 1,834,228 
Burberry Group PLC 90,182 1,628,146 
Capita Group PLC 135,353 970,838 
Carnival PLC 38,616 1,862,561 
Carphone Warehouse Group PLC 198,645 765,166 
Centrica PLC 1,101,821 2,888,763 
Cobham PLC 347,096 607,104 
Coca-Cola European Partners PLC 44,152 1,702,434 
Compass Group PLC 333,395 6,032,543 
Croda International PLC 26,777 1,146,471 
Diageo PLC 500,367 13,318,037 
Diageo PLC sponsored ADR 2,628 282,589 
Direct Line Insurance Group PLC 278,891 1,181,456 
easyJet PLC 32,206 369,367 
Fresnillo PLC 44,760 898,494 
G4S PLC (United Kingdom) 315,130 848,582 
GKN PLC 348,130 1,357,645 
GlaxoSmithKline PLC 958,807 18,940,578 
GlaxoSmithKline PLC sponsored ADR 14,928 597,269 
Hammerson PLC 163,009 1,099,372 
Hargreaves Lansdown PLC 52,830 750,101 
Hikma Pharmaceuticals PLC 29,165 626,142 
HSBC Holdings PLC:   
(United Kingdom) 4,037,103 30,403,966 
sponsored ADR 7,680 288,998 
ICAP PLC 111,996 664,168 
IMI PLC 55,068 669,988 
Imperial Tobacco Group PLC 194,689 9,425,930 
Inmarsat PLC 91,552 786,098 
InterContinental Hotel Group PLC 38,076 1,479,710 
Intertek Group PLC 32,771 1,371,018 
Intu Properties PLC (b) 191,929 647,208 
Investec PLC 125,102 777,874 
ITV PLC 736,155 1,536,297 
J Sainsbury PLC 333,395 1,023,861 
Johnson Matthey PLC 39,334 1,641,738 
Kingfisher PLC 461,253 2,037,548 
Land Securities Group PLC 160,427 1,961,663 
Legal & General Group PLC 1,206,456 3,092,214 
Lloyds Banking Group PLC 12,806,442 8,943,035 
Lloyds Banking Group PLC sponsored ADR (b) 56,591 159,587 
London Stock Exchange Group PLC 63,524 2,184,870 
Marks & Spencer Group PLC 329,487 1,370,926 
Mediclinic International PLC 21,654 240,263 
Mediclinic International PLC 53,316 588,567 
Meggitt PLC 157,832 840,940 
Merlin Entertainments PLC 144,336 814,083 
Mondi PLC 74,837 1,461,944 
National Grid PLC 760,736 9,895,484 
Next PLC 28,712 1,692,510 
Old Mutual PLC 999,366 2,464,796 
Pearson PLC 156,250 1,445,526 
Pearson PLC sponsored ADR (b) 10,528 97,173 
Persimmon PLC 62,455 1,294,977 
Provident Financial PLC 29,951 1,081,471 
Prudential PLC 510,878 8,336,948 
Prudential PLC ADR 5,458 178,640 
Reckitt Benckiser Group PLC 128,693 11,512,940 
RELX PLC 222,237 3,974,184 
Rio Tinto PLC 243,511 8,468,170 
Rio Tinto PLC sponsored ADR (b) 7,367 256,740 
Rolls-Royce Holdings PLC 373,174 3,312,521 
Royal Bank of Scotland Group PLC (a) 713,731 1,649,367 
Royal Dutch Shell PLC:   
Class A (Netherlands) 114,982 2,865,050 
Class A (United Kingdom) 766,325 19,086,883 
Class A sponsored ADR 5,803 289,047 
Class B (United Kingdom) 764,045 19,706,638 
Royal Mail PLC 181,576 1,091,243 
RSA Insurance Group PLC 206,516 1,394,323 
Sage Group PLC 219,303 1,936,700 
Schroders PLC 27,453 947,254 
Scottish & Southern Energy PLC 212,715 4,135,828 
Segro PLC 154,988 829,392 
Severn Trent PLC 47,879 1,364,299 
SKY PLC 209,302 2,095,599 
Smith & Nephew PLC 181,869 2,629,163 
Smiths Group PLC 80,363 1,394,806 
St. James's Place Capital PLC 106,696 1,234,131 
Standard Chartered PLC (United Kingdom) 665,776 5,801,343 
Standard Life PLC 400,498 1,655,928 
Tate & Lyle PLC 94,877 905,810 
Taylor Wimpey PLC 662,616 1,149,246 
Tesco PLC (a) 1,658,949 4,272,933 
The Weir Group PLC 43,366 902,360 
Travis Perkins PLC 50,719 827,527 
Unilever PLC 260,485 10,897,734 
United Utilities Group PLC 138,418 1,592,582 
Vodafone Group PLC 5,268,005 14,467,662 
Vodafone Group PLC sponsored ADR 12,032 334,971 
Whitbread PLC 37,059 1,639,772 
William Hill PLC 176,801 640,124 
WM Morrison Supermarkets PLC 450,994 1,250,318 
Worldpay Group PLC 345,565 1,204,623 
TOTAL UNITED KINGDOM  405,114,115 
United States of America - 0.0%   
Southern Copper Corp. 29,496 837,391 
TOTAL COMMON STOCKS   
(Cost $3,523,741,083)  3,469,027,447 
Nonconvertible Preferred Stocks - 1.5%   
Brazil - 0.8%   
Ambev SA sponsored ADR 66,500 392,350 
Banco Bradesco SA:   
(PN) 514,927 5,394,473 
(PN) sponsored ADR 55,422 576,947 
Brasil Foods SA sponsored ADR 9,700 162,184 
Braskem SA (PN-A) 31,700 280,752 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 45,600 390,714 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 32,201 615,370 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 153,704 469,491 
Companhia Energetica de Sao Paulo Series B 37,500 174,225 
Companhia Paranaense de Energia-Copel (PN-B) 20,400 233,590 
Gerdau SA (PN) 186,150 642,661 
Itau Unibanco Holding SA 589,774 7,095,026 
Itau Unibanco Holding SA sponsored ADR 68,152 813,053 
Itausa-Investimentos Itau SA (PN) 787,570 2,329,154 
Lojas Americanas SA (PN) 113,637 736,932 
Petroleo Brasileiro SA - Petrobras:   
(PN) (non-vtg.) (a) 703,240 3,897,342 
(PN) sponsored (non-vtg.) (a) 41,350 457,331 
sponsored ADR (a) 30,750 358,853 
Suzano Papel e Celulose SA 82,000 289,261 
Telefonica Brasil SA 90,440 1,308,433 
Vale SA:   
(PN-A) 359,000 2,320,229 
(PN-A) sponsored ADR 32,200 207,368 
TOTAL BRAZIL  29,145,739 
Chile - 0.0%   
Embotelladora Andina SA Class B 57,348 232,642 
Sociedad Quimica y Minera de Chile SA (PN-B) 19,523 576,975 
TOTAL CHILE  809,617 
Colombia - 0.0%   
Bancolombia SA (PN) 91,357 867,150 
Grupo Aval Acciones y Valores SA 713,074 294,073 
Grupo de Inversiones Suramerica SA 20,075 253,710 
TOTAL COLOMBIA  1,414,933 
France - 0.1%   
Air Liquide SA (a) 32,925 3,349,772 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 11,939 906,282 
Fuchs Petrolub AG 14,115 631,023 
Henkel AG & Co. KGaA 36,336 4,662,889 
Porsche Automobil Holding SE (Germany) 30,970 1,670,118 
Volkswagen AG 37,697 5,181,012 
TOTAL GERMANY  13,051,324 
Italy - 0.0%   
Telecom Italia SpA (Risparmio Shares) 1,125,755 798,325 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 1,888 330,141 
Hyundai Motor Co. 4,939 412,823 
Hyundai Motor Co. Series 2 7,467 656,114 
LG Chemical Ltd. 1,511 237,796 
LG Household & Health Care Ltd. 560 233,057 
Samsung Electronics Co. Ltd. 3,842 4,423,949 
TOTAL KOREA (SOUTH)  6,293,880 
Russia - 0.0%   
AK Transneft OAO (a) 311 745,600 
Sberbank of Russia (a) 130,675 229,996 
Surgutneftegas OJSC (a) 686,117 311,100 
TOTAL RUSSIA  1,286,696 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC 17,166,004 21,011 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $62,495,656)  56,171,297 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $46,681) 		INR233,068 46,224 
 Shares Value 
U.S. Government and Government Agency Obligations - 0.3%   
U.S. Treasury Obligations - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.34% to 0.57% 1/5/17 to 6/22/17 (e)   
(Cost $9,976,897) 10,000,000 9,978,994 
 Shares Value 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund, 0.41% (f) 96,816,316 $96,845,361 
Fidelity Securities Lending Cash Central Fund 0.48% (f)(g) 55,470,401 55,481,495 
TOTAL MONEY MARKET FUNDS   
(Cost $152,305,987)  152,326,856 
TOTAL INVESTMENT PORTFOLIO - 101.3%   
(Cost $3,748,566,304)  3,687,550,818 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (49,087,856) 
NET ASSETS - 100%  $3,638,462,962 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
941 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 78,371,185 $(710,456) 
587 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 26,517,725 (90,910) 
59 TME S&P/TSX 60 Index Contracts (Canada) Dec. 2016 7,622,978 172,903 
TOTAL FUTURES CONTRACTS   $(628,463) 

The face value of futures purchased as a percentage of Net Assets is 3.1%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $104,483,606.

Currency Abbreviations

INR – Indian rupee

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $223,343 or 0.0% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,882,355.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Affiliated Central Funds

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 $317,084 
Fidelity Securities Lending Cash Central Fund 664,271 
Total $981,355 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $406,759,262 $294,809,474 $111,949,788 $-- 
Consumer Staples 365,197,685 256,704,134 108,493,551 -- 
Energy 240,171,864 126,932,323 113,239,541 -- 
Financials 793,946,475 562,983,757 230,962,714 4 
Health Care 287,692,561 116,508,334 171,184,227 -- 
Industrials 412,680,906 338,102,951 74,577,955 -- 
Information Technology 338,287,013 215,054,175 123,232,836 2 
Materials 271,464,949 217,046,007 54,418,942 -- 
Real Estate 119,683,752 114,614,669 4,780,770 288,313 
Telecommunication Services 172,293,283 57,456,353 114,836,930 -- 
Utilities 117,020,994 91,529,416 25,491,578 -- 
Corporate Bonds 46,224 -- 46,224 -- 
U.S. Government and Government Agency Obligations 9,978,994 -- 9,978,994 -- 
Money Market Funds 152,326,856 152,326,856 -- -- 
Total Investments in Securities: $3,687,550,818 $2,544,068,449 $1,143,194,050 $288,319 
Derivative Instruments:     
Assets     
Futures Contracts $172,903 $172,903 $-- $-- 
Total Assets $172,903 $172,903 $-- $-- 
Liabilities     
Futures Contracts $(801,366) $(801,366) $-- $-- 
Total Liabilities $(801,366) $(801,366) $-- $-- 
Total Derivative Instruments: $(628,463) $(628,463) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $70,509,215 
Level 2 to Level 1 $806,423,087 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $172,903 $(801,366) 
Total Equity Risk 172,903 (801,366) 
Total Value of Derivatives $172,903 $(801,366) 

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


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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $53,740,288) — See accompanying schedule:
Unaffiliated issuers (cost $3,596,260,317) 		$3,535,223,962  
Fidelity Central Funds (cost $152,305,987) 152,326,856  
Total Investments (cost $3,748,566,304)  $3,687,550,818 
Foreign currency held at value (cost $2,299,179)  2,300,299 
Receivable for fund shares sold  124,968 
Dividends receivable  10,281,371 
Interest receivable  180 
Distributions receivable from Fidelity Central Funds  98,009 
Receivable for daily variation margin for derivative instruments  189,563 
Other receivables  868 
Total assets  3,700,546,076 
Liabilities   
Payable for fund shares redeemed 6,063,424  
Accrued management fee 182,225  
Other payables and accrued expenses 363,337  
Collateral on securities loaned, at value 55,474,128  
Total liabilities  62,083,114 
Net Assets  $3,638,462,962 
Net Assets consist of:   
Paid in capital  $3,673,408,336 
Undistributed net investment income  83,624,535 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (56,250,151) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (62,319,758) 
Net Assets, for 332,370,442 shares outstanding  $3,638,462,962 
Net Asset Value, offering price and redemption price per share ($3,638,462,962 ÷ 332,370,442 shares)  $10.95 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $105,312,074 
Interest  36,304 
Income from Fidelity Central Funds  981,355 
Income before foreign taxes withheld  106,329,733 
Less foreign taxes withheld  (9,269,235) 
Total income  97,060,498 
Expenses   
Management fee $5,189,049  
Independent trustees' fees and expenses 14,048  
Miscellaneous 8,230  
Total expenses before reductions 5,211,327  
Expense reductions (115) 5,211,212 
Net investment income (loss)  91,849,286 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (23,912,797)  
Fidelity Central Funds 5,513  
Foreign currency transactions (303,622)  
Futures contracts 12,485,917  
Total net realized gain (loss)  (11,724,989) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $81,504) 		(15,403,690)  
Assets and liabilities in foreign currencies (170,166)  
Futures contracts (4,474,140)  
Total change in net unrealized appreciation (depreciation)  (20,047,996) 
Net gain (loss)  (31,772,985) 
Net increase (decrease) in net assets resulting from operations  $60,076,301 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $91,849,286 $75,328,611 
Net realized gain (loss) (11,724,989) (25,377,623) 
Change in net unrealized appreciation (depreciation) (20,047,996) (205,850,677) 
Net increase (decrease) in net assets resulting from operations 60,076,301 (155,899,689) 
Distributions to shareholders from net investment income (75,093,553) (73,074,117) 
Distributions to shareholders from net realized gain – (1,043,916) 
Total distributions (75,093,553) (74,118,033) 
Share transactions   
Proceeds from sales of shares 881,647,708 1,011,725,307 
Reinvestment of distributions 75,093,553 74,118,033 
Cost of shares redeemed (301,557,947) (335,726,404) 
Net increase (decrease) in net assets resulting from share transactions 655,183,314 750,116,936 
Total increase (decrease) in net assets 640,166,062 520,099,214 
Net Assets   
Beginning of period 2,998,296,900 2,478,197,686 
End of period $3,638,462,962 $2,998,296,900 
Other Information   
Undistributed net investment income end of period $83,624,535 $66,869,421 
Shares   
Sold 84,643,921 87,499,853 
Issued in reinvestment of distributions 7,018,089 6,313,291 
Redeemed (28,176,491) (28,663,203) 
Net increase (decrease) 63,485,519 65,149,941 

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


Financial Highlights — Fidelity Series Global ex U.S. Index Fund

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.15 $12.16 $12.35 $10.55 $10.24 
Income from Investment Operations      
Net investment income (loss)A .30 .31 .39 .31 .31 
Net realized and unrealized gain (loss) (.23) (.96) (.33) 1.75 .19 
Total from investment operations .07 (.65) .06 2.06 .50 
Distributions from net investment income (.27) (.35) (.24) (.25) (.19) 
Distributions from net realized gain – (.01) (.01) (.02) – 
Total distributions (.27) (.36) (.25) (.26)B (.19) 
Net asset value, end of period $10.95 $11.15 $12.16 $12.35 $10.55 
Total ReturnC .71% (5.53)% .52% 19.97% 5.08% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .16% .20% .20% .20% .20% 
Expenses net of fee waivers, if any .16% .20% .20% .20% .20% 
Expenses net of all reductions .16% .20% .20% .20% .20% 
Net investment income (loss) 2.84% 2.68% 3.19% 2.73% 3.09% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,638,463 $2,998,297 $2,478,198 $1,723,870 $1,027,731 
Portfolio turnover rateF 1% 2% 2% 1% 1% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.26 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.018 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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

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

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

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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $433,073,719 
Gross unrealized depreciation (502,448,683) 
Net unrealized appreciation (depreciation) on securities $(69,374,964) 
Tax Cost $3,756,925,782 

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

Undistributed ordinary income $85,404,869 
Capital loss carryforward $(50,298,849) 
Net unrealized appreciation (depreciation) on securities and other investments $(69,688,123) 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2019 $(2,685,793) 
No expiration  
Short-term (8,392,778) 
Long-term (39,220,278) 
Total no expiration (47,613,056) 
Total capital loss carryforward $(50,298,849) 

The tax character of distributions paid was as follows:

 October 31, 2016 October 31, 2015 
Ordinary Income $75,093,553 $ 74,118,033 

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.

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

During the period the Fund recognized net realized gain (loss) of $12,485,917 and a change in net unrealized appreciation (depreciation) of $(4,474,140) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $689,468,841 and $34,194,676, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. During the period, the Board of Trustees approved an amendment to the management contract, effective August 1, 2016, to reduce the management fee from an annual rate of .20% to .06% of the Fund's average net assets. Under the management contract, the investment adviser 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 .16% 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 the investment adviser for providing these services.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8,230 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. 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 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 $664,271.

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $115.

10. 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 the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street 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, 2016, 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 five years in the period then ended. 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, 2016, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such 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, 2016, 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 the each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 20, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. Mr. Chiel oversees 120 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

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

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

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, 2016 to October 31, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2016 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period-B
May 1, 2016
to October 31, 2016 
Actual .13% $1,000.00 $1,028.20 $.66-C 
Hypothetical-D  $1,000.00 $1,024.48 $.66-C 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C If fees and changes to the Fund's expenses contract and/or expense cap effective August 1, 2016, had been in effect during the entire period, the annualized expense ratio would have been .06% and the expenses paid in the actual and hypothetical examples above would have been $.31 and $.31, respectively.

 D 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity Series Global ex U.S. Index Fund voted to pay on December 19, 2016, to shareholders of record at the opening of business on December 16, 2016 a distribution of $0.006 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.267 per share from net investment income.

The fund designates 80% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2926 and $0.0196 for the dividend paid December 7, 2015.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Global ex U.S. Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information 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 the 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 all of the Fidelity funds.

At its September 2016 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services 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 relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, 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 supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

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 to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and 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 considered 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.

Fidelity Series Global ex U.S. Index Fund


The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2015.

Furthermore, the Board considered that it had approved an amended and restated management contract for the fund (effective September 1, 2011) that lowered the fund's management fee rate from 0.25% to 0.20%. The Board considered that the chart reflects the fund's lower management fee rate for 2011, as if the lower fee were in effect for the entire year.

The Board considered that, at its July 2016 meeting, it ratified (i) an amended and restated management contract for the fund (effective August 1, 2016) that lowered the fund's management fee rate from 0.20% to 0.06% and (ii) an amended and restated sub-advisory agreement for the fund with Geode (effective August 1, 2016) that lowered the sub-advisory fee rate that FMR pays to Geode.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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 rate as well as the fund's gross management fee rate. 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 that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. 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 the competitive median for 2015.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares 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.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established 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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, 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 arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; (x) the approach to considering "fall-out" benefits; and (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SGX-ANN-1216
1.899279.107

Fidelity® Total International Index Fund

Institutional Class and Institutional Premium Class



Annual Report

October 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2016

 % of fund's net assets 
Nestle SA (Switzerland, Food Products) 1.1 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.7 
Novartis AG (Switzerland, Pharmaceuticals) 0.7 
Toyota Motor Corp. (Japan, Automobiles) 0.7 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 0.7 
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) 0.7 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 0.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 0.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 0.6 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 0.5 
 7.1 

Top Market Sectors as of October 31, 2016

 % of fund's net assets 
Financials 21.2 
Industrials 11.1 
Consumer Discretionary 10.9 
Consumer Staples 9.7 
Information Technology 8.6 
Materials 7.6 
Health Care 6.9 
Energy 6.0 
Real Estate 3.0 
Telecommunication Services 4.1 

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 16.8% 
   United Kingdom 10.5% 
   United States of America* 7.4% 
   Canada 6.9% 
   Germany 5.6% 
   France 5.6% 
   Switzerland 5.2% 
   Australia 4.6% 
   Korea (South) 3.2% 
   Other 34.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets 
Stocks and Equity Futures 100.0 

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 90.8%   
 Shares Value 
Australia - 4.6%   
360 Capital Industrial Fund 944 $1,767 
Abacus Property Group unit 629 1,340 
Adelaide Brighton Ltd. 1,539 6,263 
AGL Energy Ltd. 1,796 26,204 
ALS Ltd. 1,396 6,616 
Altium Ltd. 159 948 
Alumina Ltd. 6,151 7,393 
Amcor Ltd. 2,976 33,278 
AMP Ltd. 8,042 27,957 
Ansell Ltd. (a) 415 6,847 
APA Group unit 2,847 17,239 
APN News & Media Ltd. (a) 329 671 
APN News & Media Ltd. rights 11/17/16 (a) 126 27 
APN Outdoor Group Ltd. 434 1,568 
ARB Corp. Ltd. 163 2,115 
Ardent Leisure Group unit 1,254 1,927 
Aristocrat Leisure Ltd. 1,497 17,469 
Asaleo Care Ltd. 2,008 2,230 
ASX Ltd. 479 17,173 
Aurizon Holdings Ltd. 5,668 21,041 
Australia & New Zealand Banking Group Ltd. 7,521 159,336 
Australian Agricultural Co. Ltd. (a) 732 972 
Australian Pharmaceutical Industries Ltd. 718 1,038 
Australian Worldwide Exploration Ltd. (a) 1,468 609 
Automotive Holdings Group Ltd. 2,148 6,618 
Bank of Queensland Ltd. 1,067 8,490 
Bapcor Ltd. 568 2,217 
Beach Energy Ltd. 2,457 1,355 
Bega Cheese Ltd. 206 773 
Bellamy's Australia Ltd. 88 761 
Bendigo & Adelaide Bank Ltd. 1,241 10,507 
BHP Billiton Ltd. 8,459 147,786 
Blackmores Ltd. 40 3,410 
BlueScope Steel Ltd. 1,391 8,253 
Boral Ltd. 2,082 9,978 
Brambles Ltd. 4,120 36,136 
Breville Group Ltd. 593 4,177 
Brickworks Ltd. 161 1,651 
BT Investment Management Ltd. 556 3,912 
BWP Trust 1,753 3,961 
Caltex Australia Ltd. 639 14,937 
Carsales.com Ltd. 935 7,582 
Challenger Ltd. 1,330 10,886 
Charter Hall Group unit 618 2,210 
Charter Hall Retail REIT 574 1,812 
Cimic Group Ltd. 242 5,447 
Coca-Cola Amatil Ltd. 1,516 11,002 
Cochlear Ltd. 172 16,742 
Commonwealth Bank of Australia 4,426 247,094 
Computershare Ltd. 1,181 9,478 
Corporate Travel Managemnt Ltd. 81 1,171 
Costa Group Holdings Ltd. 1,265 2,743 
Cover-More Group Ltd. 1,777 1,926 
Credit Corp. Group Ltd. 80 1,078 
Cromwell Property Group unit 2,072 1,434 
Crown Ltd. 838 6,942 
CSL Ltd. 1,207 92,285 
CSR Ltd. 1,657 4,613 
DEXUS Property Group unit 3,026 20,579 
Dominos Pizza Enterprises Ltd. 150 7,331 
Downer Edi Ltd. 1,354 6,005 
DUET Group 6,015 10,890 
DuluxGroup Ltd. 1,382 6,770 
Eclipx Group Ltd. 381 1,116 
Estia Health Ltd. 322 656 
Evolution Mining Ltd. 3,197 5,496 
FKP Property Group unit 1,141 2,795 
Flexigroup Ltd. 574 982 
Flight Centre Travel Group Ltd. 170 4,380 
Folkestone Education Trust 882 1,664 
Fortescue Metals Group Ltd. 3,798 15,890 
G8 Education Ltd. 1,121 2,695 
Galaxy Resources Ltd. (a) 3,205 853 
Gateway Lifestyle Holdings Pty Ltd. unit 671 1,184 
Genworth Mortgage Insurance Ltd. 445 1,036 
Goodman Group unit 5,084 26,260 
GrainCorp Ltd. 632 4,038 
Growthpoint Properties Australia Ltd. 1,264 2,990 
GUD Holdings Ltd. 280 2,023 
GWA Group Ltd. 481 1,046 
Hansen Technologies Ltd. 568 1,776 
Harvey Norman Holdings Ltd. 1,322 5,079 
Healthscope Ltd. 4,656 7,827 
IDP Education Ltd. 452 1,558 
Iluka Resources Ltd. 1,165 5,113 
Incitec Pivot Ltd. 4,234 9,501 
Independence Group NL 1,384 4,474 
Insurance Australia Group Ltd. 6,227 26,100 
Investa Office Fund unit 1,455 4,693 
Invocare Ltd. 256 2,545 
IOOF Holdings Ltd. 960 5,988 
IPH Ltd. 231 1,028 
Iress Ltd. 225 1,943 
Isentia Group Ltd. 362 969 
Japara Healthcare Ltd. 589 842 
JB Hi-Fi Ltd. 326 7,040 
John Fairfax Holdings Ltd. 7,707 4,837 
Karoon Gas Australia Ltd. (a) 1,197 2,094 
Lendlease Group unit 1,278 13,144 
Link Administration Holdings Ltd. 906 4,962 
Macquarie Atlas Roads Group unit 1,654 5,939 
Macquarie Group Ltd. 791 48,017 
Magellan Financial Group Ltd. 351 5,685 
Mantra Group Ltd. 826 2,067 
Mayne Pharma Group Ltd. (a) 3,541 4,418 
McMillan Shakespeare Ltd. 338 2,785 
Medibank Private Ltd. 7,818 15,344 
Metals X Ltd. (a) 1,784 1,873 
Metcash Ltd. (a) 2,677 4,052 
Mineral Resources Ltd. 372 3,274 
Mirvac Group unit 9,179 14,593 
Monadelphous Group Ltd. 145 1,028 
Myer Holdings Ltd. 929 830 
MYOB Group Ltd. 973 2,739 
Nanosonics Ltd. (a) 455 1,201 
National Australia Bank Ltd. 6,819 145,242 
National Storage (REIT) unit 1,500 1,655 
Navitas Ltd. 441 1,758 
Newcrest Mining Ltd. (a) 2,070 35,524 
NEXTDC Ltd. (a) 979 2,741 
Nine Entertainment Co. Holdings Ltd. 1,288 843 
Northern Star Resources Ltd. 1,470 4,652 
Nufarm Ltd. 361 2,433 
oOh!media Ltd. 510 1,657 
Orica Ltd. 1,103 13,668 
Origin Energy Ltd. 5,000 20,349 
Orocobre Ltd. (a) 320 932 
Orora Ltd. 3,106 6,852 
OZ Minerals Ltd. 732 3,731 
Pact Group Holdings Ltd. 727 3,633 
Perpetual Trustees Australia Ltd. 271 9,326 
Pilbara Minerals Ltd. (a) 2,456 972 
Platinum Asset Management Ltd. 690 2,619 
Premier Investments Ltd. 182 1,965 
Primary Health Care Ltd. 2,294 6,701 
Programmed Maintenance Services Ltd. 641 700 
Qantas Airways Ltd. 1,483 3,452 
QBE Insurance Group Ltd. 3,612 27,449 
Qube Holdings Ltd. 3,416 5,795 
Ramsay Health Care Ltd. 405 22,601 
RCG Corp. Ltd. 1,212 1,341 
realestate.com.au Ltd. 139 5,407 
Regis Healthcare Ltd. 290 869 
Regis Resources Ltd. 1,344 3,323 
Retail Food Group Ltd. 224 1,154 
Rio Tinto Ltd. 1,174 48,386 
SAI Global Ltd. 452 1,609 
Sandfire Resources NL 247 977 
Santos Ltd. 3,860 10,483 
Saracen Mineral Holdings Ltd. (a) 1,237 1,049 
Scentre Group unit 13,963 44,717 
SEEK Ltd. 1,169 13,019 
Select Harvests Ltd. 193 899 
Seven Group Holdings Ltd. 162 1,120 
Shopping Centres Australasia Property Group unit 1,292 2,152 
Sigma Pharmaceuticals Ltd. 3,038 3,074 
Sims Metal Management Ltd. 312 2,378 
Sirtex Medical Ltd. 100 2,123 
Sonic Healthcare Ltd. 1,250 19,483 
South32 Ltd. 14,435 28,220 
Southern Cross Media Group Ltd. 1,495 1,638 
SP AusNet 4,824 5,504 
Spark Infrastructure Group unit 4,310 7,279 
Spotless Group Holdings Ltd. 3,567 2,713 
St Barbara Ltd. (a) 1,453 2,907 
Steadfast Group Ltd. 1,394 2,269 
Stockland Corp. Ltd. unit 5,606 18,849 
Suncorp Group Ltd. 3,452 31,432 
Super Retail Group Ltd. 419 3,124 
Sydney Airport unit 2,707 12,891 
Syrah Resources Ltd. (a) 718 1,966 
Tabcorp Holdings Ltd. 2,085 7,677 
Tatts Group Ltd. 3,684 11,378 
Technology One Ltd. 730 3,126 
Telstra Corp. Ltd. 10,924 41,314 
TFS Corp. Ltd. 775 825 
The GPT Group unit 4,197 14,878 
The Star Entertainment Group Ltd. 1,916 7,273 
TPG Telecom Ltd. 927 5,331 
Transpacific Industries Group Ltd. 4,809 4,244 
Transurban Group unit 5,415 42,798 
Treasury Wine Estates Ltd. 2,025 16,544 
Vicinity Centers unit 8,050 17,575 
Village Roadshow Ltd. 338 1,309 
Vocus Communications Ltd. 1,335 5,799 
Wesfarmers Ltd. 2,887 90,064 
West Australian Newspapers Holdings Ltd. 1,674 866 
Western Areas NL 424 797 
Westfield Corp. unit (a) 5,165 34,968 
Westpac Banking Corp. 8,627 199,499 
Whitehaven Coal Ltd. (a) 1,514 3,490 
Woodside Petroleum Ltd. 2,014 43,464 
Woolworths Ltd. 3,329 59,891 
WorleyParsons Ltd. 593 3,834 
TOTAL AUSTRALIA  2,629,981 
Austria - 0.2%   
ams AG 146 4,094 
Andritz AG 244 12,763 
Buwog-Gemeinnuetzige Wohnung 244 5,897 
CA Immobilien Anlagen AG 225 4,085 
Conwert Immobilien Invest Se 94 1,668 
DO & CO Restaurants & Catering AG 14 1,083 
Erste Group Bank AG 820 25,753 
EVN AG 299 3,496 
IMMOFINANZ Immobilien Anlagen AG 2,125 4,579 
Lenzing AG 23 2,996 
Oesterreichische Post AG 51 1,761 
OMV AG 345 10,784 
Raiffeisen International Bank-Holding AG (a) 338 5,540 
RHI AG 40 1,007 
S IMMO AG 135 1,449 
Schoeller-Bleckmann Oilfield Equipment AG 18 1,275 
UNIQA Insurance Group AG 208 1,341 
Vienna Insurance Group AG 123 2,426 
Voestalpine AG 264 9,340 
Wienerberger AG 339 5,420 
Zumtobel AG 61 1,071 
TOTAL AUSTRIA  107,828 
Bailiwick of Guernsey - 0.0%   
Schroder (REIT) Ltd. 2,240 1,549 
Standard Life Investment Property Income Trust Ltd. 929 964 
Stobart Group Ltd. 475 943 
TOTAL BAILIWICK OF GUERNSEY  3,456 
Bailiwick of Jersey - 0.8%   
Boohoo.Com PLC (a) 968 1,469 
Centamin PLC 2,558 4,941 
Experian PLC 2,437 46,921 
Glencore Xstrata PLC (a) 32,222 98,599 
Henderson Group PLC 2,940 8,338 
Petrofac Ltd. 747 7,374 
Randgold Resources Ltd. 249 22,113 
Regus PLC 1,811 5,517 
Shire PLC 2,377 134,212 
UBM PLC 1,026 9,023 
Wolseley PLC 694 36,110 
WPP PLC 3,325 72,196 
TOTAL BAILIWICK OF JERSEY  446,813 
Belgium - 0.9%   
Ablynx NV (a) 187 1,848 
Ackermans & Van Haaren SA 61 8,474 
Aedifica SA 57 4,730 
Ageas 484 17,679 
Agfa-Gevaert NV (a) 279 1,161 
Anheuser-Busch InBev SA NV 2,076 238,262 
Barco NV 86 6,760 
Befimmo SCA Sicafi 65 3,787 
Bekaert SA 119 5,293 
Bpost SA 284 7,556 
Cofinimmo SA 58 6,797 
Colruyt NV 162 8,708 
Compagnie D'entreprises CFE SA 34 3,745 
D'ieteren SA 100 4,411 
Econocom Group SA 91 1,354 
Elia System Operator SA/NV 141 7,298 
Euronav NV 475 3,723 
EVS Broadcast Equipment SA 41 1,433 
Fagron NV (a) 115 1,136 
Galapagos Genomics NV (a) 106 6,450 
Gimv NV 30 1,614 
Groupe Bruxelles Lambert SA 187 16,086 
Ion Beam Applications SA 26 1,235 
KBC Ancora (a) 130 4,932 
KBC Groep NV 669 40,766 
Kinepolis Group NV 37 1,664 
Melexis NV 101 6,620 
Nyrstar NV (a) 136 699 
Ontex Group NV 239 7,227 
Orange Belgium (a) 75 1,689 
Proximus 358 10,249 
Sofina SA 33 4,612 
Solvay SA Class A 203 23,298 
Telenet Group Holding NV (a) 200 10,706 
Tessenderlo Chemie NV (a) 99 3,302 
UCB SA 314 21,264 
Umicore SA 230 13,985 
Warehouses de Pauw 50 4,604 
TOTAL BELGIUM  515,157 
Bermuda - 0.6%   
AGTech Holdings Ltd. (a) 4,000 836 
Alibaba Health Information Technology Ltd. (a) 10,000 5,235 
Alibaba Pictures Group Ltd. (a) 20,000 3,946 
ARA Asset Management Ltd.  3,400 3,421 
Beijing Enterprises Water Group Ltd. 12,000 8,711 
BEP International Holdings Ltd. 50,000 3,288 
Brightoil Petroleum Holdings Ltd. 10,000 2,888 
Brilliance China Automotive Holdings Ltd. 8,000 9,500 
Cafe de Coral Holdings Ltd. 2,000 7,066 
Carnival Group International Holdings Ltd. (a) 40,000 4,745 
Cheung Kong Infrastructure Holdings Ltd. 2,000 16,388 
China Gas Holdings Ltd. 4,000 6,096 
China Innovative Finance Group Ltd. (a) 12,000 1,331 
China Oil & Gas Group Ltd. (a) 40,000 3,043 
China Resource Gas Group Ltd. 2,000 6,279 
China Water Affairs Group Ltd. 6,000 4,363 
Chow Sang Sang Holdings International Ltd. 2,000 3,533 
Cosco Shipping Ports Ltd. 4,000 3,971 
Credicorp Ltd. (United States) 197 29,290 
Digital China Holdings Ltd. (H Shares) 2,000 1,676 
Digital Domain Holdings Ltd. (a) 20,000 1,573 
Esprit Holdings Ltd. (a) 7,500 6,189 
FDG Electric Vehicles Ltd. (a) 25,000 1,306 
First Pacific Co. Ltd. 4,000 3,030 
Frontline Ltd. 119 873 
GCL New Energy Holdings Ltd. (a) 32,000 1,919 
Global Brands Group Holding Ltd. (a) 12,000 1,362 
GOME Electrical Appliances Holdings Ltd. 43,000 5,434 
Great Eagle Holdings Ltd. 1,000 4,442 
Haier Electronics Group Co. Ltd. 5,000 8,072 
Hiscox Ltd. 698 8,723 
Hoegh LNG Holdings Ltd. 93 974 
Hongkong Land Holdings Ltd. 3,000 20,100 
Hopson Development Holdings Ltd. 2,000 1,805 
Huabao International Holdings Ltd. (a) 7,000 2,627 
Hybrid Kinetic Group Ltd. (a) 38,000 1,102 
Jardine Matheson Holdings Ltd. 700 42,637 
Johnson Electric Holdings Ltd. 500 1,209 
K Wah International Holdings Ltd. 2,024 1,099 
Kerry Logistics Network Ltd. 2,000 2,656 
Kerry Properties Ltd. 3,000 9,496 
Kunlun Energy Co. Ltd. 16,000 12,110 
Lancashire Holdings Ltd. 771 6,578 
Li & Fung Ltd. 12,000 5,911 
Luk Fook Holdings International Ltd. 1,000 2,933 
Luye Pharma Group Ltd. 4,500 3,029 
Man Wah Holdings Ltd. 3,600 2,391 
Nan Hai Corp. Ltd. (a) 100,000 3,288 
Nine Dragons Paper (Holdings) Ltd. 6,000 4,889 
Noble Group Ltd. (a) 24,800 2,959 
NWS Holdings Ltd. 5,000 8,858 
Orient Overseas International Ltd. 500 1,873 
Pacific Basin Shipping Ltd. (a) 9,000 1,346 
PAX Global Technology Ltd. 2,000 1,251 
Petra Diamonds Ltd. 1,479 2,750 
Pou Sheng International (Holdings) Ltd. 3,000 940 
Road King Infrastructure Ltd. 2,000 1,699 
Seadrill Ltd. (a) 666 1,429 
Shangri-La Asia Ltd. 2,000 2,200 
Shenzhen International Holdings Ltd. 1,500 2,321 
Sihuan Pharmaceutical Holdings Group Ltd. 20,000 4,797 
Silverlake Axis Ltd. Class A 4,700 2,162 
Sinopec Kantons Holdings Ltd. 6,000 2,824 
Skyworth Digital Holdings Ltd. 4,098 2,653 
SMI Corp. Ltd. 36,000 3,435 
Stolt-Nielsen SA 172 2,113 
Tai Fook Securities Group Ltd. 6,000 3,853 
Town Health International Holdings Co. Ltd. 20,000 3,198 
Vtech Holdings Ltd. 700 8,593 
Yue Yuen Industrial (Holdings) Ltd. 2,000 7,620 
TOTAL BERMUDA  362,237 
Brazil - 1.0%   
AES Tiete Energia SA unit 412 2,135 
Aliansce Shopping Centers SA 600 3,154 
Alupar Investimento SA unit 200 1,164 
Ambev SA 12,300 72,559 
Arezzo Industria e Comercio SA 300 2,779 
B2W Companhia Global do Varejo (a) 500 2,456 
Banco Bradesco SA 2,000 19,881 
Banco do Brasil SA 2,200 20,187 
Banco Santander SA (Brasil) unit 900 7,415 
BB Seguridade Participacoes SA 1,800 18,124 
BM&F BOVESPA SA 4,700 27,682 
BR Malls Participacoes SA 1,700 6,806 
Brasil Foods SA 1,700 28,440 
CCR SA 2,300 12,502 
Cetip SA - Mercados Organizado 200 2,811 
Cia. Hering SA 400 2,426 
Cielo SA 2,800 28,421 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 800 8,446 
Companhia de Saneamento de Minas Gerais 100 1,044 
Companhia Siderurgica Nacional SA (CSN) (a) 1,600 5,383 
Cosan SA Industria e Comercio 400 5,378 
CPFL Energia SA 500 3,794 
Cyrela Brazil Realty SA 600 2,021 
Drogasil SA 700 15,539 
Duratex SA 600 1,620 
Ecorodovias Infraestrutura e Logistica SA (a) 400 1,187 
EDP Energias do Brasil SA 1,200 5,771 
Embraer SA 2,000 10,746 
ENGIE Brasil Energia SA 800 10,163 
Equatorial Energia SA 500 8,919 
Estacio Participacoes SA 700 4,059 
Fibria Celulose SA 700 5,601 
Fleury SA 100 1,324 
Hypermarcas SA 800 6,707 
Iguatemi Empresa de Shopping Centers SA 200 1,889 
Iochpe-Maxion SA 300 1,523 
JBS SA 2,000 6,084 
Klabin SA unit 1,500 7,730 
Kroton Educacional SA 3,700 18,430 
Light SA 500 2,749 
Linx SA 200 1,190 
Localiza Rent A Car SA 400 4,966 
Lojas Americanas SA 1,200 5,887 
Lojas Renner SA 2,000 16,917 
M. Dias Branco SA 100 4,270 
Marfrig Global Foods SA (a) 700 1,248 
MRV Engenharia e Participacoes SA 600 2,323 
Multiplan Empreendimentos Imobiliarios SA 200 4,019 
Multiplus SA 100 1,356 
Natura Cosmeticos SA 500 4,803 
Odontoprev SA 900 3,383 
Petroleo Brasileiro SA - Petrobras (ON) (a) 6,600 38,541 
Porto Seguro SA 500 4,742 
Qualicorp SA 700 4,504 
Rumo Logistica Operadora Multimodal SA (a) 2,200 4,921 
Sao Martinho SA 200 3,983 
Smiles SA 100 1,825 
Sul America SA unit 700 4,226 
Terna Participacoes SA unit 200 1,300 
TIM Participacoes SA 2,400 6,662 
Totvs SA 500 4,536 
Ultrapar Participacoes SA 900 20,394 
Vale SA 2,400 16,602 
Valid Solucoes SA 100 937 
Weg SA 1,300 7,168 
TOTAL BRAZIL  565,752 
Canada - 6.4%   
Advantage Oil & Gas Ltd. (a) 624 4,210 
Aecon Group, Inc. 292 3,775 
AG Growth International, Inc. 30 1,043 
Agnico Eagle Mines Ltd. (Canada) 545 27,679 
Agrium, Inc. 330 30,294 
AGT Food & Ingredients, Inc. 36 1,024 
Aimia, Inc. 262 1,416 
Air Canada (a) 145 1,368 
Alacer Gold Corp. (a) 433 875 
Alamos Gold, Inc. 666 5,224 
Alaris Royalty Corp. 64 940 
Algonquin Power & Utilities Corp. (a) 1,013 8,950 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,090 54,756 
Allied Properties (REIT) 87 2,339 
AltaGas Ltd. 433 10,714 
Altus Group Ltd. 49 1,057 
Amaya, Inc. (a) 369 4,941 
ARC Resources Ltd. 835 14,175 
Artis (REIT) 542 4,736 
Asanko Gold, Inc. (a) 259 956 
ATCO Ltd. Class I (non-vtg.) 193 6,766 
Athabasca Oil Corp. (a) 1,036 973 
ATS Automation Tooling System, Inc. (a) 146 1,252 
AutoCanada, Inc. 108 1,775 
B2Gold Corp. (a) 2,402 6,948 
Badger Daylighting Ltd. 120 2,593 
Bank of Montreal 1,602 101,951 
Bank of Nova Scotia 2,998 161,109 
Barrick Gold Corp. 3,133 55,125 
Baytex Energy Corp. (a) 758 2,916 
BCE, Inc. 278 12,631 
Birchcliff Energy Ltd. (a) 662 4,215 
BlackBerry Ltd. (a) 1,343 9,482 
Boardwalk (REIT) 62 2,275 
Bombardier, Inc. Class B (sub. vtg.) (a) 4,826 6,404 
Bonavista Energy Corp. 378 1,234 
Bonterra Energy Corp. 49 922 
Boralex, Inc. Class A 416 5,967 
Brookfield Asset Management, Inc. Class A 2,214 77,530 
BRP, Inc. (a) 54 1,044 
CAE, Inc. 974 13,681 
Cameco Corp. 1,010 7,779 
Canacol Energy Ltd. (a) 619 1,911 
Canadian (REIT) 120 4,132 
Canadian Apartment Properties (REIT) unit 179 3,913 
Canadian Energy Services & Technology Corp. 767 3,025 
Canadian Imperial Bank of Commerce 1,004 75,227 
Canadian National Railway Co. 1,986 124,849 
Canadian Natural Resources Ltd. 2,863 90,866 
Canadian Pacific Railway Ltd. 386 55,179 
Canadian Tire Ltd. Class A (non-vtg.) 195 18,955 
Canadian Utilities Ltd. Class A (non-vtg.) 310 8,859 
Canadian Western Bank, Edmonton 380 7,210 
Canam Group, Inc. Class A (sub. vtg.) 221 1,485 
Canfor Corp. (a) 160 1,775 
Canfor Pulp Products, Inc. 239 1,807 
Capital Power Corp. 154 2,371 
Cara Operations Ltd. 92 1,823 
Cardinal Energy Ltd. 144 981 
Cascades, Inc. 143 1,349 
CCL Industries, Inc. Class B 72 12,805 
Celestica, Inc. (sub. vtg.) (a) 485 5,738 
Cenovus Energy, Inc. 2,106 30,382 
Centerra Gold, Inc. 362 1,830 
CGI Group, Inc. Class A (sub. vtg.) (a) 589 27,977 
China Gold International Resources Corp. Ltd. (a) 502 1,302 
CI Financial Corp. 912 16,781 
Cineplex, Inc. 230 8,745 
Cogeco Communications, Inc. 63 2,938 
Colliers International Group, Inc. 99 3,447 
Cominar (REIT) 674 7,467 
Computer Modelling Group Ltd. 175 1,294 
Concordia International Corp. (a) 45 154 
Constellation Software, Inc. 56 26,234 
Corus Entertainment, Inc. Class B (non-vtg.) 411 3,392 
Cott Corp. 412 5,403 
Crescent Point Energy Corp. 1,646 19,598 
Crew Energy, Inc. (a) 212 1,042 
Descartes Systems Group, Inc. (a) 303 6,314 
Detour Gold Corp. (a) 440 8,388 
DH Corp. 318 4,116 
Dollarama, Inc. 309 23,090 
Dominion Diamond Corp. 147 1,249 
Dorel Industries, Inc. Class B (sub. vtg.) 43 1,092 
Dream Office (REIT) 68 847 
ECN Capital Corp. 1,010 2,206 
Eldorado Gold Corp. (a) 1,747 5,509 
Element Financial Corp. 1,010 9,842 
Empire Co. Ltd. Class A (non-vtg.) 623 8,974 
Enbridge Income Fund Holdings, Inc. 184 4,670 
Enbridge, Inc. 2,441 105,407 
Encana Corp. 2,400 22,885 
EnerCare, Inc. 168 2,427 
Enerflex Ltd. 264 2,805 
Enerplus Corp. 804 5,413 
Enghouse Systems Ltd. 78 2,930 
Ensign Energy Services, Inc. 216 1,303 
Entertainment One Ltd. 1,097 3,118 
Extendicare, Inc. 159 1,093 
Fairfax Financial Holdings Ltd. (sub. vtg.) 64 32,778 
Finning International, Inc. 573 10,663 
First Capital Realty, Inc. 314 5,007 
First Majestic Silver Corp. (a) 413 3,316 
First Quantum Minerals Ltd. 1,945 18,474 
FirstService Corp. 115 4,660 
Fortis, Inc. 1,246 41,013 
Fortuna Mines, Inc. (a) 274 1,873 
Franco-Nevada Corp. 448 29,322 
Freehold Royalties Ltd. 140 1,315 
Genworth MI Canada, Inc. 79 1,716 
George Weston Ltd. 118 9,616 
Gibson Energy, Inc. 477 5,985 
Gildan Activewear, Inc. 589 15,128 
Goldcorp, Inc. 2,106 31,983 
Granite Real Estate Investment Trust 188 5,915 
Great Canadian Gaming Corp. (a) 88 1,462 
Great-West Lifeco, Inc. 824 20,697 
Guyana Goldfields, Inc. (a) 381 2,241 
H&R REIT/H&R Finance Trust 289 4,915 
Home Capital Group, Inc. 223 4,414 
HudBay Minerals, Inc. 814 3,429 
Hudson's Bay Co. 136 1,671 
Husky Energy, Inc. 1,168 12,566 
Hydro One Ltd. 376 6,860 
IAMGOLD Corp. (a) 1,143 4,576 
IGM Financial, Inc. 270 7,247 
Imperial Oil Ltd. 784 25,426 
Industrial Alliance Insurance and Financial Services, Inc. 285 11,036 
Innergex Renewable Energy, Inc. 181 2,012 
Intact Financial Corp. 367 24,948 
Inter Pipeline Ltd. 877 18,183 
Interfor Corp. (a) 234 2,619 
Intertain Group Ltd. (a) 122 754 
Intertape Polymer Group, Inc. 109 1,846 
Ivanhoe Mines Ltd. (a) 1,988 3,098 
Jean Coutu Group, Inc. Class A (sub. vtg.) 288 4,337 
Just Energy Group, Inc. 193 1,013 
Kelt Exploration Ltd. (a) 266 1,176 
Keyera Corp. 488 14,648 
Kinaxis, Inc. (a) 53 2,590 
Kinross Gold Corp. (a) 3,187 12,379 
Kirkland Lake Gold, Inc. (a) 116 804 
Klondex Mines Ltd. (a) 197 1,085 
Knight Therapeutics, Inc. (a) 772 5,134 
Labrador Iron Ore Royalty Corp. 110 1,205 
Laurentian Bank of Canada 52 1,922 
Linamar Corp. 157 6,385 
Loblaw Companies Ltd. 599 29,555 
Lucara Diamond Corp. 737 2,082 
Lundin Mining Corp. (a) 1,960 7,672 
MacDonald Dettwiler & Associates Ltd. 143 8,185 
MAG Silver Corp. (a) 223 3,272 
Magna International, Inc. Class A (sub. vtg.) 1,062 43,603 
Manitoba Telecom Services, Inc. 88 2,460 
Manulife Financial Corp. 5,101 73,893 
Maple Leaf Foods, Inc. 341 7,767 
Martinrea International, Inc. 458 2,687 
MEG Energy Corp. (a) 592 2,414 
Methanex Corp. 271 9,850 
Metro, Inc. Class A (sub. vtg.) 720 22,255 
Milestone Apartments (REIT) 382 5,138 
Morneau Shephell, Inc. 101 1,509 
MTY Food Group, Inc. 46 1,660 
Mullen Group Ltd. 197 2,730 
National Bank of Canada 926 33,055 
Nevsun Resources Ltd. 332 963 
New Flyer Industries, Inc. 78 2,181 
New Gold, Inc. (a) 1,350 5,324 
Norbord, Inc. 120 2,823 
North West Co., Inc. 85 1,622 
Northland Power, Inc. 400 7,157 
Novagold Resources, Inc. (a) 827 4,137 
NuVista Energy Ltd. (a) 807 4,103 
OceanaGold Corp. 1,596 4,879 
Onex Corp. (sub. vtg.) 228 14,748 
Open Text Corp. 369 22,911 
Osisko Gold Royalties Ltd. 286 3,011 
Painted Pony Petroleum Ltd. (a) 153 938 
Pan American Silver Corp. 338 5,418 
Paramount Resources Ltd. Class A (a) 99 1,123 
Parex Resources, Inc. (a) 495 5,694 
Parkland Fuel Corp. 287 6,704 
Pason Systems, Inc. 243 2,763 
Pembina Pipeline Corp. 931 28,604 
Pengrowth Energy Corp. 2,174 3,355 
Penn West Petroleum Ltd. 1,521 2,427 
Peyto Exploration & Development Corp. 467 11,998 
Potash Corp. of Saskatchewan, Inc. 2,248 36,553 
Power Corp. of Canada (sub. vtg.) 953 20,441 
Power Financial Corp. 690 16,307 
PrairieSky Royalty Ltd. 583 12,679 
Precision Drilling Corp. 1,093 4,873 
Premier Gold Mines Ltd. (a) 303 637 
Premium Brands Holdings Corp. 67 3,242 
Pretium Resources, Inc. (a) 369 3,607 
ProMetic Life Sciences, Inc. (a) 2,024 4,255 
Quebecor, Inc. Class B (sub. vtg.) 223 6,258 
Raging River Exploration, Inc. (a) 897 7,189 
Restaurant Brands International, Inc. 546 24,273 
Richmont Mines, Inc. (a) 208 1,969 
RioCan (REIT) 432 8,400 
Ritchie Brothers Auctioneers, Inc. 274 9,474 
Rogers Communications, Inc. Class B (non-vtg.) 961 38,661 
Royal Bank of Canada 3,681 229,977 
Russel Metals, Inc. 144 2,292 
Sandstorm Gold Ltd. (a) 198 952 
Saputo, Inc. 687 24,688 
Secure Energy Services, Inc. 557 3,414 
SEMAFO, Inc. (a) 983 3,855 
Seven Generations Energy Ltd. (a) 549 11,706 
Shaw Communications, Inc. Class B 937 18,568 
ShawCor Ltd. Class A 262 6,553 
Shopify, Inc. Class A (a) 158 6,549 
Sienna Senior Living, Inc. 154 1,834 
Sierra Wireless, Inc. (a) 71 969 
Silver Standard Resources, Inc. (a) 383 4,203 
Silver Wheaton Corp. 1,111 26,771 
Sleep Country Canada Holdings, Inc. 42 893 
Smart (REIT) 162 4,040 
SNC-Lavalin Group, Inc. 352 14,303 
Spartan Energy Corp. (a) 448 1,042 
Spin Master Corp. (a) 126 3,156 
Stantec, Inc. 397 8,832 
Stella-Jones, Inc. 153 5,430 
Sun Life Financial, Inc. 1,599 53,515 
Suncor Energy, Inc. 4,321 129,665 
Superior Plus Corp. 280 2,493 
Surge Energy, Inc. 1,014 2,071 
Tahoe Resources, Inc. 761 9,123 
Teck Resources Ltd. Class B (sub. vtg.) 1,547 33,401 
TELUS Corp. 438 14,182 
The Toronto-Dominion Bank 4,547 206,315 
Thomson Reuters Corp. 947 37,321 
TMX Group Ltd. 171 7,890 
TORC Oil & Gas Ltd. 174 985 
Torex Gold Resources, Inc. (a) 934 17,374 
Toromont Industries Ltd. 249 7,314 
Tourmaline Oil Corp. (a) 540 14,151 
TransAlta Corp. 1,139 5,019 
TransAlta Renewables, Inc. 366 4,041 
TransCanada Corp. 2,080 94,161 
Transcontinental, Inc. Class A 109 1,458 
TransForce, Inc. 373 8,462 
Tricon Capital Group, Inc. 172 1,121 
Trilogy Energy Corp. (a) 272 1,460 
Trinidad Drilling Ltd. 500 958 
Turquoise Hill Resources Ltd. (a) 2,436 7,555 
Uni-Select, Inc. 138 3,105 
Uranium Participation Corp. (a) 545 1,512 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 888 15,842 
Valener, Inc. 201 3,156 
Veresen, Inc. 849 7,691 
Vermilion Energy, Inc. 405 15,882 
West Fraser Timber Co. Ltd. 188 6,436 
Western Forest Products, Inc. 712 1,083 
WestJet Airlines Ltd. 54 884 
Westshore Terminals Investment Corp. 183 3,530 
Whitecap Resources, Inc. 1,015 8,112 
Winpak Ltd. 94 3,213 
WSP Global, Inc. 264 8,552 
Yamana Gold, Inc. 2,498 8,921 
Yellow Pages Ltd./Canada (a) 99 1,604 
TOTAL CANADA  3,633,483 
Cayman Islands - 3.0%   
21Vianet Group, Inc. ADR (a) 113 826 
3SBio, Inc. (a) 3,000 2,998 
500.com Ltd. sponsored ADR Class A (a) 144 2,439 
51job, Inc. sponsored ADR (a) 37 1,258 
58.com, Inc. ADR (a) 262 10,965 
AAC Technology Holdings, Inc. 2,000 19,083 
Agile Property Holdings Ltd. 4,000 2,223 
Airtac International Group 1,000 7,977 
Alibaba Group Holding Ltd. sponsored ADR (a) 2,948 299,782 
Anta Sports Products Ltd. 3,000 8,665 
ASM Pacific Technology Ltd. 900 8,686 
Baidu.com, Inc. sponsored ADR (a) 703 124,333 
Belle International Holdings Ltd. 19,000 11,514 
Biostime International Holdings Ltd. (a) 500 1,230 
Bitauto Holdings Ltd. ADR (a) 40 1,021 
Casetek Holdings 1,000 3,219 
Chailease Holding Co. Ltd. 2,000 3,464 
Chaowei Power Holdings Ltd. 3,000 2,685 
Cheetah Mobile, Inc. ADR (a) 125 1,338 
Cheung Kong Property Holdings Ltd. 7,500 55,557 
China Conch Venture Holdings Ltd. 5,500 10,283 
China Dongxiang Group Co. Ltd. 6,000 1,168 
China First Capital Group Ltd. (a) 2,000 2,540 
China High Speed Transmission Equipment Group Co. Ltd. 3,000 3,114 
China Huishan Dairy Holdings Co. Ltd. 15,000 5,570 
China Liansu Group Holdings Ltd. 2,000 1,467 
China LNG Group Ltd. 40,000 1,171 
China Maple Leaf Educational Systems Ltd. 2,000 1,405 
China Medical System Holdings Ltd. 4,000 6,251 
China Mengniu Dairy Co. Ltd. 7,000 13,268 
China Modern Dairy Holdings Ltd. (a) 12,000 2,615 
China Regenerative Medicine International Ltd. (a) 75,000 2,563 
China Resources Land Ltd. 10,000 24,937 
China State Construction International Holdings Ltd. 4,000 5,849 
China Wireless Technologies Ltd. (a) 8,000 1,393 
ChinaSoft International Ltd. (a) 2,000 941 
CIFI Holdings Group Co. Ltd. 4,000 1,181 
CK Hutchison Holdings Ltd. 7,000 86,603 
Cogobuy Group (a) 2,000 3,126 
Country Garden Holdings Co. Ltd. 15,000 7,814 
Credit China Holdings Ltd. (a) 72,000 8,727 
CT Environmental Group Ltd. 4,000 1,124 
Ctrip.com International Ltd. ADR (a) 998 44,062 
Endeavour Mining Corp. (a) 105 2,051 
ENN Energy Holdings Ltd. 2,000 9,413 
Evergrande Real Estate Group Ltd. 12,000 7,938 
Fang Holdings Ltd. ADR (a) 1,018 3,390 
Freeman Fintech Corp. Ltd. (a) 20,000 1,367 
Fu Shou Yuan International Group Ltd. 2,000 1,173 
Fufeng Group Ltd. 2,000 846 
GCL-Poly Energy Holdings Ltd. 46,000 6,228 
Geely Automobile Holdings Ltd. 15,000 15,473 
Goodbaby International Holdings Ltd. 4,000 1,934 
Gourmet Master Co. Ltd. 1,000 8,976 
Greatview Aseptic Pack Co. Ltd. 2,000 1,016 
Greentown China Holdings Ltd. (a) 6,500 5,314 
Haitian International Holdings Ltd. 2,000 4,126 
Hengan International Group Co. Ltd. 2,000 15,924 
HKBN Ltd. 2,000 2,360 
Hopewell Highway Infrastructure Ltd. 2,000 1,070 
Huayi Tencent Entertainment Co. Ltd. (a) 20,000 1,212 
Hutchison China Meditech Ltd. (a) 42 978 
Hutchison Telecommunications Hong Kong Holdings Ltd. 4,000 1,289 
IGG, Inc. 3,000 2,193 
iKang Healthcare Group, Inc. sponsored ADR (a) 134 2,437 
Imax China Holding, Inc. 200 946 
Intime Department Store Group Co. Ltd. 5,500 4,319 
JD.com, Inc. sponsored ADR (a) 1,811 46,995 
Kingboard Chemical Holdings Ltd. 2,000 5,918 
Kingboard Laminates Holdings Ltd. 1,500 1,346 
Kingdee International Software Group Co. Ltd. (a) 10,000 4,062 
Kingsoft Corp. Ltd. 2,000 4,497 
KWG Property Holding Ltd. 3,000 1,741 
Lee & Man Paper Manufacturing Ltd. 5,000 3,759 
Leyou Technologies Holdings Ltd. (a) 10,000 1,805 
Li Ning Co. Ltd. (a) 2,000 1,429 
Lifetech Scientific Corp. (a) 12,000 2,847 
Lijun International Pharmaceutical Holding Ltd. 6,000 2,027 
Longfor Properties Co. Ltd. 4,000 5,312 
Melco Crown Entertainment Ltd. sponsored ADR 464 7,767 
MGM China Holdings Ltd. 3,200 5,298 
Minth Group Ltd. 2,000 7,117 
Momo, Inc. ADR (a) 112 2,697 
NetDragon WebSoft, Inc. 500 1,618 
NetEase, Inc. ADR 204 52,426 
New Oriental Education & Technology Group, Inc. sponsored ADR 377 18,899 
Nexteer Auto Group Ltd. 3,000 3,953 
Noah Holdings Ltd. sponsored ADR (a) 37 872 
Nord Anglia Education, Inc. (a) 283 6,096 
Pacific Textile Holdings Ltd. 2,000 2,522 
Parade Technologies Ltd. 1,000 11,276 
Phoenix Group Holdings 693 6,196 
Phoenix Healthcare Group Ltd. 1,500 2,387 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 100 35 
Qunar Cayman Islands Ltd. sponsored ADR (a) 114 3,371 
Regina Miracle International Holdings Ltd. 2,000 2,048 
Renhe Commercial Holdings Co. Ltd. (a) 42,000 1,089 
Sands China Ltd. 6,000 26,110 
Semiconductor Manufacturing International Corp. (a) 75,000 9,083 
Shenzhou International Group Holdings Ltd. 2,000 13,268 
Shimao Property Holdings Ltd. 6,000 8,030 
Shui On Land Ltd. 7,500 1,857 
SINA Corp. (a) 136 9,811 
Sino Biopharmaceutical Ltd. 13,000 9,102 
SITC International Holdings Co. Ltd. 3,000 1,776 
SOHO China Ltd. 3,000 1,551 
Sunac China Holdings Ltd. 3,000 2,054 
Sunny Optical Technology Group Co. Ltd. 2,000 9,774 
TAL Education Group ADR (a) 111 9,040 
Tarena International, Inc. ADR 155 2,503 
Tech Pro Technology Development Ltd. (a) 6,000 166 
Tencent Holdings Ltd. 14,800 392,235 
Tianneng Power International Ltd. 2,000 1,805 
Tibet Water Resources Ltd. 3,000 1,118 
Tingyi (Cayman Islands) Holding Corp. 8,000 8,634 
Tongda Group Holdings Ltd. 10,000 2,643 
Towngas China Co. Ltd. 2,000 1,127 
TPK Holding Co. Ltd. 1,000 1,602 
Truly International Holdings Ltd. 2,000 784 
Value Partners Group Ltd. 1,000 957 
Vinda International Holdings Ltd. 1,000 1,981 
Vipshop Holdings Ltd. ADR (a) 1,177 16,090 
Vision Fame International Holding Ltd. (a) 2,000 696 
Want Want China Holdings Ltd. 16,000 9,758 
Weibo Corp. sponsored ADR (a) 10 460 
WH Group Ltd. 14,500 11,760 
Wynn Macau Ltd. 4,000 6,138 
Xinyi Glass Holdings Ltd. 4,000 3,440 
Xinyi Solar Holdings Ltd. 4,000 1,485 
Yeong Guan Energy Technology Group Co. Ltd. 1,000 3,933 
Yingde Gases Group Co. Ltd. 2,500 1,009 
YY, Inc. ADR (a) 89 4,278 
Zhen Ding Technology Holding Ltd. 1,000 2,280 
Zhongsheng Group Holdings Ltd. Class H 3,500 3,525 
TOTAL CAYMAN ISLANDS  1,707,676 
Chile - 0.3%   
AES Gener SA 4,000 1,362 
Aguas Andinas SA 4,299 2,839 
Banco de Chile 67,015 7,998 
Banco de Credito e Inversiones 180 9,191 
Banco Santander Chile 125,687 7,036 
CAP SA 271 1,892 
Cencosud SA 3,150 10,269 
Colbun SA 25,133 5,494 
Compania Cervecerias Unidas SA 654 7,025 
Compania de Petroleos de Chile SA (COPEC) 1,606 16,202 
CorpBanca SA 513,007 4,645 
E-CL SA 720 1,277 
Empresa Nacional de Electricidad SA 7,980 5,474 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 256 2,743 
Empresas CMPC SA 4,474 9,691 
Endesa Americas SA 3,899 1,815 
Enersis Chile SA 51,806 5,234 
Enersis SA 51,279 8,674 
Inversiones Aguas Metropolitanas SA 1,290 2,350 
LATAM Airlines Group SA (a) 740 7,111 
Parque Arauco SA 2,844 7,044 
Ripley Corp. SA 2,460 1,538 
S.A.C.I. Falabella 1,670 13,102 
Sonda SA 653 1,350 
Vina Concha y Toro SA 1,208 2,106 
TOTAL CHILE  143,462 
China - 2.0%   
Agricultural Bank of China Ltd. (H Shares) 62,000 26,141 
Air China Ltd. (H Shares) 6,000 3,946 
Aluminum Corp. of China Ltd. (H Shares) (a) 10,000 3,713 
Anhui Conch Cement Co. Ltd. (H Shares) 4,000 11,089 
Anhui Gujing Distillery Co. Ltd. (B Shares) 500 1,944 
AviChina Industry & Technology Co. Ltd. (H Shares) 3,000 2,039 
Bank Communications Co. Ltd. (H Shares) 21,000 16,003 
Bank of China Ltd. (H Shares) 208,000 93,332 
Beijing Capital International Airport Co. Ltd. (H Shares) 6,000 6,290 
BYD Co. Ltd. (H Shares) 1,500 9,864 
Central China Securities Co. Ltd. 3,000 1,551 
CGN Power Co. Ltd. (H Shares) 37,000 10,830 
China BlueChemical Ltd. (H Shares) 6,000 1,160 
China Cinda Asset Management Co. Ltd. (H Shares) 32,000 11,512 
China CITIC Bank Corp. Ltd. (H Shares) 27,000 17,442 
China Coal Energy Co. Ltd. (H Shares) (a) 3,000 1,702 
China Communications Construction Co. Ltd. (H Shares) 13,000 14,315 
China Communications Services Corp. Ltd. (H Shares) 4,000 2,378 
China Construction Bank Corp. (H Shares) 223,000 163,320 
China Cosco Holdings Co. Ltd. (H Shares) (a) 9,500 3,283 
China Everbright Bank Co. Ltd. (H Shares) 5,000 2,282 
China Galaxy Securities Co. Ltd. (H Shares) 8,500 8,088 
China Life Insurance Co. Ltd. (H Shares) 20,000 49,515 
China Longyuan Power Grid Corp. Ltd. (H Shares) 9,000 6,882 
China Merchants Bank Co. Ltd. (H Shares) 10,000 24,395 
China Minsheng Banking Corp. Ltd. (H Shares) 14,500 16,546 
China National Building Materials Co. Ltd. (H Shares) 12,000 5,493 
China Oilfield Services Ltd. (H Shares) 4,000 3,868 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 7,000 25,317 
China Petroleum & Chemical Corp. (H Shares) 68,000 49,178 
China Railway Construction Corp. Ltd. (H Shares) 6,500 8,146 
China Railway Group Ltd. (H Shares) 12,000 9,284 
China Shenhua Energy Co. Ltd. (H Shares) 10,000 20,811 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 6,000 1,261 
China Southern Airlines Ltd. (H Shares) 4,000 2,249 
China Telecom Corp. Ltd. (H Shares) 36,000 18,614 
China Vanke Co. Ltd. (H Shares) 3,300 8,638 
Chongqing Changan Automobile Co. Ltd. (B Shares) 2,600 3,973 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 4,000 2,398 
CITIC Securities Co. Ltd. (H Shares) 5,500 12,198 
CRRC Corp. Ltd. (H Shares) 11,000 9,985 
Dazhong Transport Group Co. Ltd. (B Shares) 6,300 4,404 
Dongfeng Motor Group Co. Ltd. (H Shares) 10,000 10,405 
GF Securities Co. Ltd. (H Shares) 3,800 8,457 
Great Wall Motor Co. Ltd. (H Shares) 9,000 8,785 
Guangzhou Automobile Group Co. Ltd. (H Shares) 6,000 7,257 
Guangzhou R&F Properties Co. Ltd. (H Shares) 1,600 2,261 
Haitong Securities Co. Ltd. (H Shares) 7,200 12,774 
Hangzhou Steam Turbine Co. Ltd. (a) 1,600 1,884 
Huadian Power International Corp. Ltd. (H Shares) 28,000 12,022 
Huaneng Power International, Inc. (H Shares) 8,000 4,917 
Huaneng Renewables Corp. Ltd. (H Shares) 6,000 2,019 
Huatai Securities Co. Ltd. (H Shares) 3,600 7,613 
Industrial & Commercial Bank of China Ltd. (H Shares) 193,000 115,846 
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) 2,700 2,668 
Jiangsu Expressway Co. Ltd. (H Shares) 2,000 2,723 
Jiangxi Copper Co. Ltd. (H Shares) 3,000 3,543 
Kama Co. Ltd. (a) 2,000 2,044 
Lao Feng Xiang Co. Ltd. (B Shares) 600 2,046 
New China Life Insurance Co. Ltd. (H Shares) 2,100 9,098 
People's Insurance Co. of China Group (H Shares) 26,000 10,359 
PetroChina Co. Ltd. (H Shares) 54,000 36,949 
PICC Property & Casualty Co. Ltd. (H Shares) 12,000 19,434 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 13,500 71,281 
Qingdao Port International Co. Ltd. 2,000 1,220 
Shandong Airlines Co. Ltd. 1,300 2,995 
Shandong Chenming Paper Holdings Ltd. (B Shares) 4,200 3,758 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 4,000 2,610 
Shanghai Baosight Software Co. Ltd. 600 1,041 
Shanghai Chlor Alkali Co. Ltd. (B Shares) (a) 2,300 1,780 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 6,000 2,777 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 1,000 3,075 
Shanghai Haixin Group Co. Ltd. (B Shares) (a) 2,100 1,812 
Shanghai Jin Jiang International Travel Co. Ltd. 1,000 3,701 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 1,080 1,679 
Shanghai Pharma Holding Co. Ltd. (H Shares) 2,800 7,221 
Shenzhen Expressway Co. (H Shares) 2,000 2,009 
Sinopec Engineering Group Co. Ltd. (H Shares)  3,500 3,096 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 12,000 6,127 
Sinopharm Group Co. Ltd. (H Shares) 3,200 15,576 
Sinotrans Ltd. (H Shares) 3,000 1,416 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 1,000 1,826 
TravelSky Technology Ltd. (H Shares) 2,000 4,276 
Tsingtao Brewery Co. Ltd. (H Shares) 2,000 7,994 
Weichai Power Co. Ltd. (H Shares) 2,000 3,022 
Yanzhou Coal Mining Co. Ltd. (H Shares) 6,000 4,448 
Zhaojin Mining Industry Co. Ltd. (H Shares) 1,500 1,516 
Zhejiang Expressway Co. Ltd. (H Shares) 6,000 6,290 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 2,000 9,696 
Zijin Mining Group Co. Ltd. (H Shares) 18,000 5,663 
ZTE Corp. (H Shares) 9,000 12,394 
TOTAL CHINA  1,168,782 
Colombia - 0.1%   
Almacenes Exito SA 564 2,814 
Cementos Argos SA 1,064 4,211 
Cemex Latam Holdings SA (a) 300 1,115 
Corporacion Financiera Colombiana SA 247 3,062 
Ecopetrol SA (a) 14,067 6,129 
Grupo de Inversiones Suramerica SA 645 8,319 
Interconexion Electrica SA ESP 1,000 3,322 
Inversiones Argos SA 1,204 7,808 
TOTAL COLOMBIA  36,780 
Curacao - 0.0%   
Sapiens International Corp. NV 128 1,756 
Cyprus - 0.0%   
ADO Properties SA 92 3,352 
Czech Republic - 0.0%   
Ceske Energeticke Zavody A/S 418 7,878 
Komercni Banka A/S 208 7,619 
Philip Morris CR A/S (a) 3 1,482 
Telefonica Czech Rep A/S 109 1,000 
TOTAL CZECH REPUBLIC  17,979 
Denmark - 1.1%   
A.P. Moller - Maersk A/S:   
Series A 11 16,096 
Series B 17 26,076 
ALK-Abello A/S 14 1,893 
Alm. Brand A/S 262 1,972 
Ambu A/S Series B 85 4,403 
Bang & Olufsen A/S Series B (a) 152 1,682 
Bavarian Nordic A/S (a) 84 2,851 
Carlsberg A/S Series B 259 23,355 
Christian Hansen Holding A/S 238 14,254 
Coloplast A/S Series B 343 23,894 
Dampskibsselskabet NORDEN A/S (a) 72 1,025 
Danske Bank A/S 1,690 52,178 
Det Forenede Dampskibs-Selskab (DFDS) A/S 96 4,640 
DSV de Sammensluttede Vognmaend A/S 496 24,039 
FLSmidth & Co. A/S 166 6,032 
Genmab A/S (a) 139 22,935 
GN Store Nord A/S 408 8,273 
ISS Holdings A/S 386 15,176 
Jyske Bank A/S (Reg.) 204 9,258 
Matas A/S 100 1,941 
NKT Holding A/S 75 5,052 
Novo Nordisk A/S Series B 5,033 179,303 
Novozymes A/S Series B 619 22,994 
Pandora A/S 289 37,619 
Per Aarsleff Holding A/S 44 1,039 
Rockwool International A/S Series B 24 4,017 
Royal Unibrew A/S 137 6,409 
Scandinavian Tobacco Group A/S 66 1,143 
Schouw & Co. 18 1,144 
SimCorp A/S 129 7,130 
Spar Nord Bank A/S 267 2,680 
Sydbank A/S 224 7,005 
TDC A/S 1,986 10,959 
Topdanmark A/S (a) 201 5,414 
Tryg A/S 467 9,125 
Vestas Wind Systems A/S 597 47,887 
William Demant Holding A/S (a) 272 5,066 
TOTAL DENMARK  615,959 
Egypt - 0.1%   
Commercial International Bank SAE 1,955 11,294 
Commercial International Bank SAE sponsored GDR 800 3,536 
EFG-Hermes Holding SAE (a) 2,676 4,719 
Global Telecom Holding (a) 4,632 2,488 
Global Telecom Holding GDR (a) 1,000 2,050 
Talaat Moustafa Group Holding 8,836 5,672 
TOTAL EGYPT  29,759 
Faroe Islands - 0.0%   
Bakkafrost 132 5,537 
Finland - 0.7%   
Amer Group PLC (A Shares) 299 8,140 
Atria PLC 200 2,196 
Cargotec Corp. (B Shares) 69 2,831 
Caverion Corp. 161 1,159 
Citycon Oyj 973 2,281 
Cramo Oyj (B Shares) 65 1,709 
Elisa Corp. (A Shares) 341 11,492 
F-Secure Oyj 458 1,619 
Fortum Corp. 1,101 18,359 
Huhtamaki Oyj 259 10,457 
KCI Konecranes Oyj 141 4,806 
Kemira Oyj 304 3,624 
Kesko Oyj 164 8,152 
Kone Oyj (B Shares) 862 39,677 
M-real OYJ (B Shares) 682 3,919 
Metso Corp. 290 7,609 
Neste Oyj 337 14,550 
Nokia Corp. 15,242 68,049 
Nokian Tyres PLC 327 10,974 
Oriola-KD Oyj 231 1,083 
Orion Oyj (B Shares) 264 11,242 
Outokumpu Oyj (A Shares) (a) 772 5,381 
Outotec Oyj (a) 505 2,200 
PK Cables OY 176 3,085 
Ramirent Oyj 163 1,202 
Sampo Oyj (A Shares) 1,140 52,228 
Sanoma Corp. 109 1,021 
Sponda Oyj 969 4,587 
Stora Enso Oyj (R Shares) 1,562 14,772 
Technopolis PLC 314 1,086 
TietoEnator Oyj 181 4,965 
UPM-Kymmene Corp. 1,375 31,999 
Uponor Oyj 163 2,773 
Valmet Corp. 385 5,718 
Wartsila Corp. 376 16,263 
YIT-Yhtyma OY 194 1,616 
TOTAL FINLAND  382,824 
France - 5.6%   
Accor SA 416 15,794 
Aeroports de Paris 78 7,878 
Air France KLM (Reg.) (a) 236 1,440 
Air Liquide SA 1,012 102,832 
Akka Technologies SA 29 1,014 
Albioma 200 3,304 
Alstom SA (a) 522 14,022 
Altamir 230 2,939 
ALTEN 79 5,646 
Altran Technologies SA 374 5,337 
Arkema SA 171 16,215 
Atos Origin SA 238 24,721 
AXA SA 5,075 114,504 
Beneteau SA 190 2,196 
BIC SA 86 11,924 
BNP Paribas SA 2,769 160,616 
Boiron SA 16 1,353 
Bollore Group 2,065 6,801 
Bollore Group (a) 9 33 
Bourbon Corp. (FR) 123 1,607 
Bouygues SA 662 21,587 
Bureau Veritas SA 614 11,600 
Capgemini SA 444 36,789 
Carrefour SA 1,458 38,244 
Casino Guichard Perrachon SA 150 7,464 
CEGID SA 15 1,050 
Cellectis SA (a) 41 727 
Christian Dior SA 136 26,238 
CNP Assurances 402 6,966 
Coface SA 163 1,056 
Compagnie de St. Gobain 1,272 56,475 
Compagnie Generale de Geophysique SA (a) 38 1,005 
Compagnie Plastic Omnium 189 6,158 
Credit Agricole SA 2,791 30,123 
Danone SA 1,510 104,731 
Dassault Systemes SA 362 28,667 
DBV Technologies SA (a) 26 1,793 
Edenred SA 512 11,862 
EDF SA 736 8,249 
Eiffage SA 163 12,067 
Elior SA 347 7,792 
Elis SA 388 6,449 
Engie 3,783 54,547 
Essilor International SA 533 59,914 
Etablissements Maurel & Prom (a) 222 977 
Euler Hermes SA 61 5,293 
Eurazeo SA 203 11,684 
Europcar Groupe SA (a) 149 1,385 
Eutelsat Communications 451 9,456 
Faiveley Transport 25 2,727 
Faurecia SA 185 6,805 
Fonciere des Regions 88 7,692 
Gaztransport et Technigaz SA 35 1,183 
Gecina SA 122 17,785 
Genfit (a) 40 749 
Groupe Eurotunnel SA 1,356 12,699 
Groupe FNAC SA (a) 50 3,409 
Guerbet 15 891 
Havas SA 622 5,060 
Hermes International SCA 68 27,552 
ICADE 102 7,332 
ID Logistics Group (a) 10 1,411 
Iliad SA 64 13,426 
Imerys SA 105 7,303 
Ingenico SA 159 12,585 
Interparfums SA 95 2,725 
Ipsen SA 133 9,192 
Ipsos SA 114 3,723 
JCDecaux SA 196 5,993 
Kering SA 192 42,586 
Klepierre SA 541 22,131 
Korian 126 3,860 
L'Oreal SA 626 112,047 
Lagardere S.C.A. (Reg.) 351 8,939 
Legrand SA 715 40,414 
LVMH Moet Hennessy - Louis Vuitton SA 707 128,717 
M6 Metropole Television SA 274 4,775 
Marie Brizard Wine & Spirits SA (a) 69 1,173 
Mercialys SA 110 2,279 
Michelin CGDE Series B 460 49,805 
Natixis SA 2,684 13,568 
Naturex SA (a) 13 1,180 
Neopost SA 80 2,422 
Nexans SA (a) 87 4,945 
Nexity 102 5,122 
Orange SA 5,094 80,147 
Orpea 122 10,157 
Pernod Ricard SA 548 65,180 
Peugeot Citroen SA (a) 1,232 18,454 
Publicis Groupe SA 518 35,540 
Rallye SA 134 2,426 
Remy Cointreau SA 92 7,463 
Renault SA 512 44,464 
Rexel SA 831 11,526 
Rubis 100 9,120 
Safran SA 821 56,445 
Sanofi SA 3,027 235,558 
Sartorius Stedim Biotech 70 4,720 
Schneider Electric SA 1,453 97,714 
SCOR SE 407 13,180 
SEB SA 56 8,241 
SFR Group SA 268 7,220 
Societe Generale Series A 1,978 77,157 
Sodexo SA 244 28,339 
Sopra Steria Group 36 3,662 
SPIE SA 319 6,034 
SR Teleperformance SA 167 17,649 
Suez Environnement SA 987 15,629 
Tarkett SA 36 1,282 
Technicolor SA 945 5,525 
Technip SA 265 17,576 
Television Francaise 1 SA 464 4,278 
Thales SA 264 24,857 
The Lisi Group 85 2,516 
The Vicat Group 32 2,012 
Total SA 5,783 277,034 
Trigano SA 49 3,467 
Ubisoft Entertainment SA (a) 233 7,929 
Unibail-Rodamco 252 59,816 
Valeo SA 609 35,098 
Vallourec SA (a) 1,133 5,567 
Veolia Environnement SA 1,137 24,840 
Vilmorin & Cie 17 1,022 
VINCI SA 1,273 92,203 
Virbac SA (a) 7 1,114 
Vivendi SA 2,975 60,216 
Wendel SA 132 15,186 
Worldline SA (Reg. S) (a)(b) 99 2,721 
Zodiac Aerospace 595 14,481 
TOTAL FRANCE  3,179,494 
Germany - 5.2%   
Aareal Bank AG 216 7,793 
adidas AG 479 78,697 
ADLER Real Estate AG (a) 111 1,626 
Aixtron AG (a) 417 2,065 
Allianz SE 1,168 182,330 
alstria office REIT-AG 434 5,600 
Amadeus Fire AG 22 1,768 
AURELIUS AG 69 4,111 
Aurubis AG 98 5,098 
Axel Springer Verlag AG 208 10,415 
BASF AG 2,333 205,652 
Bayer AG 2,166 215,061 
Bayerische Motoren Werke AG (BMW) 823 71,707 
BayWa AG 32 1,074 
Bechtle AG 62 6,517 
Beiersdorf AG 252 22,186 
Bertrandt AG 14 1,492 
Bijou Brigitte Modische Accessoires AG 21 1,245 
Bilfinger Berger AG (a) 133 4,686 
Brenntag AG 439 23,467 
CANCOM AG 29 1,317 
Capital Stage AG 315 2,248 
Carl Zeiss Meditec AG 92 3,308 
CENTROTEC Sustainable AG 123 2,019 
Commerzbank AG 2,765 18,779 
CompuGroup Medical AG 33 1,461 
Continental AG 278 53,268 
Covestro AG 194 11,466 
CTS Eventim AG 203 7,294 
Daimler AG (Germany) 2,437 173,648 
Deutsche Bank AG (a) 3,676 53,085 
Deutsche Borse AG (a) 502 39,060 
Deutsche EuroShop AG 220 9,503 
Deutsche Lufthansa AG 576 7,363 
Deutsche Pfandbriefbank AG 294 3,020 
Deutsche Post AG 2,460 76,234 
Deutsche Telekom AG 8,068 131,631 
Deutsche Wohnen AG (Bearer) 895 29,199 
Deutz AG 219 1,082 
DIC Asset AG 191 1,832 
Draegerwerk AG & Co. KGaA 22 1,403 
Drillisch AG 101 4,612 
Duerr AG 95 7,081 
E.ON AG 5,218 38,218 
ElringKlinger AG 62 960 
Evonik Industries AG 380 11,872 
Evotec OAI AG (a) 197 1,082 
Fraport AG Frankfurt Airport Services Worldwide 140 8,310 
Freenet AG 349 10,001 
Fresenius Medical Care AG & Co. KGaA 575 46,836 
Fresenius SE & Co. KGaA 1,043 76,987 
GEA Group AG 495 19,141 
Gerresheimer AG 119 8,976 
GESCO AG 34 2,718 
Gildemeister AG 106 4,852 
Grammer AG 44 2,513 
Grenkeleasing AG 24 4,178 
Hamborner (REIT) AG 133 1,315 
Hamburger Hafen und Logistik AG 69 1,099 
Hannover Reuck SE 156 17,390 
HeidelbergCement Finance AG 374 35,374 
Heidelberger Druckmaschinen AG (a) 503 1,336 
Henkel AG & Co. KGaA 190 20,920 
Hochtief AG 50 6,825 
Hugo Boss AG 155 9,734 
INDUS Holding AG 33 1,946 
Infineon Technologies AG 2,985 53,686 
Innogy SE 400 15,884 
Jenoptik AG 90 1,543 
K&S AG 580 11,734 
KION Group AG 166 10,026 
Kloeckner & Co. AG (a) 130 1,623 
Koenig & Bauer AG (a) 22 1,033 
Krones AG 48 4,892 
KUKA AG 39 3,118 
KWS Saat AG 3 981 
Lanxess AG 240 15,368 
LEG Immobilien AG 163 13,749 
LEONI AG 118 4,480 
Linde AG 478 78,866 
MAN SE 97 9,920 
Merck KGaA 326 33,518 
Metro AG 443 13,271 
Morphosys AG (a) 77 3,409 
MTU Aero Engines Holdings AG 139 14,508 
Muenchener Rueckversicherungs AG 402 78,052 
Nemetschek Se 39 2,432 
Nordex Se (a) 152 3,997 
NORMA Group AG 138 6,350 
Open Business Club AG 6 1,221 
OSRAM Licht AG 217 12,304 
Patrizia Immobilien AG 93 1,922 
Pfeiffer Vacuum Technology AG 15 1,361 
ProSiebenSat.1 Media AG 640 27,583 
Rational AG 11 5,706 
Rheinmetall AG 122 8,452 
Rhoen-Klinikum AG 272 7,571 
RIB Software AG 115 1,557 
RWE AG (a) 1,210 19,207 
Salzgitter AG 133 4,365 
SAP AG 2,527 222,627 
Schaeffler AG 459 6,943 
SGL Carbon AG (a) 77 960 
Siemens AG 1,962 222,917 
Sixt AG 91 5,514 
SLM Solutions Group AG (a) 43 1,421 
SMA Solar Technology AG 29 744 
Software AG (Bearer) 190 6,904 
Stada Arzneimittel AG 188 9,412 
STRATEC Biomedical Systems AG 16 913 
Stroer Out-of-Home Media AG 87 3,966 
Suedzucker AG (Bearer) 197 5,047 
SURTECO SE 60 1,515 
Symrise AG 339 23,262 
TAG Immobilien AG 515 6,875 
Takkt AG 115 2,724 
Telefonica Deutschland Holding AG 1,756 6,807 
Thyssenkrupp AG 1,000 23,152 
TLG Immobilien AG 230 4,817 
TUI AG 1,387 17,605 
Uniper SE (a) 583 7,760 
United Internet AG 387 15,884 
Volkswagen AG 53 7,923 
Vonovia SE 1,224 43,111 
Vossloh AG (a) 38 2,306 
Wacker Chemie AG 52 4,632 
Wacker Construction Equipment AG 72 996 
Wincor Nixdorf AG (a) 34 2,476 
Wirecard AG 302 14,327 
Wustenrot & Wurttembergische AG 99 1,967 
Zalando SE (a) 207 9,087 
Zooplus AG (a) 18 2,560 
TOTAL GERMANY  2,985,929 
Gibraltar - 0.0%   
888 Holdings PLC 351 934 
Greece - 0.1%   
Alpha Bank AE (a) 3,635 6,225 
EFG Eurobank Ergasias SA (a) 5,539 3,259 
Ff Group (a) 72 1,725 
Greek Organization of Football Prognostics SA 713 6,082 
Hellenic Telecommunications Organization SA 740 6,783 
Jumbo SA 319 4,535 
Motor Oil (HELLAS) Corinth Refineries SA 141 1,689 
Mytilineos Holdings SA 301 1,722 
National Bank of Greece SA (a) 17,838 3,648 
Piraeus Bank SA (a) 21,091 3,496 
Public Power Corp. of Greece (a) 446 1,459 
Titan Cement Co. SA (Reg.) 151 3,509 
TOTAL GREECE  44,132 
Hong Kong - 2.4%   
AIA Group Ltd. 31,600 199,447 
Bank of East Asia Ltd. 3,214 12,950 
Beijing Enterprises Holdings Ltd. 1,000 5,003 
BOC Hong Kong (Holdings) Ltd. 10,500 37,502 
BYD Electronic International Co. Ltd. 1,000 789 
Cathay Pacific Airways Ltd. 5,000 6,589 
Champion (REIT) 4,000 2,275 
China Agri-Industries Holdings Ltd. (a) 5,000 1,960 
China Everbright International Ltd. 8,000 9,593 
China Everbright Ltd. 2,000 3,920 
China Jinmao Holdings Group Ltd. 6,000 1,656 
China Merchants China Direct Investments Ltd. 2,000 2,935 
China Merchants Holdings International Co. Ltd. 4,055 10,509 
China Mobile Ltd. 16,000 183,302 
China Overseas Land and Investment Ltd. 10,000 30,881 
China Power International Development Ltd. 5,000 1,825 
China Resources Beer Holdings Co. Ltd. 4,666 9,927 
China Resources Power Holdings Co. Ltd. 4,000 6,798 
China South City Holdings Ltd. 8,000 1,774 
China Taiping Insurance Group Ltd. (a) 4,600 8,885 
China Travel International Investment HK Ltd. 6,000 1,733 
China Unicom Ltd. 18,000 21,132 
CITIC Pacific Ltd. 15,000 21,546 
CLP Holdings Ltd. 4,000 40,693 
CNOOC Ltd. 48,000 60,397 
CSPC Pharmaceutical Group Ltd. 12,000 12,440 
Dah Sing Banking Group Ltd. 800 1,448 
Dah Sing Financial Holdings Ltd. 400 2,718 
Far East Horizon Ltd. 4,000 3,652 
Fosun International Ltd. 8,000 11,615 
Fushan International Energy Group Ltd. 12,000 2,599 
Galaxy Entertainment Group Ltd. 6,000 24,640 
Guangdong Investment Ltd. 8,000 12,089 
Guotai Junan International Holdings Ltd. 3,000 1,149 
GZI (REIT) 10,000 5,738 
Hang Lung Properties Ltd. 6,000 13,245 
Hang Seng Bank Ltd. 1,900 34,323 
Henderson Land Development Co. Ltd. 3,000 17,774 
HK Electric Investments & HK Electric Investments Ltd. unit 7,000 6,932 
HKT Trust/HKT Ltd. unit 7,000 9,622 
Hong Kong & China Gas Co. Ltd. 20,300 39,786 
Hong Kong Exchanges and Clearing Ltd. 3,115 82,498 
Hopewell Holdings Ltd. 3,000 10,522 
Hysan Development Co. Ltd. 2,000 9,232 
Lenovo Group Ltd. 20,000 12,842 
Link (REIT) 6,500 46,347 
Melco International Development Ltd. 3,000 3,922 
Mmg Ltd. (a) 12,000 3,156 
MTR Corp. Ltd. 4,000 22,152 
New World Development Co. Ltd. 14,000 17,456 
PCCW Ltd. 13,000 7,744 
Poly Property Group Co. Ltd. (a) 9,000 2,855 
Power Assets Holdings Ltd. 3,500 32,922 
Prosperity (REIT) 13,000 5,615 
Shanghai Industrial Holdings Ltd. 1,000 3,062 
Shenzhen Investment Ltd. 10,000 4,371 
Shun Tak Holdings Ltd. 22,000 7,432 
Sino Land Ltd. 12,000 20,424 
Sino-Ocean Group Holding Ltd. 4,500 1,874 
Sinotrans Shipping Ltd. (a) 24,000 3,899 
SJM Holdings Ltd. 6,000 4,154 
Sun Art Retail Group Ltd. 8,000 5,642 
Sun Hung Kai Properties Ltd. 4,000 59,725 
Sunlight (REIT) 13,000 8,046 
Swire Pacific Ltd. (A Shares) 1,500 15,599 
Swire Properties Ltd. 3,000 8,626 
Techtronic Industries Co. Ltd. 3,500 13,178 
Television Broadcasts Ltd. 600 2,174 
Wharf Holdings Ltd. 4,000 30,069 
Wheelock and Co. Ltd. 2,000 12,352 
Winteam Pharmaceutical Group Ltd. 6,000 3,071 
Yuexiu Property Co. Ltd. 34,000 4,998 
TOTAL HONG KONG  1,349,750 
Hungary - 0.1%   
Magyar Telekom PLC 3,994 6,603 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 121 7,785 
OTP Bank PLC 690 19,381 
Richter Gedeon PLC 548 11,778 
TOTAL HUNGARY  45,547 
India - 1.4%   
ACC Ltd. 151 3,433 
Adani Ports & Special Economic Zone 1,483 6,825 
Aditya Birla Fashion and Retail Ltd. (a) 403 968 
Aditya Birla Nuvo Ltd. (a) 52 1,074 
AIA Engineering Ltd. 56 1,085 
Ajanta Pharma Ltd. 34 1,041 
Alembic Pharmaceuticals Ltd. (a) 109 1,104 
Ambuja Cements Ltd. 813 2,942 
Apollo Hospitals Enterprise Ltd. 219 4,399 
Apollo Tyres Ltd. (a) 1,405 4,253 
Arvind Mills Ltd. 780 4,842 
Ashok Leyland Ltd. (a) 2,297 3,108 
Asian Paints Ltd. 449 7,202 
Aurobindo Pharma Ltd. 482 5,866 
Axis Bank Ltd. 3,320 24,234 
Bajaj Auto Ltd. 140 5,978 
Bajaj Finance Ltd. 308 4,952 
Balkrishna Industries Ltd. 173 2,754 
Bayer CropScience Ltd. (a) 21 1,342 
Berger Paints India Ltd. 998 3,851 
Bharat Forge Ltd. 205 2,719 
Bharat Heavy Electricals Ltd. (a) 1,099 2,289 
Bharat Petroleum Corp. Ltd. 404 4,052 
Bharti Airtel Ltd. 1,697 8,112 
Bharti Infratel Ltd. 1,092 5,658 
Biocon Ltd. 76 1,055 
Blue Dart Express Ltd. (a) 43 3,277 
Bosch Ltd. (a) 23 7,548 
Cadila Healthcare Ltd. 647 4,102 
Cairn India Ltd. 930 3,151 
Canara Bank Ltd. (a) 248 1,166 
CESC Ltd. GDR 328 3,090 
Cipla Ltd. (a) 732 6,311 
Coal India Ltd. 1,146 5,580 
Container Corp. of India Ltd. 91 1,877 
CRISIL Ltd. 32 1,053 
Crompton Greaves Consumer Electricals Ltd. 850 2,341 
Crompton Greaves Ltd. (a) 2,315 2,662 
Cyient Ltd. 322 2,363 
Dabur India Ltd. 740 3,234 
Dalmia Bharat Ltd. 44 1,357 
Dewan Housing Finance Corp. Ltd. (a) 238 1,171 
Dish TV India Ltd. (a) 687 988 
Divi's Laboratories Ltd. 241 4,624 
Dr. Reddy's Laboratories Ltd. (a) 200 10,060 
eClerx Services Ltd. 42 956 
Edelweiss Financial Services Ltd. (a) 618 1,130 
Eicher Motors Ltd. 22 7,922 
Eveready Industries India Ltd. (a) 848 3,228 
Exide Industries Ltd. (a) 427 1,253 
Federal Bank Ltd. (a) 2,463 3,026 
Finolex Cables Ltd. 407 2,688 
GAIL India Ltd. 610 3,963 
Ge Power India Ltd. (a) 330 2,540 
Gillette India Ltd. 57 3,645 
GlaxoSmithKline Consumer Healthcare Ltd. 27 2,461 
Glenmark Pharmaceuticals Ltd. (a) 398 5,567 
GMR Infrastructure Ltd. (a) 5,938 1,220 
Godrej Consumer Products Ltd. 160 3,860 
Godrej Industries Ltd. (a) 184 1,205 
Great Eastern Shipping Co. Ltd. 242 1,354 
Gruh Finance Ltd. (a) 212 1,060 
Havells India Ltd. 537 3,277 
HCL Technologies Ltd. 1,269 14,518 
Hero Motocorp Ltd. (a) 74 3,718 
Hindalco Industries Ltd. (a) 1,665 3,735 
Hindustan Unilever Ltd. 1,422 17,832 
Housing Development Finance Corp. Ltd. 2,740 57,166 
ICICI Bank Ltd. (a) 1,799 7,487 
Idea Cellular Ltd. (a) 2,440 2,787 
Iifl Holdings Ltd. (a) 244 1,222 
Indiabulls Housing Finance Ltd. 819 10,423 
Indian Hotels Co. Ltd. (a) 685 1,186 
Info Edge India Ltd. 238 3,218 
Infosys Ltd. 3,276 48,949 
Ipca Laboratories Ltd. (a) 338 3,089 
IRB Infrastructure Developers Ltd. 395 1,390 
ITC Ltd. 5,838 21,276 
Jindal Steel & Power Ltd. (a) 1,808 2,040 
JSW Steel Ltd. (a) 102 2,537 
Jubilant Foodworks Ltd. 60 900 
Jubilant Life Sciences Ltd. (a) 132 1,364 
Kajaria Ceramics Ltd. (a) 126 1,173 
Kansai Nerolac Paints Ltd. (a) 187 1,063 
L&T Finance Holdings Ltd. (a) 707 1,134 
Larsen & Toubro Ltd. 696 15,450 
LIC Housing Finance Ltd. 619 5,408 
Lupin Ltd. 408 9,103 
Mahindra & Mahindra Financial Services Ltd. (a) 597 3,239 
Mahindra & Mahindra Ltd. 966 18,997 
Manappuram General Finance & Leasing Ltd. 1,665 2,550 
Marico Ltd. 1,092 4,616 
Maruti Suzuki India Ltd. (a) 227 19,997 
MindTree Consulting Ltd. 213 1,392 
Motherson Sumi Systems Ltd. 492 2,443 
Mphasis BFL Ltd. 137 1,053 
MRF Ltd. 3 2,157 
Muthoot Finance Ltd. (a) 199 1,071 
Natco Pharma Ltd. (a) 103 900 
Nestle India Ltd. 32 3,351 
NTPC Ltd. 2,095 4,782 
Oil & Natural Gas Corp. Ltd. 1,530 6,581 
Page Industries Ltd. 22 5,426 
Persistent Systems Ltd. 117 1,131 
Pfizer Ltd. (a) 47 1,287 
PI Industries Ltd. 100 1,295 
Piramal Enterprises Ltd. 131 3,485 
Power Finance Corp. Ltd. 1,843 3,429 
Rajesh Exports Ltd. (a) 160 1,147 
Redington India Ltd. 688 1,083 
Reliance Capital Ltd. (a) 586 4,566 
Reliance Communication Ltd. (a) 5,693 3,994 
Reliance Industries Ltd. 2,565 40,566 
Reliance Infrastructure Ltd. (a) 273 2,223 
Repco Home Finance Ltd. (a) 83 939 
Rural Electrification Corp. Ltd. 1,550 3,135 
Sadbhav Engineering Ltd. (a) 240 1,003 
Sanofi India Ltd. 25 1,635 
Shree Cement Ltd. 11 2,757 
Shriram Transport Finance Co. Ltd. 238 3,853 
Siemens India Ltd. (a) 256 4,543 
Sintex Industries Ltd. (a) 1,300 1,748 
SKF India Ltd. (a) 115 2,428 
SKS Microfinance Ltd. (a) 197 2,606 
State Bank of India 2,445 9,457 
Strides Shasun Ltd. (a) 145 2,274 
Sun Pharmaceutical Industries Ltd. 2,215 24,685 
Sun TV Ltd. 146 1,197 
Sundaram Finance Ltd. 109 2,241 
Supreme Industries Ltd. 68 920 
Suzlon Energy Ltd. (a) 4,835 1,098 
Tata Communications Ltd. 372 3,543 
Tata Consultancy Services Ltd. 905 32,543 
Tata Global Beverages Ltd. (a) 2,784 5,841 
Tata Motors Ltd. (a) 3,550 28,579 
Tata Power Co. Ltd. 3,178 3,730 
Tata Steel Ltd. (a) 615 3,738 
Tech Mahindra Ltd. 400 2,612 
The Karur Vysya Bank Ltd. 584 4,193 
The Ramco Cements Ltd. (a) 120 1,106 
Thermax Ltd. (a) 107 1,365 
Titan Co. Ltd. 599 3,354 
Tube Investments of India Ltd. (a) 309 2,890 
Tvs Motor Co. Ltd. 219 1,330 
Ultratech Cemco Ltd. (a) 37 2,209 
United Spirits Ltd. (a) 141 4,757 
UPL Ltd. (a) 698 7,302 
Vedanta Ltd. (a) 1,525 4,632 
Videocon Industries Ltd. (a) 1,566 2,445 
Voltas Ltd. (a) 173 1,003 
WABCO India Ltd. (a) 11 934 
Whirlpool of India Ltd. (a) 200 3,373 
Wipro Ltd. 1,037 7,208 
Yes Bank Ltd. (a) 710 13,542 
Zee Entertainment Enterprises Ltd. 832 6,490 
TOTAL INDIA  827,615 
Indonesia - 0.6%   
PT ACE Hardware Indonesia Tbk 13,700 898 
PT Adaro Energy Tbk 40,700 4,944 
PT AKR Corporindo Tbk 7,200 3,918 
PT Aneka Tambang Tbk (a) 17,100 1,173 
PT Astra International Tbk 54,300 34,229 
PT Bank Central Asia Tbk 31,200 37,123 
PT Bank CIMB Niaga Tbk (a) 328 24 
PT Bank Danamon Indonesia Tbk Series A 11,000 3,254 
PT Bank Mandiri (Persero) Tbk 25,200 22,197 
PT Bank Negara Indonesia (Persero) Tbk 18,800 8,033 
PT Bank Rakyat Indonesia Tbk 30,600 28,611 
PT Bank Tabungan Negara Tbk 8,500 1,244 
PT Bumi Serpong Damai Tbk 38,900 6,469 
PT Charoen Pokphand Indonesia Tbk 18,600 5,274 
PT Ciputra Development Tbk 32,900 3,984 
PT Global Mediacom Tbk 14,600 951 
PT Gudang Garam Tbk 1,300 6,765 
PT Hanjaya Mandala Sampoerna Tbk 21,100 6,388 
PT Hanson International Tbk (a) 188,500 2,023 
PT Indo Tambangraya Megah Tbk 1,500 1,647 
PT Indocement Tunggal Prakarsa Tbk 4,200 5,295 
PT Indofood CBP Sukses Makmur Tbk 6,500 4,683 
PT Indofood Sukses Makmur Tbk 10,700 6,970 
PT Japfa Comfeed Indonesia Tbk 8,100 1,170 
PT Jasa Marga Tbk 4,400 1,528 
PT Kalbe Farma Tbk 59,800 7,975 
PT Link Net Tbk 2,800 1,073 
PT Lippo Karawaci Tbk 61,100 4,238 
PT Matahari Department Store Tbk 7,600 10,499 
PT Media Nusantara Citra Tbk 7,600 1,223 
PT Pakuwon Jati Tbk 73,200 4,039 
PT Pembangunan Perumahan Persero Tbk 11,000 3,473 
PT Perusahaan Gas Negara Tbk Series B 27,400 5,376 
PT Semen Gresik (Persero) Tbk 8,600 6,492 
PT Sitara Propertindo Tbk (a) 49,100 2,446 
PT Sugih Energy Tbk (a) 40,500 354 
PT Summarecon Agung Tbk 31,500 3,983 
PT Surya Citra Media Tbk 21,500 4,367 
PT Tambang Batubara Bukit Asam Tbk 1,400 1,277 
PT Telkomunikasi Indonesia Tbk Series B 130,900 42,336 
PT Tower Bersama Infrastructure Tbk 8,300 3,801 
PT Unilever Indonesia Tbk 3,900 13,293 
PT United Tractors Tbk 4,500 7,458 
PT Waskita Karya Persero Tbk 9,700 1,948 
PT Wijaya Karya Persero Tbk 4,200 827 
PT XL Axiata Tbk (a) 13,300 2,242 
TOTAL INDONESIA  327,515 
Ireland - 0.4%   
Bank of Ireland (a) 77,080 16,500 
C&C Group PLC 1,777 6,827 
CRH PLC 2,221 72,103 
DCC PLC (United Kingdom) 257 20,966 
Glanbia PLC 446 7,266 
Grafton Group PLC unit 659 4,011 
Green REIT PLC 3,549 5,298 
Greencore Group PLC 1,319 5,328 
Hibernia (REIT) PLC 1,584 2,231 
Irish Continental Group PLC unit 322 1,502 
Irish Residential Properties REIT PLC 974 1,256 
James Hardie Industries PLC CDI 1,106 16,515 
Kerry Group PLC Class A 438 31,801 
Kingspan Group PLC (Ireland) 384 9,400 
Origin Enterprises PLC 227 1,408 
Paddy Power PLC (Ireland) 197 20,393 
Permanent Tsb Group Hld PLC (a) 637 1,734 
Ryanair Holdings PLC sponsored ADR 73 5,482 
Smurfit Kappa Group PLC 617 13,519 
United Drug PLC (United Kingdom) 993 7,943 
TOTAL IRELAND  251,483 
Isle of Man - 0.1%   
Gaming VC Holdings SA 679 5,789 
Genting Singapore PLC 16,300 8,728 
New Europe Property Investments PLC 703 8,668 
Nostrum Oil & Gas LP (a) 410 1,761 
Paysafe Group PLC (a) 1,250 6,625 
Playtech Ltd. 679 7,713 
Redefine International PLC 5,153 2,602 
TOTAL ISLE OF MAN  41,886 
Israel - 0.5%   
Airport City Ltd. (a) 126 1,371 
Alony Hetz Properties & Investments Ltd. 432 3,716 
Azrieli Group 93 3,961 
Bank Hapoalim BM (Reg.) 2,514 14,509 
Bank Leumi le-Israel BM (a) 4,482 16,917 
Bezeq The Israel Telecommunication Corp. Ltd. 6,696 12,166 
Caesarstone Sdot-Yam Ltd. (a) 75 2,651 
Cellcom Israel Ltd. (Israel) (a) 309 2,333 
Check Point Software Technologies Ltd. (a) 353 29,850 
CyberArk Software Ltd. (a) 28 1,309 
Delek Group Ltd. 14 2,747 
Elbit Systems Ltd. (Israel) 75 7,429 
First International Bank of Israel 120 1,545 
Frutarom Industries Ltd. 101 5,344 
Gazit-Globe Ltd. 390 3,517 
Harel Insurance Investments and Financial Services Ltd. 286 1,106 
Israel Chemicals Ltd. 1,372 4,885 
Israel Corp. Ltd. (Class A) (a) 8 1,193 
Israel Discount Bank Ltd. (Class A) (a) 3,346 6,148 
Ituran Location & Control Ltd. 60 1,596 
Jerusalem Oil Exploration Ltd. (a) 29 1,277 
Melisron Ltd. 33 1,400 
Migdal Insurance & Financial Holdings Ltd. 2,273 1,502 
Mizrahi Tefahot Bank Ltd. 596 7,768 
NICE Systems Ltd. 148 9,826 
Oil Refineries Ltd. (a) 2,892 1,021 
Orbotech Ltd. (a) 171 4,685 
Partner Communications Co. Ltd. (a) 203 947 
Paz Oil Co. Ltd. 22 3,437 
Plus500 Ltd. 108 818 
Radware Ltd. (a) 101 1,365 
Reit 1 Ltd. 493 1,486 
Shikun & Binui Ltd. 1,469 2,550 
Strauss Group Ltd. 86 1,354 
Taro Pharmaceutical Industries Ltd. (a) 60 6,091 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,374 101,465 
Tower Semiconductor Ltd. (a) 231 3,576 
Wix.com Ltd. (a) 61 2,440 
TOTAL ISRAEL  277,301 
Italy - 1.2%   
A2A SpA 4,655 6,342 
ACEA SpA 193 2,500 
Amplifon SpA 107 1,131 
Anima Holding SpA 764 3,722 
Ansaldo STS SpA 342 3,931 
Assicurazioni Generali SpA 3,051 39,421 
Astm SpA 118 1,274 
Atlantia SpA 1,044 25,568 
Autogrill SpA 415 3,460 
Azimut Holding SpA 362 5,810 
Banca Generali SpA 212 4,708 
Banca IFIS SpA 46 1,331 
Banca Mediolanum S.p.A. 796 5,505 
Banca Monte dei Paschi di Siena SpA (a) 8,605 2,296 
Banca Popolare dell'Emilia Romagna 1,433 6,723 
Banca Popolare di Milano 13,281 6,088 
Banca Popolare di Sondrio SCARL 1,886 6,294 
Banco Popolare Societa Cooperativa 2,241 6,455 
Beni Stabili SpA SIIQ 2,223 1,297 
Brembo SpA 63 3,894 
Brunello Cucinelli SpA 187 3,703 
Buzzi Unicem SpA 288 5,602 
Cerved Information Solutions SpA 633 5,097 
Compagnie Industriali Riunite SpA (CIR) 1,763 1,966 
Credito Emiliano SpA 217 1,222 
Credito Valtellinese SC 2,631 1,156 
Danieli & C. Officine Meccaniche SpA 93 1,736 
Datalogic SpA 103 2,160 
Davide Campari-Milano SpA 823 8,289 
De Longhi SpA 169 3,955 
DiaSorin S.p.A. 67 4,119 
Digital Multimedia Technologies SpA (a) 36 1,699 
Enel SpA 19,054 81,920 
Eni SpA 6,559 95,186 
ERG SpA 240 2,666 
EXOR SpA 322 13,683 
EXOR SpA rights (a) 247 0 
FinecoBank SpA 724 4,228 
Hera SpA 1,808 4,624 
Industria Macchine Automatiche SpA (IMA) 31 1,918 
Infrastrutture Wireless Italiane SpA (b) 744 3,520 
Interpump Group SpA 263 4,221 
Intesa Sanpaolo SpA 31,492 73,020 
Intesa Sanpaolo SpA (Risparmio Shares) 4,362 9,424 
Iren SpA 1,091 1,959 
Italmobiliare SpA 33 1,565 
Leonardo-Finmeccanica SpA (a) 1,122 13,672 
Luxottica Group SpA 441 21,954 
MARR SpA 64 1,179 
Mediaset SpA 2,239 6,400 
Mediobanca SpA 1,489 10,911 
Moncler SpA 316 5,262 
OVS 256 1,402 
Piaggio & C SpA 1,051 1,834 
Poste Italiane SpA 1,309 8,715 
Prysmian SpA 463 11,522 
Rai Way SpA 247 963 
Recordati SpA 324 9,169 
Reply SpA 8 1,006 
Safilo Group SpA (a) 143 1,497 
Saipem SpA (a) 15,222 6,266 
Salini Impregilo SpA 369 1,029 
Salvatore Ferragamo Italia SpA 137 3,352 
Saras Raffinerie Sarde SpA 663 1,151 
Snam Rete Gas SpA 6,407 33,774 
Societa Cattolica Di Assicurazioni SCRL 257 1,554 
Societa Iniziative Autostradali e Servizi SpA (SIAS) 122 1,142 
Telecom Italia SpA (a) 17,075 14,843 
Terna SpA 4,055 19,862 
Tod's SpA 23 1,346 
UniCredit SpA 13,902 34,490 
Unione di Banche Italiane SCpA 2,694 7,429 
Unipol Gruppo Finanziario SpA 1,545 4,725 
Unipolsai SpA 3,247 6,202 
YOOX SpA (a) 142 4,084 
Zignago Vetro SpA 165 999 
TOTAL ITALY  714,122 
Japan - 16.8%   
77 Bank Ltd. 1,000 4,529 
ABC-MART, Inc. 100 6,093 
Accordia Golf Co. Ltd. 200 2,022 
ACOM Co. Ltd. (a) 1,000 4,615 
Activia Properties, Inc. 2 9,726 
Adastria Co. Ltd. 100 2,624 
Adeka Corp. 300 4,548 
Advance Residence Investment Corp. 3 8,393 
Advantest Corp. 400 5,733 
Aeon (REIT) Investment Corp. 2 2,428 
AEON Co. Ltd. 1,700 23,554 
AEON Financial Service Co. Ltd. 400 7,060 
AEON MALL Co. Ltd. 200 2,975 
Ai Holdings Corp. 100 2,463 
Aica Kogyo Co. Ltd. 100 2,861 
Aichi Steel Corp. 100 4,825 
Aiful Corp. (a) 300 915 
Ain Holdings, Inc. 100 6,761 
Air Water, Inc. 1,000 18,757 
Aisin Seiki Co. Ltd. 500 22,003 
Ajinomoto Co., Inc. 1,400 31,192 
Akita Bank Ltd. 1,000 3,357 
Alfresa Holdings Corp. 500 10,594 
All Nippon Airways Ltd. 3,000 8,445 
Alpine Electronics, Inc. 200 2,670 
Alps Electric Co. Ltd. 500 12,015 
Amada Holdings Co. Ltd. 800 9,139 
Amano Corp. 100 1,864 
Anritsu Corp. 200 1,062 
Aoyama Trading Co. Ltd. 100 3,528 
Aozora Bank Ltd. 3,000 9,927 
ARCS Co. Ltd. 100 2,516 
Ariake Japan Co. Ltd. 100 5,597 
Asahi Glass Co. Ltd. 3,000 21,026 
Asahi Group Holdings 1,000 35,768 
Asahi Holdings, Inc. 100 1,800 
ASAHI INTECC Co. Ltd. 100 4,339 
Asahi Kasei Corp. 3,000 27,114 
Asatsu-DK, Inc. 200 5,559 
Ashikaga Holdings Co. Ltd. 2,070 7,382 
Asics Corp. 400 8,552 
ASKUL Corp. 100 4,124 
Astellas Pharma, Inc. 5,400 80,146 
Autobacs Seven Co. Ltd. 100 1,425 
Azbil Corp. 200 5,950 
Bandai Namco Holdings, Inc. 500 15,019 
Bank of Kyoto Ltd. 1,000 7,352 
Benefit One, Inc. 100 2,899 
Benesse Holdings, Inc. 200 5,250 
Bic Camera, Inc. 400 3,452 
Bridgestone Corp. 1,700 63,464 
Brother Industries Ltd. 600 11,042 
Calbee, Inc. 200 7,266 
Calsonic Kansei Corp. 1,000 12,539 
Canon Marketing Japan, Inc. 100 1,731 
Canon, Inc. 2,700 77,566 
Capcom Co. Ltd. 100 2,589 
Casio Computer Co. Ltd. 700 9,785 
Central Glass Co. Ltd. 1,000 4,100 
Central Japan Railway Co. 400 68,142 
Chiba Bank Ltd. 2,000 12,396 
Chiyoda Corp. 1,000 8,744 
Chubu Electric Power Co., Inc. 1,700 25,037 
Chugai Pharmaceutical Co. Ltd. 600 20,483 
Chugoku Electric Power Co., Inc. 700 8,197 
Citizen Watch Co. Ltd. 900 5,072 
CKD Corp. 300 3,748 
Coca-Cola Central Japan Co. Ltd. 100 2,208 
Coca-Cola West Co. Ltd. 200 5,922 
cocokara fine HOLDINGS, Inc. 100 3,876 
COLOPL, Inc. 100 1,443 
Colowide Co. Ltd. 200 3,892 
Comforia Residential REIT, Inc. 1 2,249 
COMSYS Holdings Corp. 200 3,530 
Concordia Financial Group Ltd. (a) 3,300 15,331 
Cookpad, Inc. 100 953 
Cosmo Energy Holdings Co. Ltd. 100 1,314 
Credit Saison Co. Ltd. 500 8,658 
CyberAgent, Inc. 300 8,739 
CYBERDYNE, Inc. (a) 200 3,008 
Dai Nippon Printing Co. Ltd. 2,000 20,101 
Dai-ichi Mutual Life Insurance Co. 2,800 41,144 
Daicel Chemical Industries Ltd. 800 10,558 
Daido Steel Co. Ltd. 1,000 4,253 
Daifuku Co. Ltd. 300 5,441 
Daihen Corp. 1,000 5,807 
Daiichi Sankyo Kabushiki Kaisha 1,500 36,130 
Daiichikosho Co. Ltd. 100 4,353 
Daikin Industries Ltd. 600 57,671 
DaikyoNishikawa Corp. 100 1,293 
Dainippon Sumitomo Pharma Co. Ltd. 400 6,946 
Daio Paper Corp. 100 1,203 
Daiseki Co. Ltd. 200 4,116 
Daito Trust Construction Co. Ltd. 200 33,518 
Daiwa House Industry Co. Ltd. 1,400 38,528 
Daiwa House REIT Investment Corp. 4 10,813 
Daiwa Office Investment Corp. 1 5,645 
Daiwa Securities Group, Inc. 4,000 23,942 
DCM Japan Holdings Co. Ltd. 100 877 
DeNA Co. Ltd. 300 9,669 
Denki Kagaku Kogyo KK 1,000 4,548 
DENSO Corp. 1,300 56,589 
Dentsu, Inc. 600 29,980 
Descente Ltd. 200 2,781 
Dic Corp. 200 6,074 
Digital Garage, Inc. 100 1,895 
Dip Corp. 100 2,659 
Disco Corp. 100 12,110 
Dmg Mori Co. Ltd. 200 2,126 
Don Quijote Holdings Co. Ltd. 300 11,428 
Doutor Nichires Holdings Co., Ltd. 100 2,006 
Dowa Holdings Co. Ltd. 1,000 7,447 
Dr. Ci:Labo Co., Ltd. 100 2,870 
East Japan Railway Co. 900 79,444 
Ebara Corp. 200 5,950 
Eisai Co. Ltd. 700 44,709 
Electric Power Development Co. Ltd. 500 11,667 
en-japan, Inc. 100 1,931 
euglena Co. Ltd. (a) 300 4,085 
Exedy Corp. 200 5,704 
Ezaki Glico Co. Ltd. 100 5,693 
FamilyMart Co. Ltd. 241 15,121 
Fancl Corp. 200 3,027 
Fanuc Corp. 500 91,544 
Fast Retailing Co. Ltd. 200 67,627 
FCC Co. Ltd. 100 2,197 
Financial Products Group Co. Ltd. 100 877 
Foster Electric Co. Ltd. 100 1,841 
FP Corp. 100 5,397 
Frontier Real Estate Investment Corp. 1 4,711 
Fuji Electric Co. Ltd. 2,000 10,012 
Fuji Heavy Industries Ltd. 1,600 62,462 
Fuji Machine Manufacturing Co. Ltd. 300 3,828 
Fuji Oil Holdings, Inc. 100 1,932 
Fuji Seal International, Inc. 100 4,134 
Fuji Soft ABC, Inc. 100 2,662 
Fujifilm Holdings Corp. 1,100 41,694 
Fujikura Ltd. 1,000 5,893 
Fujitec Co. Ltd. 300 3,439 
Fujitsu Ltd. 5,000 29,708 
Fukuoka (REIT) Investment Fund 1 1,734 
Fukuoka Financial Group, Inc. 2,000 8,677 
Furukawa Co. Ltd. 1,000 1,602 
Furukawa Electric Co. Ltd. 200 5,903 
Futaba Corp. 100 1,636 
Fuyo General Lease Co. Ltd. 100 5,082 
Global One Real Estate Investment Corp. 1 3,776 
Glory Ltd. 200 6,627 
GLP J-REIT 6 7,524 
GMO Internet, Inc. 100 1,340 
GMO Payment Gateway, Inc. 100 4,606 
GREE, Inc. 200 1,112 
GS Yuasa Corp. 1,000 4,329 
GungHo Online Entertainment, Inc. 800 2,029 
Gunma Bank Ltd. 1,000 4,787 
Gunze Ltd. 1,000 3,366 
Gurunavi, Inc. 100 2,746 
H.I.S. Co. Ltd. 100 2,735 
H2O Retailing Corp. 100 1,488 
Hakuhodo DY Holdings, Inc. 500 6,022 
Hamamatsu Photonics K.K. 400 12,129 
Hankyu Hanshin Holdings, Inc. 600 19,910 
Hankyu REIT, Inc. 2 2,853 
Hanwa Co. Ltd. 1,000 6,131 
Harmonic Drive Systems, Inc. 100 2,824 
Haseko Corp. 800 7,804 
Hazama Ando Corp. 200 1,293 
Heiwa Corp. 100 2,355 
Heiwa Real Estate (REIT), Inc. 3 2,269 
Heiwado Co. Ltd. 200 4,173 
Hikari Tsushin, Inc. 100 9,192 
Hino Motors Ltd. 600 6,551 
Hirose Electric Co. Ltd. 100 13,235 
Hiroshima Bank Ltd. 1,000 4,291 
Hisamitsu Pharmaceutical Co., Inc. 200 10,699 
Hitachi Capital Corp. 100 2,239 
Hitachi Chemical Co. Ltd. 200 4,692 
Hitachi Construction Machinery Co. Ltd. 200 4,190 
Hitachi High-Technologies Corp. 200 8,363 
Hitachi Kokusai Electric, Inc. 100 2,001 
Hitachi Ltd. 13,000 69,320 
Hitachi Maxell Ltd. 200 3,652 
Hitachi Metals Ltd. 500 6,255 
Hitachi Transport System Ltd. 100 2,065 
Hitachi Zosen Corp. 200 1,009 
Hogy Medical Co. Ltd. 100 6,599 
Hokkaido Electric Power Co., Inc. 600 4,571 
Hokuetsu Kishu Paper Co. Ltd. 200 1,253 
Hokuhoku Financial Group, Inc. 400 5,779 
Hokuriku Electric Power Co., Inc. 500 5,688 
Honda Motor Co. Ltd. 4,200 125,671 
Horiba Ltd. 100 4,787 
Hoshino Resorts REIT, Inc. 2 11,729 
Hoshizaki Corp. 200 18,080 
Hosiden Corp. 200 1,486 
House Foods Group, Inc. 100 2,236 
Hoya Corp. 1,100 45,995 
Hulic (REIT), Inc. 3 5,258 
Hulic Co. Ltd. 700 6,682 
Hyakujushi Bank Ltd. 1,000 3,414 
Ibiden Co. Ltd. 400 5,817 
Ichigo Real Estate Investment Corp. 4 2,697 
Ichigo, Inc. 600 2,609 
Idemitsu Kosan Co. Ltd. 200 4,617 
IHI Corp. 4,000 10,565 
Iida Group Holdings Co. Ltd. 400 7,739 
Inaba Denki Sangyo Co. Ltd. 100 3,638 
Industrial & Infrastructure Fund Investment Corp. 1 5,273 
Infomart Corp. 100 1,189 
INPEX Corp. 2,500 23,496 
Internet Initiative Japan, Inc. 100 1,770 
Invesco Office J-REIT, Inc. 2 1,617 
Invincible Investment Corp. 6 2,918 
Iriso Electronics Co. Ltd. 100 5,512 
Isetan Mitsukoshi Holdings Ltd. 1,000 10,127 
Isuzu Motors Ltd. 1,500 18,587 
IT Holdings Corp. 200 4,537 
ITO EN Ltd. 100 3,652 
Itochu Corp. 3,900 49,405 
ITOCHU Techno-Solutions Corp. 100 2,473 
Itoham Yonekyu Holdings, Inc. (a) 400 3,822 
Iwatani Corp. 1,000 5,988 
Iyo Bank Ltd. 800 4,928 
Izumi Co. Ltd. 100 4,634 
J Trust Co. Ltd. 100 819 
J. Front Retailing Co. Ltd. 700 9,659 
JACCS Co. Ltd. 1,000 3,929 
JAFCO Co. Ltd. 100 3,333 
Japan Airlines Co. Ltd. 300 8,857 
Japan Airport Terminal Co. Ltd. 100 3,848 
Japan Display, Inc. (a) 700 1,382 
Japan Excellent, Inc. 2 2,794 
Japan Exchange Group, Inc. 1,400 20,866 
Japan Hotel REIT Investment Corp. 9 6,085 
Japan Lifeline Co. Ltd. 100 5,197 
Japan Logistics Fund, Inc. 2 4,350 
Japan Petroleum Exploration Co. Ltd. 100 2,200 
Japan Post Bank Co. Ltd. 900 10,625 
Japan Post Holdings Co. Ltd. 1,100 14,035 
Japan Prime Realty Investment Corp. 2 8,630 
Japan Real Estate Investment Corp. 4 23,152 
Japan Rental Housing Investment, Inc. 3 2,320 
Japan Retail Fund Investment Corp. 6 13,611 
Japan Steel Works Ltd. 200 4,304 
Japan Tobacco, Inc. 2,800 106,639 
JFE Holdings, Inc. 1,500 21,548 
JGC Corp. 500 8,863 
JIN Co. Ltd. 100 5,206 
JSR Corp. 500 7,619 
JTEKT Corp. 500 7,414 
Juroku Bank Ltd. 1,000 3,023 
JX Holdings, Inc. 5,100 20,226 
K's Denki Corp. 200 3,469 
Kadokawa Dwango Corp. 100 1,479 
Kagome Co. Ltd. 200 5,250 
Kajima Corp. 2,000 13,522 
Kakaku.com, Inc. 400 6,732 
Kaken Pharmaceutical Co. Ltd. 100 6,313 
Kameda Seika Co. Ltd. 100 5,245 
Kamigumi Co. Ltd. 1,000 8,553 
Kanamoto Co. Ltd. 100 2,408 
Kandenko Co. Ltd. 1,000 9,869 
Kaneka Corp. 1,000 8,296 
Kanematsu Corp. 2,000 3,299 
Kansai Electric Power Co., Inc. (a) 1,700 16,283 
Kansai Paint Co. Ltd. 500 10,775 
Kao Corp. 1,300 67,002 
Kawasaki Heavy Industries Ltd. 4,000 11,710 
Kawasaki Kisen Kaisha Ltd. 3,000 7,438 
KDDI Corp. 4,700 142,848 
Keihan Electric Railway Co., Ltd. 1,000 6,761 
Keihin Corp. 200 3,259 
Keihin Electric Express Railway Co. Ltd. 1,000 10,098 
Keio Corp. 2,000 16,592 
Keisei Electric Railway Co. 500 12,096 
Kenedix Office Investment Corp. 1 5,626 
Kenedix Residential Investment Corp. 1 2,838 
Kenedix Retail REIT Corp. 1 2,413 
Kenedix, Inc. 800 3,372 
Kewpie Corp. 300 8,539 
Keyence Corp. 100 73,481 
Kikkoman Corp. 1,000 31,897 
Kinden Corp. 400 4,829 
Kintetsu Group Holdings Co. Ltd. 4,000 16,172 
Kintetsu World Express, Inc. 100 1,364 
Kirin Holdings Co. Ltd. 2,200 37,918 
Kissei Pharmaceutical Co. Ltd. 100 2,620 
Kitz Corp. 300 1,728 
Kobayashi Pharmaceutical Co. Ltd. 100 5,235 
Kobe Steel Ltd. 700 5,794 
Koito Manufacturing Co. Ltd. 300 15,677 
Kokuyo Co. Ltd. 200 2,655 
Komatsu Ltd. 2,400 53,422 
KOMERI Co. Ltd. 100 2,448 
Komori Corp. 100 1,272 
Konami Holdings Corp. 300 11,858 
Konica Minolta, Inc. 1,200 10,768 
Kose Corp. 100 9,145 
Kubota Corp. 2,700 43,627 
Kumagai Gumi Co. Ltd. 1,000 2,660 
Kuraray Co. Ltd. 800 12,160 
Kureha Chemical Industry Co. Ltd. 100 3,833 
Kurita Water Industries Ltd. 300 7,115 
Kuroda Electric Co. Ltd. 100 1,950 
Kusuri No Aoki Co. Ltd. 100 5,111 
Kyb Corp. 1,000 4,587 
Kyocera Corp. 800 38,982 
Kyorin Holdings, Inc. 100 2,241 
Kyoritsu Maintenance Co. Ltd. 100 6,017 
Kyowa Exeo Corp. 200 3,013 
Kyowa Hakko Kirin Co., Ltd. 600 9,183 
Kyudenko Corp. 100 3,228 
Kyushu Electric Power Co., Inc. 1,200 10,905 
Kyushu Financial Group, Inc. 900 5,999 
LaSalle Logiport REIT 2 2,123 
Lawson, Inc. 200 15,219 
Leopalace21 Corp. 700 4,566 
Lintec Corp. 100 2,184 
Lion Corp. 1,000 16,392 
LIXIL Group Corp. 700 16,107 
M3, Inc. 500 15,257 
Mabuchi Motor Co. Ltd. 200 11,653 
Maeda Corp. 1,000 9,288 
Makino Milling Machine Co. Ltd. 1,000 6,370 
Makita Corp. 300 20,797 
Mandom Corp. 100 4,672 
Mani, Inc. 100 2,332 
Marubeni Corp. 4,600 24,244 
Maruha Nichiro Corp. 100 2,778 
Marui Group Co. Ltd. 500 7,033 
Maruichi Steel Tube Ltd. 100 3,228 
Matsui Securities Co. Ltd. 400 3,208 
Matsumotokiyoshi Holdings Co. Ltd. 100 5,159 
Mazda Motor Corp. 1,400 23,217 
McDonald's Holdings Co. (Japan) Ltd. 200 5,760 
MCUBS MidCity Investment Corp. 1 3,252 
Medipal Holdings Corp. 500 8,558 
Megmilk Snow Brand Co. Ltd. 100 3,485 
Meidensha Corp. 1,000 3,357 
Meiji Holdings Co. Ltd. 300 29,980 
Meitec Corp. 100 3,414 
Micronics Japan Co. Ltd. 100 1,159 
Minebea Mitsumi, Inc. 800 8,193 
Miraca Holdings, Inc. 200 9,688 
Mirait Holdings Corp. 300 2,666 
Misumi Group, Inc. 700 12,796 
Mitsuba Corp. 100 1,465 
Mitsubishi Chemical Holdings Corp. 3,300 21,744 
Mitsubishi Corp. 4,000 87,384 
Mitsubishi Electric Corp. 4,900 66,466 
Mitsubishi Estate Co. Ltd. 3,000 59,545 
Mitsubishi Gas Chemical Co., Inc. 500 7,714 
Mitsubishi Heavy Industries Ltd. 8,000 34,282 
Mitsubishi Logistics Corp. 1,000 13,579 
Mitsubishi Materials Corp. 300 8,625 
Mitsubishi Motors Corp. of Japan 1,700 9,483 
Mitsubishi Pencil Co. Ltd. 100 5,016 
Mitsubishi Tanabe Pharma Corp. 500 9,755 
Mitsubishi UFJ Financial Group, Inc. 33,300 171,822 
Mitsubishi UFJ Lease & Finance Co. Ltd. 1,100 5,339 
Mitsui & Co. Ltd. 4,300 59,783 
Mitsui Chemicals, Inc. 3,000 14,818 
Mitsui Engineering & Shipbuilding Co. 1,000 1,392 
Mitsui Fudosan Co. Ltd. 2,000 45,590 
Mitsui Mining & Smelting Co. Ltd. 1,000 2,231 
Mitsui OSK Lines Ltd. 3,000 7,524 
Mitsumi Electric Co. Ltd. (a) 500 3,042 
Miura Co. Ltd. 300 5,186 
mixi, Inc. 100 3,686 
Mizuho Financial Group, Inc. 61,800 104,056 
Mochida Pharmaceutical Co. Ltd. 100 7,848 
MonotaRO Co. Ltd. 200 4,886 
Mori Hills REIT Investment Corp. 3 4,228 
MORI TRUST Sogo (REIT), Inc. 2 3,221 
Morinaga & Co. Ltd. 200 9,316 
Morinaga Milk Industry Co. Ltd. 1,000 8,067 
MS&AD Insurance Group Holdings, Inc. 1,300 38,701 
Murata Manufacturing Co. Ltd. 500 69,944 
Nabtesco Corp. 300 8,983 
Nachi-Fujikoshi Corp. 1,000 3,805 
Nagase & Co. Ltd. 200 2,565 
Nagoya Railroad Co. Ltd. 2,000 10,565 
Nakanishi, Inc. 100 3,581 
Nankai Electric Railway Co. Ltd. 2,000 9,097 
NEC Corp. 8,000 21,436 
Net One Systems Co. Ltd. 200 1,455 
New Hampshire Foods Ltd. 1,000 23,973 
Nexon Co. Ltd. 400 6,828 
NEXT Co. Ltd. 200 1,686 
NGK Insulators Ltd. 700 12,869 
NGK Spark Plug Co. Ltd. 400 7,918 
NHK Spring Co. Ltd. 800 7,552 
Nichi-iko Pharmaceutical Co. Ltd. 100 1,798 
Nichias Corp. 1,000 8,916 
Nichiha Corp. 100 2,474 
Nichirei Corp. 500 10,961 
Nidec Corp. 600 58,186 
Nifco, Inc. 100 5,769 
Nihon Kohden Corp. 200 4,888 
Nihon M&A Center, Inc. 200 6,513 
Nihon Parkerizing Co. Ltd. 200 2,765 
Nihon Unisys Ltd. 100 1,222 
Nikkiso Co. Ltd. 200 1,772 
Nikkon Holdings Co. Ltd. 100 2,153 
Nikon Corp. 900 13,620 
Nintendo Co. Ltd. 300 72,318 
Nippon Accommodations Fund, Inc. 1 4,534 
Nippon Building Fund, Inc. 4 23,763 
Nippon Densetsu Kogyo Co. Ltd. 100 1,827 
Nippon Electric Glass Co. Ltd. 1,000 5,445 
Nippon Express Co. Ltd. 2,000 9,898 
Nippon Flour Mills Co. Ltd. 500 7,409 
Nippon Gas Co. Ltd. 100 3,037 
Nippon Kayaku Co. Ltd. 1,000 11,548 
Nippon Light Metal Holding Co. Ltd. 1,500 3,419 
Nippon Paint Holdings Co. Ltd. 400 13,655 
Nippon Paper Industries Co. Ltd. 300 5,630 
Nippon Prologis REIT, Inc. 4 9,051 
Nippon REIT Investment Corp. 1 2,521 
Nippon Sheet Glass Co. Ltd. (a) 300 2,446 
Nippon Shinyaku Co. Ltd. 200 10,165 
Nippon Shokubai Co. Ltd. 100 6,923 
Nippon Soda Co. Ltd. 1,000 4,444 
Nippon Steel & Sumitomo Metal Corp. 2,100 41,622 
Nippon Suisan Kaisha Co. Ltd. 800 3,852 
Nippon Telegraph & Telephone Corp. 1,800 79,806 
Nippon Yusen KK 4,000 8,201 
Nipro Corp. 400 4,951 
Nishi-Nippon Financial Holdings, Inc. (a) 200 1,991 
Nishi-Nippon Railroad Co. Ltd. 1,000 4,749 
Nishimatsu Construction Co. Ltd. 1,000 4,682 
Nishimatsuya Chain Co. Ltd. 100 1,410 
Nishio Rent All Co. Ltd. 100 3,028 
Nissan Chemical Industries Co. Ltd. 300 10,198 
Nissan Motor Co. Ltd. 6,400 65,104 
Nissan Shatai Co. Ltd. 200 2,069 
Nissha Printing Co. Ltd. 100 2,425 
Nisshin Oillio Group Ltd. 1,000 4,558 
Nisshin Seifun Group, Inc. 400 5,904 
Nisshin Steel Co. Ltd. 200 2,660 
Nisshinbo Holdings, Inc. 200 1,997 
Nissin Electric Co. Ltd. 100 1,335 
Nissin Food Holdings Co. Ltd. 200 11,595 
Nitori Holdings Co. Ltd. 200 23,973 
Nitto Boseki Co. Ltd. 1,000 3,261 
Nitto Denko Corp. 400 27,943 
NKSJ Holdings, Inc. 900 29,213 
NOF Corp. 1,000 10,899 
NOK Corp. 300 6,743 
NOMURA Co. Ltd. 100 1,627 
Nomura Holdings, Inc. 9,600 48,086 
Nomura Real Estate Holdings, Inc. 400 6,778 
Nomura Real Estate Master Fund, Inc. 10 16,211 
Nomura Research Institute Ltd. 300 10,427 
Noritz Corp. 100 2,077 
North Pacific Bank Ltd. 400 1,495 
NS Solutions Corp. 100 1,912 
NSK Ltd. 1,100 12,230 
NTN Corp. 1,000 3,795 
NTT Data Corp. 300 15,505 
NTT DOCOMO, Inc. 3,500 87,899 
NTT Urban Development Co. 200 1,838 
Obara Group, Inc. 100 4,320 
Obayashi Corp. 1,500 14,489 
OBIC Business Consultants Ltd. 100 4,696 
OBIC Co. Ltd. 200 10,413 
Odakyu Electric Railway Co. Ltd. 700 14,318 
Ogaki Kyoritsu Bank Ltd. 1,000 3,585 
Oji Holdings Corp. 2,000 8,487 
Okamura Corp. 100 983 
Okasan Securities Group, Inc. 1,000 5,330 
Oki Electric Industry Co. Ltd. 100 1,307 
Okuma Corp. 1,000 8,391 
Okumura Corp. 1,000 5,779 
Olympus Corp. 800 28,607 
OMRON Corp. 500 19,214 
Ono Pharmaceutical Co. Ltd. 1,100 27,975 
Onward Holdings Co. Ltd. 1,000 6,704 
Open House Co. Ltd. 100 2,120 
Oracle Corp. Japan 100 5,454 
Orient Corp. (a) 500 934 
Oriental Land Co. Ltd. 600 35,112 
ORIX Corp. 3,400 53,997 
ORIX JREIT, Inc. 6 10,281 
Osaka Gas Co. Ltd. 5,000 20,821 
OSG Corp. 200 4,270 
Otsuka Corp. 200 9,536 
Otsuka Holdings Co. Ltd. 1,000 43,835 
Outsourcing, Inc. 100 3,805 
PALTAC Corp. 100 2,458 
PanaHome Corp. 1,000 7,447 
Panasonic Corp. 5,800 59,832 
Paramount Bed Holdings Co. Ltd. 100 3,814 
Park24 Co. Ltd. 300 9,283 
Penta-Ocean Construction Co. Ltd. 800 4,775 
PeptiDream, Inc. (a) 100 5,168 
Pigeon Corp. 300 8,468 
Pilot Corp. 100 4,482 
Piolax, Inc. 100 6,351 
Pioneer Corp. (a) 500 1,230 
Pola Orbis Holdings, Inc. 100 8,334 
Premier Investment Corp. 3 3,865 
Rakuten, Inc. 2,300 26,592 
Recruit Holdings Co. Ltd. 1,000 40,240 
Rengo Co. Ltd. 1,000 6,284 
Resona Holdings, Inc. 6,000 26,662 
Resorttrust, Inc. 200 4,007 
Ricoh Co. Ltd. 1,900 15,509 
Rinnai Corp. 100 9,631 
ROHM Co. Ltd. 300 15,820 
Rohto Pharmaceutical Co. Ltd. 300 5,275 
Round One Corp. 200 1,413 
Ryobi Ltd. 1,000 4,034 
Ryohin Keikaku Co. Ltd. 100 21,398 
Ryosan Co. Ltd. 100 3,085 
Saizeriya Co. Ltd. 100 2,640 
Sakata INX Corp. 200 2,628 
Sakata Seed Corp. 100 2,885 
San-A Co. Ltd. 100 5,454 
Sangetsu Corp. 300 5,807 
Sankyo Co. Ltd. (Gunma) 100 3,528 
Sankyu, Inc. 1,000 5,903 
Sanrio Co. Ltd. 200 3,755 
Santen Pharmaceutical Co. Ltd. 900 13,165 
Sanwa Holdings Corp. 600 5,996 
Sanyo Special Steel Co. Ltd. 1,000 5,130 
Sapporo Breweries Ltd. 200 5,662 
Sato Holding Corp. 100 2,208 
Sawai Pharmaceutical Co. Ltd. 100 6,475 
SBI Holdings, Inc. Japan 500 5,960 
Screen Holdings Co. Ltd. 200 13,712 
SCSK Corp. 100 3,738 
Secom Co. Ltd. 500 36,154 
Sega Sammy Holdings, Inc. 500 7,395 
Seibu Holdings, Inc. 400 6,927 
Seikagaku Corp. 100 1,608 
Seiko Epson Corp. 800 16,272 
Seino Holdings Co. Ltd. 400 4,444 
Seiren Co. Ltd. 200 2,346 
Sekisui Chemical Co. Ltd. 900 14,203 
Sekisui House (REIT), Inc. 1 1,351 
Sekisui House Ltd. 1,600 26,494 
Sekisui House SI Residential Investment Corp. 2 2,315 
SENKO Co. Ltd. 500 3,461 
Senshu Ikeda Holdings, Inc. 300 1,367 
Seria Co. Ltd. 100 7,915 
Seven & i Holdings Co. Ltd. 2,000 83,589 
Seven Bank Ltd. 1,500 4,620 
Sharp Corp. (a) 4,000 6,940 
Shiga Bank Ltd. 1,000 5,197 
Shikoku Electric Power Co., Inc. 500 4,711 
Shima Seiki Manufacturing Ltd. 100 2,824 
Shimachu Co. Ltd. 100 2,689 
Shimadzu Corp. 1,000 14,580 
Shimamura Co. Ltd. 100 12,825 
SHIMANO, Inc. 200 34,252 
SHIMIZU Corp. 2,000 17,813 
Shin-Etsu Chemical Co. Ltd. 1,000 76,008 
Shinmaywa Industries Ltd. 1,000 7,752 
Shinsei Bank Ltd. 5,000 8,105 
Shionogi & Co. Ltd. 800 39,500 
Ship Healthcare Holdings, Inc. 100 2,932 
Shiseido Co. Ltd. 1,000 25,822 
Shizuoka Bank Ltd. 2,000 16,916 
SHO-BOND Holdings Co. Ltd. 100 4,835 
Shochiku Co. Ltd. 1,000 11,223 
Showa Denko K.K. 400 5,298 
Showa Shell Sekiyu K.K. 500 4,677 
Siix Corp. 100 4,005 
SKY Perfect JSAT Holdings, Inc. 200 994 
Skylark Co. Ltd. 300 4,225 
SMC Corp. 200 58,148 
SMS Co., Ltd. 100 2,614 
SoftBank Corp. 2,500 157,453 
Sohgo Security Services Co., Ltd. 200 9,135 
Sojitz Corp. 3,200 8,422 
Sony Corp. 3,300 104,010 
Sony Financial Holdings, Inc. 400 5,630 
Sosei Group Corp. (a) 100 15,047 
Sotetsu Holdings, Inc. 1,000 4,892 
Square Enix Holdings Co. Ltd. 200 6,637 
Stanley Electric Co. Ltd. 400 11,035 
Start Today Co. Ltd. 400 7,033 
Starts Corp., Inc. 100 1,860 
Sugi Holdings Co. Ltd. 100 5,369 
Sumco Corp. 500 5,254 
Sumitomo Bakelite Co. Ltd. 1,000 5,445 
Sumitomo Chemical Co. Ltd. 4,000 18,995 
Sumitomo Corp. 3,100 35,753 
Sumitomo Electric Industries Ltd. 1,900 28,164 
Sumitomo Forestry Co. Ltd. 400 5,584 
Sumitomo Heavy Industries Ltd. 2,000 10,565 
Sumitomo Metal Mining Co. Ltd. 2,000 25,927 
Sumitomo Mitsui Construction Co. Ltd. 1,100 1,049 
Sumitomo Mitsui Financial Group, Inc. 3,500 121,351 
Sumitomo Mitsui Trust Holdings, Inc. 900 30,369 
Sumitomo Osaka Cement Co. Ltd. 1,000 4,148 
Sumitomo Realty & Development Co. Ltd. 1,000 26,347 
Sumitomo Rubber Industries Ltd. 500 8,382 
Sundrug Co. Ltd. 100 7,886 
Suntory Beverage & Food Ltd. 400 17,526 
Suzuken Co. Ltd. 200 6,437 
Suzuki Motor Corp. 900 32,011 
Sysmex Corp. 400 27,806 
T&D Holdings, Inc. 1,600 19,392 
Tadano Ltd. 200 2,250 
Taiheiyo Cement Corp. 3,000 8,611 
Taikisha Ltd. 100 2,532 
Taisei Corp. 3,000 22,542 
Taisho Pharmaceutical Holdings Co. Ltd. 100 9,774 
Taiyo Holdings Co. Ltd. 100 3,762 
Taiyo Nippon Sanso Corp. 400 4,215 
Taiyo Yuden Co. Ltd. 400 4,280 
Takara Bio, Inc. 100 1,448 
Takara Holdings, Inc. 400 3,799 
Takara Leben Co. Ltd. 300 2,043 
Takara Standard Co. Ltd. 100 1,860 
Takasago Thermal Engineering Co. Ltd. 100 1,413 
Takashimaya Co. Ltd. 1,000 8,172 
Takeda Pharmaceutical Co. Ltd. 1,900 85,153 
Takeuchi Manufacturing Co. Ltd. 100 1,943 
TDK Corp. 300 20,769 
TechnoPro Holdings, Inc. 100 3,438 
TECMO KOEI HOLDINGS CO., LTD. 100 1,919 
Teijin Ltd. 400 7,754 
Temp Holdings Co., Ltd. 400 6,797 
Terumo Corp. 900 34,886 
The Aomori Bank Ltd. 1,000 3,385 
The Awa Bank Ltd. 1,000 6,589 
The Bank of Iwate Ltd. 100 4,220 
The Chugoku Bank Ltd. 500 6,723 
The Daishi Bank Ltd., Niigata 1,000 4,310 
The Hachijuni Bank Ltd. 1,200 6,557 
The Hokkoku Bank Ltd. 1,000 3,357 
The Hyakugo Bank Ltd. 1,000 3,690 
The Keiyo Bank Ltd. 1,000 4,215 
The Kiyo Bank Ltd. 100 1,662 
The Musashino Bank Ltd. 100 2,767 
The Nanto Bank Ltd. 100 3,809 
The Okinawa Electric Power Co., Inc. 200 4,636 
The San-In Godo Bank Ltd. 300 2,163 
The Suruga Bank Ltd. 400 9,784 
The Tochigi Bank Ltd. 400 1,934 
The Toho Bank Ltd. 1,000 3,805 
The Yamagata Bank Ltd. 1,000 4,329 
The Yamanashi Chuo Bank Ltd. 1,000 4,901 
THK Co. Ltd. 300 6,351 
Toagosei Co. Ltd. 100 1,117 
Tobu Railway Co. Ltd. 2,000 9,841 
Toc Co. Ltd. 200 1,814 
Toda Corp. 1,000 5,435 
Toho Co. Ltd. 300 9,025 
Toho Gas Co. Ltd. 1,000 9,278 
Toho Holdings Co. Ltd. 100 2,103 
Tohoku Electric Power Co., Inc. 1,100 13,479 
Tokai Carbon Co. Ltd. 1,000 3,051 
Tokai Rika Co. Ltd. 100 1,876 
Tokai Tokyo Financial Holdings 300 1,528 
Tokio Marine Holdings, Inc. 1,800 71,214 
Tokuyama Corp. (a) 1,000 4,291 
Tokyo Broadcasting System Holding 100 1,576 
Tokyo Century Corp. 100 3,533 
Tokyo Dome Corp. 100 953 
Tokyo Electric Power Co., Inc. (a) 3,500 13,617 
Tokyo Electron Ltd. 400 36,190 
Tokyo Gas Co. Ltd. 5,000 22,704 
Tokyo Ohka Kogyo Co. Ltd. 100 3,557 
Tokyo Seimitsu Co. Ltd. 100 2,734 
Tokyo Steel Manufacturing Co. Ltd. 200 1,386 
Tokyo Tatemono Co. Ltd. 500 6,370 
Tokyo TY Financial Group, Inc. 100 3,209 
Tokyu Construction Co. Ltd. 100 1,014 
Tokyu Corp. 3,000 22,514 
Tokyu Fudosan Holdings Corp. 1,400 7,916 
Tokyu REIT, Inc. 2 2,639 
TOMONY Holdings, Inc. 200 1,036 
Tomy Co. Ltd. 100 1,082 
TonenGeneral Sekiyu K.K. 1,000 9,879 
Topcon Corp. 300 4,494 
Toppan Printing Co. Ltd. 1,000 9,421 
Topre Corp. 100 2,315 
Toray Industries, Inc. 4,000 37,334 
Toridoll.corporation 100 2,324 
Toshiba Corp. (a) 11,000 39,964 
Toshiba Plant Systems & Services Corp. 100 1,616 
Toshiba Tec Corp. (a) 1,000 4,463 
Tosoh Corp. 2,000 13,102 
Totetsu Kogyo Co. Ltd. 100 2,843 
Toto Ltd. 400 16,020 
Toyo Ink South Carolina Holdings Co. Ltd. 1,000 4,663 
Toyo Seikan Group Holdings Ltd. 400 7,400 
Toyo Suisan Kaisha Ltd. 200 8,115 
Toyo Tire & Rubber Co. Ltd. 300 4,631 
Toyobo Co. Ltd. 3,000 4,920 
Toyoda Gosei Co. Ltd. 100 2,290 
Toyota Boshoku Corp. 200 5,039 
Toyota Industries Corp. 400 18,366 
Toyota Motor Corp. 6,952 403,263 
Toyota Tsusho Corp. 500 11,838 
TPR Co. Ltd. 100 2,894 
Trans Cosmos, Inc. 100 2,536 
Trend Micro, Inc. 300 10,585 
Trusco Nakayama Corp. 100 5,178 
TS tech Co. Ltd. 100 2,684 
Tsubakimoto Chain Co. 1,000 7,943 
Tsumura & Co. 200 5,695 
Tsuruha Holdings, Inc. 100 11,557 
Uacj Corp. 1,000 3,271 
Ube Industries Ltd. 3,000 6,208 
Ulvac, Inc. 100 3,166 
Unicharm Corp. 1,000 23,825 
Unipres Corp. 100 1,927 
United Arrows Ltd. 100 2,733 
United Urban Investment Corp. 7 11,808 
Universal Entertainment Corp. (a) 100 2,999 
Unizo Holdings Co. Ltd. 100 2,784 
Ushio, Inc. 200 2,416 
USS Co. Ltd. 600 10,173 
Valor Holdings Co. Ltd. 100 2,841 
W-Scope Corp. 100 1,793 
Wacoal Holdings Corp. 1,000 11,557 
Wacom Co. Ltd. 600 1,814 
Welcia Holdings Co. Ltd. 100 6,837 
West Japan Railway Co. 400 24,686 
Yahoo! Japan Corp. 3,300 12,681 
Yakult Honsha Co. Ltd. 200 9,345 
Yamada Denki Co. Ltd. 1,700 8,802 
Yamaguchi Financial Group, Inc. 1,000 11,042 
Yamaha Corp. 400 14,322 
Yamaha Motor Co. Ltd. 700 15,586 
Yamato Holdings Co. Ltd. 900 20,554 
Yamato Kogyo Co. Ltd. 100 2,820 
Yamazaki Baking Co. Ltd. 300 6,740 
Yaoko Co. Ltd. 100 4,210 
Yaskawa Electric Corp. 600 9,595 
Yodogawa Steel Works Ltd. 100 2,734 
Yokogawa Electric Corp. 600 8,450 
Yokohama Rubber Co. Ltd. 200 3,479 
YONEX Co. Ltd. 100 4,420 
Yoshinoya Holdings Co. Ltd. 200 3,017 
Zenkoku Hosho Co. Ltd. 100 4,310 
Zensho Holdings Co. Ltd. 200 3,742 
Zeon Corp. 1,000 9,164 
Zojirushi Thermos 100 1,383 
TOTAL JAPAN  9,631,415 
Korea (South) - 3.0%   
AMOREPACIFIC Corp. 77 24,169 
AMOREPACIFIC Group, Inc. 68 8,799 
Asiana Airlines, Inc. (a) 685 2,767 
BEP International Holdings Ltd. (a) 55 724 
BGFretail Co. Ltd. 25 3,803 
BS Financial Group, Inc. 1,067 8,667 
Celltrion, Inc. 203 18,849 
CHA Biotech Co. Ltd. (a) 292 3,523 
Cheil Industries, Inc. 211 29,794 
Cheil Worldwide, Inc. 263 3,898 
Chong Kun Dang Pharmaceutical Corp. 11 892 
CJ CGV Co. Ltd. 28 1,660 
CJ CheilJedang Corp. 24 7,334 
CJ Corp. 48 7,323 
CJ E&M Corp. 70 4,278 
CJ O Shopping Co. Ltd. 33 4,677 
Com2uS Corp. (a) 14 1,163 
Cosmax, Inc. 12 1,212 
Coway Co. Ltd. 163 12,769 
Daelim Industrial Co. 101 7,215 
Daesang Corp. 35 825 
Daewon Kang up Co. Ltd. 1,219 5,510 
Daewoo Engineering & Construction Co. Ltd. (a) 215 1,190 
Daou Technology, Inc. 69 1,249 
DGB Financial Group Co. Ltd. 311 2,610 
DIO Corp. (a) 21 838 
Dong Suh Companies, Inc. 70 1,662 
Dong-A Socio Holdings Co. Ltd. 6 761 
Dongbu HiTek Co. Ltd. (a) 202 3,011 
Dongbu Insurance Co. Ltd. 130 8,081 
Dongkuk Steel Mill Co. Ltd. (a) 352 2,517 
Doosan Heavy Industries & Construction Co. Ltd. 180 4,123 
Doosan Infracore Co. Ltd. (a) 261 1,581 
DuzonBizon Co. Ltd. 136 2,658 
E-Mart Co. Ltd. 60 8,525 
EO Technics Co. Ltd. 28 1,542 
Fila Korea Ltd. 26 1,982 
GemVax & Kael Co. Ltd. (a) 176 2,216 
Grand Korea Leisure Co. Ltd. 48 911 
Green Cross Corp. 17 2,073 
Green Cross Holdings Corp. 49 951 
GS Engineering & Construction Corp. (a) 87 2,039 
GS Holdings Corp. 172 7,685 
GS Retail Co. Ltd. 43 1,835 
Halla Holdings Corp. 15 890 
Hana Financial Group, Inc. 765 21,938 
Hana Tour Service, Inc. 17 959 
Hanjin Kal Corp. 69 1,020 
Hankook Tire Co. Ltd. 167 8,060 
Hankook Tire Worldwide Co. Ltd. 144 2,726 
Hanmi Pharm Co. Ltd. 14 4,431 
Hanmi Science Co. Ltd. 18 1,198 
Hanon Systems 458 4,285 
Hansae Co. Ltd. 90 1,991 
Hansol Chemical Co. Ltd. 14 1,014 
Hanssem Co. Ltd. 32 4,966 
Hanwha Chemical Corp. 304 7,190 
Hanwha Corp. 154 5,029 
Hanwha Life Insurance Co. Ltd. 1,254 6,852 
Hanwha Techwin Co. Ltd. 107 5,969 
Hite Jinro Co. Ltd. 68 1,308 
HLB, Inc. (a) 59 1,003 
Hotel Shilla Co. 113 5,661 
HUGEL, Inc. (a) 3 900 
Hyosung Corp. 60 7,029 
Hyundai Department Store Co. Ltd. 68 6,986 
Hyundai Elevator Co. Ltd. (a) 20 979 
Hyundai Engineering & Construction Co. Ltd. 212 7,683 
Hyundai Fire & Marine Insurance Co. Ltd. 184 5,687 
Hyundai Glovis Co. Ltd. 89 13,501 
Hyundai Greenfood Co. Ltd. 115 1,684 
Hyundai Heavy Industries Co. Ltd. (a) 110 13,993 
Hyundai Home Shopping Network Corp. 11 1,092 
Hyundai Industrial Development & Construction Co. 153 6,488 
Hyundai Mipo Dockyard Co. Ltd. (a) 17 1,045 
Hyundai Mobis 186 44,558 
Hyundai Motor Co. 341 41,740 
Hyundai Rotem Co. Ltd. (a) 47 768 
Hyundai Securities Co. Ltd. 514 3,626 
Hyundai Steel Co. 208 8,984 
Hyundai Wia Corp. 30 2,064 
Illinois-Yang Pharmaceutical Co. Ltd. (a) 24 822 
Industrial Bank of Korea 815 9,406 
INNOCEAN Worldwide, Inc. 16 969 
iNtRON Biotechnology, Inc. (a) 22 596 
IS Dongseo Co. Ltd. 24 1,039 
JB Financial Group Co. Ltd. 368 1,911 
Jeil Pharmaceutical Co. 13 769 
Jenax, Inc. (a) 56 1,241 
JW Holdings Corp. 116 1,011 
JW Pharmaceutical Corp. 16 688 
Kakao Corp. 101 6,747 
Kangwon Land, Inc. 292 9,689 
KB Financial Group, Inc. 1,189 44,032 
KCC Corp. 25 8,841 
KEPCO Plant Service & Engineering Co. Ltd. 87 4,176 
Kia Motors Corp. 781 27,792 
Kiwoom Securities Co. Ltd. 17 988 
Kolon Industries, Inc. 67 4,358 
Kolon Life Science, Inc. 8 1,048 
Komipharm International Co. Ltd. (a) 99 3,354 
Korea Aerospace Industries Ltd. 141 7,988 
Korea Electric Power Corp. 740 32,027 
Korea Electric Terminal Co. Ltd. 40 2,501 
Korea Express Co. Ltd. (a) 20 3,515 
Korea Gas Corp. 93 3,769 
Korea Investment Holdings Co. Ltd. 78 2,803 
Korea Kolmar Co. Ltd. 27 1,924 
Korea Petro Chemical Industries Co. Ltd. 6 1,073 
Korea Zinc Co. Ltd. 24 9,548 
Korean Air Lines Co. Ltd. (a) 67 1,875 
Korean Reinsurance Co. 196 2,022 
KT&G Corp. 332 32,801 
Kumho Petro Chemical Co. Ltd. 64 3,923 
Kumho Tire Co., Inc. (a) 357 3,199 
Kwangju Bank Co. Ltd. 223 1,969 
LG Chemical Ltd. 132 28,448 
LG Corp. 237 12,702 
LG Display Co. Ltd. 699 16,720 
LG Electronics, Inc. 258 10,782 
LG Hausys Ltd. 14 1,159 
LG Home Shopping, Inc. 38 5,841 
LG Household & Health Care Ltd. 18 12,905 
LG Innotek Co. Ltd. 40 2,728 
LG International Corp. 54 1,315 
LG Life Sciences Ltd. (a) 22 1,196 
LG Telecom Ltd. 574 5,922 
LIG Insurance Co. Ltd. 75 1,898 
Loen Entertainment, Inc. (a) 14 825 
Lotte Chemical Corp. 37 9,333 
Lotte Chilsung Beverage Co. Ltd. 1 1,346 
Lotte Confectionery Co. Ltd. 7 1,175 
Lotte Fine Chemical Co. Ltd. 41 1,040 
Lotte Samkang Co. Ltd. 2 1,208 
Lotte Shopping Co. Ltd. 30 5,993 
LS Cable Ltd. 78 3,744 
LS Industrial Systems Ltd. 33 1,130 
Mando Corp. 15 3,521 
Medipost Co. Ltd. (a) 18 892 
Medy-Tox, Inc. 14 4,979 
Meritz Financial Holdings Co. 497 4,889 
Meritz Fire & Marine Insurance Co. Ltd. 207 2,887 
Meritz Securities Co. Ltd. 760 2,263 
Mirae Asset Daewoo Co. Ltd. 414 2,805 
Mirae Asset Life Insurance Co. Ltd. 883 3,613 
Mirae Asset Securities Co. Ltd. 252 4,990 
NAVER Corp. 76 56,946 
NCSOFT Corp. 44 10,175 
Nexen Tire Corp. 309 3,553 
NHN Entertainment Corp. (a) 81 3,555 
Nong Shim Co. Ltd. 14 3,525 
Oci Co. Ltd. (a) 53 4,194 
Orion Corp. 11 6,876 
Osstem Implant Co. Ltd. (a) 22 1,048 
Ottogi Corp. 4 2,301 
Paradise Co. Ltd. 70 796 
Poongsan Corp. 175 5,325 
POSCO 201 41,841 
Posco Daewoo Corp. 194 4,232 
S&T Motiv Co. Ltd. 21 751 
S-Oil Corp. 116 7,962 
S.M. Entertainment Co. Ltd. (a) 126 3,007 
S1 Corp. 56 4,529 
Samsung Card Co. Ltd. 131 5,521 
Samsung Electro-Mechanics Co. Ltd. 173 7,124 
Samsung Electronics Co. Ltd. 263 376,879 
Samsung Engineering Co. Ltd. (a) 484 4,007 
Samsung Fire & Marine Insurance Co. Ltd. 82 20,899 
Samsung Heavy Industries Co. Ltd. 666 5,677 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 194 438 
Samsung Life Insurance Co. Ltd. 199 19,226 
Samsung SDI Co. Ltd. 142 11,708 
Samsung SDS Co. Ltd. 91 12,292 
Samsung Securities Co. Ltd. 258 7,794 
Samyang Holdings Corp. 20 2,186 
Sebang Global Battery Co. Ltd. 44 1,427 
Seegene, Inc. (a) 124 3,285 
Seoul Semiconductor Co. Ltd. 380 4,552 
SFA Engineering Corp. 79 3,999 
Shinhan Financial Group Co. Ltd. 1,200 46,006 
Shinsegae Co. Ltd. 16 2,602 
SK C&C Co. Ltd. 120 23,449 
SK Chemicals Co. Ltd. 34 1,778 
SK Energy Co. Ltd. 160 21,193 
SK Hynix, Inc. 1,555 55,742 
SK Materials Co., Ltd. 8 1,091 
SK Networks Co. Ltd. 366 2,086 
SK Telecom Co. Ltd. 46 9,021 
SKC Co. Ltd. 53 1,253 
Soulbrain Co. Ltd. 18 982 
Ssangyong Cement Industrial Co. Ltd.(a) 133 1,866 
Taekwang Industrial Co. Ltd. 2 1,467 
Tong Yang Life Insurance Co. Ltd. 381 3,997 
Tongyang, Inc. 451 1,268 
Vieworks Co. Ltd. 36 1,936 
ViroMed Co. Ltd. (a) 41 3,284 
WONIK IPS Co. Ltd. (a) 44 896 
Woori Bank 807 8,820 
Woori Investment & Securities Co. Ltd. 588 5,192 
Youngone Corp. 45 1,265 
Yuhan Corp. 30 5,508 
YUNGJIN Pharmaceutical Co. Ltd. (a) 267 2,043 
TOTAL KOREA (SOUTH)  1,724,226 
Luxembourg - 0.2%   
Aperam 126 5,726 
ArcelorMittal SA (Netherlands) (a) 4,970 33,582 
Braas Monier Building Group SA 43 1,238 
Eurofins Scientific SA 34 15,448 
Grand City Properties SA 349 6,132 
Millicom International Cellular SA (depository receipt) 160 7,034 
RTL Group SA 91 7,133 
SAF-Holland SA 205 2,751 
SES SA (France) (depositary receipt) 1,003 23,067 
Subsea 7 SA (a) 814 9,133 
Tenaris SA 1,314 18,585 
TOTAL LUXEMBOURG  129,829 
Malaysia - 0.6%   
AEON Credit Service Bhd 300 1,054 
AirAsia Bhd 1,900 1,255 
Alliance Financial Group Bhd 2,000 1,902 
AMMB Holdings Bhd 6,200 6,207 
Astro Malaysia Holdings Bhd 7,500 5,095 
Axiata Group Bhd 7,400 8,679 
British American Tobacco (Malaysia) Bhd 500 5,902 
Bumi Armada Bhd 5,300 891 
Bumiputra-Commerce Holdings Bhd 8,352 10,014 
Bursa Malaysia Bhd 500 1,031 
Cahya Mata Sarawak Bhd 1,100 1,007 
CapitaLand Malaysia Mall Trust 4,400 1,678 
Carlsberg Brewery BHD 300 1,043 
Dialog Group Bhd 5,400 1,995 
DiGi.com Bhd 8,400 10,072 
Felda Global Ventures Holdings Bhd 1,800 862 
Gamuda Bhd 3,100 3,628 
Genting Bhd 5,900 11,026 
Genting Malaysia Bhd 8,200 9,304 
Genting Plantations Bhd 400 1,049 
Hap Seng Consolidated Bhd 2,000 3,714 
Hartalega Holdings Bhd 2,400 2,803 
Hong Leong Bank Bhd 1,500 4,763 
Hong Leong Credit Bhd 300 1,124 
IGB (REIT) 3,200 1,236 
IHH Healthcare Bhd 8,100 12,358 
IJM Corp. Bhd 10,600 8,339 
Inari Amertron Bhd 4,300 3,434 
IOI Corp. Bhd 6,800 7,294 
IOI Properties Group Sdn Bhd 3,700 2,161 
Kossan Rubber Industries Bhd 1,200 1,931 
KPJ Healthcare Bhd 900 901 
Kuala Lumpur Kepong Bhd 1,000 5,712 
Lafarge Malaysia Bhd 900 1,738 
Malayan Banking Bhd 8,634 16,260 
Malaysia Airports Holdings Bhd 2,900 4,583 
Maxis Bhd 5,600 7,956 
MISC Bhd 3,000 5,378 
My E.G.Services Bhd 2,000 1,163 
Osk Holdings Bhd 2,500 900 
Petronas Chemicals Group Bhd 7,800 13,015 
Petronas Dagangan Bhd 1,000 5,569 
Petronas Gas Bhd 2,000 10,489 
PPB Group Bhd 1,700 6,533 
Press Metal Bhd 1,400 1,455 
Public Bank Bhd 7,000 33,139 
QL Resources Bhd 1,400 1,475 
RHB Capital Bhd 2,800 3,224 
SapuraKencana Petroleum Bhd (a) 11,800 4,557 
Sime Darby Bhd 6,800 13,276 
Sunway (REIT) 5,900 2,588 
Sunway Bhd 2,300 1,711 
TA Enterprise Bhd 8,100 927 
Telekom Malaysia Bhd 3,400 5,301 
Tenaga Nasional Bhd 8,500 29,056 
TIME dotCom Bhd 600 1,144 
Top Glove Corp. Bhd 2,800 3,304 
UMW Holdings Bhd 1,600 2,273 
Westports Holdings Bhd 1,900 1,997 
Yinson Holdings Bhd 1,400 1,045 
YTL Corp. Bhd 12,800 4,851 
YTL Power International Bhd 6,700 2,444 
TOTAL MALAYSIA  326,815 
Malta - 0.0%   
Brait SA 838 5,568 
Unibet Group PLC unit 680 6,000 
TOTAL MALTA  11,568 
Marshall Islands - 0.0%   
Seaspan Corp. 71 878 
VTTI Energy Partners LP 136 2,407 
TOTAL MARSHALL ISLANDS  3,285 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 23,100 6,392 
Mexico - 0.8%   
Alfa SA de CV Series A 6,800 10,311 
Alsea S.A.B. de CV 1,200 4,478 
America Movil S.A.B. de CV Series L 83,100 55,045 
Banregio Grupo Financiero S.A.B. de CV 400 2,621 
Bolsa Mexicana de Valores S.A.B. de CV 600 961 
CEMEX S.A.B. de CV unit 37,300 32,285 
Coca-Cola FEMSA S.A.B. de CV Series L 1,500 11,268 
Compartamos S.A.B. de CV 3,500 6,907 
Concentradora Fibra Hotelera Mexicana SA de CV 2,200 1,728 
Controladora Comercial Mexicana S.A.B de C.V. (a) 1,600 1,459 
Controladora Vuela Compania de Aviacion S.A.B. de CV (a) 2,000 3,820 
Corporacion Inmobiliaria Vesta S.A.B. de CV 2,500 3,783 
El Puerto de Liverpool S.A.B. de CV Class C 400 4,193 
Embotelladoras Arca S.A.B. de CV 1,100 6,845 
Fibra Uno Administracion SA de CV 6,100 11,641 
Fomento Economico Mexicano S.A.B. de CV unit 4,900 47,001 
Genomma Lab Internacional SA de CV (a) 2,400 2,871 
Gruma S.A.B. de CV Series B 475 6,591 
Grupo Aeromexico S.A.B. de CV (a) 1,000 1,975 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 800 7,733 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 605 9,623 
Grupo Aeroportuario Norte S.A.B. de CV 900 5,236 
Grupo Bimbo S.A.B. de CV Series A 4,800 12,929 
Grupo Carso SA de CV Series A1 1,500 6,547 
Grupo Comercial Chedraui S.A.B. de CV 500 1,115 
Grupo Financiero Banorte S.A.B. de CV Series O 6,600 38,868 
Grupo Financiero Inbursa S.A.B. de CV Series O 5,500 8,925 
Grupo Financiero Interacciones SA de CV 500 2,446 
Grupo Financiero Santander Mexico S.A.B. de CV 5,400 9,774 
Grupo Herdez S.A.B. de CV 800 1,940 
Grupo Lala S.A.B. de CV 1,200 2,234 
Grupo Mexico SA de CV Series B 10,200 25,132 
Grupo Televisa SA de CV 6,700 32,967 
Hoteles City Express S.A.B. de CV (a) 1,700 1,747 
Industrias Bachoco SA de CV Series B 200 886 
Industrias CH SA de CV (a) 400 1,894 
Industrias Penoles SA de CV 405 9,822 
Kimberly-Clark de Mexico SA de CV Series A 3,700 7,979 
Macquarie Mexican (REIT) 1,700 2,142 
Mexichem S.A.B. de CV 2,600 6,218 
Minera Frisco S.A.B. de CV (a) 4,100 3,191 
OHL Mexico S.A.B. de CV (a) 2,600 3,062 
Prologis Property Mexico SA 1,900 3,195 
Promotora y Operadora de Infraestructura S.A.B. de CV 640 7,155 
Telesites S.A.B. de C.V. (a) 5,600 3,235 
Terrafina 1,900 3,148 
Wal-Mart de Mexico SA de CV Series V 13,300 28,140 
TOTAL MEXICO  463,066 
Netherlands - 2.4%   
Aalberts Industries NV 190 6,002 
ABN AMRO Group NV GDR 631 14,564 
Accell Group NV 90 2,253 
AEGON NV 4,604 19,917 
AerCap Holdings NV (a) 414 17,020 
Ahold Delhaize NV 3,261 74,441 
Airbus Group NV 1,517 90,079 
Akzo Nobel NV 650 42,013 
Altice NV:   
Class A (a) 788 14,532 
Class B (a) 495 9,213 
Amsterdam Commodities NV 127 2,868 
Arcadis NV 263 3,465 
ASM International NV (Netherlands) 193 8,233 
ASML Holding NV (Netherlands) 965 102,091 
BE Semiconductor Industries NV 65 2,117 
BinckBank NV 316 1,875 
Brunel International NV 60 979 
CNH Industrial NV 2,517 19,562 
COSMO Pharmaceuticals NV 24 3,490 
CSM NV (exchangeable) 193 4,453 
Delta Lloyd NV 1,429 8,643 
Eurocommercial (Certificaten Van Aandelen) unit 173 7,365 
Euronext NV 158 6,323 
Ferrari NV 321 16,907 
Fiat Chrysler Automobiles NV 2,515 18,415 
Flow Traders (a) 96 2,962 
Fugro NV (Certificaten Van Aandelen) (a) 195 3,485 
Gemalto NV 258 14,029 
Heineken Holding NV 225 17,317 
Heineken NV (Bearer) 589 48,525 
IMCD Group BV 168 7,267 
ING Groep NV (Certificaten Van Aandelen) 10,122 132,872 
Intertrust NV 74 1,561 
Interxion Holding N.V. (a) 250 9,308 
Koninklijke BAM Groep NV 678 3,156 
Koninklijke Boskalis Westminster NV 243 7,841 
Koninklijke DSM NV 493 31,703 
Koninklijke KPN NV 9,308 30,351 
Koninklijke Philips Electronics NV 2,333 70,298 
Koninklijke Wessanen NV 97 1,159 
Mobileye NV (a) 437 16,248 
Mylan N.V. (a) 16 584 
NN Group NV 835 25,161 
Nsi NV 1,278 5,008 
NXP Semiconductors NV (a) 770 77,000 
OCI NV (a) 309 4,291 
PostNL NV (a) 1,034 4,872 
QIAGEN NV (Germany) (a) 533 13,051 
Randstad Holding NV 287 14,781 
Refresco Group NV 113 1,650 
RELX NV 2,600 43,843 
SBM Offshore NV 477 6,852 
Steinhoff International Holdings NV (South Africa) 8,009 43,235 
STMicroelectronics NV 1,917 18,194 
TKH Group NV unit 200 7,702 
TomTom Group BV (a) 281 2,272 
Unilever NV (Certificaten Van Aandelen) (Bearer) 4,160 174,354 
VastNed Retail NV 32 1,230 
Vopak NV 172 8,686 
Wereldhave NV 144 6,449 
Wolters Kluwer NV 844 32,664 
TOTAL NETHERLANDS  1,386,781 
New Zealand - 0.2%   
Air New Zealand Ltd. 962 1,328 
Argosy Property Ltd. 3,507 2,633 
Auckland International Airport Ltd. 2,306 10,867 
Chorus Ltd. 558 1,458 
Contact Energy Ltd. 2,655 9,018 
Fisher & Paykel Healthcare Corp. 1,439 9,117 
Fletcher Building Ltd. 1,662 12,325 
Freightways Ltd. 600 2,742 
Genesis Energy Ltd. 868 1,217 
Goodman Property Trust 1,052 937 
Infratil Ltd. 1,544 3,290 
Kiwi Property Group Ltd. 2,080 2,179 
Mercury Nz Ltd. 974 2,124 
Meridian Energy Ltd. 4,315 7,930 
Metlifecare Ltd. 221 913 
Precinct Properties New Zealand Ltd. 3,542 3,153 
Ryman Healthcare Group Ltd. 1,129 7,169 
Sky Network Television Ltd. 1,213 4,007 
SKYCITY Entertainment Group Ltd. 2,183 6,088 
Spark New Zealand Ltd. 6,255 16,371 
Summerset Group Holdings Ltd. 303 1,031 
The a2 Milk Co. Ltd. (a) 2,230 2,966 
Trade Maine Group Ltd. 627 2,179 
Xero Ltd. (a) 175 2,223 
Z Energy Ltd. 1,125 6,291 
TOTAL NEW ZEALAND  119,556 
Norway - 0.5%   
Aker ASA (A Shares) 32 1,181 
Aker Bp ASA (a) 292 4,686 
Aker Solutions ASA (a) 219 1,008 
Austevoll Seafood ASA 322 2,903 
Borregaard ASA 168 1,647 
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) 962 824 
DNB ASA 2,450 35,435 
Entra ASA 104 1,114 
Europris ASA 571 2,909 
Gjensidige Forsikring ASA 444 7,959 
IDEX ASA (a) 2,103 1,726 
Leroy Seafood Group ASA 99 5,235 
Marine Harvest ASA 903 16,386 
Merkantildata ASA 300 2,687 
Nordic VLSI ASA (a) 214 855 
Norsk Hydro ASA 4,102 18,339 
Norwegian Air Shuttle A/S (a) 92 3,102 
Ocean Yield ASA 229 1,912 
Opera Software ASA (a) 279 1,967 
Orkla ASA 2,141 20,216 
Petroleum Geo-Services ASA (a) 433 1,165 
Protector Forsikring ASA 221 1,892 
Salmar ASA 161 5,226 
Schibsted ASA:   
(A Shares) 251 6,018 
(B Shares) 107 2,409 
Skandiabanken ASA 350 2,605 
Sparebanken Midt-Norge 434 3,191 
Sparebanken Nord-Norge 530 3,060 
Statoil ASA 2,858 46,660 
Storebrand ASA (A Shares) (a) 1,158 5,959 
Telenor ASA 1,987 31,624 
TGS Nopec Geophysical Co. ASA 384 7,785 
Thin Film Electronics ASA (a) 2,726 1,373 
XXL ASA 166 2,079 
Yara International ASA 543 19,190 
TOTAL NORWAY  272,327 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 3,972 20,123 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR 470 6,246 
Philippines - 0.3%   
Aboitiz Equity Ventures, Inc. 4,620 7,441 
Aboitiz Power Corp. 4,200 3,985 
ABS CBN Broadcasting Corp. (depositary receipt) 1,100 1,046 
Alliance Global Group, Inc. 3,200 942 
Ayala Corp. 760 13,104 
Ayala Land, Inc. 21,500 16,093 
Bank of the Philippine Islands (BPI) 1,680 3,507 
BDO Unibank, Inc. 4,340 10,109 
Bloomberry Resorts Corp. (a) 8,700 1,063 
Cebu Air, Inc. 510 1,106 
Cosco Capital, Inc. 9,000 1,580 
D&L Industries, Inc. 4,200 952 
DMCI Holdings, Inc. 10,100 2,607 
DoubleDragon Properties Corp. (a) 2,010 2,316 
Filinvest Land, Inc. 24,000 877 
First Gen Corp. 2,200 1,043 
First Phillipines Holdings Corp. 680 974 
Globe Telecom, Inc. 95 3,492 
GT Capital Holdings, Inc. 220 5,955 
International Container Terminal Services, Inc. 1,580 2,538 
JG Summit Holdings, Inc. 7,200 11,299 
Jollibee Food Corp. 1,100 5,406 
Manila Water Co., Inc. 2,400 1,499 
Megaworld Corp. 42,000 3,486 
Metro Pacific Investments Corp. 37,600 5,590 
Metropolitan Bank & Trust Co. 2,150 3,609 
Philippine Long Distance Telephone Co. 300 9,478 
PNOC Energy Development Corp. 14,300 1,742 
Robinsons Land Corp. 6,100 3,898 
Security Bank Corp. 460 2,093 
SM Investments Corp. 530 7,354 
SM Prime Holdings, Inc. 19,500 10,831 
Universal Robina Corp. 2,000 7,516 
Vista Land & Lifescapes, Inc. 7,900 853 
TOTAL PHILIPPINES  155,384 
Poland - 0.2%   
Alior Bank SA (a) 150 1,803 
Asseco Poland SA 156 2,082 
Bank Handlowy w Warszawie SA 53 1,050 
Bank Millennium SA (a) 1,070 1,574 
Bank Polska Kasa Opieki SA 439 13,545 
Bank Zachodni WBK SA 92 7,434 
BRE Bank SA (a) 42 3,788 
Budimex SA 33 1,710 
CD Projekt RED SA (a) 104 1,057 
Ciech SA 58 946 
Cyfrowy Polsat SA (a) 381 2,352 
ENEA SA (a) 514 1,315 
Energa SA 589 1,207 
Eurocash SA 240 2,432 
Globe Trade Centre SA (a) 954 1,953 
Grupa Lotos SA (a) 171 1,482 
Jastrzebska Spolka Weglowa SA (a) 123 2,279 
KGHM Polska Miedz SA (Bearer) 388 7,030 
Kruk SA 56 3,247 
LPP SA 4 5,995 
NG2 SA 74 3,755 
PKP Cargo SA (a) 161 1,761 
Polish Oil & Gas Co. SA 4,881 6,245 
Polska Grupa Energetyczna SA 2,597 6,798 
Polski Koncern Naftowy Orlen SA 881 17,471 
Powszechna Kasa Oszczednosci Bank SA 2,170 15,200 
Powszechny Zaklad Ubezpieczen SA 1,605 11,144 
Synthos SA (a) 1,001 1,209 
Tauron Polska Energia SA (a) 4,953 3,346 
Telekomunikacja Polska SA 2,308 3,294 
Zaklady Azotowe w Tarnowie-Moscicach SA 82 1,306 
TOTAL POLAND  135,810 
Portugal - 0.1%   
Banco Comercial Portugues SA (Reg.) (a) 2,112 2,812 
BPI-SGPS SA (a) 795 986 
CTT Correios de Portugal SA 627 4,150 
Energias de Portugal SA 6,476 21,405 
Galp Energia SGPS SA Class B 1,055 14,303 
Jeronimo Martins SGPS SA 641 11,026 
NOS SGPS SA 1,080 7,175 
Portucel Industrial Empresa Produtora de Celulosa SA 406 1,190 
REN - Redes Energeticas Nacionais SGPS SA 925 2,703 
Sonae SGPS SA 1,653 1,316 
TOTAL PORTUGAL  67,066 
Qatar - 0.2%   
Barwa Real Estate Co. (a) 322 2,825 
Commercial Bank of Qatar (a) 487 4,774 
Doha Bank (a) 209 2,089 
Ezdan Holding Group (a) 1,851 7,980 
Gulf International Services QSC (a) 100 840 
Industries Qatar QSC (a) 447 12,520 
Masraf al Rayan (a) 1,149 10,917 
Qatar Electricity & Water Co. (a) 71 4,094 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 799 4,961 
Qatar Insurance Co. SAQ (a) 318 7,650 
Qatar Islamic Bank (a) 222 6,243 
Qatar National Bank SAQ 603 26,494 
Qatar National Cement Co. QSC (a) 49 1,110 
Qatar Telecom (Qtel) Q.S.C. (a) 229 6,100 
Qatari Investors Group QSC (a) 68 1,083 
United Development Co. (a) 747 4,082 
Vodafone Qatar QSC (a) 451 1,302 
TOTAL QATAR  105,064 
Russia - 0.7%   
Acron Group (a) 19 899 
Aeroflot - Russian Airlines (a) 1,100 2,255 
Alrosa Co. Ltd. (a) 6,000 8,385 
DIXY Group OJSC (a) 310 1,581 
Federal Grid Co. of Unified Energy System (a) 400,000 1,079 
Gazprom OAO (a) 31,116 68,185 
Inter Rao Ues JSC (a) 72,282 3,876 
LSR Group OJSC GDR (Reg. S) 361 1,022 
Lukoil PJSC (a) 1,106 53,970 
Magnit OJSC GDR (Reg. S) 748 29,688 
MegaFon PJSC GDR 345 3,288 
MMC Norilsk Nickel PJSC (a) 162 23,875 
Mobile TeleSystems OJSC sponsored ADR 1,495 11,526 
Moscow Exchange MICEX-RTS OAO (a) 3,330 6,130 
NOVATEK OAO GDR (Reg. S) 242 25,870 
PhosAgro OJSC GDR (Reg. S) 347 4,303 
Rosneft Oil Co. OJSC (a) 2,871 15,743 
Rostelecom PJSC (a) 3,210 4,000 
RusHydro PJSC (a) 420,000 5,266 
Sberbank of Russia (a) 27,862 64,853 
Severstal PAO (a) 520 7,270 
Sistema JSFC sponsored GDR 574 4,288 
Surgutneftegas OJSC (a) 20,400 8,692 
Tatneft PAO (a) 3,952 22,128 
VTB Bank OJSC (a) 12,601,820 13,466 
TOTAL RUSSIA  391,638 
Singapore - 0.8%   
Ascendas India Trust 5,300 4,076 
Ascendas Real Estate Investment Trust 4,800 8,177 
Ascott Residence Trust 2,700 2,203 
Asian Pay Television Trust 3,600 1,333 
Cache Logistics Trust 4,400 2,625 
CapitaCommercial Trust (REIT) 4,800 5,434 
CapitaLand Ltd. 6,800 15,103 
CapitaMall Trust 6,800 10,118 
CDL Hospitality Trusts unit 3,900 3,756 
City Developments Ltd. 1,200 7,323 
ComfortDelgro Corp. Ltd. 4,800 8,763 
Croesus Retail Trust 4,281 2,646 
DBS Group Holdings Ltd. 4,736 51,062 
Ezion Holdings Ltd. (a) 6,000 1,294 
First Resources Ltd. 700 916 
Frasers Centrepoint Trust 1,600 2,392 
Global Logistic Properties Ltd. 6,800 8,676 
Hutchison Port Holdings Trust 14,200 6,319 
Jardine Cycle & Carriage Ltd. 300 9,104 
K-REIT Asia 2,800 2,194 
Keppel Corp. Ltd. 3,900 14,801 
Keppel DC (REIT) 6,900 6,175 
Macquarie MEAG Prime (REIT) 8,200 4,804 
Mapletree Commercial Trust 5,823 6,404 
Mapletree Greater China Commercial Trust 2,800 2,093 
Mapletree Industrial (REIT) 3,100 3,833 
Mapletree Logistics Trust (REIT) 1,931 1,437 
MobileOne Ltd. 2,400 3,519 
Oversea-Chinese Banking Corp. Ltd. 8,200 49,981 
Raffles Medical Group Ltd. 1,700 1,839 
Sembcorp Industries Ltd. 3,300 6,001 
Sembcorp Marine Ltd. 2,100 1,955 
Singapore Airlines Ltd. 1,200 8,737 
Singapore Airport Terminal Service Ltd. 1,700 5,914 
Singapore Exchange Ltd. 2,900 14,779 
Singapore Post Ltd. 7,200 8,280 
Singapore Press Holdings Ltd. 5,400 14,439 
Singapore Technologies Engineering Ltd. 4,600 10,349 
Singapore Telecommunications Ltd. 20,900 58,287 
StarHub Ltd. 800 1,944 
Suntec (REIT) 8,500 10,264 
United Engineers Ltd. 1,700 3,165 
United Overseas Bank Ltd. 3,430 46,300 
UOL Group Ltd. 1,700 6,928 
Venture Corp. Ltd. 1,300 8,877 
Wilmar International Ltd. 4,600 10,944 
Yangzijiang Shipbuilding Holdings Ltd. 3,000 1,606 
TOTAL SINGAPORE  467,169 
South Africa - 1.4%   
Advtech Ltd. 1,015 1,310 
Aeci Ltd. 370 2,793 
African Rainbow Minerals Ltd. 232 1,678 
Anglo American Platinum Ltd. (a) 164 3,864 
AngloGold Ashanti Ltd. (a) 1,121 15,263 
Arrowhead Properties Ltd. A linked 2,443 1,578 
Aspen Pharmacare Holdings Ltd. 1,008 21,958 
Assore Ltd. 133 1,800 
Attacq Ltd. (a) 743 942 
AVI Ltd. 889 6,248 
Barclays Africa Group Ltd. 1,167 13,533 
Barloworld Ltd. 691 4,476 
Bidcorp Ltd. 904 15,940 
Bidvest Group Ltd. 854 10,603 
Blue Label Telecoms Ltd. 760 1,150 
Capitec Bank Holdings Ltd. 112 5,690 
Cashbuild Ltd. 49 1,431 
City Lodge Hotels Ltd. 140 1,514 
Clicks Group Ltd. 607 5,650 
Coronation Fund Managers Ltd. 710 3,819 
DataTec Ltd. 411 1,368 
Discovery Ltd. 847 7,238 
Emira Property Fund Ltd. 1,649 1,712 
EOH Holdings Ltd. 246 2,917 
Exxaro Resources Ltd. 389 2,862 
Famous Brands Ltd. 170 1,983 
FirstRand Ltd. 8,718 31,242 
Fortress Income Fund Ltd.:   
Class A 3,441 4,172 
Class B 1,340 3,186 
Foschini Ltd. 717 7,381 
Gold Fields Ltd. 2,322 9,577 
Grindrod Ltd. 1,178 971 
Growthpoint Properties Ltd. 5,950 11,094 
Harmony Gold Mining Co. Ltd. 1,157 3,592 
Hosken Consolidated Investment Ltd. 120 1,130 
Hyprop Investments Ltd. 679 6,028 
Impala Platinum Holdings Ltd. (a) 1,616 6,496 
Imperial Holdings Ltd. 440 5,558 
Investec Ltd. 924 5,698 
JSE Ltd. 215 2,508 
KAP Industrial Holdings Ltd. 6,065 3,486 
Liberty Holdings Ltd. 348 2,993 
Life Healthcare Group Holdings Ltd. 2,610 6,968 
Massmart Holdings Ltd. 371 3,215 
MMI Holdings Ltd. 2,958 4,960 
Mondi Ltd. 280 5,472 
Mpact Ltd. 435 1,064 
Mr Price Group Ltd. 597 6,806 
MTN Group Ltd. 4,372 37,762 
Murray & Roberts Holdings Ltd. 982 672 
Nampak Ltd. 1,842 2,568 
Naspers Ltd. Class N 1,137 190,563 
Nedbank Group Ltd. 490 8,013 
Netcare Ltd. 2,193 5,632 
Northam Platinum Ltd. (a) 1,125 4,107 
Omnia Holdings Ltd. 91 1,103 
Pick 'n Pay Stores Ltd. 1,066 5,217 
Pioneer Foods Ltd. 337 4,068 
Pretoria Portland Cement Co. Ltd. 3,932 1,604 
PSG Group Ltd. 153 2,391 
Rand Merchant Insurance Holdings Ltd. 2,536 7,595 
Rebosis Property Fund Ltd. 1,887 1,595 
Redefine Properties Ltd. 10,872 9,337 
Remgro Ltd. 1,559 25,899 
Resilient Property Income Fund Ltd. 717 5,933 
Reunert Ltd. 722 3,304 
RMB Holdings Ltd. 1,997 8,815 
SA Corporate Real Estate Fund 4,096 1,680 
Sanlam Ltd. 3,390 16,432 
Sappi Ltd. (a) 1,288 7,164 
Sasol Ltd. 1,443 39,848 
Shoprite Holdings Ltd. 1,189 17,548 
Sibanye Gold Ltd. 1,568 4,362 
Spar Group Ltd. 487 6,898 
Standard Bank Group Ltd. 3,441 36,508 
Sun International Ltd. 233 1,439 
Super Group Ltd. (a) 861 2,541 
Telkom SA Ltd. 736 3,396 
Tiger Brands Ltd. 480 13,669 
Tongaat Hulett Ltd. 301 2,721 
Trencor Ltd. 474 1,009 
Truworths International Ltd. 1,203 6,375 
Tsogo Sun Holdings Ltd. 671 1,523 
Vodacom Group Ltd. 992 10,701 
Vukile Property Fund Ltd. 2,571 3,527 
Wilson Bayly Holmes-Ovcon Ltd. 192 2,164 
Woolworths Holdings Ltd. 2,736 15,849 
Zeder Investments Ltd. 2,233 1,105 
TOTAL SOUTH AFRICA  795,554 
Spain - 2.0%   
Abertis Infraestructuras SA 1,531 22,731 
Acerinox SA 443 5,456 
ACS Actividades de Construccion y Servicios SA 610 18,703 
Aena SA 160 23,492 
Almirall SA 322 4,634 
Amadeus IT Holding SA Class A 1,127 53,198 
Applus Services SA 556 5,342 
Atresmedia Corporacion de Medios de Comunicacion SA 213 2,193 
Axiare Patrimonio SOCIMI SA 118 1,679 
Azucarera Ebro Agricolas SA 209 4,511 
Banco Bilbao Vizcaya Argentaria SA 17,237 124,084 
Banco de Sabadell SA 14,990 20,059 
Banco Popular Espanol SA 9,543 10,465 
Banco Santander SA:   
rights 11/1/16 (a) 35,258 1,974 
(Spain) 37,715 184,805 
Bankia SA 12,064 10,621 
Bankinter SA 1,903 14,569 
Bolsas Y Mercados Espanoles 212 6,416 
CaixaBank SA 8,830 26,644 
Catalana Occidente SA 140 4,412 
Cellnex Telecom Sau 402 6,602 
Cie Automotive SA 67 1,382 
Compania de Distribucion Integral Logista Holdings SA 174 3,864 
Construcciones y Auxiliar de Ferrocarriles 6 2,261 
Corporacion Financiera Alba SA 56 2,454 
Distribuidora Internacional de Alimentacion SA 1,435 7,683 
Enagas SA 563 16,162 
Ence Energia y Celulosa SA 384 839 
Endesa SA 816 17,346 
Euskaltel, S.A. (a) 190 1,915 
FAES FARMA SA 574 2,108 
Ferrovial SA 1,206 23,466 
Ferrovial SA rights 11/14/16 (a) 1,206 516 
Fomento Construcciones y Contratas SA (FOCSA) (a) 118 1,021 
Gamesa Corporacion Tecnologica SA 676 15,639 
Gas Natural SDG SA 929 18,331 
Grifols SA 719 14,215 
Grupo Acciona SA 98 7,460 
Hispania Activos Inmobiliarios SA 360 4,434 
Iberdrola SA 13,284 90,543 
Inditex SA 2,772 96,903 
Indra Sistemas (a) 202 2,502 
Inmobiliaria Colonial SA 624 4,407 
International Consolidated Airlines Group SA 1,940 10,303 
Lar Espana Real Estate Socimi SA 145 1,043 
Liberbank SA (a) 1,167 1,159 
MAPFRE SA (Reg.) 2,523 7,497 
Mediaset Espana Comunicacion SA 618 6,903 
Melia Hotels International SA 499 6,171 
Merlin Properties Socimi SA 898 10,094 
Miquel y Costas & Miquel SA 34 1,447 
New Hampshire Hotel Group S.A (a) 689 3,044 
Obrascon Huarte Lain SA 436 1,753 
Pharma Mar SA (a) 321 869 
Promotora de Informaciones SA (a) 255 1,769 
Prosegur Compania de Seguridad SA (Reg.) 794 5,770 
Red Electrica Corporacion SA 1,125 23,471 
Repsol YPF SA 3,039 42,585 
Talgo SA (a) 213 991 
Tecnicas Reunidas SA 150 5,626 
Telefonica SA 11,676 118,635 
Vallehermoso SA (a) 640 1,463 
Viscofan Envolturas Celulosicas SA 122 5,750 
Zardoya Otis SA 722 6,095 
TOTAL SPAIN  1,150,479 
Sweden - 1.9%   
AarhusKarlshamn AB 90 5,944 
AF AB (B Shares) 145 2,657 
Alfa Laval AB 826 11,870 
Arcam AB (a) 48 1,581 
ASSA ABLOY AB (B Shares) 2,600 47,251 
Atlas Copco AB:   
(A Shares) 1,701 49,907 
(B Shares) 885 23,144 
Attendo AB 189 1,611 
Avanza Bank Holding AB 77 2,911 
Axfood AB 188 2,939 
Bergman & Beving AB (B Shares) 60 1,335 
Betsson AB (B Shares) 333 3,215 
Bilia AB (A Shares) 118 2,815 
Billerud AB 436 7,164 
Boliden AB 771 17,866 
Bonava AB (a) 258 3,188 
Bravida AB 145 891 
Bure Equity AB 215 2,357 
BYGGmax Group AB 241 1,588 
Capio AB 157 827 
Castellum AB 579 7,846 
Clas Ohlson AB (B Shares) 208 2,936 
Cloetta AB 292 1,035 
Com Hem Holding AB 394 3,551 
Concentric AB 90 1,071 
D. Carnegie & Co. AB (a) 152 1,708 
Dios Fastigheter AB 128 854 
Dometic Group AB 398 2,816 
Duni AB 68 905 
Electrolux AB (B Shares) 672 15,914 
Elekta AB (B Shares) (a) 999 8,666 
Eltel AB 115 713 
Evolution Gaming Group AB 34 981 
Fabege AB 437 7,383 
Fastighets AB Balder (a) 275 6,248 
Fingerprint Cards AB (a) 848 8,215 
Getinge AB (B Shares) 535 8,766 
Granges AB 102 991 
H&M Hennes & Mauritz AB (B Shares) 2,422 68,138 
Haldex AB 84 1,083 
Hemfosa Fastigheter AB 472 4,442 
Hexagon AB (B Shares) 670 23,456 
HEXPOL AB (B Shares) 627 5,154 
Hoist Finance AB 107 966 
Holmen AB (B Shares) 114 3,903 
Hufvudstaden AB Series A 215 3,328 
Husqvarna AB (B Shares) 1,012 7,613 
ICA Gruppen AB 207 6,429 
Industrivarden AB (C Shares) 502 8,959 
Indutrade AB 307 5,707 
Intrum Justitia AB 264 8,140 
Investment AB Oresund 100 1,600 
Investor AB (B Shares) 1,062 37,755 
Inwido AB 197 2,154 
JM AB (B Shares) 235 6,767 
Kinnevik AB (B Shares) 573 14,490 
Klovern AB (B Shares) 737 777 
Kungsleden AB 287 1,811 
Lifco AB 133 3,366 
Lindab International AB 121 1,037 
Loomis AB (B Shares) 205 5,833 
Lundbergfoeretagen AB 74 4,793 
Lundin Petroleum AB (a) 653 11,748 
Mekonomen AB 97 1,724 
Modern Times Group MTG AB (B Shares) 194 5,224 
Mycronic AB 246 2,567 
NCC AB Series B 243 6,177 
Net Entertainment NE AB 496 3,907 
Nibe Industrier AB (B Shares) 1,102 8,199 
Nobia AB 430 3,747 
Nobina AB 433 2,900 
Nolato AB Series B 39 1,118 
Nordea Bank AB 7,761 81,587 
Pandox AB 213 3,377 
Peab AB 784 6,653 
Ratos AB (B Shares) 630 2,589 
RaySearch Laboratories AB 121 2,679 
Recipharm AB 74 1,077 
Rezidor Hotel Group AB 372 1,520 
Saab AB (B Shares) 198 7,015 
Sandvik AB 2,646 30,086 
Securitas AB (B Shares) 926 14,312 
Skandinaviska Enskilda Banken AB (A Shares) 3,782 38,167 
Skanska AB (B Shares) 873 18,964 
SKF AB (B Shares) 1,052 17,832 
SkiStar AB 101 1,554 
SSAB Svenskt Stal AB:   
(A Shares) (a) 340 1,078 
(B Shares) (a) 1,920 5,098 
Starbreeze AB (a) 563 1,384 
Svenska Cellulosa AB (SCA) (B Shares) 1,541 43,660 
Svenska Handelsbanken AB (A Shares) 3,860 52,624 
Sweco AB (B Shares) 371 7,439 
Swedbank AB (A Shares) 2,271 53,204 
Swedish Match Co. AB 548 19,069 
Swedish Orphan Biovitrum AB (a) 510 5,226 
Tele2 AB:   
rights 11/16/16 (a) 1,186 355 
(B Shares) 1,186 9,802 
Telefonaktiebolaget LM Ericsson (B Shares) 8,028 38,943 
TeliaSonera AB 6,853 27,390 
Thule Group AB 174 2,687 
Tobii AB (a) 136 1,050 
Trelleborg AB (B Shares) 761 13,287 
Vitrolife AB 17 880 
Volvo AB (B Shares) 3,961 42,539 
Wallenstam AB (B Shares) 782 6,022 
Wihlborgs Fastigheter AB 257 4,979 
TOTAL SWEDEN  1,110,800 
Switzerland - 5.2%   
ABB Ltd. (Reg.) 4,959 102,306 
Actelion Ltd. 294 42,486 
Adecco SA (Reg.) 464 27,595 
AFG Arbonia-Forster-Holding AG (a) 62 930 
Allreal Holding AG 52 7,651 
Aryzta AG 256 11,248 
Ascom Holding AG (Reg.) 120 2,055 
Autoneum Holding AG 4 1,059 
Baloise Holdings AG 142 17,478 
Banque Cantonale Vaudoise 9 5,653 
Barry Callebaut AG 6 7,470 
Basilea Pharmaceutica AG (a) 48 3,235 
BKW AG 23 1,070 
Bobst Group SA 58 3,194 
Bossard Holding AG 30 4,275 
Bucher Industries AG 11 2,444 
Burckhardt Compression Holding AG 6 1,740 
Cembra Money Bank AG 114 8,715 
Clariant AG (Reg.) 865 14,327 
Coca-Cola HBC AG 426 9,208 
Comet Holding AG 1 866 
Compagnie Financiere Richemont SA Series A 1,369 88,013 
Credit Suisse Group AG 4,905 68,438 
Daetwyler Holdings AG 13 1,779 
Dufry AG (a) 118 14,357 
Emmi AG 5 2,951 
Ems-Chemie Holding AG 25 12,550 
Flughafen Zuerich AG 80 14,714 
Forbo Holding AG (Reg.) 2 2,551 
Galenica AG 11 11,027 
GAM Holding Ltd. 483 4,681 
Gategroup Holding AG 79 4,040 
Geberit AG (Reg.) 100 42,312 
Georg Fischer AG (Reg.) 9 7,981 
Givaudan SA 25 48,381 
Helvetia Holding AG (Reg.) 20 10,409 
Huber+Suhner AG 60 3,493 
Implenia AG 41 2,745 
INFICON Holding AG 12 4,311 
Intershop Holding AG 12 6,124 
Julius Baer Group Ltd. 655 26,515 
Kaba Holding AG (B Shares) (Reg.) 8 5,558 
Kardex AG 11 940 
Komax Holding AG (Reg.) 5 1,205 
Kudelski SA (Bearer) 61 1,051 
Kuehne & Nagel International AG 158 21,428 
Lafargeholcim Ltd. (Reg.) 1,218 65,051 
Leonteq AG 15 865 
Lindt & Spruengli AG (participation certificate) 4 20,777 
Logitech International SA (Reg.) 418 10,117 
Lonza Group AG 133 25,107 
Meyer Burger Technology AG (a) 228 747 
Mobimo Holding AG 9 2,166 
Nestle SA (Reg. S) 8,196 594,273 
Novartis AG 5,808 412,180 
OC Oerlikon Corp. AG (Reg.) 1,083 10,189 
Oriflame Holding AG 99 3,640 
Panalpina Welttransport Holding AG 17 2,208 
Pargesa Holding SA 148 9,938 
Partners Group Holding AG 45 22,783 
PSP Swiss Property AG 113 10,106 
Rieter Holding AG (Reg.) 6 1,141 
Roche Holding AG (participation certificate) 1,823 418,710 
Schindler Holding AG:   
(participation certificate) 56 10,407 
(Reg.) 107 19,788 
Schweiter Technologies AG 6 6,464 
SFS Group AG 56 4,219 
SGS SA (Reg.) 13 26,353 
Siegfried Holding AG 11 2,262 
Sika AG 6 28,837 
Sonova Holding AG Class B 134 17,970 
St.Galler Kantonalbank AG 3 1,126 
Straumann Holding AG 33 12,389 
Sulzer AG (Reg.) 50 4,926 
Sunrise Communications Group AG 98 6,695 
Swatch Group AG (Bearer) 77 23,165 
Swatch Group AG (Bearer) (Reg.) 155 8,936 
Swiss Life Holding AG 77 20,387 
Swiss Prime Site AG 181 15,008 
Swiss Re Ltd. 861 79,962 
Swisscom AG 64 29,279 
Syngenta AG (Switzerland) 242 96,840 
Tecan Group AG 31 5,106 
Temenos Group AG 166 10,711 
u-blox Holding AG 24 4,535 
UBS Group AG 9,578 135,508 
Valiant Holding AG 89 8,441 
Valora Holding AG 26 7,561 
Vontobel Holdings AG 64 3,134 
VZ Holding AG 7 2,073 
Ypsomed Holding AG 5 955 
Zehnder Group AG (a) 53 2,204 
Zurich Insurance Group AG 390 102,037 
ZZ Holding AG 6 4,144 
TOTAL SWITZERLAND  2,993,979 
Taiwan - 2.7%   
Accton Technology Corp. 1,000 1,599 
Acer, Inc. 10,000 4,599 
Advanced Semiconductor Engineering, Inc. 16,000 18,817 
Advantech Co. Ltd. 1,000 8,151 
Asia Cement Corp. 7,000 6,117 
Asia Pacific Telecom Co. Ltd. (a) 4,000 1,288 
ASUSTeK Computer, Inc. 2,000 17,540 
AU Optronics Corp. 21,000 7,984 
Bank of Kaohsiung Co. Ltd. 14,728 4,134 
Catcher Technology Co. Ltd. 2,000 15,700 
Cathay Financial Holding Co. Ltd. 21,000 27,275 
Chang Hwa Commercial Bank 11,240 5,758 
Cheng Shin Rubber Industry Co. Ltd. 6,000 12,237 
Chicony Electronics Co. Ltd. 1,005 2,576 
Chin-Poon Industrial Co. Ltd. 1,000 1,919 
China Airlines Ltd. 4,000 1,212 
China Bills Finance Corp. 4,000 1,605 
China Development Finance Holding Corp. 42,000 10,537 
China Life Insurance Co. Ltd. 9,120 8,432 
China Petrochemical Development Corp. (a) 7,000 2,005 
China Steel Chemical Corp. 1,000 3,441 
China Steel Corp. 29,000 20,972 
Chinatrust Financial Holding Co. Ltd. 46,960 25,321 
Chipbond Technology Corp. 1,000 1,384 
Chroma ATE, Inc. 1,000 2,541 
Chunghwa Telecom Co. Ltd. 10,000 34,273 
Clevo Co. Ltd. 2,000 1,833 
Compal Electronics, Inc. 14,000 8,348 
Compeq Manufacturing Co. Ltd. 6,000 3,169 
Coretronic Corp. 2,000 2,074 
CTCI Corp. 3,000 4,410 
Delta Electronics, Inc. 5,000 26,405 
E Ink Holdings, Inc. 3,000 2,550 
E.SUN Financial Holdings Co. Ltd. 20,500 11,671 
ECLAT Textile Co. Ltd. 1,000 11,387 
Elite Material Co. Ltd. 1,000 2,794 
eMemory Technology, Inc. 1,000 10,625 
EPISTAR Corp. (a) 2,000 1,364 
Eternal Materials Co. Ltd. 2,160 2,281 
EVA Airways Corp. 3,150 1,519 
Evergreen Marine Corp. (Taiwan) (a) 3,000 1,123 
Everlight Electronics Co. Ltd. 1,000 1,511 
Far Eastern International Bank 4,080 1,162 
Far Eastern Textile Ltd. 11,000 8,530 
Far EasTone Telecommunications Co. Ltd. 5,000 11,831 
Feng Hsin Iron & Steel Co. 2,000 2,658 
Feng Tay Enterprise Co. Ltd. 1,120 4,689 
First Financial Holding Co. Ltd. 19,270 10,115 
FLEXium Interconnect, Inc. 2,000 5,703 
Formosa Chemicals & Fibre Corp. 8,000 23,826 
Formosa Petrochemical Corp. 3,000 10,039 
Formosa Plastics Corp. 10,000 27,087 
Formosa Taffeta Co. Ltd. 1,000 913 
Foxconn Technology Co. Ltd. 2,010 5,840 
Fubon Financial Holding Co. Ltd. 19,000 26,998 
Giant Manufacturing Co. Ltd. 1,000 7,089 
Giga-Byte Technology Co. Ltd. 3,000 3,954 
Grape King Bio Ltd. 1,000 8,405 
Great Wall Enterprise Co. Ltd. 2,000 1,824 
HannStar Display Corp. (a) 9,000 2,258 
Highwealth Construction Corp. 1,000 1,483 
HIWIN Technologies Corp. 1,020 4,513 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 40,000 108,220 
Hota Industrial Manufacturing Co. Ltd. 1,000 4,171 
Hotai Motor Co. Ltd. 1,000 11,656 
HTC Corp. (a) 2,000 5,861 
Hua Nan Financial Holdings Co. Ltd. 22,496 11,452 
Innolux Corp. 25,000 8,445 
Inotera Memories, Inc. (a) 6,000 5,623 
Inventec Corp. 8,000 6,267 
Kenda Rubber Industrial Co. Ltd. 3,060 4,688 
King Slide Works Co. Ltd. 1,000 12,275 
King Yuan Electronics Co. Ltd. 3,000 2,640 
King's Town Bank 4,000 3,280 
Kinsus Interconnect Technology Corp. 2,000 4,624 
Lee Chang Yung Chemical Industry Corp. 1,000 1,224 
Lien Hwa Industrial Corp. 2,050 1,391 
Lite-On Technology Corp. 6,009 8,634 
Makalot Industrial Co. Ltd. 1,000 3,949 
MediaTek, Inc. 4,000 30,449 
Mega Financial Holding Co. Ltd. 27,000 18,498 
Merida Industry Co. Ltd. 1,000 4,615 
Merry Electronics Co. Ltd. 1,000 3,870 
Micro-Star International Co. Ltd. 2,000 5,766 
Namchow Chemical Industrial Co. Ltd. 1,000 2,135 
Nan Ya Plastics Corp. 12,000 25,006 
Nankang Rubber Tire Co. Ltd. 2,000 1,846 
Nanya Technology Corp. 1,000 1,299 
Nien Made Enterprise Co. Ltd. 1,000 11,609 
Novatek Microelectronics Corp. 2,000 7,517 
OBI Pharma, Inc. (a) 1,000 10,483 
PChome Online, Inc. 1,000 10,879 
Pegatron Corp. 5,000 13,480 
Phison Electronics Corp. 1,000 7,105 
Pou Chen Corp. 6,000 8,126 
Powertech Technology, Inc. 3,000 8,573 
President Chain Store Corp. 2,000 14,971 
Qisda Corp. 8,000 3,375 
Quanta Computer, Inc. 7,000 14,209 
Radiant Opto-Electronics Corp. 1,000 1,691 
Realtek Semiconductor Corp. 1,000 3,394 
Ruentex Development Co. Ltd. (a) 2,000 2,309 
Ruentex Industries Ltd. 1,000 1,614 
Shin Kong Financial Holding Co. Ltd. (a) 26,000 5,649 
Shin Zu Shing Co. Ltd. 1,000 3,016 
Shinkong Insurance Co. Ltd. 2,000 1,510 
Siliconware Precision Industries Co. Ltd. 5,000 7,570 
Simplo Technology Co. Ltd. 1,000 3,092 
Sino-American Silicon Products, Inc. 4,000 4,314 
Sinopac Holdings Co. 34,350 9,925 
Standard Foods Corp. 1,110 2,750 
Synnex Technology International Corp. 2,100 2,245 
Systex Corp. 1,000 1,687 
Taichung Commercial Bank Co. Ltd. 4,068 1,160 
TaiMed Biologics, Inc. 1,000 6,296 
Taishin Financial Holdings Co. Ltd. 22,506 8,245 
Taiwan Business Bank 8,400 2,126 
Taiwan Cement Corp. 8,000 9,604 
Taiwan Cooperative Financial Holding Co. Ltd. 19,350 8,500 
Taiwan Fertilizer Co. Ltd. 2,000 2,683 
Taiwan Fire & Marine Insurance Co. Ltd. 3,000 1,760 
Taiwan Glass Industry Corp. (a) 2,000 837 
Taiwan Mobile Co. Ltd. 4,000 14,019 
Taiwan Paiho Ltd. 1,000 3,410 
Taiwan Secom Co. 1,000 2,870 
Taiwan Semiconductor Manufacturing Co. Ltd. 64,000 384,440 
Taiwan Surface Mounting Technology Co. Ltd. 3,000 2,503 
Tatung Co. Ltd. (a) 12,000 3,163 
TECO Electric & Machinery Co. Ltd. 4,000 3,559 
Tong Hsing Electronics Industries Ltd. 1,000 3,457 
Tong Yang Industry Co. Ltd. 1,000 2,328 
Tripod Technology Corp. 2,000 4,739 
TSRC Corp. 1,000 1,036 
TTY Biopharm Co. Ltd. 1,000 3,774 
Tung Ho Steel Enterprise Corp. 3,000 1,917 
Unified-President Enterprises Corp. 13,000 25,193 
Unimicron Technology Corp. 3,000 1,242 
United Microelectronics Corp. 33,000 12,294 
Vanguard International Semiconductor Corp. 3,000 6,128 
Walsin Lihwa Corp. 8,000 2,804 
Wei-Chuan Food Corp. (a) 2,000 1,135 
Win Semiconductors Corp. 1,389 3,864 
Winbond Electronics Corp. 4,000 1,259 
Wistron Corp. 8,089 6,106 
Wistron NeWeb Corp. 2,000 5,576 
WPG Holding Co. Ltd. 2,000 2,347 
Yageo Corp. 1,000 2,017 
Yuanta Financial Holding Co. Ltd. 24,000 8,982 
Yuen Foong Yu Paper Manufacturing Co. 4,000 1,180 
Yulon Motor Co. Ltd. 2,000 1,754 
Yungtay Engineering Co. Ltd. 1,000 1,413 
TOTAL TAIWAN  1,524,095 
Thailand - 0.5%   
Advanced Info Service PCL 1,300 5,695 
Advanced Info Service PCL (For. Reg.) 2,400 10,514 
Airports of Thailand PCL (For. Reg.) 1,000 10,874 
Asia Plus Group Holdings PCL 15,000 1,456 
Bangkok Airways PCL 5,500 3,909 
Bangkok Bank PCL (For. Reg.) 400 1,815 
Bangkok Dusit Medical Services PCL (For. Reg.) 11,800 7,679 
Bangkok Expressway and Metro PCL 23,400 4,976 
Bangkok Land PCL 52,700 2,376 
Banpu PCL (For. Reg.) 2,500 1,306 
Beauty Community Public Co. Ltd. 9,600 3,124 
BEC World PCL (For. Reg.) 4,400 2,574 
BTS Group Holdings PCL 28,400 6,930 
Bumrungrad Hospital PCL (For. Reg.) 700 3,656 
C.P. ALL PCL 1,000 1,734 
C.P. ALL PCL (For. Reg.) 11,200 19,419 
Carabao Group PCL 1,000 1,969 
Central Pattana PCL (For. Reg.) 4,800 7,638 
Charoen Pokphand Foods PCL (For. Reg.) 7,200 6,473 
Delta Electronics PCL (For. Reg.) 1,100 2,465 
Dynasty Ceramic PCL (For. Reg.) 17,900 2,279 
Electricity Generating PCL (For. Reg.) 500 2,783 
Energy Absolute PCL 1,800 1,451 
Energy Earth PCL 7,600 998 
Glow Energy PCL (For. Reg.) 900 1,978 
Group Lease PCL 1,700 2,232 
Gunkul Engineering PCL 19,100 2,704 
Hana Microelectronics PCL (For. Reg.) 1,400 1,279 
Home Product Center PCL (For. Reg.) 7,200 2,075 
Indorama Ventures PCL 2,500 2,087 
Indorama Ventures PCL (For. Reg.) 2,200 1,837 
IRPC PCL 19,300 2,633 
IRPC PCL (For. Reg.) 14,400 1,965 
Jasmine International Public Co. Ltd. 6,100 1,454 
Kasikornbank PCL 1,000 4,909 
Kasikornbank PCL (For. Reg.) 3,900 19,145 
KCE Electronics PCL 500 1,598 
Kiatnakin Bank PCL (For. Reg.) 800 1,336 
Krung Thai Bank PCL (For. Reg.) 17,400 8,542 
Major Cineplex Group PCL (For. Reg.) 1,400 1,159 
Minor International PCL (For. Reg.) 6,700 7,362 
PTT Exploration and Production PCL (For. Reg.) 4,100 9,742 
PTT Global Chemical PCL (For. Reg.) 5,100 8,734 
PTT PCL 600 5,925 
PTT PCL (For. Reg.) 2,300 22,713 
Robinsons Department Store PCL (For. Reg.) 1,400 2,318 
Siam Cement PCL (For. Reg.) 1,000 14,385 
Siam Commercial Bank PCL (For. Reg.) 4,000 16,382 
Siam Global House Publc Co. Ltd. 4,700 2,066 
Sino-Thai Engineering & Construction PCL (For. Reg.) 1,700 1,237 
Srisawad Power 1979 PCL 900 1,027 
Superblock Public Co. Ltd. (a) 19,700 894 
Thai Airways International PCL (For. Reg.) (a) 1,200 959 
Thai Oil PCL (For. Reg.) 3,000 5,994 
Thai Union Frozen Products PCL 3,700 2,292 
Thai Union Frozen Products PCL (For. Reg.) 2,700 1,672 
Thanachart Capital PCL (For. Reg.) 1,400 1,578 
TMB PCL (For. Reg.) 38,600 2,314 
True Corp. PCL (For. Reg.) 33,900 6,531 
TThai Tap Water Supply PCL 5,000 1,498 
WHA Corp. PCL (a) 25,000 2,355 
TOTAL THAILAND  289,004 
Turkey - 0.2%   
Akbank T.A.S. 5,276 14,101 
Akcansa Cimento A/S 294 1,226 
Albaraka Turk Katilim Bankasi A/S 3,589 1,438 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 787 4,810 
Anadolu Sigoria 2,500 1,390 
Arcelik A/S 719 4,750 
Aygaz A/S 428 1,510 
Bim Birlesik Magazalar A/S JSC 486 7,916 
Cimsa Cimento Sanayi Ve Ticaret A/S 254 1,262 
Coca-Cola Icecek Sanayi A/S 232 2,624 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 4,524 4,620 
Eregli Demir ve Celik Fabrikalari T.A.S. 3,874 5,258 
Ford Otomotiv Sanayi A/S 134 1,370 
Haci Omer Sabanci Holding A/S 2,517 7,606 
Koc Holding A/S 1,651 6,883 
NET Holding A/S (a) 1,018 1,017 
Petkim Petrokimya Holding A/S 1,039 1,410 
Soda Sanayii AS 1,067 1,483 
TAV Havalimanlari Holding A/S 281 1,155 
Tekfen Holding A/S 626 1,588 
Tofas Turk Otomobil Fabrikasi A/S 391 2,944 
Tupras Turkiye Petrol Rafinelleri A/S 356 7,254 
Turk Hava Yollari AO (a) 1,537 2,702 
Turk Sise ve Cam Fabrikalari A/S 1,312 1,378 
Turk Telekomunikasyon A/S 721 1,333 
Turkcell Iletisim Hizmet A/S 2,346 7,559 
Turkiye Garanti Bankasi A/S 6,993 19,007 
Turkiye Halk Bankasi A/S 2,007 6,097 
Turkiye Is Bankasi A/S Series C 5,426 8,803 
Turkiye Sinai Kalkinma Bankasi A/S 3,481 1,541 
Turkiye Vakiflar Bankasi TAO 2,060 3,049 
Ulker Biskuvi Sanayi A/S 814 5,051 
Yapi ve Kredi Bankasi A/S (a) 1,278 1,528 
TOTAL TURKEY  141,663 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC (a) 4,718 7,887 
Air Arabia PJSC (a) 7,399 2,619 
Aldar Properties PJSC (a) 8,590 6,174 
Arabtec Holding Co. (a) 9,610 3,480 
Dana Gas PJSC (a) 7,556 1,090 
DP World Ltd. 368 6,606 
Dubai Financial Market PJSC (a) 2,834 887 
Dubai Islamic Bank Pakistan Ltd. (a) 3,951 5,637 
Dubai Parks and Resorts PJSC (a) 9,280 3,967 
Emaar Malls Group PJSC (a) 5,462 3,822 
Emaar Properties PJSC 8,911 16,910 
Emirates Telecommunications Corp. 4,520 23,197 
First Gulf Bank PJSC 2,538 7,946 
National Bank of Abu Dhabi PJSC (a) 1,509 3,636 
Waha Capital PJSC (a) 6,006 3,074 
TOTAL UNITED ARAB EMIRATES  96,932 
United Kingdom - 10.5%   
3i Group PLC 2,519 20,689 
AA PLC 1,578 4,947 
Abcam PLC 594 6,333 
Aberdeen Asset Management PLC 2,215 8,681 
Acacia Mining PLC 548 3,478 
Admiral Group PLC 596 13,985 
Advanced Medical Solutions Group PLC 465 1,211 
Aggreko PLC 659 6,465 
Aldermore Group PLC (a) 513 1,084 
Allied Minds PLC (a) 637 2,651 
Amec Foster Wheeler PLC 1,081 5,917 
Anglo American PLC (United Kingdom) (a) 3,678 50,916 
Antofagasta PLC 963 6,400 
AO World PLC (a) 455 878 
Arrow Global Group PLC 309 1,134 
Ashmore Group PLC 1,085 4,663 
Ashtead Group PLC 1,255 19,632 
ASOS PLC (a) 129 8,301 
Associated British Foods PLC 923 27,814 
AstraZeneca PLC (United Kingdom) 3,313 185,512 
Auto Trader Group PLC 2,388 10,952 
Aveva Group PLC 202 4,549 
Aviva PLC 10,570 57,276 
B&M European Value Retail S.A. 1,617 4,643 
Babcock International Group PLC 555 6,718 
BAE Systems PLC 8,120 53,801 
Balfour Beatty PLC 1,899 6,299 
Barclays PLC 44,330 102,704 
Barratt Developments PLC 2,746 15,249 
BBA Aviation PLC 2,667 8,442 
Beazley PLC 1,462 6,514 
Bellway PLC 334 9,673 
Berendsen PLC 453 5,356 
Berkeley Group Holdings PLC 345 9,962 
BGEO Group PLC 143 5,174 
BHP Billiton PLC 5,503 82,749 
Big Yellow Group PLC 384 3,253 
Bodycote PLC 774 5,613 
Booker Group PLC 4,729 10,384 
Bovis Homes Group PLC 400 3,709 
BP PLC 48,623 287,445 
Brewin Dolphin Holding PLC 708 2,253 
British American Tobacco PLC (United Kingdom) 4,851 278,025 
British Land Co. PLC 2,637 18,898 
Britvic PLC 1,145 7,778 
BT Group PLC 21,741 99,792 
BTG PLC (a) 1,145 9,222 
Bunzl PLC 826 22,232 
Burberry Group PLC 1,204 21,737 
Cairn Energy PLC (a) 1,925 4,793 
Capita Group PLC 1,919 13,764 
Capital & Counties Properties PLC 2,217 7,823 
Card Factory PLC 1,191 3,698 
Carillion PLC 1,695 5,210 
Carnival PLC 509 24,551 
Carphone Warehouse Group PLC 2,507 9,657 
Centrica PLC 14,088 36,936 
Chemring Group PLC (a) 615 1,092 
Chesnara PLC 242 943 
Cineworld Group PLC 703 4,651 
Clinigen Group PLC 263 2,382 
Close Brothers Group PLC 394 6,400 
Cobham PLC 4,373 7,649 
Coca-Cola European Partners PLC 528 20,359 
Compass Group PLC 4,250 76,901 
Costain Group PLC 205 928 
Countrywide PLC 278 613 
Crest Nicholson PLC 734 3,656 
Croda International PLC 363 15,542 
CVS Group PLC 82 878 
CYBG PLC 2,702 8,936 
Daily Mail & General Trust PLC Class A 745 6,839 
Dairy Crest Group PLC 244 1,822 
Dart Group PLC 174 764 
De La Rue PLC 290 2,036 
Debenhams PLC 1,795 1,180 
Derwent London PLC 310 9,179 
Diageo PLC 6,541 174,099 
Dialog Semiconductor PLC (a) 220 8,634 
Dignity PLC 156 5,066 
Diploma PLC 382 4,383 
Direct Line Insurance Group PLC 3,462 14,666 
Domino's Pizza UK & IRL PLC 1,173 4,883 
Drax Group PLC 1,269 4,922 
DS Smith PLC 2,475 12,081 
Dunelm Group PLC 393 3,639 
easyJet PLC 349 4,003 
Electrocomponents PLC 1,036 4,725 
Elementis PLC 1,788 5,213 
EMIS Group PLC 236 2,416 
Empiric Student Property PLC 876 1,187 
EnQuest PLC (a) 7,561 2,499 
Enterprise Inns PLC (a) 1,931 2,180 
Equiniti Group PLC 445 1,087 
Essentra PLC 718 4,482 
esure Group PLC 899 2,992 
Evraz PLC (a) 1,129 2,834 
Fenner PLC 519 1,391 
Fever-Tree Drinks PLC 161 1,899 
Firstgroup PLC (a) 3,370 4,521 
Foxtons Group PLC 612 802 
Fresnillo PLC 539 10,820 
G4S PLC (United Kingdom) 3,821 10,289 
Galliford Try PLC 248 3,722 
Genus PLC 214 4,914 
GKN PLC 4,131 16,110 
GlaxoSmithKline PLC 12,690 250,682 
Grainger Trust PLC 1,442 3,901 
Great Portland Estates PLC 1,074 7,809 
Greene King PLC 730 6,536 
Greggs PLC 438 5,123 
GW Pharmaceuticals PLC (a) 827 8,056 
Halfords Group PLC 334 1,387 
Halma PLC 1,153 14,790 
Hammerson PLC 1,968 13,273 
Hansteen Holdings PLC 2,621 3,449 
Hargreaves Lansdown PLC 609 8,647 
Hays PLC 3,582 5,989 
Helical Bar PLC 267 864 
Hikma Pharmaceuticals PLC 467 10,026 
Hochschild Mining PLC 453 1,478 
HomeServe PLC 749 5,588 
Howden Joinery Group PLC 1,620 7,434 
HSBC Holdings PLC (United Kingdom) 51,571 388,388 
Hunting PLC 196 1,208 
Ibstock PLC 431 879 
ICAP PLC 1,250 7,413 
IG Group Holdings PLC 932 9,417 
Imagination Technologies Group PLC (a) 453 1,253 
IMI PLC 667 8,115 
Imperial Tobacco Group PLC 2,501 121,087 
Inchcape PLC 1,311 10,438 
Indivior PLC 1,708 6,573 
Informa PLC 2,485 20,455 
Inmarsat PLC 1,155 9,917 
InterContinental Hotel Group PLC 540 20,985 
Intermediate Capital Group PLC 744 5,514 
International Personal Finance PLC 833 3,003 
Interserve PLC 208 862 
Intertek Group PLC 468 19,579 
Intu Properties PLC 2,227 7,510 
Investec PLC 1,370 8,519 
ITE Group PLC 452 795 
ITV PLC 9,840 20,535 
J Sainsbury PLC 3,974 12,204 
J.D. Weatherspoon PLC 282 3,003 
John David Group PLC 179 3,328 
John Laing Group PLC 1,051 3,477 
John Menzies PLC 223 1,356 
John Wood Group PLC 983 9,253 
Johnson Matthey PLC 521 21,746 
JRP Group PLC 834 1,235 
Jupiter Fund Management PLC 1,202 6,351 
JUST EAT Ltd. (a) 1,196 8,227 
Kazakhmys PLC (a) 408 1,428 
Kcom Group PLC 888 1,280 
Keller Group PLC 112 933 
Kier Group PLC 366 6,088 
Kingfisher PLC 6,355 28,073 
Ladbrokes PLC 2,047 3,347 
Laird PLC 1,011 1,794 
Land Securities Group PLC 2,124 25,972 
Legal & General Group PLC 15,360 39,369 
Lloyds Banking Group PLC 168,095 117,385 
London Stock Exchange Group PLC 811 27,894 
Londonmetric Properity PLC 1,861 3,396 
Lonmin PLC (a) 1,093 2,542 
Lookers PLC 545 689 
Man Group PLC 5,102 7,787 
Marks & Spencer Group PLC 4,065 16,914 
Mediclinic International PLC 1,084 12,028 
Meggitt PLC 1,849 9,852 
Melrose Industries PLC 5,006 10,340 
Merlin Entertainments PLC 2,147 12,110 
Micro Focus International PLC 590 15,461 
Mitchells & Butlers PLC 380 1,294 
Mitie Group PLC 1,489 3,838 
Mondi PLC 969 18,929 
Moneysupermarket.com Group PLC 1,647 5,280 
Morgan Advanced Materials PLC 780 2,602 
N Brown Group PLC 356 831 
National Express Group PLC Class L 1,229 5,533 
National Grid PLC 9,569 124,471 
NewRiver REIT PLC 436 1,654 
Next PLC 395 23,284 
Northgate PLC 227 1,169 
Ocado Group PLC (a) 1,377 4,635 
Old Mutual PLC 13,133 32,391 
OneSavings Bank PLC 272 965 
Ophir Energy PLC (a) 1,253 1,062 
Oxford Instruments PLC 111 918 
P2P Global Investments PLC 161 1,602 
Pagegroup PLC 1,031 4,582 
Paragon Group of Companies PLC 1,175 4,768 
Pearson PLC 2,044 18,910 
Pennon Group PLC 1,296 13,238 
Persimmon PLC 768 15,924 
Pets At Home Group PLC 1,387 3,623 
Phoenix Group Holdings rights 11/9/16 (a) 404 1,098 
Polypipe Group PLC 277 854 
Premier Foods PLC (a) 1,466 816 
Premier Oil PLC (a) 1,034 835 
Primary Health Properties PLC 1,862 2,541 
Provident Financial PLC 352 12,710 
Prudential PLC 6,616 107,966 
PZ Cussons PLC Class L 837 3,431 
QinetiQ Group PLC 3,161 8,907 
Reckitt Benckiser Group PLC 1,621 145,015 
Redde PLC 453 981 
Redrow PLC 743 3,450 
RELX PLC 2,784 49,785 
Renishaw PLC 94 2,972 
Rentokil Initial PLC 4,552 12,720 
Restore PLC 216 925 
Rightmove PLC 279 12,755 
Rio Tinto PLC 3,196 111,142 
Rolls-Royce Holdings PLC 4,762 42,270 
Rotork PLC 2,191 5,471 
Royal Bank of Scotland Group PLC (a) 9,406 21,736 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 11,080 275,970 
Class B (United Kingdom) 9,796 252,663 
Royal Mail PLC 2,265 13,612 
RPC Group PLC 777 9,016 
RPS Group PLC 412 854 
RSA Insurance Group PLC 2,663 17,980 
Safestore Holdings PLC 699 3,066 
Saga PLC 2,744 6,664 
Sage Group PLC 3,022 26,688 
Savills PLC 442 3,755 
Scapa Group PLC 307 1,073 
Schroders PLC 355 12,249 
Scottish & Southern Energy PLC 2,580 50,163 
Segro PLC 2,493 13,341 
Senior Engineering Group PLC 1,542 3,290 
Serco Group PLC (a) 2,661 4,469 
Severn Trent PLC 564 16,071 
Shaftesbury PLC 725 8,137 
Shanks Group PLC 773 847 
Shanks Group PLC rights 11/9/16 (a) 289 111 
Shawbrook Group PLC (a) 369 1,015 
SIG PLC 1,180 1,596 
Sirius Minerals PLC (a) 3,894 1,835 
SKY PLC 2,814 28,175 
Smith & Nephew PLC 2,418 34,955 
Smiths Group PLC 907 15,742 
SOCO International PLC 500 846 
Softcat PLC 396 1,570 
Sophos Group PLC 488 1,380 
Spectris PLC 340 8,527 
Spirax-Sarco Engineering PLC 176 9,505 
Spire Healthcare Group PLC 1,413 6,434 
Spirent Communications PLC 1,005 1,012 
Sports Direct International PLC (a) 662 2,242 
SSP Group PLC 1,606 6,678 
St. James's Place Capital PLC 1,452 16,795 
St. Modwen Properties PLC 495 1,653 
Stagecoach Group PLC 1,432 3,467 
Standard Chartered PLC (United Kingdom) 8,475 73,848 
Standard Life PLC 4,955 20,487 
Stock Spirits Group PLC 438 848 
SuperGroup PLC 154 2,537 
SVG Capital PLC (a) 539 4,635 
Synthomer PLC 950 4,156 
TalkTalk Telecom Group PLC 1,592 3,967 
Tate & Lyle PLC 1,015 9,690 
Taylor Wimpey PLC 8,975 15,566 
Ted Baker PLC 59 1,787 
Telecom Plus PLC 274 3,971 
Tesco PLC (a) 20,983 54,046 
The Go-Ahead Group PLC 151 3,833 
The Restaurant Group PLC 407 1,871 
The Weir Group PLC 534 11,111 
Thomas Cook Group PLC (a) 4,549 3,870 
TORM PLC 167 1,430 
Travis Perkins PLC 603 9,839 
Tritax Big Box REIT PLC 3,571 5,936 
Tullett Prebon PLC 438 1,903 
Tullow Oil PLC (a) 2,446 7,925 
Ultra Electronics Holdings PLC 411 9,347 
Unilever PLC 3,329 139,273 
Unite Group PLC 786 5,325 
United Utilities Group PLC 1,696 19,514 
Vectura Group PLC (a) 2,158 3,576 
Vedanta Resources PLC 141 1,231 
Vesuvius PLC 789 3,520 
Victrex PLC 260 5,572 
Virgin Money Holdings Uk PLC 806 3,246 
Vodafone Group PLC 68,247 187,429 
WH Smith PLC 357 6,437 
Whitbread PLC 520 23,009 
William Hill PLC 2,267 8,208 
WM Morrison Supermarkets PLC 6,314 17,505 
Wolverhampton & Dudley Breweries PLC 2,485 4,067 
Workspace Group PLC 382 2,943 
Worldpay Group PLC 5,345 18,632 
WS Atkins PLC 261 4,830 
Xaar PLC 189 972 
Zoopla Property Group PLC 466 1,736 
TOTAL UNITED KINGDOM  5,996,030 
United States of America - 0.0%   
Sohu.com, Inc. (a) 164 6,139 
Southern Copper Corp. 228 6,473 
TOTAL UNITED STATES OF AMERICA  12,612 
TOTAL COMMON STOCKS   
(Cost $52,309,606)  51,959,189 
Nonconvertible Preferred Stocks - 1.3%   
Brazil - 0.7%   
Alpargatas SA (PN) 900 2,992 
Banco Bradesco SA (PN) 7,500 78,571 
Banco do Estado Rio Grande do Sul SA 300 1,278 
Bradespar SA (PN) 700 2,846 
Braskem SA (PN-A) 300 2,657 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 600 5,141 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 400 7,644 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 2,000 6,109 
Companhia Energetica de Sao Paulo Series B 600 2,788 
Companhia Paranaense de Energia-Copel (PN-B) 200 2,290 
Gerdau SA (PN) 2,400 8,286 
Itau Unibanco Holding SA 8,520 102,496 
Itausa-Investimentos Itau SA (PN) 9,600 28,391 
Lojas Americanas SA (PN) 800 5,188 
Marcopolo SA (PN) 1,000 1,021 
Metalurgica Gerdau SA (PN) (a) 900 1,339 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 11,600 64,287 
Suzano Papel e Celulose SA 1,200 4,233 
Telefonica Brasil SA 1,100 15,914 
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) (a) 1,000 1,413 
Vale SA (PN-A) 6,100 39,425 
TOTAL BRAZIL  384,309 
Chile - 0.0%   
Embotelladora Andina SA Class B 348 1,412 
Sociedad Quimica y Minera de Chile SA (PN-B) 223 6,590 
TOTAL CHILE  8,002 
Colombia - 0.0%   
Bancolombia SA (PN) 1,116 10,593 
Grupo Aval Acciones y Valores SA 9,033 3,725 
Grupo de Inversiones Suramerica SA 205 2,591 
TOTAL COLOMBIA  16,909 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 160 12,146 
Fuchs Petrolub AG 160 7,153 
Henkel AG & Co. KGaA 510 65,447 
Jungheinrich AG 197 6,216 
Porsche Automobil Holding SE (Germany) 483 26,047 
Sartorius AG (non-vtg.) 101 7,935 
Sto SE & Co. KGaA 28 3,355 
Volkswagen AG 506 69,544 
TOTAL GERMANY  197,843 
Italy - 0.0%   
Telecom Italia SpA (Risparmio Shares) 26,892 19,070 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 55 9,617 
Daishin Securities Co. Ltd. 205 1,398 
Hyundai Motor Co. 53 4,430 
Hyundai Motor Co. Series 2 176 15,465 
LG Chemical Ltd. 18 2,833 
LG Household & Health Care Ltd. 31 12,901 
Samsung Electronics Co. Ltd. 47 54,119 
TOTAL KOREA (SOUTH)  100,763 
Panama - 0.0%   
Avianca Holdings SA 1,835 1,465 
Russia - 0.0%   
AK Transneft OAO (a) 4 9,590 
Surgutneftegas OJSC (a) 15,600 7,073 
TOTAL RUSSIA  16,663 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC 219,052 268 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $662,007)  745,292 
Investment Companies - 0.5%   
United States of America - 0.5%   
iShares MSCI India ETF   
(Cost $279,763) 9,801 284,621 
 Principal Amount Value 
Government Obligations - 0.4%   
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.44% to 0.58% 5/25/17 to 8/17/17 (c)   
(Cost $219,192) 220,000 219,171 
 Shares Value 
Money Market Funds - 5.4%   
Fidelity Cash Central Fund, 0.41% (d)   
(Cost $3,099,070) 3,098,141 3,099,070 
TOTAL INVESTMENT PORTFOLIO - 98.4%   
(Cost $56,569,638)  56,307,343 
NET OTHER ASSETS (LIABILITIES) - 1.6%  887,309 
NET ASSETS - 100%  $57,194,652 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
35 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 2,914,975 $(28,871) 
23 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 1,039,025 (8,753) 
2 TME S&P/TSX 60 Index Contracts (Canada) Dec. 2016 258,406 2,810 
TOTAL FUTURES CONTRACTS   $(34,814) 

The face value of futures purchased as a percentage of Net Assets is 7.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $3,009,874.

Security Type Abbreviations

ETF – Exchange-Traded Fund

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,241 or 0.0% of net assets.

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $177,298.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Affiliated Central Funds

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 $3,126 
Total $3,126 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $6,405,317 $4,972,476 $1,432,841 $-- 
Consumer Staples 5,193,155 3,806,364 1,386,791 -- 
Energy 3,346,766 1,777,269 1,569,143 354 
Financials 10,962,567 7,933,345 3,025,596 3,626 
Health Care 4,241,783 1,997,648 2,244,135 -- 
Industrials 6,846,166 5,904,174 941,992 -- 
Information Technology 5,140,528 3,581,754 1,558,774 -- 
Materials 4,300,168 3,538,047 762,121 -- 
Real Estate 2,311,920 2,250,425 59,816 1,679 
Telecommunication Services 2,275,318 817,325 1,457,993 -- 
Utilities 1,680,793 1,362,455 318,338 -- 
Investment Companies 284,621 284,621 -- -- 
Government Obligations 219,171 -- 219,171 -- 
Money Market Funds 3,099,070 3,099,070 -- -- 
Total Investments in Securities: $56,307,343 $41,324,973 $14,976,711 $5,659 
Derivative Instruments:     
Assets     
Futures Contracts $2,810 $2,810 $-- $-- 
Total Assets $2,810 $2,810 $-- $-- 
Liabilities     
Futures Contracts $(37,624) $(37,624) $-- $-- 
Total Liabilities $(37,624) $(37,624) $-- $-- 
Total Derivative Instruments: $(34,814) $(34,814) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $2,810 $(37,624) 
Total Equity Risk 2,810 (37,624) 
Total Value of Derivatives $2,810 $(37,624) 

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


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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $53,470,568) 		$53,208,273  
Fidelity Central Funds (cost $3,099,070) 3,099,070  
Total Investments (cost $56,569,638)  $56,307,343 
Foreign currency held at value (cost $48,654)  48,655 
Receivable for investments sold  3,721 
Receivable for fund shares sold  790,173 
Dividends receivable  85,408 
Distributions receivable from Fidelity Central Funds  727 
Receivable for daily variation margin for derivative instruments  5,279 
Total assets  57,241,306 
Liabilities   
Payable to custodian bank $103  
Payable for investments purchased 729  
Payable for fund shares redeemed 41,030  
Accrued management fee 2,559  
Other affiliated payables 2,233  
Total liabilities  46,654 
Net Assets  $57,194,652 
Net Assets consist of:   
Paid in capital  $57,227,443 
Undistributed net investment income  184,189 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  82,455 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (299,435) 
Net Assets  $57,194,652 
Investor Class:   
Net Asset Value, offering price and redemption price per share ($3,170,253 ÷ 314,366 shares)  $10.08 
Premium Class:   
Net Asset Value, offering price and redemption price per share ($51,494,437 ÷ 5,104,672 shares)  $10.09 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($1,241,179 ÷ 123,029 shares)  $10.09 
Institutional Premium Class:   
Net Asset Value, offering price and redemption price per share ($1,288,783 ÷ 127,732 shares)  $10.09 

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


Statement of Operations

  For the period
June 7, 2016 (commencement of operations) to
October 31, 2016 
Investment Income   
Dividends  $269,265 
Interest  240 
Income from Fidelity Central Funds  3,126 
Income before foreign taxes withheld  272,631 
Less foreign taxes withheld  (23,223) 
Total income  249,408 
Expenses   
Management fee $7,908  
Transfer agent fees 6,099  
Independent trustees' fees and expenses 32  
Total expenses before reductions 14,039  
Expense reductions (938) 13,101 
Net investment income (loss)  236,307 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,451  
Fidelity Central Funds 388  
Foreign currency transactions (49,785)  
Futures contracts 108,204  
Total net realized gain (loss)  67,258 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(262,295)  
Assets and liabilities in foreign currencies (2,326)  
Futures contracts (34,814)  
Total change in net unrealized appreciation (depreciation)  (299,435) 
Net gain (loss)  (232,177) 
Net increase (decrease) in net assets resulting from operations  $4,130 

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


Statement of Changes in Net Assets

 For the period
June 7, 2016 (commencement of operations) to
October 31, 2016 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $236,307 
Net realized gain (loss) 67,258 
Change in net unrealized appreciation (depreciation) (299,435) 
Net increase (decrease) in net assets resulting from operations 4,130 
Share transactions - net increase (decrease) 57,187,236 
Redemption fees 3,286 
Total increase (decrease) in net assets 57,194,652 
Net Assets  
Beginning of period – 
End of period $57,194,652 
Other Information  
Undistributed net investment income end of period $184,189 

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


Financial Highlights — Fidelity Total International Index Fund Investor Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) –C 
Total from investment operations .08 
Redemption fees added to paid in capitalB,C – 
Net asset value, end of period $10.08 
Total ReturnD,E .80% 
Ratios to Average Net AssetsF,G  
Expenses before reductions .21%H 
Expenses net of fee waivers, if any .18%H 
Expenses net of all reductions .18%H 
Net investment income (loss) 1.97%H 
Supplemental Data  
Net assets, end of period (000 omitted) $3,170 
Portfolio turnover rateI 1%J 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 H Annualized

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

 J Amount not annualized.


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


Financial Highlights — Fidelity Total International Index Fund Premium Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) .01C 
Total from investment operations .09 
Redemption fees added to paid in capitalB,D – 
Net asset value, end of period $10.09 
Total ReturnE,F .90% 
Ratios to Average Net AssetsG,H  
Expenses before reductions .11%I 
Expenses net of fee waivers, if any .11%I 
Expenses net of all reductions .11%I 
Net investment income (loss) 2.05%I 
Supplemental Data  
Net assets, end of period (000 omitted) $51,494 
Portfolio turnover rateJ 1%K 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

 K Amount not annualized.


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


Financial Highlights — Fidelity Total International Index Fund Institutional Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) .01C 
Total from investment operations .09 
Redemption fees added to paid in capitalB,D – 
Net asset value, end of period $10.09 
Total ReturnE,F .90% 
Ratios to Average Net AssetsG,H  
Expenses before reductions .13%I 
Expenses net of fee waivers, if any .09%I 
Expenses net of all reductions .09%I 
Net investment income (loss) 2.06%I 
Supplemental Data  
Net assets, end of period (000 omitted) $1,241 
Portfolio turnover rateJ 1%K 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

 K Amount not annualized.


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


Financial Highlights — Fidelity Total International Index Fund Institutional Premium Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) .01C 
Total from investment operations .09 
Redemption fees added to paid in capitalB,D – 
Net asset value, end of period $10.09 
Total ReturnE,F .90% 
Ratios to Average Net AssetsG,H  
Expenses before reductions .10%I 
Expenses net of fee waivers, if any .06%I 
Expenses net of all reductions .06%I 
Net investment income (loss) 2.09%I 
Supplemental Data  
Net assets, end of period (000 omitted) $1,289 
Portfolio turnover rateJ 1%K 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

 K Amount not annualized.


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 offers Investor Class, Premium Class, Institutional Class and Institutional Premium 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. The Fund offers conversion privileges between share classes to eligible shareholders. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016 is included at the end of the Fund's Schedule of Investments.

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships and losses deferred to wash sales.

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

Gross unrealized appreciation $1,875,672 
Gross unrealized depreciation (2,162,159) 
Net unrealized appreciation (depreciation) on securities $(286,487) 
Tax Cost $56,593,830 

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

Undistributed ordinary income $214,190 
Undistributed long-term capital gain $39,027 
Net unrealized appreciation (depreciation) on securities and other investments $(286,008) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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.

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

During the period the Fund recognized net realized gain (loss) of $108,204 and a change in net unrealized appreciation (depreciation) of $(34,814) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $53,471,476 and $90,056, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. Effective July 1, 2016, the Board approved an amendment to the management contract to reduce the management fee from an annual rate of .20% to .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. For the reporting period, the Fund's total annual management fee rate was .07% of the Fund's average net assets.

Effective July 1, 2016, the Board also approved an amendment to the expense contract. Under the expense contract, the investment adviser 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 .18% 
Premium Class .11% 
Institutional Class .09% 
Institutional Premium Class .06% 

Prior to July 1, 2016, the investment adviser paid class-level expenses as necessary so that the total expenses did not exceed .34%, .28%, .23% and .20% for Investor Class, Premium Class, Institutional Class and Institutional Premium Class, respectively.

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class. FIIOC receives transfer agent fees at an annual rate of .21%, .11%, .035% and .015% of class-level average net assets for Investor Class, Premium Class, Institutional Class and Institutional Premium Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Effective July 1, 2016, under the amended expense contract, Investor Class, Premium Class and Institutional Class pay a portion of the transfer agent fees at an annual rate of .12%, .05% and .03% of class-level average net assets, respectively, and Institutional Premium Class does not pay transfer agent fees. Prior to July 1, 2016, Investor Class, Premium Class and Institutional Class paid a portion of the transfer agent fees at an annual rate of .14%, .08% and .03%, respectively, and Institutional Premium Class did not pay transfer agent fees.

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

 Amount % of Class-Level Average Net Assets 
Investor Class $1,186 .12 
Premium Class 4,720 .05 
Institutional Class 193 .03 
 $6,099  

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement. Effective July 1, 2016 the expense limitations were discontinued.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Investor Class .19% $234 
Premium Class .12% 289 
Institutional Class .10% 201 
Institutional Premium Class .07% 204 
  $928 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $10.

8. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Dollars 
 Year ended
October 31, 2016(a) 		Year ended
October 31, 2016(a) 
Investor Class   
Shares sold 1,048,423 $10,529,010 
Shares redeemed (734,057) (7,343,736) 
Net increase (decrease) 314,366 $3,185,274 
Premium Class   
Shares sold 5,723,071 $57,674,176 
Shares redeemed (618,399) (6,220,113) 
Net increase (decrease) 5,104,672 $51,454,063 
Institutional Class   
Shares sold 250,000 $2,500,000 
Shares redeemed (126,971) (1,250,000) 
Net increase (decrease) 123,029 $1,250,000 
Institutional Premium Class   
Shares sold 254,703 $2,547,899 
Shares redeemed (126,971) (1,250,000) 
Net increase (decrease) 127,732 $1,297,899 

 (a) For the period June 7, 2016 (commencement of operations) to October 31, 2016.


9. 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Total International Index Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Total International Index Fund (a fund of Fidelity Salem Street Trust) at October 31, 2016, the results of its operations for the period indicated, the changes in its net assets for the period indicated and the financial highlights for the period indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Total International Index Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements 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 are free of material misstatement. An audit 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, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
December 21, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

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

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

Shareholder Expense Example

As a shareholder of the 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 7, 2016 to October 31, 2016). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2016 to October 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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, 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 for each class of the 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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, 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. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period 
Investor Class .18%    
Actual  $1,000.00 $1,008.00 $.73-B 
Hypothetical-C  $1,000.00 1,024.23 $.92-D 
Premium Class .11%    
Actual  $1,000.00 $1,009.00 $.44-B 
Hypothetical-C  $1,000.00 1,024.58 $.56-D 
Institutional Class .09%    
Actual  $1,000.00 1,009.00 $.36-B 
Hypothetical-C  $1,000.00 1,024.68 $.46-D 
Institutional Premium Class .06%    
Actual  $1,000.00 $1,009.00 $.24-B 
Hypothetical-C  $1,000.00 1,024.83 $.31-D 

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

 B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 147/366 (to reflect the period June 7, 2016 to October 31, 2016).

 C 5% return per year before expenses

 D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).


Distributions (Unaudited)

The Board of Trustees of Fidelity Total International Index 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 
Fidelity Total International Index Fund     
Investor Class 12/19/16 12/16/16 $0.02800 $0.00700 
Premium Class 12/19/16 12/16/16 $0.03203 $0.00700 
Institutional Class 12/19/16 12/16/16 $0.03318 $0.00700 
Institutional Premium Class 12/19/16 12/16/16 $0.03490 $0.00700 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2016, $39,027, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Total International Index Fund

On March 10, 2016, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy.

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

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by FMR, the sub-advisers (together with FMR, 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. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

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

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered Geode's experience in managing other equity index funds under the Board's supervision.

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

Competitiveness of Management Fee and Total Expense Ratio  .The Board considered the fund's proposed management fee out of which FMR will pay all "fund-level" expenses, with certain limited exceptions, and the projected total expense ratio of each class of the fund after the effect of the contractual expense caps referred to in the next paragraph in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio for each class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also considered that the proposed contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total expenses, with certain exceptions, as follows: 0.34%: Investor; 0.28%: Premium; 0.23%: Institutional; 0.20%: Institutional Premium. The Board also noted that FMR had contractually agreed to reimburse each class of the fund through December 31, 2017 to the extent total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets of each class exceed: 0.19%: Investor; 0.12%: Premium; 0.10%: Institutional; 0.07%: Institutional Premium.

The Board considered the total expense ratio of the fund after the effect of the contractual arrangements.

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

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

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

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

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





Fidelity Investments

TI1-I-ANN-1216
1.9879613.100

Fidelity® Emerging Markets Index Fund (formerly Spartan® Emerging Markets Index Fund)

Fidelity® Global ex U.S. Index Fund (formerly Spartan® Global ex U.S. Index Fund)

Investor Class and Premium Class (formerly Fidelity Advantage® Class)



Annual Report

October 31, 2016



Fidelity Investments


Contents

Fidelity® Emerging Markets Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Fidelity® Global ex U.S. Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Fidelity® Emerging Markets Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Past 5 years Life of fundA 
Investor Class 9.76% 0.54% (0.39)% 
Premium Class 9.87% 0.66% (0.27)% 

 A From September 8, 2011


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund - Investor Class on September 8, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index and the FTSE® Emerging Index performed over the same period.


Period Ending Values
$9,802Fidelity® Emerging Markets Index Fund - Investor Class
$10,148MSCI Emerging Markets Index
$10,487FTSE® Emerging Index

Effective May 4, 2016, the fund began comparing its performance to the MSCI Emerging Markets Index rather than the FTSE® Emerging Index because MSCI Emerging Markets Index provides more complete coverage of equity emerging markets.



Fidelity® Emerging Markets Index Fund

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund’s share classes performed about in line with the 9.31% return of the MSCI Emerging Markets Index – which was adopted in May 2016 to better reflect the broader view on market classification – but lagged the 11.63% return of the FTSE® Emerging Index. The fund also trailed the 10.19% gain of a Linked index that combines the returns of the FTSE benchmark, with which the fund was compared through May 3, 2016, and the new MSCI index, with which the fund was compared for the second half of the period. (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.) On an absolute basis, shares of Taiwan Semiconductor (+46%) contributed strongly, benefiting from a strong industry environment. China-based media company Tencent Holdings and Korean electronics giant Samsung also added value. Meanwhile, rising commodity prices boosted shares of materials and energy companies, including Petrobras, Brazil’s state-owned oil company. In contrast, China Life Insurance Company (-30%) detracted, largely due to early-period concern about Chinese economic growth. Elsewhere, telecommunications providers America Movil and MTN Group, based in Mexico and Brazil, respectively, detracted.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Emerging Markets Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 3.5 3.4 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.5 3.4 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.4 0.0 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 2.7 0.0 
Naspers Ltd. Class N (South Africa, Media) 1.7 1.8 
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) 1.7 1.9 
China Construction Bank Corp. (H Shares) (China, Banks) 1.5 1.8 
Baidu.com, Inc. sponsored ADR (Cayman Islands, Internet Software & Services) 1.1 0.0 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 1.1 1.2 
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components) 1.0 1.0 
 21.2  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 23.5 30.9 
Information Technology 23.0 14.2 
Consumer Discretionary 10.0 8.3 
Consumer Staples 7.5 8.0 
Energy 7.3 9.5 
Materials 6.5 7.5 
Telecommunication Services 5.8 7.4 
Industrials 5.5 5.9 
Utilities 2.7 3.2 
Real Estate 2.4 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Korea (South) 13.7% 
   Taiwan 11.8% 
   Cayman Islands 11.2% 
   China 9.8% 
   India 8.1% 
   Brazil 8.0% 
   South Africa 6.3% 
   Hong Kong 3.9% 
   Mexico 3.7% 
   Other* 23.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Taiwan 13.4% 
   China 13.3% 
   India 11.9% 
   South Africa 9.0% 
   Brazil 8.6% 
   Cayman Islands 5.6% 
   Mexico 5.4% 
   Hong Kong 4.9% 
   Russia 4.8% 
   Other* 23.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 100.0 100.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.0 (0.1) 

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® Emerging Markets Index Fund

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 92.1%   
 Shares Value 
Bermuda - 0.9%   
Alibaba Health Information Technology Ltd. (a) 636,000 $332,944 
Alibaba Pictures Group Ltd. (a) 2,080,000 410,338 
Beijing Enterprises Water Group Ltd. 782,000 567,679 
Brilliance China Automotive Holdings Ltd. 566,000 672,146 
China Gas Holdings Ltd. 328,000 499,895 
China Resource Gas Group Ltd. 160,000 502,350 
Cosco Shipping Ports Ltd. 300,735 298,581 
Credicorp Ltd. 6,502 966,197 
Credicorp Ltd. (United States) 6,125 910,665 
GOME Electrical Appliances Holdings Ltd. 2,267,802 286,562 
Haier Electronics Group Co. Ltd. 228,000 368,067 
Hanergy Thin Film Power Group Ltd. (a) 1,618,000 2 
Kunlun Energy Co. Ltd. 626,000 473,805 
Luye Pharma Group Ltd. 248,000 166,920 
Nine Dragons Paper (Holdings) Ltd. 296,000 241,210 
TOTAL BERMUDA  6,697,361 
Brazil - 4.7%   
AES Tiete Energia SA unit 35,729 185,137 
Ambev SA 875,600 5,165,272 
Banco Bradesco SA 146,601 1,457,284 
Banco do Brasil SA 160,200 1,470,006 
Banco Santander SA (Brasil) unit 74,600 614,655 
BB Seguridade Participacoes SA 130,900 1,318,022 
BM&F BOVESPA SA 321,800 1,895,313 
BR Malls Participacoes SA 104,070 416,671 
Brasil Foods SA 113,800 1,903,797 
CCR SA 167,000 907,722 
Cetip SA - Mercados Organizado 41,717 586,417 
Cielo SA 190,379 1,932,418 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 64,800 684,135 
Companhia Siderurgica Nacional SA (CSN) (a) 110,800 372,805 
Cosan SA Industria e Comercio 21,600 290,436 
CPFL Energia SA 35,672 270,669 
Drogasil SA 42,200 936,808 
Duratex SA 57,905 156,373 
EDP Energias do Brasil SA 59,557 286,403 
Embraer SA 121,300 651,721 
ENGIE Brasil Energia SA 31,200 396,353 
Equatorial Energia SA 36,200 645,748 
Fibria Celulose SA 44,200 353,655 
Hypermarcas SA 63,300 530,673 
JBS SA 127,800 388,765 
Klabin SA unit 101,100 521,020 
Kroton Educacional SA 257,748 1,283,895 
Localiza Rent A Car SA 28,590 354,957 
Lojas Americanas SA 36,398 178,569 
Lojas Renner SA 121,400 1,026,880 
M. Dias Branco SA 5,900 251,951 
Multiplan Empreendimentos Imobiliarios SA 16,100 323,564 
Natura Cosmeticos SA 31,000 297,763 
Odontoprev SA 47,000 176,692 
Petroleo Brasileiro SA - Petrobras (ON) (a) 576,200 3,364,777 
Porto Seguro SA 20,000 189,662 
Qualicorp SA 40,300 259,324 
Rumo Logistica Operadora Multimodal SA (a) 145,200 324,789 
Sul America SA unit 31,028 187,315 
Terna Participacoes SA unit 17,700 115,061 
TIM Participacoes SA 152,700 423,848 
Totvs SA 21,700 196,877 
Ultrapar Participacoes SA 67,700 1,534,067 
Vale SA 247,700 1,713,414 
Weg SA 102,840 567,038 
TOTAL BRAZIL  37,108,721 
British Virgin Islands - 0.0%   
Tianhe Chemicals Group Ltd. (a) 376,000 58,800 
Cayman Islands - 11.2%   
3SBio, Inc. (a) 179,500 179,372 
58.com, Inc. ADR (a)(b) 14,530 608,081 
AAC Technology Holdings, Inc. 137,500 1,311,964 
Alibaba Group Holding Ltd. sponsored ADR (a)(b) 208,176 21,169,417 
Anta Sports Products Ltd. 182,000 525,662 
Baidu.com, Inc. sponsored ADR (a) 50,350 8,904,901 
Belle International Holdings Ltd. 1,147,000 695,102 
Casetek Holdings 21,000 67,606 
Chailease Holding Co. Ltd. 189,000 327,304 
China Conch Venture Holdings Ltd. 253,500 473,951 
China Huishan Dairy Holdings Co. Ltd. (b) 738,000 274,054 
China Medical System Holdings Ltd. 224,000 350,056 
China Mengniu Dairy Co. Ltd. 513,000 972,349 
China Resources Land Ltd. 520,744 1,298,578 
China State Construction International Holdings Ltd. 320,000 467,897 
Country Garden Holdings Co. Ltd. 1,002,737 522,343 
Ctrip.com International Ltd. ADR (a)(b) 69,377 3,062,995 
ENN Energy Holdings Ltd. 138,000 649,470 
Evergrande Real Estate Group Ltd. (b) 747,000 494,112 
Fang Holdings Ltd. ADR (a) 47,261 157,379 
GCL-Poly Energy Holdings Ltd. 2,386,000 323,033 
Geely Automobile Holdings Ltd. 985,000 1,016,047 
Haitian International Holdings Ltd. 113,000 233,123 
Hengan International Group Co. Ltd. 137,000 1,090,799 
JD.com, Inc. sponsored ADR (a)(b) 127,618 3,311,687 
Kingsoft Corp. Ltd. 149,000 335,058 
Longfor Properties Co. Ltd. 264,000 350,613 
NetEase, Inc. ADR 14,647 3,764,133 
New Oriental Education & Technology Group, Inc. sponsored ADR 24,933 1,249,891 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 23,400 8,086 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 6,208 183,571 
Semiconductor Manufacturing International Corp. (a) 4,977,000 602,753 
Shenzhou International Group Holdings Ltd. 105,000 696,566 
Shimao Property Holdings Ltd. 227,000 303,816 
Shui On Land Ltd. 674,000 166,859 
Sino Biopharmaceutical Ltd. 811,000 567,817 
SOHO China Ltd. 359,000 185,621 
Sunac China Holdings Ltd. 332,000 227,311 
TAL Education Group ADR (a)(b) 7,820 636,861 
Tencent Holdings Ltd. 1,046,400 27,732,029 
Tingyi (Cayman Islands) Holding Corp. 370,000 399,314 
Vipshop Holdings Ltd. ADR (a)(b) 75,234 1,028,449 
Want Want China Holdings Ltd. (b) 1,086,000 662,336 
YY, Inc. ADR (a)(b) 5,072 243,811 
Zhen Ding Technology Holding Ltd. 73,000 166,475 
TOTAL CAYMAN ISLANDS  87,998,652 
Chile - 1.1%   
AES Gener SA 490,636 167,038 
Aguas Andinas SA 493,038 325,575 
Banco de Chile 4,498,808 536,920 
Banco de Credito e Inversiones 6,415 327,565 
Banco Santander Chile 12,155,206 680,500 
Cencosud SA 265,535 865,605 
Colbun SA 1,544,096 337,554 
Compania Cervecerias Unidas SA 28,315 304,139 
Compania de Petroleos de Chile SA (COPEC) 83,201 839,372 
CorpBanca SA 26,984,386 244,347 
Empresa Nacional de Electricidad SA 595,981 408,835 
Empresa Nacional de Electricidad SA sponsored ADR 203 4,214 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 30,739 329,404 
Empresas CMPC SA 236,763 512,838 
Endesa Americas SA 648,367 301,741 
Endesa Americas SA sponsored ADR 203 2,917 
Enersis Chile SA 3,572,181 360,926 
Enersis SA 3,613,327 611,238 
LATAM Airlines Group SA (a) 56,056 538,634 
LATAM Airlines Group SA sponsored ADR (a) 212 2,033 
S.A.C.I. Falabella 113,049 886,954 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 168 4,916 
TOTAL CHILE  8,593,265 
China - 9.8%   
Agricultural Bank of China Ltd. (H Shares) 4,542,000 1,915,060 
Air China Ltd. (H Shares) 316,000 207,800 
Aluminum Corp. of China Ltd. (H Shares) (a) 712,000 264,399 
Anhui Conch Cement Co. Ltd. (H Shares) 225,500 625,133 
AviChina Industry & Technology Co. Ltd. (H Shares) 429,000 291,511 
Bank Communications Co. Ltd. (H Shares) 1,631,000 1,242,879 
Bank of China Ltd. (H Shares) 14,723,000 6,606,371 
Beijing Capital International Airport Co. Ltd. (H Shares) 276,000 289,326 
BYD Co. Ltd. (H Shares) 120,000 789,112 
CGN Power Co. Ltd. (H Shares) 1,930,000 564,899 
China Cinda Asset Management Co. Ltd. (H Shares) 1,597,000 574,509 
China CITIC Bank Corp. Ltd. (H Shares) 1,673,000 1,080,740 
China Coal Energy Co. Ltd. (H Shares) (a) 365,000 207,078 
China Communications Construction Co. Ltd. (H Shares) 804,000 885,322 
China Communications Services Corp. Ltd. (H Shares) 438,000 260,353 
China Construction Bank Corp. (H Shares) 15,602,000 11,426,573 
China Cosco Holdings Co. Ltd. (H Shares) (a)(b) 473,500 163,622 
China Everbright Bank Co. Ltd. (H Shares) 607,000 277,064 
China Galaxy Securities Co. Ltd. (H Shares) 538,500 512,424 
China Life Insurance Co. Ltd. (H Shares) 1,382,000 3,421,464 
China Longyuan Power Grid Corp. Ltd. (H Shares) 578,000 441,947 
China Merchants Bank Co. Ltd. (H Shares) 725,346 1,769,513 
China Minsheng Banking Corp. Ltd. (H Shares) 1,095,200 1,249,753 
China National Building Materials Co. Ltd. (H Shares) 518,000 237,108 
China Oilfield Services Ltd. (H Shares) 330,000 319,126 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 490,200 1,772,938 
China Petroleum & Chemical Corp. (H Shares) 4,733,000 3,422,911 
China Railway Construction Corp. Ltd. (H Shares) 374,500 469,359 
China Railway Group Ltd. (H Shares) 726,000 561,662 
China Shenhua Energy Co. Ltd. (H Shares) 633,500 1,318,371 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 709,000 149,012 
China Southern Airlines Ltd. (H Shares) 322,000 181,021 
China Telecom Corp. Ltd. (H Shares) 2,594,000 1,341,225 
China Vanke Co. Ltd. (H Shares) 245,100 641,544 
Chongqing Changan Automobile Co. Ltd. (B Shares) 147,100 224,760 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 471,000 282,398 
CITIC Securities Co. Ltd. (H Shares) 412,500 914,829 
CRRC Corp. Ltd. (H Shares) 760,600 690,425 
Dongfeng Motor Group Co. Ltd. (H Shares) 492,000 511,948 
GF Securities Co. Ltd. (H Shares) 249,200 554,595 
Great Wall Motor Co. Ltd. (H Shares) 562,500 549,042 
Guangzhou Automobile Group Co. Ltd. (H Shares) 382,000 462,012 
Guangzhou R&F Properties Co. Ltd. (H Shares) 174,400 246,459 
Haitong Securities Co. Ltd. (H Shares) 577,600 1,024,786 
Huadian Power International Corp. Ltd. (H Shares) 314,000 134,822 
Huaneng Power International, Inc. (H Shares) 780,000 479,450 
Huaneng Renewables Corp. Ltd. (H Shares) 730,000 245,669 
Huatai Securities Co. Ltd. (H Shares) 266,400 563,333 
Industrial & Commercial Bank of China Ltd. (H Shares) 13,672,000 8,206,477 
Jiangsu Expressway Co. Ltd. (H Shares) 228,000 310,446 
Jiangxi Copper Co. Ltd. (H Shares) 231,000 272,832 
New China Life Insurance Co. Ltd. (H Shares) 146,200 633,394 
People's Insurance Co. of China Group (H Shares) 1,271,000 506,397 
PetroChina Co. Ltd. (H Shares) 3,902,000 2,669,886 
PICC Property & Casualty Co. Ltd. (H Shares) 859,227 1,391,506 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 966,500 5,103,207 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 336,000 219,219 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 508,000 235,150 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 76,000 233,717 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 160,225 249,150 
Shanghai Pharma Holding Co. Ltd. (H Shares) 134,700 347,364 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 220,500 195,038 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 639,000 326,275 
Sinopharm Group Co. Ltd. (H Shares) 225,200 1,096,157 
Sinotrans Ltd. (H Shares) 360,000 169,891 
TravelSky Technology Ltd. (H Shares) 165,000 352,741 
Tsingtao Brewery Co. Ltd. (H Shares) 68,000 271,805 
Weichai Power Co. Ltd. (H Shares) 180,600 272,918 
Yanzhou Coal Mining Co. Ltd. (H Shares) 336,000 249,112 
Zhejiang Expressway Co. Ltd. (H Shares) 256,000 268,360 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 99,500 482,390 
Zijin Mining Group Co. Ltd. (H Shares) 1,052,000 330,973 
ZTE Corp. (H Shares) 146,080 201,164 
TOTAL CHINA  76,961,226 
Colombia - 0.3%   
Bancolombia SA sponsored ADR 76 2,909 
Cementos Argos SA 84,817 335,682 
Corporacion Financiera Colombiana SA 15,188 188,311 
Ecopetrol SA (a) 948,019 413,035 
Grupo de Inversiones Suramerica SA 42,280 545,307 
Interconexion Electrica SA ESP 81,988 272,404 
Inversiones Argos SA 52,893 343,029 
TOTAL COLOMBIA  2,100,677 
Czech Republic - 0.1%   
Ceske Energeticke Zavody A/S 30,912 582,595 
Komercni Banka A/S 14,351 525,671 
Telefonica Czech Rep A/S 9,573 87,839 
TOTAL CZECH REPUBLIC  1,196,105 
Egypt - 0.2%   
Commercial International Bank SAE 191,678 1,107,335 
Commercial International Bank SAE sponsored GDR 2,831 12,513 
Global Telecom Holding (a) 456,482 245,206 
Talaat Moustafa Group Holding 210,780 135,299 
TOTAL EGYPT  1,500,353 
Greece - 0.3%   
Alpha Bank AE (a) 250,705 429,330 
EFG Eurobank Ergasias SA (a) 344,719 202,831 
Ff Group (a) 6,088 145,825 
Greek Organization of Football Prognostics SA 41,360 352,781 
Hellenic Telecommunications Organization SA 47,036 431,142 
Jumbo SA 18,854 268,026 
National Bank of Greece SA (a) 996,654 203,836 
Piraeus Bank SA (a) 1,187,747 196,881 
Titan Cement Co. SA (Reg.) 8,168 189,819 
TOTAL GREECE  2,420,471 
Hong Kong - 3.9%   
Beijing Enterprises Holdings Ltd. 92,500 462,765 
China Everbright International Ltd. 450,000 539,614 
China Everbright Ltd. 168,000 329,261 
China Jinmao Holdings Group Ltd. 656,000 181,011 
China Merchants Holdings International Co. Ltd. 248,781 644,764 
China Mobile Ltd. 1,139,000 13,048,833 
China Overseas Land and Investment Ltd. 738,000 2,279,026 
China Power International Development Ltd. 582,000 212,372 
China Resources Beer Holdings Co. Ltd. 330,878 703,946 
China Resources Power Holdings Co. Ltd. 351,691 597,674 
China Taiping Insurance Group Ltd. (a) 294,377 568,595 
China Unicom Ltd. 1,116,000 1,310,199 
CITIC Pacific Ltd. 823,000 1,182,150 
CNOOC Ltd. 3,299,000 4,151,047 
CNOOC Ltd. sponsored ADR 200 25,096 
CSPC Pharmaceutical Group Ltd. 784,000 812,755 
Far East Horizon Ltd. 360,000 328,642 
Fosun International Ltd. 471,000 683,828 
Guangdong Investment Ltd. 532,000 803,946 
Lenovo Group Ltd. 1,316,000 845,031 
Shanghai Industrial Holdings Ltd. 97,000 297,045 
Sino-Ocean Group Holding Ltd. 521,979 217,392 
Sun Art Retail Group Ltd. 432,000 304,690 
TOTAL HONG KONG  30,529,682 
Hungary - 0.3%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 6,741 433,704 
OTP Bank PLC 44,967 1,263,082 
Richter Gedeon PLC 25,668 551,695 
TOTAL HUNGARY  2,248,481 
India - 8.1%   
ACC Ltd. 8,240 187,355 
Adani Ports & Special Economic Zone 155,765 716,881 
Ambuja Cements Ltd. 114,607 414,751 
Apollo Hospitals Enterprise Ltd. 13,866 278,545 
Ashok Leyland Ltd. (a) 197,963 267,837 
Asian Paints Ltd. 54,200 869,323 
Aurobindo Pharma Ltd. 48,071 585,020 
Axis Bank Ltd. 302,393 2,207,243 
Bajaj Auto Ltd. 15,881 678,066 
Bajaj Finance Ltd. 30,532 490,921 
Bharat Forge Ltd. 19,015 252,249 
Bharat Heavy Electricals Ltd. (a) 112,573 234,494 
Bharat Petroleum Corp. Ltd. 47,249 473,903 
Bharti Airtel Ltd. 188,761 902,272 
Bharti Infratel Ltd. 103,396 535,771 
Bosch Ltd. (a) 1,365 447,959 
Cadila Healthcare Ltd. 36,137 229,129 
Cairn India Ltd. 81,352 275,623 
Cipla Ltd. (a) 66,456 572,999 
Coal India Ltd. 130,275 634,331 
Container Corp. of India Ltd. 6,004 123,810 
Dabur India Ltd. 94,664 413,749 
Divi's Laboratories Ltd. 14,789 283,762 
Dr. Reddy's Laboratories Ltd. (a) 22,045 1,108,838 
Eicher Motors Ltd. 2,495 898,426 
GAIL India Ltd. 57,407 372,986 
GlaxoSmithKline Consumer Healthcare Ltd. 1,803 164,311 
Glenmark Pharmaceuticals Ltd. (a) 24,903 348,334 
Godrej Consumer Products Ltd. 21,763 524,977 
Havells India Ltd. 45,652 278,612 
HCL Technologies Ltd. 105,507 1,207,063 
Hero Motocorp Ltd. (a) 8,961 450,277 
Hindalco Industries Ltd. (a) 202,242 453,719 
Hindustan Unilever Ltd. 121,145 1,519,183 
Housing Development Finance Corp. Ltd. 278,559 5,811,677 
ICICI Bank Ltd. (a) 200,104 832,730 
Idea Cellular Ltd. (a) 227,405 259,773 
Indiabulls Housing Finance Ltd. 55,544 706,858 
Infosys Ltd. 341,076 5,096,292 
ITC Ltd. 628,809 2,291,619 
JSW Steel Ltd. (a) 15,388 382,673 
Larsen & Toubro Ltd. 59,249 1,315,185 
LIC Housing Finance Ltd. 53,639 468,599 
Lupin Ltd. 41,733 931,158 
Mahindra & Mahindra Financial Services Ltd. (a) 50,052 271,549 
Mahindra & Mahindra Ltd. 69,866 1,373,954 
Marico Ltd. 81,799 345,747 
Maruti Suzuki India Ltd. (a) 19,144 1,686,414 
Motherson Sumi Systems Ltd. 75,710 375,909 
Nestle India Ltd. 4,142 433,772 
NTPC Ltd. 300,336 685,494 
Oil & Natural Gas Corp. Ltd. 160,832 691,738 
Piramal Enterprises Ltd. 13,814 367,511 
Power Finance Corp. Ltd. 168,931 314,282 
Reliance Industries Ltd. 240,861 3,809,229 
Shree Cement Ltd. 1,490 373,458 
Shriram Transport Finance Co. Ltd. 26,851 434,653 
Siemens India Ltd. (a) 12,614 223,838 
State Bank of India 289,591 1,120,066 
Sun Pharmaceutical Industries Ltd. 180,151 2,007,696 
Tata Consultancy Services Ltd. 87,870 3,159,768 
Tata Motors Ltd. (a) 279,121 2,247,012 
Tata Motors Ltd. Class A (a) 95,772 500,644 
Tata Power Co. Ltd. 198,694 233,230 
Tata Steel Ltd. (a) 55,366 336,526 
Tech Mahindra Ltd. 42,487 277,481 
Titan Co. Ltd. 57,261 320,661 
Ultratech Cemco Ltd. (a) 6,469 386,237 
United Spirits Ltd. (a) 12,458 420,260 
UPL Ltd. (a) 66,850 699,312 
Vedanta Ltd. (a) 187,895 570,681 
Wipro Ltd. 112,624 782,789 
Yes Bank Ltd. (a) 58,296 1,111,903 
Zee Entertainment Enterprises Ltd. 108,533 846,635 
TOTAL INDIA  63,907,732 
Indonesia - 2.6%   
PT Adaro Energy Tbk 2,600,900 315,943 
PT AKR Corporindo Tbk 321,800 175,106 
PT Astra International Tbk 3,770,400 2,376,727 
PT Bank Central Asia Tbk 2,305,200 2,742,813 
PT Bank CIMB Niaga Tbk (a) 75,942 5,558 
PT Bank Danamon Indonesia Tbk Series A 591,600 175,013 
PT Bank Mandiri (Persero) Tbk 1,743,300 1,535,584 
PT Bank Negara Indonesia (Persero) Tbk 1,357,500 580,017 
PT Bank Rakyat Indonesia Tbk 2,076,100 1,941,173 
PT Bumi Serpong Damai Tbk 1,365,100 227,028 
PT Charoen Pokphand Indonesia Tbk 1,324,700 375,643 
PT Global Mediacom Tbk 1,095,300 71,352 
PT Gudang Garam Tbk 91,400 475,633 
PT Hanjaya Mandala Sampoerna Tbk 1,672,200 506,222 
PT Indocement Tunggal Prakarsa Tbk 267,600 337,371 
PT Indofood CBP Sukses Makmur Tbk 425,200 306,321 
PT Indofood Sukses Makmur Tbk 800,400 521,413 
PT Jasa Marga Tbk 395,600 137,344 
PT Kalbe Farma Tbk 3,870,400 516,132 
PT Lippo Karawaci Tbk 3,409,600 236,487 
PT Matahari Department Store Tbk 427,800 590,979 
PT Media Nusantara Citra Tbk 918,000 147,747 
PT Perusahaan Gas Negara Tbk Series B 1,982,500 388,964 
PT Semen Gresik (Persero) Tbk 534,000 403,119 
PT Summarecon Agung Tbk 1,861,300 235,373 
PT Surya Citra Media Tbk 1,083,200 219,994 
PT Telkomunikasi Indonesia Tbk Series B 9,403,500 3,041,291 
PT Tower Bersama Infrastructure Tbk 424,200 194,252 
PT Unilever Indonesia Tbk 288,400 983,031 
PT United Tractors Tbk 300,200 497,534 
PT Waskita Karya Persero Tbk 857,300 172,143 
PT XL Axiata Tbk (a) 665,075 112,137 
TOTAL INDONESIA  20,545,444 
Isle of Man - 0.1%   
New Europe Property Investments PLC 43,987 542,377 
Korea (South) - 13.0%   
AMOREPACIFIC Corp. 5,999 1,882,957 
AMOREPACIFIC Group, Inc. 5,233 677,142 
BGFretail Co. Ltd. 1,777 270,336 
BS Financial Group, Inc. 47,269 383,936 
Celltrion, Inc. 14,223 1,320,635 
Cheil Industries, Inc. 14,095 1,990,236 
Cheil Worldwide, Inc. 12,296 182,222 
CJ CheilJedang Corp. 1,466 447,969 
CJ Corp. 2,769 422,460 
CJ E&M Corp. 3,367 205,772 
Coway Co. Ltd. 10,103 791,453 
Daelim Industrial Co. 5,362 383,015 
Daewoo Engineering & Construction Co. Ltd. (a) 22,978 127,169 
DGB Financial Group Co. Ltd. 29,887 250,854 
Dong Suh Companies, Inc. 6,651 157,879 
Dongbu Insurance Co. Ltd. 9,281 576,941 
Doosan Heavy Industries & Construction Co. Ltd. 8,378 191,915 
E-Mart Co. Ltd. 3,502 497,550 
GS Engineering & Construction Corp. (a) 8,726 204,464 
GS Holdings Corp. 9,783 437,079 
GS Retail Co. Ltd. 5,039 214,996 
Hana Financial Group, Inc. 55,051 1,578,723 
Hankook Tire Co. Ltd. 13,933 672,436 
Hanmi Pharm Co. Ltd. 934 295,612 
Hanmi Science Co. Ltd. 1,962 130,542 
Hanon Systems 33,194 310,535 
Hanssem Co. Ltd. 1,911 296,569 
Hanwha Chemical Corp. 19,584 463,165 
Hanwha Corp. 8,284 270,519 
Hanwha Life Insurance Co. Ltd. 37,962 207,442 
Hotel Shilla Co. 6,023 301,741 
Hyosung Corp. 3,794 444,497 
Hyundai Department Store Co. Ltd. 2,757 283,232 
Hyundai Engineering & Construction Co. Ltd. 13,225 479,278 
Hyundai Fire & Marine Insurance Co. Ltd. 11,194 345,973 
Hyundai Glovis Co. Ltd. 3,373 511,662 
Hyundai Heavy Industries Co. Ltd. (a) 7,793 991,367 
Hyundai Industrial Development & Construction Co. 10,311 437,230 
Hyundai Mobis 12,650 3,030,457 
Hyundai Motor Co. 26,610 3,257,166 
Hyundai Steel Co. 14,599 630,546 
Hyundai Wia Corp. 3,000 206,425 
Industrial Bank of Korea 47,767 551,276 
Kakao Corp. 5,369 358,636 
Kangwon Land, Inc. 22,176 735,804 
KB Financial Group, Inc. 73,811 2,733,430 
KCC Corp. 1,023 361,794 
KEPCO Plant Service & Engineering Co. Ltd. 3,789 181,871 
Kia Motors Corp. 49,060 1,745,778 
Korea Aerospace Industries Ltd. 10,986 622,417 
Korea Electric Power Corp. 47,816 2,069,447 
Korea Express Co. Ltd. (a) 1,172 205,964 
Korea Gas Corp. 4,951 200,636 
Korea Investment Holdings Co. Ltd. 7,228 259,733 
Korea Zinc Co. Ltd. 1,558 619,792 
Korean Air Lines Co. Ltd. (a) 6,695 187,313 
KT Corp. 216 6,096 
KT&G Corp. 21,703 2,144,200 
Kumho Petro Chemical Co. Ltd. 3,189 195,452 
LG Chemical Ltd. 8,514 1,834,922 
LG Corp. 17,798 953,891 
LG Display Co. Ltd. 43,465 1,039,682 
LG Electronics, Inc. 19,980 835,008 
LG Household & Health Care Ltd. 1,697 1,216,642 
LG Innotek Co. Ltd. 2,496 170,218 
LG Telecom Ltd. 39,433 406,826 
Lotte Chemical Corp. 2,802 706,775 
Lotte Chilsung Beverage Co. Ltd. 113 152,148 
Lotte Confectionery Co. Ltd. 1,011 169,715 
Lotte Shopping Co. Ltd. 1,970 393,568 
Mirae Asset Daewoo Co. Ltd. 30,702 208,035 
Mirae Asset Securities Co. Ltd. 13,375 264,868 
NAVER Corp. 5,204 3,899,286 
NCSOFT Corp. 3,204 740,944 
Oci Co. Ltd. (a) 3,009 238,088 
Orion Corp. 676 422,591 
Ottogi Corp. 223 128,291 
Paradise Co. Ltd. 8,416 95,657 
POSCO 12,990 2,704,032 
Posco Daewoo Corp. 8,058 175,778 
S-Oil Corp. 8,203 563,001 
S1 Corp. 3,422 276,751 
Samsung Card Co. Ltd. 6,234 262,713 
Samsung Electro-Mechanics Co. Ltd. 10,137 417,443 
Samsung Electronics Co. Ltd. 18,470 26,467,495 
Samsung Fire & Marine Insurance Co. Ltd. 6,172 1,573,010 
Samsung Heavy Industries Co. Ltd. 43,872 373,989 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 15,880 35,821 
Samsung Life Insurance Co. Ltd. 13,011 1,257,014 
Samsung SDI Co. Ltd. 10,303 849,459 
Samsung SDS Co. Ltd. 6,491 876,813 
Samsung Securities Co. Ltd. 10,606 320,381 
Shinhan Financial Group Co. Ltd. 79,300 3,040,253 
Shinsegae Co. Ltd. 1,264 205,555 
SK C&C Co. Ltd. 8,508 1,662,540 
SK Energy Co. Ltd. 12,044 1,595,329 
SK Hynix, Inc. 108,160 3,877,194 
SK Networks Co. Ltd. 23,283 132,725 
SK Telecom Co. Ltd. 3,800 745,244 
Woori Bank 57,154 624,631 
Woori Investment & Securities Co. Ltd. 25,151 222,097 
Yuhan Corp. 1,527 280,366 
TOTAL KOREA (SOUTH)  102,358,525 
Malaysia - 2.6%   
AirAsia Bhd 220,400 145,532 
Alliance Financial Group Bhd 186,500 177,386 
AMMB Holdings Bhd 328,700 329,092 
Astro Malaysia Holdings Bhd 278,500 189,207 
Axiata Group Bhd 478,948 561,722 
Berjaya Sports Toto Bhd 163,628 124,427 
British American Tobacco (Malaysia) Bhd 25,500 301,015 
Bumiputra-Commerce Holdings Bhd 564,365 676,700 
Dialog Group Bhd 564,000 208,391 
DiGi.com Bhd 641,200 768,829 
Felda Global Ventures Holdings Bhd 234,500 112,359 
Gamuda Bhd 309,400 362,134 
Gamuda Bhd warrants 3/6/21 (a) 62,050 19,229 
Genting Bhd 423,500 791,476 
Genting Malaysia Bhd 563,000 638,827 
Genting Plantations Bhd 37,300 97,807 
Hap Seng Consolidated Bhd 109,500 203,339 
Hartalega Holdings Bhd 121,900 142,386 
Hong Leong Bank Bhd 115,500 366,737 
Hong Leong Credit Bhd 41,800 156,638 
IHH Healthcare Bhd 602,200 918,732 
IJM Corp. Bhd 524,400 412,520 
IOI Corp. Bhd 417,500 447,855 
IOI Properties Group Sdn Bhd 282,300 164,871 
Kuala Lumpur Kepong Bhd 83,100 474,631 
Lafarge Malaysia Bhd 64,600 124,734 
Malayan Banking Bhd 651,219 1,226,372 
Malaysia Airports Holdings Bhd 131,406 207,681 
Maxis Bhd 359,600 510,898 
MISC Bhd 198,200 355,295 
Petronas Chemicals Group Bhd 451,900 754,064 
Petronas Dagangan Bhd 36,900 205,479 
Petronas Gas Bhd 127,500 668,653 
PPB Group Bhd 88,600 340,461 
Public Bank Bhd 503,600 2,384,147 
RHB Capital Bhd 144,289 166,130 
RHB Capital Bhd 99,132 0 
SapuraKencana Petroleum Bhd (a) 683,500 263,950 
Sime Darby Bhd 468,518 914,699 
Telekom Malaysia Bhd 201,980 314,887 
Tenaga Nasional Bhd 631,400 2,158,349 
UMW Holdings Bhd 86,200 122,468 
Westports Holdings Bhd 179,000 188,174 
YTL Corp. Bhd 783,986 297,148 
YTL Power International Bhd 377,170 137,561 
TOTAL MALAYSIA  20,132,992 
Malta - 0.0%   
Brait SA 62,682 416,478 
Mexico - 3.7%   
Alfa SA de CV Series A 528,300 801,073 
America Movil S.A.B. de CV Series L 5,904,500 3,911,134 
CEMEX S.A.B. de CV unit 2,606,094 2,255,738 
Coca-Cola FEMSA S.A.B. de CV Series L 90,500 679,815 
Compartamos S.A.B. de CV 177,900 351,075 
El Puerto de Liverpool S.A.B. de CV Class C 35,340 370,433 
Embotelladoras Arca S.A.B. de CV 76,800 477,923 
Fibra Uno Administracion SA de CV 473,900 904,374 
Fomento Economico Mexicano S.A.B. de CV unit 341,000 3,270,901 
Gruma S.A.B. de CV Series B 39,920 553,887 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 67,500 652,430 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 37,675 599,240 
Grupo Bimbo S.A.B. de CV Series A 300,600 809,669 
Grupo Carso SA de CV Series A1 106,800 466,166 
Grupo Comercial Chedraui S.A.B. de CV 62,800 140,080 
Grupo Financiero Banorte S.A.B. de CV Series O 463,600 2,730,190 
Grupo Financiero Inbursa S.A.B. de CV Series O 435,100 706,022 
Grupo Financiero Santander Mexico S.A.B. de CV 332,000 600,906 
Grupo Lala S.A.B. de CV 106,200 197,724 
Grupo Mexico SA de CV Series B 712,707 1,756,032 
Grupo Televisa SA de CV 456,500 2,246,151 
Industrias Penoles SA de CV 26,105 633,103 
Kimberly-Clark de Mexico SA de CV Series A 286,500 617,837 
Mexichem S.A.B. de CV 192,427 460,171 
OHL Mexico S.A.B. de CV (a) 136,800 161,111 
Promotora y Operadora de Infraestructura S.A.B. de CV 47,935 535,880 
Wal-Mart de Mexico SA de CV Series V 972,800 2,058,212 
TOTAL MEXICO  28,947,277 
Netherlands - 0.4%   
Steinhoff International Holdings NV (South Africa) 554,525 2,993,520 
Peru - 0.1%   
Compania de Minas Buenaventura SA 337 4,419 
Compania de Minas Buenaventura SA sponsored ADR 34,262 455,342 
TOTAL PERU  459,761 
Philippines - 1.2%   
Aboitiz Equity Ventures, Inc. 355,760 572,983 
Aboitiz Power Corp. 259,600 246,309 
Alliance Global Group, Inc. 404,800 119,193 
Ayala Corp. 45,860 790,698 
Ayala Land, Inc. 1,375,500 1,029,577 
Bank of the Philippine Islands (BPI) 130,592 272,620 
BDO Unibank, Inc. 299,212 696,912 
DMCI Holdings, Inc. 756,050 195,142 
Globe Telecom, Inc. 6,020 221,262 
GT Capital Holdings, Inc. 14,845 401,858 
International Container Terminal Services, Inc. 92,920 149,272 
JG Summit Holdings, Inc. 533,080 836,558 
Jollibee Food Corp. 77,270 379,733 
Megaworld Corp. 2,046,900 169,908 
Metro Pacific Investments Corp. 2,351,300 349,567 
Metropolitan Bank & Trust Co. 112,685 189,168 
Philippine Long Distance Telephone Co. 17,740 560,448 
PNOC Energy Development Corp. 1,709,900 208,311 
Robinsons Land Corp. 296,300 189,357 
Security Bank Corp. 36,710 167,065 
SM Investments Corp. 44,420 616,365 
SM Prime Holdings, Inc. 1,546,500 858,998 
Universal Robina Corp. 159,460 599,257 
TOTAL PHILIPPINES  9,820,561 
Poland - 1.1%   
Alior Bank SA (a) 20,269 243,595 
Bank Handlowy w Warszawie SA 6,497 128,690 
Bank Millennium SA (a) 109,774 161,447 
Bank Polska Kasa Opieki SA 28,947 893,146 
Bank Zachodni WBK SA 6,493 524,637 
BRE Bank SA (a) 2,577 232,395 
Cyfrowy Polsat SA (a) 34,982 215,960 
ENEA SA (a) 34,738 88,898 
Energa SA 31,943 65,461 
Eurocash SA 13,727 139,116 
Grupa Lotos SA (a) 19,243 166,814 
KGHM Polska Miedz SA (Bearer) 27,382 496,097 
LPP SA 233 349,210 
NG2 SA 4,734 240,245 
Polish Oil & Gas Co. SA 333,417 426,624 
Polska Grupa Energetyczna SA 158,981 416,169 
Polski Koncern Naftowy Orlen SA 59,814 1,186,141 
Powszechna Kasa Oszczednosci Bank SA 162,975 1,141,542 
Powszechny Zaklad Ubezpieczen SA 101,540 705,015 
Synthos SA (a) 81,665 98,666 
Tauron Polska Energia SA (a) 199,400 134,687 
Telekomunikacja Polska SA 120,586 172,123 
Zaklady Azotowe w Tarnowie-Moscicach SA 8,452 134,646 
TOTAL POLAND  8,361,324 
Qatar - 0.8%   
Barwa Real Estate Co. (a) 18,053 158,392 
Commercial Bank of Qatar (a) 29,224 286,498 
Doha Bank (a) 22,123 221,136 
Ezdan Holding Group (a) 143,945 620,597 
Industries Qatar QSC (a) 27,394 767,307 
Masraf al Rayan (a) 70,960 674,223 
Qatar Electricity & Water Co. (a) 5,175 298,431 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 50,249 311,991 
Qatar Insurance Co. SAQ (a) 21,617 520,012 
Qatar Islamic Bank (a) 11,568 325,291 
Qatar National Bank SAQ 39,138 1,719,619 
Qatar Telecom (Qtel) Q.S.C. (a) 14,811 394,521 
Vodafone Qatar QSC (a) 59,942 173,001 
TOTAL QATAR  6,471,019 
Russia - 3.4%   
Alrosa Co. Ltd. (a) 485,813 678,899 
Gazprom OAO (a) 276,450 605,787 
Gazprom OAO sponsored ADR (Reg. S) 958,252 4,139,649 
Lukoil PJSC (a) 9,941 485,099 
Lukoil PJSC sponsored ADR 68,904 3,359,070 
Magnit OJSC GDR (Reg. S) 52,666 2,090,314 
MegaFon PJSC GDR 16,492 157,169 
MMC Norilsk Nickel PJSC (a) 1,115 164,327 
MMC Norilsk Nickel PJSC sponsored ADR 92,519 1,395,187 
Mobile TeleSystems OJSC sponsored ADR 96,919 747,245 
Moscow Exchange MICEX-RTS OAO (a) 256,517 472,200 
NOVATEK OAO (a) 10,958 114,210 
NOVATEK OAO GDR (Reg. S) 15,874 1,696,931 
PhosAgro OJSC GDR (Reg. S) 17,580 217,992 
Rosneft Oil Co. OJSC (a) 24,755 135,740 
Rosneft Oil Co. OJSC GDR (Reg. S) 191,497 1,043,659 
Rostelecom PJSC (a) 16,695 20,805 
Rostelecom PJSC sponsored ADR 23,110 170,321 
RusHydro PJSC (a) 1,570,185 19,686 
RusHydro PJSC ADR 194,501 237,291 
Sberbank of Russia (a) 291,615 678,777 
Sberbank of Russia sponsored ADR 426,892 4,051,205 
Severstal PAO GDR (Reg. S) 38,232 539,071 
Sistema JSFC (a) 650,000 197,610 
Sistema JSFC sponsored GDR 3,428 25,607 
Surgutneftegas OJSC (a) 84,379 35,954 
Surgutneftegas OJSC sponsored ADR 116,797 501,994 
Tatneft PAO (a) 36,196 202,671 
Tatneft PAO sponsored ADR 37,903 1,268,613 
VTB Bank OJSC (a) 95,154,048 101,681 
VTB Bank OJSC sponsored GDR (Reg. S) 425,159 890,283 
TOTAL RUSSIA  26,445,047 
South Africa - 6.3%   
Adcock Ingram Holdings Ltd. warrants 7/26/19 (a) 859 198 
Anglo American Platinum Ltd. (a) 9,902 233,293 
AngloGold Ashanti Ltd. (a) 76,045 1,035,405 
Aspen Pharmacare Holdings Ltd. 68,175 1,485,124 
Barclays Africa Group Ltd. 79,347 920,122 
Bidcorp Ltd. 62,456 1,101,245 
Bidvest Group Ltd. 59,333 736,660 
Capitec Bank Holdings Ltd. 7,314 371,565 
Coronation Fund Managers Ltd. 40,159 216,018 
Discovery Ltd. 67,116 573,563 
Exxaro Resources Ltd. 25,975 191,098 
FirstRand Ltd. 625,979 2,243,241 
Fortress Income Fund Ltd.:   
Class A 182,340 221,100 
Class B 129,353 307,560 
Foschini Ltd. 37,946 390,611 
Gold Fields Ltd. 153,533 633,212 
Growthpoint Properties Ltd. 379,485 707,537 
Hyprop Investments Ltd. 43,550 386,609 
Impala Platinum Holdings Ltd. (a) 112,183 450,937 
Imperial Holdings Ltd. 27,395 346,040 
Investec Ltd. 47,863 295,156 
Liberty Holdings Ltd. 21,047 180,988 
Life Healthcare Group Holdings Ltd. 172,690 461,062 
Massmart Holdings Ltd. 19,544 169,383 
MMI Holdings Ltd. 183,126 307,072 
Mondi Ltd. 22,847 446,477 
Mr Price Group Ltd. 45,589 519,732 
MTN Group Ltd. 308,511 2,664,713 
Naspers Ltd. Class N 81,182 13,606,245 
Nedbank Group Ltd. 36,502 596,918 
Netcare Ltd. 170,861 438,818 
Pick 'n Pay Stores Ltd. 64,759 316,933 
Pioneer Foods Ltd. 23,089 278,720 
PSG Group Ltd. 17,495 273,381 
Rand Merchant Insurance Holdings Ltd. 121,273 363,178 
Redefine Properties Ltd. 808,905 694,697 
Remgro Ltd. 98,891 1,642,836 
Resilient Property Income Fund Ltd. 57,478 475,596 
RMB Holdings Ltd. 134,428 593,392 
Sanlam Ltd. 258,156 1,251,364 
Sappi Ltd. (a) 99,203 551,792 
Sasol Ltd. 102,764 2,837,827 
Shoprite Holdings Ltd. 78,685 1,161,273 
Sibanye Gold Ltd. 134,819 375,035 
Spar Group Ltd. 35,547 503,530 
Standard Bank Group Ltd. 240,659 2,553,346 
Telkom SA Ltd. 49,619 228,927 
Tiger Brands Ltd. 30,897 879,861 
Truworths International Ltd. 79,634 421,978 
Tsogo Sun Holdings Ltd. 66,996 152,090 
Vodacom Group Ltd. 69,753 752,430 
Woolworths Holdings Ltd. 187,150 1,084,141 
TOTAL SOUTH AFRICA  49,630,029 
Taiwan - 11.8%   
Acer, Inc. 537,994 247,424 
Advanced Semiconductor Engineering, Inc. 1,183,940 1,392,385 
Advantech Co. Ltd. 56,784 462,867 
Asia Cement Corp. 425,153 371,504 
Asia Pacific Telecom Co. Ltd. (a) 398,000 128,129 
ASUSTeK Computer, Inc. 129,000 1,131,310 
AU Optronics Corp. 1,629,000 619,294 
Catcher Technology Co. Ltd. 123,000 965,555 
Cathay Financial Holding Co. Ltd. 1,518,641 1,972,449 
Chang Hwa Commercial Bank 904,561 463,348 
Cheng Shin Rubber Industry Co. Ltd. 363,937 742,222 
Chicony Electronics Co. Ltd. 94,326 241,735 
China Airlines Ltd. 482,043 146,011 
China Development Finance Holding Corp. 2,450,800 614,867 
China Life Insurance Co. Ltd. 658,680 608,989 
China Steel Corp. 2,224,204 1,608,445 
Chinatrust Financial Holding Co. Ltd. 3,267,826 1,761,994 
Chunghwa Telecom Co. Ltd. 703,000 2,409,402 
Compal Electronics, Inc. 783,000 466,892 
Delta Electronics, Inc. 363,381 1,918,992 
E.SUN Financial Holdings Co. Ltd. 1,434,484 816,689 
ECLAT Textile Co. Ltd. 34,758 395,773 
EVA Airways Corp. 360,453 173,776 
Evergreen Marine Corp. (Taiwan) (a) 324,420 121,419 
Far Eastern Textile Ltd. 612,705 475,146 
Far EasTone Telecommunications Co. Ltd. 295,000 698,003 
Feng Tay Enterprise Co. Ltd. 60,520 253,378 
First Financial Holding Co. Ltd. 1,745,125 916,054 
Formosa Chemicals & Fibre Corp. 600,760 1,789,218 
Formosa Petrochemical Corp. 213,000 712,736 
Formosa Plastics Corp. 771,520 2,089,786 
Formosa Taffeta Co. Ltd. 147,000 134,279 
Foxconn Technology Co. Ltd. 177,587 515,945 
Fubon Financial Holding Co. Ltd. 1,241,334 1,763,857 
Giant Manufacturing Co. Ltd. 50,000 354,441 
Hermes Microvision, Inc. 9,000 398,211 
Highwealth Construction Corp. 143,000 212,038 
HIWIN Technologies Corp. 36,620 162,028 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 2,872,087 7,770,399 
Hotai Motor Co. Ltd. 47,000 547,838 
HTC Corp. (a) 117,000 342,890 
Hua Nan Financial Holdings Co. Ltd. 1,399,496 712,432 
Innolux Corp. 1,627,347 549,701 
Inotera Memories, Inc. (a) 477,000 447,067 
Inventec Corp. 452,865 354,783 
Largan Precision Co. Ltd. 19,000 2,250,821 
Lite-On Technology Corp. 387,279 556,441 
MediaTek, Inc. 278,292 2,118,403 
Mega Financial Holding Co. Ltd. 2,028,413 1,389,654 
Merida Industry Co. Ltd. 38,000 175,365 
Nan Ya Plastics Corp. 888,860 1,852,232 
Nanya Technology Corp. 125,000 162,353 
Nien Made Enterprise Co. Ltd. 27,000 313,431 
Novatek Microelectronics Corp. 104,000 390,884 
OBI Pharma, Inc. (a) 20,000 209,652 
Pegatron Corp. 355,000 957,071 
Phison Electronics Corp. 26,000 184,722 
Pou Chen Corp. 404,000 547,149 
Powertech Technology, Inc. 121,000 345,786 
President Chain Store Corp. 107,000 800,926 
Quanta Computer, Inc. 493,000 1,000,745 
Realtek Semiconductor Corp. 82,401 279,649 
Ruentex Development Co. Ltd. (a) 151,000 174,331 
Ruentex Industries Ltd. 104,000 167,899 
Shin Kong Financial Holding Co. Ltd. (a) 1,487,533 323,187 
Siliconware Precision Industries Co. Ltd. 396,000 599,514 
Simplo Technology Co. Ltd. 52,000 160,807 
Sinopac Holdings Co. 1,831,604 529,233 
Standard Foods Corp. 70,050 173,523 
Synnex Technology International Corp. 260,500 278,442 
TaiMed Biologics, Inc. 28,000 176,285 
Taishin Financial Holdings Co. Ltd. 1,559,773 571,400 
Taiwan Business Bank 689,188 174,436 
Taiwan Cement Corp. 629,000 755,115 
Taiwan Cooperative Financial Holding Co. Ltd. 1,405,989 617,630 
Taiwan Fertilizer Co. Ltd. 137,000 183,805 
Taiwan Mobile Co. Ltd. 313,900 1,100,146 
Taiwan Semiconductor Manufacturing Co. Ltd. 4,567,000 27,433,406 
TECO Electric & Machinery Co. Ltd. 373,000 331,847 
Transcend Information, Inc. 47,000 129,990 
Unified-President Enterprises Corp. 900,983 1,746,041 
United Microelectronics Corp. 2,310,000 860,583 
Vanguard International Semiconductor Corp. 164,000 334,986 
Wistron Corp. 456,102 344,299 
WPG Holding Co. Ltd. 275,000 322,724 
Yuanta Financial Holding Co. Ltd. 1,810,952 677,775 
Yulon Motor Co. Ltd. 168,000 147,333 
TOTAL TAIWAN  92,831,722 
Thailand - 2.1%   
Advanced Info Service PCL 7,700 33,734 
Advanced Info Service PCL (For. Reg.) 187,000 819,251 
Airports of Thailand PCL 3,400 36,972 
Airports of Thailand PCL (For. Reg.) 76,600 832,953 
Bangkok Bank PCL (For. Reg.) 44,400 201,487 
Bangkok Dusit Medical Services PCL (For. Reg.) 699,700 455,317 
Bangkok Expressway and Metro PCL 1,187,200 252,434 
Banpu PCL (For. Reg.) 319,000 166,613 
BEC World PCL 46,500 27,207 
BEC World PCL (For. Reg.) 151,200 88,465 
BTS Group Holdings PCL 998,300 243,609 
BTS Group Holdings PCL 154,100 37,604 
Bumrungrad Hospital PCL (For. Reg.) 65,000 339,493 
C.P. ALL PCL 36,700 63,633 
C.P. ALL PCL (For. Reg.) 882,200 1,529,608 
Central Pattana PCL 23,800 37,869 
Central Pattana PCL (For. Reg.) 230,400 366,602 
Charoen Pokphand Foods PCL 26,000 23,375 
Charoen Pokphand Foods PCL (For. Reg.) 470,100 422,637 
Delta Electronics PCL (For. Reg.) 88,700 198,729 
Electricity Generating PCL (For. Reg.) 25,600 142,476 
Energy Absolute PCL 212,400 171,254 
Glow Energy PCL (For. Reg.) 90,500 198,887 
Home Product Center PCL (For. Reg.) 699,306 201,584 
Indorama Ventures PCL 33,300 27,800 
Indorama Ventures PCL (For. Reg.) 242,300 202,277 
IRPC PCL (For. Reg.) 1,789,100 244,078 
Kasikornbank PCL 103,500 508,084 
Kasikornbank PCL (For. Reg.) 220,900 1,084,404 
Krung Thai Bank PCL 61,200 30,043 
Krung Thai Bank PCL (For. Reg.) 602,470 295,754 
Minor International PCL (For. Reg.) 394,380 433,354 
PTT Exploration and Production PCL (For. Reg.) 251,339 597,188 
PTT Global Chemical PCL 17,800 30,482 
PTT Global Chemical PCL (For. Reg.) 362,739 621,173 
PTT PCL 6,600 65,176 
PTT PCL (For. Reg.) 178,800 1,765,674 
Robinsons Department Store PCL (For. Reg.) 89,100 147,493 
Siam Cement PCL 7,100 102,131 
Siam Cement PCL (For. Reg.) 69,350 997,571 
Siam Commercial Bank PCL 10,900 44,642 
Siam Commercial Bank PCL (For. Reg.) 279,600 1,145,133 
Thai Oil PCL 13,900 27,770 
Thai Oil PCL (For. Reg.) 137,300 274,306 
Thai Union Frozen Products PCL (For. Reg.) 334,620 207,242 
TMB PCL (For. Reg.) 2,452,900 147,016 
True Corp. PCL 142,300 27,414 
True Corp. PCL (For. Reg.) 1,750,219 337,181 
TOTAL THAILAND  16,255,179 
Turkey - 1.1%   
Akbank T.A.S. 419,309 1,120,687 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 37,892 231,571 
Arcelik A/S 43,184 285,265 
Bim Birlesik Magazalar A/S JSC 40,779 664,220 
Coca-Cola Icecek Sanayi A/S 13,235 149,705 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 343,012 350,301 
Eregli Demir ve Celik Fabrikalari T.A.S. 255,586 346,921 
Ford Otomotiv Sanayi A/S 14,449 147,747 
Haci Omer Sabanci Holding A/S 167,362 505,723 
Koc Holding A/S 116,219 484,520 
Petkim Petrokimya Holding A/S 116,731 158,446 
TAV Havalimanlari Holding A/S 30,193 124,119 
Tofas Turk Otomobil Fabrikasi A/S 21,798 164,141 
Tupras Turkiye Petrol Rafinelleri A/S 22,787 464,319 
Turk Hava Yollari AO (a) 97,457 171,339 
Turk Sise ve Cam Fabrikalari A/S 132,671 139,349 
Turk Telekomunikasyon A/S 78,744 145,565 
Turkcell Iletisim Hizmet A/S 161,911 521,694 
Turkiye Garanti Bankasi A/S 443,292 1,204,843 
Turkiye Halk Bankasi A/S 114,976 349,285 
Turkiye Is Bankasi A/S Series C 296,847 481,594 
Turkiye Vakiflar Bankasi TAO 132,124 195,565 
Ulker Biskuvi Sanayi A/S 26,776 166,147 
Yapi ve Kredi Bankasi A/S (a) 151,272 180,886 
TOTAL TURKEY  8,753,952 
United Arab Emirates - 0.8%   
Abu Dhabi Commercial Bank PJSC (a) 355,223 593,819 
Aldar Properties PJSC (a) 568,169 408,382 
Arabtec Holding Co. (a) 426,275 154,357 
DP World Ltd. 30,425 546,129 
Dubai Financial Market PJSC (a) 369,244 115,610 
Dubai Islamic Bank Pakistan Ltd. (a) 236,658 337,627 
Emaar Malls Group PJSC (a) 340,567 238,298 
Emaar Properties PJSC 669,710 1,270,880 
Emirates Telecommunications Corp. 324,425 1,664,986 
First Gulf Bank PJSC 161,069 504,307 
National Bank of Abu Dhabi PJSC (a) 120,750 290,948 
TOTAL UNITED ARAB EMIRATES  6,125,343 
United States of America - 0.1%   
Southern Copper Corp. (b) 15,546 441,351 
TOTAL COMMON STOCKS   
(Cost $689,591,916)  722,853,427 
Nonconvertible Preferred Stocks - 4.4%   
Brazil - 3.3%   
Banco Bradesco SA (PN) 522,704 5,475,947 
Braskem SA (PN-A) 27,000 239,126 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 39,900 341,875 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 28,800 550,376 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 143,295 437,696 
Companhia Energetica de Sao Paulo Series B 34,500 160,287 
Companhia Paranaense de Energia-Copel (PN-B) 18,100 207,254 
Gerdau SA (PN) 166,400 574,476 
Itau Unibanco Holding SA 599,821 7,215,892 
Itausa-Investimentos Itau SA (PN) 728,356 2,154,035 
Lojas Americanas SA (PN) 105,984 687,302 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 704,200 3,902,662 
Suzano Papel e Celulose SA 73,200 258,218 
Telefonica Brasil SA 84,000 1,215,263 
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) (a) 4,043 5,712 
Vale SA (PN-A) 349,300 2,257,537 
TOTAL BRAZIL  25,683,658 
Chile - 0.1%   
Embotelladora Andina SA Class B 49,264 199,848 
Sociedad Quimica y Minera de Chile SA (PN-B) 17,369 513,316 
TOTAL CHILE  713,164 
Colombia - 0.1%   
Bancolombia SA (PN) 83,712 794,584 
Grupo Aval Acciones y Valores SA 608,300 250,864 
Grupo de Inversiones Suramerica SA 18,485 233,615 
TOTAL COLOMBIA  1,279,063 
Korea (South) - 0.7%   
AMOREPACIFIC Corp. 1,639 286,600 
Hyundai Motor Co. 4,114 343,866 
Hyundai Motor Co. Series 2 7,023 617,100 
LG Chemical Ltd. 1,587 249,756 
LG Household & Health Care Ltd. 495 206,006 
Samsung Electronics Co. Ltd. 3,420 3,938,029 
TOTAL KOREA (SOUTH)  5,641,357 
Russia - 0.2%   
AK Transneft OAO (a) 290 695,254 
Surgutneftegas OJSC (a) 1,361,272 617,229 
TOTAL RUSSIA  1,312,483 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $32,417,021)  34,629,725 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $52,909) 		INR264,162 52,391 
Government Obligations - 0.2%   
United States of America - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.47% 5/25/17
(Cost $1,994,676)(e) 		2,000,000 1,994,528 
 Shares Value 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.41% (f) 22,633,420 22,640,210 
Fidelity Securities Lending Cash Central Fund 0.48% (f)(g) 20,227,253 20,231,299 
TOTAL MONEY MARKET FUNDS   
(Cost $42,867,138)  42,871,509 
TOTAL INVESTMENT PORTFOLIO - 102.2%   
(Cost $766,923,660)  802,401,580 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (17,484,848) 
NET ASSETS - 100%  $784,916,732 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
606 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 27,376,050 $211,304 

The face value of futures purchased as a percentage of Net Assets is 3.5%

Currency Abbreviations

INR – Indian rupee

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $195,038 or 0.0% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,201,703.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Affiliated Central Funds

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 $34,777 
Fidelity Securities Lending Cash Central Fund 133,373 
Total $168,150 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $79,064,831 $79,064,831 $-- $-- 
Consumer Staples 58,237,715 58,237,715 -- -- 
Energy 57,889,093 43,099,307 14,789,786 -- 
Financials 182,944,516 165,332,218 17,612,298 -- 
Health Care 19,177,378 18,068,540 1,108,838 -- 
Industrials 44,837,696 44,801,875 35,821 -- 
Information Technology 179,474,854 113,316,125 66,158,727 2 
Materials 49,683,112 44,876,628 4,747,684 58,800 
Real Estate 19,428,508 19,179,358 -- 249,150 
Telecommunication Services 45,336,131 25,151,644 20,184,487 -- 
Utilities 21,409,318 18,860,421 2,548,897 -- 
Corporate Bonds 52,391 -- 52,391 -- 
Government Obligations 1,994,528 -- 1,994,528 -- 
Money Market Funds 42,871,509 42,871,509 -- -- 
Total Investments in Securities: $802,401,580 $672,860,171 $129,233,457 $307,952 
Derivative Instruments:     
Assets     
Futures Contracts $211,304 $211,304 $-- $-- 
Total Assets $211,304 $211,304 $-- $-- 
Total Derivative Instruments: $211,304 $211,304 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $178,988,836 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $211,304 $0 
Total Equity Risk 211,304 0 
Total Value of Derivatives $211,304 $0 

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


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


Fidelity® Emerging Markets Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $19,665,389) — See accompanying schedule:
Unaffiliated issuers (cost $724,056,522) 		$759,530,071  
Fidelity Central Funds (cost $42,867,138) 42,871,509  
Total Investments (cost $766,923,660)  $802,401,580 
Cash  30,284 
Foreign currency held at value (cost $1,799,490)  1,775,896 
Receivable for fund shares sold  1,447,539 
Dividends receivable  396,548 
Interest receivable  204 
Distributions receivable from Fidelity Central Funds  14,491 
Receivable for daily variation margin for derivative instruments  136,027 
Other receivables  614 
Total assets  806,203,183 
Liabilities   
Payable for investments purchased $30,282  
Payable for fund shares redeemed 554,747  
Accrued management fee 56,942  
Other affiliated payables 30,827  
Other payables and accrued expenses 387,433  
Collateral on securities loaned, at value 20,226,220  
Total liabilities  21,286,451 
Net Assets  $784,916,732 
Net Assets consist of:   
Paid in capital  $808,629,656 
Undistributed net investment income  9,969,309 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (68,965,619) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  35,283,386 
Net Assets  $784,916,732 
Investor Class:   
Net Asset Value, offering price and redemption price per share ($19,861,821 ÷ 2,202,930 shares)  $9.02 
Premium Class:   
Net Asset Value, offering price and redemption price per share ($583,548,257 ÷ 64,657,157 shares)  $9.03 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($181,237,293 ÷ 20,055,449 shares)  $9.04 
Institutional Premium Class:   
Net Asset Value, offering price and redemption price per share ($269,361 ÷ 29,812 shares)  $9.04 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $15,514,271 
Interest  10,280 
Income from Fidelity Central Funds  168,150 
Income before foreign taxes withheld  15,692,701 
Less foreign taxes withheld  (1,724,717) 
Total income  13,967,984 
Expenses   
Management fee $1,101,319  
Transfer agent fees 460,763  
Independent trustees' fees and expenses 2,521  
Interest 807  
Miscellaneous 1,492  
Total expenses before reductions 1,566,902  
Expense reductions (534,732) 1,032,170 
Net investment income (loss)  12,935,814 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $83,679) (53,124,443)  
Fidelity Central Funds 3,395  
Foreign currency transactions (901,207)  
Futures contracts 1,342,156  
Total net realized gain (loss)  (52,680,099) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $80,318) 		107,689,110  
Assets and liabilities in foreign currencies 12,498  
Futures contracts (357,393)  
Total change in net unrealized appreciation (depreciation)  107,344,215 
Net gain (loss)  54,664,116 
Net increase (decrease) in net assets resulting from operations  $67,599,930 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $12,935,814 $12,413,298 
Net realized gain (loss) (52,680,099) (5,129,520) 
Change in net unrealized appreciation (depreciation) 107,344,215 (89,144,537) 
Net increase (decrease) in net assets resulting from operations 67,599,930 (81,860,759) 
Distributions to shareholders from net investment income (11,347,194) (6,840,222) 
Share transactions - net increase (decrease) 211,661,406 243,665,786 
Redemption fees 99,407 96,041 
Total increase (decrease) in net assets 268,013,549 155,060,846 
Net Assets   
Beginning of period 516,903,183 361,842,337 
End of period $784,916,732 $516,903,183 
Other Information   
Undistributed net investment income end of period $9,969,309 $10,294,657 

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


Financial Highlights — Fidelity Emerging Markets Index Fund Investor Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.41 $10.16 $10.04 $9.76 $9.54 
Income from Investment Operations      
Net investment income (loss)A .17 .24 .25 .26 .27 
Net realized and unrealized gain (loss) .61 (1.82) .06 .19 (.06) 
Total from investment operations .78 (1.58) .31 .45 .21 
Distributions from net investment income (.17) (.17) (.19) (.12) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.17) (.17) (.19) (.19)B (.03) 
Redemption fees added to paid in capitalA –C –C –C .02 .04 
Net asset value, end of period $9.02 $8.41 $10.16 $10.04 $9.76 
Total ReturnD 9.76% (15.68)% 3.18% 4.78% 2.68% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .41% .46% .46% .47% .46% 
Expenses net of fee waivers, if any .31% .31% .31% .32% .33% 
Expenses net of all reductions .31% .31% .31% .32% .33% 
Net investment income (loss) 2.05% 2.55% 2.50% 2.56% 2.80% 
Supplemental Data      
Net assets, end of period (000 omitted) $19,862 $23,983 $16,792 $10,259 $44,554 
Portfolio turnover rateG 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.19 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.064 per share.

 C Amount represents less than $.005 per share.

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

 E Fees and expenses of any underlying 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 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.

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


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


Financial Highlights — Fidelity Emerging Markets Index Fund Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.42 $10.17 $10.05 $9.77 $9.54 
Income from Investment Operations      
Net investment income (loss)A .18 .25 .26 .26 .28 
Net realized and unrealized gain (loss) .61 (1.82) .06 .21 (.06) 
Total from investment operations .79 (1.57) .32 .47 .22 
Distributions from net investment income (.18) (.18) (.20) (.14) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.18) (.18) (.20) (.20) (.03) 
Redemption fees added to paid in capitalA –B –B –B .01 .04 
Net asset value, end of period $9.03 $8.42 $10.17 $10.05 $9.77 
Total ReturnC 9.87% (15.57)% 3.30% 4.93% 2.78% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .27% .35% .35% .35% .35% 
Expenses net of fee waivers, if any .18% .20% .20% .20% .22% 
Expenses net of all reductions .18% .20% .20% .20% .22% 
Net investment income (loss) 2.18% 2.66% 2.61% 2.68% 2.91% 
Supplemental Data      
Net assets, end of period (000 omitted) $583,548 $443,052 $323,342 $210,071 $51,728 
Portfolio turnover rateF 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Financial Highlights — Fidelity Emerging Markets Index Fund Institutional Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.43 $10.18 $10.06 $9.79 $9.54 
Income from Investment Operations      
Net investment income (loss)A .18 .25 .26 .27 .28 
Net realized and unrealized gain (loss) .62 (1.81) .06 .20 (.04) 
Total from investment operations .80 (1.56) .32 .47 .24 
Distributions from net investment income (.19) (.19) (.20) (.15) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.19) (.19) (.20) (.21) (.03) 
Redemption fees added to paid in capitalA –B –B –B .01 .04 
Net asset value, end of period $9.04 $8.43 $10.18 $10.06 $9.79 
Total ReturnC 9.94% (15.49)% 3.37% 4.91% 2.99% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .20% .28% .28% .28% .28% 
Expenses net of fee waivers, if any .12% .13% .13% .13% .15% 
Expenses net of all reductions .12% .13% .13% .13% .15% 
Net investment income (loss) 2.24% 2.73% 2.68% 2.74% 2.99% 
Supplemental Data      
Net assets, end of period (000 omitted) $181,237 $49,626 $21,598 $474 $517 
Portfolio turnover rateF 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Financial Highlights — Fidelity Emerging Markets Index Fund Institutional Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.43 $10.18 $10.06 $9.79 $9.54 
Income from Investment Operations      
Net investment income (loss)A .19 .26 .27 .26 .28 
Net realized and unrealized gain (loss) .61 (1.82) .06 .21 (.04) 
Total from investment operations .80 (1.56) .33 .47 .24 
Distributions from net investment income (.19) (.19) (.21) (.15) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.19) (.19) (.21) (.21) (.03) 
Redemption fees added to paid in capitalA –B –B –B .01 .04 
Net asset value, end of period $9.04 $8.43 $10.18 $10.06 $9.79 
Total ReturnC 9.98% (15.46)% 3.40% 4.95% 2.99% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .19% .25% .25% .24% .25% 
Expenses net of fee waivers, if any .10% .10% .10% .10% .12% 
Expenses net of all reductions .10% .10% .10% .10% .12% 
Net investment income (loss) 2.26% 2.76% 2.71% 2.78% 3.02% 
Supplemental Data      
Net assets, end of period (000 omitted) $269 $243 $111 $7,372 $80 
Portfolio turnover rateF 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Fidelity® Global ex U.S. Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Past 5 years Life of fundA 
Investor Class 0.56% 3.69% 3.76% 
Premium Class 0.64% 3.74% 3.81% 

 A From September 8, 2011


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund - Investor Class on September 8, 2011, 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.


Period Ending Values
$12,096Fidelity® Global ex U.S. Index Fund - Investor Class
$12,265MSCI ACWI (All Country World Index) ex USA Index

Fidelity® Global ex U.S. Index Fund

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund's share classes modestly outpaced 0.40% return of the MSCI ACWI (All Country World Index) ex USA 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.) The fund’s top-contributing stock was Taiwan Semiconductor, whose shares rose about 47% in a strong industry environment for this contract semiconductor manufacturer. A more favorable commodity-pricing environment boosted shares of various materials companies this period, most notably Glencore, a Switzerland-based commodities producer, up roughly 77%. Other notable contributors in absolute terms included China-based and Grand Cayman-listed media company Tencent Holdings (+41%); Chinese e-commerce business Alibaba Group (+21%), which reported strong earnings in August; and Korean electronics giant Samsung (21%). In contrast, many of the fund’s biggest detractors included multinational pharmaceutical manufacturers hurt by the potential for drug-pricing regulation in the U.S. Here, the biggest detractors included Switzerland’s Novartis (-19%); Denmark-based Novo Nordisk (-31%); Germany's Bayer (-24%); France’s Sanofi (-20%); and, especially, Canada’s Valeant Pharmaceuticals. Valeant shares returned -81%, with much of the decline coming in March, after the company forecast weaker-than-expected earnings and warned of a possible debt default.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Global ex U.S. Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.3 1.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.9 1.0 
Novartis AG (Switzerland, Pharmaceuticals) 0.9 1.0 
Toyota Motor Corp. (Japan, Automobiles) 0.9 0.8 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 0.8 0.6 
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) 0.8 0.8 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 0.8 0.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 0.8 0.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 0.6 0.2 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 0.6 0.6 
 8.4  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 22.4 26.0 
Industrials 11.1 11.0 
Consumer Discretionary 10.9 11.5 
Consumer Staples 10.1 10.3 
Information Technology 9.2 8.2 
Health Care 8.0 8.7 
Materials 6.8 6.4 
Energy 6.3 6.4 
Telecommunication Services 4.6 4.8 
Real Estate 3.3 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 16.3% 
   United Kingdom 10.8% 
   Canada 6.8% 
   France 6.1% 
   Germany 6.1% 
   Switzerland 5.7% 
   United States of America* 5.2% 
   Australia 4.7% 
   Korea (South) 3.2% 
   Other 35.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Japan 15.4% 
   United Kingdom 12.7% 
   Canada 6.9% 
   France 6.6% 
   Switzerland 6.3% 
   Germany 6.3% 
   Australia 4.9% 
   Korea (South) 3.3% 
   United States of America* 3.1% 
   Other 34.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.9 100.0 
Short-Term Investments and Net Other Assets (Liabilities) 0.1 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® Global ex U.S. Index Fund

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 93.0%   
 Shares Value 
Australia - 4.7%   
AGL Energy Ltd. 64,058 $934,621 
Alumina Ltd. 224,655 270,014 
Amcor Ltd. 109,509 1,224,561 
AMP Ltd. 279,879 972,971 
APA Group unit 106,830 646,874 
Aristocrat Leisure Ltd. 51,819 604,683 
ASX Ltd. 18,457 661,717 
Aurizon Holdings Ltd. 195,390 725,330 
Australia & New Zealand Banking Group Ltd. 275,799 5,842,938 
Bank of Queensland Ltd. 34,731 276,352 
Bendigo & Adelaide Bank Ltd. 44,251 374,655 
BHP Billiton Ltd. 303,910 5,309,562 
Boral Ltd. 70,005 335,493 
Brambles Ltd. 149,775 1,313,657 
Caltex Australia Ltd. 24,906 582,210 
Challenger Ltd. 52,747 431,741 
Cimic Group Ltd. 9,248 208,164 
Coca-Cola Amatil Ltd. 52,726 382,637 
Cochlear Ltd. 5,332 519,012 
Commonwealth Bank of Australia 162,156 9,052,808 
Computershare Ltd. 43,997 353,093 
Crown Ltd. 34,437 285,277 
CSL Ltd. 43,293 3,310,094 
DEXUS Property Group unit 90,092 612,685 
Dominos Pizza Enterprises Ltd. 5,763 281,666 
DUET Group 232,671 421,243 
Flight Centre Travel Group Ltd. 5,208 134,184 
Fortescue Metals Group Ltd. 145,522 608,842 
Goodman Group unit 168,642 871,062 
Harvey Norman Holdings Ltd. 54,945 211,073 
Healthscope Ltd. 166,062 279,175 
Incitec Pivot Ltd. 162,038 363,624 
Insurance Australia Group Ltd. 230,149 964,660 
Lendlease Group unit 51,855 533,311 
Macquarie Group Ltd. 28,960 1,757,984 
Medibank Private Ltd. 261,388 513,002 
Mirvac Group unit 346,559 550,981 
National Australia Bank Ltd. 250,054 5,326,050 
Newcrest Mining Ltd. (a) 72,540 1,244,887 
Orica Ltd. 34,546 428,087 
Origin Energy Ltd. 166,878 679,151 
Platinum Asset Management Ltd. 19,837 75,299 
Qantas Airways Ltd. 52,337 121,827 
QBE Insurance Group Ltd. 129,741 985,953 
Ramsay Health Care Ltd. 13,430 749,461 
realestate.com.au Ltd. 4,906 190,854 
Rio Tinto Ltd. 40,237 1,658,357 
Santos Ltd. 147,697 401,101 
Scentre Group unit 503,535 1,612,595 
SEEK Ltd. 31,412 349,824 
Sonic Healthcare Ltd. 37,803 589,226 
South32 Ltd. 503,952 985,226 
SP AusNet 166,521 190,009 
Stockland Corp. Ltd. unit 227,269 764,145 
Suncorp Group Ltd. 121,427 1,105,663 
Sydney Airport unit 103,785 494,222 
Tabcorp Holdings Ltd. 76,609 282,058 
Tatts Group Ltd. 139,599 431,143 
Telstra Corp. Ltd. 404,471 1,529,687 
The GPT Group unit 170,441 604,190 
TPG Telecom Ltd. 31,806 182,913 
Transurban Group unit 192,639 1,522,556 
Treasury Wine Estates Ltd. 70,831 578,683 
Vicinity Centers unit 320,493 699,703 
Vocus Communications Ltd. 48,109 208,966 
Wesfarmers Ltd. 106,440 3,320,535 
Westfield Corp. unit (a) 186,781 1,264,550 
Westpac Banking Corp. 315,371 7,292,938 
Woodside Petroleum Ltd. 71,757 1,548,592 
Woolworths Ltd. 120,968 2,176,281 
TOTAL AUSTRALIA  82,316,688 
Austria - 0.1%   
Andritz AG 6,780 354,647 
Erste Group Bank AG 28,490 894,775 
OMV AG 13,571 424,208 
Raiffeisen International Bank-Holding AG (a) 11,074 181,496 
Voestalpine AG 10,861 384,267 
TOTAL AUSTRIA  2,239,393 
Bailiwick of Jersey - 0.9%   
Experian PLC 90,597 1,744,311 
Glencore Xstrata PLC (a) 1,157,201 3,541,035 
Petrofac Ltd. 23,981 236,730 
Randgold Resources Ltd. 8,895 789,935 
Shire PLC 84,991 4,798,821 
Wolseley PLC 23,834 1,240,136 
WPP PLC 121,853 2,645,800 
TOTAL BAILIWICK OF JERSEY  14,996,768 
Belgium - 0.9%   
Ageas 18,558 677,880 
Anheuser-Busch InBev SA NV 76,046 8,727,781 
Colruyt NV 6,355 341,590 
Groupe Bruxelles Lambert SA 7,628 656,158 
KBC Groep NV 23,743 1,446,806 
Proximus 14,207 406,737 
Solvay SA Class A 7,026 806,372 
Telenet Group Holding NV (a) 4,890 261,770 
UCB SA 11,982 811,423 
Umicore SA 8,869 539,274 
TOTAL BELGIUM  14,675,791 
Bermuda - 0.4%   
Alibaba Health Information Technology Ltd. (a) 310,000 162,284 
Alibaba Pictures Group Ltd. (a) 1,050,000 207,142 
Beijing Enterprises Water Group Ltd. 402,000 291,825 
Brilliance China Automotive Holdings Ltd. 292,000 346,761 
Cheung Kong Infrastructure Holdings Ltd. 62,000 508,036 
China Gas Holdings Ltd. 160,000 243,851 
China Resource Gas Group Ltd. 82,000 257,454 
Cosco Shipping Ports Ltd. 154,707 153,599 
Credicorp Ltd. (United States) 6,146 913,787 
First Pacific Co. Ltd. 210,852 159,732 
GOME Electrical Appliances Holdings Ltd. 1,179,104 148,993 
Haier Electronics Group Co. Ltd. 114,000 184,033 
Hanergy Thin Film Power Group Ltd. (a) 576,000 1 
Hongkong Land Holdings Ltd. 111,836 749,301 
Jardine Matheson Holdings Ltd. 23,476 1,429,923 
Kerry Properties Ltd. 64,500 204,173 
Kunlun Energy Co. Ltd. 300,000 227,063 
Li & Fung Ltd. 576,000 283,709 
Luye Pharma Group Ltd. 114,000 76,730 
Nine Dragons Paper (Holdings) Ltd. 156,000 127,124 
Noble Group Ltd. (a) 824,931 98,428 
NWS Holdings Ltd. 150,258 266,202 
Shangri-La Asia Ltd. 116,000 127,583 
Yue Yuen Industrial (Holdings) Ltd. 69,000 262,902 
TOTAL BERMUDA  7,430,636 
Brazil - 1.1%   
AES Tiete Energia SA unit 17,587 91,131 
Ambev SA 445,400 2,627,469 
Banco Bradesco SA 78,724 782,554 
Banco do Brasil SA 82,100 753,355 
Banco Santander SA (Brasil) unit 39,700 327,102 
BB Seguridade Participacoes SA 67,200 676,632 
BM&F BOVESPA SA 162,700 958,258 
BR Malls Participacoes SA 53,600 214,602 
Brasil Foods SA 57,600 963,609 
CCR SA 84,000 456,579 
Cetip SA - Mercados Organizado 17,804 250,271 
Cielo SA 96,243 976,903 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 33,100 349,458 
Companhia Siderurgica Nacional SA (CSN) (a) 58,700 197,506 
Cosan SA Industria e Comercio 11,400 153,286 
CPFL Energia SA 19,482 147,824 
Drogasil SA 22,200 492,823 
Duratex SA 32,149 86,818 
EDP Energias do Brasil SA 28,781 138,405 
Embraer SA 61,600 330,965 
ENGIE Brasil Energia SA 15,200 193,095 
Equatorial Energia SA 19,400 346,064 
Fibria Celulose SA 23,300 186,429 
Hypermarcas SA 31,800 266,594 
JBS SA 67,300 204,725 
Klabin SA unit 51,100 263,344 
Kroton Educacional SA 131,952 657,280 
Localiza Rent A Car SA 15,080 187,224 
Lojas Americanas SA 24,750 121,424 
Lojas Renner SA 61,000 515,977 
M. Dias Branco SA 3,300 140,922 
Multiplan Empreendimentos Imobiliarios SA 7,700 154,748 
Natura Cosmeticos SA 16,500 158,487 
Odontoprev SA 23,100 86,842 
Petroleo Brasileiro SA - Petrobras (ON) (a) 284,200 1,659,614 
Porto Seguro SA 9,700 91,986 
Qualicorp SA 21,000 135,132 
Rumo Logistica Operadora Multimodal SA (a) 75,000 167,763 
Sul America SA unit 18,453 111,400 
Terna Participacoes SA unit 8,300 53,955 
TIM Participacoes SA 80,100 222,333 
Totvs SA 12,000 108,872 
Ultrapar Participacoes SA 34,300 777,230 
Vale SA 119,500 826,617 
Weg SA 55,100 303,810 
TOTAL BRAZIL  18,917,417 
Canada - 6.4%   
Agnico Eagle Mines Ltd. (Canada) 20,873 1,060,068 
Agrium, Inc. 12,432 1,141,245 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 39,715 1,995,077 
AltaGas Ltd. 14,945 369,809 
ARC Resources Ltd. 32,600 553,420 
ATCO Ltd. Class I (non-vtg.) 7,346 257,518 
Bank of Montreal 60,691 3,862,360 
Bank of Nova Scotia 113,509 6,099,850 
Barrick Gold Corp. 110,176 1,938,532 
BCE, Inc. 14,181 644,293 
BlackBerry Ltd. (a) 45,852 323,730 
Bombardier, Inc. Class B (sub. vtg.) (a) 179,036 237,593 
Brookfield Asset Management, Inc. Class A 81,572 2,856,510 
CAE, Inc. 24,718 347,191 
Cameco Corp. 38,513 296,607 
Canadian Imperial Bank of Commerce 37,258 2,791,642 
Canadian National Railway Co. 73,590 4,626,190 
Canadian Natural Resources Ltd. 103,747 3,292,708 
Canadian Pacific Railway Ltd. 13,749 1,965,431 
Canadian Tire Ltd. Class A (non-vtg.) 6,623 643,783 
Canadian Utilities Ltd. Class A (non-vtg.) 11,488 328,290 
CCL Industries, Inc. Class B 2,655 472,172 
Cenovus Energy, Inc. 78,947 1,138,913 
CGI Group, Inc. Class A (sub. vtg.) (a) 20,413 969,591 
CI Financial Corp. 23,006 423,312 
Constellation Software, Inc. 1,810 847,919 
Crescent Point Energy Corp. 51,490 613,058 
Dollarama, Inc. 10,879 812,944 
ECN Capital Corp. 33,042 72,179 
Eldorado Gold Corp. (a) 67,732 213,603 
Element Financial Corp. 36,970 360,246 
Empire Co. Ltd. Class A (non-vtg.) 16,053 231,226 
Enbridge, Inc. 87,875 3,794,617 
Encana Corp. 90,553 863,470 
Fairfax Financial Holdings Ltd. (sub. vtg.) 2,177 1,114,956 
Finning International, Inc. 15,488 288,213 
First Capital Realty, Inc. 11,924 190,155 
First Quantum Minerals Ltd. 64,349 611,203 
Fortis, Inc. 37,882 1,246,917 
Franco-Nevada Corp. 16,849 1,102,791 
George Weston Ltd. 4,876 397,336 
Gildan Activewear, Inc. 21,301 547,096 
Goldcorp, Inc. 78,823 1,197,066 
Great-West Lifeco, Inc. 28,375 712,707 
H&R REIT/H&R Finance Trust 12,771 217,182 
Husky Energy, Inc. 34,032 366,124 
Hydro One Ltd. 16,294 297,260 
IGM Financial, Inc. 8,906 239,034 
Imperial Oil Ltd. 28,098 911,253 
Industrial Alliance Insurance and Financial Services, Inc. 9,799 379,453 
Intact Financial Corp. 12,426 844,705 
Inter Pipeline Ltd. 32,014 663,766 
Jean Coutu Group, Inc. Class A (sub. vtg.) 7,766 116,956 
Keyera Corp. 17,041 511,497 
Kinross Gold Corp. (a) 120,093 466,476 
Linamar Corp. 4,606 187,324 
Loblaw Companies Ltd. 21,199 1,045,963 
Magna International, Inc. Class A (sub. vtg.) 37,575 1,542,724 
Manulife Financial Corp. 186,486 2,701,426 
Methanex Corp. 8,392 305,010 
Metro, Inc. Class A (sub. vtg.) 22,511 695,822 
National Bank of Canada 31,869 1,137,619 
Onex Corp. (sub. vtg.) 7,898 510,870 
Open Text Corp. 11,525 715,576 
Pembina Pipeline Corp. 36,674 1,126,769 
Peyto Exploration & Development Corp. 15,390 395,392 
Potash Corp. of Saskatchewan, Inc. 79,412 1,291,266 
Power Corp. of Canada (sub. vtg.) 35,401 759,328 
Power Financial Corp. 23,425 553,621 
PrairieSky Royalty Ltd. 19,897 432,711 
Restaurant Brands International, Inc. 20,625 916,923 
Restaurant Brands International, Inc. 304 13,519 
RioCan (REIT) 14,532 282,558 
Rogers Communications, Inc. Class B (non-vtg.) 34,208 1,376,175 
Royal Bank of Canada 140,528 8,779,726 
Saputo, Inc. 24,147 867,729 
Seven Generations Energy Ltd. (a) 20,774 442,956 
Shaw Communications, Inc. Class B 39,172 776,256 
Silver Wheaton Corp. 41,647 1,003,527 
Smart (REIT) 5,985 149,257 
SNC-Lavalin Group, Inc. 14,204 577,140 
Sun Life Financial, Inc. 57,858 1,936,364 
Suncor Energy, Inc. 157,397 4,723,201 
Teck Resources Ltd. Class B (sub. vtg.) 53,634 1,158,011 
TELUS Corp. (a) 18,233 590,367 
The Toronto-Dominion Bank 175,004 7,940,612 
Thomson Reuters Corp. 31,890 1,256,770 
Tourmaline Oil Corp. (a) 19,779 518,327 
TransCanada Corp. 75,518 3,418,663 
Turquoise Hill Resources Ltd. (a) 92,443 286,709 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 30,919 551,595 
Veresen, Inc. (b) 28,273 256,107 
Vermilion Energy, Inc. 10,585 415,098 
West Fraser Timber Co. Ltd. 6,331 216,745 
Yamana Gold, Inc. 87,832 313,662 
TOTAL CANADA  111,036,661 
Cayman Islands - 3.0%   
3SBio, Inc. (a) 89,500 89,436 
58.com, Inc. ADR (a)(b) 7,412 310,192 
AAC Technology Holdings, Inc. 70,000 667,909 
Alibaba Group Holding Ltd. sponsored ADR (a)(b) 106,200 10,799,478 
Anta Sports Products Ltd. 92,000 265,719 
ASM Pacific Technology Ltd. 23,900 230,663 
Baidu.com, Inc. sponsored ADR (a) 25,670 4,539,996 
Belle International Holdings Ltd. 613,000 371,489 
Casetek Holdings 13,000 41,851 
Chailease Holding Co. Ltd. 101,816 176,322 
Cheung Kong Property Holdings Ltd. 254,716 1,886,834 
China Conch Venture Holdings Ltd. 124,000 231,834 
China Huishan Dairy Holdings Co. Ltd. (b) 384,000 142,597 
China Medical System Holdings Ltd. 116,000 181,279 
China Mengniu Dairy Co. Ltd. 256,000 485,227 
China Resources Land Ltd. 264,634 659,917 
China State Construction International Holdings Ltd. 168,000 245,646 
CK Hutchison Holdings Ltd. 255,716 3,163,663 
Country Garden Holdings Co. Ltd. 527,644 274,859 
Ctrip.com International Ltd. ADR (a)(b) 35,320 1,559,378 
ENN Energy Holdings Ltd. 70,000 329,442 
Evergrande Real Estate Group Ltd. 377,000 249,371 
Fang Holdings Ltd. ADR (a) 24,475 81,502 
GCL-Poly Energy Holdings Ltd. 1,226,000 165,984 
Geely Automobile Holdings Ltd. 500,000 515,760 
Haitian International Holdings Ltd. 62,000 127,908 
Hengan International Group Co. Ltd. 69,500 553,362 
JD.com, Inc. sponsored ADR (a)(b) 65,030 1,687,529 
Kingsoft Corp. Ltd. 70,000 157,410 
Longfor Properties Co. Ltd. 135,500 179,955 
Melco Crown Entertainment Ltd. sponsored ADR (b) 17,796 297,905 
MGM China Holdings Ltd. 88,800 147,016 
NetEase, Inc. ADR 7,461 1,917,402 
New Oriental Education & Technology Group, Inc. sponsored ADR 12,792 641,263 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 11,700 4,043 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 3,064 90,602 
Sands China Ltd. 228,800 995,674 
Semiconductor Manufacturing International Corp. (a) 2,666,000 322,873 
Shenzhou International Group Holdings Ltd. 52,000 344,966 
Shimao Property Holdings Ltd. 115,500 154,585 
Shui On Land Ltd. 368,503 91,228 
Sino Biopharmaceutical Ltd. 433,000 303,162 
SOHO China Ltd. 177,500 91,776 
Sunac China Holdings Ltd. 178,000 121,871 
TAL Education Group ADR (a) 3,931 320,141 
Tencent Holdings Ltd. 533,800 14,146,947 
Tingyi (Cayman Islands) Holding Corp. 182,000 196,419 
Vipshop Holdings Ltd. ADR (a)(b) 38,800 530,396 
Want Want China Holdings Ltd. 532,000 324,459 
WH Group Ltd. 561,500 455,395 
Wynn Macau Ltd. 144,400 221,565 
YY, Inc. ADR (a) 2,589 124,453 
Zhen Ding Technology Holding Ltd. 43,302 98,749 
TOTAL CAYMAN ISLANDS  52,315,402 
Chile - 0.3%   
AES Gener SA 252,225 85,870 
Aguas Andinas SA 251,790 166,268 
Banco de Chile 2,211,850 263,978 
Banco de Credito e Inversiones 3,436 175,451 
Banco Santander Chile 6,126,530 342,989 
Cencosud SA 133,217 434,268 
Colbun SA 786,785 171,999 
Compania Cervecerias Unidas SA 14,458 155,297 
Compania de Petroleos de Chile SA (COPEC) 42,377 427,520 
CorpBanca SA 15,326,406 138,783 
Empresa Nacional de Electricidad SA 312,707 214,513 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 14,384 154,141 
Empresas CMPC SA 116,917 253,247 
Endesa Americas SA 322,000 149,855 
Enersis Chile SA 1,845,644 186,480 
Enersis SA 1,896,841 320,873 
LATAM Airlines Group SA (a) 28,132 270,316 
S.A.C.I. Falabella 58,849 461,714 
TOTAL CHILE  4,373,562 
China - 2.3%   
Agricultural Bank of China Ltd. (H Shares) 2,328,000 981,563 
Air China Ltd. (H Shares) 164,000 107,845 
Aluminum Corp. of China Ltd. (H Shares) (a) 370,000 137,398 
Anhui Conch Cement Co. Ltd. (H Shares) 113,500 314,646 
AviChina Industry & Technology Co. Ltd. (H Shares) 202,000 137,262 
Bank Communications Co. Ltd. (H Shares) 835,000 636,299 
Bank of China Ltd. (H Shares) 7,520,000 3,374,306 
Beijing Capital International Airport Co. Ltd. (H Shares) 142,000 148,856 
BYD Co. Ltd. (H Shares) 60,000 394,556 
CGN Power Co. Ltd. (H Shares) 999,000 292,401 
China Cinda Asset Management Co. Ltd. (H Shares) 848,000 305,062 
China CITIC Bank Corp. Ltd. (H Shares) 829,000 535,525 
China Coal Energy Co. Ltd. (H Shares) (a) 195,000 110,630 
China Communications Construction Co. Ltd. (H Shares) 427,000 470,190 
China Communications Services Corp. Ltd. (H Shares) 226,000 134,337 
China Construction Bank Corp. (H Shares) 7,961,000 5,830,467 
China Cosco Holdings Co. Ltd. (H Shares) (a) 219,500 75,850 
China Everbright Bank Co. Ltd. (H Shares) 287,000 131,000 
China Galaxy Securities Co. Ltd. (H Shares) 289,000 275,006 
China Life Insurance Co. Ltd. (H Shares) 705,000 1,745,392 
China Longyuan Power Grid Corp. Ltd. (H Shares) 294,000 224,796 
China Merchants Bank Co. Ltd. (H Shares) 370,251 903,243 
China Minsheng Banking Corp. Ltd. (H Shares) 562,500 641,879 
China National Building Materials Co. Ltd. (H Shares) 280,000 128,166 
China Oilfield Services Ltd. (H Shares) 164,000 158,596 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 249,600 902,744 
China Petroleum & Chemical Corp. (H Shares) 2,416,000 1,747,254 
China Railway Construction Corp. Ltd. (H Shares) 182,500 228,727 
China Railway Group Ltd. (H Shares) 376,000 290,888 
China Shenhua Energy Co. Ltd. (H Shares) 324,500 675,314 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 320,000 67,255 
China Southern Airlines Ltd. (H Shares) 178,000 100,068 
China Telecom Corp. Ltd. (H Shares) 1,322,000 683,539 
China Vanke Co. Ltd. (H Shares) 120,900 316,453 
Chongqing Changan Automobile Co. Ltd. (B Shares) 80,900 123,610 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 231,000 138,501 
CITIC Securities Co. Ltd. (H Shares) 207,000 459,078 
CRRC Corp. Ltd. (H Shares) 400,950 363,957 
Dongfeng Motor Group Co. Ltd. (H Shares) 252,000 262,217 
GF Securities Co. Ltd. (H Shares) 127,600 283,974 
Great Wall Motor Co. Ltd. (H Shares) 302,000 294,775 
Guangzhou Automobile Group Co. Ltd. (H Shares) 194,000 234,635 
Guangzhou R&F Properties Co. Ltd. (H Shares) 96,400 136,231 
Haitong Securities Co. Ltd. (H Shares) 292,400 518,780 
Huadian Power International Corp. Ltd. (H Shares) 150,000 64,405 
Huaneng Power International, Inc. (H Shares) 396,000 243,413 
Huaneng Renewables Corp. Ltd. (H Shares) 384,000 129,229 
Huatai Securities Co. Ltd. (H Shares) 133,400 282,090 
Industrial & Commercial Bank of China Ltd. (H Shares) 6,980,000 4,189,673 
Jiangsu Expressway Co. Ltd. (H Shares) 110,000 149,777 
Jiangxi Copper Co. Ltd. (H Shares) 116,000 137,006 
New China Life Insurance Co. Ltd. (H Shares) 72,000 311,931 
People's Insurance Co. of China Group (H Shares) 635,000 252,999 
PetroChina Co. Ltd. (H Shares) 1,998,000 1,367,102 
PICC Property & Casualty Co. Ltd. (H Shares) 437,289 708,183 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 493,000 2,603,084 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 176,000 114,829 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 274,000 126,833 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 41,500 127,622 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 77,040 119,797 
Shanghai Pharma Holding Co. Ltd. (H Shares) 65,200 168,138 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 120,500 106,586 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 331,000 169,009 
Sinopharm Group Co. Ltd. (H Shares) 113,600 552,946 
Sinotrans Ltd. (H Shares) 189,000 89,193 
TravelSky Technology Ltd. (H Shares) 86,000 183,853 
Tsingtao Brewery Co. Ltd. (H Shares) 34,000 135,903 
Weichai Power Co. Ltd. (H Shares) 93,800 141,748 
Yanzhou Coal Mining Co. Ltd. (H Shares) 176,000 130,487 
Zhejiang Expressway Co. Ltd. (H Shares) 136,000 142,566 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 51,000 247,255 
Zijin Mining Group Co. Ltd. (H Shares) 542,000 170,520 
ZTE Corp. (H Shares) 67,280 92,650 
TOTAL CHINA  39,282,098 
Colombia - 0.1%   
Cementos Argos SA 45,234 179,024 
Corporacion Financiera Colombiana SA 9,035 112,022 
Ecopetrol SA (a) 457,528 199,337 
Grupo de Inversiones Suramerica SA 22,912 295,508 
Interconexion Electrica SA ESP 36,781 122,205 
Inversiones Argos SA 27,173 176,226 
TOTAL COLOMBIA  1,084,322 
Czech Republic - 0.0%   
Ceske Energeticke Zavody A/S 14,945 281,667 
Komercni Banka A/S 6,997 256,297 
Telefonica Czech Rep A/S 5,490 50,374 
TOTAL CZECH REPUBLIC  588,338 
Denmark - 1.1%   
A.P. Moller - Maersk A/S:   
Series A 367 537,030 
Series B 599 918,795 
Carlsberg A/S Series B 10,119 912,469 
Christian Hansen Holding A/S 9,223 552,362 
Coloplast A/S Series B 11,298 787,049 
Danske Bank A/S 65,028 2,007,712 
DSV de Sammensluttede Vognmaend A/S 17,993 872,060 
Genmab A/S (a) 5,380 887,694 
ISS Holdings A/S 15,973 628,001 
Novo Nordisk A/S Series B 180,831 6,442,196 
Novozymes A/S Series B 21,828 810,843 
Pandora A/S 10,526 1,370,160 
TDC A/S 78,381 432,519 
Tryg A/S 10,775 210,545 
Vestas Wind Systems A/S 20,933 1,679,076 
William Demant Holding A/S (a) 11,176 208,154 
TOTAL DENMARK  19,256,665 
Egypt - 0.0%   
Commercial International Bank SAE 65,566 378,779 
Commercial International Bank SAE sponsored GDR 32,171 142,196 
Global Telecom Holding (a) 149,355 80,228 
Global Telecom Holding GDR (a) 22,500 46,125 
Talaat Moustafa Group Holding 80,236 51,503 
TOTAL EGYPT  698,831 
Finland - 0.6%   
Elisa Corp. (A Shares) 13,615 458,838 
Fortum Corp. 42,333 705,895 
Kone Oyj (B Shares) 31,765 1,462,100 
Metso Corp. 10,916 286,395 
Neste Oyj 12,179 525,822 
Nokia Corp. 551,851 2,463,772 
Nokian Tyres PLC 10,582 355,113 
Orion Oyj (B Shares) 9,536 406,059 
Sampo Oyj (A Shares) 42,199 1,933,306 
Stora Enso Oyj (R Shares) 53,099 502,163 
UPM-Kymmene Corp. 50,386 1,172,598 
Wartsila Corp. 14,149 611,963 
TOTAL FINLAND  10,884,024 
France - 6.1%   
Accor SA 16,573 629,205 
Aeroports de Paris 2,802 283,013 
Air Liquide SA 29,331 2,980,400 
Alstom SA (a) 15,649 420,363 
Arkema SA 6,519 618,155 
Atos Origin SA 8,346 866,892 
AXA SA 183,716 4,145,059 
BIC SA 2,658 368,521 
BNP Paribas SA 100,208 5,812,576 
Bollore Group 84,702 278,945 
Bollore Group (a) 491 1,779 
Bouygues SA 19,766 644,543 
Bureau Veritas SA 25,191 475,915 
Capgemini SA 15,456 1,280,656 
Carrefour SA 52,528 1,377,848 
Casino Guichard Perrachon SA 5,230 260,250 
Christian Dior SA 5,169 997,253 
CNP Assurances 15,841 274,493 
Compagnie de St. Gobain 46,769 2,076,473 
Credit Agricole SA 100,094 1,080,322 
Danone SA 55,802 3,870,333 
Dassault Systemes SA 12,165 963,367 
Edenred SA 19,349 448,278 
EDF SA (a) 5,248 58,820 
EDF SA (b) 17,622 197,508 
Eiffage SA 5,609 415,247 
Engie 138,542 1,997,630 
Essilor International SA 19,455 2,186,929 
Eurazeo SA 3,775 217,270 
Eutelsat Communications 16,825 352,770 
Fonciere des Regions 3,300 288,466 
Gecina SA 3,830 558,342 
Groupe Eurotunnel SA 45,096 422,320 
Hermes International SCA 2,496 1,011,328 
ICADE 3,382 243,100 
Iliad SA 2,511 526,758 
Imerys SA 3,288 228,692 
Ingenico SA 5,076 401,754 
JCDecaux SA 6,931 211,935 
Kering SA 7,169 1,590,087 
Klepierre SA 20,790 850,470 
L'Oreal SA 5,097 912,303 
L'Oreal SA 18,827 3,369,810 
Lagardere S.C.A. (Reg.) 10,947 278,796 
Legrand SA 25,216 1,425,288 
LVMH Moet Hennessy - Louis Vuitton SA 26,381 4,802,957 
Michelin CGDE Series B 17,184 1,860,530 
Natixis SA 86,650 438,028 
Orange SA 187,947 2,957,095 
Pernod Ricard SA 20,082 2,388,577 
Peugeot Citroen SA (a) 46,223 692,365 
Publicis Groupe SA 17,909 1,228,725 
Remy Cointreau SA 2,028 164,519 
Renault SA 18,194 1,580,022 
Rexel SA 28,350 393,217 
Safran SA 29,601 2,035,130 
Sanofi SA 109,525 8,523,106 
Schneider Electric SA 52,848 3,554,034 
SCOR SE 15,600 505,184 
SFR Group SA 10,736 289,215 
Societe Generale Series A 72,599 2,831,906 
Sodexo SA (a) 512 59,465 
Sodexo SA (a) 1,068 124,040 
Sodexo SA (a) 1,000 116,142 
Sodexo SA 6,296 731,230 
Suez Environnement SA 30,450 482,177 
Technip SA 10,475 694,765 
Thales SA 9,987 940,316 
Total SA 210,921 10,104,150 
Unibail-Rodamco 9,363 2,222,449 
Valeo SA 22,546 1,299,368 
Veolia Environnement SA 42,849 936,139 
VINCI SA 47,718 3,456,193 
Vivendi SA 110,017 2,226,804 
Wendel SA 2,667 306,823 
Zodiac Aerospace 19,564 476,131 
TOTAL FRANCE  106,321,064 
Germany - 5.7%   
adidas AG 17,786 2,922,133 
Allianz SE 43,203 6,744,173 
Axel Springer Verlag AG 4,278 214,216 
BASF AG 86,851 7,655,857 
Bayer AG 78,216 7,766,042 
Bayerische Motoren Werke AG (BMW) 31,190 2,717,535 
Beiersdorf AG 9,574 842,891 
Brenntag AG 14,670 784,184 
Commerzbank AG 101,844 691,702 
Continental AG 10,401 1,992,959 
Covestro AG 6,556 387,478 
Daimler AG (Germany) 91,033 6,486,552 
Deutsche Bank AG (a) 130,556 1,885,346 
Deutsche Borse AG (a) 18,255 1,420,395 
Deutsche Lufthansa AG 21,657 276,848 
Deutsche Post AG 91,644 2,840,000 
Deutsche Telekom AG 304,904 4,974,578 
Deutsche Wohnen AG (Bearer) 31,942 1,042,112 
E.ON AG 189,659 1,389,098 
Evonik Industries AG 15,567 486,344 
Fraport AG Frankfurt Airport Services Worldwide 3,882 230,417 
Fresenius Medical Care AG & Co. KGaA 20,773 1,692,047 
Fresenius SE & Co. KGaA 38,770 2,861,719 
GEA Group AG 17,258 667,337 
Hannover Reuck SE 5,782 644,557 
HeidelbergCement Finance AG 13,309 1,258,794 
Henkel AG & Co. KGaA 9,839 1,083,316 
Hochtief AG 1,916 261,544 
Hugo Boss AG 6,190 388,746 
Infineon Technologies AG 106,887 1,922,393 
Innogy SE 13,000 516,244 
K&S AG (b) 18,458 373,434 
Lanxess AG 8,810 564,120 
Linde AG 17,574 2,899,566 
MAN SE 3,265 333,900 
Merck KGaA 12,213 1,255,683 
Metro AG 16,994 509,099 
Muenchener Rueckversicherungs AG 15,216 2,954,330 
OSRAM Licht AG 8,314 471,394 
ProSiebenSat.1 Media AG 20,775 895,364 
RWE AG (a) 46,561 739,084 
SAP AG 92,873 8,182,058 
Schaeffler AG 15,588 235,800 
Siemens AG 72,307 8,215,335 
Symrise AG 11,714 803,819 
Telefonica Deutschland Holding AG 68,781 266,606 
Thyssenkrupp AG 34,879 807,503 
TUI AG 37,866 480,629 
TUI AG 10,000 127,119 
United Internet AG 11,729 481,415 
Volkswagen AG 3,022 451,742 
Vonovia SE 44,110 1,553,612 
Zalando SE (a) 8,423 369,761 
TOTAL GERMANY  98,018,930 
Greece - 0.1%   
Alpha Bank AE (a) 130,163 222,903 
EFG Eurobank Ergasias SA (a) 163,837 96,401 
Ff Group (a) 3,532 84,602 
Greek Organization of Football Prognostics SA 20,145 171,827 
Hellenic Telecommunications Organization SA 24,412 223,766 
Jumbo SA 9,752 138,633 
National Bank of Greece SA (a) 482,560 98,693 
Piraeus Bank SA (a) 578,940 95,965 
Titan Cement Co. SA (Reg.) 4,510 104,810 
TOTAL GREECE  1,237,600 
Hong Kong - 2.6%   
AIA Group Ltd. 1,138,600 7,186,398 
Bank of East Asia Ltd. 116,067 467,677 
Beijing Enterprises Holdings Ltd. 47,500 237,636 
BOC Hong Kong (Holdings) Ltd. 349,500 1,248,287 
Cathay Pacific Airways Ltd. 112,000 147,590 
China Everbright International Ltd. 231,000 277,002 
China Everbright Ltd. 88,000 172,470 
China Jinmao Holdings Group Ltd. 388,000 107,061 
China Merchants Holdings International Co. Ltd. 122,238 316,803 
China Mobile Ltd. 581,000 6,656,165 
China Overseas Land and Investment Ltd. 374,000 1,154,954 
China Power International Development Ltd. 292,000 106,551 
China Resources Beer Holdings Co. Ltd. 165,162 351,384 
China Resources Power Holdings Co. Ltd. 178,523 303,387 
China Taiping Insurance Group Ltd. (a) 157,177 303,591 
China Unicom Ltd. 570,000 669,188 
CITIC Pacific Ltd. 406,000 583,175 
CLP Holdings Ltd. 155,500 1,581,957 
CNOOC Ltd. 1,691,000 2,127,742 
CSPC Pharmaceutical Group Ltd. 400,000 414,671 
Far East Horizon Ltd. 186,000 169,798 
Fosun International Ltd. 242,500 352,077 
Galaxy Entertainment Group Ltd. 222,000 911,696 
Guangdong Investment Ltd. 264,000 398,950 
Hang Lung Properties Ltd. 214,000 472,395 
Hang Seng Bank Ltd. 72,200 1,304,256 
Henderson Land Development Co. Ltd. 102,364 606,485 
HK Electric Investments & HK Electric Investments Ltd. unit 243,000 240,633 
HKT Trust/HKT Ltd. unit 249,860 343,432 
Hong Kong & China Gas Co. Ltd. 722,100 1,415,234 
Hong Kong Exchanges and Clearing Ltd. 109,258 2,893,617 
Hysan Development Co. Ltd. 59,020 272,439 
Lenovo Group Ltd. 690,000 443,063 
Link (REIT) 212,047 1,511,975 
MTR Corp. Ltd. 139,468 772,370 
New World Development Co. Ltd. 535,426 667,595 
PCCW Ltd. 381,913 227,507 
Power Assets Holdings Ltd. 131,500 1,236,911 
Shanghai Industrial Holdings Ltd. 47,000 143,929 
Sino Land Ltd. 285,460 485,855 
Sino-Ocean Group Holding Ltd. 286,091 119,150 
SJM Holdings Ltd. 187,000 129,480 
Sun Art Retail Group Ltd. 237,000 167,156 
Sun Hung Kai Properties Ltd. 136,781 2,042,310 
Swire Pacific Ltd. (A Shares) 52,000 540,748 
Swire Properties Ltd. 113,400 326,066 
Techtronic Industries Co. Ltd. 131,000 493,221 
Wharf Holdings Ltd. 129,000 969,718 
Wheelock and Co. Ltd. 75,000 463,217 
TOTAL HONG KONG  44,534,972 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 3,390 218,107 
OTP Bank PLC 22,120 621,331 
Richter Gedeon PLC 13,047 280,425 
TOTAL HUNGARY  1,119,863 
India - 1.9%   
ACC Ltd. 4,204 95,587 
Adani Ports & Special Economic Zone 75,599 347,931 
Ambuja Cements Ltd. 55,682 201,507 
Apollo Hospitals Enterprise Ltd. 7,627 153,214 
Ashok Leyland Ltd. (a) 107,867 145,940 
Asian Paints Ltd. 27,480 440,756 
Aurobindo Pharma Ltd. 23,976 291,786 
Axis Bank Ltd. 158,348 1,155,822 
Bajaj Auto Ltd. 8,084 345,160 
Bajaj Finance Ltd. 15,121 243,129 
Bharat Forge Ltd. 9,533 126,463 
Bharat Heavy Electricals Ltd. (a) 57,332 119,425 
Bharat Petroleum Corp. Ltd. 24,619 246,926 
Bharti Airtel Ltd. 95,639 457,151 
Bharti Infratel Ltd. 52,408 271,564 
Bosch Ltd. (a) 702 230,379 
Cadila Healthcare Ltd. 20,036 127,039 
Cairn India Ltd. 43,350 146,871 
Cipla Ltd. (a) 32,320 278,671 
Coal India Ltd. 67,057 326,512 
Container Corp. of India Ltd. 3,000 61,864 
Dabur India Ltd. 52,044 227,469 
Divi's Laboratories Ltd. 7,966 152,846 
Dr. Reddy's Laboratories Ltd. (a) 10,971 551,829 
Eicher Motors Ltd. 1,276 459,476 
GAIL India Ltd. 31,208 202,765 
GlaxoSmithKline Consumer Healthcare Ltd. 1,067 97,238 
Glenmark Pharmaceuticals Ltd. (a) 12,846 179,685 
Godrej Consumer Products Ltd. 11,002 265,395 
Havells India Ltd. 23,637 144,255 
HCL Technologies Ltd. 53,970 617,449 
Hero Motocorp Ltd. (a) 4,574 229,837 
Hindalco Industries Ltd. (a) 103,940 233,184 
Hindustan Unilever Ltd. 61,799 774,972 
Housing Development Finance Corp. Ltd. 142,249 2,967,792 
ICICI Bank Ltd. (a) 102,230 425,429 
Idea Cellular Ltd. (a) 118,128 134,942 
Indiabulls Housing Finance Ltd. 27,321 347,690 
Infosys Ltd. 171,563 2,563,461 
Infosys Ltd. sponsored ADR 2,400 36,624 
ITC Ltd. 320,904 1,169,496 
JSW Steel Ltd. (a) 7,690 191,237 
Larsen & Toubro Ltd. 30,290 672,365 
LIC Housing Finance Ltd. 27,555 240,725 
Lupin Ltd. 21,140 471,681 
Mahindra & Mahindra Financial Services Ltd. (a) 26,733 145,036 
Mahindra & Mahindra Ltd. 35,530 698,717 
Marico Ltd. 41,867 176,963 
Maruti Suzuki India Ltd. (a) 10,042 884,610 
Motherson Sumi Systems Ltd. 38,021 188,779 
Nestle India Ltd. 2,147 224,845 
NTPC Ltd. 160,371 366,034 
Oil & Natural Gas Corp. Ltd. 80,683 347,017 
Piramal Enterprises Ltd. 7,257 193,067 
Power Finance Corp. Ltd. 53,914 100,303 
Reliance Industries Ltd. 122,876 1,943,290 
Shree Cement Ltd. 775 194,248 
Shriram Transport Finance Co. Ltd. 13,563 219,552 
Siemens India Ltd. (a) 6,797 120,614 
State Bank of India 144,430 558,619 
Sun Pharmaceutical Industries Ltd. 91,582 1,020,637 
Tata Consultancy Services Ltd. 44,816 1,611,565 
Tata Motors Ltd. (a) 143,823 1,157,821 
Tata Motors Ltd. Class A (a) 45,929 240,092 
Tata Power Co. Ltd. 106,776 125,336 
Tata Steel Ltd. (a) 27,661 168,129 
Tech Mahindra Ltd. 20,407 133,277 
Titan Co. Ltd. 29,580 165,648 
Ultratech Cemco Ltd. (a) 3,308 197,507 
United Spirits Ltd. (a) 6,126 206,655 
UPL Ltd. (a) 34,167 357,418 
Vedanta Ltd. (a) 95,338 289,564 
Wipro Ltd. 59,885 416,229 
Yes Bank Ltd. (a) 28,914 551,488 
Zee Entertainment Enterprises Ltd. 55,341 431,699 
TOTAL INDIA  32,606,298 
Indonesia - 0.6%   
PT Adaro Energy Tbk 1,352,500 164,294 
PT AKR Corporindo Tbk 176,300 95,933 
PT Astra International Tbk 1,914,500 1,206,833 
PT Bank Central Asia Tbk 1,165,300 1,386,518 
PT Bank CIMB Niaga Tbk (a) 62,470 4,572 
PT Bank Danamon Indonesia Tbk Series A 286,500 84,756 
PT Bank Mandiri (Persero) Tbk 888,300 782,458 
PT Bank Negara Indonesia (Persero) Tbk 723,700 309,214 
PT Bank Rakyat Indonesia Tbk 1,051,800 983,443 
PT Bumi Serpong Damai Tbk 756,100 125,746 
PT Charoen Pokphand Indonesia Tbk 698,200 197,987 
PT Global Mediacom Tbk 534,800 34,839 
PT Gudang Garam Tbk 47,000 244,582 
PT Hanjaya Mandala Sampoerna Tbk 854,700 258,742 
PT Indocement Tunggal Prakarsa Tbk 139,700 176,124 
PT Indofood CBP Sukses Makmur Tbk 209,800 151,143 
PT Indofood Sukses Makmur Tbk 399,800 260,446 
PT Jasa Marga Tbk 175,200 60,826 
PT Kalbe Farma Tbk 2,038,800 271,882 
PT Lippo Karawaci Tbk 1,793,800 124,417 
PT Matahari Department Store Tbk 218,900 302,397 
PT Media Nusantara Citra Tbk 433,800 69,818 
PT Perusahaan Gas Negara Tbk Series B 1,019,600 200,044 
PT Semen Gresik (Persero) Tbk 290,800 219,526 
PT Summarecon Agung Tbk 983,300 124,344 
PT Surya Citra Media Tbk 569,600 115,684 
PT Telkomunikasi Indonesia Tbk Series B 4,765,200 1,541,167 
PT Tower Bersama Infrastructure Tbk 237,700 108,849 
PT Unilever Indonesia Tbk 145,300 495,265 
PT United Tractors Tbk 155,800 258,214 
PT Waskita Karya Persero Tbk 428,500 86,042 
PT XL Axiata Tbk (a) 313,600 52,876 
TOTAL INDONESIA  10,498,981 
Ireland - 0.4%   
Bank of Ireland (a) 2,617,094 560,218 
CRH PLC 77,537 2,517,166 
CRH PLC sponsored ADR 800 25,840 
DCC PLC (United Kingdom) 8,464 690,490 
James Hardie Industries PLC CDI 42,531 635,096 
Kerry Group PLC Class A 14,970 1,086,900 
Paddy Power PLC (Ireland) 7,556 782,181 
Ryanair Holdings PLC 5,681 78,735 
Ryanair Holdings PLC sponsored ADR 2,108 158,290 
TOTAL IRELAND  6,534,916 
Isle of Man - 0.0%   
Genting Singapore PLC 581,600 311,441 
New Europe Property Investments PLC 22,359 275,695 
TOTAL ISLE OF MAN  587,136 
Israel - 0.4%   
Azrieli Group 4,057 172,800 
Bank Hapoalim BM (Reg.) 99,264 572,871 
Bank Leumi le-Israel BM (a) 135,165 510,176 
Bezeq The Israel Telecommunication Corp. Ltd. 201,834 366,703 
Check Point Software Technologies Ltd. (a)(b) 12,186 1,030,448 
Israel Chemicals Ltd. 49,056 174,675 
Mizrahi Tefahot Bank Ltd. 13,008 169,538 
NICE Systems Ltd. 5,037 334,417 
NICE Systems Ltd. sponsored ADR 773 51,381 
Taro Pharmaceutical Industries Ltd. (a)(b) 1,438 145,971 
Teva Pharmaceutical Industries Ltd. sponsored ADR 86,421 3,693,634 
TOTAL ISRAEL  7,222,614 
Italy - 1.1%   
Assicurazioni Generali SpA 110,692 1,430,198 
Atlantia SpA 39,043 956,194 
Enel SpA 721,943 3,103,877 
Eni SpA 240,476 3,489,850 
EXOR SpA 10,239 435,095 
EXOR SpA rights (a) 10,239 0 
Intesa Sanpaolo SpA 1,197,940 2,777,629 
Intesa Sanpaolo SpA (Risparmio Shares) 90,837 196,242 
Leonardo-Finmeccanica SpA (a) 37,800 460,594 
Luxottica Group SpA 16,103 801,655 
Mediobanca SpA 54,069 396,190 
Poste Italiane SpA 48,465 322,673 
Prysmian SpA 18,049 449,167 
Saipem SpA (a) 566,916 233,375 
Snam Rete Gas SpA 231,793 1,221,873 
Telecom Italia SpA (a) 947,380 823,551 
Terna SpA 143,706 703,895 
UniCredit SpA 497,256 1,233,650 
Unione di Banche Italiane SCpA (b) 83,593 230,512 
Unipolsai SpA 102,827 196,408 
TOTAL ITALY  19,462,628 
Japan - 16.3%   
ABC-MART, Inc. 3,100 188,891 
ACOM Co. Ltd. (a) 36,000 166,149 
AEON Co. Ltd. 62,100 860,411 
AEON Financial Service Co. Ltd. 10,200 180,034 
AEON MALL Co. Ltd. 10,370 154,260 
Air Water, Inc. 13,800 258,840 
Aisin Seiki Co. Ltd. 18,100 796,524 
Ajinomoto Co., Inc. 52,600 1,171,926 
Alfresa Holdings Corp. 17,600 372,911 
All Nippon Airways Ltd. 114,000 320,900 
Alps Electric Co. Ltd. 17,600 422,924 
Amada Holdings Co. Ltd. 31,600 360,988 
Aozora Bank Ltd. 109,000 360,666 
Asahi Glass Co. Ltd. 96,000 672,833 
Asahi Group Holdings 36,600 1,309,112 
Asahi Kasei Corp. 120,000 1,084,543 
Ashikaga Holdings Co. Ltd. 86,540 308,629 
Asics Corp. 14,900 318,545 
Astellas Pharma, Inc. 199,700 2,963,920 
Bandai Namco Holdings, Inc. 18,900 567,703 
Bank of Kyoto Ltd. 28,000 205,855 
Benesse Holdings, Inc. 6,400 168,010 
Bridgestone Corp. 61,600 2,299,647 
Brother Industries Ltd. 22,100 406,723 
Calbee, Inc. 7,400 268,847 
Canon, Inc. 101,000 2,901,532 
Casio Computer Co. Ltd. 21,300 297,757 
Central Japan Railway Co. 13,600 2,316,811 
Chiba Bank Ltd. 65,000 402,880 
Chubu Electric Power Co., Inc. 61,400 904,284 
Chugai Pharmaceutical Co. Ltd. 21,300 727,129 
Chugoku Electric Power Co., Inc. 25,800 302,111 
Concordia Financial Group Ltd. (a) 111,800 519,395 
Credit Saison Co. Ltd. 14,400 249,360 
CYBERDYNE, Inc. (a)(b) 10,400 156,392 
Dai Nippon Printing Co. Ltd. 51,000 512,577 
Dai-ichi Mutual Life Insurance Co. 102,100 1,500,297 
Daicel Chemical Industries Ltd. 25,700 339,170 
Daiichi Sankyo Kabushiki Kaisha 57,100 1,375,366 
Daikin Industries Ltd. 22,200 2,133,842 
Dainippon Sumitomo Pharma Co. Ltd. 15,500 269,148 
Daito Trust Construction Co. Ltd. 6,700 1,122,843 
Daiwa House Industry Co. Ltd. 53,700 1,477,813 
Daiwa House REIT Investment Corp. 132 356,842 
Daiwa Securities Group, Inc. 158,000 945,710 
DENSO Corp. 46,000 2,002,384 
Dentsu, Inc. 20,500 1,024,316 
Don Quijote Holdings Co. Ltd. 11,400 434,281 
East Japan Railway Co. 31,600 2,789,370 
Eisai Co. Ltd. 23,900 1,526,482 
Electric Power Development Co. Ltd. 13,600 317,338 
FamilyMart Co. Ltd. 7,800 489,406 
Fanuc Corp. 18,500 3,387,119 
Fast Retailing Co. Ltd. 5,000 1,690,665 
Fuji Electric Co. Ltd. 52,000 260,322 
Fuji Heavy Industries Ltd. 58,200 2,272,059 
Fujifilm Holdings Corp. 41,500 1,573,019 
Fujitsu Ltd. 176,000 1,045,729 
Fukuoka Financial Group, Inc. 71,000 308,048 
GungHo Online Entertainment, Inc. (b) 37,700 95,625 
Hakuhodo DY Holdings, Inc. 19,900 239,665 
Hamamatsu Photonics K.K. 13,200 400,267 
Hankyu Hanshin Holdings, Inc. 22,900 759,912 
Hikari Tsushin, Inc. 2,000 183,847 
Hino Motors Ltd. 23,900 260,947 
Hirose Electric Co. Ltd. 2,965 392,431 
Hiroshima Bank Ltd. 47,000 201,678 
Hisamitsu Pharmaceutical Co., Inc. 5,700 304,920 
Hitachi Chemical Co. Ltd. 9,800 229,885 
Hitachi Construction Machinery Co. Ltd. 10,000 209,497 
Hitachi High-Technologies Corp. 6,300 263,426 
Hitachi Ltd. 457,000 2,436,869 
Hitachi Metals Ltd. 19,700 246,461 
Hokuriku Electric Power Co., Inc. 15,800 179,741 
Honda Motor Co. Ltd. 154,200 4,613,915 
Hoshizaki Corp. 4,700 424,869 
Hoya Corp. 38,300 1,601,464 
Hulic Co. Ltd. 27,400 261,537 
Idemitsu Kosan Co. Ltd. 8,300 191,612 
IHI Corp. 136,000 359,226 
Iida Group Holdings Co. Ltd. 13,600 263,130 
INPEX Corp. 90,100 846,787 
Isetan Mitsukoshi Holdings Ltd. 30,900 312,919 
Isuzu Motors Ltd. 56,600 701,361 
Itochu Corp. 141,900 1,797,598 
Iyo Bank Ltd. 23,500 144,760 
J. Front Retailing Co. Ltd. 22,300 307,696 
Japan Airlines Co. Ltd. 11,100 327,697 
Japan Airport Terminal Co. Ltd. (b) 4,700 180,838 
Japan Exchange Group, Inc. 49,500 737,756 
Japan Post Bank Co. Ltd. 37,700 445,052 
Japan Post Holdings Co. Ltd. 42,200 538,415 
Japan Prime Realty Investment Corp. 81 349,504 
Japan Real Estate Investment Corp. 125 723,515 
Japan Retail Fund Investment Corp. 237 537,640 
Japan Tobacco, Inc. 104,100 3,964,674 
JFE Holdings, Inc. 49,600 712,524 
JGC Corp. 19,900 352,762 
JSR Corp. 18,800 286,473 
JTEKT Corp. 20,800 308,420 
JX Holdings, Inc. 201,400 798,725 
Kajima Corp. 86,000 581,425 
Kakaku.com, Inc. 13,600 228,893 
Kamigumi Co. Ltd. 22,000 188,176 
Kaneka Corp. 27,000 223,992 
Kansai Electric Power Co., Inc. (a) 67,500 646,550 
Kansai Paint Co. Ltd. 20,300 437,475 
Kao Corp. 47,700 2,458,458 
Kawasaki Heavy Industries Ltd. 131,000 383,494 
KDDI Corp. 173,500 5,273,216 
Keihan Electric Railway Co., Ltd. 47,000 317,755 
Keihin Electric Express Railway Co. Ltd. 45,000 454,420 
Keio Corp. 55,000 456,279 
Keisei Electric Railway Co. 12,800 309,656 
Keyence Corp. 4,310 3,167,051 
Kikkoman Corp. 14,000 446,553 
Kintetsu Group Holdings Co. Ltd. 172,000 695,413 
Kirin Holdings Co. Ltd. 77,900 1,342,655 
Kobe Steel Ltd. 28,700 237,547 
Koito Manufacturing Co. Ltd. 10,500 548,679 
Komatsu Ltd. 87,300 1,943,220 
Konami Holdings Corp. 8,700 343,869 
Konica Minolta, Inc. 43,300 388,532 
Kose Corp. 2,800 256,050 
Kubota Corp. 100,200 1,619,042 
Kuraray Co. Ltd. 33,900 515,272 
Kurita Water Industries Ltd. 9,500 225,293 
Kyocera Corp. 30,400 1,481,301 
Kyowa Hakko Kirin Co., Ltd. 24,000 367,312 
Kyushu Electric Power Co., Inc. 39,400 358,045 
Kyushu Financial Group, Inc. 32,600 217,292 
Lawson, Inc. 6,300 479,394 
LIXIL Group Corp. 24,900 572,935 
M3, Inc. 18,600 567,560 
Mabuchi Motor Co. Ltd. 4,600 268,008 
Makita Corp. 10,600 734,834 
Marubeni Corp. 157,300 829,024 
Marui Group Co. Ltd. 19,700 277,081 
Maruichi Steel Tube Ltd. 5,300 171,074 
Mazda Motor Corp. 54,000 895,524 
McDonald's Holdings Co. (Japan) Ltd. 6,200 178,545 
Medipal Holdings Corp. 15,700 268,728 
Meiji Holdings Co. Ltd. 10,800 1,079,279 
Minebea Mitsumi, Inc. 31,400 321,575 
Miraca Holdings, Inc. 5,300 256,737 
Mitsubishi Chemical Holdings Corp. 128,700 848,019 
Mitsubishi Corp. 142,900 3,121,807 
Mitsubishi Electric Corp. 182,900 2,480,931 
Mitsubishi Estate Co. Ltd. 119,000 2,361,958 
Mitsubishi Gas Chemical Co., Inc. 16,900 260,744 
Mitsubishi Heavy Industries Ltd. 304,000 1,302,733 
Mitsubishi Logistics Corp. 11,000 149,366 
Mitsubishi Materials Corp. 10,400 298,999 
Mitsubishi Motors Corp. of Japan 64,000 357,013 
Mitsubishi Tanabe Pharma Corp. 21,500 419,462 
Mitsubishi UFJ Financial Group, Inc. 1,206,400 6,224,797 
Mitsubishi UFJ Lease & Finance Co. Ltd. 42,000 203,852 
Mitsui & Co. Ltd. 161,700 2,248,103 
Mitsui Chemicals, Inc. 85,000 419,853 
Mitsui Fudosan Co. Ltd. 85,000 1,937,566 
Mitsui OSK Lines Ltd. 106,000 265,834 
mixi, Inc. 4,400 162,163 
Mizuho Financial Group, Inc. 2,250,800 3,789,791 
MS&AD Insurance Group Holdings, Inc. 48,000 1,428,969 
Murata Manufacturing Co. Ltd. 18,100 2,531,963 
Nabtesco Corp. 11,000 329,360 
Nagoya Railroad Co. Ltd. 89,000 470,163 
NEC Corp. 250,000 669,877 
New Hampshire Foods Ltd. 17,000 407,533 
Nexon Co. Ltd. 16,200 276,514 
NGK Insulators Ltd. 24,500 450,424 
NGK Spark Plug Co. Ltd. 17,400 344,449 
NHK Spring Co. Ltd. 19,600 185,029 
Nidec Corp. 22,600 2,191,685 
Nikon Corp. 32,600 493,337 
Nintendo Co. Ltd. 10,700 2,579,344 
Nippon Building Fund, Inc. 134 796,052 
Nippon Electric Glass Co. Ltd. 42,000 228,683 
Nippon Express Co. Ltd. 78,000 386,021 
Nippon Paint Holdings Co. Ltd. 15,200 518,890 
Nippon Prologis REIT, Inc. 145 328,106 
Nippon Steel & Sumitomo Metal Corp. 76,570 1,517,600 
Nippon Telegraph & Telephone Corp. 65,400 2,899,629 
Nippon Yusen KK 149,000 305,473 
Nissan Motor Co. Ltd. 233,900 2,379,344 
Nisshin Seifun Group, Inc. 18,595 274,483 
Nissin Food Holdings Co. Ltd. 5,600 324,669 
Nitori Holdings Co. Ltd. 7,600 910,956 
Nitto Denko Corp. 15,600 1,089,784 
NKSJ Holdings, Inc. 33,450 1,085,761 
NOK Corp. 9,000 202,279 
Nomura Holdings, Inc. 343,900 1,722,573 
Nomura Real Estate Holdings, Inc. 11,800 199,949 
Nomura Real Estate Master Fund, Inc. 380 616,001 
Nomura Research Institute Ltd. 11,520 400,404 
NSK Ltd. 42,600 473,649 
NTT Data Corp. 11,800 609,860 
NTT DOCOMO, Inc. 131,000 3,289,935 
NTT Urban Development Co. 11,300 103,873 
Obayashi Corp. 60,500 584,405 
OBIC Co. Ltd. 6,300 328,006 
Odakyu Electric Railway Co. Ltd. 27,600 564,528 
Oji Holdings Corp. 75,000 318,251 
Olympus Corp. 27,600 986,936 
OMRON Corp. 18,500 710,928 
Ono Pharmaceutical Co. Ltd. 39,000 991,828 
Oracle Corp. Japan 3,600 196,357 
Oriental Land Co. Ltd. 20,600 1,205,513 
ORIX Corp. 125,400 1,991,549 
Osaka Gas Co. Ltd. 179,000 745,392 
Otsuka Corp. 4,800 228,855 
Otsuka Holdings Co. Ltd. 37,000 1,621,903 
Panasonic Corp. 209,100 2,157,046 
Park24 Co. Ltd. 9,900 306,336 
Pola Orbis Holdings, Inc. 2,100 175,017 
Rakuten, Inc. 88,000 1,017,450 
Recruit Holdings Co. Ltd. 34,800 1,400,362 
Resona Holdings, Inc. 209,300 930,045 
Ricoh Co. Ltd. 62,600 510,972 
Rinnai Corp. 3,300 317,822 
ROHM Co. Ltd. 8,300 437,675 
Ryohin Keikaku Co. Ltd. 2,300 492,152 
Sankyo Co. Ltd. (Gunma) 4,200 148,183 
Santen Pharmaceutical Co. Ltd. 34,900 510,504 
SBI Holdings, Inc. Japan 19,930 237,556 
Secom Co. Ltd. 19,900 1,438,941 
Sega Sammy Holdings, Inc. 17,300 255,863 
Seibu Holdings, Inc. 16,000 277,067 
Seiko Epson Corp. 26,600 541,030 
Sekisui Chemical Co. Ltd. 38,000 599,695 
Sekisui House Ltd. 57,300 948,808 
Seven & i Holdings Co. Ltd. 71,300 2,979,955 
Seven Bank Ltd. 55,800 171,864 
Sharp Corp. (a)(b) 141,000 244,647 
Shikoku Electric Power Co., Inc. 15,300 144,144 
Shimadzu Corp. 22,000 320,759 
Shimamura Co. Ltd. 2,100 269,333 
SHIMANO, Inc. 7,000 1,198,818 
SHIMIZU Corp. 53,000 472,032 
Shin-Etsu Chemical Co. Ltd. 36,800 2,797,109 
Shinsei Bank Ltd. 169,000 273,958 
Shionogi & Co. Ltd. 28,300 1,397,324 
Shiseido Co. Ltd. 36,000 929,608 
Shizuoka Bank Ltd. 52,000 439,821 
Showa Shell Sekiyu K.K. 17,800 166,509 
SMC Corp. 5,400 1,570,001 
SoftBank Corp. 90,900 5,724,984 
Sohgo Security Services Co., Ltd. 6,900 315,162 
Sony Corp. 119,400 3,763,279 
Sony Financial Holdings, Inc. 16,300 229,415 
Stanley Electric Co. Ltd. 14,200 391,729 
Start Today Co. Ltd. 16,400 288,372 
Sumitomo Chemical Co. Ltd. 150,000 712,310 
Sumitomo Corp. 112,800 1,300,959 
Sumitomo Electric Industries Ltd. 71,500 1,059,853 
Sumitomo Heavy Industries Ltd. 51,000 269,419 
Sumitomo Metal Mining Co. Ltd. 46,000 596,329 
Sumitomo Mitsui Financial Group, Inc. 127,100 4,406,772 
Sumitomo Mitsui Trust Holdings, Inc. 31,400 1,059,523 
Sumitomo Realty & Development Co. Ltd. 34,000 895,795 
Sumitomo Rubber Industries Ltd. 16,200 271,571 
Sundrug Co. Ltd. 3,500 276,008 
Suntory Beverage & Food Ltd. 13,400 587,136 
Suzuken Co. Ltd. 7,230 232,681 
Suzuki Motor Corp. 32,500 1,155,955 
Sysmex Corp. 14,800 1,028,817 
T&D Holdings, Inc. 55,600 673,859 
Taiheiyo Cement Corp. 117,000 335,816 
Taisei Corp. 100,000 751,407 
Taisho Pharmaceutical Holdings Co. Ltd. 3,500 342,090 
Taiyo Nippon Sanso Corp. 11,700 123,281 
Takashimaya Co. Ltd. 28,000 228,817 
Takeda Pharmaceutical Co. Ltd. 67,300 3,016,211 
TDK Corp. 11,700 809,974 
Teijin Ltd. 18,100 350,885 
Terumo Corp. 32,400 1,255,898 
The Chugoku Bank Ltd. 15,700 211,090 
The Hachijuni Bank Ltd. 38,200 208,721 
The Suruga Bank Ltd. 16,300 398,679 
THK Co. Ltd. 11,200 237,094 
Tobu Railway Co. Ltd. 90,000 442,834 
Toho Co. Ltd. 10,700 321,908 
Toho Gas Co. Ltd. 36,000 334,014 
Tohoku Electric Power Co., Inc. 42,100 515,863 
Tokio Marine Holdings, Inc. 64,500 2,551,831 
Tokyo Electric Power Co., Inc. (a) 134,400 522,887 
Tokyo Electron Ltd. 14,800 1,339,014 
Tokyo Gas Co. Ltd. 194,000 880,927 
Tokyo Tatemono Co. Ltd. 19,400 247,148 
Tokyu Corp. 101,000 757,957 
Tokyu Fudosan Holdings Corp. 47,300 267,464 
TonenGeneral Sekiyu K.K. 27,000 266,730 
Toppan Printing Co. Ltd. 50,000 471,059 
Toray Industries, Inc. 139,000 1,297,351 
Toshiba Corp. (a) 381,000 1,384,199 
Toto Ltd. 13,500 540,669 
Toyo Seikan Group Holdings Ltd. 14,900 275,637 
Toyo Suisan Kaisha Ltd. 8,200 332,707 
Toyoda Gosei Co. Ltd. 6,300 144,239 
Toyota Industries Corp. 15,500 711,667 
Toyota Motor Corp. 252,582 14,651,464 
Toyota Tsusho Corp. 20,300 480,642 
Trend Micro, Inc. 10,800 381,043 
Tsuruha Holdings, Inc. 3,400 392,944 
Unicharm Corp. 38,200 910,105 
United Urban Investment Corp. 281 474,005 
USS Co. Ltd. 20,300 344,173 
West Japan Railway Co. 15,600 962,746 
Yahoo! Japan Corp. 137,100 526,855 
Yakult Honsha Co. Ltd. 8,600 401,831 
Yamada Denki Co. Ltd. 57,800 299,279 
Yamaguchi Financial Group, Inc. 18,000 198,760 
Yamaha Corp. 16,000 572,900 
Yamaha Motor Co. Ltd. 26,200 583,360 
Yamato Holdings Co. Ltd. 33,200 758,215 
Yamazaki Baking Co. Ltd. 12,200 274,084 
Yaskawa Electric Corp. 23,500 375,794 
Yokogawa Electric Corp. 22,300 314,076 
Yokohama Rubber Co. Ltd. 10,300 179,148 
TOTAL JAPAN  282,256,730 
Korea (South) - 3.0%   
AMOREPACIFIC Corp. 3,047 956,388 
AMOREPACIFIC Group, Inc. 2,581 333,977 
BGFretail Co. Ltd. 936 142,394 
BS Financial Group, Inc. 24,770 201,191 
Celltrion, Inc. 7,229 671,227 
Cheil Industries, Inc. 7,198 1,016,369 
Cheil Worldwide, Inc. 6,018 89,184 
CJ CheilJedang Corp. 739 225,818 
CJ Corp. 1,351 206,119 
CJ E&M Corp. 1,804 110,251 
Coway Co. Ltd. 4,990 390,909 
Daelim Industrial Co. 2,617 186,936 
Daewoo Engineering & Construction Co. Ltd. (a) 12,550 69,457 
DGB Financial Group Co. Ltd. 16,184 135,839 
Dong Suh Companies, Inc. 2,984 70,833 
Dongbu Insurance Co. Ltd. 4,850 301,494 
Doosan Heavy Industries & Construction Co. Ltd. 4,123 94,446 
E-Mart Co. Ltd. 1,821 258,720 
GS Engineering & Construction Corp. (a) 4,839 113,385 
GS Holdings Corp. 4,794 214,183 
GS Retail Co. Ltd. 2,661 113,536 
Hana Financial Group, Inc. 28,112 806,181 
Hankook Tire Co. Ltd. 6,862 331,174 
Hanmi Pharm Co. Ltd. 490 155,086 
Hanmi Science Co. Ltd. 1,018 67,733 
Hanon Systems 17,557 164,248 
Hanssem Co. Ltd. 940 145,879 
Hanwha Chemical Corp. 10,458 247,333 
Hanwha Corp. 4,123 134,639 
Hanwha Life Insurance Co. Ltd. 21,089 115,240 
Hotel Shilla Co. 3,191 159,863 
Hyosung Corp. 1,954 228,927 
Hyundai Department Store Co. Ltd. 1,439 147,831 
Hyundai Engineering & Construction Co. Ltd. 6,685 242,266 
Hyundai Fire & Marine Insurance Co. Ltd. 5,815 179,724 
Hyundai Glovis Co. Ltd. 1,757 266,525 
Hyundai Heavy Industries Co. Ltd. (a) 3,882 493,839 
Hyundai Industrial Development & Construction Co. 5,288 224,233 
Hyundai Mobis 6,461 1,547,809 
Hyundai Motor Co. 13,654 1,671,302 
Hyundai Steel Co. 7,378 318,664 
Hyundai Wia Corp. 1,445 99,428 
Industrial Bank of Korea 23,611 272,493 
Kakao Corp. 2,867 191,509 
Kangwon Land, Inc. 11,446 379,780 
KB Financial Group, Inc. 37,735 1,397,434 
KCC Corp. 545 192,745 
KEPCO Plant Service & Engineering Co. Ltd. 2,155 103,440 
Kia Motors Corp. 25,096 893,030 
Korea Aerospace Industries Ltd. 5,405 306,223 
Korea Electric Power Corp. 24,409 1,056,407 
Korea Express Co. Ltd. (a) 601 105,618 
Korea Gas Corp. 2,686 108,849 
Korea Investment Holdings Co. Ltd. 3,405 122,356 
Korea Zinc Co. Ltd. 810 322,228 
Korean Air Lines Co. Ltd. (a) 3,577 100,077 
KT Corp. 2,367 66,801 
KT&G Corp. 11,079 1,094,576 
Kumho Petro Chemical Co. Ltd. 1,781 109,156 
LG Chemical Ltd. 4,402 948,711 
LG Corp. 9,094 487,397 
LG Display Co. Ltd. 21,673 518,418 
LG Electronics, Inc. 9,945 415,623 
LG Household & Health Care Ltd. 859 615,849 
LG Innotek Co. Ltd. 1,386 94,520 
LG Telecom Ltd. 20,279 209,216 
Lotte Chemical Corp. 1,426 359,693 
Lotte Chilsung Beverage Co. Ltd. 53 71,361 
Lotte Confectionery Co. Ltd. 495 83,095 
Lotte Shopping Co. Ltd. 1,032 206,174 
Mirae Asset Daewoo Co. Ltd. 17,442 118,186 
Mirae Asset Securities Co. Ltd. 7,482 148,167 
NAVER Corp. 2,653 1,987,857 
NCSOFT Corp. 1,617 373,941 
Oci Co. Ltd. (a) 1,596 126,284 
Orion Corp. 335 209,420 
Ottogi Corp. 103 59,256 
Paradise Co. Ltd. 4,067 46,226 
POSCO 6,619 1,377,828 
Posco Daewoo Corp. 3,885 84,748 
S-Oil Corp. 4,370 299,929 
S1 Corp. 1,800 145,573 
Samsung Card Co. Ltd. 3,339 140,712 
Samsung Electro-Mechanics Co. Ltd. 5,530 227,726 
Samsung Electronics Co. Ltd. 9,424 13,504,584 
Samsung Fire & Marine Insurance Co. Ltd. 3,159 805,110 
Samsung Heavy Industries Co. Ltd. 14,869 126,752 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 8,182 18,456 
Samsung Life Insurance Co. Ltd. 6,689 646,235 
Samsung SDI Co. Ltd. 5,311 437,880 
Samsung SDS Co. Ltd. 3,356 453,333 
Samsung Securities Co. Ltd. 5,510 166,443 
Shinhan Financial Group Co. Ltd. 40,595 1,556,357 
Shinsegae Co. Ltd. 662 107,656 
SK C&C Co. Ltd. 4,353 850,615 
SK Energy Co. Ltd. 6,141 813,427 
SK Hynix, Inc. 55,129 1,976,200 
SK Networks Co. Ltd. 10,178 58,020 
SK Telecom Co. Ltd. 1,944 381,251 
Woori Bank 27,987 305,868 
Woori Investment & Securities Co. Ltd. 14,380 126,983 
Yuhan Corp. 746 136,970 
TOTAL KOREA (SOUTH)  52,301,352 
Luxembourg - 0.2%   
ArcelorMittal SA (Netherlands) (a) 174,166 1,176,833 
Millicom International Cellular SA (depository receipt) 6,456 283,839 
RTL Group SA 3,537 277,228 
SES SA (France) (depositary receipt) 34,613 796,025 
Tenaris SA 45,246 639,948 
TOTAL LUXEMBOURG  3,173,873 
Malaysia - 0.6%   
AirAsia Bhd 106,300 70,191 
Alliance Financial Group Bhd 81,200 77,232 
AMMB Holdings Bhd 160,600 160,791 
Astro Malaysia Holdings Bhd 141,200 95,928 
Axiata Group Bhd 252,001 295,553 
Berjaya Sports Toto Bhd 54,532 41,468 
British American Tobacco (Malaysia) Bhd 12,800 151,098 
Bumiputra-Commerce Holdings Bhd 406,330 487,209 
Dialog Group Bhd 291,622 107,751 
DiGi.com Bhd 334,200 400,721 
Felda Global Ventures Holdings Bhd 126,600 60,659 
Gamuda Bhd 151,000 176,737 
Gamuda Bhd warrants 3/6/21 (a) 14,250 4,416 
Genting Bhd 211,400 395,084 
Genting Malaysia Bhd 269,100 305,344 
Genting Plantations Bhd 17,400 45,626 
Hap Seng Consolidated Bhd 49,800 92,477 
Hartalega Holdings Bhd 61,200 71,485 
Hong Leong Bank Bhd 54,900 174,319 
Hong Leong Credit Bhd 22,500 84,315 
IHH Healthcare Bhd 301,300 459,671 
IJM Corp. Bhd 274,000 215,542 
IOI Corp. Bhd 233,700 250,691 
IOI Properties Group Sdn Bhd 141,600 82,698 
Kuala Lumpur Kepong Bhd 37,300 213,041 
Lafarge Malaysia Bhd 28,200 54,451 
Malayan Banking Bhd 383,528 722,258 
Malaysia Airports Holdings Bhd 70,502 111,425 
Maxis Bhd 171,700 243,941 
MISC Bhd 102,400 183,563 
Petronas Chemicals Group Bhd 222,000 370,441 
Petronas Dagangan Bhd 19,400 108,030 
Petronas Gas Bhd 61,600 323,051 
PPB Group Bhd 40,200 154,475 
Public Bank Bhd 253,400 1,199,648 
RHB Capital Bhd 73,874 85,056 
RHB Capital Bhd 46,292 0 
SapuraKencana Petroleum Bhd (a) 361,300 139,525 
Sime Darby Bhd 235,437 459,649 
Telekom Malaysia Bhd 98,226 153,134 
Tenaga Nasional Bhd 318,900 1,090,113 
UMW Holdings Bhd 46,900 66,633 
Westports Holdings Bhd 92,800 97,556 
YTL Corp. Bhd 392,826 148,890 
YTL Power International Bhd 191,450 69,826 
TOTAL MALAYSIA  10,301,712 
Malta - 0.0%   
Brait SA 31,685 210,524 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 652,000 180,428 
Mexico - 0.9%   
Alfa SA de CV Series A 260,700 395,305 
America Movil S.A.B. de CV Series L 3,008,000 1,992,496 
CEMEX S.A.B. de CV unit 1,324,117 1,146,106 
Coca-Cola FEMSA S.A.B. de CV Series L 47,500 356,809 
Compartamos S.A.B. de CV 92,600 182,741 
Controladora Comercial Mexicana S.A.B de C.V. (a) 21,100 19,235 
El Puerto de Liverpool S.A.B. de CV Class C 17,670 185,217 
Embotelladoras Arca S.A.B. de CV 38,900 242,073 
Fibra Uno Administracion SA de CV 248,600 474,419 
Fomento Economico Mexicano S.A.B. de CV unit 173,800 1,667,104 
Gruma S.A.B. de CV Series B 19,880 275,834 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 33,500 323,798 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 19,225 305,783 
Grupo Bimbo S.A.B. de CV Series A 159,500 429,615 
Grupo Carso SA de CV Series A1 53,200 232,210 
Grupo Comercial Chedraui S.A.B. de CV 29,100 64,910 
Grupo Financiero Banorte S.A.B. de CV Series O 236,200 1,391,007 
Grupo Financiero Inbursa S.A.B. de CV Series O 215,800 350,171 
Grupo Financiero Santander Mexico S.A.B. de CV 177,200 320,724 
Grupo Lala S.A.B. de CV 54,200 100,910 
Grupo Mexico SA de CV Series B 361,724 891,248 
Grupo Televisa SA de CV 231,500 1,139,067 
Industrias Penoles SA de CV 13,460 326,434 
Kimberly-Clark de Mexico SA de CV Series A 141,100 304,282 
Mexichem S.A.B. de CV 98,321 235,126 
OHL Mexico S.A.B. de CV (a) 77,100 90,802 
Promotora y Operadora de Infraestructura S.A.B. de CV 24,540 274,340 
Wal-Mart de Mexico SA de CV Series V 495,500 1,048,360 
TOTAL MEXICO  14,766,126 
Netherlands - 2.6%   
ABN AMRO Group NV GDR 22,542 520,274 
AEGON NV 169,221 732,041 
AerCap Holdings NV (a) 15,490 636,794 
Ahold Delhaize NV 121,165 2,765,920 
Airbus Group NV 55,321 3,284,956 
Akzo Nobel NV 23,457 1,516,155 
Altice NV:   
Class A (a) 34,916 643,928 
Class B (a) 10,514 195,690 
ASML Holding NV (Netherlands) 34,802 3,681,842 
CNH Industrial NV 97,176 755,259 
Ferrari NV 11,739 618,294 
Fiat Chrysler Automobiles NV 84,152 616,160 
Gemalto NV 7,666 416,854 
Heineken Holding NV 9,597 738,616 
Heineken NV (Bearer) 21,813 1,797,089 
ING Groep NV (Certificaten Van Aandelen) 366,786 4,814,807 
Koninklijke Boskalis Westminster NV 8,087 260,954 
Koninklijke DSM NV 17,155 1,103,173 
Koninklijke KPN NV 323,750 1,055,668 
Koninklijke Philips Electronics NV 88,012 2,651,992 
Mobileye NV (a)(b) 16,793 624,364 
NN Group NV 30,001 904,027 
NXP Semiconductors NV (a) 27,815 2,781,500 
OCI NV (a)(b) 8,294 115,175 
QIAGEN NV (Germany) (a) 20,590 504,153 
Randstad Holding NV 11,091 571,197 
RELX NV 94,233 1,589,007 
Steinhoff International Holdings NV (South Africa) 282,748 1,526,373 
STMicroelectronics NV 60,862 577,642 
Unilever NV (Certificaten Van Aandelen) (Bearer) 154,006 6,454,714 
Vopak NV 6,775 342,151 
Wolters Kluwer NV 28,585 1,106,273 
TOTAL NETHERLANDS  45,903,042 
New Zealand - 0.1%   
Auckland International Airport Ltd. 91,884 433,004 
Contact Energy Ltd. 65,403 222,156 
Fletcher Building Ltd. 65,694 487,160 
Mercury Nz Ltd. 67,362 146,920 
Meridian Energy Ltd. 118,570 217,909 
Ryman Healthcare Group Ltd. 34,960 221,999 
Spark New Zealand Ltd. 170,727 446,838 
TOTAL NEW ZEALAND  2,175,986 
Norway - 0.4%   
DNB ASA 92,449 1,337,108 
Gjensidige Forsikring ASA 18,788 336,769 
Marine Harvest ASA 36,679 665,588 
Norsk Hydro ASA 124,977 558,740 
Orkla ASA 77,122 728,219 
Schibsted ASA:   
(A Shares) 7,089 169,967 
(B Shares) 8,104 182,435 
Statoil ASA 105,524 1,722,786 
Telenor ASA 70,995 1,129,926 
Yara International ASA 17,215 608,396 
TOTAL NORWAY  7,439,934 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 130,559 661,446 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR 17,093 227,166 
Philippines - 0.3%   
Aboitiz Equity Ventures, Inc. 187,950 302,710 
Aboitiz Power Corp. 134,700 127,804 
Alliance Global Group, Inc. 173,900 51,205 
Ayala Corp. 22,390 386,038 
Ayala Land, Inc. 676,300 506,218 
Bank of the Philippine Islands (BPI) 63,191 131,916 
BDO Unibank, Inc. 149,373 347,913 
DMCI Holdings, Inc. 405,650 104,701 
Globe Telecom, Inc. 3,200 117,614 
GT Capital Holdings, Inc. 7,100 192,199 
International Container Terminal Services, Inc. 43,730 70,250 
JG Summit Holdings, Inc. 274,680 431,053 
Jollibee Food Corp. 39,970 196,427 
Megaworld Corp. 970,800 80,583 
Metro Pacific Investments Corp. 1,185,400 176,233 
Metropolitan Bank & Trust Co. 63,536 106,660 
Philippine Long Distance Telephone Co. 9,370 296,020 
PNOC Energy Development Corp. 840,100 102,347 
Robinsons Land Corp. 151,200 96,628 
Security Bank Corp. 35,420 161,194 
SM Investments Corp. 22,763 315,856 
SM Prime Holdings, Inc. 791,600 439,692 
Universal Robina Corp. 81,990 308,122 
TOTAL PHILIPPINES  5,049,383 
Poland - 0.2%   
Alior Bank SA (a) 8,759 105,267 
Bank Handlowy w Warszawie SA 3,460 68,534 
Bank Millennium SA (a) 53,962 79,363 
Bank Polska Kasa Opieki SA 15,173 468,156 
Bank Zachodni WBK SA 3,300 266,641 
BRE Bank SA (a) 1,407 126,884 
Cyfrowy Polsat SA (a) 18,727 115,610 
ENEA SA (a) 20,035 51,272 
Energa SA 15,329 31,414 
Eurocash SA 7,631 77,336 
Grupa Lotos SA (a) 7,846 68,016 
KGHM Polska Miedz SA (Bearer) 12,923 234,134 
LPP SA 123 184,347 
NG2 SA 2,360 119,767 
Polish Oil & Gas Co. SA 167,077 213,784 
Polska Grupa Energetyczna SA 79,202 207,329 
Polski Koncern Naftowy Orlen SA 30,802 610,819 
Powszechna Kasa Oszczednosci Bank SA 81,608 571,615 
Powszechny Zaklad Ubezpieczen SA 54,372 377,517 
Synthos SA (a) 48,983 59,180 
Tauron Polska Energia SA (a) 89,921 60,738 
Telekomunikacja Polska SA 55,311 78,950 
Zaklady Azotowe w Tarnowie-Moscicach SA 3,836 61,110 
TOTAL POLAND  4,237,783 
Portugal - 0.1%   
Banco Espirito Santo SA (Reg.) (a) 82,039 1 
Energias de Portugal SA 221,699 732,787 
Galp Energia SGPS SA Class B 43,127 584,682 
Jeronimo Martins SGPS SA 24,353 418,914 
TOTAL PORTUGAL  1,736,384 
Qatar - 0.2%   
Barwa Real Estate Co. (a) 8,276 72,611 
Commercial Bank of Qatar (a) 15,129 148,317 
Doha Bank (a) 12,399 123,937 
Ezdan Holding Group (a) 74,225 320,010 
Industries Qatar QSC (a) 14,583 408,471 
Masraf al Rayan (a) 33,709 320,284 
Qatar Electricity & Water Co.(a) 2,653 152,993 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 25,968 161,233 
Qatar Insurance Co. SAQ (a) 11,462 275,726 
Qatar Islamic Bank (a) 5,818 163,602 
Qatar National Bank SAQ 19,920 875,232 
Qatar Telecom (Qtel) Q.S.C. (a) 7,448 198,392 
Vodafone Qatar QSC (a) 28,451 82,113 
TOTAL QATAR  3,302,921 
Russia - 0.8%   
Alrosa Co. Ltd. (a) 236,601 330,638 
Gazprom OAO (a) 493,182 1,080,714 
Gazprom OAO sponsored ADR (Reg. S) 312,888 1,351,676 
Lukoil PJSC (a) 13,015 635,103 
Lukoil PJSC sponsored ADR 27,160 1,324,050 
Magnit OJSC GDR (Reg. S) 26,848 1,065,597 
MegaFon PJSC GDR 9,156 87,257 
MMC Norilsk Nickel PJSC (a) 2,066 304,485 
MMC Norilsk Nickel PJSC sponsored ADR 31,859 480,434 
Mobile TeleSystems OJSC sponsored ADR 47,839 368,839 
Moscow Exchange MICEX-RTS OAO (a) 127,675 235,026 
NOVATEK OAO GDR (Reg. S) 8,610 920,409 
PhosAgro OJSC GDR (Reg. S) 9,219 114,316 
Rosneft Oil Co. OJSC (a) 51,333 281,476 
Rosneft Oil Co. OJSC GDR (Reg. S) 60,215 328,172 
Rostelecom PJSC (a) 46,353 57,765 
Rostelecom PJSC sponsored ADR 6,231 45,922 
RusHydro PJSC (a) 4,100,000 51,404 
RusHydro PJSC ADR 71,112 86,757 
Sberbank of Russia (a) 434,304 1,010,907 
Sberbank of Russia sponsored ADR 145,963 1,385,189 
Severstal PAO (a) 5,253 73,441 
Severstal PAO GDR (Reg. S) 15,206 214,405 
Sistema JSFC sponsored GDR 16,022 119,684 
Surgutneftegas OJSC sponsored ADR 70,387 302,523 
Tatneft PAO (a) 60,911 341,056 
Tatneft PAO sponsored ADR 12,317 412,250 
VTB Bank OJSC (a) 194,868,334 208,235 
VTB Bank OJSC sponsored GDR (Reg. S) 142,761 298,942 
TOTAL RUSSIA  13,516,672 
Singapore - 0.8%   
Ascendas Real Estate Investment Trust 212,500 361,995 
CapitaCommercial Trust (REIT) 192,500 217,925 
CapitaLand Ltd. 246,300 547,038 
CapitaMall Trust 236,800 352,328 
City Developments Ltd. 37,900 231,282 
ComfortDelgro Corp. Ltd. 208,900 381,388 
DBS Group Holdings Ltd. 166,309 1,793,089 
Global Logistic Properties Ltd. 250,400 319,468 
Hutchison Port Holdings Trust 491,300 218,629 
Jardine Cycle & Carriage Ltd. 9,400 285,260 
Keppel Corp. Ltd. 135,300 513,484 
Oversea-Chinese Banking Corp. Ltd. 291,594 1,777,335 
Sembcorp Industries Ltd. 93,100 169,303 
Sembcorp Marine Ltd. 89,300 83,122 
Singapore Airlines Ltd. 50,100 364,789 
Singapore Exchange Ltd. 74,300 378,643 
Singapore Press Holdings Ltd. 154,300 412,576 
Singapore Technologies Engineering Ltd. 151,800 341,516 
Singapore Telecommunications Ltd. 753,500 2,101,405 
StarHub Ltd. 57,900 140,666 
Suntec (REIT) 232,600 280,875 
United Overseas Bank Ltd. 122,271 1,650,494 
UOL Group Ltd. 44,626 181,872 
Wilmar International Ltd. 185,300 440,858 
Yangzijiang Shipbuilding Holdings Ltd. 199,600 106,884 
TOTAL SINGAPORE  13,652,224 
South Africa - 1.5%   
Anglo American Platinum Ltd. (a) 5,010 118,037 
AngloGold Ashanti Ltd. (a) 37,989 517,246 
Aspen Pharmacare Holdings Ltd. 34,697 755,839 
Barclays Africa Group Ltd. 40,662 471,524 
Bidcorp Ltd. 31,251 551,028 
Bidvest Group Ltd. 30,652 380,566 
Capitec Bank Holdings Ltd. 3,714 188,678 
Coronation Fund Managers Ltd. 21,695 116,699 
Discovery Ltd. 35,049 299,523 
Exxaro Resources Ltd. 14,137 104,006 
FirstRand Ltd. 320,134 1,147,224 
Fortress Income Fund Ltd.:   
Class A 110,534 134,030 
Class B 58,563 139,244 
Foschini Ltd. 19,641 202,182 
Gold Fields Ltd. 79,439 327,628 
Growthpoint Properties Ltd. 199,924 372,752 
Hyprop Investments Ltd. 22,666 201,214 
Impala Platinum Holdings Ltd. (a) 57,173 229,816 
Imperial Holdings Ltd. 15,521 196,054 
Investec Ltd. 23,711 146,218 
Liberty Holdings Ltd. 10,387 89,320 
Life Healthcare Group Holdings Ltd. 88,608 236,573 
Massmart Holdings Ltd. 11,662 101,071 
MMI Holdings Ltd. 95,084 159,440 
Mondi Ltd. 10,948 213,946 
Mr Price Group Ltd. 22,232 253,453 
MTN Group Ltd. 157,384 1,359,379 
Naspers Ltd. Class N 41,435 6,944,578 
Nedbank Group Ltd. 18,417 301,174 
Netcare Ltd. 89,998 231,140 
Pick 'n Pay Stores Ltd. 34,564 169,158 
Pioneer Foods Ltd. 12,034 145,269 
PSG Group Ltd. 8,801 137,526 
Rand Merchant Insurance Holdings Ltd. 61,885 185,328 
Redefine Properties Ltd. 421,254 361,778 
Remgro Ltd. 50,567 840,049 
Resilient Property Income Fund Ltd. 27,261 225,569 
RMB Holdings Ltd. 65,838 290,622 
Sanlam Ltd. 131,393 636,903 
Sappi Ltd. (a) 50,440 280,560 
Sasol Ltd. 52,487 1,449,428 
Shoprite Holdings Ltd. 40,002 590,370 
Sibanye Gold Ltd. 68,045 189,285 
Spar Group Ltd. 17,044 241,432 
Standard Bank Group Ltd. 122,974 1,304,731 
Telkom SA Ltd. 23,235 107,199 
Tiger Brands Ltd. 15,752 448,574 
Truworths International Ltd. 41,128 217,936 
Tsogo Sun Holdings Ltd. 41,411 94,009 
Vodacom Group Ltd. 35,726 385,378 
Woolworths Holdings Ltd. 93,111 539,383 
TOTAL SOUTH AFRICA  25,330,069 
Spain - 2.1%   
Abertis Infraestructuras SA 60,889 904,023 
ACS Actividades de Construccion y Servicios SA 18,182 557,463 
Aena SA 6,392 938,499 
Amadeus IT Holding SA Class A 41,449 1,956,528 
Banco Bilbao Vizcaya Argentaria SA 622,528 4,481,384 
Banco de Sabadell SA 505,071 675,864 
Banco Popular Espanol SA (b) 322,143 353,279 
Banco Santander SA:   
rights 11/1/16 (a) 1,335,436 74,765 
(Spain) 1,365,622 6,691,587 
Bankia SA 433,481 381,635 
Bankinter SA 64,391 492,959 
CaixaBank SA 308,212 929,995 
Distribuidora Internacional de Alimentacion SA 57,648 308,632 
Enagas SA 21,085 605,269 
Endesa SA 30,313 644,392 
Ferrovial SA 45,909 893,280 
Ferrovial SA rights 11/14/16 (a) 45,909 19,655 
Gas Natural SDG SA 33,417 659,386 
Grifols SA 27,802 549,659 
Iberdrola SA 513,621 3,500,805 
Inditex SA 103,126 3,605,063 
International Consolidated Airlines Group SA 71,675 380,660 
International Consolidated Airlines Group SA CDI 3,400 18,078 
MAPFRE SA (Reg.) 99,758 296,442 
Red Electrica Corporacion SA 41,324 862,132 
Repsol YPF SA 104,925 1,470,291 
Telefonica SA 423,623 4,304,265 
Zardoya Otis SA 16,733 141,255 
TOTAL SPAIN  36,697,245 
Sweden - 1.8%   
Alfa Laval AB 27,120 389,738 
ASSA ABLOY AB (B Shares) 94,729 1,721,553 
Atlas Copco AB:   
(A Shares) (b) 63,448 1,861,541 
(B Shares) 36,896 964,868 
Boliden AB 26,130 605,505 
Electrolux AB (B Shares) 23,149 548,216 
Getinge AB (B Shares) 18,585 304,532 
H&M Hennes & Mauritz AB (B Shares) 89,835 2,527,313 
Hexagon AB (B Shares) 24,423 855,007 
Husqvarna AB (B Shares) 39,454 296,817 
ICA Gruppen AB 7,497 232,825 
Industrivarden AB (C Shares) 15,033 268,299 
Investor AB (B Shares) 42,971 1,527,653 
Kinnevik AB (B Shares) 21,886 553,441 
Lundin Petroleum AB (a) 18,154 326,614 
Nordea Bank AB 287,234 3,019,532 
Sandvik AB 100,596 1,143,826 
Securitas AB (B Shares) 29,926 462,533 
Skandinaviska Enskilda Banken AB (A Shares) 143,554 1,448,708 
Skanska AB (B Shares) 32,355 702,828 
SKF AB (B Shares) 37,973 643,664 
Svenska Cellulosa AB (SCA) (B Shares) 57,377 1,625,612 
Svenska Handelsbanken AB (A Shares) 143,208 1,952,373 
Swedbank AB (A Shares) 85,556 2,004,357 
Swedish Match Co. AB 18,111 630,225 
Tele2 AB:   
rights 11/16/16 (a) 30,117 9,024 
(B Shares) (b) 30,117 248,915 
Telefonaktiebolaget LM Ericsson (B Shares) 290,340 1,408,399 
TeliaSonera AB 245,691 981,986 
Volvo AB (B Shares) 145,571 1,563,347 
TOTAL SWEDEN  30,829,251 
Switzerland - 5.7%   
ABB Ltd. (Reg.) 185,908 3,835,362 
Actelion Ltd. 9,737 1,407,095 
Adecco SA (Reg.) 15,743 936,259 
Aryzta AG 8,334 366,189 
Baloise Holdings AG 4,666 574,320 
Barry Callebaut AG 203 252,737 
Coca-Cola HBC AG 17,519 378,688 
Compagnie Financiere Richemont SA Series A 49,425 3,177,529 
Credit Suisse Group AG 176,076 2,456,749 
Dufry AG (a) 4,278 520,511 
Ems-Chemie Holding AG 757 380,011 
Galenica AG 361 361,894 
Geberit AG (Reg.) 3,573 1,511,814 
Givaudan SA 874 1,691,385 
Julius Baer Group Ltd. 21,230 859,424 
Kuehne & Nagel International AG 5,227 708,871 
Lafargeholcim Ltd. (Reg.) 43,086 2,301,142 
Lindt & Spruengli AG 10 620,484 
Lindt & Spruengli AG (participation certificate) 92 477,874 
Lonza Group AG 5,028 949,149 
Nestle SA (Reg. S) 301,486 21,861,922 
Novartis AG 211,188 14,987,502 
Pargesa Holding SA 3,290 220,929 
Partners Group Holding AG 1,644 832,342 
Roche Holding AG (participation certificate) 66,442 15,260,512 
Schindler Holding AG:   
(participation certificate) 4,198 780,165 
(Reg.) 1,918 354,701 
SGS SA (Reg.) 519 1,052,109 
Sika AG 203 975,664 
Sonova Holding AG Class B 5,088 682,308 
Swatch Group AG (Bearer) (b) 2,928 880,871 
Swatch Group AG (Bearer) (Reg.) 4,681 269,871 
Swiss Life Holding AG 3,044 805,950 
Swiss Prime Site AG 6,748 559,520 
Swiss Re Ltd. 31,556 2,930,621 
Swisscom AG 2,458 1,124,487 
Syngenta AG (Switzerland) 8,790 3,517,458 
UBS Group AG 346,068 4,896,116 
Zurich Insurance Group AG 14,227 3,722,268 
TOTAL SWITZERLAND  99,482,803 
Taiwan - 2.7%   
Acer, Inc. 258,288 118,787 
Advanced Semiconductor Engineering, Inc. 603,916 710,242 
Advantech Co. Ltd. 28,994 236,340 
Asia Cement Corp. 236,466 206,627 
Asia Pacific Telecom Co. Ltd. (a) 185,000 59,557 
ASUSTeK Computer, Inc. 66,000 578,810 
AU Optronics Corp. 847,000 322,002 
Catcher Technology Co. Ltd. 61,000 478,852 
Cathay Financial Holding Co. Ltd. 775,285 1,006,959 
Chang Hwa Commercial Bank 461,455 236,373 
Cheng Shin Rubber Industry Co. Ltd. 179,899 366,890 
Chicony Electronics Co. Ltd. 50,507 129,437 
China Airlines Ltd. 223,490 67,695 
China Development Finance Holding Corp. 1,252,800 314,308 
China Life Insurance Co. Ltd. 319,818 295,691 
China Steel Corp. 1,123,426 812,411 
Chinatrust Financial Holding Co. Ltd. 1,665,579 898,071 
Chunghwa Telecom Co. Ltd. 359,000 1,230,406 
Compal Electronics, Inc. 396,000 236,129 
Delta Electronics, Inc. 184,621 974,972 
E.SUN Financial Holdings Co. Ltd. 752,864 428,625 
ECLAT Textile Co. Ltd. 17,452 198,718 
EVA Airways Corp. 215,834 104,054 
Evergreen Marine Corp. (Taiwan) (a) 181,720 68,011 
Far Eastern Textile Ltd. 302,664 234,713 
Far EasTone Telecommunications Co. Ltd. 154,000 364,381 
Feng Tay Enterprise Co. Ltd. 31,436 131,613 
First Financial Holding Co. Ltd. 895,207 469,914 
Formosa Chemicals & Fibre Corp. 305,590 910,126 
Formosa Petrochemical Corp. 106,000 354,695 
Formosa Plastics Corp. 393,480 1,065,804 
Formosa Taffeta Co. Ltd. 65,000 59,375 
Foxconn Technology Co. Ltd. 86,535 251,411 
Fubon Financial Holding Co. Ltd. 632,398 898,597 
Giant Manufacturing Co. Ltd. 26,000 184,309 
Hermes Microvision, Inc. 4,000 176,983 
Highwealth Construction Corp. 77,480 114,886 
HIWIN Technologies Corp. 19,965 88,337 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1,464,488 3,962,156 
Hotai Motor Co. Ltd. 23,000 268,091 
HTC Corp. (a) 62,000 181,702 
Hua Nan Financial Holdings Co. Ltd. 710,745 361,814 
Innolux Corp. 865,427 292,332 
Inotera Memories, Inc. (a) 244,000 228,688 
Inventec Corp. 233,280 182,756 
Largan Precision Co. Ltd. 9,000 1,066,178 
Lite-On Technology Corp. 206,910 297,287 
MediaTek, Inc. 140,970 1,073,086 
Mega Financial Holding Co. Ltd. 1,034,246 708,556 
Merida Industry Co. Ltd. 20,300 93,682 
Nan Ya Plastics Corp. 452,780 943,516 
Nanya Technology Corp. 58,000 75,332 
Nien Made Enterprise Co. Ltd. 14,000 162,520 
Novatek Microelectronics Corp. 54,000 202,959 
OBI Pharma, Inc. (a) 10,000 104,826 
Pegatron Corp. 186,000 501,451 
Phison Electronics Corp. 15,000 106,570 
Pou Chen Corp. 209,000 283,055 
Powertech Technology, Inc. 66,000 188,610 
President Chain Store Corp. 53,000 396,720 
Quanta Computer, Inc. 253,000 513,567 
Realtek Semiconductor Corp. 44,090 149,631 
Ruentex Development Co. Ltd. (a) 71,687 82,763 
Ruentex Industries Ltd. 57,015 92,046 
Shin Kong Financial Holding Co. Ltd. (a) 737,331 160,195 
Siliconware Precision Industries Co. Ltd. 211,000 319,438 
Simplo Technology Co. Ltd. 27,200 84,114 
Sinopac Holdings Co. 923,208 266,756 
Standard Foods Corp. 39,564 98,005 
Synnex Technology International Corp. 144,500 154,452 
TaiMed Biologics, Inc. 16,000 100,734 
Taishin Financial Holdings Co. Ltd. 788,339 288,796 
Taiwan Business Bank 369,359 93,486 
Taiwan Cement Corp. 325,000 390,163 
Taiwan Cooperative Financial Holding Co. Ltd. 712,447 312,967 
Taiwan Fertilizer Co. Ltd. 63,000 84,524 
Taiwan Mobile Co. Ltd. 156,600 548,846 
Taiwan Semiconductor Manufacturing Co. Ltd. 2,303,000 13,833,837 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 5,200 161,720 
TECO Electric & Machinery Co. Ltd. 181,000 161,031 
Transcend Information, Inc. 24,000 66,378 
Unified-President Enterprises Corp. 459,080 889,665 
United Microelectronics Corp. 1,118,000 416,507 
Vanguard International Semiconductor Corp. 82,000 167,493 
Wistron Corp. 238,280 179,871 
WPG Holding Co. Ltd. 142,000 166,643 
Yuanta Financial Holding Co. Ltd. 928,372 347,457 
Yulon Motor Co. Ltd. 82,000 71,913 
TOTAL TAIWAN  47,269,996 
Thailand - 0.5%   
Advanced Info Service PCL 5,000 21,905 
Advanced Info Service PCL (For. Reg.) 91,600 401,301 
Airports of Thailand PCL 1,800 19,573 
Airports of Thailand PCL (For. Reg.) 39,300 427,351 
Bangkok Bank PCL (For. Reg.) 21,000 95,298 
Bangkok Dusit Medical Services PCL (For. Reg.) 358,700 233,417 
Bangkok Expressway and Metro PCL 645,600 137,273 
Banpu PCL (For. Reg.) 166,600 87,015 
BEC World PCL (For. Reg.) 87,000 50,903 
BTS Group Holdings PCL 577,800 140,997 
Bumrungrad Hospital PCL (For. Reg.) 31,900 166,613 
C.P. ALL PCL 20,500 35,544 
C.P. ALL PCL (For. Reg.) 448,800 778,155 
Central Pattana PCL 9,800 15,593 
Central Pattana PCL (For. Reg.) 114,800 182,664 
Charoen Pokphand Foods PCL (For. Reg.) 249,600 224,400 
Delta Electronics PCL 6,600 14,787 
Delta Electronics PCL (For. Reg.) 41,400 92,755 
Electricity Generating PCL (For. Reg.) 12,500 69,568 
Energy Absolute PCL 21,300 17,174 
Energy Absolute PCL 93,100 75,065 
Glow Energy PCL (For. Reg.) 47,700 104,828 
Home Product Center PCL 57,000 16,431 
Home Product Center PCL (For. Reg.) 326,967 94,252 
Indorama Ventures PCL 24,500 20,453 
Indorama Ventures PCL (For. Reg.) 124,900 104,269 
IRPC PCL 144,600 19,727 
IRPC PCL (For. Reg.) 861,500 117,530 
Kasikornbank PCL 48,700 239,070 
Kasikornbank PCL (For. Reg.) 116,900 573,865 
Krung Thai Bank PCL 30,400 14,923 
Krung Thai Bank PCL (For. Reg.) 295,855 145,236 
Minor International PCL (For. Reg.) 201,470 221,380 
PTT Exploration and Production PCL (For. Reg.) 126,844 301,385 
PTT Global Chemical PCL 9,000 15,412 
PTT Global Chemical PCL (For. Reg.) 184,039 315,158 
PTT PCL 10,400 102,701 
PTT PCL (For. Reg.) 84,500 834,449 
Robinsons Department Store PCL (For. Reg.) 42,800 70,850 
Siam Cement PCL 4,200 60,415 
Siam Cement PCL (For. Reg.) 34,600 497,707 
Siam Commercial Bank PCL 6,400 26,212 
Siam Commercial Bank PCL (For. Reg.) 142,200 582,396 
Thai Oil PCL 7,600 15,184 
Thai Oil PCL (For. Reg.) 69,700 139,251 
Thai Union Frozen Products PCL 25,600 15,855 
Thai Union Frozen Products PCL (For. Reg.) 155,700 96,431 
TMB PCL (For. Reg.) 1,107,700 66,391 
True Corp. PCL (For. Reg.) 959,612 184,870 
TOTAL THAILAND  8,283,982 
Turkey - 0.3%   
Akbank T.A.S. 209,759 560,623 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 20,031 122,416 
Arcelik A/S 23,165 153,023 
Bim Birlesik Magazalar A/S JSC 20,781 338,487 
Coca-Cola Icecek Sanayi A/S 6,663 75,367 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 183,891 187,799 
Eregli Demir ve Celik Fabrikalari T.A.S. 131,202 178,088 
Ford Otomotiv Sanayi A/S 5,863 59,952 
Haci Omer Sabanci Holding A/S 86,158 260,347 
Koc Holding A/S 61,931 258,192 
Petkim Petrokimya Holding A/S 57,640 78,238 
TAV Havalimanlari Holding A/S 14,170 58,251 
Tofas Turk Otomobil Fabrikasi A/S 12,291 92,552 
Tupras Turkiye Petrol Rafinelleri A/S 11,849 241,441 
Turk Hava Yollari AO (a) 49,702 87,381 
Turk Sise ve Cam Fabrikalari A/S 72,500 76,149 
Turk Telekomunikasyon A/S 39,271 72,596 
Turkcell Iletisim Hizmet A/S 85,794 276,437 
Turkiye Garanti Bankasi A/S 219,236 595,871 
Turkiye Halk Bankasi A/S 59,149 179,688 
Turkiye Is Bankasi A/S Series C 151,930 246,486 
Turkiye Vakiflar Bankasi TAO 73,616 108,964 
Ulker Biskuvi Sanayi A/S 13,322 82,664 
Yapi ve Kredi Bankasi A/S (a) 72,783 87,031 
TOTAL TURKEY  4,478,043 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC (a) 190,114 317,810 
Aldar Properties PJSC (a) 294,785 211,882 
Arabtec Holding Co. (a) 193,315 70,001 
DP World Ltd. 16,246 291,616 
Dubai Financial Market PJSC (a) 176,244 55,182 
Dubai Islamic Bank Pakistan Ltd. (a) 117,345 167,410 
Emaar Malls Group PJSC (a) 185,844 130,037 
Emaar Properties PJSC 337,194 639,879 
Emirates Telecommunications Corp. 165,339 848,539 
First Gulf Bank PJSC 83,207 260,521 
National Bank of Abu Dhabi PJSC (a) 64,377 155,117 
TOTAL UNITED ARAB EMIRATES  3,147,994 
United Kingdom - 10.8%   
3i Group PLC 92,582 760,380 
Aberdeen Asset Management PLC 85,351 334,512 
Admiral Group PLC 20,135 472,449 
Aggreko PLC 23,575 231,279 
Anglo American PLC (United Kingdom) (a) 132,675 1,836,678 
Antofagasta PLC 35,751 237,613 
Ashtead Group PLC 47,863 748,708 
Associated British Foods PLC 33,694 1,015,365 
AstraZeneca PLC (United Kingdom) 119,577 6,695,723 
Auto Trader Group PLC 96,135 440,907 
Aviva PLC 383,404 2,077,580 
Babcock International Group PLC 24,475 296,279 
BAE Systems PLC 299,586 1,984,983 
Barclays PLC 1,599,154 3,704,932 
Barratt Developments PLC 93,134 517,200 
Berkeley Group Holdings PLC 12,352 356,654 
BHP Billiton PLC 199,879 3,005,594 
BP PLC 1,730,112 10,227,914 
BP PLC sponsored ADR 5,515 196,058 
British American Tobacco PLC (United Kingdom) 176,239 10,100,777 
British Land Co. PLC 93,340 668,923 
BT Group PLC 797,816 3,662,007 
Bunzl PLC 31,781 855,410 
Burberry Group PLC 42,236 762,529 
Capita Group PLC 62,310 446,927 
Carnival PLC 18,058 870,989 
Carphone Warehouse Group PLC 94,747 364,959 
Centrica PLC 513,844 1,347,200 
Cobham PLC 164,951 288,515 
Coca-Cola European Partners PLC 20,589 793,880 
Compass Group PLC 155,089 2,806,224 
Croda International PLC 12,311 527,102 
Diageo PLC 237,948 6,333,352 
Direct Line Insurance Group PLC 127,417 539,772 
easyJet PLC 15,044 172,538 
Fresnillo PLC 20,660 414,721 
G4S PLC (United Kingdom) 149,140 401,604 
GKN PLC 163,484 637,559 
GlaxoSmithKline PLC 460,556 9,097,969 
Hammerson PLC 75,952 512,239 
Hargreaves Lansdown PLC 24,019 341,031 
Hikma Pharmaceuticals PLC 13,358 286,782 
HSBC Holdings PLC (United Kingdom) 1,873,429 14,109,046 
ICAP PLC 53,659 318,213 
IMI PLC 25,142 305,892 
Imperial Tobacco Group PLC 90,610 4,386,912 
Inmarsat PLC 41,741 358,403 
InterContinental Hotel Group PLC 17,858 693,998 
Intertek Group PLC 15,386 643,694 
Intu Properties PLC 90,967 306,752 
Investec PLC 57,049 354,726 
ITV PLC 345,383 720,787 
J Sainsbury PLC 152,876 469,485 
Johnson Matthey PLC 18,390 767,569 
Kingfisher PLC 214,675 948,310 
Land Securities Group PLC 74,867 915,456 
Legal & General Group PLC 562,294 1,441,191 
Lloyds Banking Group PLC 6,074,876 4,242,227 
London Stock Exchange Group PLC 29,621 1,018,797 
Marks & Spencer Group PLC 155,943 648,846 
Mediclinic International PLC 18,636 206,777 
Mediclinic International PLC 15,488 170,975 
Meggitt PLC 72,648 387,074 
Merlin Entertainments PLC 65,588 369,929 
Mondi PLC 34,979 683,316 
National Grid PLC 354,405 4,610,021 
Next PLC 13,454 793,084 
Old Mutual PLC 465,815 1,148,868 
Pearson PLC 78,189 723,355 
Persimmon PLC 29,478 611,213 
Provident Financial PLC 14,021 506,270 
Prudential PLC 243,080 3,966,789 
Reckitt Benckiser Group PLC 59,951 5,363,247 
RELX PLC 103,391 1,848,904 
Rio Tinto PLC 117,048 4,070,380 
Rolls-Royce Holdings PLC 173,920 1,543,821 
Royal Bank of Scotland Group PLC (a) 335,450 775,194 
Royal Dutch Shell PLC:   
Class A (Netherlands) 17,748 442,234 
Class A (United Kingdom) 380,907 9,487,264 
Class A sponsored ADR 2,799 139,418 
Class B (United Kingdom) 354,228 9,136,429 
Royal Mail PLC 85,600 514,442 
RSA Insurance Group PLC 97,298 656,922 
Sage Group PLC 102,308 903,498 
Schroders PLC 12,642 436,207 
Scottish & Southern Energy PLC 95,365 1,854,186 
Segro PLC 76,758 410,757 
Severn Trent PLC 22,441 639,450 
SKY PLC 97,591 977,112 
Smith & Nephew PLC 84,613 1,223,196 
Smiths Group PLC 37,666 653,743 
St. James's Place Capital PLC 50,577 585,014 
Standard Chartered PLC (United Kingdom) 310,452 2,705,172 
Standard Life PLC 187,947 777,099 
Tate & Lyle PLC 43,775 417,929 
Taylor Wimpey PLC 305,161 529,274 
Tesco PLC (a) 773,187 1,991,488 
The Weir Group PLC 19,764 411,249 
Travis Perkins PLC 24,077 392,838 
Unilever PLC 121,304 5,074,913 
United Utilities Group PLC 64,733 744,792 
Vodafone Group PLC 2,484,631 6,823,608 
Vodafone Group PLC sponsored ADR 2,563 71,354 
Whitbread PLC 17,338 767,165 
William Hill PLC 84,219 304,923 
WM Morrison Supermarkets PLC 206,288 571,905 
Worldpay Group PLC 172,443 601,128 
TOTAL UNITED KINGDOM  188,048,047 
United States of America - 0.0%   
Southern Copper Corp. 11,741 333,327 
TOTAL COMMON STOCKS   
(Cost $1,632,013,742)  1,613,236,041 
Nonconvertible Preferred Stocks - 1.4%   
Brazil - 0.8%   
Banco Bradesco SA (PN) 261,468 2,739,189 
Braskem SA (PN-A) 15,000 132,848 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 21,100 180,791 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 14,800 282,832 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 70,687 215,914 
Companhia Energetica de Sao Paulo Series B 16,800 78,053 
Companhia Paranaense de Energia-Copel (PN-B) 9,900 113,360 
Gerdau SA (PN) 85,200 294,143 
Itau Unibanco Holding SA 304,681 3,665,335 
Itausa-Investimentos Itau SA (PN) 366,929 1,085,153 
Lojas Americanas SA (PN) 50,336 326,427 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 367,000 2,033,907 
Suzano Papel e Celulose SA 38,700 136,517 
Telefonica Brasil SA 41,700 603,291 
Vale SA (PN-A) 184,500 1,192,430 
TOTAL BRAZIL  13,080,190 
Chile - 0.0%   
Embotelladora Andina SA Class B 22,389 90,825 
Sociedad Quimica y Minera de Chile SA (PN-B) 9,038 267,105 
TOTAL CHILE  357,930 
Colombia - 0.0%   
Bancolombia SA (PN) 41,818 396,932 
Grupo Aval Acciones y Valores SA 324,290 133,738 
Grupo de Inversiones Suramerica SA 8,740 110,457 
TOTAL COLOMBIA  641,127 
France - 0.0%   
Air Liquide SA (a) 7,316 744,326 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 5,290 401,561 
Fuchs Petrolub AG 6,422 287,101 
Henkel AG & Co. KGaA 16,813 2,157,561 
Porsche Automobil Holding SE (Germany) 14,525 783,289 
Volkswagen AG 17,593 2,417,952 
TOTAL GERMANY  6,047,464 
Italy - 0.0%   
Telecom Italia SpA (Risparmio Shares) 583,761 413,972 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 868 151,781 
Hyundai Motor Co. 1,797 150,201 
Hyundai Motor Co. Series 2 3,792 333,197 
LG Chemical Ltd. 730 114,885 
LG Household & Health Care Ltd. 262 109,037 
Samsung Electronics Co. Ltd. 1,749 2,013,922 
TOTAL KOREA (SOUTH)  2,873,023 
Russia - 0.0%   
AK Transneft OAO (a) 149 357,217 
Surgutneftegas OJSC (a) 640,733 290,522 
TOTAL RUSSIA  647,739 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC 8,000,320 9,792 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $24,273,101)  24,815,563 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $13,959) 		INR69,696 13,823 
Government Obligations - 0.4%   
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.47% to 0.66% 3/2/17 to 10/12/17
(Cost $6,468,008)(e) 		6,500,000 6,469,930 
 Shares Value 
Money Market Funds - 5.9%   
Fidelity Cash Central Fund, 0.41% (f) 81,679,111 81,703,615 
Fidelity Securities Lending Cash Central Fund 0.48% (f)(g) 20,763,959 20,768,112 
TOTAL MONEY MARKET FUNDS   
(Cost $102,462,152)  102,471,727 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $1,765,230,962)  1,747,007,084 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (12,125,667) 
NET ASSETS - 100%  $1,734,881,417 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
792 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 65,961,720 $(25,337) 
494 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 22,316,450 1,201 
50 TME S&P/TSX 60 Index Contracts (Canada) Dec. 2016 6,460,151 69,552 
TOTAL FUTURES CONTRACTS   $45,416 

The face value of futures purchased as a percentage of Net Assets is 5.5%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $49,670,999.

Currency Abbreviations

INR – Indian rupee

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $106,586 or 0.0% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,570,494.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Affiliated Central Funds

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 $129,561 
Fidelity Securities Lending Cash Central Fund 177,418 
Total $306,979 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $188,956,022 $136,493,191 $52,462,831 $-- 
Consumer Staples 169,788,547 118,873,621 50,914,926 -- 
Energy 111,231,496 57,283,056 53,948,440 -- 
Financials 368,898,058 260,249,308 108,648,749 1 
Health Care 133,714,185 52,924,273 80,789,912 -- 
Industrials 191,991,811 157,262,664 34,729,147 -- 
Information Technology 157,264,314 99,977,377 57,286,936 1 
Materials 126,253,138 99,915,083 26,338,055 -- 
Real Estate 55,482,349 53,140,103 2,222,449 119,797 
Telecommunication Services 80,096,566 26,406,129 53,690,437 -- 
Utilities 54,375,118 42,571,075 11,804,043 -- 
Corporate Bonds 13,823 -- 13,823 -- 
Government Obligations 6,469,930 -- 6,469,930 -- 
Money Market Funds 102,471,727 102,471,727 -- -- 
Total Investments in Securities: $1,747,007,084 $1,207,567,607 $539,319,678 $119,799 
Derivative Instruments:     
Assets     
Futures Contracts $70,753 $70,753 $-- $-- 
Total Assets $70,753 $70,753 $-- $-- 
Liabilities     
Futures Contracts $(25,337) $(25,337) $-- $-- 
Total Liabilities $(25,337) $(25,337) $-- $-- 
Total Derivative Instruments: $45,416 $45,416 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $20,344,896 
Level 2 to Level 1 $228,663,939 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $70,753 $(25,337) 
Total Equity Risk 70,753 (25,337) 
Total Value of Derivatives $70,753 $(25,337) 

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


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


Fidelity® Global ex U.S. Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $20,106,565) — See accompanying schedule:
Unaffiliated issuers (cost $1,662,768,810) 		$1,644,535,357  
Fidelity Central Funds (cost $102,462,152) 102,471,727  
Total Investments (cost $1,765,230,962)  $1,747,007,084 
Foreign currency held at value (cost $725,059)  721,049 
Receivable for fund shares sold  5,403,826 
Dividends receivable  4,080,812 
Interest receivable  54 
Distributions receivable from Fidelity Central Funds  49,494 
Receivable for daily variation margin for derivative instruments  134,006 
Other receivables  336 
Total assets  1,757,396,661 
Liabilities   
Payable for fund shares redeemed $1,370,905  
Accrued management fee 83,110  
Other affiliated payables 41,966  
Other payables and accrued expenses 254,708  
Collateral on securities loaned, at value 20,764,555  
Total liabilities  22,515,244 
Net Assets  $1,734,881,417 
Net Assets consist of:   
Paid in capital  $1,732,740,695 
Undistributed net investment income  31,233,850 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (10,530,952) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (18,562,176) 
Net Assets  $1,734,881,417 
Investor Class:   
Net Asset Value, offering price and redemption price per share ($37,464,935 ÷ 3,369,725 shares)  $11.12 
Premium Class:   
Net Asset Value, offering price and redemption price per share ($774,359,946 ÷ 69,620,013 shares)  $11.12 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($278,172,310 ÷ 24,999,809 shares)  $11.13 
Institutional Premium Class:   
Net Asset Value, offering price and redemption price per share ($644,884,226 ÷ 57,922,840 shares)  $11.13 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $40,770,621 
Interest  10,917 
Income from Fidelity Central Funds  306,979 
Income before foreign taxes withheld  41,088,517 
Less foreign taxes withheld  (3,602,819) 
Total income  37,485,698 
Expenses   
Management fee $1,719,410  
Transfer agent fees 520,987  
Independent trustees' fees and expenses 5,056  
Miscellaneous 3,051  
Total expenses before reductions 2,248,504  
Expense reductions (950,639) 1,297,865 
Net investment income (loss)  36,187,833 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (6,935,832)  
Fidelity Central Funds 606  
Foreign currency transactions (325,096)  
Futures contracts 3,122,080  
Total net realized gain (loss)  (4,138,242) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $128,964) 		30,301,346  
Assets and liabilities in foreign currencies (62,916)  
Futures contracts (997,863)  
Total change in net unrealized appreciation (depreciation)  29,240,567 
Net gain (loss)  25,102,325 
Net increase (decrease) in net assets resulting from operations  $61,290,158 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $36,187,833 $22,389,065 
Net realized gain (loss) (4,138,242) (4,959,232) 
Change in net unrealized appreciation (depreciation) 29,240,567 (66,085,594) 
Net increase (decrease) in net assets resulting from operations 61,290,158 (48,655,761) 
Distributions to shareholders from net investment income (19,754,957) (17,402,635) 
Distributions to shareholders from net realized gain – (622,793) 
Total distributions (19,754,957) (18,025,428) 
Share transactions - net increase (decrease) 840,932,551 189,357,812 
Redemption fees 80,968 107,182 
Total increase (decrease) in net assets 882,548,720 122,783,805 
Net Assets   
Beginning of period 852,332,697 729,548,892 
End of period $1,734,881,417 $852,332,697 
Other Information   
Undistributed net investment income end of period $31,233,850 $17,218,271 

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


Financial Highlights — Fidelity Global ex U.S. Index Fund Investor Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.32 $12.28 $12.44 $10.54 $10.09 
Income from Investment Operations      
Net investment income (loss)A .31 .31 .37B .29 .29 
Net realized and unrealized gain (loss) (.26)C (.98) (.32) 1.76 .18 
Total from investment operations .05 (.67) .05 2.05 .47 
Distributions from net investment income (.25) (.28) (.18) (.15) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.25) (.29) (.21) (.16) (.03) 
Redemption fees added to paid in capitalA –D –D –D .01 .01 
Net asset value, end of period $11.12 $11.32 $12.28 $12.44 $10.54 
Total ReturnE .56% (5.49)% .46% 19.79% 4.81% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .27% .34% .34% .34% .34% 
Expenses net of fee waivers, if any .19% .22% .22% .23% .24% 
Expenses net of all reductions .19% .22% .22% .23% .24% 
Net investment income (loss) 2.87% 2.66% 3.00%B 2.59% 2.88% 
Supplemental Data      
Net assets, end of period (000 omitted) $37,465 $18,132 $15,309 $10,037 $25,552 
Portfolio turnover rateH 1%I 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.63%.

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

 D Amount represents less than $.005 per share.

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

 F Fees and expenses of any underlying 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.

 G 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.

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Global ex U.S. Index Fund Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.32 $12.29 $12.44 $10.54 $10.09 
Income from Investment Operations      
Net investment income (loss)A .32 .32 .38B .30 .30 
Net realized and unrealized gain (loss) (.27)C (1.00) (.31) 1.76 .17 
Total from investment operations .05 (.68) .07 2.06 .47 
Distributions from net investment income (.25) (.28) (.19) (.16) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.25) (.29) (.22) (.17) (.03) 
Redemption fees added to paid in capitalA –D –D –D .01 .01 
Net asset value, end of period $11.12 $11.32 $12.29 $12.44 $10.54 
Total ReturnE .64% (5.53)% .59% 19.88% 4.81% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .21% .28% .28% .28% .28% 
Expenses net of fee waivers, if any .12% .17% .18% .18% .18% 
Expenses net of all reductions .12% .17% .18% .18% .18% 
Net investment income (loss) 2.95% 2.71% 3.04%B 2.64% 2.94% 
Supplemental Data      
Net assets, end of period (000 omitted) $774,360 $563,796 $485,998 $281,895 $67,539 
Portfolio turnover rateH 1%I 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.67%.

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

 D Amount represents less than $.005 per share.

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

 F Fees and expenses of any underlying 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.

 G 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.

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Global ex U.S. Index Fund Institutional Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.33 $12.29 $12.45 $10.55 $10.09 
Income from Investment Operations      
Net investment income (loss)A .32 .33 .39B .31 .30 
Net realized and unrealized gain (loss) (.26)C (.99) (.33) 1.76 .18 
Total from investment operations .06 (.66) .06 2.07 .48 
Distributions from net investment income (.26) (.29) (.20) (.17) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.26) (.30) (.22)D (.18) (.03) 
Redemption fees added to paid in capitalA –E –E –E .01 .01 
Net asset value, end of period $11.13 $11.33 $12.29 $12.45 $10.55 
Total ReturnF .66% (5.40)% .56% 19.94% 4.91% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .17% .23% .23% .23% .23% 
Expenses net of fee waivers, if any .10% .13% .13% .13% .13% 
Expenses net of all reductions .10% .13% .13% .13% .13% 
Net investment income (loss) 2.97% 2.75% 3.09%B 2.69% 2.99% 
Supplemental Data      
Net assets, end of period (000 omitted) $278,172 $182,432 $153,983 $66,248 $21,199 
Portfolio turnover rateI 1%J 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.72%.

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

 D Total distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.026 per share.

 E Amount represents less than $.005 per share.

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

 G Fees and expenses of any underlying 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.

 H 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.

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Global ex U.S. Index Fund Institutional Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.33 $12.30 $12.45 $10.56 $10.09 
Income from Investment Operations      
Net investment income (loss)A .32 .33 .39B .32 .30 
Net realized and unrealized gain (loss) (.26)C (1.00) (.31) 1.74 .19 
Total from investment operations .06 (.67) .08 2.06 .49 
Distributions from net investment income (.26) (.29) (.20) (.17) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.26) (.30) (.23) (.18) (.03) 
Redemption fees added to paid in capitalA –D –D –D .01 .01 
Net asset value, end of period $11.13 $11.33 $12.30 $12.45 $10.56 
Total ReturnE .68% (5.45)% .67% 19.87% 5.01% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .14% .20% .20% .19% .20% 
Expenses net of fee waivers, if any .08% .10% .10% .10% .10% 
Expenses net of all reductions .08% .10% .10% .10% .10% 
Net investment income (loss) 2.99% 2.78% 3.12%B 2.72% 3.03% 
Supplemental Data      
Net assets, end of period (000 omitted) $644,884 $87,972 $74,259 $62,884 $117 
Portfolio turnover rateH 1%I 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.75%.

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

 D Amount represents less than $.005 per share.

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

 F Fees and expenses of any underlying 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.

 G 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.

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity Emerging Markets Index Fund (formerly Spartan Emerging Markets Index Fund) and Fidelity Global ex U.S. Index Fund (formerly Spartan Global ex U.S. Index Fund) (the Funds) are funds of Fidelity Salem Street Trust (the 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, Premium Class (formerly Fidelity Advantage Class), Institutional Class and Institutional Premium Class (formerly 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. Each Fund offers conversion privileges between share classes within each Fund to eligible shareholders. 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 Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The 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, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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 Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016, including information on transfers between Levels 1 and 2, is included at the end of each Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, 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 for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) on securities 
Fidelity Emerging Markets Index Fund $774,013,611 $97,293,776 $(68,905,807) $28,387,969 
Fidelity Global ex U.S. Index Fund 1,767,923,867 152,140,465 (173,057,248) (20,916,783) 

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

 Undistributed ordinary income Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Emerging Markets Index Fund $9,966,608 $(61,661,663) $28,369,557 
Fidelity Global ex U.S. Index Fund 31,987,344 (8,545,871) (21,000,649) 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 No expiration    
 Short-term Long-term Total no expiration Total capital loss carryfoward 
Fidelity Emerging Markets Index Fund $(18,957,565) $(42,704,098) $(61,661,663) $(61,661,663) 
Fidelity Global ex U.S. Index Fund (1,112,186) (7,433,685) (8,545,871) (8,545,871) 

The tax character of distributions paid was as follows:

October 31, 2016  
 Ordinary Income 
Fidelity Emerging Markets Index Fund $11,347,194 
Fidelity Global ex U.S. Index Fund 19,754,957 

October 31, 2015  
 Ordinary Income 
Fidelity Emerging Markets Index Fund $6,840,222 
Fidelity Global ex U.S. Index Fund 18,025,428 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Funds less than 90 days may be subject to a redemption fee equal to 1.50% and 1.00% of the NAV of shares redeemed from Fidelity Emerging Markets Index and Fidelity Global ex U.S. Index, respectively. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital. In November 2016, the Board of Trustees approved the elimination of these redemption fees for Fidelity Global ex U.S. Index effective December 12, 2016.

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

4. Derivative Instruments.

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

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

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

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

The 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 close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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

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 as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type Net Realized Gain (Loss) Change in Net Unrealized Appreciation (Depreciation) 
Fidelity Emerging Markets Index Fund   
Equity Risk   
Futures Contracts $1,342,156 $(357,393) 
Totals(a) $1,342,156 $(357,393) 
Fidelity Global ex U.S. Index Fund   
Equity Risk   
Futures Contracts $3,122,080 $(997,863) 
Totals(a) $3,122,080 $(997,863) 

 (a) A summary of the value of derivatives by primary risk exposure as of period end, is included at the end of the Schedule of Investments.


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 daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period for Fidelity Emerging Markets Index Fund. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Emerging Markets Index Fund 346,802,081 146,636,776 
Fidelity Global ex U.S. Index Fund 540,798,716 10,285,840 

Exchanges In-Kind. During the period, investments received in-kind through subscriptions totaled $358,909,549 in exchange for 36,586,091 shares of the Fidelity Global ex U.S. Index Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fidelity Global ex U.S. Index Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Effective July 1, 2016, the Board approved an amendment to the management contract to reduce the management fee to an annual rate of .09% and .06% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. Prior to July 1, 2016, the management fee was based on an annual rate of .25% and .20% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. For the reporting period, the total annual management fee rate was .19% and .14% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively.

Effective July 1, 2016, the Board also approved an amendment to the expense contract. Under the expense contract, the investment adviser 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 Premium Class Institutional Class Institutional Premium Class 
Fidelity Emerging Markets Index Fund .30% .14% .11% .09% 
Fidelity Global ex U.S. Index Fund .18% .11% .09% .06% 

Prior to July 1, 2016, the investment adviser paid class-level expenses as necessary so that the total expenses did not exceed certain amounts as noted in the following table:

 Investor Class Premium Class Institutional Class Institutional Premium Class 
Fidelity Emerging Markets Index Fund .46% .35% .28% .25% 
Fidelity Global ex U.S. Index Fund .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 the investment adviser for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives transfer agent fees at annual rates based on class-level average net assets noted in the table below. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Effective July 1, 2016, under the amended expense contract each class pays all or a portion of the transfer agent fees at an annual rate based on class-level average net assets as noted in the following table and each Fund's Institutional Premium Class does not pay transfer agent fees:

 Received by FIIOC Paid by Class Effective July 1, 2016 Paid by Class Prior to July 1, 2016 
Fidelity Emerging Markets Index Fund    
Investor Class .21% .21% .21% 
Premium Class .11% .05% .10% 
Institutional Class .035% .02% .03% 
Institutional Premium Class .015% –% -% 
Fidelity Global ex U.S. Index Fund    
Investor Class .21% .12% .14% 
Premium Class .11% .05% .08% 
Institutional Class .035% .03% .03% 
Institutional Premium Class .015% –% –% 

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

 Amount % of Class-Level Average Net Assets 
Fidelity Emerging Markets Index Fund   
Investor Class $48,377 .21% 
Premium Class 392,279 .08% 
Institutional Class 20,107 .03% 
 $460,763  
Fidelity Global ex U.S. Index Fund   
Investor Class $33,857 .13% 
Premium Class 427,766 .07% 
Institutional Class 59,364 .03% 
 $520,987  

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Emerging Markets Index Fund Borrower $25,151,000 .58% $807 

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Emerging Markets Index Fund $1,492 
Fidelity Global ex U.S. Index Fund 3,051 

During the period, the Funds did not borrow on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable 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 Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. 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 each applicable 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 income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:

 Total Security Lending Income 
Fidelity Emerging Markets Index Fund $133,373 
Fidelity Global ex U.S. Index Fund 177,418 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. Effective July 1, 2016, the expense limitations were discontinued.

The following classes of each applicable Fund were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Fidelity Emerging Markets Index Fund   
Investor Class .31% $24,187 
Premium Class .20% 444,592 
Institutional Class .13% 65,625 
Institutional Premium Class .10% 221 
Fidelity Global ex U.S. Index Fund   
Investor Class .22%/.19%(a) $20,205 
Premium Class .14%/.12%(a) 567,737 
Institutional Class .12%/.10%(a) 140,323 
Institutional Premium Class .10%/.07%(a) 222,193 

 (a) Expense limitation effective April 1, 2016.


In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custody
Expense
reduction 
Fidelity Emerging Markets Index Fund $107 
Fidelity Global ex U.S. Index Fund 181 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
October 31, 2016 		Year ended October 31, 2015 
Fidelity Emerging Markets Index Fund   
From net investment income   
Investor Class $488,081 $296,140 
Premium Class 9,746,166 6,143,576 
Institutional Class 1,107,403 398,502 
Institutional Premium Class 5,544 2,004 
Total $11,347,194 $6,840,222 
Fidelity Global ex U.S. Index Fund   
From net investment income   
Investor Class $469,634 $339,065 
Premium Class 13,089,736 11,676,970 
Institutional Class 4,201,240 3,619,358 
Institutional Premium Class 1,994,347 1,767,242 
Total $19,754,957 $17,402,635 
From net realized gain   
Investor Class $– $12,456 
Premium Class – 419,565 
Institutional Class – 129,205 
Institutional Premium Class – 61,567 
Total $– $622,793 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Year ended October 31, 2016 Year ended October 31, 2015 Year ended
October 31, 2016 		Year ended October 31, 2015 
Fidelity Emerging Markets Index Fund     
Investor Class     
Shares sold 3,308,302 3,467,858 $26,744,334 $32,828,614 
Reinvestment of distributions 57,696 28,242 430,181 258,412 
Shares redeemed (4,014,907) (2,296,962) (33,349,297) (21,593,250) 
Net increase (decrease) (648,909) 1,199,138 $(6,174,782) $11,493,776 
Premium Class     
Shares sold 30,727,439 33,393,241 $252,020,349 $313,985,682 
Reinvestment of distributions 1,221,061 623,839 9,103,784 5,708,125 
Shares redeemed (19,928,967) (13,175,749) (165,686,800) (119,741,823) 
Net increase (decrease) 12,019,533 20,841,331 $95,437,333 $199,951,984 
Institutional Class     
Shares sold 16,322,577 5,662,144 $139,980,479 $50,281,128 
Reinvestment of distributions 148,530 43,505 1,107,403 398,502 
Shares redeemed (2,302,722) (1,939,513) (18,698,255) (18,612,103) 
Net increase (decrease) 14,168,385 3,766,136 $122,389,627 $32,067,527 
Institutional Premium Class     
Shares sold 5,848 22,264 $47,523 $194,646 
Reinvestment of distributions 744 219 5,544 2,004 
Shares redeemed (5,598) (4,586) (43,839) (44,151) 
Net increase (decrease) 994 17,897 $9,228 $152,499 
Fidelity Global ex U.S. Index Fund     
Investor Class     
Shares sold 3,749,465 1,513,135 $40,507,693 $17,845,320 
Reinvestment of distributions 43,616 29,716 453,168 338,282 
Shares redeemed (2,025,704) (1,186,759) (21,832,563) (14,048,442) 
Net increase (decrease) 1,767,377 356,092 $19,128,298 $4,135,160 
Premium Class     
Shares sold 35,170,899 27,293,753 $376,550,580 $324,392,137 
Reinvestment of distributions 1,130,684 1,001,076 11,747,810 11,395,995 
Shares redeemed (16,480,126) (18,044,413) (174,387,185) (212,027,863) 
Net increase (decrease) 19,821,457 10,250,416 $213,911,205 $123,760,269 
Institutional Class     
Shares sold 15,322,148 9,852,843 $167,125,457 $117,116,489 
Reinvestment of distributions 404,354 329,286 4,201,240 3,748,563 
Shares redeemed (6,834,241) (6,599,130) (73,128,133) (78,713,159) 
Net increase (decrease) 8,892,261 3,582,999 $98,198,564 $42,151,893 
Institutional Premium Class     
Shares sold 55,232,124(a) 2,671,375 $564,411,113(a) $30,498,597 
Reinvestment of distributions 191,949 160,651 1,994,347 1,828,809 
Shares redeemed (5,265,059) (1,105,376) (56,710,976) (13,016,916) 
Net increase (decrease) 50,159,014 1,726,650 $509,694,484 $19,310,490 

 (a) Amount includes in-kind exchanges (see Note 5: Exchanges In-Kind).


12. 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.

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the Funds), each a fund of the Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. 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 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 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, 2016, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 16, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

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 Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2016 to October 31, 2016).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2016 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period-B
May 1, 2016
to October 31, 2016 
Fidelity Emerging Markets Index Fund     
Investor Class .31%    
Actual  $1,000.00 $1,092.00 $1.63 
Hypothetical-C  $1,000.00 $1,023.58 $1.58 
Premium Class .16%    
Actual  $1,000.00 $1,091.90 $.84 
Hypothetical-C  $1,000.00 $1,024.33 $.81 
Institutional Class .12%    
Actual  $1,000.00 $1,093.10 $.63 
Hypothetical-C  $1,000.00 $1,024.53 $.61 
Institutional Premium Class .09%    
Actual  $1,000.00 $1,093.10 $.47 
Hypothetical-C  $1,000.00 $1,024.68 $.46 
Fidelity Global ex U.S. Index Fund     
Investor Class .18%    
Actual  $1,000.00 $1,027.70 $.92 
Hypothetical-C  $1,000.00 $1,024.23 $.92 
Premium Class .11%    
Actual  $1,000.00 $1,027.70 $.56 
Hypothetical-C  $1,000.00 $1,024.58 $.56 
Institutional Class .09%    
Actual  $1,000.00 $1,028.70 $.46 
Hypothetical-C  $1,000.00 $1,024.68 $.46 
Institutional Premium Class .06%    
Actual  $1,000.00 $1,027.70 $.31 
Hypothetical-C  $1,000.00 $1,024.83 $.31 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses


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 
Fidelity Emerging Markets Index Fund     
Investor 12/12/16 12/09/16 $0.12500 $0.000 
Premium 12/12/16 12/09/16 $0.13889 $0.000 
Institutional 12/12/16 12/09/16 $0.14152 $0.000 
Institutional Premium 12/12/16 12/09/16 $0.14325 $0.000 
Fidelity Global ex U.S. Index Fund     
Investor 12/12/16 12/09/16 $0.21100 $0.005 
Premium 12/12/16 12/09/16 $0.21873 $0.005 
Institutional 12/12/16 12/09/16 $0.22094 $0.005 
Institutional Premium 12/12/16 12/09/16 $0.22426 $0.005 

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

 December 11, 2015 December 30, 2015 
Fidelity Emerging Markets Index Fund   
Investor 64.0% 36.0% 
Premium 61.0% 36.0% 
Institutional 60.0% 36.0% 
Institutional Premium 59.0% 36.0% 
Fidelity Global ex U.S. Index Fund   
Investor 100.0% 0.00% 
Premium 98.0% 0.00% 
Institutional 97.0% 0.00% 
Institutional Premium 97.0% 0.00% 

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

 Pay Date Income Taxes 
Fidelity Emerging Markets Index Fund    
Investor 12/14/15 $0.1945 $0.0245 
Investor 01/02/16 $0.0040 $0.0000 
Premium 12/14/15 $0.2032 $0.0245 
Premium 01/02/16 $0.0040 $0.0000 
Institutional 12/14/15 $0.2087 $0.0245 
Institutional 01/02/16 $0.0040 $0.0000 
Institutional Premium 12/14/15 $0.2111 $0.0245 
Institutional Premium 01/02/16 $0.0040 $0.0000 
Fidelity Global ex U.S. Index Fund    
Investor 12/14/15 $0.2726 $0.0266 
Premium 12/14/15 $0.2813 $0.0266 
Institutional 12/14/15 $0.2835 $0.0266 
Institutional Premium 12/14/15 $0.2857 $0.0266 

The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Markets Index Fund (formerly Spartan Emerging Markets Index Fund)

Fidelity Global ex U.S. Index Fund (formerly Spartan Global ex U.S. Index Fund)

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each 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 the 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 all of the Fidelity funds.

At its September 2016 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, 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; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

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 to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one- and three-year periods.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and 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, each 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 considered that net management fees can vary from year to year because of differences in "fund-level" non-management expenses. The Board noted that, although FMR does not pay transfer agent fees or other "class-level" expenses under each fund's management contract, such expenses may be paid by FMR pursuant to expense limitation arrangements in effect for the fund and, as a result, are also subtracted from the management fee for purposes of calculating the hypothetical "net management fee." The Board considered that "fund-level" non-management expenses and "class-level" expenses paid by FMR may exceed the fund's management fee and result in a negative net management fee.

Fidelity Emerging Markets Index Fund


Fidelity Global ex U.S. Index Fund


The Board noted that each fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2015. The Board noted that a hypothetical net management fee is truly a hypothetical number derived for purposes of providing a more meaningful competitive comparison and a negative net management fee is not intended to suggest that Fidelity pays a fund to manage the fund's assets.

With respect to Fidelity Emerging Markets Index Fund, the Board considered that, at its July 2016 meeting, it ratified an amended and restated management contract for the fund (effective July 1, 2016) that lowered the fund's management fee rate from 0.25% to 0.09%. With respect to Fidelity Global ex U.S. Index Fund, the Board considered that, at its July 2016 meeting, it ratified (i) an amended and restated management contract for the fund (effective July 1, 2016) that lowered the fund's management fee rate from 0.20% to 0.06% and (ii) an amended and restated sub-advisory agreement for the fund with Geode (effective July 1, 2016) that lowered the sub-advisory fee rate that FMR pays to Geode.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the total expense ratio of each class of each fund, the Board considered the fund's hypothetical net management fee rate as well as the fund's gross management fee rate. 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 that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the funds. As part of its review, the Board also considered the current and historical total expense ratios of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Institutional Class, Institutional Premium Class, and Premium Class of Fidelity Emerging Markets Index Fund ranked below the competitive median for 2015 and the total expense ratio of Investor Class ranked above the competitive median for 2015. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the majority of the funds in the Total Mapped Group, which includes funds with a developed markets focus, are not comparable because they are not emerging markets funds. The Board noted that the total expense ratio of Investor Class of Fidelity Emerging Markets Index Fund is lower than the Investor Class total expense ratio of the most comparable competitive fund.

The Board considered that current contractual arrangements for Fidelity Emerging Markets Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, as follows: Institutional Class: 0.28% (0.11% effective July 1, 2016); Institutional Premium Class: 0.25% (0.09% effective July 1, 2016); Investor Class: 0.46% (0.30% effective July 1, 2016); and Premium Class: 0.35% (0.14% effective July 1, 2016). These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

The Board noted that the total expense ratio of each class of Fidelity Global ex U.S. Index Fund ranked below the competitive median for 2015.

The Board considered that current contractual arrangements for Fidelity Global ex U.S. Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, as follows: Institutional Class: 0.23% (0.09% effective July 1, 2016); Institutional Premium Class: 0.20% (0.06% effective July 1, 2016); Investor Class: 0.34% (0.18% effective July 1, 2016); and Premium Class: 0.28% (0.11% effective July 1, 2016). These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares 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, although Investor Class of Fidelity Emerging Markets Index Fund was above the median of the universe presented for comparison, the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established 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 funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, 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 arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; (x) the approach to considering "fall-out" benefits; and (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

EMX-GUX-ANN-1216
1.929360.105

Fidelity® Total International Index Fund

Investor Class and Premium Class



Annual Report

October 31, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2016

 % of fund's net assets 
Nestle SA (Switzerland, Food Products) 1.1 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.7 
Novartis AG (Switzerland, Pharmaceuticals) 0.7 
Toyota Motor Corp. (Japan, Automobiles) 0.7 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 0.7 
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) 0.7 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 0.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 0.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 0.6 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 0.5 
 7.1 

Top Market Sectors as of October 31, 2016

 % of fund's net assets 
Financials 21.2 
Industrials 11.1 
Consumer Discretionary 10.9 
Consumer Staples 9.7 
Information Technology 8.6 
Materials 7.6 
Health Care 6.9 
Energy 6.0 
Real Estate 3.0 
Telecommunication Services 4.1 

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 16.8% 
   United Kingdom 10.5% 
   United States of America* 7.4% 
   Canada 6.9% 
   Germany 5.6% 
   France 5.6% 
   Switzerland 5.2% 
   Australia 4.6% 
   Korea (South) 3.2% 
   Other 34.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets 
Stocks and Equity Futures 100.0 

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 90.8%   
 Shares Value 
Australia - 4.6%   
360 Capital Industrial Fund 944 $1,767 
Abacus Property Group unit 629 1,340 
Adelaide Brighton Ltd. 1,539 6,263 
AGL Energy Ltd. 1,796 26,204 
ALS Ltd. 1,396 6,616 
Altium Ltd. 159 948 
Alumina Ltd. 6,151 7,393 
Amcor Ltd. 2,976 33,278 
AMP Ltd. 8,042 27,957 
Ansell Ltd. (a) 415 6,847 
APA Group unit 2,847 17,239 
APN News & Media Ltd. (a) 329 671 
APN News & Media Ltd. rights 11/17/16 (a) 126 27 
APN Outdoor Group Ltd. 434 1,568 
ARB Corp. Ltd. 163 2,115 
Ardent Leisure Group unit 1,254 1,927 
Aristocrat Leisure Ltd. 1,497 17,469 
Asaleo Care Ltd. 2,008 2,230 
ASX Ltd. 479 17,173 
Aurizon Holdings Ltd. 5,668 21,041 
Australia & New Zealand Banking Group Ltd. 7,521 159,336 
Australian Agricultural Co. Ltd. (a) 732 972 
Australian Pharmaceutical Industries Ltd. 718 1,038 
Australian Worldwide Exploration Ltd. (a) 1,468 609 
Automotive Holdings Group Ltd. 2,148 6,618 
Bank of Queensland Ltd. 1,067 8,490 
Bapcor Ltd. 568 2,217 
Beach Energy Ltd. 2,457 1,355 
Bega Cheese Ltd. 206 773 
Bellamy's Australia Ltd. 88 761 
Bendigo & Adelaide Bank Ltd. 1,241 10,507 
BHP Billiton Ltd. 8,459 147,786 
Blackmores Ltd. 40 3,410 
BlueScope Steel Ltd. 1,391 8,253 
Boral Ltd. 2,082 9,978 
Brambles Ltd. 4,120 36,136 
Breville Group Ltd. 593 4,177 
Brickworks Ltd. 161 1,651 
BT Investment Management Ltd. 556 3,912 
BWP Trust 1,753 3,961 
Caltex Australia Ltd. 639 14,937 
Carsales.com Ltd. 935 7,582 
Challenger Ltd. 1,330 10,886 
Charter Hall Group unit 618 2,210 
Charter Hall Retail REIT 574 1,812 
Cimic Group Ltd. 242 5,447 
Coca-Cola Amatil Ltd. 1,516 11,002 
Cochlear Ltd. 172 16,742 
Commonwealth Bank of Australia 4,426 247,094 
Computershare Ltd. 1,181 9,478 
Corporate Travel Managemnt Ltd. 81 1,171 
Costa Group Holdings Ltd. 1,265 2,743 
Cover-More Group Ltd. 1,777 1,926 
Credit Corp. Group Ltd. 80 1,078 
Cromwell Property Group unit 2,072 1,434 
Crown Ltd. 838 6,942 
CSL Ltd. 1,207 92,285 
CSR Ltd. 1,657 4,613 
DEXUS Property Group unit 3,026 20,579 
Dominos Pizza Enterprises Ltd. 150 7,331 
Downer Edi Ltd. 1,354 6,005 
DUET Group 6,015 10,890 
DuluxGroup Ltd. 1,382 6,770 
Eclipx Group Ltd. 381 1,116 
Estia Health Ltd. 322 656 
Evolution Mining Ltd. 3,197 5,496 
FKP Property Group unit 1,141 2,795 
Flexigroup Ltd. 574 982 
Flight Centre Travel Group Ltd. 170 4,380 
Folkestone Education Trust 882 1,664 
Fortescue Metals Group Ltd. 3,798 15,890 
G8 Education Ltd. 1,121 2,695 
Galaxy Resources Ltd. (a) 3,205 853 
Gateway Lifestyle Holdings Pty Ltd. unit 671 1,184 
Genworth Mortgage Insurance Ltd. 445 1,036 
Goodman Group unit 5,084 26,260 
GrainCorp Ltd. 632 4,038 
Growthpoint Properties Australia Ltd. 1,264 2,990 
GUD Holdings Ltd. 280 2,023 
GWA Group Ltd. 481 1,046 
Hansen Technologies Ltd. 568 1,776 
Harvey Norman Holdings Ltd. 1,322 5,079 
Healthscope Ltd. 4,656 7,827 
IDP Education Ltd. 452 1,558 
Iluka Resources Ltd. 1,165 5,113 
Incitec Pivot Ltd. 4,234 9,501 
Independence Group NL 1,384 4,474 
Insurance Australia Group Ltd. 6,227 26,100 
Investa Office Fund unit 1,455 4,693 
Invocare Ltd. 256 2,545 
IOOF Holdings Ltd. 960 5,988 
IPH Ltd. 231 1,028 
Iress Ltd. 225 1,943 
Isentia Group Ltd. 362 969 
Japara Healthcare Ltd. 589 842 
JB Hi-Fi Ltd. 326 7,040 
John Fairfax Holdings Ltd. 7,707 4,837 
Karoon Gas Australia Ltd. (a) 1,197 2,094 
Lendlease Group unit 1,278 13,144 
Link Administration Holdings Ltd. 906 4,962 
Macquarie Atlas Roads Group unit 1,654 5,939 
Macquarie Group Ltd. 791 48,017 
Magellan Financial Group Ltd. 351 5,685 
Mantra Group Ltd. 826 2,067 
Mayne Pharma Group Ltd. (a) 3,541 4,418 
McMillan Shakespeare Ltd. 338 2,785 
Medibank Private Ltd. 7,818 15,344 
Metals X Ltd. (a) 1,784 1,873 
Metcash Ltd. (a) 2,677 4,052 
Mineral Resources Ltd. 372 3,274 
Mirvac Group unit 9,179 14,593 
Monadelphous Group Ltd. 145 1,028 
Myer Holdings Ltd. 929 830 
MYOB Group Ltd. 973 2,739 
Nanosonics Ltd. (a) 455 1,201 
National Australia Bank Ltd. 6,819 145,242 
National Storage (REIT) unit 1,500 1,655 
Navitas Ltd. 441 1,758 
Newcrest Mining Ltd. (a) 2,070 35,524 
NEXTDC Ltd. (a) 979 2,741 
Nine Entertainment Co. Holdings Ltd. 1,288 843 
Northern Star Resources Ltd. 1,470 4,652 
Nufarm Ltd. 361 2,433 
oOh!media Ltd. 510 1,657 
Orica Ltd. 1,103 13,668 
Origin Energy Ltd. 5,000 20,349 
Orocobre Ltd. (a) 320 932 
Orora Ltd. 3,106 6,852 
OZ Minerals Ltd. 732 3,731 
Pact Group Holdings Ltd. 727 3,633 
Perpetual Trustees Australia Ltd. 271 9,326 
Pilbara Minerals Ltd. (a) 2,456 972 
Platinum Asset Management Ltd. 690 2,619 
Premier Investments Ltd. 182 1,965 
Primary Health Care Ltd. 2,294 6,701 
Programmed Maintenance Services Ltd. 641 700 
Qantas Airways Ltd. 1,483 3,452 
QBE Insurance Group Ltd. 3,612 27,449 
Qube Holdings Ltd. 3,416 5,795 
Ramsay Health Care Ltd. 405 22,601 
RCG Corp. Ltd. 1,212 1,341 
realestate.com.au Ltd. 139 5,407 
Regis Healthcare Ltd. 290 869 
Regis Resources Ltd. 1,344 3,323 
Retail Food Group Ltd. 224 1,154 
Rio Tinto Ltd. 1,174 48,386 
SAI Global Ltd. 452 1,609 
Sandfire Resources NL 247 977 
Santos Ltd. 3,860 10,483 
Saracen Mineral Holdings Ltd. (a) 1,237 1,049 
Scentre Group unit 13,963 44,717 
SEEK Ltd. 1,169 13,019 
Select Harvests Ltd. 193 899 
Seven Group Holdings Ltd. 162 1,120 
Shopping Centres Australasia Property Group unit 1,292 2,152 
Sigma Pharmaceuticals Ltd. 3,038 3,074 
Sims Metal Management Ltd. 312 2,378 
Sirtex Medical Ltd. 100 2,123 
Sonic Healthcare Ltd. 1,250 19,483 
South32 Ltd. 14,435 28,220 
Southern Cross Media Group Ltd. 1,495 1,638 
SP AusNet 4,824 5,504 
Spark Infrastructure Group unit 4,310 7,279 
Spotless Group Holdings Ltd. 3,567 2,713 
St Barbara Ltd. (a) 1,453 2,907 
Steadfast Group Ltd. 1,394 2,269 
Stockland Corp. Ltd. unit 5,606 18,849 
Suncorp Group Ltd. 3,452 31,432 
Super Retail Group Ltd. 419 3,124 
Sydney Airport unit 2,707 12,891 
Syrah Resources Ltd. (a) 718 1,966 
Tabcorp Holdings Ltd. 2,085 7,677 
Tatts Group Ltd. 3,684 11,378 
Technology One Ltd. 730 3,126 
Telstra Corp. Ltd. 10,924 41,314 
TFS Corp. Ltd. 775 825 
The GPT Group unit 4,197 14,878 
The Star Entertainment Group Ltd. 1,916 7,273 
TPG Telecom Ltd. 927 5,331 
Transpacific Industries Group Ltd. 4,809 4,244 
Transurban Group unit 5,415 42,798 
Treasury Wine Estates Ltd. 2,025 16,544 
Vicinity Centers unit 8,050 17,575 
Village Roadshow Ltd. 338 1,309 
Vocus Communications Ltd. 1,335 5,799 
Wesfarmers Ltd. 2,887 90,064 
West Australian Newspapers Holdings Ltd. 1,674 866 
Western Areas NL 424 797 
Westfield Corp. unit (a) 5,165 34,968 
Westpac Banking Corp. 8,627 199,499 
Whitehaven Coal Ltd. (a) 1,514 3,490 
Woodside Petroleum Ltd. 2,014 43,464 
Woolworths Ltd. 3,329 59,891 
WorleyParsons Ltd. 593 3,834 
TOTAL AUSTRALIA  2,629,981 
Austria - 0.2%   
ams AG 146 4,094 
Andritz AG 244 12,763 
Buwog-Gemeinnuetzige Wohnung 244 5,897 
CA Immobilien Anlagen AG 225 4,085 
Conwert Immobilien Invest Se 94 1,668 
DO & CO Restaurants & Catering AG 14 1,083 
Erste Group Bank AG 820 25,753 
EVN AG 299 3,496 
IMMOFINANZ Immobilien Anlagen AG 2,125 4,579 
Lenzing AG 23 2,996 
Oesterreichische Post AG 51 1,761 
OMV AG 345 10,784 
Raiffeisen International Bank-Holding AG (a) 338 5,540 
RHI AG 40 1,007 
S IMMO AG 135 1,449 
Schoeller-Bleckmann Oilfield Equipment AG 18 1,275 
UNIQA Insurance Group AG 208 1,341 
Vienna Insurance Group AG 123 2,426 
Voestalpine AG 264 9,340 
Wienerberger AG 339 5,420 
Zumtobel AG 61 1,071 
TOTAL AUSTRIA  107,828 
Bailiwick of Guernsey - 0.0%   
Schroder (REIT) Ltd. 2,240 1,549 
Standard Life Investment Property Income Trust Ltd. 929 964 
Stobart Group Ltd. 475 943 
TOTAL BAILIWICK OF GUERNSEY  3,456 
Bailiwick of Jersey - 0.8%   
Boohoo.Com PLC (a) 968 1,469 
Centamin PLC 2,558 4,941 
Experian PLC 2,437 46,921 
Glencore Xstrata PLC (a) 32,222 98,599 
Henderson Group PLC 2,940 8,338 
Petrofac Ltd. 747 7,374 
Randgold Resources Ltd. 249 22,113 
Regus PLC 1,811 5,517 
Shire PLC 2,377 134,212 
UBM PLC 1,026 9,023 
Wolseley PLC 694 36,110 
WPP PLC 3,325 72,196 
TOTAL BAILIWICK OF JERSEY  446,813 
Belgium - 0.9%   
Ablynx NV (a) 187 1,848 
Ackermans & Van Haaren SA 61 8,474 
Aedifica SA 57 4,730 
Ageas 484 17,679 
Agfa-Gevaert NV (a) 279 1,161 
Anheuser-Busch InBev SA NV 2,076 238,262 
Barco NV 86 6,760 
Befimmo SCA Sicafi 65 3,787 
Bekaert SA 119 5,293 
Bpost SA 284 7,556 
Cofinimmo SA 58 6,797 
Colruyt NV 162 8,708 
Compagnie D'entreprises CFE SA 34 3,745 
D'ieteren SA 100 4,411 
Econocom Group SA 91 1,354 
Elia System Operator SA/NV 141 7,298 
Euronav NV 475 3,723 
EVS Broadcast Equipment SA 41 1,433 
Fagron NV (a) 115 1,136 
Galapagos Genomics NV (a) 106 6,450 
Gimv NV 30 1,614 
Groupe Bruxelles Lambert SA 187 16,086 
Ion Beam Applications SA 26 1,235 
KBC Ancora (a) 130 4,932 
KBC Groep NV 669 40,766 
Kinepolis Group NV 37 1,664 
Melexis NV 101 6,620 
Nyrstar NV (a) 136 699 
Ontex Group NV 239 7,227 
Orange Belgium (a) 75 1,689 
Proximus 358 10,249 
Sofina SA 33 4,612 
Solvay SA Class A 203 23,298 
Telenet Group Holding NV (a) 200 10,706 
Tessenderlo Chemie NV (a) 99 3,302 
UCB SA 314 21,264 
Umicore SA 230 13,985 
Warehouses de Pauw 50 4,604 
TOTAL BELGIUM  515,157 
Bermuda - 0.6%   
AGTech Holdings Ltd. (a) 4,000 836 
Alibaba Health Information Technology Ltd. (a) 10,000 5,235 
Alibaba Pictures Group Ltd. (a) 20,000 3,946 
ARA Asset Management Ltd.  3,400 3,421 
Beijing Enterprises Water Group Ltd. 12,000 8,711 
BEP International Holdings Ltd. 50,000 3,288 
Brightoil Petroleum Holdings Ltd. 10,000 2,888 
Brilliance China Automotive Holdings Ltd. 8,000 9,500 
Cafe de Coral Holdings Ltd. 2,000 7,066 
Carnival Group International Holdings Ltd. (a) 40,000 4,745 
Cheung Kong Infrastructure Holdings Ltd. 2,000 16,388 
China Gas Holdings Ltd. 4,000 6,096 
China Innovative Finance Group Ltd. (a) 12,000 1,331 
China Oil & Gas Group Ltd. (a) 40,000 3,043 
China Resource Gas Group Ltd. 2,000 6,279 
China Water Affairs Group Ltd. 6,000 4,363 
Chow Sang Sang Holdings International Ltd. 2,000 3,533 
Cosco Shipping Ports Ltd. 4,000 3,971 
Credicorp Ltd. (United States) 197 29,290 
Digital China Holdings Ltd. (H Shares) 2,000 1,676 
Digital Domain Holdings Ltd. (a) 20,000 1,573 
Esprit Holdings Ltd. (a) 7,500 6,189 
FDG Electric Vehicles Ltd. (a) 25,000 1,306 
First Pacific Co. Ltd. 4,000 3,030 
Frontline Ltd. 119 873 
GCL New Energy Holdings Ltd. (a) 32,000 1,919 
Global Brands Group Holding Ltd. (a) 12,000 1,362 
GOME Electrical Appliances Holdings Ltd. 43,000 5,434 
Great Eagle Holdings Ltd. 1,000 4,442 
Haier Electronics Group Co. Ltd. 5,000 8,072 
Hiscox Ltd. 698 8,723 
Hoegh LNG Holdings Ltd. 93 974 
Hongkong Land Holdings Ltd. 3,000 20,100 
Hopson Development Holdings Ltd. 2,000 1,805 
Huabao International Holdings Ltd. (a) 7,000 2,627 
Hybrid Kinetic Group Ltd. (a) 38,000 1,102 
Jardine Matheson Holdings Ltd. 700 42,637 
Johnson Electric Holdings Ltd. 500 1,209 
K Wah International Holdings Ltd. 2,024 1,099 
Kerry Logistics Network Ltd. 2,000 2,656 
Kerry Properties Ltd. 3,000 9,496 
Kunlun Energy Co. Ltd. 16,000 12,110 
Lancashire Holdings Ltd. 771 6,578 
Li & Fung Ltd. 12,000 5,911 
Luk Fook Holdings International Ltd. 1,000 2,933 
Luye Pharma Group Ltd. 4,500 3,029 
Man Wah Holdings Ltd. 3,600 2,391 
Nan Hai Corp. Ltd. (a) 100,000 3,288 
Nine Dragons Paper (Holdings) Ltd. 6,000 4,889 
Noble Group Ltd. (a) 24,800 2,959 
NWS Holdings Ltd. 5,000 8,858 
Orient Overseas International Ltd. 500 1,873 
Pacific Basin Shipping Ltd. (a) 9,000 1,346 
PAX Global Technology Ltd. 2,000 1,251 
Petra Diamonds Ltd. 1,479 2,750 
Pou Sheng International (Holdings) Ltd. 3,000 940 
Road King Infrastructure Ltd. 2,000 1,699 
Seadrill Ltd. (a) 666 1,429 
Shangri-La Asia Ltd. 2,000 2,200 
Shenzhen International Holdings Ltd. 1,500 2,321 
Sihuan Pharmaceutical Holdings Group Ltd. 20,000 4,797 
Silverlake Axis Ltd. Class A 4,700 2,162 
Sinopec Kantons Holdings Ltd. 6,000 2,824 
Skyworth Digital Holdings Ltd. 4,098 2,653 
SMI Corp. Ltd. 36,000 3,435 
Stolt-Nielsen SA 172 2,113 
Tai Fook Securities Group Ltd. 6,000 3,853 
Town Health International Holdings Co. Ltd. 20,000 3,198 
Vtech Holdings Ltd. 700 8,593 
Yue Yuen Industrial (Holdings) Ltd. 2,000 7,620 
TOTAL BERMUDA  362,237 
Brazil - 1.0%   
AES Tiete Energia SA unit 412 2,135 
Aliansce Shopping Centers SA 600 3,154 
Alupar Investimento SA unit 200 1,164 
Ambev SA 12,300 72,559 
Arezzo Industria e Comercio SA 300 2,779 
B2W Companhia Global do Varejo (a) 500 2,456 
Banco Bradesco SA 2,000 19,881 
Banco do Brasil SA 2,200 20,187 
Banco Santander SA (Brasil) unit 900 7,415 
BB Seguridade Participacoes SA 1,800 18,124 
BM&F BOVESPA SA 4,700 27,682 
BR Malls Participacoes SA 1,700 6,806 
Brasil Foods SA 1,700 28,440 
CCR SA 2,300 12,502 
Cetip SA - Mercados Organizado 200 2,811 
Cia. Hering SA 400 2,426 
Cielo SA 2,800 28,421 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 800 8,446 
Companhia de Saneamento de Minas Gerais 100 1,044 
Companhia Siderurgica Nacional SA (CSN) (a) 1,600 5,383 
Cosan SA Industria e Comercio 400 5,378 
CPFL Energia SA 500 3,794 
Cyrela Brazil Realty SA 600 2,021 
Drogasil SA 700 15,539 
Duratex SA 600 1,620 
Ecorodovias Infraestrutura e Logistica SA (a) 400 1,187 
EDP Energias do Brasil SA 1,200 5,771 
Embraer SA 2,000 10,746 
ENGIE Brasil Energia SA 800 10,163 
Equatorial Energia SA 500 8,919 
Estacio Participacoes SA 700 4,059 
Fibria Celulose SA 700 5,601 
Fleury SA 100 1,324 
Hypermarcas SA 800 6,707 
Iguatemi Empresa de Shopping Centers SA 200 1,889 
Iochpe-Maxion SA 300 1,523 
JBS SA 2,000 6,084 
Klabin SA unit 1,500 7,730 
Kroton Educacional SA 3,700 18,430 
Light SA 500 2,749 
Linx SA 200 1,190 
Localiza Rent A Car SA 400 4,966 
Lojas Americanas SA 1,200 5,887 
Lojas Renner SA 2,000 16,917 
M. Dias Branco SA 100 4,270 
Marfrig Global Foods SA (a) 700 1,248 
MRV Engenharia e Participacoes SA 600 2,323 
Multiplan Empreendimentos Imobiliarios SA 200 4,019 
Multiplus SA 100 1,356 
Natura Cosmeticos SA 500 4,803 
Odontoprev SA 900 3,383 
Petroleo Brasileiro SA - Petrobras (ON) (a) 6,600 38,541 
Porto Seguro SA 500 4,742 
Qualicorp SA 700 4,504 
Rumo Logistica Operadora Multimodal SA (a) 2,200 4,921 
Sao Martinho SA 200 3,983 
Smiles SA 100 1,825 
Sul America SA unit 700 4,226 
Terna Participacoes SA unit 200 1,300 
TIM Participacoes SA 2,400 6,662 
Totvs SA 500 4,536 
Ultrapar Participacoes SA 900 20,394 
Vale SA 2,400 16,602 
Valid Solucoes SA 100 937 
Weg SA 1,300 7,168 
TOTAL BRAZIL  565,752 
Canada - 6.4%   
Advantage Oil & Gas Ltd. (a) 624 4,210 
Aecon Group, Inc. 292 3,775 
AG Growth International, Inc. 30 1,043 
Agnico Eagle Mines Ltd. (Canada) 545 27,679 
Agrium, Inc. 330 30,294 
AGT Food & Ingredients, Inc. 36 1,024 
Aimia, Inc. 262 1,416 
Air Canada (a) 145 1,368 
Alacer Gold Corp. (a) 433 875 
Alamos Gold, Inc. 666 5,224 
Alaris Royalty Corp. 64 940 
Algonquin Power & Utilities Corp. (a) 1,013 8,950 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,090 54,756 
Allied Properties (REIT) 87 2,339 
AltaGas Ltd. 433 10,714 
Altus Group Ltd. 49 1,057 
Amaya, Inc. (a) 369 4,941 
ARC Resources Ltd. 835 14,175 
Artis (REIT) 542 4,736 
Asanko Gold, Inc. (a) 259 956 
ATCO Ltd. Class I (non-vtg.) 193 6,766 
Athabasca Oil Corp. (a) 1,036 973 
ATS Automation Tooling System, Inc. (a) 146 1,252 
AutoCanada, Inc. 108 1,775 
B2Gold Corp. (a) 2,402 6,948 
Badger Daylighting Ltd. 120 2,593 
Bank of Montreal 1,602 101,951 
Bank of Nova Scotia 2,998 161,109 
Barrick Gold Corp. 3,133 55,125 
Baytex Energy Corp. (a) 758 2,916 
BCE, Inc. 278 12,631 
Birchcliff Energy Ltd. (a) 662 4,215 
BlackBerry Ltd. (a) 1,343 9,482 
Boardwalk (REIT) 62 2,275 
Bombardier, Inc. Class B (sub. vtg.) (a) 4,826 6,404 
Bonavista Energy Corp. 378 1,234 
Bonterra Energy Corp. 49 922 
Boralex, Inc. Class A 416 5,967 
Brookfield Asset Management, Inc. Class A 2,214 77,530 
BRP, Inc. (a) 54 1,044 
CAE, Inc. 974 13,681 
Cameco Corp. 1,010 7,779 
Canacol Energy Ltd. (a) 619 1,911 
Canadian (REIT) 120 4,132 
Canadian Apartment Properties (REIT) unit 179 3,913 
Canadian Energy Services & Technology Corp. 767 3,025 
Canadian Imperial Bank of Commerce 1,004 75,227 
Canadian National Railway Co. 1,986 124,849 
Canadian Natural Resources Ltd. 2,863 90,866 
Canadian Pacific Railway Ltd. 386 55,179 
Canadian Tire Ltd. Class A (non-vtg.) 195 18,955 
Canadian Utilities Ltd. Class A (non-vtg.) 310 8,859 
Canadian Western Bank, Edmonton 380 7,210 
Canam Group, Inc. Class A (sub. vtg.) 221 1,485 
Canfor Corp. (a) 160 1,775 
Canfor Pulp Products, Inc. 239 1,807 
Capital Power Corp. 154 2,371 
Cara Operations Ltd. 92 1,823 
Cardinal Energy Ltd. 144 981 
Cascades, Inc. 143 1,349 
CCL Industries, Inc. Class B 72 12,805 
Celestica, Inc. (sub. vtg.) (a) 485 5,738 
Cenovus Energy, Inc. 2,106 30,382 
Centerra Gold, Inc. 362 1,830 
CGI Group, Inc. Class A (sub. vtg.) (a) 589 27,977 
China Gold International Resources Corp. Ltd. (a) 502 1,302 
CI Financial Corp. 912 16,781 
Cineplex, Inc. 230 8,745 
Cogeco Communications, Inc. 63 2,938 
Colliers International Group, Inc. 99 3,447 
Cominar (REIT) 674 7,467 
Computer Modelling Group Ltd. 175 1,294 
Concordia International Corp. (a) 45 154 
Constellation Software, Inc. 56 26,234 
Corus Entertainment, Inc. Class B (non-vtg.) 411 3,392 
Cott Corp. 412 5,403 
Crescent Point Energy Corp. 1,646 19,598 
Crew Energy, Inc. (a) 212 1,042 
Descartes Systems Group, Inc. (a) 303 6,314 
Detour Gold Corp. (a) 440 8,388 
DH Corp. 318 4,116 
Dollarama, Inc. 309 23,090 
Dominion Diamond Corp. 147 1,249 
Dorel Industries, Inc. Class B (sub. vtg.) 43 1,092 
Dream Office (REIT) 68 847 
ECN Capital Corp. 1,010 2,206 
Eldorado Gold Corp. (a) 1,747 5,509 
Element Financial Corp. 1,010 9,842 
Empire Co. Ltd. Class A (non-vtg.) 623 8,974 
Enbridge Income Fund Holdings, Inc. 184 4,670 
Enbridge, Inc. 2,441 105,407 
Encana Corp. 2,400 22,885 
EnerCare, Inc. 168 2,427 
Enerflex Ltd. 264 2,805 
Enerplus Corp. 804 5,413 
Enghouse Systems Ltd. 78 2,930 
Ensign Energy Services, Inc. 216 1,303 
Entertainment One Ltd. 1,097 3,118 
Extendicare, Inc. 159 1,093 
Fairfax Financial Holdings Ltd. (sub. vtg.) 64 32,778 
Finning International, Inc. 573 10,663 
First Capital Realty, Inc. 314 5,007 
First Majestic Silver Corp. (a) 413 3,316 
First Quantum Minerals Ltd. 1,945 18,474 
FirstService Corp. 115 4,660 
Fortis, Inc. 1,246 41,013 
Fortuna Mines, Inc. (a) 274 1,873 
Franco-Nevada Corp. 448 29,322 
Freehold Royalties Ltd. 140 1,315 
Genworth MI Canada, Inc. 79 1,716 
George Weston Ltd. 118 9,616 
Gibson Energy, Inc. 477 5,985 
Gildan Activewear, Inc. 589 15,128 
Goldcorp, Inc. 2,106 31,983 
Granite Real Estate Investment Trust 188 5,915 
Great Canadian Gaming Corp. (a) 88 1,462 
Great-West Lifeco, Inc. 824 20,697 
Guyana Goldfields, Inc. (a) 381 2,241 
H&R REIT/H&R Finance Trust 289 4,915 
Home Capital Group, Inc. 223 4,414 
HudBay Minerals, Inc. 814 3,429 
Hudson's Bay Co. 136 1,671 
Husky Energy, Inc. 1,168 12,566 
Hydro One Ltd. 376 6,860 
IAMGOLD Corp. (a) 1,143 4,576 
IGM Financial, Inc. 270 7,247 
Imperial Oil Ltd. 784 25,426 
Industrial Alliance Insurance and Financial Services, Inc. 285 11,036 
Innergex Renewable Energy, Inc. 181 2,012 
Intact Financial Corp. 367 24,948 
Inter Pipeline Ltd. 877 18,183 
Interfor Corp. (a) 234 2,619 
Intertain Group Ltd. (a) 122 754 
Intertape Polymer Group, Inc. 109 1,846 
Ivanhoe Mines Ltd. (a) 1,988 3,098 
Jean Coutu Group, Inc. Class A (sub. vtg.) 288 4,337 
Just Energy Group, Inc. 193 1,013 
Kelt Exploration Ltd. (a) 266 1,176 
Keyera Corp. 488 14,648 
Kinaxis, Inc. (a) 53 2,590 
Kinross Gold Corp. (a) 3,187 12,379 
Kirkland Lake Gold, Inc. (a) 116 804 
Klondex Mines Ltd. (a) 197 1,085 
Knight Therapeutics, Inc. (a) 772 5,134 
Labrador Iron Ore Royalty Corp. 110 1,205 
Laurentian Bank of Canada 52 1,922 
Linamar Corp. 157 6,385 
Loblaw Companies Ltd. 599 29,555 
Lucara Diamond Corp. 737 2,082 
Lundin Mining Corp. (a) 1,960 7,672 
MacDonald Dettwiler & Associates Ltd. 143 8,185 
MAG Silver Corp. (a) 223 3,272 
Magna International, Inc. Class A (sub. vtg.) 1,062 43,603 
Manitoba Telecom Services, Inc. 88 2,460 
Manulife Financial Corp. 5,101 73,893 
Maple Leaf Foods, Inc. 341 7,767 
Martinrea International, Inc. 458 2,687 
MEG Energy Corp. (a) 592 2,414 
Methanex Corp. 271 9,850 
Metro, Inc. Class A (sub. vtg.) 720 22,255 
Milestone Apartments (REIT) 382 5,138 
Morneau Shephell, Inc. 101 1,509 
MTY Food Group, Inc. 46 1,660 
Mullen Group Ltd. 197 2,730 
National Bank of Canada 926 33,055 
Nevsun Resources Ltd. 332 963 
New Flyer Industries, Inc. 78 2,181 
New Gold, Inc. (a) 1,350 5,324 
Norbord, Inc. 120 2,823 
North West Co., Inc. 85 1,622 
Northland Power, Inc. 400 7,157 
Novagold Resources, Inc. (a) 827 4,137 
NuVista Energy Ltd. (a) 807 4,103 
OceanaGold Corp. 1,596 4,879 
Onex Corp. (sub. vtg.) 228 14,748 
Open Text Corp. 369 22,911 
Osisko Gold Royalties Ltd. 286 3,011 
Painted Pony Petroleum Ltd. (a) 153 938 
Pan American Silver Corp. 338 5,418 
Paramount Resources Ltd. Class A (a) 99 1,123 
Parex Resources, Inc. (a) 495 5,694 
Parkland Fuel Corp. 287 6,704 
Pason Systems, Inc. 243 2,763 
Pembina Pipeline Corp. 931 28,604 
Pengrowth Energy Corp. 2,174 3,355 
Penn West Petroleum Ltd. 1,521 2,427 
Peyto Exploration & Development Corp. 467 11,998 
Potash Corp. of Saskatchewan, Inc. 2,248 36,553 
Power Corp. of Canada (sub. vtg.) 953 20,441 
Power Financial Corp. 690 16,307 
PrairieSky Royalty Ltd. 583 12,679 
Precision Drilling Corp. 1,093 4,873 
Premier Gold Mines Ltd. (a) 303 637 
Premium Brands Holdings Corp. 67 3,242 
Pretium Resources, Inc. (a) 369 3,607 
ProMetic Life Sciences, Inc. (a) 2,024 4,255 
Quebecor, Inc. Class B (sub. vtg.) 223 6,258 
Raging River Exploration, Inc. (a) 897 7,189 
Restaurant Brands International, Inc. 546 24,273 
Richmont Mines, Inc. (a) 208 1,969 
RioCan (REIT) 432 8,400 
Ritchie Brothers Auctioneers, Inc. 274 9,474 
Rogers Communications, Inc. Class B (non-vtg.) 961 38,661 
Royal Bank of Canada 3,681 229,977 
Russel Metals, Inc. 144 2,292 
Sandstorm Gold Ltd. (a) 198 952 
Saputo, Inc. 687 24,688 
Secure Energy Services, Inc. 557 3,414 
SEMAFO, Inc. (a) 983 3,855 
Seven Generations Energy Ltd. (a) 549 11,706 
Shaw Communications, Inc. Class B 937 18,568 
ShawCor Ltd. Class A 262 6,553 
Shopify, Inc. Class A (a) 158 6,549 
Sienna Senior Living, Inc. 154 1,834 
Sierra Wireless, Inc. (a) 71 969 
Silver Standard Resources, Inc. (a) 383 4,203 
Silver Wheaton Corp. 1,111 26,771 
Sleep Country Canada Holdings, Inc. 42 893 
Smart (REIT) 162 4,040 
SNC-Lavalin Group, Inc. 352 14,303 
Spartan Energy Corp. (a) 448 1,042 
Spin Master Corp. (a) 126 3,156 
Stantec, Inc. 397 8,832 
Stella-Jones, Inc. 153 5,430 
Sun Life Financial, Inc. 1,599 53,515 
Suncor Energy, Inc. 4,321 129,665 
Superior Plus Corp. 280 2,493 
Surge Energy, Inc. 1,014 2,071 
Tahoe Resources, Inc. 761 9,123 
Teck Resources Ltd. Class B (sub. vtg.) 1,547 33,401 
TELUS Corp. 438 14,182 
The Toronto-Dominion Bank 4,547 206,315 
Thomson Reuters Corp. 947 37,321 
TMX Group Ltd. 171 7,890 
TORC Oil & Gas Ltd. 174 985 
Torex Gold Resources, Inc. (a) 934 17,374 
Toromont Industries Ltd. 249 7,314 
Tourmaline Oil Corp. (a) 540 14,151 
TransAlta Corp. 1,139 5,019 
TransAlta Renewables, Inc. 366 4,041 
TransCanada Corp. 2,080 94,161 
Transcontinental, Inc. Class A 109 1,458 
TransForce, Inc. 373 8,462 
Tricon Capital Group, Inc. 172 1,121 
Trilogy Energy Corp. (a) 272 1,460 
Trinidad Drilling Ltd. 500 958 
Turquoise Hill Resources Ltd. (a) 2,436 7,555 
Uni-Select, Inc. 138 3,105 
Uranium Participation Corp. (a) 545 1,512 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 888 15,842 
Valener, Inc. 201 3,156 
Veresen, Inc. 849 7,691 
Vermilion Energy, Inc. 405 15,882 
West Fraser Timber Co. Ltd. 188 6,436 
Western Forest Products, Inc. 712 1,083 
WestJet Airlines Ltd. 54 884 
Westshore Terminals Investment Corp. 183 3,530 
Whitecap Resources, Inc. 1,015 8,112 
Winpak Ltd. 94 3,213 
WSP Global, Inc. 264 8,552 
Yamana Gold, Inc. 2,498 8,921 
Yellow Pages Ltd./Canada (a) 99 1,604 
TOTAL CANADA  3,633,483 
Cayman Islands - 3.0%   
21Vianet Group, Inc. ADR (a) 113 826 
3SBio, Inc. (a) 3,000 2,998 
500.com Ltd. sponsored ADR Class A (a) 144 2,439 
51job, Inc. sponsored ADR (a) 37 1,258 
58.com, Inc. ADR (a) 262 10,965 
AAC Technology Holdings, Inc. 2,000 19,083 
Agile Property Holdings Ltd. 4,000 2,223 
Airtac International Group 1,000 7,977 
Alibaba Group Holding Ltd. sponsored ADR (a) 2,948 299,782 
Anta Sports Products Ltd. 3,000 8,665 
ASM Pacific Technology Ltd. 900 8,686 
Baidu.com, Inc. sponsored ADR (a) 703 124,333 
Belle International Holdings Ltd. 19,000 11,514 
Biostime International Holdings Ltd. (a) 500 1,230 
Bitauto Holdings Ltd. ADR (a) 40 1,021 
Casetek Holdings 1,000 3,219 
Chailease Holding Co. Ltd. 2,000 3,464 
Chaowei Power Holdings Ltd. 3,000 2,685 
Cheetah Mobile, Inc. ADR (a) 125 1,338 
Cheung Kong Property Holdings Ltd. 7,500 55,557 
China Conch Venture Holdings Ltd. 5,500 10,283 
China Dongxiang Group Co. Ltd. 6,000 1,168 
China First Capital Group Ltd. (a) 2,000 2,540 
China High Speed Transmission Equipment Group Co. Ltd. 3,000 3,114 
China Huishan Dairy Holdings Co. Ltd. 15,000 5,570 
China Liansu Group Holdings Ltd. 2,000 1,467 
China LNG Group Ltd. 40,000 1,171 
China Maple Leaf Educational Systems Ltd. 2,000 1,405 
China Medical System Holdings Ltd. 4,000 6,251 
China Mengniu Dairy Co. Ltd. 7,000 13,268 
China Modern Dairy Holdings Ltd. (a) 12,000 2,615 
China Regenerative Medicine International Ltd. (a) 75,000 2,563 
China Resources Land Ltd. 10,000 24,937 
China State Construction International Holdings Ltd. 4,000 5,849 
China Wireless Technologies Ltd. (a) 8,000 1,393 
ChinaSoft International Ltd. (a) 2,000 941 
CIFI Holdings Group Co. Ltd. 4,000 1,181 
CK Hutchison Holdings Ltd. 7,000 86,603 
Cogobuy Group (a) 2,000 3,126 
Country Garden Holdings Co. Ltd. 15,000 7,814 
Credit China Holdings Ltd. (a) 72,000 8,727 
CT Environmental Group Ltd. 4,000 1,124 
Ctrip.com International Ltd. ADR (a) 998 44,062 
Endeavour Mining Corp. (a) 105 2,051 
ENN Energy Holdings Ltd. 2,000 9,413 
Evergrande Real Estate Group Ltd. 12,000 7,938 
Fang Holdings Ltd. ADR (a) 1,018 3,390 
Freeman Fintech Corp. Ltd. (a) 20,000 1,367 
Fu Shou Yuan International Group Ltd. 2,000 1,173 
Fufeng Group Ltd. 2,000 846 
GCL-Poly Energy Holdings Ltd. 46,000 6,228 
Geely Automobile Holdings Ltd. 15,000 15,473 
Goodbaby International Holdings Ltd. 4,000 1,934 
Gourmet Master Co. Ltd. 1,000 8,976 
Greatview Aseptic Pack Co. Ltd. 2,000 1,016 
Greentown China Holdings Ltd. (a) 6,500 5,314 
Haitian International Holdings Ltd. 2,000 4,126 
Hengan International Group Co. Ltd. 2,000 15,924 
HKBN Ltd. 2,000 2,360 
Hopewell Highway Infrastructure Ltd. 2,000 1,070 
Huayi Tencent Entertainment Co. Ltd. (a) 20,000 1,212 
Hutchison China Meditech Ltd. (a) 42 978 
Hutchison Telecommunications Hong Kong Holdings Ltd. 4,000 1,289 
IGG, Inc. 3,000 2,193 
iKang Healthcare Group, Inc. sponsored ADR (a) 134 2,437 
Imax China Holding, Inc. 200 946 
Intime Department Store Group Co. Ltd. 5,500 4,319 
JD.com, Inc. sponsored ADR (a) 1,811 46,995 
Kingboard Chemical Holdings Ltd. 2,000 5,918 
Kingboard Laminates Holdings Ltd. 1,500 1,346 
Kingdee International Software Group Co. Ltd. (a) 10,000 4,062 
Kingsoft Corp. Ltd. 2,000 4,497 
KWG Property Holding Ltd. 3,000 1,741 
Lee & Man Paper Manufacturing Ltd. 5,000 3,759 
Leyou Technologies Holdings Ltd. (a) 10,000 1,805 
Li Ning Co. Ltd. (a) 2,000 1,429 
Lifetech Scientific Corp. (a) 12,000 2,847 
Lijun International Pharmaceutical Holding Ltd. 6,000 2,027 
Longfor Properties Co. Ltd. 4,000 5,312 
Melco Crown Entertainment Ltd. sponsored ADR 464 7,767 
MGM China Holdings Ltd. 3,200 5,298 
Minth Group Ltd. 2,000 7,117 
Momo, Inc. ADR (a) 112 2,697 
NetDragon WebSoft, Inc. 500 1,618 
NetEase, Inc. ADR 204 52,426 
New Oriental Education & Technology Group, Inc. sponsored ADR 377 18,899 
Nexteer Auto Group Ltd. 3,000 3,953 
Noah Holdings Ltd. sponsored ADR (a) 37 872 
Nord Anglia Education, Inc. (a) 283 6,096 
Pacific Textile Holdings Ltd. 2,000 2,522 
Parade Technologies Ltd. 1,000 11,276 
Phoenix Group Holdings 693 6,196 
Phoenix Healthcare Group Ltd. 1,500 2,387 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 100 35 
Qunar Cayman Islands Ltd. sponsored ADR (a) 114 3,371 
Regina Miracle International Holdings Ltd. 2,000 2,048 
Renhe Commercial Holdings Co. Ltd. (a) 42,000 1,089 
Sands China Ltd. 6,000 26,110 
Semiconductor Manufacturing International Corp. (a) 75,000 9,083 
Shenzhou International Group Holdings Ltd. 2,000 13,268 
Shimao Property Holdings Ltd. 6,000 8,030 
Shui On Land Ltd. 7,500 1,857 
SINA Corp. (a) 136 9,811 
Sino Biopharmaceutical Ltd. 13,000 9,102 
SITC International Holdings Co. Ltd. 3,000 1,776 
SOHO China Ltd. 3,000 1,551 
Sunac China Holdings Ltd. 3,000 2,054 
Sunny Optical Technology Group Co. Ltd. 2,000 9,774 
TAL Education Group ADR (a) 111 9,040 
Tarena International, Inc. ADR 155 2,503 
Tech Pro Technology Development Ltd. (a) 6,000 166 
Tencent Holdings Ltd. 14,800 392,235 
Tianneng Power International Ltd. 2,000 1,805 
Tibet Water Resources Ltd. 3,000 1,118 
Tingyi (Cayman Islands) Holding Corp. 8,000 8,634 
Tongda Group Holdings Ltd. 10,000 2,643 
Towngas China Co. Ltd. 2,000 1,127 
TPK Holding Co. Ltd. 1,000 1,602 
Truly International Holdings Ltd. 2,000 784 
Value Partners Group Ltd. 1,000 957 
Vinda International Holdings Ltd. 1,000 1,981 
Vipshop Holdings Ltd. ADR (a) 1,177 16,090 
Vision Fame International Holding Ltd. (a) 2,000 696 
Want Want China Holdings Ltd. 16,000 9,758 
Weibo Corp. sponsored ADR (a) 10 460 
WH Group Ltd. 14,500 11,760 
Wynn Macau Ltd. 4,000 6,138 
Xinyi Glass Holdings Ltd. 4,000 3,440 
Xinyi Solar Holdings Ltd. 4,000 1,485 
Yeong Guan Energy Technology Group Co. Ltd. 1,000 3,933 
Yingde Gases Group Co. Ltd. 2,500 1,009 
YY, Inc. ADR (a) 89 4,278 
Zhen Ding Technology Holding Ltd. 1,000 2,280 
Zhongsheng Group Holdings Ltd. Class H 3,500 3,525 
TOTAL CAYMAN ISLANDS  1,707,676 
Chile - 0.3%   
AES Gener SA 4,000 1,362 
Aguas Andinas SA 4,299 2,839 
Banco de Chile 67,015 7,998 
Banco de Credito e Inversiones 180 9,191 
Banco Santander Chile 125,687 7,036 
CAP SA 271 1,892 
Cencosud SA 3,150 10,269 
Colbun SA 25,133 5,494 
Compania Cervecerias Unidas SA 654 7,025 
Compania de Petroleos de Chile SA (COPEC) 1,606 16,202 
CorpBanca SA 513,007 4,645 
E-CL SA 720 1,277 
Empresa Nacional de Electricidad SA 7,980 5,474 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 256 2,743 
Empresas CMPC SA 4,474 9,691 
Endesa Americas SA 3,899 1,815 
Enersis Chile SA 51,806 5,234 
Enersis SA 51,279 8,674 
Inversiones Aguas Metropolitanas SA 1,290 2,350 
LATAM Airlines Group SA (a) 740 7,111 
Parque Arauco SA 2,844 7,044 
Ripley Corp. SA 2,460 1,538 
S.A.C.I. Falabella 1,670 13,102 
Sonda SA 653 1,350 
Vina Concha y Toro SA 1,208 2,106 
TOTAL CHILE  143,462 
China - 2.0%   
Agricultural Bank of China Ltd. (H Shares) 62,000 26,141 
Air China Ltd. (H Shares) 6,000 3,946 
Aluminum Corp. of China Ltd. (H Shares) (a) 10,000 3,713 
Anhui Conch Cement Co. Ltd. (H Shares) 4,000 11,089 
Anhui Gujing Distillery Co. Ltd. (B Shares) 500 1,944 
AviChina Industry & Technology Co. Ltd. (H Shares) 3,000 2,039 
Bank Communications Co. Ltd. (H Shares) 21,000 16,003 
Bank of China Ltd. (H Shares) 208,000 93,332 
Beijing Capital International Airport Co. Ltd. (H Shares) 6,000 6,290 
BYD Co. Ltd. (H Shares) 1,500 9,864 
Central China Securities Co. Ltd. 3,000 1,551 
CGN Power Co. Ltd. (H Shares) 37,000 10,830 
China BlueChemical Ltd. (H Shares) 6,000 1,160 
China Cinda Asset Management Co. Ltd. (H Shares) 32,000 11,512 
China CITIC Bank Corp. Ltd. (H Shares) 27,000 17,442 
China Coal Energy Co. Ltd. (H Shares) (a) 3,000 1,702 
China Communications Construction Co. Ltd. (H Shares) 13,000 14,315 
China Communications Services Corp. Ltd. (H Shares) 4,000 2,378 
China Construction Bank Corp. (H Shares) 223,000 163,320 
China Cosco Holdings Co. Ltd. (H Shares) (a) 9,500 3,283 
China Everbright Bank Co. Ltd. (H Shares) 5,000 2,282 
China Galaxy Securities Co. Ltd. (H Shares) 8,500 8,088 
China Life Insurance Co. Ltd. (H Shares) 20,000 49,515 
China Longyuan Power Grid Corp. Ltd. (H Shares) 9,000 6,882 
China Merchants Bank Co. Ltd. (H Shares) 10,000 24,395 
China Minsheng Banking Corp. Ltd. (H Shares) 14,500 16,546 
China National Building Materials Co. Ltd. (H Shares) 12,000 5,493 
China Oilfield Services Ltd. (H Shares) 4,000 3,868 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 7,000 25,317 
China Petroleum & Chemical Corp. (H Shares) 68,000 49,178 
China Railway Construction Corp. Ltd. (H Shares) 6,500 8,146 
China Railway Group Ltd. (H Shares) 12,000 9,284 
China Shenhua Energy Co. Ltd. (H Shares) 10,000 20,811 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 6,000 1,261 
China Southern Airlines Ltd. (H Shares) 4,000 2,249 
China Telecom Corp. Ltd. (H Shares) 36,000 18,614 
China Vanke Co. Ltd. (H Shares) 3,300 8,638 
Chongqing Changan Automobile Co. Ltd. (B Shares) 2,600 3,973 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 4,000 2,398 
CITIC Securities Co. Ltd. (H Shares) 5,500 12,198 
CRRC Corp. Ltd. (H Shares) 11,000 9,985 
Dazhong Transport Group Co. Ltd. (B Shares) 6,300 4,404 
Dongfeng Motor Group Co. Ltd. (H Shares) 10,000 10,405 
GF Securities Co. Ltd. (H Shares) 3,800 8,457 
Great Wall Motor Co. Ltd. (H Shares) 9,000 8,785 
Guangzhou Automobile Group Co. Ltd. (H Shares) 6,000 7,257 
Guangzhou R&F Properties Co. Ltd. (H Shares) 1,600 2,261 
Haitong Securities Co. Ltd. (H Shares) 7,200 12,774 
Hangzhou Steam Turbine Co. Ltd. (a) 1,600 1,884 
Huadian Power International Corp. Ltd. (H Shares) 28,000 12,022 
Huaneng Power International, Inc. (H Shares) 8,000 4,917 
Huaneng Renewables Corp. Ltd. (H Shares) 6,000 2,019 
Huatai Securities Co. Ltd. (H Shares) 3,600 7,613 
Industrial & Commercial Bank of China Ltd. (H Shares) 193,000 115,846 
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) 2,700 2,668 
Jiangsu Expressway Co. Ltd. (H Shares) 2,000 2,723 
Jiangxi Copper Co. Ltd. (H Shares) 3,000 3,543 
Kama Co. Ltd. (a) 2,000 2,044 
Lao Feng Xiang Co. Ltd. (B Shares) 600 2,046 
New China Life Insurance Co. Ltd. (H Shares) 2,100 9,098 
People's Insurance Co. of China Group (H Shares) 26,000 10,359 
PetroChina Co. Ltd. (H Shares) 54,000 36,949 
PICC Property & Casualty Co. Ltd. (H Shares) 12,000 19,434 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 13,500 71,281 
Qingdao Port International Co. Ltd. 2,000 1,220 
Shandong Airlines Co. Ltd. 1,300 2,995 
Shandong Chenming Paper Holdings Ltd. (B Shares) 4,200 3,758 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 4,000 2,610 
Shanghai Baosight Software Co. Ltd. 600 1,041 
Shanghai Chlor Alkali Co. Ltd. (B Shares) (a) 2,300 1,780 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 6,000 2,777 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 1,000 3,075 
Shanghai Haixin Group Co. Ltd. (B Shares) (a) 2,100 1,812 
Shanghai Jin Jiang International Travel Co. Ltd. 1,000 3,701 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 1,080 1,679 
Shanghai Pharma Holding Co. Ltd. (H Shares) 2,800 7,221 
Shenzhen Expressway Co. (H Shares) 2,000 2,009 
Sinopec Engineering Group Co. Ltd. (H Shares)  3,500 3,096 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 12,000 6,127 
Sinopharm Group Co. Ltd. (H Shares) 3,200 15,576 
Sinotrans Ltd. (H Shares) 3,000 1,416 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 1,000 1,826 
TravelSky Technology Ltd. (H Shares) 2,000 4,276 
Tsingtao Brewery Co. Ltd. (H Shares) 2,000 7,994 
Weichai Power Co. Ltd. (H Shares) 2,000 3,022 
Yanzhou Coal Mining Co. Ltd. (H Shares) 6,000 4,448 
Zhaojin Mining Industry Co. Ltd. (H Shares) 1,500 1,516 
Zhejiang Expressway Co. Ltd. (H Shares) 6,000 6,290 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 2,000 9,696 
Zijin Mining Group Co. Ltd. (H Shares) 18,000 5,663 
ZTE Corp. (H Shares) 9,000 12,394 
TOTAL CHINA  1,168,782 
Colombia - 0.1%   
Almacenes Exito SA 564 2,814 
Cementos Argos SA 1,064 4,211 
Cemex Latam Holdings SA (a) 300 1,115 
Corporacion Financiera Colombiana SA 247 3,062 
Ecopetrol SA (a) 14,067 6,129 
Grupo de Inversiones Suramerica SA 645 8,319 
Interconexion Electrica SA ESP 1,000 3,322 
Inversiones Argos SA 1,204 7,808 
TOTAL COLOMBIA  36,780 
Curacao - 0.0%   
Sapiens International Corp. NV 128 1,756 
Cyprus - 0.0%   
ADO Properties SA 92 3,352 
Czech Republic - 0.0%   
Ceske Energeticke Zavody A/S 418 7,878 
Komercni Banka A/S 208 7,619 
Philip Morris CR A/S (a) 3 1,482 
Telefonica Czech Rep A/S 109 1,000 
TOTAL CZECH REPUBLIC  17,979 
Denmark - 1.1%   
A.P. Moller - Maersk A/S:   
Series A 11 16,096 
Series B 17 26,076 
ALK-Abello A/S 14 1,893 
Alm. Brand A/S 262 1,972 
Ambu A/S Series B 85 4,403 
Bang & Olufsen A/S Series B (a) 152 1,682 
Bavarian Nordic A/S (a) 84 2,851 
Carlsberg A/S Series B 259 23,355 
Christian Hansen Holding A/S 238 14,254 
Coloplast A/S Series B 343 23,894 
Dampskibsselskabet NORDEN A/S (a) 72 1,025 
Danske Bank A/S 1,690 52,178 
Det Forenede Dampskibs-Selskab (DFDS) A/S 96 4,640 
DSV de Sammensluttede Vognmaend A/S 496 24,039 
FLSmidth & Co. A/S 166 6,032 
Genmab A/S (a) 139 22,935 
GN Store Nord A/S 408 8,273 
ISS Holdings A/S 386 15,176 
Jyske Bank A/S (Reg.) 204 9,258 
Matas A/S 100 1,941 
NKT Holding A/S 75 5,052 
Novo Nordisk A/S Series B 5,033 179,303 
Novozymes A/S Series B 619 22,994 
Pandora A/S 289 37,619 
Per Aarsleff Holding A/S 44 1,039 
Rockwool International A/S Series B 24 4,017 
Royal Unibrew A/S 137 6,409 
Scandinavian Tobacco Group A/S 66 1,143 
Schouw & Co. 18 1,144 
SimCorp A/S 129 7,130 
Spar Nord Bank A/S 267 2,680 
Sydbank A/S 224 7,005 
TDC A/S 1,986 10,959 
Topdanmark A/S (a) 201 5,414 
Tryg A/S 467 9,125 
Vestas Wind Systems A/S 597 47,887 
William Demant Holding A/S (a) 272 5,066 
TOTAL DENMARK  615,959 
Egypt - 0.1%   
Commercial International Bank SAE 1,955 11,294 
Commercial International Bank SAE sponsored GDR 800 3,536 
EFG-Hermes Holding SAE (a) 2,676 4,719 
Global Telecom Holding (a) 4,632 2,488 
Global Telecom Holding GDR (a) 1,000 2,050 
Talaat Moustafa Group Holding 8,836 5,672 
TOTAL EGYPT  29,759 
Faroe Islands - 0.0%   
Bakkafrost 132 5,537 
Finland - 0.7%   
Amer Group PLC (A Shares) 299 8,140 
Atria PLC 200 2,196 
Cargotec Corp. (B Shares) 69 2,831 
Caverion Corp. 161 1,159 
Citycon Oyj 973 2,281 
Cramo Oyj (B Shares) 65 1,709 
Elisa Corp. (A Shares) 341 11,492 
F-Secure Oyj 458 1,619 
Fortum Corp. 1,101 18,359 
Huhtamaki Oyj 259 10,457 
KCI Konecranes Oyj 141 4,806 
Kemira Oyj 304 3,624 
Kesko Oyj 164 8,152 
Kone Oyj (B Shares) 862 39,677 
M-real OYJ (B Shares) 682 3,919 
Metso Corp. 290 7,609 
Neste Oyj 337 14,550 
Nokia Corp. 15,242 68,049 
Nokian Tyres PLC 327 10,974 
Oriola-KD Oyj 231 1,083 
Orion Oyj (B Shares) 264 11,242 
Outokumpu Oyj (A Shares) (a) 772 5,381 
Outotec Oyj (a) 505 2,200 
PK Cables OY 176 3,085 
Ramirent Oyj 163 1,202 
Sampo Oyj (A Shares) 1,140 52,228 
Sanoma Corp. 109 1,021 
Sponda Oyj 969 4,587 
Stora Enso Oyj (R Shares) 1,562 14,772 
Technopolis PLC 314 1,086 
TietoEnator Oyj 181 4,965 
UPM-Kymmene Corp. 1,375 31,999 
Uponor Oyj 163 2,773 
Valmet Corp. 385 5,718 
Wartsila Corp. 376 16,263 
YIT-Yhtyma OY 194 1,616 
TOTAL FINLAND  382,824 
France - 5.6%   
Accor SA 416 15,794 
Aeroports de Paris 78 7,878 
Air France KLM (Reg.) (a) 236 1,440 
Air Liquide SA 1,012 102,832 
Akka Technologies SA 29 1,014 
Albioma 200 3,304 
Alstom SA (a) 522 14,022 
Altamir 230 2,939 
ALTEN 79 5,646 
Altran Technologies SA 374 5,337 
Arkema SA 171 16,215 
Atos Origin SA 238 24,721 
AXA SA 5,075 114,504 
Beneteau SA 190 2,196 
BIC SA 86 11,924 
BNP Paribas SA 2,769 160,616 
Boiron SA 16 1,353 
Bollore Group 2,065 6,801 
Bollore Group (a) 9 33 
Bourbon Corp. (FR) 123 1,607 
Bouygues SA 662 21,587 
Bureau Veritas SA 614 11,600 
Capgemini SA 444 36,789 
Carrefour SA 1,458 38,244 
Casino Guichard Perrachon SA 150 7,464 
CEGID SA 15 1,050 
Cellectis SA (a) 41 727 
Christian Dior SA 136 26,238 
CNP Assurances 402 6,966 
Coface SA 163 1,056 
Compagnie de St. Gobain 1,272 56,475 
Compagnie Generale de Geophysique SA (a) 38 1,005 
Compagnie Plastic Omnium 189 6,158 
Credit Agricole SA 2,791 30,123 
Danone SA 1,510 104,731 
Dassault Systemes SA 362 28,667 
DBV Technologies SA (a) 26 1,793 
Edenred SA 512 11,862 
EDF SA 736 8,249 
Eiffage SA 163 12,067 
Elior SA 347 7,792 
Elis SA 388 6,449 
Engie 3,783 54,547 
Essilor International SA 533 59,914 
Etablissements Maurel & Prom (a) 222 977 
Euler Hermes SA 61 5,293 
Eurazeo SA 203 11,684 
Europcar Groupe SA (a) 149 1,385 
Eutelsat Communications 451 9,456 
Faiveley Transport 25 2,727 
Faurecia SA 185 6,805 
Fonciere des Regions 88 7,692 
Gaztransport et Technigaz SA 35 1,183 
Gecina SA 122 17,785 
Genfit (a) 40 749 
Groupe Eurotunnel SA 1,356 12,699 
Groupe FNAC SA (a) 50 3,409 
Guerbet 15 891 
Havas SA 622 5,060 
Hermes International SCA 68 27,552 
ICADE 102 7,332 
ID Logistics Group (a) 10 1,411 
Iliad SA 64 13,426 
Imerys SA 105 7,303 
Ingenico SA 159 12,585 
Interparfums SA 95 2,725 
Ipsen SA 133 9,192 
Ipsos SA 114 3,723 
JCDecaux SA 196 5,993 
Kering SA 192 42,586 
Klepierre SA 541 22,131 
Korian 126 3,860 
L'Oreal SA 626 112,047 
Lagardere S.C.A. (Reg.) 351 8,939 
Legrand SA 715 40,414 
LVMH Moet Hennessy - Louis Vuitton SA 707 128,717 
M6 Metropole Television SA 274 4,775 
Marie Brizard Wine & Spirits SA (a) 69 1,173 
Mercialys SA 110 2,279 
Michelin CGDE Series B 460 49,805 
Natixis SA 2,684 13,568 
Naturex SA (a) 13 1,180 
Neopost SA 80 2,422 
Nexans SA (a) 87 4,945 
Nexity 102 5,122 
Orange SA 5,094 80,147 
Orpea 122 10,157 
Pernod Ricard SA 548 65,180 
Peugeot Citroen SA (a) 1,232 18,454 
Publicis Groupe SA 518 35,540 
Rallye SA 134 2,426 
Remy Cointreau SA 92 7,463 
Renault SA 512 44,464 
Rexel SA 831 11,526 
Rubis 100 9,120 
Safran SA 821 56,445 
Sanofi SA 3,027 235,558 
Sartorius Stedim Biotech 70 4,720 
Schneider Electric SA 1,453 97,714 
SCOR SE 407 13,180 
SEB SA 56 8,241 
SFR Group SA 268 7,220 
Societe Generale Series A 1,978 77,157 
Sodexo SA 244 28,339 
Sopra Steria Group 36 3,662 
SPIE SA 319 6,034 
SR Teleperformance SA 167 17,649 
Suez Environnement SA 987 15,629 
Tarkett SA 36 1,282 
Technicolor SA 945 5,525 
Technip SA 265 17,576 
Television Francaise 1 SA 464 4,278 
Thales SA 264 24,857 
The Lisi Group 85 2,516 
The Vicat Group 32 2,012 
Total SA 5,783 277,034 
Trigano SA 49 3,467 
Ubisoft Entertainment SA (a) 233 7,929 
Unibail-Rodamco 252 59,816 
Valeo SA 609 35,098 
Vallourec SA (a) 1,133 5,567 
Veolia Environnement SA 1,137 24,840 
Vilmorin & Cie 17 1,022 
VINCI SA 1,273 92,203 
Virbac SA (a) 7 1,114 
Vivendi SA 2,975 60,216 
Wendel SA 132 15,186 
Worldline SA (Reg. S) (a)(b) 99 2,721 
Zodiac Aerospace 595 14,481 
TOTAL FRANCE  3,179,494 
Germany - 5.2%   
Aareal Bank AG 216 7,793 
adidas AG 479 78,697 
ADLER Real Estate AG (a) 111 1,626 
Aixtron AG (a) 417 2,065 
Allianz SE 1,168 182,330 
alstria office REIT-AG 434 5,600 
Amadeus Fire AG 22 1,768 
AURELIUS AG 69 4,111 
Aurubis AG 98 5,098 
Axel Springer Verlag AG 208 10,415 
BASF AG 2,333 205,652 
Bayer AG 2,166 215,061 
Bayerische Motoren Werke AG (BMW) 823 71,707 
BayWa AG 32 1,074 
Bechtle AG 62 6,517 
Beiersdorf AG 252 22,186 
Bertrandt AG 14 1,492 
Bijou Brigitte Modische Accessoires AG 21 1,245 
Bilfinger Berger AG (a) 133 4,686 
Brenntag AG 439 23,467 
CANCOM AG 29 1,317 
Capital Stage AG 315 2,248 
Carl Zeiss Meditec AG 92 3,308 
CENTROTEC Sustainable AG 123 2,019 
Commerzbank AG 2,765 18,779 
CompuGroup Medical AG 33 1,461 
Continental AG 278 53,268 
Covestro AG 194 11,466 
CTS Eventim AG 203 7,294 
Daimler AG (Germany) 2,437 173,648 
Deutsche Bank AG (a) 3,676 53,085 
Deutsche Borse AG (a) 502 39,060 
Deutsche EuroShop AG 220 9,503 
Deutsche Lufthansa AG 576 7,363 
Deutsche Pfandbriefbank AG 294 3,020 
Deutsche Post AG 2,460 76,234 
Deutsche Telekom AG 8,068 131,631 
Deutsche Wohnen AG (Bearer) 895 29,199 
Deutz AG 219 1,082 
DIC Asset AG 191 1,832 
Draegerwerk AG & Co. KGaA 22 1,403 
Drillisch AG 101 4,612 
Duerr AG 95 7,081 
E.ON AG 5,218 38,218 
ElringKlinger AG 62 960 
Evonik Industries AG 380 11,872 
Evotec OAI AG (a) 197 1,082 
Fraport AG Frankfurt Airport Services Worldwide 140 8,310 
Freenet AG 349 10,001 
Fresenius Medical Care AG & Co. KGaA 575 46,836 
Fresenius SE & Co. KGaA 1,043 76,987 
GEA Group AG 495 19,141 
Gerresheimer AG 119 8,976 
GESCO AG 34 2,718 
Gildemeister AG 106 4,852 
Grammer AG 44 2,513 
Grenkeleasing AG 24 4,178 
Hamborner (REIT) AG 133 1,315 
Hamburger Hafen und Logistik AG 69 1,099 
Hannover Reuck SE 156 17,390 
HeidelbergCement Finance AG 374 35,374 
Heidelberger Druckmaschinen AG (a) 503 1,336 
Henkel AG & Co. KGaA 190 20,920 
Hochtief AG 50 6,825 
Hugo Boss AG 155 9,734 
INDUS Holding AG 33 1,946 
Infineon Technologies AG 2,985 53,686 
Innogy SE 400 15,884 
Jenoptik AG 90 1,543 
K&S AG 580 11,734 
KION Group AG 166 10,026 
Kloeckner & Co. AG (a) 130 1,623 
Koenig & Bauer AG (a) 22 1,033 
Krones AG 48 4,892 
KUKA AG 39 3,118 
KWS Saat AG 3 981 
Lanxess AG 240 15,368 
LEG Immobilien AG 163 13,749 
LEONI AG 118 4,480 
Linde AG 478 78,866 
MAN SE 97 9,920 
Merck KGaA 326 33,518 
Metro AG 443 13,271 
Morphosys AG (a) 77 3,409 
MTU Aero Engines Holdings AG 139 14,508 
Muenchener Rueckversicherungs AG 402 78,052 
Nemetschek Se 39 2,432 
Nordex Se (a) 152 3,997 
NORMA Group AG 138 6,350 
Open Business Club AG 6 1,221 
OSRAM Licht AG 217 12,304 
Patrizia Immobilien AG 93 1,922 
Pfeiffer Vacuum Technology AG 15 1,361 
ProSiebenSat.1 Media AG 640 27,583 
Rational AG 11 5,706 
Rheinmetall AG 122 8,452 
Rhoen-Klinikum AG 272 7,571 
RIB Software AG 115 1,557 
RWE AG (a) 1,210 19,207 
Salzgitter AG 133 4,365 
SAP AG 2,527 222,627 
Schaeffler AG 459 6,943 
SGL Carbon AG (a) 77 960 
Siemens AG 1,962 222,917 
Sixt AG 91 5,514 
SLM Solutions Group AG (a) 43 1,421 
SMA Solar Technology AG 29 744 
Software AG (Bearer) 190 6,904 
Stada Arzneimittel AG 188 9,412 
STRATEC Biomedical Systems AG 16 913 
Stroer Out-of-Home Media AG 87 3,966 
Suedzucker AG (Bearer) 197 5,047 
SURTECO SE 60 1,515 
Symrise AG 339 23,262 
TAG Immobilien AG 515 6,875 
Takkt AG 115 2,724 
Telefonica Deutschland Holding AG 1,756 6,807 
Thyssenkrupp AG 1,000 23,152 
TLG Immobilien AG 230 4,817 
TUI AG 1,387 17,605 
Uniper SE (a) 583 7,760 
United Internet AG 387 15,884 
Volkswagen AG 53 7,923 
Vonovia SE 1,224 43,111 
Vossloh AG (a) 38 2,306 
Wacker Chemie AG 52 4,632 
Wacker Construction Equipment AG 72 996 
Wincor Nixdorf AG (a) 34 2,476 
Wirecard AG 302 14,327 
Wustenrot & Wurttembergische AG 99 1,967 
Zalando SE (a) 207 9,087 
Zooplus AG (a) 18 2,560 
TOTAL GERMANY  2,985,929 
Gibraltar - 0.0%   
888 Holdings PLC 351 934 
Greece - 0.1%   
Alpha Bank AE (a) 3,635 6,225 
EFG Eurobank Ergasias SA (a) 5,539 3,259 
Ff Group (a) 72 1,725 
Greek Organization of Football Prognostics SA 713 6,082 
Hellenic Telecommunications Organization SA 740 6,783 
Jumbo SA 319 4,535 
Motor Oil (HELLAS) Corinth Refineries SA 141 1,689 
Mytilineos Holdings SA 301 1,722 
National Bank of Greece SA (a) 17,838 3,648 
Piraeus Bank SA (a) 21,091 3,496 
Public Power Corp. of Greece (a) 446 1,459 
Titan Cement Co. SA (Reg.) 151 3,509 
TOTAL GREECE  44,132 
Hong Kong - 2.4%   
AIA Group Ltd. 31,600 199,447 
Bank of East Asia Ltd. 3,214 12,950 
Beijing Enterprises Holdings Ltd. 1,000 5,003 
BOC Hong Kong (Holdings) Ltd. 10,500 37,502 
BYD Electronic International Co. Ltd. 1,000 789 
Cathay Pacific Airways Ltd. 5,000 6,589 
Champion (REIT) 4,000 2,275 
China Agri-Industries Holdings Ltd. (a) 5,000 1,960 
China Everbright International Ltd. 8,000 9,593 
China Everbright Ltd. 2,000 3,920 
China Jinmao Holdings Group Ltd. 6,000 1,656 
China Merchants China Direct Investments Ltd. 2,000 2,935 
China Merchants Holdings International Co. Ltd. 4,055 10,509 
China Mobile Ltd. 16,000 183,302 
China Overseas Land and Investment Ltd. 10,000 30,881 
China Power International Development Ltd. 5,000 1,825 
China Resources Beer Holdings Co. Ltd. 4,666 9,927 
China Resources Power Holdings Co. Ltd. 4,000 6,798 
China South City Holdings Ltd. 8,000 1,774 
China Taiping Insurance Group Ltd. (a) 4,600 8,885 
China Travel International Investment HK Ltd. 6,000 1,733 
China Unicom Ltd. 18,000 21,132 
CITIC Pacific Ltd. 15,000 21,546 
CLP Holdings Ltd. 4,000 40,693 
CNOOC Ltd. 48,000 60,397 
CSPC Pharmaceutical Group Ltd. 12,000 12,440 
Dah Sing Banking Group Ltd. 800 1,448 
Dah Sing Financial Holdings Ltd. 400 2,718 
Far East Horizon Ltd. 4,000 3,652 
Fosun International Ltd. 8,000 11,615 
Fushan International Energy Group Ltd. 12,000 2,599 
Galaxy Entertainment Group Ltd. 6,000 24,640 
Guangdong Investment Ltd. 8,000 12,089 
Guotai Junan International Holdings Ltd. 3,000 1,149 
GZI (REIT) 10,000 5,738 
Hang Lung Properties Ltd. 6,000 13,245 
Hang Seng Bank Ltd. 1,900 34,323 
Henderson Land Development Co. Ltd. 3,000 17,774 
HK Electric Investments & HK Electric Investments Ltd. unit 7,000 6,932 
HKT Trust/HKT Ltd. unit 7,000 9,622 
Hong Kong & China Gas Co. Ltd. 20,300 39,786 
Hong Kong Exchanges and Clearing Ltd. 3,115 82,498 
Hopewell Holdings Ltd. 3,000 10,522 
Hysan Development Co. Ltd. 2,000 9,232 
Lenovo Group Ltd. 20,000 12,842 
Link (REIT) 6,500 46,347 
Melco International Development Ltd. 3,000 3,922 
Mmg Ltd. (a) 12,000 3,156 
MTR Corp. Ltd. 4,000 22,152 
New World Development Co. Ltd. 14,000 17,456 
PCCW Ltd. 13,000 7,744 
Poly Property Group Co. Ltd. (a) 9,000 2,855 
Power Assets Holdings Ltd. 3,500 32,922 
Prosperity (REIT) 13,000 5,615 
Shanghai Industrial Holdings Ltd. 1,000 3,062 
Shenzhen Investment Ltd. 10,000 4,371 
Shun Tak Holdings Ltd. 22,000 7,432 
Sino Land Ltd. 12,000 20,424 
Sino-Ocean Group Holding Ltd. 4,500 1,874 
Sinotrans Shipping Ltd. (a) 24,000 3,899 
SJM Holdings Ltd. 6,000 4,154 
Sun Art Retail Group Ltd. 8,000 5,642 
Sun Hung Kai Properties Ltd. 4,000 59,725 
Sunlight (REIT) 13,000 8,046 
Swire Pacific Ltd. (A Shares) 1,500 15,599 
Swire Properties Ltd. 3,000 8,626 
Techtronic Industries Co. Ltd. 3,500 13,178 
Television Broadcasts Ltd. 600 2,174 
Wharf Holdings Ltd. 4,000 30,069 
Wheelock and Co. Ltd. 2,000 12,352 
Winteam Pharmaceutical Group Ltd. 6,000 3,071 
Yuexiu Property Co. Ltd. 34,000 4,998 
TOTAL HONG KONG  1,349,750 
Hungary - 0.1%   
Magyar Telekom PLC 3,994 6,603 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 121 7,785 
OTP Bank PLC 690 19,381 
Richter Gedeon PLC 548 11,778 
TOTAL HUNGARY  45,547 
India - 1.4%   
ACC Ltd. 151 3,433 
Adani Ports & Special Economic Zone 1,483 6,825 
Aditya Birla Fashion and Retail Ltd. (a) 403 968 
Aditya Birla Nuvo Ltd. (a) 52 1,074 
AIA Engineering Ltd. 56 1,085 
Ajanta Pharma Ltd. 34 1,041 
Alembic Pharmaceuticals Ltd. (a) 109 1,104 
Ambuja Cements Ltd. 813 2,942 
Apollo Hospitals Enterprise Ltd. 219 4,399 
Apollo Tyres Ltd. (a) 1,405 4,253 
Arvind Mills Ltd. 780 4,842 
Ashok Leyland Ltd. (a) 2,297 3,108 
Asian Paints Ltd. 449 7,202 
Aurobindo Pharma Ltd. 482 5,866 
Axis Bank Ltd. 3,320 24,234 
Bajaj Auto Ltd. 140 5,978 
Bajaj Finance Ltd. 308 4,952 
Balkrishna Industries Ltd. 173 2,754 
Bayer CropScience Ltd. (a) 21 1,342 
Berger Paints India Ltd. 998 3,851 
Bharat Forge Ltd. 205 2,719 
Bharat Heavy Electricals Ltd. (a) 1,099 2,289 
Bharat Petroleum Corp. Ltd. 404 4,052 
Bharti Airtel Ltd. 1,697 8,112 
Bharti Infratel Ltd. 1,092 5,658 
Biocon Ltd. 76 1,055 
Blue Dart Express Ltd. (a) 43 3,277 
Bosch Ltd. (a) 23 7,548 
Cadila Healthcare Ltd. 647 4,102 
Cairn India Ltd. 930 3,151 
Canara Bank Ltd. (a) 248 1,166 
CESC Ltd. GDR 328 3,090 
Cipla Ltd. (a) 732 6,311 
Coal India Ltd. 1,146 5,580 
Container Corp. of India Ltd. 91 1,877 
CRISIL Ltd. 32 1,053 
Crompton Greaves Consumer Electricals Ltd. 850 2,341 
Crompton Greaves Ltd. (a) 2,315 2,662 
Cyient Ltd. 322 2,363 
Dabur India Ltd. 740 3,234 
Dalmia Bharat Ltd. 44 1,357 
Dewan Housing Finance Corp. Ltd. (a) 238 1,171 
Dish TV India Ltd. (a) 687 988 
Divi's Laboratories Ltd. 241 4,624 
Dr. Reddy's Laboratories Ltd. (a) 200 10,060 
eClerx Services Ltd. 42 956 
Edelweiss Financial Services Ltd. (a) 618 1,130 
Eicher Motors Ltd. 22 7,922 
Eveready Industries India Ltd. (a) 848 3,228 
Exide Industries Ltd. (a) 427 1,253 
Federal Bank Ltd. (a) 2,463 3,026 
Finolex Cables Ltd. 407 2,688 
GAIL India Ltd. 610 3,963 
Ge Power India Ltd. (a) 330 2,540 
Gillette India Ltd. 57 3,645 
GlaxoSmithKline Consumer Healthcare Ltd. 27 2,461 
Glenmark Pharmaceuticals Ltd. (a) 398 5,567 
GMR Infrastructure Ltd. (a) 5,938 1,220 
Godrej Consumer Products Ltd. 160 3,860 
Godrej Industries Ltd. (a) 184 1,205 
Great Eastern Shipping Co. Ltd. 242 1,354 
Gruh Finance Ltd. (a) 212 1,060 
Havells India Ltd. 537 3,277 
HCL Technologies Ltd. 1,269 14,518 
Hero Motocorp Ltd. (a) 74 3,718 
Hindalco Industries Ltd. (a) 1,665 3,735 
Hindustan Unilever Ltd. 1,422 17,832 
Housing Development Finance Corp. Ltd. 2,740 57,166 
ICICI Bank Ltd. (a) 1,799 7,487 
Idea Cellular Ltd. (a) 2,440 2,787 
Iifl Holdings Ltd. (a) 244 1,222 
Indiabulls Housing Finance Ltd. 819 10,423 
Indian Hotels Co. Ltd. (a) 685 1,186 
Info Edge India Ltd. 238 3,218 
Infosys Ltd. 3,276 48,949 
Ipca Laboratories Ltd. (a) 338 3,089 
IRB Infrastructure Developers Ltd. 395 1,390 
ITC Ltd. 5,838 21,276 
Jindal Steel & Power Ltd. (a) 1,808 2,040 
JSW Steel Ltd. (a) 102 2,537 
Jubilant Foodworks Ltd. 60 900 
Jubilant Life Sciences Ltd. (a) 132 1,364 
Kajaria Ceramics Ltd. (a) 126 1,173 
Kansai Nerolac Paints Ltd. (a) 187 1,063 
L&T Finance Holdings Ltd. (a) 707 1,134 
Larsen & Toubro Ltd. 696 15,450 
LIC Housing Finance Ltd. 619 5,408 
Lupin Ltd. 408 9,103 
Mahindra & Mahindra Financial Services Ltd. (a) 597 3,239 
Mahindra & Mahindra Ltd. 966 18,997 
Manappuram General Finance & Leasing Ltd. 1,665 2,550 
Marico Ltd. 1,092 4,616 
Maruti Suzuki India Ltd. (a) 227 19,997 
MindTree Consulting Ltd. 213 1,392 
Motherson Sumi Systems Ltd. 492 2,443 
Mphasis BFL Ltd. 137 1,053 
MRF Ltd. 3 2,157 
Muthoot Finance Ltd. (a) 199 1,071 
Natco Pharma Ltd. (a) 103 900 
Nestle India Ltd. 32 3,351 
NTPC Ltd. 2,095 4,782 
Oil & Natural Gas Corp. Ltd. 1,530 6,581 
Page Industries Ltd. 22 5,426 
Persistent Systems Ltd. 117 1,131 
Pfizer Ltd. (a) 47 1,287 
PI Industries Ltd. 100 1,295 
Piramal Enterprises Ltd. 131 3,485 
Power Finance Corp. Ltd. 1,843 3,429 
Rajesh Exports Ltd. (a) 160 1,147 
Redington India Ltd. 688 1,083 
Reliance Capital Ltd. (a) 586 4,566 
Reliance Communication Ltd. (a) 5,693 3,994 
Reliance Industries Ltd. 2,565 40,566 
Reliance Infrastructure Ltd. (a) 273 2,223 
Repco Home Finance Ltd. (a) 83 939 
Rural Electrification Corp. Ltd. 1,550 3,135 
Sadbhav Engineering Ltd. (a) 240 1,003 
Sanofi India Ltd. 25 1,635 
Shree Cement Ltd. 11 2,757 
Shriram Transport Finance Co. Ltd. 238 3,853 
Siemens India Ltd. (a) 256 4,543 
Sintex Industries Ltd. (a) 1,300 1,748 
SKF India Ltd. (a) 115 2,428 
SKS Microfinance Ltd. (a) 197 2,606 
State Bank of India 2,445 9,457 
Strides Shasun Ltd. (a) 145 2,274 
Sun Pharmaceutical Industries Ltd. 2,215 24,685 
Sun TV Ltd. 146 1,197 
Sundaram Finance Ltd. 109 2,241 
Supreme Industries Ltd. 68 920 
Suzlon Energy Ltd. (a) 4,835 1,098 
Tata Communications Ltd. 372 3,543 
Tata Consultancy Services Ltd. 905 32,543 
Tata Global Beverages Ltd. (a) 2,784 5,841 
Tata Motors Ltd. (a) 3,550 28,579 
Tata Power Co. Ltd. 3,178 3,730 
Tata Steel Ltd. (a) 615 3,738 
Tech Mahindra Ltd. 400 2,612 
The Karur Vysya Bank Ltd. 584 4,193 
The Ramco Cements Ltd. (a) 120 1,106 
Thermax Ltd. (a) 107 1,365 
Titan Co. Ltd. 599 3,354 
Tube Investments of India Ltd. (a) 309 2,890 
Tvs Motor Co. Ltd. 219 1,330 
Ultratech Cemco Ltd. (a) 37 2,209 
United Spirits Ltd. (a) 141 4,757 
UPL Ltd. (a) 698 7,302 
Vedanta Ltd. (a) 1,525 4,632 
Videocon Industries Ltd. (a) 1,566 2,445 
Voltas Ltd. (a) 173 1,003 
WABCO India Ltd. (a) 11 934 
Whirlpool of India Ltd. (a) 200 3,373 
Wipro Ltd. 1,037 7,208 
Yes Bank Ltd. (a) 710 13,542 
Zee Entertainment Enterprises Ltd. 832 6,490 
TOTAL INDIA  827,615 
Indonesia - 0.6%   
PT ACE Hardware Indonesia Tbk 13,700 898 
PT Adaro Energy Tbk 40,700 4,944 
PT AKR Corporindo Tbk 7,200 3,918 
PT Aneka Tambang Tbk (a) 17,100 1,173 
PT Astra International Tbk 54,300 34,229 
PT Bank Central Asia Tbk 31,200 37,123 
PT Bank CIMB Niaga Tbk (a) 328 24 
PT Bank Danamon Indonesia Tbk Series A 11,000 3,254 
PT Bank Mandiri (Persero) Tbk 25,200 22,197 
PT Bank Negara Indonesia (Persero) Tbk 18,800 8,033 
PT Bank Rakyat Indonesia Tbk 30,600 28,611 
PT Bank Tabungan Negara Tbk 8,500 1,244 
PT Bumi Serpong Damai Tbk 38,900 6,469 
PT Charoen Pokphand Indonesia Tbk 18,600 5,274 
PT Ciputra Development Tbk 32,900 3,984 
PT Global Mediacom Tbk 14,600 951 
PT Gudang Garam Tbk 1,300 6,765 
PT Hanjaya Mandala Sampoerna Tbk 21,100 6,388 
PT Hanson International Tbk (a) 188,500 2,023 
PT Indo Tambangraya Megah Tbk 1,500 1,647 
PT Indocement Tunggal Prakarsa Tbk 4,200 5,295 
PT Indofood CBP Sukses Makmur Tbk 6,500 4,683 
PT Indofood Sukses Makmur Tbk 10,700 6,970 
PT Japfa Comfeed Indonesia Tbk 8,100 1,170 
PT Jasa Marga Tbk 4,400 1,528 
PT Kalbe Farma Tbk 59,800 7,975 
PT Link Net Tbk 2,800 1,073 
PT Lippo Karawaci Tbk 61,100 4,238 
PT Matahari Department Store Tbk 7,600 10,499 
PT Media Nusantara Citra Tbk 7,600 1,223 
PT Pakuwon Jati Tbk 73,200 4,039 
PT Pembangunan Perumahan Persero Tbk 11,000 3,473 
PT Perusahaan Gas Negara Tbk Series B 27,400 5,376 
PT Semen Gresik (Persero) Tbk 8,600 6,492 
PT Sitara Propertindo Tbk (a) 49,100 2,446 
PT Sugih Energy Tbk (a) 40,500 354 
PT Summarecon Agung Tbk 31,500 3,983 
PT Surya Citra Media Tbk 21,500 4,367 
PT Tambang Batubara Bukit Asam Tbk 1,400 1,277 
PT Telkomunikasi Indonesia Tbk Series B 130,900 42,336 
PT Tower Bersama Infrastructure Tbk 8,300 3,801 
PT Unilever Indonesia Tbk 3,900 13,293 
PT United Tractors Tbk 4,500 7,458 
PT Waskita Karya Persero Tbk 9,700 1,948 
PT Wijaya Karya Persero Tbk 4,200 827 
PT XL Axiata Tbk (a) 13,300 2,242 
TOTAL INDONESIA  327,515 
Ireland - 0.4%   
Bank of Ireland (a) 77,080 16,500 
C&C Group PLC 1,777 6,827 
CRH PLC 2,221 72,103 
DCC PLC (United Kingdom) 257 20,966 
Glanbia PLC 446 7,266 
Grafton Group PLC unit 659 4,011 
Green REIT PLC 3,549 5,298 
Greencore Group PLC 1,319 5,328 
Hibernia (REIT) PLC 1,584 2,231 
Irish Continental Group PLC unit 322 1,502 
Irish Residential Properties REIT PLC 974 1,256 
James Hardie Industries PLC CDI 1,106 16,515 
Kerry Group PLC Class A 438 31,801 
Kingspan Group PLC (Ireland) 384 9,400 
Origin Enterprises PLC 227 1,408 
Paddy Power PLC (Ireland) 197 20,393 
Permanent Tsb Group Hld PLC (a) 637 1,734 
Ryanair Holdings PLC sponsored ADR 73 5,482 
Smurfit Kappa Group PLC 617 13,519 
United Drug PLC (United Kingdom) 993 7,943 
TOTAL IRELAND  251,483 
Isle of Man - 0.1%   
Gaming VC Holdings SA 679 5,789 
Genting Singapore PLC 16,300 8,728 
New Europe Property Investments PLC 703 8,668 
Nostrum Oil & Gas LP (a) 410 1,761 
Paysafe Group PLC (a) 1,250 6,625 
Playtech Ltd. 679 7,713 
Redefine International PLC 5,153 2,602 
TOTAL ISLE OF MAN  41,886 
Israel - 0.5%   
Airport City Ltd. (a) 126 1,371 
Alony Hetz Properties & Investments Ltd. 432 3,716 
Azrieli Group 93 3,961 
Bank Hapoalim BM (Reg.) 2,514 14,509 
Bank Leumi le-Israel BM (a) 4,482 16,917 
Bezeq The Israel Telecommunication Corp. Ltd. 6,696 12,166 
Caesarstone Sdot-Yam Ltd. (a) 75 2,651 
Cellcom Israel Ltd. (Israel) (a) 309 2,333 
Check Point Software Technologies Ltd. (a) 353 29,850 
CyberArk Software Ltd. (a) 28 1,309 
Delek Group Ltd. 14 2,747 
Elbit Systems Ltd. (Israel) 75 7,429 
First International Bank of Israel 120 1,545 
Frutarom Industries Ltd. 101 5,344 
Gazit-Globe Ltd. 390 3,517 
Harel Insurance Investments and Financial Services Ltd. 286 1,106 
Israel Chemicals Ltd. 1,372 4,885 
Israel Corp. Ltd. (Class A) (a) 8 1,193 
Israel Discount Bank Ltd. (Class A) (a) 3,346 6,148 
Ituran Location & Control Ltd. 60 1,596 
Jerusalem Oil Exploration Ltd. (a) 29 1,277 
Melisron Ltd. 33 1,400 
Migdal Insurance & Financial Holdings Ltd. 2,273 1,502 
Mizrahi Tefahot Bank Ltd. 596 7,768 
NICE Systems Ltd. 148 9,826 
Oil Refineries Ltd. (a) 2,892 1,021 
Orbotech Ltd. (a) 171 4,685 
Partner Communications Co. Ltd. (a) 203 947 
Paz Oil Co. Ltd. 22 3,437 
Plus500 Ltd. 108 818 
Radware Ltd. (a) 101 1,365 
Reit 1 Ltd. 493 1,486 
Shikun & Binui Ltd. 1,469 2,550 
Strauss Group Ltd. 86 1,354 
Taro Pharmaceutical Industries Ltd. (a) 60 6,091 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,374 101,465 
Tower Semiconductor Ltd. (a) 231 3,576 
Wix.com Ltd. (a) 61 2,440 
TOTAL ISRAEL  277,301 
Italy - 1.2%   
A2A SpA 4,655 6,342 
ACEA SpA 193 2,500 
Amplifon SpA 107 1,131 
Anima Holding SpA 764 3,722 
Ansaldo STS SpA 342 3,931 
Assicurazioni Generali SpA 3,051 39,421 
Astm SpA 118 1,274 
Atlantia SpA 1,044 25,568 
Autogrill SpA 415 3,460 
Azimut Holding SpA 362 5,810 
Banca Generali SpA 212 4,708 
Banca IFIS SpA 46 1,331 
Banca Mediolanum S.p.A. 796 5,505 
Banca Monte dei Paschi di Siena SpA (a) 8,605 2,296 
Banca Popolare dell'Emilia Romagna 1,433 6,723 
Banca Popolare di Milano 13,281 6,088 
Banca Popolare di Sondrio SCARL 1,886 6,294 
Banco Popolare Societa Cooperativa 2,241 6,455 
Beni Stabili SpA SIIQ 2,223 1,297 
Brembo SpA 63 3,894 
Brunello Cucinelli SpA 187 3,703 
Buzzi Unicem SpA 288 5,602 
Cerved Information Solutions SpA 633 5,097 
Compagnie Industriali Riunite SpA (CIR) 1,763 1,966 
Credito Emiliano SpA 217 1,222 
Credito Valtellinese SC 2,631 1,156 
Danieli & C. Officine Meccaniche SpA 93 1,736 
Datalogic SpA 103 2,160 
Davide Campari-Milano SpA 823 8,289 
De Longhi SpA 169 3,955 
DiaSorin S.p.A. 67 4,119 
Digital Multimedia Technologies SpA (a) 36 1,699 
Enel SpA 19,054 81,920 
Eni SpA 6,559 95,186 
ERG SpA 240 2,666 
EXOR SpA 322 13,683 
EXOR SpA rights (a) 247 0 
FinecoBank SpA 724 4,228 
Hera SpA 1,808 4,624 
Industria Macchine Automatiche SpA (IMA) 31 1,918 
Infrastrutture Wireless Italiane SpA (b) 744 3,520 
Interpump Group SpA 263 4,221 
Intesa Sanpaolo SpA 31,492 73,020 
Intesa Sanpaolo SpA (Risparmio Shares) 4,362 9,424 
Iren SpA 1,091 1,959 
Italmobiliare SpA 33 1,565 
Leonardo-Finmeccanica SpA (a) 1,122 13,672 
Luxottica Group SpA 441 21,954 
MARR SpA 64 1,179 
Mediaset SpA 2,239 6,400 
Mediobanca SpA 1,489 10,911 
Moncler SpA 316 5,262 
OVS 256 1,402 
Piaggio & C SpA 1,051 1,834 
Poste Italiane SpA 1,309 8,715 
Prysmian SpA 463 11,522 
Rai Way SpA 247 963 
Recordati SpA 324 9,169 
Reply SpA 8 1,006 
Safilo Group SpA (a) 143 1,497 
Saipem SpA (a) 15,222 6,266 
Salini Impregilo SpA 369 1,029 
Salvatore Ferragamo Italia SpA 137 3,352 
Saras Raffinerie Sarde SpA 663 1,151 
Snam Rete Gas SpA 6,407 33,774 
Societa Cattolica Di Assicurazioni SCRL 257 1,554 
Societa Iniziative Autostradali e Servizi SpA (SIAS) 122 1,142 
Telecom Italia SpA (a) 17,075 14,843 
Terna SpA 4,055 19,862 
Tod's SpA 23 1,346 
UniCredit SpA 13,902 34,490 
Unione di Banche Italiane SCpA 2,694 7,429 
Unipol Gruppo Finanziario SpA 1,545 4,725 
Unipolsai SpA 3,247 6,202 
YOOX SpA (a) 142 4,084 
Zignago Vetro SpA 165 999 
TOTAL ITALY  714,122 
Japan - 16.8%   
77 Bank Ltd. 1,000 4,529 
ABC-MART, Inc. 100 6,093 
Accordia Golf Co. Ltd. 200 2,022 
ACOM Co. Ltd. (a) 1,000 4,615 
Activia Properties, Inc. 2 9,726 
Adastria Co. Ltd. 100 2,624 
Adeka Corp. 300 4,548 
Advance Residence Investment Corp. 3 8,393 
Advantest Corp. 400 5,733 
Aeon (REIT) Investment Corp. 2 2,428 
AEON Co. Ltd. 1,700 23,554 
AEON Financial Service Co. Ltd. 400 7,060 
AEON MALL Co. Ltd. 200 2,975 
Ai Holdings Corp. 100 2,463 
Aica Kogyo Co. Ltd. 100 2,861 
Aichi Steel Corp. 100 4,825 
Aiful Corp. (a) 300 915 
Ain Holdings, Inc. 100 6,761 
Air Water, Inc. 1,000 18,757 
Aisin Seiki Co. Ltd. 500 22,003 
Ajinomoto Co., Inc. 1,400 31,192 
Akita Bank Ltd. 1,000 3,357 
Alfresa Holdings Corp. 500 10,594 
All Nippon Airways Ltd. 3,000 8,445 
Alpine Electronics, Inc. 200 2,670 
Alps Electric Co. Ltd. 500 12,015 
Amada Holdings Co. Ltd. 800 9,139 
Amano Corp. 100 1,864 
Anritsu Corp. 200 1,062 
Aoyama Trading Co. Ltd. 100 3,528 
Aozora Bank Ltd. 3,000 9,927 
ARCS Co. Ltd. 100 2,516 
Ariake Japan Co. Ltd. 100 5,597 
Asahi Glass Co. Ltd. 3,000 21,026 
Asahi Group Holdings 1,000 35,768 
Asahi Holdings, Inc. 100 1,800 
ASAHI INTECC Co. Ltd. 100 4,339 
Asahi Kasei Corp. 3,000 27,114 
Asatsu-DK, Inc. 200 5,559 
Ashikaga Holdings Co. Ltd. 2,070 7,382 
Asics Corp. 400 8,552 
ASKUL Corp. 100 4,124 
Astellas Pharma, Inc. 5,400 80,146 
Autobacs Seven Co. Ltd. 100 1,425 
Azbil Corp. 200 5,950 
Bandai Namco Holdings, Inc. 500 15,019 
Bank of Kyoto Ltd. 1,000 7,352 
Benefit One, Inc. 100 2,899 
Benesse Holdings, Inc. 200 5,250 
Bic Camera, Inc. 400 3,452 
Bridgestone Corp. 1,700 63,464 
Brother Industries Ltd. 600 11,042 
Calbee, Inc. 200 7,266 
Calsonic Kansei Corp. 1,000 12,539 
Canon Marketing Japan, Inc. 100 1,731 
Canon, Inc. 2,700 77,566 
Capcom Co. Ltd. 100 2,589 
Casio Computer Co. Ltd. 700 9,785 
Central Glass Co. Ltd. 1,000 4,100 
Central Japan Railway Co. 400 68,142 
Chiba Bank Ltd. 2,000 12,396 
Chiyoda Corp. 1,000 8,744 
Chubu Electric Power Co., Inc. 1,700 25,037 
Chugai Pharmaceutical Co. Ltd. 600 20,483 
Chugoku Electric Power Co., Inc. 700 8,197 
Citizen Watch Co. Ltd. 900 5,072 
CKD Corp. 300 3,748 
Coca-Cola Central Japan Co. Ltd. 100 2,208 
Coca-Cola West Co. Ltd. 200 5,922 
cocokara fine HOLDINGS, Inc. 100 3,876 
COLOPL, Inc. 100 1,443 
Colowide Co. Ltd. 200 3,892 
Comforia Residential REIT, Inc. 1 2,249 
COMSYS Holdings Corp. 200 3,530 
Concordia Financial Group Ltd. (a) 3,300 15,331 
Cookpad, Inc. 100 953 
Cosmo Energy Holdings Co. Ltd. 100 1,314 
Credit Saison Co. Ltd. 500 8,658 
CyberAgent, Inc. 300 8,739 
CYBERDYNE, Inc. (a) 200 3,008 
Dai Nippon Printing Co. Ltd. 2,000 20,101 
Dai-ichi Mutual Life Insurance Co. 2,800 41,144 
Daicel Chemical Industries Ltd. 800 10,558 
Daido Steel Co. Ltd. 1,000 4,253 
Daifuku Co. Ltd. 300 5,441 
Daihen Corp. 1,000 5,807 
Daiichi Sankyo Kabushiki Kaisha 1,500 36,130 
Daiichikosho Co. Ltd. 100 4,353 
Daikin Industries Ltd. 600 57,671 
DaikyoNishikawa Corp. 100 1,293 
Dainippon Sumitomo Pharma Co. Ltd. 400 6,946 
Daio Paper Corp. 100 1,203 
Daiseki Co. Ltd. 200 4,116 
Daito Trust Construction Co. Ltd. 200 33,518 
Daiwa House Industry Co. Ltd. 1,400 38,528 
Daiwa House REIT Investment Corp. 4 10,813 
Daiwa Office Investment Corp. 1 5,645 
Daiwa Securities Group, Inc. 4,000 23,942 
DCM Japan Holdings Co. Ltd. 100 877 
DeNA Co. Ltd. 300 9,669 
Denki Kagaku Kogyo KK 1,000 4,548 
DENSO Corp. 1,300 56,589 
Dentsu, Inc. 600 29,980 
Descente Ltd. 200 2,781 
Dic Corp. 200 6,074 
Digital Garage, Inc. 100 1,895 
Dip Corp. 100 2,659 
Disco Corp. 100 12,110 
Dmg Mori Co. Ltd. 200 2,126 
Don Quijote Holdings Co. Ltd. 300 11,428 
Doutor Nichires Holdings Co., Ltd. 100 2,006 
Dowa Holdings Co. Ltd. 1,000 7,447 
Dr. Ci:Labo Co., Ltd. 100 2,870 
East Japan Railway Co. 900 79,444 
Ebara Corp. 200 5,950 
Eisai Co. Ltd. 700 44,709 
Electric Power Development Co. Ltd. 500 11,667 
en-japan, Inc. 100 1,931 
euglena Co. Ltd. (a) 300 4,085 
Exedy Corp. 200 5,704 
Ezaki Glico Co. Ltd. 100 5,693 
FamilyMart Co. Ltd. 241 15,121 
Fancl Corp. 200 3,027 
Fanuc Corp. 500 91,544 
Fast Retailing Co. Ltd. 200 67,627 
FCC Co. Ltd. 100 2,197 
Financial Products Group Co. Ltd. 100 877 
Foster Electric Co. Ltd. 100 1,841 
FP Corp. 100 5,397 
Frontier Real Estate Investment Corp. 1 4,711 
Fuji Electric Co. Ltd. 2,000 10,012 
Fuji Heavy Industries Ltd. 1,600 62,462 
Fuji Machine Manufacturing Co. Ltd. 300 3,828 
Fuji Oil Holdings, Inc. 100 1,932 
Fuji Seal International, Inc. 100 4,134 
Fuji Soft ABC, Inc. 100 2,662 
Fujifilm Holdings Corp. 1,100 41,694 
Fujikura Ltd. 1,000 5,893 
Fujitec Co. Ltd. 300 3,439 
Fujitsu Ltd. 5,000 29,708 
Fukuoka (REIT) Investment Fund 1 1,734 
Fukuoka Financial Group, Inc. 2,000 8,677 
Furukawa Co. Ltd. 1,000 1,602 
Furukawa Electric Co. Ltd. 200 5,903 
Futaba Corp. 100 1,636 
Fuyo General Lease Co. Ltd. 100 5,082 
Global One Real Estate Investment Corp. 1 3,776 
Glory Ltd. 200 6,627 
GLP J-REIT 6 7,524 
GMO Internet, Inc. 100 1,340 
GMO Payment Gateway, Inc. 100 4,606 
GREE, Inc. 200 1,112 
GS Yuasa Corp. 1,000 4,329 
GungHo Online Entertainment, Inc. 800 2,029 
Gunma Bank Ltd. 1,000 4,787 
Gunze Ltd. 1,000 3,366 
Gurunavi, Inc. 100 2,746 
H.I.S. Co. Ltd. 100 2,735 
H2O Retailing Corp. 100 1,488 
Hakuhodo DY Holdings, Inc. 500 6,022 
Hamamatsu Photonics K.K. 400 12,129 
Hankyu Hanshin Holdings, Inc. 600 19,910 
Hankyu REIT, Inc. 2 2,853 
Hanwa Co. Ltd. 1,000 6,131 
Harmonic Drive Systems, Inc. 100 2,824 
Haseko Corp. 800 7,804 
Hazama Ando Corp. 200 1,293 
Heiwa Corp. 100 2,355 
Heiwa Real Estate (REIT), Inc. 3 2,269 
Heiwado Co. Ltd. 200 4,173 
Hikari Tsushin, Inc. 100 9,192 
Hino Motors Ltd. 600 6,551 
Hirose Electric Co. Ltd. 100 13,235 
Hiroshima Bank Ltd. 1,000 4,291 
Hisamitsu Pharmaceutical Co., Inc. 200 10,699 
Hitachi Capital Corp. 100 2,239 
Hitachi Chemical Co. Ltd. 200 4,692 
Hitachi Construction Machinery Co. Ltd. 200 4,190 
Hitachi High-Technologies Corp. 200 8,363 
Hitachi Kokusai Electric, Inc. 100 2,001 
Hitachi Ltd. 13,000 69,320 
Hitachi Maxell Ltd. 200 3,652 
Hitachi Metals Ltd. 500 6,255 
Hitachi Transport System Ltd. 100 2,065 
Hitachi Zosen Corp. 200 1,009 
Hogy Medical Co. Ltd. 100 6,599 
Hokkaido Electric Power Co., Inc. 600 4,571 
Hokuetsu Kishu Paper Co. Ltd. 200 1,253 
Hokuhoku Financial Group, Inc. 400 5,779 
Hokuriku Electric Power Co., Inc. 500 5,688 
Honda Motor Co. Ltd. 4,200 125,671 
Horiba Ltd. 100 4,787 
Hoshino Resorts REIT, Inc. 2 11,729 
Hoshizaki Corp. 200 18,080 
Hosiden Corp. 200 1,486 
House Foods Group, Inc. 100 2,236 
Hoya Corp. 1,100 45,995 
Hulic (REIT), Inc. 3 5,258 
Hulic Co. Ltd. 700 6,682 
Hyakujushi Bank Ltd. 1,000 3,414 
Ibiden Co. Ltd. 400 5,817 
Ichigo Real Estate Investment Corp. 4 2,697 
Ichigo, Inc. 600 2,609 
Idemitsu Kosan Co. Ltd. 200 4,617 
IHI Corp. 4,000 10,565 
Iida Group Holdings Co. Ltd. 400 7,739 
Inaba Denki Sangyo Co. Ltd. 100 3,638 
Industrial & Infrastructure Fund Investment Corp. 1 5,273 
Infomart Corp. 100 1,189 
INPEX Corp. 2,500 23,496 
Internet Initiative Japan, Inc. 100 1,770 
Invesco Office J-REIT, Inc. 2 1,617 
Invincible Investment Corp. 6 2,918 
Iriso Electronics Co. Ltd. 100 5,512 
Isetan Mitsukoshi Holdings Ltd. 1,000 10,127 
Isuzu Motors Ltd. 1,500 18,587 
IT Holdings Corp. 200 4,537 
ITO EN Ltd. 100 3,652 
Itochu Corp. 3,900 49,405 
ITOCHU Techno-Solutions Corp. 100 2,473 
Itoham Yonekyu Holdings, Inc. (a) 400 3,822 
Iwatani Corp. 1,000 5,988 
Iyo Bank Ltd. 800 4,928 
Izumi Co. Ltd. 100 4,634 
J Trust Co. Ltd. 100 819 
J. Front Retailing Co. Ltd. 700 9,659 
JACCS Co. Ltd. 1,000 3,929 
JAFCO Co. Ltd. 100 3,333 
Japan Airlines Co. Ltd. 300 8,857 
Japan Airport Terminal Co. Ltd. 100 3,848 
Japan Display, Inc. (a) 700 1,382 
Japan Excellent, Inc. 2 2,794 
Japan Exchange Group, Inc. 1,400 20,866 
Japan Hotel REIT Investment Corp. 9 6,085 
Japan Lifeline Co. Ltd. 100 5,197 
Japan Logistics Fund, Inc. 2 4,350 
Japan Petroleum Exploration Co. Ltd. 100 2,200 
Japan Post Bank Co. Ltd. 900 10,625 
Japan Post Holdings Co. Ltd. 1,100 14,035 
Japan Prime Realty Investment Corp. 2 8,630 
Japan Real Estate Investment Corp. 4 23,152 
Japan Rental Housing Investment, Inc. 3 2,320 
Japan Retail Fund Investment Corp. 6 13,611 
Japan Steel Works Ltd. 200 4,304 
Japan Tobacco, Inc. 2,800 106,639 
JFE Holdings, Inc. 1,500 21,548 
JGC Corp. 500 8,863 
JIN Co. Ltd. 100 5,206 
JSR Corp. 500 7,619 
JTEKT Corp. 500 7,414 
Juroku Bank Ltd. 1,000 3,023 
JX Holdings, Inc. 5,100 20,226 
K's Denki Corp. 200 3,469 
Kadokawa Dwango Corp. 100 1,479 
Kagome Co. Ltd. 200 5,250 
Kajima Corp. 2,000 13,522 
Kakaku.com, Inc. 400 6,732 
Kaken Pharmaceutical Co. Ltd. 100 6,313 
Kameda Seika Co. Ltd. 100 5,245 
Kamigumi Co. Ltd. 1,000 8,553 
Kanamoto Co. Ltd. 100 2,408 
Kandenko Co. Ltd. 1,000 9,869 
Kaneka Corp. 1,000 8,296 
Kanematsu Corp. 2,000 3,299 
Kansai Electric Power Co., Inc. (a) 1,700 16,283 
Kansai Paint Co. Ltd. 500 10,775 
Kao Corp. 1,300 67,002 
Kawasaki Heavy Industries Ltd. 4,000 11,710 
Kawasaki Kisen Kaisha Ltd. 3,000 7,438 
KDDI Corp. 4,700 142,848 
Keihan Electric Railway Co., Ltd. 1,000 6,761 
Keihin Corp. 200 3,259 
Keihin Electric Express Railway Co. Ltd. 1,000 10,098 
Keio Corp. 2,000 16,592 
Keisei Electric Railway Co. 500 12,096 
Kenedix Office Investment Corp. 1 5,626 
Kenedix Residential Investment Corp. 1 2,838 
Kenedix Retail REIT Corp. 1 2,413 
Kenedix, Inc. 800 3,372 
Kewpie Corp. 300 8,539 
Keyence Corp. 100 73,481 
Kikkoman Corp. 1,000 31,897 
Kinden Corp. 400 4,829 
Kintetsu Group Holdings Co. Ltd. 4,000 16,172 
Kintetsu World Express, Inc. 100 1,364 
Kirin Holdings Co. Ltd. 2,200 37,918 
Kissei Pharmaceutical Co. Ltd. 100 2,620 
Kitz Corp. 300 1,728 
Kobayashi Pharmaceutical Co. Ltd. 100 5,235 
Kobe Steel Ltd. 700 5,794 
Koito Manufacturing Co. Ltd. 300 15,677 
Kokuyo Co. Ltd. 200 2,655 
Komatsu Ltd. 2,400 53,422 
KOMERI Co. Ltd. 100 2,448 
Komori Corp. 100 1,272 
Konami Holdings Corp. 300 11,858 
Konica Minolta, Inc. 1,200 10,768 
Kose Corp. 100 9,145 
Kubota Corp. 2,700 43,627 
Kumagai Gumi Co. Ltd. 1,000 2,660 
Kuraray Co. Ltd. 800 12,160 
Kureha Chemical Industry Co. Ltd. 100 3,833 
Kurita Water Industries Ltd. 300 7,115 
Kuroda Electric Co. Ltd. 100 1,950 
Kusuri No Aoki Co. Ltd. 100 5,111 
Kyb Corp. 1,000 4,587 
Kyocera Corp. 800 38,982 
Kyorin Holdings, Inc. 100 2,241 
Kyoritsu Maintenance Co. Ltd. 100 6,017 
Kyowa Exeo Corp. 200 3,013 
Kyowa Hakko Kirin Co., Ltd. 600 9,183 
Kyudenko Corp. 100 3,228 
Kyushu Electric Power Co., Inc. 1,200 10,905 
Kyushu Financial Group, Inc. 900 5,999 
LaSalle Logiport REIT 2 2,123 
Lawson, Inc. 200 15,219 
Leopalace21 Corp. 700 4,566 
Lintec Corp. 100 2,184 
Lion Corp. 1,000 16,392 
LIXIL Group Corp. 700 16,107 
M3, Inc. 500 15,257 
Mabuchi Motor Co. Ltd. 200 11,653 
Maeda Corp. 1,000 9,288 
Makino Milling Machine Co. Ltd. 1,000 6,370 
Makita Corp. 300 20,797 
Mandom Corp. 100 4,672 
Mani, Inc. 100 2,332 
Marubeni Corp. 4,600 24,244 
Maruha Nichiro Corp. 100 2,778 
Marui Group Co. Ltd. 500 7,033 
Maruichi Steel Tube Ltd. 100 3,228 
Matsui Securities Co. Ltd. 400 3,208 
Matsumotokiyoshi Holdings Co. Ltd. 100 5,159 
Mazda Motor Corp. 1,400 23,217 
McDonald's Holdings Co. (Japan) Ltd. 200 5,760 
MCUBS MidCity Investment Corp. 1 3,252 
Medipal Holdings Corp. 500 8,558 
Megmilk Snow Brand Co. Ltd. 100 3,485 
Meidensha Corp. 1,000 3,357 
Meiji Holdings Co. Ltd. 300 29,980 
Meitec Corp. 100 3,414 
Micronics Japan Co. Ltd. 100 1,159 
Minebea Mitsumi, Inc. 800 8,193 
Miraca Holdings, Inc. 200 9,688 
Mirait Holdings Corp. 300 2,666 
Misumi Group, Inc. 700 12,796 
Mitsuba Corp. 100 1,465 
Mitsubishi Chemical Holdings Corp. 3,300 21,744 
Mitsubishi Corp. 4,000 87,384 
Mitsubishi Electric Corp. 4,900 66,466 
Mitsubishi Estate Co. Ltd. 3,000 59,545 
Mitsubishi Gas Chemical Co., Inc. 500 7,714 
Mitsubishi Heavy Industries Ltd. 8,000 34,282 
Mitsubishi Logistics Corp. 1,000 13,579 
Mitsubishi Materials Corp. 300 8,625 
Mitsubishi Motors Corp. of Japan 1,700 9,483 
Mitsubishi Pencil Co. Ltd. 100 5,016 
Mitsubishi Tanabe Pharma Corp. 500 9,755 
Mitsubishi UFJ Financial Group, Inc. 33,300 171,822 
Mitsubishi UFJ Lease & Finance Co. Ltd. 1,100 5,339 
Mitsui & Co. Ltd. 4,300 59,783 
Mitsui Chemicals, Inc. 3,000 14,818 
Mitsui Engineering & Shipbuilding Co. 1,000 1,392 
Mitsui Fudosan Co. Ltd. 2,000 45,590 
Mitsui Mining & Smelting Co. Ltd. 1,000 2,231 
Mitsui OSK Lines Ltd. 3,000 7,524 
Mitsumi Electric Co. Ltd. (a) 500 3,042 
Miura Co. Ltd. 300 5,186 
mixi, Inc. 100 3,686 
Mizuho Financial Group, Inc. 61,800 104,056 
Mochida Pharmaceutical Co. Ltd. 100 7,848 
MonotaRO Co. Ltd. 200 4,886 
Mori Hills REIT Investment Corp. 3 4,228 
MORI TRUST Sogo (REIT), Inc. 2 3,221 
Morinaga & Co. Ltd. 200 9,316 
Morinaga Milk Industry Co. Ltd. 1,000 8,067 
MS&AD Insurance Group Holdings, Inc. 1,300 38,701 
Murata Manufacturing Co. Ltd. 500 69,944 
Nabtesco Corp. 300 8,983 
Nachi-Fujikoshi Corp. 1,000 3,805 
Nagase & Co. Ltd. 200 2,565 
Nagoya Railroad Co. Ltd. 2,000 10,565 
Nakanishi, Inc. 100 3,581 
Nankai Electric Railway Co. Ltd. 2,000 9,097 
NEC Corp. 8,000 21,436 
Net One Systems Co. Ltd. 200 1,455 
New Hampshire Foods Ltd. 1,000 23,973 
Nexon Co. Ltd. 400 6,828 
NEXT Co. Ltd. 200 1,686 
NGK Insulators Ltd. 700 12,869 
NGK Spark Plug Co. Ltd. 400 7,918 
NHK Spring Co. Ltd. 800 7,552 
Nichi-iko Pharmaceutical Co. Ltd. 100 1,798 
Nichias Corp. 1,000 8,916 
Nichiha Corp. 100 2,474 
Nichirei Corp. 500 10,961 
Nidec Corp. 600 58,186 
Nifco, Inc. 100 5,769 
Nihon Kohden Corp. 200 4,888 
Nihon M&A Center, Inc. 200 6,513 
Nihon Parkerizing Co. Ltd. 200 2,765 
Nihon Unisys Ltd. 100 1,222 
Nikkiso Co. Ltd. 200 1,772 
Nikkon Holdings Co. Ltd. 100 2,153 
Nikon Corp. 900 13,620 
Nintendo Co. Ltd. 300 72,318 
Nippon Accommodations Fund, Inc. 1 4,534 
Nippon Building Fund, Inc. 4 23,763 
Nippon Densetsu Kogyo Co. Ltd. 100 1,827 
Nippon Electric Glass Co. Ltd. 1,000 5,445 
Nippon Express Co. Ltd. 2,000 9,898 
Nippon Flour Mills Co. Ltd. 500 7,409 
Nippon Gas Co. Ltd. 100 3,037 
Nippon Kayaku Co. Ltd. 1,000 11,548 
Nippon Light Metal Holding Co. Ltd. 1,500 3,419 
Nippon Paint Holdings Co. Ltd. 400 13,655 
Nippon Paper Industries Co. Ltd. 300 5,630 
Nippon Prologis REIT, Inc. 4 9,051 
Nippon REIT Investment Corp. 1 2,521 
Nippon Sheet Glass Co. Ltd. (a) 300 2,446 
Nippon Shinyaku Co. Ltd. 200 10,165 
Nippon Shokubai Co. Ltd. 100 6,923 
Nippon Soda Co. Ltd. 1,000 4,444 
Nippon Steel & Sumitomo Metal Corp. 2,100 41,622 
Nippon Suisan Kaisha Co. Ltd. 800 3,852 
Nippon Telegraph & Telephone Corp. 1,800 79,806 
Nippon Yusen KK 4,000 8,201 
Nipro Corp. 400 4,951 
Nishi-Nippon Financial Holdings, Inc. (a) 200 1,991 
Nishi-Nippon Railroad Co. Ltd. 1,000 4,749 
Nishimatsu Construction Co. Ltd. 1,000 4,682 
Nishimatsuya Chain Co. Ltd. 100 1,410 
Nishio Rent All Co. Ltd. 100 3,028 
Nissan Chemical Industries Co. Ltd. 300 10,198 
Nissan Motor Co. Ltd. 6,400 65,104 
Nissan Shatai Co. Ltd. 200 2,069 
Nissha Printing Co. Ltd. 100 2,425 
Nisshin Oillio Group Ltd. 1,000 4,558 
Nisshin Seifun Group, Inc. 400 5,904 
Nisshin Steel Co. Ltd. 200 2,660 
Nisshinbo Holdings, Inc. 200 1,997 
Nissin Electric Co. Ltd. 100 1,335 
Nissin Food Holdings Co. Ltd. 200 11,595 
Nitori Holdings Co. Ltd. 200 23,973 
Nitto Boseki Co. Ltd. 1,000 3,261 
Nitto Denko Corp. 400 27,943 
NKSJ Holdings, Inc. 900 29,213 
NOF Corp. 1,000 10,899 
NOK Corp. 300 6,743 
NOMURA Co. Ltd. 100 1,627 
Nomura Holdings, Inc. 9,600 48,086 
Nomura Real Estate Holdings, Inc. 400 6,778 
Nomura Real Estate Master Fund, Inc. 10 16,211 
Nomura Research Institute Ltd. 300 10,427 
Noritz Corp. 100 2,077 
North Pacific Bank Ltd. 400 1,495 
NS Solutions Corp. 100 1,912 
NSK Ltd. 1,100 12,230 
NTN Corp. 1,000 3,795 
NTT Data Corp. 300 15,505 
NTT DOCOMO, Inc. 3,500 87,899 
NTT Urban Development Co. 200 1,838 
Obara Group, Inc. 100 4,320 
Obayashi Corp. 1,500 14,489 
OBIC Business Consultants Ltd. 100 4,696 
OBIC Co. Ltd. 200 10,413 
Odakyu Electric Railway Co. Ltd. 700 14,318 
Ogaki Kyoritsu Bank Ltd. 1,000 3,585 
Oji Holdings Corp. 2,000 8,487 
Okamura Corp. 100 983 
Okasan Securities Group, Inc. 1,000 5,330 
Oki Electric Industry Co. Ltd. 100 1,307 
Okuma Corp. 1,000 8,391 
Okumura Corp. 1,000 5,779 
Olympus Corp. 800 28,607 
OMRON Corp. 500 19,214 
Ono Pharmaceutical Co. Ltd. 1,100 27,975 
Onward Holdings Co. Ltd. 1,000 6,704 
Open House Co. Ltd. 100 2,120 
Oracle Corp. Japan 100 5,454 
Orient Corp. (a) 500 934 
Oriental Land Co. Ltd. 600 35,112 
ORIX Corp. 3,400 53,997 
ORIX JREIT, Inc. 6 10,281 
Osaka Gas Co. Ltd. 5,000 20,821 
OSG Corp. 200 4,270 
Otsuka Corp. 200 9,536 
Otsuka Holdings Co. Ltd. 1,000 43,835 
Outsourcing, Inc. 100 3,805 
PALTAC Corp. 100 2,458 
PanaHome Corp. 1,000 7,447 
Panasonic Corp. 5,800 59,832 
Paramount Bed Holdings Co. Ltd. 100 3,814 
Park24 Co. Ltd. 300 9,283 
Penta-Ocean Construction Co. Ltd. 800 4,775 
PeptiDream, Inc. (a) 100 5,168 
Pigeon Corp. 300 8,468 
Pilot Corp. 100 4,482 
Piolax, Inc. 100 6,351 
Pioneer Corp. (a) 500 1,230 
Pola Orbis Holdings, Inc. 100 8,334 
Premier Investment Corp. 3 3,865 
Rakuten, Inc. 2,300 26,592 
Recruit Holdings Co. Ltd. 1,000 40,240 
Rengo Co. Ltd. 1,000 6,284 
Resona Holdings, Inc. 6,000 26,662 
Resorttrust, Inc. 200 4,007 
Ricoh Co. Ltd. 1,900 15,509 
Rinnai Corp. 100 9,631 
ROHM Co. Ltd. 300 15,820 
Rohto Pharmaceutical Co. Ltd. 300 5,275 
Round One Corp. 200 1,413 
Ryobi Ltd. 1,000 4,034 
Ryohin Keikaku Co. Ltd. 100 21,398 
Ryosan Co. Ltd. 100 3,085 
Saizeriya Co. Ltd. 100 2,640 
Sakata INX Corp. 200 2,628 
Sakata Seed Corp. 100 2,885 
San-A Co. Ltd. 100 5,454 
Sangetsu Corp. 300 5,807 
Sankyo Co. Ltd. (Gunma) 100 3,528 
Sankyu, Inc. 1,000 5,903 
Sanrio Co. Ltd. 200 3,755 
Santen Pharmaceutical Co. Ltd. 900 13,165 
Sanwa Holdings Corp. 600 5,996 
Sanyo Special Steel Co. Ltd. 1,000 5,130 
Sapporo Breweries Ltd. 200 5,662 
Sato Holding Corp. 100 2,208 
Sawai Pharmaceutical Co. Ltd. 100 6,475 
SBI Holdings, Inc. Japan 500 5,960 
Screen Holdings Co. Ltd. 200 13,712 
SCSK Corp. 100 3,738 
Secom Co. Ltd. 500 36,154 
Sega Sammy Holdings, Inc. 500 7,395 
Seibu Holdings, Inc. 400 6,927 
Seikagaku Corp. 100 1,608 
Seiko Epson Corp. 800 16,272 
Seino Holdings Co. Ltd. 400 4,444 
Seiren Co. Ltd. 200 2,346 
Sekisui Chemical Co. Ltd. 900 14,203 
Sekisui House (REIT), Inc. 1 1,351 
Sekisui House Ltd. 1,600 26,494 
Sekisui House SI Residential Investment Corp. 2 2,315 
SENKO Co. Ltd. 500 3,461 
Senshu Ikeda Holdings, Inc. 300 1,367 
Seria Co. Ltd. 100 7,915 
Seven & i Holdings Co. Ltd. 2,000 83,589 
Seven Bank Ltd. 1,500 4,620 
Sharp Corp. (a) 4,000 6,940 
Shiga Bank Ltd. 1,000 5,197 
Shikoku Electric Power Co., Inc. 500 4,711 
Shima Seiki Manufacturing Ltd. 100 2,824 
Shimachu Co. Ltd. 100 2,689 
Shimadzu Corp. 1,000 14,580 
Shimamura Co. Ltd. 100 12,825 
SHIMANO, Inc. 200 34,252 
SHIMIZU Corp. 2,000 17,813 
Shin-Etsu Chemical Co. Ltd. 1,000 76,008 
Shinmaywa Industries Ltd. 1,000 7,752 
Shinsei Bank Ltd. 5,000 8,105 
Shionogi & Co. Ltd. 800 39,500 
Ship Healthcare Holdings, Inc. 100 2,932 
Shiseido Co. Ltd. 1,000 25,822 
Shizuoka Bank Ltd. 2,000 16,916 
SHO-BOND Holdings Co. Ltd. 100 4,835 
Shochiku Co. Ltd. 1,000 11,223 
Showa Denko K.K. 400 5,298 
Showa Shell Sekiyu K.K. 500 4,677 
Siix Corp. 100 4,005 
SKY Perfect JSAT Holdings, Inc. 200 994 
Skylark Co. Ltd. 300 4,225 
SMC Corp. 200 58,148 
SMS Co., Ltd. 100 2,614 
SoftBank Corp. 2,500 157,453 
Sohgo Security Services Co., Ltd. 200 9,135 
Sojitz Corp. 3,200 8,422 
Sony Corp. 3,300 104,010 
Sony Financial Holdings, Inc. 400 5,630 
Sosei Group Corp. (a) 100 15,047 
Sotetsu Holdings, Inc. 1,000 4,892 
Square Enix Holdings Co. Ltd. 200 6,637 
Stanley Electric Co. Ltd. 400 11,035 
Start Today Co. Ltd. 400 7,033 
Starts Corp., Inc. 100 1,860 
Sugi Holdings Co. Ltd. 100 5,369 
Sumco Corp. 500 5,254 
Sumitomo Bakelite Co. Ltd. 1,000 5,445 
Sumitomo Chemical Co. Ltd. 4,000 18,995 
Sumitomo Corp. 3,100 35,753 
Sumitomo Electric Industries Ltd. 1,900 28,164 
Sumitomo Forestry Co. Ltd. 400 5,584 
Sumitomo Heavy Industries Ltd. 2,000 10,565 
Sumitomo Metal Mining Co. Ltd. 2,000 25,927 
Sumitomo Mitsui Construction Co. Ltd. 1,100 1,049 
Sumitomo Mitsui Financial Group, Inc. 3,500 121,351 
Sumitomo Mitsui Trust Holdings, Inc. 900 30,369 
Sumitomo Osaka Cement Co. Ltd. 1,000 4,148 
Sumitomo Realty & Development Co. Ltd. 1,000 26,347 
Sumitomo Rubber Industries Ltd. 500 8,382 
Sundrug Co. Ltd. 100 7,886 
Suntory Beverage & Food Ltd. 400 17,526 
Suzuken Co. Ltd. 200 6,437 
Suzuki Motor Corp. 900 32,011 
Sysmex Corp. 400 27,806 
T&D Holdings, Inc. 1,600 19,392 
Tadano Ltd. 200 2,250 
Taiheiyo Cement Corp. 3,000 8,611 
Taikisha Ltd. 100 2,532 
Taisei Corp. 3,000 22,542 
Taisho Pharmaceutical Holdings Co. Ltd. 100 9,774 
Taiyo Holdings Co. Ltd. 100 3,762 
Taiyo Nippon Sanso Corp. 400 4,215 
Taiyo Yuden Co. Ltd. 400 4,280 
Takara Bio, Inc. 100 1,448 
Takara Holdings, Inc. 400 3,799 
Takara Leben Co. Ltd. 300 2,043 
Takara Standard Co. Ltd. 100 1,860 
Takasago Thermal Engineering Co. Ltd. 100 1,413 
Takashimaya Co. Ltd. 1,000 8,172 
Takeda Pharmaceutical Co. Ltd. 1,900 85,153 
Takeuchi Manufacturing Co. Ltd. 100 1,943 
TDK Corp. 300 20,769 
TechnoPro Holdings, Inc. 100 3,438 
TECMO KOEI HOLDINGS CO., LTD. 100 1,919 
Teijin Ltd. 400 7,754 
Temp Holdings Co., Ltd. 400 6,797 
Terumo Corp. 900 34,886 
The Aomori Bank Ltd. 1,000 3,385 
The Awa Bank Ltd. 1,000 6,589 
The Bank of Iwate Ltd. 100 4,220 
The Chugoku Bank Ltd. 500 6,723 
The Daishi Bank Ltd., Niigata 1,000 4,310 
The Hachijuni Bank Ltd. 1,200 6,557 
The Hokkoku Bank Ltd. 1,000 3,357 
The Hyakugo Bank Ltd. 1,000 3,690 
The Keiyo Bank Ltd. 1,000 4,215 
The Kiyo Bank Ltd. 100 1,662 
The Musashino Bank Ltd. 100 2,767 
The Nanto Bank Ltd. 100 3,809 
The Okinawa Electric Power Co., Inc. 200 4,636 
The San-In Godo Bank Ltd. 300 2,163 
The Suruga Bank Ltd. 400 9,784 
The Tochigi Bank Ltd. 400 1,934 
The Toho Bank Ltd. 1,000 3,805 
The Yamagata Bank Ltd. 1,000 4,329 
The Yamanashi Chuo Bank Ltd. 1,000 4,901 
THK Co. Ltd. 300 6,351 
Toagosei Co. Ltd. 100 1,117 
Tobu Railway Co. Ltd. 2,000 9,841 
Toc Co. Ltd. 200 1,814 
Toda Corp. 1,000 5,435 
Toho Co. Ltd. 300 9,025 
Toho Gas Co. Ltd. 1,000 9,278 
Toho Holdings Co. Ltd. 100 2,103 
Tohoku Electric Power Co., Inc. 1,100 13,479 
Tokai Carbon Co. Ltd. 1,000 3,051 
Tokai Rika Co. Ltd. 100 1,876 
Tokai Tokyo Financial Holdings 300 1,528 
Tokio Marine Holdings, Inc. 1,800 71,214 
Tokuyama Corp. (a) 1,000 4,291 
Tokyo Broadcasting System Holding 100 1,576 
Tokyo Century Corp. 100 3,533 
Tokyo Dome Corp. 100 953 
Tokyo Electric Power Co., Inc. (a) 3,500 13,617 
Tokyo Electron Ltd. 400 36,190 
Tokyo Gas Co. Ltd. 5,000 22,704 
Tokyo Ohka Kogyo Co. Ltd. 100 3,557 
Tokyo Seimitsu Co. Ltd. 100 2,734 
Tokyo Steel Manufacturing Co. Ltd. 200 1,386 
Tokyo Tatemono Co. Ltd. 500 6,370 
Tokyo TY Financial Group, Inc. 100 3,209 
Tokyu Construction Co. Ltd. 100 1,014 
Tokyu Corp. 3,000 22,514 
Tokyu Fudosan Holdings Corp. 1,400 7,916 
Tokyu REIT, Inc. 2 2,639 
TOMONY Holdings, Inc. 200 1,036 
Tomy Co. Ltd. 100 1,082 
TonenGeneral Sekiyu K.K. 1,000 9,879 
Topcon Corp. 300 4,494 
Toppan Printing Co. Ltd. 1,000 9,421 
Topre Corp. 100 2,315 
Toray Industries, Inc. 4,000 37,334 
Toridoll.corporation 100 2,324 
Toshiba Corp. (a) 11,000 39,964 
Toshiba Plant Systems & Services Corp. 100 1,616 
Toshiba Tec Corp. (a) 1,000 4,463 
Tosoh Corp. 2,000 13,102 
Totetsu Kogyo Co. Ltd. 100 2,843 
Toto Ltd. 400 16,020 
Toyo Ink South Carolina Holdings Co. Ltd. 1,000 4,663 
Toyo Seikan Group Holdings Ltd. 400 7,400 
Toyo Suisan Kaisha Ltd. 200 8,115 
Toyo Tire & Rubber Co. Ltd. 300 4,631 
Toyobo Co. Ltd. 3,000 4,920 
Toyoda Gosei Co. Ltd. 100 2,290 
Toyota Boshoku Corp. 200 5,039 
Toyota Industries Corp. 400 18,366 
Toyota Motor Corp. 6,952 403,263 
Toyota Tsusho Corp. 500 11,838 
TPR Co. Ltd. 100 2,894 
Trans Cosmos, Inc. 100 2,536 
Trend Micro, Inc. 300 10,585 
Trusco Nakayama Corp. 100 5,178 
TS tech Co. Ltd. 100 2,684 
Tsubakimoto Chain Co. 1,000 7,943 
Tsumura & Co. 200 5,695 
Tsuruha Holdings, Inc. 100 11,557 
Uacj Corp. 1,000 3,271 
Ube Industries Ltd. 3,000 6,208 
Ulvac, Inc. 100 3,166 
Unicharm Corp. 1,000 23,825 
Unipres Corp. 100 1,927 
United Arrows Ltd. 100 2,733 
United Urban Investment Corp. 7 11,808 
Universal Entertainment Corp. (a) 100 2,999 
Unizo Holdings Co. Ltd. 100 2,784 
Ushio, Inc. 200 2,416 
USS Co. Ltd. 600 10,173 
Valor Holdings Co. Ltd. 100 2,841 
W-Scope Corp. 100 1,793 
Wacoal Holdings Corp. 1,000 11,557 
Wacom Co. Ltd. 600 1,814 
Welcia Holdings Co. Ltd. 100 6,837 
West Japan Railway Co. 400 24,686 
Yahoo! Japan Corp. 3,300 12,681 
Yakult Honsha Co. Ltd. 200 9,345 
Yamada Denki Co. Ltd. 1,700 8,802 
Yamaguchi Financial Group, Inc. 1,000 11,042 
Yamaha Corp. 400 14,322 
Yamaha Motor Co. Ltd. 700 15,586 
Yamato Holdings Co. Ltd. 900 20,554 
Yamato Kogyo Co. Ltd. 100 2,820 
Yamazaki Baking Co. Ltd. 300 6,740 
Yaoko Co. Ltd. 100 4,210 
Yaskawa Electric Corp. 600 9,595 
Yodogawa Steel Works Ltd. 100 2,734 
Yokogawa Electric Corp. 600 8,450 
Yokohama Rubber Co. Ltd. 200 3,479 
YONEX Co. Ltd. 100 4,420 
Yoshinoya Holdings Co. Ltd. 200 3,017 
Zenkoku Hosho Co. Ltd. 100 4,310 
Zensho Holdings Co. Ltd. 200 3,742 
Zeon Corp. 1,000 9,164 
Zojirushi Thermos 100 1,383 
TOTAL JAPAN  9,631,415 
Korea (South) - 3.0%   
AMOREPACIFIC Corp. 77 24,169 
AMOREPACIFIC Group, Inc. 68 8,799 
Asiana Airlines, Inc. (a) 685 2,767 
BEP International Holdings Ltd. (a) 55 724 
BGFretail Co. Ltd. 25 3,803 
BS Financial Group, Inc. 1,067 8,667 
Celltrion, Inc. 203 18,849 
CHA Biotech Co. Ltd. (a) 292 3,523 
Cheil Industries, Inc. 211 29,794 
Cheil Worldwide, Inc. 263 3,898 
Chong Kun Dang Pharmaceutical Corp. 11 892 
CJ CGV Co. Ltd. 28 1,660 
CJ CheilJedang Corp. 24 7,334 
CJ Corp. 48 7,323 
CJ E&M Corp. 70 4,278 
CJ O Shopping Co. Ltd. 33 4,677 
Com2uS Corp. (a) 14 1,163 
Cosmax, Inc. 12 1,212 
Coway Co. Ltd. 163 12,769 
Daelim Industrial Co. 101 7,215 
Daesang Corp. 35 825 
Daewon Kang up Co. Ltd. 1,219 5,510 
Daewoo Engineering & Construction Co. Ltd. (a) 215 1,190 
Daou Technology, Inc. 69 1,249 
DGB Financial Group Co. Ltd. 311 2,610 
DIO Corp. (a) 21 838 
Dong Suh Companies, Inc. 70 1,662 
Dong-A Socio Holdings Co. Ltd. 6 761 
Dongbu HiTek Co. Ltd. (a) 202 3,011 
Dongbu Insurance Co. Ltd. 130 8,081 
Dongkuk Steel Mill Co. Ltd. (a) 352 2,517 
Doosan Heavy Industries & Construction Co. Ltd. 180 4,123 
Doosan Infracore Co. Ltd. (a) 261 1,581 
DuzonBizon Co. Ltd. 136 2,658 
E-Mart Co. Ltd. 60 8,525 
EO Technics Co. Ltd. 28 1,542 
Fila Korea Ltd. 26 1,982 
GemVax & Kael Co. Ltd. (a) 176 2,216 
Grand Korea Leisure Co. Ltd. 48 911 
Green Cross Corp. 17 2,073 
Green Cross Holdings Corp. 49 951 
GS Engineering & Construction Corp. (a) 87 2,039 
GS Holdings Corp. 172 7,685 
GS Retail Co. Ltd. 43 1,835 
Halla Holdings Corp. 15 890 
Hana Financial Group, Inc. 765 21,938 
Hana Tour Service, Inc. 17 959 
Hanjin Kal Corp. 69 1,020 
Hankook Tire Co. Ltd. 167 8,060 
Hankook Tire Worldwide Co. Ltd. 144 2,726 
Hanmi Pharm Co. Ltd. 14 4,431 
Hanmi Science Co. Ltd. 18 1,198 
Hanon Systems 458 4,285 
Hansae Co. Ltd. 90 1,991 
Hansol Chemical Co. Ltd. 14 1,014 
Hanssem Co. Ltd. 32 4,966 
Hanwha Chemical Corp. 304 7,190 
Hanwha Corp. 154 5,029 
Hanwha Life Insurance Co. Ltd. 1,254 6,852 
Hanwha Techwin Co. Ltd. 107 5,969 
Hite Jinro Co. Ltd. 68 1,308 
HLB, Inc. (a) 59 1,003 
Hotel Shilla Co. 113 5,661 
HUGEL, Inc. (a) 3 900 
Hyosung Corp. 60 7,029 
Hyundai Department Store Co. Ltd. 68 6,986 
Hyundai Elevator Co. Ltd. (a) 20 979 
Hyundai Engineering & Construction Co. Ltd. 212 7,683 
Hyundai Fire & Marine Insurance Co. Ltd. 184 5,687 
Hyundai Glovis Co. Ltd. 89 13,501 
Hyundai Greenfood Co. Ltd. 115 1,684 
Hyundai Heavy Industries Co. Ltd. (a) 110 13,993 
Hyundai Home Shopping Network Corp. 11 1,092 
Hyundai Industrial Development & Construction Co. 153 6,488 
Hyundai Mipo Dockyard Co. Ltd. (a) 17 1,045 
Hyundai Mobis 186 44,558 
Hyundai Motor Co. 341 41,740 
Hyundai Rotem Co. Ltd. (a) 47 768 
Hyundai Securities Co. Ltd. 514 3,626 
Hyundai Steel Co. 208 8,984 
Hyundai Wia Corp. 30 2,064 
Illinois-Yang Pharmaceutical Co. Ltd. (a) 24 822 
Industrial Bank of Korea 815 9,406 
INNOCEAN Worldwide, Inc. 16 969 
iNtRON Biotechnology, Inc. (a) 22 596 
IS Dongseo Co. Ltd. 24 1,039 
JB Financial Group Co. Ltd. 368 1,911 
Jeil Pharmaceutical Co. 13 769 
Jenax, Inc. (a) 56 1,241 
JW Holdings Corp. 116 1,011 
JW Pharmaceutical Corp. 16 688 
Kakao Corp. 101 6,747 
Kangwon Land, Inc. 292 9,689 
KB Financial Group, Inc. 1,189 44,032 
KCC Corp. 25 8,841 
KEPCO Plant Service & Engineering Co. Ltd. 87 4,176 
Kia Motors Corp. 781 27,792 
Kiwoom Securities Co. Ltd. 17 988 
Kolon Industries, Inc. 67 4,358 
Kolon Life Science, Inc. 8 1,048 
Komipharm International Co. Ltd. (a) 99 3,354 
Korea Aerospace Industries Ltd. 141 7,988 
Korea Electric Power Corp. 740 32,027 
Korea Electric Terminal Co. Ltd. 40 2,501 
Korea Express Co. Ltd. (a) 20 3,515 
Korea Gas Corp. 93 3,769 
Korea Investment Holdings Co. Ltd. 78 2,803 
Korea Kolmar Co. Ltd. 27 1,924 
Korea Petro Chemical Industries Co. Ltd. 6 1,073 
Korea Zinc Co. Ltd. 24 9,548 
Korean Air Lines Co. Ltd. (a) 67 1,875 
Korean Reinsurance Co. 196 2,022 
KT&G Corp. 332 32,801 
Kumho Petro Chemical Co. Ltd. 64 3,923 
Kumho Tire Co., Inc. (a) 357 3,199 
Kwangju Bank Co. Ltd. 223 1,969 
LG Chemical Ltd. 132 28,448 
LG Corp. 237 12,702 
LG Display Co. Ltd. 699 16,720 
LG Electronics, Inc. 258 10,782 
LG Hausys Ltd. 14 1,159 
LG Home Shopping, Inc. 38 5,841 
LG Household & Health Care Ltd. 18 12,905 
LG Innotek Co. Ltd. 40 2,728 
LG International Corp. 54 1,315 
LG Life Sciences Ltd. (a) 22 1,196 
LG Telecom Ltd. 574 5,922 
LIG Insurance Co. Ltd. 75 1,898 
Loen Entertainment, Inc. (a) 14 825 
Lotte Chemical Corp. 37 9,333 
Lotte Chilsung Beverage Co. Ltd. 1 1,346 
Lotte Confectionery Co. Ltd. 7 1,175 
Lotte Fine Chemical Co. Ltd. 41 1,040 
Lotte Samkang Co. Ltd. 2 1,208 
Lotte Shopping Co. Ltd. 30 5,993 
LS Cable Ltd. 78 3,744 
LS Industrial Systems Ltd. 33 1,130 
Mando Corp. 15 3,521 
Medipost Co. Ltd. (a) 18 892 
Medy-Tox, Inc. 14 4,979 
Meritz Financial Holdings Co. 497 4,889 
Meritz Fire & Marine Insurance Co. Ltd. 207 2,887 
Meritz Securities Co. Ltd. 760 2,263 
Mirae Asset Daewoo Co. Ltd. 414 2,805 
Mirae Asset Life Insurance Co. Ltd. 883 3,613 
Mirae Asset Securities Co. Ltd. 252 4,990 
NAVER Corp. 76 56,946 
NCSOFT Corp. 44 10,175 
Nexen Tire Corp. 309 3,553 
NHN Entertainment Corp. (a) 81 3,555 
Nong Shim Co. Ltd. 14 3,525 
Oci Co. Ltd. (a) 53 4,194 
Orion Corp. 11 6,876 
Osstem Implant Co. Ltd. (a) 22 1,048 
Ottogi Corp. 4 2,301 
Paradise Co. Ltd. 70 796 
Poongsan Corp. 175 5,325 
POSCO 201 41,841 
Posco Daewoo Corp. 194 4,232 
S&T Motiv Co. Ltd. 21 751 
S-Oil Corp. 116 7,962 
S.M. Entertainment Co. Ltd. (a) 126 3,007 
S1 Corp. 56 4,529 
Samsung Card Co. Ltd. 131 5,521 
Samsung Electro-Mechanics Co. Ltd. 173 7,124 
Samsung Electronics Co. Ltd. 263 376,879 
Samsung Engineering Co. Ltd. (a) 484 4,007 
Samsung Fire & Marine Insurance Co. Ltd. 82 20,899 
Samsung Heavy Industries Co. Ltd. 666 5,677 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 194 438 
Samsung Life Insurance Co. Ltd. 199 19,226 
Samsung SDI Co. Ltd. 142 11,708 
Samsung SDS Co. Ltd. 91 12,292 
Samsung Securities Co. Ltd. 258 7,794 
Samyang Holdings Corp. 20 2,186 
Sebang Global Battery Co. Ltd. 44 1,427 
Seegene, Inc. (a) 124 3,285 
Seoul Semiconductor Co. Ltd. 380 4,552 
SFA Engineering Corp. 79 3,999 
Shinhan Financial Group Co. Ltd. 1,200 46,006 
Shinsegae Co. Ltd. 16 2,602 
SK C&C Co. Ltd. 120 23,449 
SK Chemicals Co. Ltd. 34 1,778 
SK Energy Co. Ltd. 160 21,193 
SK Hynix, Inc. 1,555 55,742 
SK Materials Co., Ltd. 8 1,091 
SK Networks Co. Ltd. 366 2,086 
SK Telecom Co. Ltd. 46 9,021 
SKC Co. Ltd. 53 1,253 
Soulbrain Co. Ltd. 18 982 
Ssangyong Cement Industrial Co. Ltd.(a) 133 1,866 
Taekwang Industrial Co. Ltd. 2 1,467 
Tong Yang Life Insurance Co. Ltd. 381 3,997 
Tongyang, Inc. 451 1,268 
Vieworks Co. Ltd. 36 1,936 
ViroMed Co. Ltd. (a) 41 3,284 
WONIK IPS Co. Ltd. (a) 44 896 
Woori Bank 807 8,820 
Woori Investment & Securities Co. Ltd. 588 5,192 
Youngone Corp. 45 1,265 
Yuhan Corp. 30 5,508 
YUNGJIN Pharmaceutical Co. Ltd. (a) 267 2,043 
TOTAL KOREA (SOUTH)  1,724,226 
Luxembourg - 0.2%   
Aperam 126 5,726 
ArcelorMittal SA (Netherlands) (a) 4,970 33,582 
Braas Monier Building Group SA 43 1,238 
Eurofins Scientific SA 34 15,448 
Grand City Properties SA 349 6,132 
Millicom International Cellular SA (depository receipt) 160 7,034 
RTL Group SA 91 7,133 
SAF-Holland SA 205 2,751 
SES SA (France) (depositary receipt) 1,003 23,067 
Subsea 7 SA (a) 814 9,133 
Tenaris SA 1,314 18,585 
TOTAL LUXEMBOURG  129,829 
Malaysia - 0.6%   
AEON Credit Service Bhd 300 1,054 
AirAsia Bhd 1,900 1,255 
Alliance Financial Group Bhd 2,000 1,902 
AMMB Holdings Bhd 6,200 6,207 
Astro Malaysia Holdings Bhd 7,500 5,095 
Axiata Group Bhd 7,400 8,679 
British American Tobacco (Malaysia) Bhd 500 5,902 
Bumi Armada Bhd 5,300 891 
Bumiputra-Commerce Holdings Bhd 8,352 10,014 
Bursa Malaysia Bhd 500 1,031 
Cahya Mata Sarawak Bhd 1,100 1,007 
CapitaLand Malaysia Mall Trust 4,400 1,678 
Carlsberg Brewery BHD 300 1,043 
Dialog Group Bhd 5,400 1,995 
DiGi.com Bhd 8,400 10,072 
Felda Global Ventures Holdings Bhd 1,800 862 
Gamuda Bhd 3,100 3,628 
Genting Bhd 5,900 11,026 
Genting Malaysia Bhd 8,200 9,304 
Genting Plantations Bhd 400 1,049 
Hap Seng Consolidated Bhd 2,000 3,714 
Hartalega Holdings Bhd 2,400 2,803 
Hong Leong Bank Bhd 1,500 4,763 
Hong Leong Credit Bhd 300 1,124 
IGB (REIT) 3,200 1,236 
IHH Healthcare Bhd 8,100 12,358 
IJM Corp. Bhd 10,600 8,339 
Inari Amertron Bhd 4,300 3,434 
IOI Corp. Bhd 6,800 7,294 
IOI Properties Group Sdn Bhd 3,700 2,161 
Kossan Rubber Industries Bhd 1,200 1,931 
KPJ Healthcare Bhd 900 901 
Kuala Lumpur Kepong Bhd 1,000 5,712 
Lafarge Malaysia Bhd 900 1,738 
Malayan Banking Bhd 8,634 16,260 
Malaysia Airports Holdings Bhd 2,900 4,583 
Maxis Bhd 5,600 7,956 
MISC Bhd 3,000 5,378 
My E.G.Services Bhd 2,000 1,163 
Osk Holdings Bhd 2,500 900 
Petronas Chemicals Group Bhd 7,800 13,015 
Petronas Dagangan Bhd 1,000 5,569 
Petronas Gas Bhd 2,000 10,489 
PPB Group Bhd 1,700 6,533 
Press Metal Bhd 1,400 1,455 
Public Bank Bhd 7,000 33,139 
QL Resources Bhd 1,400 1,475 
RHB Capital Bhd 2,800 3,224 
SapuraKencana Petroleum Bhd (a) 11,800 4,557 
Sime Darby Bhd 6,800 13,276 
Sunway (REIT) 5,900 2,588 
Sunway Bhd 2,300 1,711 
TA Enterprise Bhd 8,100 927 
Telekom Malaysia Bhd 3,400 5,301 
Tenaga Nasional Bhd 8,500 29,056 
TIME dotCom Bhd 600 1,144 
Top Glove Corp. Bhd 2,800 3,304 
UMW Holdings Bhd 1,600 2,273 
Westports Holdings Bhd 1,900 1,997 
Yinson Holdings Bhd 1,400 1,045 
YTL Corp. Bhd 12,800 4,851 
YTL Power International Bhd 6,700 2,444 
TOTAL MALAYSIA  326,815 
Malta - 0.0%   
Brait SA 838 5,568 
Unibet Group PLC unit 680 6,000 
TOTAL MALTA  11,568 
Marshall Islands - 0.0%   
Seaspan Corp. 71 878 
VTTI Energy Partners LP 136 2,407 
TOTAL MARSHALL ISLANDS  3,285 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 23,100 6,392 
Mexico - 0.8%   
Alfa SA de CV Series A 6,800 10,311 
Alsea S.A.B. de CV 1,200 4,478 
America Movil S.A.B. de CV Series L 83,100 55,045 
Banregio Grupo Financiero S.A.B. de CV 400 2,621 
Bolsa Mexicana de Valores S.A.B. de CV 600 961 
CEMEX S.A.B. de CV unit 37,300 32,285 
Coca-Cola FEMSA S.A.B. de CV Series L 1,500 11,268 
Compartamos S.A.B. de CV 3,500 6,907 
Concentradora Fibra Hotelera Mexicana SA de CV 2,200 1,728 
Controladora Comercial Mexicana S.A.B de C.V. (a) 1,600 1,459 
Controladora Vuela Compania de Aviacion S.A.B. de CV (a) 2,000 3,820 
Corporacion Inmobiliaria Vesta S.A.B. de CV 2,500 3,783 
El Puerto de Liverpool S.A.B. de CV Class C 400 4,193 
Embotelladoras Arca S.A.B. de CV 1,100 6,845 
Fibra Uno Administracion SA de CV 6,100 11,641 
Fomento Economico Mexicano S.A.B. de CV unit 4,900 47,001 
Genomma Lab Internacional SA de CV (a) 2,400 2,871 
Gruma S.A.B. de CV Series B 475 6,591 
Grupo Aeromexico S.A.B. de CV (a) 1,000 1,975 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 800 7,733 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 605 9,623 
Grupo Aeroportuario Norte S.A.B. de CV 900 5,236 
Grupo Bimbo S.A.B. de CV Series A 4,800 12,929 
Grupo Carso SA de CV Series A1 1,500 6,547 
Grupo Comercial Chedraui S.A.B. de CV 500 1,115 
Grupo Financiero Banorte S.A.B. de CV Series O 6,600 38,868 
Grupo Financiero Inbursa S.A.B. de CV Series O 5,500 8,925 
Grupo Financiero Interacciones SA de CV 500 2,446 
Grupo Financiero Santander Mexico S.A.B. de CV 5,400 9,774 
Grupo Herdez S.A.B. de CV 800 1,940 
Grupo Lala S.A.B. de CV 1,200 2,234 
Grupo Mexico SA de CV Series B 10,200 25,132 
Grupo Televisa SA de CV 6,700 32,967 
Hoteles City Express S.A.B. de CV (a) 1,700 1,747 
Industrias Bachoco SA de CV Series B 200 886 
Industrias CH SA de CV (a) 400 1,894 
Industrias Penoles SA de CV 405 9,822 
Kimberly-Clark de Mexico SA de CV Series A 3,700 7,979 
Macquarie Mexican (REIT) 1,700 2,142 
Mexichem S.A.B. de CV 2,600 6,218 
Minera Frisco S.A.B. de CV (a) 4,100 3,191 
OHL Mexico S.A.B. de CV (a) 2,600 3,062 
Prologis Property Mexico SA 1,900 3,195 
Promotora y Operadora de Infraestructura S.A.B. de CV 640 7,155 
Telesites S.A.B. de C.V. (a) 5,600 3,235 
Terrafina 1,900 3,148 
Wal-Mart de Mexico SA de CV Series V 13,300 28,140 
TOTAL MEXICO  463,066 
Netherlands - 2.4%   
Aalberts Industries NV 190 6,002 
ABN AMRO Group NV GDR 631 14,564 
Accell Group NV 90 2,253 
AEGON NV 4,604 19,917 
AerCap Holdings NV (a) 414 17,020 
Ahold Delhaize NV 3,261 74,441 
Airbus Group NV 1,517 90,079 
Akzo Nobel NV 650 42,013 
Altice NV:   
Class A (a) 788 14,532 
Class B (a) 495 9,213 
Amsterdam Commodities NV 127 2,868 
Arcadis NV 263 3,465 
ASM International NV (Netherlands) 193 8,233 
ASML Holding NV (Netherlands) 965 102,091 
BE Semiconductor Industries NV 65 2,117 
BinckBank NV 316 1,875 
Brunel International NV 60 979 
CNH Industrial NV 2,517 19,562 
COSMO Pharmaceuticals NV 24 3,490 
CSM NV (exchangeable) 193 4,453 
Delta Lloyd NV 1,429 8,643 
Eurocommercial (Certificaten Van Aandelen) unit 173 7,365 
Euronext NV 158 6,323 
Ferrari NV 321 16,907 
Fiat Chrysler Automobiles NV 2,515 18,415 
Flow Traders (a) 96 2,962 
Fugro NV (Certificaten Van Aandelen) (a) 195 3,485 
Gemalto NV 258 14,029 
Heineken Holding NV 225 17,317 
Heineken NV (Bearer) 589 48,525 
IMCD Group BV 168 7,267 
ING Groep NV (Certificaten Van Aandelen) 10,122 132,872 
Intertrust NV 74 1,561 
Interxion Holding N.V. (a) 250 9,308 
Koninklijke BAM Groep NV 678 3,156 
Koninklijke Boskalis Westminster NV 243 7,841 
Koninklijke DSM NV 493 31,703 
Koninklijke KPN NV 9,308 30,351 
Koninklijke Philips Electronics NV 2,333 70,298 
Koninklijke Wessanen NV 97 1,159 
Mobileye NV (a) 437 16,248 
Mylan N.V. (a) 16 584 
NN Group NV 835 25,161 
Nsi NV 1,278 5,008 
NXP Semiconductors NV (a) 770 77,000 
OCI NV (a) 309 4,291 
PostNL NV (a) 1,034 4,872 
QIAGEN NV (Germany) (a) 533 13,051 
Randstad Holding NV 287 14,781 
Refresco Group NV 113 1,650 
RELX NV 2,600 43,843 
SBM Offshore NV 477 6,852 
Steinhoff International Holdings NV (South Africa) 8,009 43,235 
STMicroelectronics NV 1,917 18,194 
TKH Group NV unit 200 7,702 
TomTom Group BV (a) 281 2,272 
Unilever NV (Certificaten Van Aandelen) (Bearer) 4,160 174,354 
VastNed Retail NV 32 1,230 
Vopak NV 172 8,686 
Wereldhave NV 144 6,449 
Wolters Kluwer NV 844 32,664 
TOTAL NETHERLANDS  1,386,781 
New Zealand - 0.2%   
Air New Zealand Ltd. 962 1,328 
Argosy Property Ltd. 3,507 2,633 
Auckland International Airport Ltd. 2,306 10,867 
Chorus Ltd. 558 1,458 
Contact Energy Ltd. 2,655 9,018 
Fisher & Paykel Healthcare Corp. 1,439 9,117 
Fletcher Building Ltd. 1,662 12,325 
Freightways Ltd. 600 2,742 
Genesis Energy Ltd. 868 1,217 
Goodman Property Trust 1,052 937 
Infratil Ltd. 1,544 3,290 
Kiwi Property Group Ltd. 2,080 2,179 
Mercury Nz Ltd. 974 2,124 
Meridian Energy Ltd. 4,315 7,930 
Metlifecare Ltd. 221 913 
Precinct Properties New Zealand Ltd. 3,542 3,153 
Ryman Healthcare Group Ltd. 1,129 7,169 
Sky Network Television Ltd. 1,213 4,007 
SKYCITY Entertainment Group Ltd. 2,183 6,088 
Spark New Zealand Ltd. 6,255 16,371 
Summerset Group Holdings Ltd. 303 1,031 
The a2 Milk Co. Ltd. (a) 2,230 2,966 
Trade Maine Group Ltd. 627 2,179 
Xero Ltd. (a) 175 2,223 
Z Energy Ltd. 1,125 6,291 
TOTAL NEW ZEALAND  119,556 
Norway - 0.5%   
Aker ASA (A Shares) 32 1,181 
Aker Bp ASA (a) 292 4,686 
Aker Solutions ASA (a) 219 1,008 
Austevoll Seafood ASA 322 2,903 
Borregaard ASA 168 1,647 
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) 962 824 
DNB ASA 2,450 35,435 
Entra ASA 104 1,114 
Europris ASA 571 2,909 
Gjensidige Forsikring ASA 444 7,959 
IDEX ASA (a) 2,103 1,726 
Leroy Seafood Group ASA 99 5,235 
Marine Harvest ASA 903 16,386 
Merkantildata ASA 300 2,687 
Nordic VLSI ASA (a) 214 855 
Norsk Hydro ASA 4,102 18,339 
Norwegian Air Shuttle A/S (a) 92 3,102 
Ocean Yield ASA 229 1,912 
Opera Software ASA (a) 279 1,967 
Orkla ASA 2,141 20,216 
Petroleum Geo-Services ASA (a) 433 1,165 
Protector Forsikring ASA 221 1,892 
Salmar ASA 161 5,226 
Schibsted ASA:   
(A Shares) 251 6,018 
(B Shares) 107 2,409 
Skandiabanken ASA 350 2,605 
Sparebanken Midt-Norge 434 3,191 
Sparebanken Nord-Norge 530 3,060 
Statoil ASA 2,858 46,660 
Storebrand ASA (A Shares) (a) 1,158 5,959 
Telenor ASA 1,987 31,624 
TGS Nopec Geophysical Co. ASA 384 7,785 
Thin Film Electronics ASA (a) 2,726 1,373 
XXL ASA 166 2,079 
Yara International ASA 543 19,190 
TOTAL NORWAY  272,327 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 3,972 20,123 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR 470 6,246 
Philippines - 0.3%   
Aboitiz Equity Ventures, Inc. 4,620 7,441 
Aboitiz Power Corp. 4,200 3,985 
ABS CBN Broadcasting Corp. (depositary receipt) 1,100 1,046 
Alliance Global Group, Inc. 3,200 942 
Ayala Corp. 760 13,104 
Ayala Land, Inc. 21,500 16,093 
Bank of the Philippine Islands (BPI) 1,680 3,507 
BDO Unibank, Inc. 4,340 10,109 
Bloomberry Resorts Corp. (a) 8,700 1,063 
Cebu Air, Inc. 510 1,106 
Cosco Capital, Inc. 9,000 1,580 
D&L Industries, Inc. 4,200 952 
DMCI Holdings, Inc. 10,100 2,607 
DoubleDragon Properties Corp. (a) 2,010 2,316 
Filinvest Land, Inc. 24,000 877 
First Gen Corp. 2,200 1,043 
First Phillipines Holdings Corp. 680 974 
Globe Telecom, Inc. 95 3,492 
GT Capital Holdings, Inc. 220 5,955 
International Container Terminal Services, Inc. 1,580 2,538 
JG Summit Holdings, Inc. 7,200 11,299 
Jollibee Food Corp. 1,100 5,406 
Manila Water Co., Inc. 2,400 1,499 
Megaworld Corp. 42,000 3,486 
Metro Pacific Investments Corp. 37,600 5,590 
Metropolitan Bank & Trust Co. 2,150 3,609 
Philippine Long Distance Telephone Co. 300 9,478 
PNOC Energy Development Corp. 14,300 1,742 
Robinsons Land Corp. 6,100 3,898 
Security Bank Corp. 460 2,093 
SM Investments Corp. 530 7,354 
SM Prime Holdings, Inc. 19,500 10,831 
Universal Robina Corp. 2,000 7,516 
Vista Land & Lifescapes, Inc. 7,900 853 
TOTAL PHILIPPINES  155,384 
Poland - 0.2%   
Alior Bank SA (a) 150 1,803 
Asseco Poland SA 156 2,082 
Bank Handlowy w Warszawie SA 53 1,050 
Bank Millennium SA (a) 1,070 1,574 
Bank Polska Kasa Opieki SA 439 13,545 
Bank Zachodni WBK SA 92 7,434 
BRE Bank SA (a) 42 3,788 
Budimex SA 33 1,710 
CD Projekt RED SA (a) 104 1,057 
Ciech SA 58 946 
Cyfrowy Polsat SA (a) 381 2,352 
ENEA SA (a) 514 1,315 
Energa SA 589 1,207 
Eurocash SA 240 2,432 
Globe Trade Centre SA (a) 954 1,953 
Grupa Lotos SA (a) 171 1,482 
Jastrzebska Spolka Weglowa SA (a) 123 2,279 
KGHM Polska Miedz SA (Bearer) 388 7,030 
Kruk SA 56 3,247 
LPP SA 4 5,995 
NG2 SA 74 3,755 
PKP Cargo SA (a) 161 1,761 
Polish Oil & Gas Co. SA 4,881 6,245 
Polska Grupa Energetyczna SA 2,597 6,798 
Polski Koncern Naftowy Orlen SA 881 17,471 
Powszechna Kasa Oszczednosci Bank SA 2,170 15,200 
Powszechny Zaklad Ubezpieczen SA 1,605 11,144 
Synthos SA (a) 1,001 1,209 
Tauron Polska Energia SA (a) 4,953 3,346 
Telekomunikacja Polska SA 2,308 3,294 
Zaklady Azotowe w Tarnowie-Moscicach SA 82 1,306 
TOTAL POLAND  135,810 
Portugal - 0.1%   
Banco Comercial Portugues SA (Reg.) (a) 2,112 2,812 
BPI-SGPS SA (a) 795 986 
CTT Correios de Portugal SA 627 4,150 
Energias de Portugal SA 6,476 21,405 
Galp Energia SGPS SA Class B 1,055 14,303 
Jeronimo Martins SGPS SA 641 11,026 
NOS SGPS SA 1,080 7,175 
Portucel Industrial Empresa Produtora de Celulosa SA 406 1,190 
REN - Redes Energeticas Nacionais SGPS SA 925 2,703 
Sonae SGPS SA 1,653 1,316 
TOTAL PORTUGAL  67,066 
Qatar - 0.2%   
Barwa Real Estate Co. (a) 322 2,825 
Commercial Bank of Qatar (a) 487 4,774 
Doha Bank (a) 209 2,089 
Ezdan Holding Group (a) 1,851 7,980 
Gulf International Services QSC (a) 100 840 
Industries Qatar QSC (a) 447 12,520 
Masraf al Rayan (a) 1,149 10,917 
Qatar Electricity & Water Co. (a) 71 4,094 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 799 4,961 
Qatar Insurance Co. SAQ (a) 318 7,650 
Qatar Islamic Bank (a) 222 6,243 
Qatar National Bank SAQ 603 26,494 
Qatar National Cement Co. QSC (a) 49 1,110 
Qatar Telecom (Qtel) Q.S.C. (a) 229 6,100 
Qatari Investors Group QSC (a) 68 1,083 
United Development Co. (a) 747 4,082 
Vodafone Qatar QSC (a) 451 1,302 
TOTAL QATAR  105,064 
Russia - 0.7%   
Acron Group (a) 19 899 
Aeroflot - Russian Airlines (a) 1,100 2,255 
Alrosa Co. Ltd. (a) 6,000 8,385 
DIXY Group OJSC (a) 310 1,581 
Federal Grid Co. of Unified Energy System (a) 400,000 1,079 
Gazprom OAO (a) 31,116 68,185 
Inter Rao Ues JSC (a) 72,282 3,876 
LSR Group OJSC GDR (Reg. S) 361 1,022 
Lukoil PJSC (a) 1,106 53,970 
Magnit OJSC GDR (Reg. S) 748 29,688 
MegaFon PJSC GDR 345 3,288 
MMC Norilsk Nickel PJSC (a) 162 23,875 
Mobile TeleSystems OJSC sponsored ADR 1,495 11,526 
Moscow Exchange MICEX-RTS OAO (a) 3,330 6,130 
NOVATEK OAO GDR (Reg. S) 242 25,870 
PhosAgro OJSC GDR (Reg. S) 347 4,303 
Rosneft Oil Co. OJSC (a) 2,871 15,743 
Rostelecom PJSC (a) 3,210 4,000 
RusHydro PJSC (a) 420,000 5,266 
Sberbank of Russia (a) 27,862 64,853 
Severstal PAO (a) 520 7,270 
Sistema JSFC sponsored GDR 574 4,288 
Surgutneftegas OJSC (a) 20,400 8,692 
Tatneft PAO (a) 3,952 22,128 
VTB Bank OJSC (a) 12,601,820 13,466 
TOTAL RUSSIA  391,638 
Singapore - 0.8%   
Ascendas India Trust 5,300 4,076 
Ascendas Real Estate Investment Trust 4,800 8,177 
Ascott Residence Trust 2,700 2,203 
Asian Pay Television Trust 3,600 1,333 
Cache Logistics Trust 4,400 2,625 
CapitaCommercial Trust (REIT) 4,800 5,434 
CapitaLand Ltd. 6,800 15,103 
CapitaMall Trust 6,800 10,118 
CDL Hospitality Trusts unit 3,900 3,756 
City Developments Ltd. 1,200 7,323 
ComfortDelgro Corp. Ltd. 4,800 8,763 
Croesus Retail Trust 4,281 2,646 
DBS Group Holdings Ltd. 4,736 51,062 
Ezion Holdings Ltd. (a) 6,000 1,294 
First Resources Ltd. 700 916 
Frasers Centrepoint Trust 1,600 2,392 
Global Logistic Properties Ltd. 6,800 8,676 
Hutchison Port Holdings Trust 14,200 6,319 
Jardine Cycle & Carriage Ltd. 300 9,104 
K-REIT Asia 2,800 2,194 
Keppel Corp. Ltd. 3,900 14,801 
Keppel DC (REIT) 6,900 6,175 
Macquarie MEAG Prime (REIT) 8,200 4,804 
Mapletree Commercial Trust 5,823 6,404 
Mapletree Greater China Commercial Trust 2,800 2,093 
Mapletree Industrial (REIT) 3,100 3,833 
Mapletree Logistics Trust (REIT) 1,931 1,437 
MobileOne Ltd. 2,400 3,519 
Oversea-Chinese Banking Corp. Ltd. 8,200 49,981 
Raffles Medical Group Ltd. 1,700 1,839 
Sembcorp Industries Ltd. 3,300 6,001 
Sembcorp Marine Ltd. 2,100 1,955 
Singapore Airlines Ltd. 1,200 8,737 
Singapore Airport Terminal Service Ltd. 1,700 5,914 
Singapore Exchange Ltd. 2,900 14,779 
Singapore Post Ltd. 7,200 8,280 
Singapore Press Holdings Ltd. 5,400 14,439 
Singapore Technologies Engineering Ltd. 4,600 10,349 
Singapore Telecommunications Ltd. 20,900 58,287 
StarHub Ltd. 800 1,944 
Suntec (REIT) 8,500 10,264 
United Engineers Ltd. 1,700 3,165 
United Overseas Bank Ltd. 3,430 46,300 
UOL Group Ltd. 1,700 6,928 
Venture Corp. Ltd. 1,300 8,877 
Wilmar International Ltd. 4,600 10,944 
Yangzijiang Shipbuilding Holdings Ltd. 3,000 1,606 
TOTAL SINGAPORE  467,169 
South Africa - 1.4%   
Advtech Ltd. 1,015 1,310 
Aeci Ltd. 370 2,793 
African Rainbow Minerals Ltd. 232 1,678 
Anglo American Platinum Ltd. (a) 164 3,864 
AngloGold Ashanti Ltd. (a) 1,121 15,263 
Arrowhead Properties Ltd. A linked 2,443 1,578 
Aspen Pharmacare Holdings Ltd. 1,008 21,958 
Assore Ltd. 133 1,800 
Attacq Ltd. (a) 743 942 
AVI Ltd. 889 6,248 
Barclays Africa Group Ltd. 1,167 13,533 
Barloworld Ltd. 691 4,476 
Bidcorp Ltd. 904 15,940 
Bidvest Group Ltd. 854 10,603 
Blue Label Telecoms Ltd. 760 1,150 
Capitec Bank Holdings Ltd. 112 5,690 
Cashbuild Ltd. 49 1,431 
City Lodge Hotels Ltd. 140 1,514 
Clicks Group Ltd. 607 5,650 
Coronation Fund Managers Ltd. 710 3,819 
DataTec Ltd. 411 1,368 
Discovery Ltd. 847 7,238 
Emira Property Fund Ltd. 1,649 1,712 
EOH Holdings Ltd. 246 2,917 
Exxaro Resources Ltd. 389 2,862 
Famous Brands Ltd. 170 1,983 
FirstRand Ltd. 8,718 31,242 
Fortress Income Fund Ltd.:   
Class A 3,441 4,172 
Class B 1,340 3,186 
Foschini Ltd. 717 7,381 
Gold Fields Ltd. 2,322 9,577 
Grindrod Ltd. 1,178 971 
Growthpoint Properties Ltd. 5,950 11,094 
Harmony Gold Mining Co. Ltd. 1,157 3,592 
Hosken Consolidated Investment Ltd. 120 1,130 
Hyprop Investments Ltd. 679 6,028 
Impala Platinum Holdings Ltd. (a) 1,616 6,496 
Imperial Holdings Ltd. 440 5,558 
Investec Ltd. 924 5,698 
JSE Ltd. 215 2,508 
KAP Industrial Holdings Ltd. 6,065 3,486 
Liberty Holdings Ltd. 348 2,993 
Life Healthcare Group Holdings Ltd. 2,610 6,968 
Massmart Holdings Ltd. 371 3,215 
MMI Holdings Ltd. 2,958 4,960 
Mondi Ltd. 280 5,472 
Mpact Ltd. 435 1,064 
Mr Price Group Ltd. 597 6,806 
MTN Group Ltd. 4,372 37,762 
Murray & Roberts Holdings Ltd. 982 672 
Nampak Ltd. 1,842 2,568 
Naspers Ltd. Class N 1,137 190,563 
Nedbank Group Ltd. 490 8,013 
Netcare Ltd. 2,193 5,632 
Northam Platinum Ltd. (a) 1,125 4,107 
Omnia Holdings Ltd. 91 1,103 
Pick 'n Pay Stores Ltd. 1,066 5,217 
Pioneer Foods Ltd. 337 4,068 
Pretoria Portland Cement Co. Ltd. 3,932 1,604 
PSG Group Ltd. 153 2,391 
Rand Merchant Insurance Holdings Ltd. 2,536 7,595 
Rebosis Property Fund Ltd. 1,887 1,595 
Redefine Properties Ltd. 10,872 9,337 
Remgro Ltd. 1,559 25,899 
Resilient Property Income Fund Ltd. 717 5,933 
Reunert Ltd. 722 3,304 
RMB Holdings Ltd. 1,997 8,815 
SA Corporate Real Estate Fund 4,096 1,680 
Sanlam Ltd. 3,390 16,432 
Sappi Ltd. (a) 1,288 7,164 
Sasol Ltd. 1,443 39,848 
Shoprite Holdings Ltd. 1,189 17,548 
Sibanye Gold Ltd. 1,568 4,362 
Spar Group Ltd. 487 6,898 
Standard Bank Group Ltd. 3,441 36,508 
Sun International Ltd. 233 1,439 
Super Group Ltd. (a) 861 2,541 
Telkom SA Ltd. 736 3,396 
Tiger Brands Ltd. 480 13,669 
Tongaat Hulett Ltd. 301 2,721 
Trencor Ltd. 474 1,009 
Truworths International Ltd. 1,203 6,375 
Tsogo Sun Holdings Ltd. 671 1,523 
Vodacom Group Ltd. 992 10,701 
Vukile Property Fund Ltd. 2,571 3,527 
Wilson Bayly Holmes-Ovcon Ltd. 192 2,164 
Woolworths Holdings Ltd. 2,736 15,849 
Zeder Investments Ltd. 2,233 1,105 
TOTAL SOUTH AFRICA  795,554 
Spain - 2.0%   
Abertis Infraestructuras SA 1,531 22,731 
Acerinox SA 443 5,456 
ACS Actividades de Construccion y Servicios SA 610 18,703 
Aena SA 160 23,492 
Almirall SA 322 4,634 
Amadeus IT Holding SA Class A 1,127 53,198 
Applus Services SA 556 5,342 
Atresmedia Corporacion de Medios de Comunicacion SA 213 2,193 
Axiare Patrimonio SOCIMI SA 118 1,679 
Azucarera Ebro Agricolas SA 209 4,511 
Banco Bilbao Vizcaya Argentaria SA 17,237 124,084 
Banco de Sabadell SA 14,990 20,059 
Banco Popular Espanol SA 9,543 10,465 
Banco Santander SA:   
rights 11/1/16 (a) 35,258 1,974 
(Spain) 37,715 184,805 
Bankia SA 12,064 10,621 
Bankinter SA 1,903 14,569 
Bolsas Y Mercados Espanoles 212 6,416 
CaixaBank SA 8,830 26,644 
Catalana Occidente SA 140 4,412 
Cellnex Telecom Sau 402 6,602 
Cie Automotive SA 67 1,382 
Compania de Distribucion Integral Logista Holdings SA 174 3,864 
Construcciones y Auxiliar de Ferrocarriles 6 2,261 
Corporacion Financiera Alba SA 56 2,454 
Distribuidora Internacional de Alimentacion SA 1,435 7,683 
Enagas SA 563 16,162 
Ence Energia y Celulosa SA 384 839 
Endesa SA 816 17,346 
Euskaltel, S.A. (a) 190 1,915 
FAES FARMA SA 574 2,108 
Ferrovial SA 1,206 23,466 
Ferrovial SA rights 11/14/16 (a) 1,206 516 
Fomento Construcciones y Contratas SA (FOCSA) (a) 118 1,021 
Gamesa Corporacion Tecnologica SA 676 15,639 
Gas Natural SDG SA 929 18,331 
Grifols SA 719 14,215 
Grupo Acciona SA 98 7,460 
Hispania Activos Inmobiliarios SA 360 4,434 
Iberdrola SA 13,284 90,543 
Inditex SA 2,772 96,903 
Indra Sistemas (a) 202 2,502 
Inmobiliaria Colonial SA 624 4,407 
International Consolidated Airlines Group SA 1,940 10,303 
Lar Espana Real Estate Socimi SA 145 1,043 
Liberbank SA (a) 1,167 1,159 
MAPFRE SA (Reg.) 2,523 7,497 
Mediaset Espana Comunicacion SA 618 6,903 
Melia Hotels International SA 499 6,171 
Merlin Properties Socimi SA 898 10,094 
Miquel y Costas & Miquel SA 34 1,447 
New Hampshire Hotel Group S.A (a) 689 3,044 
Obrascon Huarte Lain SA 436 1,753 
Pharma Mar SA (a) 321 869 
Promotora de Informaciones SA (a) 255 1,769 
Prosegur Compania de Seguridad SA (Reg.) 794 5,770 
Red Electrica Corporacion SA 1,125 23,471 
Repsol YPF SA 3,039 42,585 
Talgo SA (a) 213 991 
Tecnicas Reunidas SA 150 5,626 
Telefonica SA 11,676 118,635 
Vallehermoso SA (a) 640 1,463 
Viscofan Envolturas Celulosicas SA 122 5,750 
Zardoya Otis SA 722 6,095 
TOTAL SPAIN  1,150,479 
Sweden - 1.9%   
AarhusKarlshamn AB 90 5,944 
AF AB (B Shares) 145 2,657 
Alfa Laval AB 826 11,870 
Arcam AB (a) 48 1,581 
ASSA ABLOY AB (B Shares) 2,600 47,251 
Atlas Copco AB:   
(A Shares) 1,701 49,907 
(B Shares) 885 23,144 
Attendo AB 189 1,611 
Avanza Bank Holding AB 77 2,911 
Axfood AB 188 2,939 
Bergman & Beving AB (B Shares) 60 1,335 
Betsson AB (B Shares) 333 3,215 
Bilia AB (A Shares) 118 2,815 
Billerud AB 436 7,164 
Boliden AB 771 17,866 
Bonava AB (a) 258 3,188 
Bravida AB 145 891 
Bure Equity AB 215 2,357 
BYGGmax Group AB 241 1,588 
Capio AB 157 827 
Castellum AB 579 7,846 
Clas Ohlson AB (B Shares) 208 2,936 
Cloetta AB 292 1,035 
Com Hem Holding AB 394 3,551 
Concentric AB 90 1,071 
D. Carnegie & Co. AB (a) 152 1,708 
Dios Fastigheter AB 128 854 
Dometic Group AB 398 2,816 
Duni AB 68 905 
Electrolux AB (B Shares) 672 15,914 
Elekta AB (B Shares) (a) 999 8,666 
Eltel AB 115 713 
Evolution Gaming Group AB 34 981 
Fabege AB 437 7,383 
Fastighets AB Balder (a) 275 6,248 
Fingerprint Cards AB (a) 848 8,215 
Getinge AB (B Shares) 535 8,766 
Granges AB 102 991 
H&M Hennes & Mauritz AB (B Shares) 2,422 68,138 
Haldex AB 84 1,083 
Hemfosa Fastigheter AB 472 4,442 
Hexagon AB (B Shares) 670 23,456 
HEXPOL AB (B Shares) 627 5,154 
Hoist Finance AB 107 966 
Holmen AB (B Shares) 114 3,903 
Hufvudstaden AB Series A 215 3,328 
Husqvarna AB (B Shares) 1,012 7,613 
ICA Gruppen AB 207 6,429 
Industrivarden AB (C Shares) 502 8,959 
Indutrade AB 307 5,707 
Intrum Justitia AB 264 8,140 
Investment AB Oresund 100 1,600 
Investor AB (B Shares) 1,062 37,755 
Inwido AB 197 2,154 
JM AB (B Shares) 235 6,767 
Kinnevik AB (B Shares) 573 14,490 
Klovern AB (B Shares) 737 777 
Kungsleden AB 287 1,811 
Lifco AB 133 3,366 
Lindab International AB 121 1,037 
Loomis AB (B Shares) 205 5,833 
Lundbergfoeretagen AB 74 4,793 
Lundin Petroleum AB (a) 653 11,748 
Mekonomen AB 97 1,724 
Modern Times Group MTG AB (B Shares) 194 5,224 
Mycronic AB 246 2,567 
NCC AB Series B 243 6,177 
Net Entertainment NE AB 496 3,907 
Nibe Industrier AB (B Shares) 1,102 8,199 
Nobia AB 430 3,747 
Nobina AB 433 2,900 
Nolato AB Series B 39 1,118 
Nordea Bank AB 7,761 81,587 
Pandox AB 213 3,377 
Peab AB 784 6,653 
Ratos AB (B Shares) 630 2,589 
RaySearch Laboratories AB 121 2,679 
Recipharm AB 74 1,077 
Rezidor Hotel Group AB 372 1,520 
Saab AB (B Shares) 198 7,015 
Sandvik AB 2,646 30,086 
Securitas AB (B Shares) 926 14,312 
Skandinaviska Enskilda Banken AB (A Shares) 3,782 38,167 
Skanska AB (B Shares) 873 18,964 
SKF AB (B Shares) 1,052 17,832 
SkiStar AB 101 1,554 
SSAB Svenskt Stal AB:   
(A Shares) (a) 340 1,078 
(B Shares) (a) 1,920 5,098 
Starbreeze AB (a) 563 1,384 
Svenska Cellulosa AB (SCA) (B Shares) 1,541 43,660 
Svenska Handelsbanken AB (A Shares) 3,860 52,624 
Sweco AB (B Shares) 371 7,439 
Swedbank AB (A Shares) 2,271 53,204 
Swedish Match Co. AB 548 19,069 
Swedish Orphan Biovitrum AB (a) 510 5,226 
Tele2 AB:   
rights 11/16/16 (a) 1,186 355 
(B Shares) 1,186 9,802 
Telefonaktiebolaget LM Ericsson (B Shares) 8,028 38,943 
TeliaSonera AB 6,853 27,390 
Thule Group AB 174 2,687 
Tobii AB (a) 136 1,050 
Trelleborg AB (B Shares) 761 13,287 
Vitrolife AB 17 880 
Volvo AB (B Shares) 3,961 42,539 
Wallenstam AB (B Shares) 782 6,022 
Wihlborgs Fastigheter AB 257 4,979 
TOTAL SWEDEN  1,110,800 
Switzerland - 5.2%   
ABB Ltd. (Reg.) 4,959 102,306 
Actelion Ltd. 294 42,486 
Adecco SA (Reg.) 464 27,595 
AFG Arbonia-Forster-Holding AG (a) 62 930 
Allreal Holding AG 52 7,651 
Aryzta AG 256 11,248 
Ascom Holding AG (Reg.) 120 2,055 
Autoneum Holding AG 4 1,059 
Baloise Holdings AG 142 17,478 
Banque Cantonale Vaudoise 9 5,653 
Barry Callebaut AG 6 7,470 
Basilea Pharmaceutica AG (a) 48 3,235 
BKW AG 23 1,070 
Bobst Group SA 58 3,194 
Bossard Holding AG 30 4,275 
Bucher Industries AG 11 2,444 
Burckhardt Compression Holding AG 6 1,740 
Cembra Money Bank AG 114 8,715 
Clariant AG (Reg.) 865 14,327 
Coca-Cola HBC AG 426 9,208 
Comet Holding AG 1 866 
Compagnie Financiere Richemont SA Series A 1,369 88,013 
Credit Suisse Group AG 4,905 68,438 
Daetwyler Holdings AG 13 1,779 
Dufry AG (a) 118 14,357 
Emmi AG 5 2,951 
Ems-Chemie Holding AG 25 12,550 
Flughafen Zuerich AG 80 14,714 
Forbo Holding AG (Reg.) 2 2,551 
Galenica AG 11 11,027 
GAM Holding Ltd. 483 4,681 
Gategroup Holding AG 79 4,040 
Geberit AG (Reg.) 100 42,312 
Georg Fischer AG (Reg.) 9 7,981 
Givaudan SA 25 48,381 
Helvetia Holding AG (Reg.) 20 10,409 
Huber+Suhner AG 60 3,493 
Implenia AG 41 2,745 
INFICON Holding AG 12 4,311 
Intershop Holding AG 12 6,124 
Julius Baer Group Ltd. 655 26,515 
Kaba Holding AG (B Shares) (Reg.) 8 5,558 
Kardex AG 11 940 
Komax Holding AG (Reg.) 5 1,205 
Kudelski SA (Bearer) 61 1,051 
Kuehne & Nagel International AG 158 21,428 
Lafargeholcim Ltd. (Reg.) 1,218 65,051 
Leonteq AG 15 865 
Lindt & Spruengli AG (participation certificate) 4 20,777 
Logitech International SA (Reg.) 418 10,117 
Lonza Group AG 133 25,107 
Meyer Burger Technology AG (a) 228 747 
Mobimo Holding AG 9 2,166 
Nestle SA (Reg. S) 8,196 594,273 
Novartis AG 5,808 412,180 
OC Oerlikon Corp. AG (Reg.) 1,083 10,189 
Oriflame Holding AG 99 3,640 
Panalpina Welttransport Holding AG 17 2,208 
Pargesa Holding SA 148 9,938 
Partners Group Holding AG 45 22,783 
PSP Swiss Property AG 113 10,106 
Rieter Holding AG (Reg.) 6 1,141 
Roche Holding AG (participation certificate) 1,823 418,710 
Schindler Holding AG:   
(participation certificate) 56 10,407 
(Reg.) 107 19,788 
Schweiter Technologies AG 6 6,464 
SFS Group AG 56 4,219 
SGS SA (Reg.) 13 26,353 
Siegfried Holding AG 11 2,262 
Sika AG 6 28,837 
Sonova Holding AG Class B 134 17,970 
St.Galler Kantonalbank AG 3 1,126 
Straumann Holding AG 33 12,389 
Sulzer AG (Reg.) 50 4,926 
Sunrise Communications Group AG 98 6,695 
Swatch Group AG (Bearer) 77 23,165 
Swatch Group AG (Bearer) (Reg.) 155 8,936 
Swiss Life Holding AG 77 20,387 
Swiss Prime Site AG 181 15,008 
Swiss Re Ltd. 861 79,962 
Swisscom AG 64 29,279 
Syngenta AG (Switzerland) 242 96,840 
Tecan Group AG 31 5,106 
Temenos Group AG 166 10,711 
u-blox Holding AG 24 4,535 
UBS Group AG 9,578 135,508 
Valiant Holding AG 89 8,441 
Valora Holding AG 26 7,561 
Vontobel Holdings AG 64 3,134 
VZ Holding AG 7 2,073 
Ypsomed Holding AG 5 955 
Zehnder Group AG (a) 53 2,204 
Zurich Insurance Group AG 390 102,037 
ZZ Holding AG 6 4,144 
TOTAL SWITZERLAND  2,993,979 
Taiwan - 2.7%   
Accton Technology Corp. 1,000 1,599 
Acer, Inc. 10,000 4,599 
Advanced Semiconductor Engineering, Inc. 16,000 18,817 
Advantech Co. Ltd. 1,000 8,151 
Asia Cement Corp. 7,000 6,117 
Asia Pacific Telecom Co. Ltd. (a) 4,000 1,288 
ASUSTeK Computer, Inc. 2,000 17,540 
AU Optronics Corp. 21,000 7,984 
Bank of Kaohsiung Co. Ltd. 14,728 4,134 
Catcher Technology Co. Ltd. 2,000 15,700 
Cathay Financial Holding Co. Ltd. 21,000 27,275 
Chang Hwa Commercial Bank 11,240 5,758 
Cheng Shin Rubber Industry Co. Ltd. 6,000 12,237 
Chicony Electronics Co. Ltd. 1,005 2,576 
Chin-Poon Industrial Co. Ltd. 1,000 1,919 
China Airlines Ltd. 4,000 1,212 
China Bills Finance Corp. 4,000 1,605 
China Development Finance Holding Corp. 42,000 10,537 
China Life Insurance Co. Ltd. 9,120 8,432 
China Petrochemical Development Corp. (a) 7,000 2,005 
China Steel Chemical Corp. 1,000 3,441 
China Steel Corp. 29,000 20,972 
Chinatrust Financial Holding Co. Ltd. 46,960 25,321 
Chipbond Technology Corp. 1,000 1,384 
Chroma ATE, Inc. 1,000 2,541 
Chunghwa Telecom Co. Ltd. 10,000 34,273 
Clevo Co. Ltd. 2,000 1,833 
Compal Electronics, Inc. 14,000 8,348 
Compeq Manufacturing Co. Ltd. 6,000 3,169 
Coretronic Corp. 2,000 2,074 
CTCI Corp. 3,000 4,410 
Delta Electronics, Inc. 5,000 26,405 
E Ink Holdings, Inc. 3,000 2,550 
E.SUN Financial Holdings Co. Ltd. 20,500 11,671 
ECLAT Textile Co. Ltd. 1,000 11,387 
Elite Material Co. Ltd. 1,000 2,794 
eMemory Technology, Inc. 1,000 10,625 
EPISTAR Corp. (a) 2,000 1,364 
Eternal Materials Co. Ltd. 2,160 2,281 
EVA Airways Corp. 3,150 1,519 
Evergreen Marine Corp. (Taiwan) (a) 3,000 1,123 
Everlight Electronics Co. Ltd. 1,000 1,511 
Far Eastern International Bank 4,080 1,162 
Far Eastern Textile Ltd. 11,000 8,530 
Far EasTone Telecommunications Co. Ltd. 5,000 11,831 
Feng Hsin Iron & Steel Co. 2,000 2,658 
Feng Tay Enterprise Co. Ltd. 1,120 4,689 
First Financial Holding Co. Ltd. 19,270 10,115 
FLEXium Interconnect, Inc. 2,000 5,703 
Formosa Chemicals & Fibre Corp. 8,000 23,826 
Formosa Petrochemical Corp. 3,000 10,039 
Formosa Plastics Corp. 10,000 27,087 
Formosa Taffeta Co. Ltd. 1,000 913 
Foxconn Technology Co. Ltd. 2,010 5,840 
Fubon Financial Holding Co. Ltd. 19,000 26,998 
Giant Manufacturing Co. Ltd. 1,000 7,089 
Giga-Byte Technology Co. Ltd. 3,000 3,954 
Grape King Bio Ltd. 1,000 8,405 
Great Wall Enterprise Co. Ltd. 2,000 1,824 
HannStar Display Corp. (a) 9,000 2,258 
Highwealth Construction Corp. 1,000 1,483 
HIWIN Technologies Corp. 1,020 4,513 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 40,000 108,220 
Hota Industrial Manufacturing Co. Ltd. 1,000 4,171 
Hotai Motor Co. Ltd. 1,000 11,656 
HTC Corp. (a) 2,000 5,861 
Hua Nan Financial Holdings Co. Ltd. 22,496 11,452 
Innolux Corp. 25,000 8,445 
Inotera Memories, Inc. (a) 6,000 5,623 
Inventec Corp. 8,000 6,267 
Kenda Rubber Industrial Co. Ltd. 3,060 4,688 
King Slide Works Co. Ltd. 1,000 12,275 
King Yuan Electronics Co. Ltd. 3,000 2,640 
King's Town Bank 4,000 3,280 
Kinsus Interconnect Technology Corp. 2,000 4,624 
Lee Chang Yung Chemical Industry Corp. 1,000 1,224 
Lien Hwa Industrial Corp. 2,050 1,391 
Lite-On Technology Corp. 6,009 8,634 
Makalot Industrial Co. Ltd. 1,000 3,949 
MediaTek, Inc. 4,000 30,449 
Mega Financial Holding Co. Ltd. 27,000 18,498 
Merida Industry Co. Ltd. 1,000 4,615 
Merry Electronics Co. Ltd. 1,000 3,870 
Micro-Star International Co. Ltd. 2,000 5,766 
Namchow Chemical Industrial Co. Ltd. 1,000 2,135 
Nan Ya Plastics Corp. 12,000 25,006 
Nankang Rubber Tire Co. Ltd. 2,000 1,846 
Nanya Technology Corp. 1,000 1,299 
Nien Made Enterprise Co. Ltd. 1,000 11,609 
Novatek Microelectronics Corp. 2,000 7,517 
OBI Pharma, Inc. (a) 1,000 10,483 
PChome Online, Inc. 1,000 10,879 
Pegatron Corp. 5,000 13,480 
Phison Electronics Corp. 1,000 7,105 
Pou Chen Corp. 6,000 8,126 
Powertech Technology, Inc. 3,000 8,573 
President Chain Store Corp. 2,000 14,971 
Qisda Corp. 8,000 3,375 
Quanta Computer, Inc. 7,000 14,209 
Radiant Opto-Electronics Corp. 1,000 1,691 
Realtek Semiconductor Corp. 1,000 3,394 
Ruentex Development Co. Ltd. (a) 2,000 2,309 
Ruentex Industries Ltd. 1,000 1,614 
Shin Kong Financial Holding Co. Ltd. (a) 26,000 5,649 
Shin Zu Shing Co. Ltd. 1,000 3,016 
Shinkong Insurance Co. Ltd. 2,000 1,510 
Siliconware Precision Industries Co. Ltd. 5,000 7,570 
Simplo Technology Co. Ltd. 1,000 3,092 
Sino-American Silicon Products, Inc. 4,000 4,314 
Sinopac Holdings Co. 34,350 9,925 
Standard Foods Corp. 1,110 2,750 
Synnex Technology International Corp. 2,100 2,245 
Systex Corp. 1,000 1,687 
Taichung Commercial Bank Co. Ltd. 4,068 1,160 
TaiMed Biologics, Inc. 1,000 6,296 
Taishin Financial Holdings Co. Ltd. 22,506 8,245 
Taiwan Business Bank 8,400 2,126 
Taiwan Cement Corp. 8,000 9,604 
Taiwan Cooperative Financial Holding Co. Ltd. 19,350 8,500 
Taiwan Fertilizer Co. Ltd. 2,000 2,683 
Taiwan Fire & Marine Insurance Co. Ltd. 3,000 1,760 
Taiwan Glass Industry Corp. (a) 2,000 837 
Taiwan Mobile Co. Ltd. 4,000 14,019 
Taiwan Paiho Ltd. 1,000 3,410 
Taiwan Secom Co. 1,000 2,870 
Taiwan Semiconductor Manufacturing Co. Ltd. 64,000 384,440 
Taiwan Surface Mounting Technology Co. Ltd. 3,000 2,503 
Tatung Co. Ltd. (a) 12,000 3,163 
TECO Electric & Machinery Co. Ltd. 4,000 3,559 
Tong Hsing Electronics Industries Ltd. 1,000 3,457 
Tong Yang Industry Co. Ltd. 1,000 2,328 
Tripod Technology Corp. 2,000 4,739 
TSRC Corp. 1,000 1,036 
TTY Biopharm Co. Ltd. 1,000 3,774 
Tung Ho Steel Enterprise Corp. 3,000 1,917 
Unified-President Enterprises Corp. 13,000 25,193 
Unimicron Technology Corp. 3,000 1,242 
United Microelectronics Corp. 33,000 12,294 
Vanguard International Semiconductor Corp. 3,000 6,128 
Walsin Lihwa Corp. 8,000 2,804 
Wei-Chuan Food Corp. (a) 2,000 1,135 
Win Semiconductors Corp. 1,389 3,864 
Winbond Electronics Corp. 4,000 1,259 
Wistron Corp. 8,089 6,106 
Wistron NeWeb Corp. 2,000 5,576 
WPG Holding Co. Ltd. 2,000 2,347 
Yageo Corp. 1,000 2,017 
Yuanta Financial Holding Co. Ltd. 24,000 8,982 
Yuen Foong Yu Paper Manufacturing Co. 4,000 1,180 
Yulon Motor Co. Ltd. 2,000 1,754 
Yungtay Engineering Co. Ltd. 1,000 1,413 
TOTAL TAIWAN  1,524,095 
Thailand - 0.5%   
Advanced Info Service PCL 1,300 5,695 
Advanced Info Service PCL (For. Reg.) 2,400 10,514 
Airports of Thailand PCL (For. Reg.) 1,000 10,874 
Asia Plus Group Holdings PCL 15,000 1,456 
Bangkok Airways PCL 5,500 3,909 
Bangkok Bank PCL (For. Reg.) 400 1,815 
Bangkok Dusit Medical Services PCL (For. Reg.) 11,800 7,679 
Bangkok Expressway and Metro PCL 23,400 4,976 
Bangkok Land PCL 52,700 2,376 
Banpu PCL (For. Reg.) 2,500 1,306 
Beauty Community Public Co. Ltd. 9,600 3,124 
BEC World PCL (For. Reg.) 4,400 2,574 
BTS Group Holdings PCL 28,400 6,930 
Bumrungrad Hospital PCL (For. Reg.) 700 3,656 
C.P. ALL PCL 1,000 1,734 
C.P. ALL PCL (For. Reg.) 11,200 19,419 
Carabao Group PCL 1,000 1,969 
Central Pattana PCL (For. Reg.) 4,800 7,638 
Charoen Pokphand Foods PCL (For. Reg.) 7,200 6,473 
Delta Electronics PCL (For. Reg.) 1,100 2,465 
Dynasty Ceramic PCL (For. Reg.) 17,900 2,279 
Electricity Generating PCL (For. Reg.) 500 2,783 
Energy Absolute PCL 1,800 1,451 
Energy Earth PCL 7,600 998 
Glow Energy PCL (For. Reg.) 900 1,978 
Group Lease PCL 1,700 2,232 
Gunkul Engineering PCL 19,100 2,704 
Hana Microelectronics PCL (For. Reg.) 1,400 1,279 
Home Product Center PCL (For. Reg.) 7,200 2,075 
Indorama Ventures PCL 2,500 2,087 
Indorama Ventures PCL (For. Reg.) 2,200 1,837 
IRPC PCL 19,300 2,633 
IRPC PCL (For. Reg.) 14,400 1,965 
Jasmine International Public Co. Ltd. 6,100 1,454 
Kasikornbank PCL 1,000 4,909 
Kasikornbank PCL (For. Reg.) 3,900 19,145 
KCE Electronics PCL 500 1,598 
Kiatnakin Bank PCL (For. Reg.) 800 1,336 
Krung Thai Bank PCL (For. Reg.) 17,400 8,542 
Major Cineplex Group PCL (For. Reg.) 1,400 1,159 
Minor International PCL (For. Reg.) 6,700 7,362 
PTT Exploration and Production PCL (For. Reg.) 4,100 9,742 
PTT Global Chemical PCL (For. Reg.) 5,100 8,734 
PTT PCL 600 5,925 
PTT PCL (For. Reg.) 2,300 22,713 
Robinsons Department Store PCL (For. Reg.) 1,400 2,318 
Siam Cement PCL (For. Reg.) 1,000 14,385 
Siam Commercial Bank PCL (For. Reg.) 4,000 16,382 
Siam Global House Publc Co. Ltd. 4,700 2,066 
Sino-Thai Engineering & Construction PCL (For. Reg.) 1,700 1,237 
Srisawad Power 1979 PCL 900 1,027 
Superblock Public Co. Ltd. (a) 19,700 894 
Thai Airways International PCL (For. Reg.) (a) 1,200 959 
Thai Oil PCL (For. Reg.) 3,000 5,994 
Thai Union Frozen Products PCL 3,700 2,292 
Thai Union Frozen Products PCL (For. Reg.) 2,700 1,672 
Thanachart Capital PCL (For. Reg.) 1,400 1,578 
TMB PCL (For. Reg.) 38,600 2,314 
True Corp. PCL (For. Reg.) 33,900 6,531 
TThai Tap Water Supply PCL 5,000 1,498 
WHA Corp. PCL (a) 25,000 2,355 
TOTAL THAILAND  289,004 
Turkey - 0.2%   
Akbank T.A.S. 5,276 14,101 
Akcansa Cimento A/S 294 1,226 
Albaraka Turk Katilim Bankasi A/S 3,589 1,438 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 787 4,810 
Anadolu Sigoria 2,500 1,390 
Arcelik A/S 719 4,750 
Aygaz A/S 428 1,510 
Bim Birlesik Magazalar A/S JSC 486 7,916 
Cimsa Cimento Sanayi Ve Ticaret A/S 254 1,262 
Coca-Cola Icecek Sanayi A/S 232 2,624 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 4,524 4,620 
Eregli Demir ve Celik Fabrikalari T.A.S. 3,874 5,258 
Ford Otomotiv Sanayi A/S 134 1,370 
Haci Omer Sabanci Holding A/S 2,517 7,606 
Koc Holding A/S 1,651 6,883 
NET Holding A/S (a) 1,018 1,017 
Petkim Petrokimya Holding A/S 1,039 1,410 
Soda Sanayii AS 1,067 1,483 
TAV Havalimanlari Holding A/S 281 1,155 
Tekfen Holding A/S 626 1,588 
Tofas Turk Otomobil Fabrikasi A/S 391 2,944 
Tupras Turkiye Petrol Rafinelleri A/S 356 7,254 
Turk Hava Yollari AO (a) 1,537 2,702 
Turk Sise ve Cam Fabrikalari A/S 1,312 1,378 
Turk Telekomunikasyon A/S 721 1,333 
Turkcell Iletisim Hizmet A/S 2,346 7,559 
Turkiye Garanti Bankasi A/S 6,993 19,007 
Turkiye Halk Bankasi A/S 2,007 6,097 
Turkiye Is Bankasi A/S Series C 5,426 8,803 
Turkiye Sinai Kalkinma Bankasi A/S 3,481 1,541 
Turkiye Vakiflar Bankasi TAO 2,060 3,049 
Ulker Biskuvi Sanayi A/S 814 5,051 
Yapi ve Kredi Bankasi A/S (a) 1,278 1,528 
TOTAL TURKEY  141,663 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC (a) 4,718 7,887 
Air Arabia PJSC (a) 7,399 2,619 
Aldar Properties PJSC (a) 8,590 6,174 
Arabtec Holding Co. (a) 9,610 3,480 
Dana Gas PJSC (a) 7,556 1,090 
DP World Ltd. 368 6,606 
Dubai Financial Market PJSC (a) 2,834 887 
Dubai Islamic Bank Pakistan Ltd. (a) 3,951 5,637 
Dubai Parks and Resorts PJSC (a) 9,280 3,967 
Emaar Malls Group PJSC (a) 5,462 3,822 
Emaar Properties PJSC 8,911 16,910 
Emirates Telecommunications Corp. 4,520 23,197 
First Gulf Bank PJSC 2,538 7,946 
National Bank of Abu Dhabi PJSC (a) 1,509 3,636 
Waha Capital PJSC (a) 6,006 3,074 
TOTAL UNITED ARAB EMIRATES  96,932 
United Kingdom - 10.5%   
3i Group PLC 2,519 20,689 
AA PLC 1,578 4,947 
Abcam PLC 594 6,333 
Aberdeen Asset Management PLC 2,215 8,681 
Acacia Mining PLC 548 3,478 
Admiral Group PLC 596 13,985 
Advanced Medical Solutions Group PLC 465 1,211 
Aggreko PLC 659 6,465 
Aldermore Group PLC (a) 513 1,084 
Allied Minds PLC (a) 637 2,651 
Amec Foster Wheeler PLC 1,081 5,917 
Anglo American PLC (United Kingdom) (a) 3,678 50,916 
Antofagasta PLC 963 6,400 
AO World PLC (a) 455 878 
Arrow Global Group PLC 309 1,134 
Ashmore Group PLC 1,085 4,663 
Ashtead Group PLC 1,255 19,632 
ASOS PLC (a) 129 8,301 
Associated British Foods PLC 923 27,814 
AstraZeneca PLC (United Kingdom) 3,313 185,512 
Auto Trader Group PLC 2,388 10,952 
Aveva Group PLC 202 4,549 
Aviva PLC 10,570 57,276 
B&M European Value Retail S.A. 1,617 4,643 
Babcock International Group PLC 555 6,718 
BAE Systems PLC 8,120 53,801 
Balfour Beatty PLC 1,899 6,299 
Barclays PLC 44,330 102,704 
Barratt Developments PLC 2,746 15,249 
BBA Aviation PLC 2,667 8,442 
Beazley PLC 1,462 6,514 
Bellway PLC 334 9,673 
Berendsen PLC 453 5,356 
Berkeley Group Holdings PLC 345 9,962 
BGEO Group PLC 143 5,174 
BHP Billiton PLC 5,503 82,749 
Big Yellow Group PLC 384 3,253 
Bodycote PLC 774 5,613 
Booker Group PLC 4,729 10,384 
Bovis Homes Group PLC 400 3,709 
BP PLC 48,623 287,445 
Brewin Dolphin Holding PLC 708 2,253 
British American Tobacco PLC (United Kingdom) 4,851 278,025 
British Land Co. PLC 2,637 18,898 
Britvic PLC 1,145 7,778 
BT Group PLC 21,741 99,792 
BTG PLC (a) 1,145 9,222 
Bunzl PLC 826 22,232 
Burberry Group PLC 1,204 21,737 
Cairn Energy PLC (a) 1,925 4,793 
Capita Group PLC 1,919 13,764 
Capital & Counties Properties PLC 2,217 7,823 
Card Factory PLC 1,191 3,698 
Carillion PLC 1,695 5,210 
Carnival PLC 509 24,551 
Carphone Warehouse Group PLC 2,507 9,657 
Centrica PLC 14,088 36,936 
Chemring Group PLC (a) 615 1,092 
Chesnara PLC 242 943 
Cineworld Group PLC 703 4,651 
Clinigen Group PLC 263 2,382 
Close Brothers Group PLC 394 6,400 
Cobham PLC 4,373 7,649 
Coca-Cola European Partners PLC 528 20,359 
Compass Group PLC 4,250 76,901 
Costain Group PLC 205 928 
Countrywide PLC 278 613 
Crest Nicholson PLC 734 3,656 
Croda International PLC 363 15,542 
CVS Group PLC 82 878 
CYBG PLC 2,702 8,936 
Daily Mail & General Trust PLC Class A 745 6,839 
Dairy Crest Group PLC 244 1,822 
Dart Group PLC 174 764 
De La Rue PLC 290 2,036 
Debenhams PLC 1,795 1,180 
Derwent London PLC 310 9,179 
Diageo PLC 6,541 174,099 
Dialog Semiconductor PLC (a) 220 8,634 
Dignity PLC 156 5,066 
Diploma PLC 382 4,383 
Direct Line Insurance Group PLC 3,462 14,666 
Domino's Pizza UK & IRL PLC 1,173 4,883 
Drax Group PLC 1,269 4,922 
DS Smith PLC 2,475 12,081 
Dunelm Group PLC 393 3,639 
easyJet PLC 349 4,003 
Electrocomponents PLC 1,036 4,725 
Elementis PLC 1,788 5,213 
EMIS Group PLC 236 2,416 
Empiric Student Property PLC 876 1,187 
EnQuest PLC (a) 7,561 2,499 
Enterprise Inns PLC (a) 1,931 2,180 
Equiniti Group PLC 445 1,087 
Essentra PLC 718 4,482 
esure Group PLC 899 2,992 
Evraz PLC (a) 1,129 2,834 
Fenner PLC 519 1,391 
Fever-Tree Drinks PLC 161 1,899 
Firstgroup PLC (a) 3,370 4,521 
Foxtons Group PLC 612 802 
Fresnillo PLC 539 10,820 
G4S PLC (United Kingdom) 3,821 10,289 
Galliford Try PLC 248 3,722 
Genus PLC 214 4,914 
GKN PLC 4,131 16,110 
GlaxoSmithKline PLC 12,690 250,682 
Grainger Trust PLC 1,442 3,901 
Great Portland Estates PLC 1,074 7,809 
Greene King PLC 730 6,536 
Greggs PLC 438 5,123 
GW Pharmaceuticals PLC (a) 827 8,056 
Halfords Group PLC 334 1,387 
Halma PLC 1,153 14,790 
Hammerson PLC 1,968 13,273 
Hansteen Holdings PLC 2,621 3,449 
Hargreaves Lansdown PLC 609 8,647 
Hays PLC 3,582 5,989 
Helical Bar PLC 267 864 
Hikma Pharmaceuticals PLC 467 10,026 
Hochschild Mining PLC 453 1,478 
HomeServe PLC 749 5,588 
Howden Joinery Group PLC 1,620 7,434 
HSBC Holdings PLC (United Kingdom) 51,571 388,388 
Hunting PLC 196 1,208 
Ibstock PLC 431 879 
ICAP PLC 1,250 7,413 
IG Group Holdings PLC 932 9,417 
Imagination Technologies Group PLC (a) 453 1,253 
IMI PLC 667 8,115 
Imperial Tobacco Group PLC 2,501 121,087 
Inchcape PLC 1,311 10,438 
Indivior PLC 1,708 6,573 
Informa PLC 2,485 20,455 
Inmarsat PLC 1,155 9,917 
InterContinental Hotel Group PLC 540 20,985 
Intermediate Capital Group PLC 744 5,514 
International Personal Finance PLC 833 3,003 
Interserve PLC 208 862 
Intertek Group PLC 468 19,579 
Intu Properties PLC 2,227 7,510 
Investec PLC 1,370 8,519 
ITE Group PLC 452 795 
ITV PLC 9,840 20,535 
J Sainsbury PLC 3,974 12,204 
J.D. Weatherspoon PLC 282 3,003 
John David Group PLC 179 3,328 
John Laing Group PLC 1,051 3,477 
John Menzies PLC 223 1,356 
John Wood Group PLC 983 9,253 
Johnson Matthey PLC 521 21,746 
JRP Group PLC 834 1,235 
Jupiter Fund Management PLC 1,202 6,351 
JUST EAT Ltd. (a) 1,196 8,227 
Kazakhmys PLC (a) 408 1,428 
Kcom Group PLC 888 1,280 
Keller Group PLC 112 933 
Kier Group PLC 366 6,088 
Kingfisher PLC 6,355 28,073 
Ladbrokes PLC 2,047 3,347 
Laird PLC 1,011 1,794 
Land Securities Group PLC 2,124 25,972 
Legal & General Group PLC 15,360 39,369 
Lloyds Banking Group PLC 168,095 117,385 
London Stock Exchange Group PLC 811 27,894 
Londonmetric Properity PLC 1,861 3,396 
Lonmin PLC (a) 1,093 2,542 
Lookers PLC 545 689 
Man Group PLC 5,102 7,787 
Marks & Spencer Group PLC 4,065 16,914 
Mediclinic International PLC 1,084 12,028 
Meggitt PLC 1,849 9,852 
Melrose Industries PLC 5,006 10,340 
Merlin Entertainments PLC 2,147 12,110 
Micro Focus International PLC 590 15,461 
Mitchells & Butlers PLC 380 1,294 
Mitie Group PLC 1,489 3,838 
Mondi PLC 969 18,929 
Moneysupermarket.com Group PLC 1,647 5,280 
Morgan Advanced Materials PLC 780 2,602 
N Brown Group PLC 356 831 
National Express Group PLC Class L 1,229 5,533 
National Grid PLC 9,569 124,471 
NewRiver REIT PLC 436 1,654 
Next PLC 395 23,284 
Northgate PLC 227 1,169 
Ocado Group PLC (a) 1,377 4,635 
Old Mutual PLC 13,133 32,391 
OneSavings Bank PLC 272 965 
Ophir Energy PLC (a) 1,253 1,062 
Oxford Instruments PLC 111 918 
P2P Global Investments PLC 161 1,602 
Pagegroup PLC 1,031 4,582 
Paragon Group of Companies PLC 1,175 4,768 
Pearson PLC 2,044 18,910 
Pennon Group PLC 1,296 13,238 
Persimmon PLC 768 15,924 
Pets At Home Group PLC 1,387 3,623 
Phoenix Group Holdings rights 11/9/16 (a) 404 1,098 
Polypipe Group PLC 277 854 
Premier Foods PLC (a) 1,466 816 
Premier Oil PLC (a) 1,034 835 
Primary Health Properties PLC 1,862 2,541 
Provident Financial PLC 352 12,710 
Prudential PLC 6,616 107,966 
PZ Cussons PLC Class L 837 3,431 
QinetiQ Group PLC 3,161 8,907 
Reckitt Benckiser Group PLC 1,621 145,015 
Redde PLC 453 981 
Redrow PLC 743 3,450 
RELX PLC 2,784 49,785 
Renishaw PLC 94 2,972 
Rentokil Initial PLC 4,552 12,720 
Restore PLC 216 925 
Rightmove PLC 279 12,755 
Rio Tinto PLC 3,196 111,142 
Rolls-Royce Holdings PLC 4,762 42,270 
Rotork PLC 2,191 5,471 
Royal Bank of Scotland Group PLC (a) 9,406 21,736 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 11,080 275,970 
Class B (United Kingdom) 9,796 252,663 
Royal Mail PLC 2,265 13,612 
RPC Group PLC 777 9,016 
RPS Group PLC 412 854 
RSA Insurance Group PLC 2,663 17,980 
Safestore Holdings PLC 699 3,066 
Saga PLC 2,744 6,664 
Sage Group PLC 3,022 26,688 
Savills PLC 442 3,755 
Scapa Group PLC 307 1,073 
Schroders PLC 355 12,249 
Scottish & Southern Energy PLC 2,580 50,163 
Segro PLC 2,493 13,341 
Senior Engineering Group PLC 1,542 3,290 
Serco Group PLC (a) 2,661 4,469 
Severn Trent PLC 564 16,071 
Shaftesbury PLC 725 8,137 
Shanks Group PLC 773 847 
Shanks Group PLC rights 11/9/16 (a) 289 111 
Shawbrook Group PLC (a) 369 1,015 
SIG PLC 1,180 1,596 
Sirius Minerals PLC (a) 3,894 1,835 
SKY PLC 2,814 28,175 
Smith & Nephew PLC 2,418 34,955 
Smiths Group PLC 907 15,742 
SOCO International PLC 500 846 
Softcat PLC 396 1,570 
Sophos Group PLC 488 1,380 
Spectris PLC 340 8,527 
Spirax-Sarco Engineering PLC 176 9,505 
Spire Healthcare Group PLC 1,413 6,434 
Spirent Communications PLC 1,005 1,012 
Sports Direct International PLC (a) 662 2,242 
SSP Group PLC 1,606 6,678 
St. James's Place Capital PLC 1,452 16,795 
St. Modwen Properties PLC 495 1,653 
Stagecoach Group PLC 1,432 3,467 
Standard Chartered PLC (United Kingdom) 8,475 73,848 
Standard Life PLC 4,955 20,487 
Stock Spirits Group PLC 438 848 
SuperGroup PLC 154 2,537 
SVG Capital PLC (a) 539 4,635 
Synthomer PLC 950 4,156 
TalkTalk Telecom Group PLC 1,592 3,967 
Tate & Lyle PLC 1,015 9,690 
Taylor Wimpey PLC 8,975 15,566 
Ted Baker PLC 59 1,787 
Telecom Plus PLC 274 3,971 
Tesco PLC (a) 20,983 54,046 
The Go-Ahead Group PLC 151 3,833 
The Restaurant Group PLC 407 1,871 
The Weir Group PLC 534 11,111 
Thomas Cook Group PLC (a) 4,549 3,870 
TORM PLC 167 1,430 
Travis Perkins PLC 603 9,839 
Tritax Big Box REIT PLC 3,571 5,936 
Tullett Prebon PLC 438 1,903 
Tullow Oil PLC (a) 2,446 7,925 
Ultra Electronics Holdings PLC 411 9,347 
Unilever PLC 3,329 139,273 
Unite Group PLC 786 5,325 
United Utilities Group PLC 1,696 19,514 
Vectura Group PLC (a) 2,158 3,576 
Vedanta Resources PLC 141 1,231 
Vesuvius PLC 789 3,520 
Victrex PLC 260 5,572 
Virgin Money Holdings Uk PLC 806 3,246 
Vodafone Group PLC 68,247 187,429 
WH Smith PLC 357 6,437 
Whitbread PLC 520 23,009 
William Hill PLC 2,267 8,208 
WM Morrison Supermarkets PLC 6,314 17,505 
Wolverhampton & Dudley Breweries PLC 2,485 4,067 
Workspace Group PLC 382 2,943 
Worldpay Group PLC 5,345 18,632 
WS Atkins PLC 261 4,830 
Xaar PLC 189 972 
Zoopla Property Group PLC 466 1,736 
TOTAL UNITED KINGDOM  5,996,030 
United States of America - 0.0%   
Sohu.com, Inc. (a) 164 6,139 
Southern Copper Corp. 228 6,473 
TOTAL UNITED STATES OF AMERICA  12,612 
TOTAL COMMON STOCKS   
(Cost $52,309,606)  51,959,189 
Nonconvertible Preferred Stocks - 1.3%   
Brazil - 0.7%   
Alpargatas SA (PN) 900 2,992 
Banco Bradesco SA (PN) 7,500 78,571 
Banco do Estado Rio Grande do Sul SA 300 1,278 
Bradespar SA (PN) 700 2,846 
Braskem SA (PN-A) 300 2,657 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 600 5,141 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 400 7,644 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 2,000 6,109 
Companhia Energetica de Sao Paulo Series B 600 2,788 
Companhia Paranaense de Energia-Copel (PN-B) 200 2,290 
Gerdau SA (PN) 2,400 8,286 
Itau Unibanco Holding SA 8,520 102,496 
Itausa-Investimentos Itau SA (PN) 9,600 28,391 
Lojas Americanas SA (PN) 800 5,188 
Marcopolo SA (PN) 1,000 1,021 
Metalurgica Gerdau SA (PN) (a) 900 1,339 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 11,600 64,287 
Suzano Papel e Celulose SA 1,200 4,233 
Telefonica Brasil SA 1,100 15,914 
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) (a) 1,000 1,413 
Vale SA (PN-A) 6,100 39,425 
TOTAL BRAZIL  384,309 
Chile - 0.0%   
Embotelladora Andina SA Class B 348 1,412 
Sociedad Quimica y Minera de Chile SA (PN-B) 223 6,590 
TOTAL CHILE  8,002 
Colombia - 0.0%   
Bancolombia SA (PN) 1,116 10,593 
Grupo Aval Acciones y Valores SA 9,033 3,725 
Grupo de Inversiones Suramerica SA 205 2,591 
TOTAL COLOMBIA  16,909 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 160 12,146 
Fuchs Petrolub AG 160 7,153 
Henkel AG & Co. KGaA 510 65,447 
Jungheinrich AG 197 6,216 
Porsche Automobil Holding SE (Germany) 483 26,047 
Sartorius AG (non-vtg.) 101 7,935 
Sto SE & Co. KGaA 28 3,355 
Volkswagen AG 506 69,544 
TOTAL GERMANY  197,843 
Italy - 0.0%   
Telecom Italia SpA (Risparmio Shares) 26,892 19,070 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 55 9,617 
Daishin Securities Co. Ltd. 205 1,398 
Hyundai Motor Co. 53 4,430 
Hyundai Motor Co. Series 2 176 15,465 
LG Chemical Ltd. 18 2,833 
LG Household & Health Care Ltd. 31 12,901 
Samsung Electronics Co. Ltd. 47 54,119 
TOTAL KOREA (SOUTH)  100,763 
Panama - 0.0%   
Avianca Holdings SA 1,835 1,465 
Russia - 0.0%   
AK Transneft OAO (a) 4 9,590 
Surgutneftegas OJSC (a) 15,600 7,073 
TOTAL RUSSIA  16,663 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC 219,052 268 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $662,007)  745,292 
Investment Companies - 0.5%   
United States of America - 0.5%   
iShares MSCI India ETF   
(Cost $279,763) 9,801 284,621 
 Principal Amount Value 
Government Obligations - 0.4%   
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.44% to 0.58% 5/25/17 to 8/17/17 (c)   
(Cost $219,192) 220,000 219,171 
 Shares Value 
Money Market Funds - 5.4%   
Fidelity Cash Central Fund, 0.41% (d)   
(Cost $3,099,070) 3,098,141 3,099,070 
TOTAL INVESTMENT PORTFOLIO - 98.4%   
(Cost $56,569,638)  56,307,343 
NET OTHER ASSETS (LIABILITIES) - 1.6%  887,309 
NET ASSETS - 100%  $57,194,652 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
35 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 2,914,975 $(28,871) 
23 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 1,039,025 (8,753) 
2 TME S&P/TSX 60 Index Contracts (Canada) Dec. 2016 258,406 2,810 
TOTAL FUTURES CONTRACTS   $(34,814) 

The face value of futures purchased as a percentage of Net Assets is 7.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $3,009,874.

Security Type Abbreviations

ETF – Exchange-Traded Fund

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,241 or 0.0% of net assets.

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $177,298.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Affiliated Central Funds

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 $3,126 
Total $3,126 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $6,405,317 $4,972,476 $1,432,841 $-- 
Consumer Staples 5,193,155 3,806,364 1,386,791 -- 
Energy 3,346,766 1,777,269 1,569,143 354 
Financials 10,962,567 7,933,345 3,025,596 3,626 
Health Care 4,241,783 1,997,648 2,244,135 -- 
Industrials 6,846,166 5,904,174 941,992 -- 
Information Technology 5,140,528 3,581,754 1,558,774 -- 
Materials 4,300,168 3,538,047 762,121 -- 
Real Estate 2,311,920 2,250,425 59,816 1,679 
Telecommunication Services 2,275,318 817,325 1,457,993 -- 
Utilities 1,680,793 1,362,455 318,338 -- 
Investment Companies 284,621 284,621 -- -- 
Government Obligations 219,171 -- 219,171 -- 
Money Market Funds 3,099,070 3,099,070 -- -- 
Total Investments in Securities: $56,307,343 $41,324,973 $14,976,711 $5,659 
Derivative Instruments:     
Assets     
Futures Contracts $2,810 $2,810 $-- $-- 
Total Assets $2,810 $2,810 $-- $-- 
Liabilities     
Futures Contracts $(37,624) $(37,624) $-- $-- 
Total Liabilities $(37,624) $(37,624) $-- $-- 
Total Derivative Instruments: $(34,814) $(34,814) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $2,810 $(37,624) 
Total Equity Risk 2,810 (37,624) 
Total Value of Derivatives $2,810 $(37,624) 

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


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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $53,470,568) 		$53,208,273  
Fidelity Central Funds (cost $3,099,070) 3,099,070  
Total Investments (cost $56,569,638)  $56,307,343 
Foreign currency held at value (cost $48,654)  48,655 
Receivable for investments sold  3,721 
Receivable for fund shares sold  790,173 
Dividends receivable  85,408 
Distributions receivable from Fidelity Central Funds  727 
Receivable for daily variation margin for derivative instruments  5,279 
Total assets  57,241,306 
Liabilities   
Payable to custodian bank $103  
Payable for investments purchased 729  
Payable for fund shares redeemed 41,030  
Accrued management fee 2,559  
Other affiliated payables 2,233  
Total liabilities  46,654 
Net Assets  $57,194,652 
Net Assets consist of:   
Paid in capital  $57,227,443 
Undistributed net investment income  184,189 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  82,455 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (299,435) 
Net Assets  $57,194,652 
Investor Class:   
Net Asset Value, offering price and redemption price per share ($3,170,253 ÷ 314,366 shares)  $10.08 
Premium Class:   
Net Asset Value, offering price and redemption price per share ($51,494,437 ÷ 5,104,672 shares)  $10.09 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($1,241,179 ÷ 123,029 shares)  $10.09 
Institutional Premium Class:   
Net Asset Value, offering price and redemption price per share ($1,288,783 ÷ 127,732 shares)  $10.09 

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


Statement of Operations

  For the period
June 7, 2016 (commencement of operations) to
October 31, 2016 
Investment Income   
Dividends  $269,265 
Interest  240 
Income from Fidelity Central Funds  3,126 
Income before foreign taxes withheld  272,631 
Less foreign taxes withheld  (23,223) 
Total income  249,408 
Expenses   
Management fee $7,908  
Transfer agent fees 6,099  
Independent trustees' fees and expenses 32  
Total expenses before reductions 14,039  
Expense reductions (938) 13,101 
Net investment income (loss)  236,307 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,451  
Fidelity Central Funds 388  
Foreign currency transactions (49,785)  
Futures contracts 108,204  
Total net realized gain (loss)  67,258 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(262,295)  
Assets and liabilities in foreign currencies (2,326)  
Futures contracts (34,814)  
Total change in net unrealized appreciation (depreciation)  (299,435) 
Net gain (loss)  (232,177) 
Net increase (decrease) in net assets resulting from operations  $4,130 

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


Statement of Changes in Net Assets

 For the period
June 7, 2016 (commencement of operations) to
October 31, 2016 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $236,307 
Net realized gain (loss) 67,258 
Change in net unrealized appreciation (depreciation) (299,435) 
Net increase (decrease) in net assets resulting from operations 4,130 
Share transactions - net increase (decrease) 57,187,236 
Redemption fees 3,286 
Total increase (decrease) in net assets 57,194,652 
Net Assets  
Beginning of period – 
End of period $57,194,652 
Other Information  
Undistributed net investment income end of period $184,189 

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


Financial Highlights — Fidelity Total International Index Fund Investor Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) –C 
Total from investment operations .08 
Redemption fees added to paid in capitalB,C – 
Net asset value, end of period $10.08 
Total ReturnD,E .80% 
Ratios to Average Net AssetsF,G  
Expenses before reductions .21%H 
Expenses net of fee waivers, if any .18%H 
Expenses net of all reductions .18%H 
Net investment income (loss) 1.97%H 
Supplemental Data  
Net assets, end of period (000 omitted) $3,170 
Portfolio turnover rateI 1%J 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 H Annualized

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

 J Amount not annualized.


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


Financial Highlights — Fidelity Total International Index Fund Premium Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) .01C 
Total from investment operations .09 
Redemption fees added to paid in capitalB,D – 
Net asset value, end of period $10.09 
Total ReturnE,F .90% 
Ratios to Average Net AssetsG,H  
Expenses before reductions .11%I 
Expenses net of fee waivers, if any .11%I 
Expenses net of all reductions .11%I 
Net investment income (loss) 2.05%I 
Supplemental Data  
Net assets, end of period (000 omitted) $51,494 
Portfolio turnover rateJ 1%K 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

 K Amount not annualized.


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


Financial Highlights — Fidelity Total International Index Fund Institutional Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) .01C 
Total from investment operations .09 
Redemption fees added to paid in capitalB,D – 
Net asset value, end of period $10.09 
Total ReturnE,F .90% 
Ratios to Average Net AssetsG,H  
Expenses before reductions .13%I 
Expenses net of fee waivers, if any .09%I 
Expenses net of all reductions .09%I 
Net investment income (loss) 2.06%I 
Supplemental Data  
Net assets, end of period (000 omitted) $1,241 
Portfolio turnover rateJ 1%K 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

 K Amount not annualized.


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


Financial Highlights — Fidelity Total International Index Fund Institutional Premium Class

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .08 
Net realized and unrealized gain (loss) .01C 
Total from investment operations .09 
Redemption fees added to paid in capitalB,D – 
Net asset value, end of period $10.09 
Total ReturnE,F .90% 
Ratios to Average Net AssetsG,H  
Expenses before reductions .10%I 
Expenses net of fee waivers, if any .06%I 
Expenses net of all reductions .06%I 
Net investment income (loss) 2.09%I 
Supplemental Data  
Net assets, end of period (000 omitted) $1,289 
Portfolio turnover rateJ 1%K 

 A For the period June 7, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

 K Amount not annualized.


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 offers Investor Class, Premium Class, Institutional Class and Institutional Premium 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. The Fund offers conversion privileges between share classes to eligible shareholders. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016 is included at the end of the Fund's Schedule of Investments.

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships and losses deferred to wash sales.

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

Gross unrealized appreciation $1,875,672 
Gross unrealized depreciation (2,162,159) 
Net unrealized appreciation (depreciation) on securities $(286,487) 
Tax Cost $56,593,830 

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

Undistributed ordinary income $214,190 
Undistributed long-term capital gain $39,027 
Net unrealized appreciation (depreciation) on securities and other investments $(286,008) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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.

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

During the period the Fund recognized net realized gain (loss) of $108,204 and a change in net unrealized appreciation (depreciation) of $(34,814) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $53,471,476 and $90,056, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. Effective July 1, 2016, the Board approved an amendment to the management contract to reduce the management fee from an annual rate of .20% to .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. For the reporting period, the Fund's total annual management fee rate was .07% of the Fund's average net assets.

Effective July 1, 2016, the Board also approved an amendment to the expense contract. Under the expense contract, the investment adviser 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 .18% 
Premium Class .11% 
Institutional Class .09% 
Institutional Premium Class .06% 

Prior to July 1, 2016, the investment adviser paid class-level expenses as necessary so that the total expenses did not exceed .34%, .28%, .23% and .20% for Investor Class, Premium Class, Institutional Class and Institutional Premium Class, respectively.

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class. FIIOC receives transfer agent fees at an annual rate of .21%, .11%, .035% and .015% of class-level average net assets for Investor Class, Premium Class, Institutional Class and Institutional Premium Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Effective July 1, 2016, under the amended expense contract, Investor Class, Premium Class and Institutional Class pay a portion of the transfer agent fees at an annual rate of .12%, .05% and .03% of class-level average net assets, respectively, and Institutional Premium Class does not pay transfer agent fees. Prior to July 1, 2016, Investor Class, Premium Class and Institutional Class paid a portion of the transfer agent fees at an annual rate of .14%, .08% and .03%, respectively, and Institutional Premium Class did not pay transfer agent fees.

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

 Amount % of Class-Level Average Net Assets 
Investor Class $1,186 .12 
Premium Class 4,720 .05 
Institutional Class 193 .03 
 $6,099  

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement. Effective July 1, 2016 the expense limitations were discontinued.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Investor Class .19% $234 
Premium Class .12% 289 
Institutional Class .10% 201 
Institutional Premium Class .07% 204 
  $928 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $10.

8. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Dollars 
 Year ended
October 31, 2016(a) 		Year ended
October 31, 2016(a) 
Investor Class   
Shares sold 1,048,423 $10,529,010 
Shares redeemed (734,057) (7,343,736) 
Net increase (decrease) 314,366 $3,185,274 
Premium Class   
Shares sold 5,723,071 $57,674,176 
Shares redeemed (618,399) (6,220,113) 
Net increase (decrease) 5,104,672 $51,454,063 
Institutional Class   
Shares sold 250,000 $2,500,000 
Shares redeemed (126,971) (1,250,000) 
Net increase (decrease) 123,029 $1,250,000 
Institutional Premium Class   
Shares sold 254,703 $2,547,899 
Shares redeemed (126,971) (1,250,000) 
Net increase (decrease) 127,732 $1,297,899 

 (a) For the period June 7, 2016 (commencement of operations) to October 31, 2016.


9. 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Total International Index Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Total International Index Fund (a fund of Fidelity Salem Street Trust) at October 31, 2016, the results of its operations for the period indicated, the changes in its net assets for the period indicated and the financial highlights for the period indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Total International Index Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements 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 are free of material misstatement. An audit 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, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
December 21, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

Shareholder Expense Example

As a shareholder of the 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 7, 2016 to October 31, 2016). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2016 to October 31, 2016).

Actual Expenses

The first line of the accompanying table for each class of the 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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, 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 for each class of the 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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, 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. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period 
Investor Class .18%    
Actual  $1,000.00 $1,008.00 $.73-B 
Hypothetical-C  $1,000.00 1,024.23 $.92-D 
Premium Class .11%    
Actual  $1,000.00 $1,009.00 $.44-B 
Hypothetical-C  $1,000.00 1,024.58 $.56-D 
Institutional Class .09%    
Actual  $1,000.00 1,009.00 $.36-B 
Hypothetical-C  $1,000.00 1,024.68 $.46-D 
Institutional Premium Class .06%    
Actual  $1,000.00 $1,009.00 $.24-B 
Hypothetical-C  $1,000.00 1,024.83 $.31-D 

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

 B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 147/366 (to reflect the period June 7, 2016 to October 31, 2016).

 C 5% return per year before expenses

 D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).


Distributions (Unaudited)

The Board of Trustees of Fidelity Total International Index 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 
Fidelity Total International Index Fund     
Investor Class 12/19/16 12/16/16 $0.02800 $0.00700 
Premium Class 12/19/16 12/16/16 $0.03203 $0.00700 
Institutional Class 12/19/16 12/16/16 $0.03318 $0.00700 
Institutional Premium Class 12/19/16 12/16/16 $0.03490 $0.00700 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2016, $39,027, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Total International Index Fund

On March 10, 2016, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy.

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

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by FMR, the sub-advisers (together with FMR, 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. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

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

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered Geode's experience in managing other equity index funds under the Board's supervision.

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

Competitiveness of Management Fee and Total Expense Ratio  .The Board considered the fund's proposed management fee out of which FMR will pay all "fund-level" expenses, with certain limited exceptions, and the projected total expense ratio of each class of the fund after the effect of the contractual expense caps referred to in the next paragraph in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio for each class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also considered that the proposed contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total expenses, with certain exceptions, as follows: 0.34%: Investor; 0.28%: Premium; 0.23%: Institutional; 0.20%: Institutional Premium. The Board also noted that FMR had contractually agreed to reimburse each class of the fund through December 31, 2017 to the extent total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets of each class exceed: 0.19%: Investor; 0.12%: Premium; 0.10%: Institutional; 0.07%: Institutional Premium.

The Board considered the total expense ratio of the fund after the effect of the contractual arrangements.

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

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

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

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

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





Fidelity Investments

TI1-ANN-1216
1.9879611.100

Fidelity® SAI Emerging Markets Index Fund

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



Annual Report

October 31, 2016



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns for Fidelity® SAI Emerging Markets Index Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Index Fund on January 5, 2016, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.


Period Ending Values
$11,940Fidelity® SAI Emerging Markets Index Fund
$12,019MSCI Emerging Markets Index

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  From the fund’s inception date on January 5, 2016, through October 31, 2016, the fund gained 19.40%, modestly trailing the 20.19% increase in the benchmark MSCI Emerging Markets 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.) On an absolute basis, shares of Taiwan Semiconductor (+51%) contributed strongly, benefiting from a strong industry environment. Korean electronics giant Samsung, China-based media company Tencent Holdings and e-commerce firm Alibaba Group also added value. Meanwhile, rising commodity prices boosted shares of energy companies, including Petroleo Brasileiro (Petrobras), Brazil’s state-owned oil company, which further benefited from investor optimism about political and economic reform in that country. Other Brazilian top performers included banks Itau Unibanco (+119%) and Bradesco (+173%). In contrast, shares of Indian consulting and business technology company Infosys fell -17%, as the company reported weaker-than-expected growth. China Life Insurance Company also detracted, largely due to early-period concern about Chinese economic growth. Korean chemical manufacturer LG Chemical struggled, as well.

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.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Korea (South) 13.9% 
   Taiwan 12.0% 
   Cayman Islands 11.4% 
   China 9.9% 
   India 8.2% 
   Brazil 8.1% 
   South Africa 6.4% 
   Hong Kong 3.9% 
   Mexico 3.7% 
   Other* 22.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Korea (South) 14.8% 
   Taiwan 11.2% 
   China 10.3% 
   India 7.8% 
   Cayman Islands 7.5% 
   South Africa 7.1% 
   Brazil 7.0% 
   Hong Kong 4.4% 
   Mexico 4.3% 
   Other* 25.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 3.6 2.8 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.5 3.0 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.4 3.2 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 2.7 1.0 
Naspers Ltd. Class N (South Africa, Media) 1.8 1.4 
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) 1.7 1.9 
China Construction Bank Corp. (H Shares) (China, Banks) 1.5 1.4 
Baidu.com, Inc. sponsored ADR (Cayman Islands, Internet Software & Services) 1.2 0.7 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 1.1 1.1 
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components) 1.0 0.9 
 21.5  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 23.7 27.2 
Information Technology 23.3 19.2 
Consumer Discretionary 10.1 9.6 
Consumer Staples 7.5 7.8 
Energy 7.5 7.7 
Materials 6.9 7.1 
Telecommunication Services 5.8 6.6 
Industrials 5.4 5.9 
Utilities 2.7 3.1 
Real Estate 2.4 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 100.0 100.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 93.2%   
 Shares Value 
Bermuda - 0.9%   
Alibaba Health Information Technology Ltd. (a) 1,160,000 $607,255 
Alibaba Pictures Group Ltd. (a) 4,050,000 798,976 
Beijing Enterprises Water Group Ltd. 1,534,000 1,113,579 
Brilliance China Automotive Holdings Ltd. 1,064,000 1,263,539 
China Gas Holdings Ltd. 594,000 905,298 
China Resource Gas Group Ltd. 314,000 985,862 
Cosco Shipping Ports Ltd. 586,000 581,803 
Credicorp Ltd. (United States) 23,657 3,517,323 
GOME Electrical Appliances Holdings Ltd. 4,200,000 530,717 
Haier Electronics Group Co. Ltd. 447,000 721,605 
Kunlun Energy Co. Ltd. 1,100,000 832,565 
Luye Pharma Group Ltd. 469,500 316,005 
Nine Dragons Paper (Holdings) Ltd. 544,000 443,306 
TOTAL BERMUDA  12,617,833 
Brazil - 4.7%   
AES Tiete Energia SA unit 67,435 349,428 
Ambev SA 1,564,298 9,227,986 
Banco Bradesco SA 288,700 2,869,815 
Banco do Brasil SA 301,005 2,762,041 
Banco Santander SA (Brasil) unit 146,500 1,207,065 
BB Seguridade Participacoes SA 245,158 2,468,477 
BM&F BOVESPA SA 604,531 3,560,521 
BR Malls Participacoes SA 205,110 821,211 
Brasil Foods SA 213,369 3,569,519 
CCR SA 311,012 1,690,494 
Cetip SA - Mercados Organizado 79,400 1,116,127 
Cielo SA 357,226 3,625,978 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 116,900 1,234,189 
Companhia Siderurgica Nacional SA (CSN) (a) 214,100 720,374 
Cosan SA Industria e Comercio 42,700 574,149 
CPFL Energia SA 72,748 551,991 
Drogasil SA 81,300 1,804,799 
Duratex SA 104,689 282,713 
EDP Energias do Brasil SA 104,930 504,598 
Embraer SA 234,600 1,260,461 
ENGIE Brasil Energia SA 55,796 708,812 
Equatorial Energia SA 70,600 1,259,387 
Fibria Celulose SA 87,700 701,710 
Hypermarcas SA 122,000 1,022,782 
JBS SA 250,300 761,408 
Klabin SA unit 195,300 1,006,480 
Kroton Educacional SA 484,182 2,411,809 
Localiza Rent A Car SA 56,200 697,746 
Lojas Americanas SA 75,580 370,797 
Lojas Renner SA 226,191 1,913,270 
M. Dias Branco SA 11,400 486,821 
Multiplan Empreendimentos Imobiliarios SA 26,900 540,612 
Natura Cosmeticos SA 57,700 554,224 
Odontoprev SA 89,300 335,714 
Petroleo Brasileiro SA - Petrobras (ON) (a) 897,765 5,242,588 
Porto Seguro SA 38,000 360,357 
Qualicorp SA 73,600 473,604 
Rumo Logistica Operadora Multimodal SA (a) 283,900 635,039 
Sul America SA unit 59,200 357,388 
Terna Participacoes SA unit 31,800 206,720 
TIM Participacoes SA 299,500 831,319 
Totvs SA 41,700 378,331 
Ultrapar Participacoes SA 126,969 2,877,089 
Vale SA 408,471 2,825,514 
Vale SA sponsored ADR (b) 62,000 429,040 
Weg SA 198,900 1,096,692 
TOTAL BRAZIL  68,687,189 
Cayman Islands - 11.4%   
3SBio, Inc. (a) 338,500 338,258 
58.com, Inc. ADR (a)(b) 26,395 1,104,631 
AAC Technology Holdings, Inc. 258,433 2,465,852 
Alibaba Group Holding Ltd. sponsored ADR (a)(b) 392,648 39,928,375 
Anta Sports Products Ltd. 351,000 1,013,777 
Baidu.com, Inc. sponsored ADR (a) 94,925 16,788,436 
Belle International Holdings Ltd. 2,219,000 1,344,753 
Casetek Holdings 47,000 151,308 
Chailease Holding Co. Ltd. 373,000 645,949 
China Conch Venture Holdings Ltd. 459,500 859,094 
China Huishan Dairy Holdings Co. Ltd. 1,444,000 536,225 
China Medical System Holdings Ltd. 443,000 692,299 
China Mengniu Dairy Co. Ltd. 963,000 1,825,286 
China Resources Land Ltd. 976,812 2,435,874 
China State Construction International Holdings Ltd. 632,000 924,097 
Country Garden Holdings Co. Ltd. 1,980,000 1,031,416 
Ctrip.com International Ltd. ADR (a)(b) 130,720 5,771,288 
ENN Energy Holdings Ltd. 260,043 1,223,842 
Evergrande Real Estate Group Ltd. 1,448,000 957,797 
Fang Holdings Ltd. ADR (a) 94,421 314,422 
GCL-Poly Energy Holdings Ltd. 4,411,000 597,192 
Geely Automobile Holdings Ltd. 1,855,517 1,914,002 
Haitian International Holdings Ltd. 213,000 439,427 
Hengan International Group Co. Ltd. 256,500 2,042,263 
JD.com, Inc. sponsored ADR (a)(b) 240,547 6,242,195 
Kingsoft Corp. Ltd. 277,000 622,893 
Longfor Properties Co. Ltd. 494,000 656,072 
NetEase, Inc. ADR 27,608 7,094,980 
New Oriental Education & Technology Group, Inc. sponsored ADR 46,786 2,345,382 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 40,800 14,099 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 11,862 350,759 
Semiconductor Manufacturing International Corp. (a) 9,656,000 1,169,417 
Shenzhou International Group Holdings Ltd. 197,000 1,306,890 
Shimao Property Holdings Ltd. 445,000 595,586 
Shui On Land Ltd. 1,327,500 328,642 
Sino Biopharmaceutical Ltd. 1,567,000 1,097,125 
SOHO China Ltd. 735,000 380,031 
Sunac China Holdings Ltd. 626,000 428,604 
TAL Education Group ADR (a)(b) 15,118 1,231,210 
Tencent Holdings Ltd. 1,973,700 52,307,664 
Tingyi (Cayman Islands) Holding Corp. 674,000 727,399 
Vipshop Holdings Ltd. ADR (a)(b) 141,411 1,933,088 
Want Want China Holdings Ltd. 1,973,418 1,203,560 
YY, Inc. ADR (a)(b) 9,737 468,058 
Zhen Ding Technology Holding Ltd. 144,000 328,389 
TOTAL CAYMAN ISLANDS  166,177,906 
Chile - 1.1%   
AES Gener SA 976,203 332,350 
Aguas Andinas SA 883,164 583,192 
Banco de Chile 8,689,777 1,037,101 
Banco de Credito e Inversiones 13,396 684,032 
Banco Santander Chile 22,936,591 1,284,087 
Cencosud SA 500,126 1,630,336 
Colbun SA 2,874,937 628,488 
Compania Cervecerias Unidas SA 49,370 530,296 
Compania de Petroleos de Chile SA (COPEC) 161,314 1,627,414 
CorpBanca SA 52,650,783 476,760 
Empresa Nacional de Electricidad SA 1,114,477 764,516 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 50,063 536,482 
Empresas CMPC SA 443,066 959,698 
Endesa Americas SA 1,093,703 508,995 
Enersis Chile SA 6,697,966 676,749 
Enersis SA 6,931,344 1,172,520 
LATAM Airlines Group SA (a) 105,707 1,015,724 
S.A.C.I. Falabella 209,193 1,641,276 
TOTAL CHILE  16,090,016 
China - 9.9%   
Agricultural Bank of China Ltd. (H Shares) 8,558,297 3,608,465 
Air China Ltd. (H Shares) 610,000 401,132 
Aluminum Corp. of China Ltd. (H Shares) (a) 1,408,000 522,857 
Anhui Conch Cement Co. Ltd. (H Shares) 428,500 1,187,891 
AviChina Industry & Technology Co. Ltd. (H Shares) 707,000 480,416 
Bank Communications Co. Ltd. (H Shares) 3,052,176 2,325,865 
Bank of China Ltd. (H Shares) 27,748,464 12,451,039 
Beijing Capital International Airport Co. Ltd. (H Shares) 536,000 561,879 
BYD Co. Ltd. (H Shares) 224,500 1,476,298 
CGN Power Co. Ltd. (H Shares) 3,779,447 1,106,220 
China Cinda Asset Management Co. Ltd. (H Shares) 3,047,000 1,096,135 
China CITIC Bank Corp. Ltd. (H Shares) 3,127,051 2,020,041 
China Coal Energy Co. Ltd. (H Shares) (a) 692,000 392,596 
China Communications Construction Co. Ltd. (H Shares) 1,530,000 1,684,755 
China Communications Services Corp. Ltd. (H Shares) 796,000 473,153 
China Construction Bank Corp. (H Shares) 29,414,000 21,542,189 
China Cosco Holdings Co. Ltd. (H Shares) (a) 1,021,000 352,816 
China Everbright Bank Co. Ltd. (H Shares) 1,035,000 472,423 
China Galaxy Securities Co. Ltd. (H Shares) 1,049,000 998,204 
China Life Insurance Co. Ltd. (H Shares) 2,602,747 6,443,708 
China Longyuan Power Grid Corp. Ltd. (H Shares) 1,124,000 859,426 
China Merchants Bank Co. Ltd. (H Shares) 1,363,421 3,326,125 
China Minsheng Banking Corp. Ltd. (H Shares) 2,056,051 2,346,197 
China National Building Materials Co. Ltd. (H Shares) 962,000 440,343 
China Oilfield Services Ltd. (H Shares) 610,000 589,900 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 921,528 3,332,950 
China Petroleum & Chemical Corp. (H Shares) 8,924,704 6,454,356 
China Railway Construction Corp. Ltd. (H Shares) 697,000 873,547 
China Railway Group Ltd. (H Shares) 1,414,000 1,093,926 
China Shenhua Energy Co. Ltd. (H Shares) 1,193,102 2,482,953 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 1,229,000 258,301 
China Southern Airlines Ltd. (H Shares) 608,000 341,804 
China Telecom Corp. Ltd. (H Shares) 4,865,689 2,515,800 
China Vanke Co. Ltd. (H Shares) 460,900 1,206,397 
Chongqing Changan Automobile Co. Ltd. (B Shares) 288,400 440,657 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 910,646 545,997 
CITIC Securities Co. Ltd. (H Shares) 751,500 1,666,652 
CRRC Corp. Ltd. (H Shares) 1,454,000 1,319,850 
Dongfeng Motor Group Co. Ltd. (H Shares) 956,000 994,761 
GF Securities Co. Ltd. (H Shares) 485,228 1,079,876 
Great Wall Motor Co. Ltd. (H Shares) 1,088,500 1,062,458 
Guangzhou Automobile Group Co. Ltd. (H Shares) 736,000 890,160 
Guangzhou R&F Properties Co. Ltd. (H Shares) 326,400 461,262 
Haitong Securities Co. Ltd. (H Shares) 1,058,000 1,877,118 
Huadian Power International Corp. Ltd. (H Shares) 544,000 233,577 
Huaneng Power International, Inc. (H Shares) 1,526,186 938,115 
Huaneng Renewables Corp. Ltd. (H Shares) 1,324,000 445,570 
Huatai Securities Co. Ltd. (H Shares) 516,800 1,092,833 
Industrial & Commercial Bank of China Ltd. (H Shares) 25,778,000 15,472,979 
Jiangsu Expressway Co. Ltd. (H Shares) 436,000 593,660 
Jiangxi Copper Co. Ltd. (H Shares) 451,000 532,671 
New China Life Insurance Co. Ltd. (H Shares) 267,800 1,160,212 
People's Insurance Co. of China Group (H Shares) 2,469,552 983,930 
PetroChina Co. Ltd. (H Shares) 7,374,790 5,046,091 
PICC Property & Casualty Co. Ltd. (H Shares) 1,614,379 2,614,463 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 1,821,541 9,617,900 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 680,000 443,656 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 930,000 430,492 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 147,000 452,057 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 304,983 474,249 
Shanghai Pharma Holding Co. Ltd. (H Shares) 236,909 610,941 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 435,500 385,212 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 1,236,000 631,104 
Sinopharm Group Co. Ltd. (H Shares) 420,000 2,044,342 
Sinotrans Ltd. (H Shares) 702,000 331,288 
TravelSky Technology Ltd. (H Shares) 330,000 705,482 
Tsingtao Brewery Co. Ltd. (H Shares) 124,000 495,645 
Weichai Power Co. Ltd. (H Shares) 333,000 503,222 
Yanzhou Coal Mining Co. Ltd. (H Shares) 622,000 461,154 
Zhejiang Expressway Co. Ltd. (H Shares) 498,000 522,044 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 193,827 939,701 
Zijin Mining Group Co. Ltd. (H Shares) 1,972,000 620,418 
ZTE Corp. (H Shares) 309,800 426,619 
TOTAL CHINA  145,268,525 
Colombia - 0.3%   
Cementos Argos SA 165,674 655,692 
Corporacion Financiera Colombiana SA 29,438 364,991 
Ecopetrol SA (a) 1,760,416 766,982 
Grupo de Inversiones Suramerica SA 81,156 1,046,711 
Interconexion Electrica SA ESP 139,283 462,767 
Inversiones Argos SA 104,310 676,486 
TOTAL COLOMBIA  3,973,629 
Czech Republic - 0.1%   
Ceske Energeticke Zavody A/S 56,898 1,072,350 
Komercni Banka A/S 26,763 980,317 
Telefonica Czech Rep A/S 21,294 195,387 
TOTAL CZECH REPUBLIC  2,248,054 
Egypt - 0.2%   
Commercial International Bank SAE 366,076 2,114,843 
Global Telecom Holding (a) 877,452 471,337 
Talaat Moustafa Group Holding 321,200 206,177 
TOTAL EGYPT  2,792,357 
Greece - 0.3%   
Alpha Bank AE (a) 475,450 814,203 
EFG Eurobank Ergasias SA (a) 616,091 362,504 
Ff Group (a) 11,223 268,823 
Greek Organization of Football Prognostics SA 81,069 691,479 
Hellenic Telecommunications Organization SA 87,996 806,590 
Jumbo SA 36,890 524,423 
National Bank of Greece SA (a) 1,830,480 374,370 
Piraeus Bank SA (a) 2,183,453 361,930 
Titan Cement Co. SA (Reg.) 16,077 373,619 
TOTAL GREECE  4,577,941 
Hong Kong - 3.9%   
Beijing Enterprises Holdings Ltd. 180,427 902,653 
China Everbright International Ltd. 852,000 1,021,668 
China Everbright Ltd. 324,000 635,003 
China Jinmao Holdings Group Ltd. 1,222,000 337,188 
China Merchants Holdings International Co. Ltd. 460,557 1,193,622 
China Mobile Ltd. 2,147,571 24,603,420 
China Overseas Land and Investment Ltd. 1,385,202 4,277,658 
China Power International Development Ltd. 1,105,000 403,214 
China Resources Beer Holdings Co. Ltd. 556,144 1,183,201 
China Resources Power Holdings Co. Ltd. 667,940 1,135,116 
China Taiping Insurance Group Ltd. (a) 571,255 1,103,390 
China Unicom Ltd. 2,096,814 2,461,689 
CITIC Pacific Ltd. 1,534,941 2,204,775 
CNOOC Ltd. 6,254,584 7,869,982 
CSPC Pharmaceutical Group Ltd. 1,459,963 1,513,510 
Far East Horizon Ltd. 703,000 641,765 
Fosun International Ltd. 890,754 1,293,253 
Guangdong Investment Ltd. 993,126 1,500,788 
Lenovo Group Ltd. 2,544,000 1,633,555 
Shanghai Industrial Holdings Ltd. 176,241 539,707 
Sino-Ocean Group Holding Ltd. 1,003,500 417,934 
Sun Art Retail Group Ltd. 848,500 598,448 
TOTAL HONG KONG  57,471,539 
Hungary - 0.3%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 12,729 818,961 
OTP Bank PLC 83,725 2,351,759 
Richter Gedeon PLC 50,004 1,074,760 
TOTAL HUNGARY  4,245,480 
India - 8.2%   
ACC Ltd. 15,305 347,994 
Adani Ports & Special Economic Zone 291,155 1,339,989 
Ambuja Cements Ltd. 204,878 741,432 
Apollo Hospitals Enterprise Ltd. 25,711 516,491 
Ashok Leyland Ltd. (a) 380,370 514,627 
Asian Paints Ltd. 100,726 1,615,561 
Aurobindo Pharma Ltd. 92,725 1,128,456 
Axis Bank Ltd. 584,390 4,265,611 
Bajaj Auto Ltd. 29,377 1,254,300 
Bajaj Finance Ltd. 57,005 916,577 
Bharat Forge Ltd. 35,129 466,014 
Bharat Heavy Electricals Ltd. (a) 196,272 408,842 
Bharat Petroleum Corp. Ltd. 91,790 920,646 
Bharti Airtel Ltd. 350,305 1,674,447 
Bharti Infratel Ltd. 195,242 1,011,692 
Bosch Ltd. (a) 2,635 864,741 
Cadila Healthcare Ltd. 72,878 462,087 
Cairn India Ltd. 151,179 512,199 
Cipla Ltd. (a) 121,760 1,049,843 
Coal India Ltd. 243,992 1,188,038 
Container Corp. of India Ltd. 11,160 230,133 
Dabur India Ltd. 185,815 812,143 
Divi's Laboratories Ltd. 27,566 528,918 
Dr. Reddy's Laboratories Ltd. (a) 35,236 1,772,331 
Dr. Reddy's Laboratories Ltd. sponsored ADR (b) 6,000 295,740 
Eicher Motors Ltd. 4,657 1,676,942 
GAIL India Ltd. 111,374 723,621 
GlaxoSmithKline Consumer Healthcare Ltd. 3,508 319,691 
Glenmark Pharmaceuticals Ltd. (a) 46,434 649,501 
Godrej Consumer Products Ltd. 41,977 1,012,589 
Havells India Ltd. 83,369 508,797 
HCL Technologies Ltd. 197,552 2,260,112 
Hero Motocorp Ltd. (a) 17,502 879,450 
Hindalco Industries Ltd. (a) 384,767 863,204 
Hindustan Unilever Ltd. 227,188 2,848,984 
Housing Development Finance Corp. Ltd. 524,772 10,948,509 
ICICI Bank Ltd. (a) 386,898 1,610,070 
Idea Cellular Ltd. (a) 420,983 480,904 
Indiabulls Housing Finance Ltd. 103,521 1,317,418 
Infosys Ltd. 626,581 9,362,253 
Infosys Ltd. sponsored ADR 16,000 244,160 
ITC Ltd. 1,182,368 4,308,998 
JSW Steel Ltd. (a) 29,830 741,821 
Larsen & Toubro Ltd. 110,931 2,462,400 
LIC Housing Finance Ltd. 105,209 919,123 
Lupin Ltd. 77,538 1,730,049 
Mahindra & Mahindra Financial Services Ltd. (a) 92,870 503,852 
Mahindra & Mahindra Ltd. 130,354 2,563,484 
Marico Ltd. 160,052 676,506 
Maruti Suzuki India Ltd. (a) 36,945 3,254,522 
Motherson Sumi Systems Ltd. 145,305 721,456 
Nestle India Ltd. 8,001 837,907 
NTPC Ltd. 582,706 1,329,981 
Oil & Natural Gas Corp. Ltd. 300,662 1,293,147 
Piramal Enterprises Ltd. 26,415 702,752 
Power Finance Corp. Ltd. 295,566 549,876 
Reliance Industries Ltd. 453,478 7,171,777 
Shree Cement Ltd. 2,950 739,397 
Shriram Transport Finance Co. Ltd. 52,074 842,952 
Siemens India Ltd. (a) 25,554 453,460 
State Bank of India 543,054 2,100,397 
Sun Pharmaceutical Industries Ltd. 336,999 3,755,691 
Tata Consultancy Services Ltd. 165,391 5,947,391 
Tata Motors Ltd. (a) 552,118 4,444,725 
Tata Motors Ltd. Class A (a) 134,739 704,343 
Tata Power Co. Ltd. 395,655 464,427 
Tata Steel Ltd. (a) 106,313 646,193 
Tech Mahindra Ltd. 77,941 509,029 
Titan Co. Ltd. 110,344 617,926 
Ultratech Cemco Ltd. (a) 12,617 753,308 
United Spirits Ltd. (a) 23,093 779,022 
UPL Ltd. (a) 124,453 1,301,892 
Vedanta Ltd. (a) 357,392 1,085,483 
Wipro Ltd. 212,217 1,475,007 
Yes Bank Ltd. (a) 109,173 2,082,301 
Zee Entertainment Enterprises Ltd. 202,454 1,579,285 
TOTAL INDIA  120,594,937 
Indonesia - 2.7%   
PT Adaro Energy Tbk 4,833,700 587,172 
PT AKR Corporindo Tbk 628,600 342,049 
PT Astra International Tbk 7,086,859 4,467,307 
PT Bank Central Asia Tbk 4,313,170 5,131,972 
PT Bank CIMB Niaga Tbk (a) 141,825 10,380 
PT Bank Danamon Indonesia Tbk Series A 1,132,400 334,999 
PT Bank Mandiri (Persero) Tbk 3,270,999 2,881,255 
PT Bank Negara Indonesia (Persero) Tbk 2,637,700 1,127,006 
PT Bank Rakyat Indonesia Tbk 3,887,861 3,635,186 
PT Bumi Serpong Damai Tbk 2,592,200 431,106 
PT Charoen Pokphand Indonesia Tbk 2,536,100 719,158 
PT Global Mediacom Tbk 2,447,500 159,440 
PT Gudang Garam Tbk 169,800 883,616 
PT Hanjaya Mandala Sampoerna Tbk 3,277,900 992,313 
PT Indocement Tunggal Prakarsa Tbk 506,000 637,929 
PT Indofood CBP Sukses Makmur Tbk 831,600 599,099 
PT Indofood Sukses Makmur Tbk 1,511,200 984,457 
PT Jasa Marga Tbk 702,800 243,998 
PT Kalbe Farma Tbk 7,484,000 998,020 
PT Lippo Karawaci Tbk 6,209,600 430,693 
PT Matahari Department Store Tbk 827,400 1,143,002 
PT Media Nusantara Citra Tbk 1,680,800 270,515 
PT Perusahaan Gas Negara Tbk Series B 3,843,500 754,090 
PT Semen Gresik (Persero) Tbk 1,052,048 794,196 
PT Summarecon Agung Tbk 3,385,000 428,054 
PT Surya Citra Media Tbk 1,966,300 399,348 
PT Telkomunikasi Indonesia Tbk Series B 17,652,165 5,709,085 
PT Tower Bersama Infrastructure Tbk 807,800 369,911 
PT Unilever Indonesia Tbk 537,039 1,830,534 
PT United Tractors Tbk 592,600 982,141 
PT Waskita Karya Persero Tbk 1,640,500 329,408 
PT XL Axiata Tbk (a) 1,288,150 217,193 
TOTAL INDONESIA  38,824,632 
Isle of Man - 0.1%   
New Europe Property Investments PLC 81,697 1,007,357 
Korea (South) - 13.2%   
AMOREPACIFIC Corp. 11,308 3,549,337 
AMOREPACIFIC Group, Inc. 9,828 1,271,727 
BGFretail Co. Ltd. 3,411 518,917 
BS Financial Group, Inc. 88,599 719,634 
Celltrion, Inc. 26,682 2,477,478 
Cheil Industries, Inc. 26,564 3,750,878 
Cheil Worldwide, Inc. 24,759 366,919 
CJ CheilJedang Corp. 2,809 858,353 
CJ Corp. 5,167 788,317 
CJ E&M Corp. 6,459 394,738 
Coway Co. Ltd. 18,953 1,484,749 
Daelim Industrial Co. 9,418 672,741 
Daewoo Engineering & Construction Co. Ltd. (a) 41,775 231,200 
DGB Financial Group Co. Ltd. 57,029 478,668 
Dong Suh Companies, Inc. 11,830 280,816 
Dongbu Insurance Co. Ltd. 17,448 1,084,632 
Doosan Heavy Industries & Construction Co. Ltd. 15,953 365,435 
E-Mart Co. Ltd. 6,680 949,067 
GS Engineering & Construction Corp. (a) 16,611 389,222 
GS Holdings Corp. 18,180 812,235 
GS Retail Co. Ltd. 9,044 385,876 
Hana Financial Group, Inc. 103,649 2,972,391 
Hankook Tire Co. Ltd. 26,085 1,258,916 
Hanmi Pharm Co. Ltd. 1,771 560,524 
Hanmi Science Co. Ltd. 3,937 261,949 
Hanon Systems 65,722 614,839 
Hanssem Co. Ltd. 3,545 550,151 
Hanwha Chemical Corp. 37,792 893,787 
Hanwha Corp. 15,107 493,328 
Hanwha Life Insurance Co. Ltd. 74,141 405,140 
Hotel Shilla Co. 11,917 597,020 
Hyosung Corp. 7,421 869,429 
Hyundai Department Store Co. Ltd. 5,107 524,651 
Hyundai Engineering & Construction Co. Ltd. 24,848 900,498 
Hyundai Fire & Marine Insurance Co. Ltd. 22,101 683,075 
Hyundai Glovis Co. Ltd. 6,623 1,004,665 
Hyundai Heavy Industries Co. Ltd. (a) 14,646 1,863,155 
Hyundai Industrial Development & Construction Co. 19,354 820,691 
Hyundai Mobis 23,835 5,709,955 
Hyundai Motor Co. 50,585 6,191,798 
Hyundai Steel Co. 27,583 1,191,339 
Hyundai Wia Corp. 5,514 379,410 
Industrial Bank of Korea 88,638 1,022,965 
Kakao Corp. 10,296 687,747 
Kangwon Land, Inc. 41,459 1,375,617 
KB Financial Group, Inc. 135,242 5,008,393 
KCC Corp. 1,983 701,307 
KEPCO Plant Service & Engineering Co. Ltd. 7,562 362,974 
Kia Motors Corp. 92,204 3,281,037 
Korea Aerospace Industries Ltd. 20,574 1,165,630 
Korea Electric Power Corp. 89,893 3,890,514 
Korea Express Co. Ltd. (a) 2,294 403,141 
Korea Gas Corp. 9,780 396,329 
Korea Investment Holdings Co. Ltd. 13,098 470,667 
Korea Zinc Co. Ltd. 2,941 1,169,966 
Korean Air Lines Co. Ltd. (a) 13,030 364,554 
KT Corp. 1,897 53,537 
KT&G Corp. 40,868 4,037,651 
Kumho Petro Chemical Co. Ltd. 6,151 376,991 
LG Chemical Ltd. 16,297 3,512,300 
LG Corp. 33,407 1,790,461 
LG Display Co. Ltd. 81,580 1,951,391 
LG Electronics, Inc. 37,391 1,562,651 
LG Household & Health Care Ltd. 3,297 2,363,740 
LG Innotek Co. Ltd. 4,906 334,572 
LG Telecom Ltd. 75,492 778,843 
Lotte Chemical Corp. 5,408 1,364,110 
Lotte Chilsung Beverage Co. Ltd. 208 280,060 
Lotte Confectionery Co. Ltd. 1,971 330,868 
Lotte Shopping Co. Ltd. 3,753 749,776 
Mirae Asset Daewoo Co. Ltd. 61,928 419,620 
Mirae Asset Securities Co. Ltd. 24,853 492,169 
NAVER Corp. 9,808 7,349,000 
NCSOFT Corp. 6,181 1,429,392 
Oci Co. Ltd. (a) 5,591 442,390 
Orion Corp. 1,262 788,919 
Ottogi Corp. 407 234,146 
Paradise Co. Ltd. 15,296 173,855 
POSCO 24,418 5,082,914 
Posco Daewoo Corp. 15,689 342,242 
S-Oil Corp. 15,401 1,057,026 
S1 Corp. 6,733 544,524 
Samsung Card Co. Ltd. 11,602 488,930 
Samsung Electro-Mechanics Co. Ltd. 19,816 816,026 
Samsung Electronics Co. Ltd. 34,959 50,096,219 
Samsung Fire & Marine Insurance Co. Ltd. 11,616 2,960,480 
Samsung Heavy Industries Co. Ltd. 83,506 711,851 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 31,692 71,489 
Samsung Life Insurance Co. Ltd. 24,515 2,368,433 
Samsung SDI Co. Ltd. 19,315 1,592,478 
Samsung SDS Co. Ltd. 12,218 1,650,424 
Samsung Securities Co. Ltd. 19,302 583,066 
Shinhan Financial Group Co. Ltd. 149,315 5,724,533 
Shinsegae Co. Ltd. 2,491 405,092 
SK C&C Co. Ltd. 16,024 3,131,234 
SK Energy Co. Ltd. 22,689 3,005,349 
SK Hynix, Inc. 203,736 7,303,291 
SK Networks Co. Ltd. 41,823 238,413 
SK Telecom Co. Ltd. 7,095 1,391,448 
Woori Bank 106,896 1,168,257 
Woori Investment & Securities Co. Ltd. 47,664 420,900 
Yuhan Corp. 2,793 512,811 
TOTAL KOREA (SOUTH)  193,362,363 
Malaysia - 2.6%   
AirAsia Bhd 418,300 276,208 
Alliance Financial Group Bhd 366,500 348,590 
AMMB Holdings Bhd 646,900 647,671 
Astro Malaysia Holdings Bhd 546,324 371,162 
Axiata Group Bhd 938,921 1,101,190 
Berjaya Sports Toto Bhd 233,300 177,408 
British American Tobacco (Malaysia) Bhd 47,800 564,257 
Bumiputra-Commerce Holdings Bhd 1,064,618 1,276,526 
Dialog Group Bhd 1,136,165 419,799 
DiGi.com Bhd 1,231,000 1,476,026 
Felda Global Ventures Holdings Bhd 424,200 203,252 
Gamuda Bhd 613,200 717,714 
Gamuda Bhd warrants 3/6/21 (a) 4,516 1,399 
Genting Bhd 792,100 1,480,349 
Genting Malaysia Bhd 1,051,740 1,193,393 
Genting Plantations Bhd 79,300 207,938 
Hap Seng Consolidated Bhd 194,000 360,253 
Hartalega Holdings Bhd 219,800 256,739 
Hong Leong Bank Bhd 220,100 698,863 
Hong Leong Credit Bhd 75,800 284,047 
IHH Healthcare Bhd 1,159,787 1,769,401 
IJM Corp. Bhd 1,005,700 791,135 
IOI Corp. Bhd 772,900 829,094 
IOI Properties Group Sdn Bhd 557,100 325,362 
Kuala Lumpur Kepong Bhd 152,100 868,728 
Lafarge Malaysia Bhd 111,900 216,064 
Malayan Banking Bhd 1,224,127 2,305,269 
Malaysia Airports Holdings Bhd 248,100 392,110 
Maxis Bhd 666,200 946,496 
MISC Bhd 381,200 683,343 
Petronas Chemicals Group Bhd 842,600 1,406,007 
Petronas Dagangan Bhd 71,226 396,624 
Petronas Gas Bhd 242,800 1,273,325 
PPB Group Bhd 170,400 654,791 
Public Bank Bhd 949,957 4,497,293 
RHB Capital Bhd 265,860 306,103 
RHB Capital Bhd 141,500 0 
SapuraKencana Petroleum Bhd (a) 1,337,400 516,469 
Sime Darby Bhd 895,100 1,747,525 
Telekom Malaysia Bhd 398,500 621,261 
Tenaga Nasional Bhd 1,183,872 4,046,895 
UMW Holdings Bhd 156,400 222,204 
Westports Holdings Bhd 358,200 376,558 
YTL Corp. Bhd 1,533,300 581,155 
YTL Power International Bhd 664,500 242,356 
TOTAL MALAYSIA  38,078,352 
Malta - 0.0%   
Brait SA 116,912 776,798 
Mexico - 3.7%   
Alfa SA de CV Series A 987,100 1,496,761 
America Movil S.A.B. de CV Series L 11,118,447 7,364,846 
CEMEX S.A.B. de CV unit 4,905,490 4,246,009 
Coca-Cola FEMSA S.A.B. de CV Series L 175,969 1,321,839 
Compartamos S.A.B. de CV 333,600 658,340 
El Puerto de Liverpool S.A.B. de CV Class C 66,110 692,964 
Embotelladoras Arca S.A.B. de CV 144,100 896,727 
Fibra Uno Administracion SA de CV 908,883 1,734,480 
Fomento Economico Mexicano S.A.B. de CV unit 643,391 6,171,461 
Gruma S.A.B. de CV Series B 76,390 1,059,906 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 125,927 1,217,163 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 73,665 1,171,679 
Grupo Bimbo S.A.B. de CV Series A 578,070 1,557,036 
Grupo Carso SA de CV Series A1 195,400 852,891 
Grupo Comercial Chedraui S.A.B. de CV 115,600 257,854 
Grupo Financiero Banorte S.A.B. de CV Series O 873,581 5,144,611 
Grupo Financiero Inbursa S.A.B. de CV Series O 817,200 1,326,042 
Grupo Financiero Santander Mexico S.A.B. de CV 641,200 1,160,545 
Grupo Lala S.A.B. de CV 209,600 390,235 
Grupo Mexico SA de CV Series B 1,335,554 3,290,659 
Grupo Televisa SA de CV 856,893 4,216,235 
Industrias Penoles SA de CV 48,825 1,184,112 
Kimberly-Clark de Mexico SA de CV Series A 523,227 1,128,339 
Mexichem S.A.B. de CV 370,100 885,060 
OHL Mexico S.A.B. de CV (a) 261,500 307,973 
Promotora y Operadora de Infraestructura S.A.B. de CV 91,755 1,025,757 
Wal-Mart de Mexico SA de CV Series V 1,832,756 3,877,674 
TOTAL MEXICO  54,637,198 
Netherlands - 0.4%   
Steinhoff International Holdings NV (South Africa) 1,042,811 5,629,459 
Peru - 0.1%   
Compania de Minas Buenaventura SA sponsored ADR 67,005 890,496 
Philippines - 1.3%   
Aboitiz Equity Ventures, Inc. 681,090 1,096,956 
Aboitiz Power Corp. 522,255 495,517 
Alliance Global Group, Inc. 694,500 204,495 
Ayala Corp. 85,681 1,477,274 
Ayala Land, Inc. 2,579,743 1,930,965 
Bank of the Philippine Islands (BPI) 245,390 512,269 
BDO Unibank, Inc. 573,813 1,336,502 
DMCI Holdings, Inc. 1,462,000 377,353 
Globe Telecom, Inc. 11,095 407,791 
GT Capital Holdings, Inc. 26,445 715,873 
International Container Terminal Services, Inc. 169,790 272,761 
JG Summit Holdings, Inc. 1,003,970 1,575,522 
Jollibee Food Corp. 150,973 741,936 
Megaworld Corp. 3,793,100 314,855 
Metro Pacific Investments Corp. 4,374,700 650,385 
Metropolitan Bank & Trust Co. 216,760 363,881 
Philippine Long Distance Telephone Co. 34,125 1,078,088 
PNOC Energy Development Corp. 3,146,200 383,291 
Robinsons Land Corp. 579,200 370,151 
Security Bank Corp. 62,830 285,936 
SM Investments Corp. 84,205 1,168,415 
SM Prime Holdings, Inc. 2,906,500 1,614,405 
Universal Robina Corp. 306,188 1,150,667 
TOTAL PHILIPPINES  18,525,288 
Poland - 1.1%   
Alior Bank SA (a) 31,881 383,149 
Bank Handlowy w Warszawie SA 11,396 225,727 
Bank Millennium SA (a) 206,127 303,155 
Bank Polska Kasa Opieki SA 55,181 1,702,583 
Bank Zachodni WBK SA 12,186 984,633 
BRE Bank SA (a) 4,959 447,204 
Cyfrowy Polsat SA (a) 66,689 411,701 
ENEA SA (a) 78,866 201,826 
Energa SA 75,781 155,300 
Eurocash SA 25,944 262,928 
Grupa Lotos SA (a) 39,868 345,609 
KGHM Polska Miedz SA (Bearer) 48,764 883,488 
LPP SA 436 653,458 
NG2 SA 9,028 458,160 
Polish Oil & Gas Co. SA 605,765 775,107 
Polska Grupa Energetyczna SA 296,757 776,829 
Polski Koncern Naftowy Orlen SA 112,626 2,233,430 
Powszechna Kasa Oszczednosci Bank SA 306,430 2,146,357 
Powszechny Zaklad Ubezpieczen SA 197,065 1,368,266 
Synthos SA (a) 173,250 209,318 
Tauron Polska Energia SA (a) 366,470 247,536 
Telekomunikacja Polska SA 234,142 334,211 
Zaklady Azotowe w Tarnowie-Moscicach SA 15,337 244,329 
TOTAL POLAND  15,754,304 
Qatar - 0.8%   
Barwa Real Estate Co. (a) 37,446 328,541 
Commercial Bank of Qatar (a) 56,590 554,781 
Doha Bank (a) 43,172 431,536 
Ezdan Holding Group (a) 272,702 1,175,714 
Industries Qatar QSC (a) 52,000 1,456,523 
Masraf al Rayan (a) 127,177 1,208,366 
Qatar Electricity & Water Co. (a) 9,712 560,069 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 97,298 604,113 
Qatar Insurance Co. SAQ (a) 41,590 1,000,476 
Qatar Islamic Bank (a) 20,965 589,534 
Qatar National Bank SAQ 73,308 3,220,958 
Qatar Telecom (Qtel) Q.S.C. (a) 28,282 753,348 
Vodafone Qatar QSC (a) 120,806 348,662 
TOTAL QATAR  12,232,621 
Russia - 3.4%   
Alrosa Co. Ltd. (a) 898,397 1,255,464 
Gazprom OAO (a) 939,164 2,057,998 
Gazprom OAO sponsored ADR (Reg. S) 1,600,956 6,916,130 
Lukoil PJSC (a) 34,517 1,684,352 
Lukoil PJSC sponsored ADR 114,445 5,579,194 
Magnit OJSC GDR (Reg. S) 99,260 3,939,629 
MegaFon PJSC GDR 34,265 326,545 
MMC Norilsk Nickel PJSC sponsored ADR 193,828 2,922,926 
Mobile TeleSystems OJSC sponsored ADR 181,489 1,399,280 
Moscow Exchange MICEX-RTS OAO (a) 464,982 855,946 
NOVATEK OAO (a) 39,735 414,138 
NOVATEK OAO GDR (Reg. S) 28,096 3,003,462 
PhosAgro OJSC GDR (Reg. S) 34,092 422,741 
Rosneft Oil Co. OJSC (a) 59,357 325,474 
Rosneft Oil Co. OJSC GDR (Reg. S) 349,275 1,903,549 
Rostelecom PJSC (a) 24,000 29,909 
Rostelecom PJSC sponsored ADR 51,431 379,046 
RusHydro PJSC (a) 3,300,000 41,374 
RusHydro PJSC ADR 374,625 457,043 
Sberbank of Russia (a) 872,903 2,031,812 
Sberbank of Russia sponsored ADR 724,658 6,877,004 
Severstal PAO GDR (Reg. S) 73,598 1,037,732 
Sistema JSFC (a) 150,000 45,602 
Sistema JSFC sponsored GDR 52,549 392,541 
Surgutneftegas OJSC (a) 1,783,330 759,869 
Tatneft PAO (a) 86,800 486,016 
Tatneft PAO sponsored ADR 68,366 2,288,210 
VTB Bank OJSC (a) 265,000,000 283,177 
VTB Bank OJSC sponsored GDR (Reg. S) 774,457 1,621,713 
TOTAL RUSSIA  49,737,876 
South Africa - 6.4%   
Anglo American Platinum Ltd. (a) 18,010 424,319 
AngloGold Ashanti Ltd. (a) 142,959 1,946,485 
Aspen Pharmacare Holdings Ltd. 128,002 2,788,395 
Barclays Africa Group Ltd. 148,594 1,723,123 
Bidcorp Ltd. 117,561 2,072,875 
Bidvest Group Ltd. 111,662 1,386,360 
Capitec Bank Holdings Ltd. 13,974 709,906 
Coronation Fund Managers Ltd. 76,583 411,945 
Discovery Ltd. 125,776 1,074,862 
Exxaro Resources Ltd. 48,154 354,269 
FirstRand Ltd. 1,178,663 4,223,825 
Fortress Income Fund Ltd.:   
Class A 362,349 439,374 
Class B 254,167 604,327 
Foschini Ltd. 74,925 771,268 
Gold Fields Ltd. 288,167 1,188,479 
Growthpoint Properties Ltd. 721,379 1,344,987 
Hyprop Investments Ltd. 83,133 738,001 
Impala Platinum Holdings Ltd. (a) 219,628 882,828 
Imperial Holdings Ltd. 52,928 668,560 
Investec Ltd. 84,128 518,791 
Liberty Holdings Ltd. 39,571 340,281 
Life Healthcare Group Holdings Ltd. 341,503 911,772 
Massmart Holdings Ltd. 36,513 316,448 
MMI Holdings Ltd. 365,416 612,742 
Mondi Ltd. 41,824 817,326 
Mr Price Group Ltd. 85,492 974,642 
MTN Group Ltd. 581,127 5,019,390 
Naspers Ltd. Class N 153,121 25,663,346 
Nedbank Group Ltd. 69,780 1,141,114 
Netcare Ltd. 335,373 861,331 
Pick 'n Pay Stores Ltd. 126,565 619,414 
Pioneer Foods Ltd. 45,847 553,445 
PSG Group Ltd. 30,886 482,631 
Rand Merchant Insurance Holdings Ltd. 228,447 684,134 
Redefine Properties Ltd. 1,543,410 1,325,498 
Remgro Ltd. 169,714 2,819,389 
Resilient Property Income Fund Ltd. 101,398 839,008 
RMB Holdings Ltd. 250,135 1,104,146 
Sanlam Ltd. 493,495 2,392,126 
Sappi Ltd. (a) 190,333 1,058,680 
Sasol Ltd. 193,784 5,351,344 
Shoprite Holdings Ltd. 150,883 2,226,808 
Sibanye Gold Ltd. 260,319 724,147 
Spar Group Ltd. 65,766 931,588 
Standard Bank Group Ltd. 453,107 4,807,378 
Telkom SA Ltd. 88,070 406,329 
Tiger Brands Ltd. 56,465 1,607,967 
Truworths International Ltd. 151,684 803,769 
Tsogo Sun Holdings Ltd. 124,136 281,806 
Vodacom Group Ltd. 130,341 1,405,996 
Woolworths Holdings Ltd. 350,590 2,030,932 
TOTAL SOUTH AFRICA  93,387,906 
Taiwan - 12.0%   
Acer, Inc. 985,000 453,003 
Advanced Semiconductor Engineering, Inc. 2,220,869 2,611,876 
Advantech Co. Ltd. 112,000 912,952 
Asia Cement Corp. 837,000 731,381 
Asia Pacific Telecom Co. Ltd. (a) 708,000 227,927 
ASUSTeK Computer, Inc. 248,502 2,179,324 
AU Optronics Corp. 2,970,000 1,129,099 
Catcher Technology Co. Ltd. 230,095 1,806,255 
Cathay Financial Holding Co. Ltd. 2,863,033 3,718,578 
Chang Hwa Commercial Bank 1,754,220 898,573 
Cheng Shin Rubber Industry Co. Ltd. 683,000 1,392,927 
Chicony Electronics Co. Ltd. 181,457 465,031 
China Airlines Ltd. 901,000 272,913 
China Development Finance Holding Corp. 4,812,000 1,207,254 
China Life Insurance Co. Ltd. 1,230,640 1,137,801 
China Steel Corp. 4,145,289 2,997,687 
Chinatrust Financial Holding Co. Ltd. 6,139,778 3,310,536 
Chunghwa Telecom Co. Ltd. 1,328,129 4,551,915 
Compal Electronics, Inc. 1,513,000 902,181 
Delta Electronics, Inc. 682,717 3,605,385 
E.SUN Financial Holdings Co. Ltd. 2,713,500 1,544,867 
ECLAT Textile Co. Ltd. 64,068 729,512 
EVA Airways Corp. 680,350 327,999 
Evergreen Marine Corp. (Taiwan) (a) 583,000 218,196 
Far Eastern Textile Ltd. 1,142,000 885,608 
Far EasTone Telecommunications Co. Ltd. 564,348 1,335,311 
Feng Tay Enterprise Co. Ltd. 111,720 467,737 
First Financial Holding Co. Ltd. 3,296,555 1,730,434 
Formosa Chemicals & Fibre Corp. 1,129,149 3,362,897 
Formosa Petrochemical Corp. 403,347 1,349,671 
Formosa Plastics Corp. 1,449,085 3,925,079 
Formosa Taffeta Co. Ltd. 260,000 237,499 
Foxconn Technology Co. Ltd. 324,710 943,383 
Fubon Financial Holding Co. Ltd. 2,336,846 3,320,510 
Giant Manufacturing Co. Ltd. 100,000 708,882 
Hermes Microvision, Inc. 16,000 707,931 
Highwealth Construction Corp. 275,000 407,766 
HIWIN Technologies Corp. 71,100 314,587 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 5,413,082 14,645,032 
Hotai Motor Co. Ltd. 87,000 1,014,083 
HTC Corp. (a) 227,000 665,265 
Hua Nan Financial Holdings Co. Ltd. 2,607,348 1,327,305 
Innolux Corp. 3,077,000 1,039,379 
Inotera Memories, Inc. (a) 923,000 865,079 
Inventec Corp. 848,000 664,339 
Largan Precision Co. Ltd. 35,451 4,199,676 
Lite-On Technology Corp. 748,044 1,074,786 
MediaTek, Inc. 522,615 3,978,229 
Mega Financial Holding Co. Ltd. 3,814,289 2,613,148 
Merida Industry Co. Ltd. 74,000 341,501 
Nan Ya Plastics Corp. 1,666,358 3,472,405 
Nanya Technology Corp. 232,000 301,327 
Nien Made Enterprise Co. Ltd. 49,000 568,819 
Novatek Microelectronics Corp. 205,000 770,493 
OBI Pharma, Inc. (a) 37,000 387,855 
Pegatron Corp. 687,000 1,852,134 
Phison Electronics Corp. 50,000 355,234 
Pou Chen Corp. 782,391 1,059,616 
Powertech Technology, Inc. 237,981 680,086 
President Chain Store Corp. 202,000 1,512,029 
Quanta Computer, Inc. 952,000 1,932,474 
Realtek Semiconductor Corp. 152,000 515,851 
Ruentex Development Co. Ltd. (a) 287,000 331,345 
Ruentex Industries Ltd. 200,000 322,882 
Shin Kong Financial Holding Co. Ltd. (a) 2,750,000 597,475 
Siliconware Precision Industries Co. Ltd. 766,000 1,159,665 
Simplo Technology Co. Ltd. 100,000 309,244 
Sinopac Holdings Co. 3,602,335 1,040,876 
Standard Foods Corp. 130,670 323,686 
Synnex Technology International Corp. 474,700 507,395 
TaiMed Biologics, Inc. 54,000 339,978 
Taishin Financial Holdings Co. Ltd. 3,022,044 1,107,081 
Taiwan Business Bank 1,257,050 318,165 
Taiwan Cement Corp. 1,142,319 1,371,355 
Taiwan Cooperative Financial Holding Co. Ltd. 2,710,450 1,190,660 
Taiwan Fertilizer Co. Ltd. 269,000 360,902 
Taiwan Mobile Co. Ltd. 589,000 2,064,307 
Taiwan Semiconductor Manufacturing Co. Ltd. 8,612,740 51,735,668 
TECO Electric & Machinery Co. Ltd. 662,705 589,590 
Transcend Information, Inc. 65,000 179,774 
Unified-President Enterprises Corp. 1,694,332 3,283,495 
United Microelectronics Corp. 4,277,000 1,593,382 
Vanguard International Semiconductor Corp. 302,000 616,864 
Wistron Corp. 838,687 633,102 
WPG Holding Co. Ltd. 502,000 589,118 
Yuanta Financial Holding Co. Ltd. 3,399,284 1,272,232 
Yulon Motor Co. Ltd. 302,000 264,849 
TOTAL TAIWAN  174,969,702 
Thailand - 2.1%   
Advanced Info Service PCL 9,200 40,305 
Advanced Info Service PCL (For. Reg.) 356,700 1,562,710 
Airports of Thailand PCL 3,600 39,147 
Airports of Thailand PCL (For. Reg.) 147,100 1,599,575 
Bangkok Bank PCL (For. Reg.) 88,400 401,159 
Bangkok Dusit Medical Services PCL (For. Reg.) 1,333,900 868,011 
Bangkok Expressway and Metro PCL 2,299,000 488,835 
Banpu PCL (For. Reg.) 534,800 279,325 
BEC World PCL (For. Reg.) 330,100 193,137 
BTS Group Holdings PCL 1,976,600 482,338 
Bumrungrad Hospital PCL 7,400 38,650 
Bumrungrad Hospital PCL (For. Reg.) 120,000 626,757 
C.P. ALL PCL 61,800 107,152 
C.P. ALL PCL (For. Reg.) 1,671,200 2,897,621 
Central Pattana PCL 33,000 52,508 
Central Pattana PCL (For. Reg.) 450,100 716,178 
Charoen Pokphand Foods PCL (For. Reg.) 931,000 837,003 
Delta Electronics PCL (For. Reg.) 168,200 376,845 
Electricity Generating PCL (For. Reg.) 43,900 244,324 
Energy Absolute PCL 389,900 314,368 
Glow Energy PCL (For. Reg.) 181,000 397,774 
Home Product Center PCL (For. Reg.) 1,362,100 392,642 
Indorama Ventures PCL (For. Reg.) 500,300 417,660 
IRPC PCL (For. Reg.) 3,395,600 463,246 
Kasikornbank PCL 216,100 1,060,841 
Kasikornbank PCL (For. Reg.) 396,400 1,945,938 
Krung Thai Bank PCL 95,400 46,832 
Krung Thai Bank PCL (For. Reg.) 1,150,800 564,931 
Minor International PCL 34,700 38,129 
Minor International PCL (For. Reg.) 728,900 800,932 
PTT Exploration and Production PCL (For. Reg.) 478,000 1,135,740 
PTT Global Chemical PCL 35,900 61,477 
PTT Global Chemical PCL (For. Reg.) 694,200 1,188,783 
PTT PCL 2,900 28,638 
PTT PCL (For. Reg.) 348,100 3,437,534 
Robinsons Department Store PCL (For. Reg.) 165,400 273,798 
Siam Cement PCL 9,100 130,900 
Siam Cement PCL (For. Reg.) 133,800 1,924,658 
Siam Commercial Bank PCL 15,000 61,434 
Siam Commercial Bank PCL (For. Reg.) 533,600 2,185,418 
Thai Oil PCL (For. Reg.) 274,400 548,213 
Thai Union Frozen Products PCL (For. Reg.) 661,900 409,939 
TMB PCL (For. Reg.) 4,421,700 265,018 
True Corp. PCL 207,300 39,937 
True Corp. PCL (For. Reg.) 3,340,137 643,480 
TOTAL THAILAND  30,629,840 
Turkey - 1.1%   
Akbank T.A.S. 772,928 2,065,804 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 69,146 422,574 
Arcelik A/S 79,393 524,454 
Bim Birlesik Magazalar A/S JSC 74,856 1,219,275 
Coca-Cola Icecek Sanayi A/S 25,540 288,891 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 677,791 692,193 
Eregli Demir ve Celik Fabrikalari T.A.S. 474,962 644,693 
Ford Otomotiv Sanayi A/S 24,011 245,523 
Haci Omer Sabanci Holding A/S 325,466 983,472 
Koc Holding A/S 223,880 933,361 
Petkim Petrokimya Holding A/S 240,342 326,230 
TAV Havalimanlari Holding A/S 55,154 226,730 
Tofas Turk Otomobil Fabrikasi A/S 42,206 317,815 
Tupras Turkiye Petrol Rafinelleri A/S 44,336 903,413 
Turk Hava Yollari AO (a) 189,136 332,520 
Turk Sise ve Cam Fabrikalari A/S 243,544 255,803 
Turk Telekomunikasyon A/S 153,212 283,226 
Turkcell Iletisim Hizmet A/S 301,050 970,015 
Turkiye Garanti Bankasi A/S 812,325 2,207,854 
Turkiye Halk Bankasi A/S 222,676 676,466 
Turkiye Is Bankasi A/S Series C 561,930 911,655 
Turkiye Vakiflar Bankasi TAO 274,393 406,147 
Ulker Biskuvi Sanayi A/S 51,833 321,627 
Yapi ve Kredi Bankasi A/S (a) 330,527 395,233 
TOTAL TURKEY  16,554,974 
United Arab Emirates - 0.8%   
Abu Dhabi Commercial Bank PJSC (a) 689,083 1,151,927 
Aldar Properties PJSC (a) 1,081,104 777,063 
Arabtec Holding Co. (a) 817,247 295,931 
DP World Ltd. 58,725 1,054,114 
Dubai Financial Market PJSC (a) 673,216 210,784 
Dubai Islamic Bank Pakistan Ltd. (a) 429,028 612,071 
Emaar Malls Group PJSC (a) 662,889 463,830 
Emaar Properties PJSC 1,239,313 2,351,791 
Emirates Telecommunications Corp. 606,676 3,113,531 
First Gulf Bank PJSC 308,355 965,459 
National Bank of Abu Dhabi PJSC (a) 238,031 573,537 
TOTAL UNITED ARAB EMIRATES  11,570,038 
United Kingdom - 0.0%   
Mediclinic International PLC 1 11 
United States of America - 0.1%   
Southern Copper Corp. 29,933 849,798 
TOTAL COMMON STOCKS   
(Cost $1,240,073,508)  1,362,164,419 
Nonconvertible Preferred Stocks - 4.6%   
Brazil - 3.4%   
Ambev SA sponsored ADR 85,700 505,630 
Banco Bradesco SA:   
(PN) 903,630 9,466,600 
(PN) sponsored ADR 69,800 726,618 
Braskem SA (PN-A) 51,600 456,996 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 76,600 656,331 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 55,600 1,062,531 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 265,700 811,584 
Companhia Energetica de Sao Paulo Series B 63,700 295,950 
Companhia Paranaense de Energia-Copel (PN-B) 35,600 407,638 
Gerdau SA (PN) 322,900 1,114,774 
Itau Unibanco Holding SA 1,068,414 12,853,101 
Itau Unibanco Holding SA sponsored ADR 61,270 730,951 
Itausa-Investimentos Itau SA (PN) 1,363,231 4,031,610 
Lojas Americanas SA (PN) 193,432 1,254,399 
Petroleo Brasileiro SA - Petrobras:   
(PN) (non-vtg.) (a) 1,388,400 7,694,485 
sponsored ADR (a)(b) 64,000 746,880 
Suzano Papel e Celulose SA 135,100 476,575 
Telefonica Brasil SA 157,025 2,271,746 
Vale SA (PN-A) 653,000 4,220,360 
TOTAL BRAZIL  49,784,759 
Chile - 0.1%   
Embotelladora Andina SA Class B 94,909 385,015 
Sociedad Quimica y Minera de Chile SA (PN-B) 33,956 1,003,522 
TOTAL CHILE  1,388,537 
Colombia - 0.2%   
Bancolombia SA (PN) 155,783 1,478,674 
Grupo Aval Acciones y Valores SA 1,171,913 483,298 
Grupo de Inversiones Suramerica SA 35,536 449,108 
TOTAL COLOMBIA  2,411,080 
Korea (South) - 0.7%   
AMOREPACIFIC Corp. 3,087 539,801 
Hyundai Motor Co. 7,438 621,700 
Hyundai Motor Co. Series 2 12,944 1,137,369 
LG Chemical Ltd. 2,599 409,021 
LG Household & Health Care Ltd. 721 300,061 
Samsung Electronics Co. Ltd. 6,300 7,254,263 
TOTAL KOREA (SOUTH)  10,262,215 
Russia - 0.2%   
AK Transneft OAO (a) 528 1,265,843 
Surgutneftegas OJSC (a) 2,991,658 1,356,480 
TOTAL RUSSIA  2,622,323 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $47,922,134)  66,468,914 
 Principal Amount Value 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.51% 3/30/17(d)   
(Cost $1,995,836) 2,000,000 1,996,808 
 Shares Value 
Money Market Funds - 4.0%   
Fidelity Cash Central Fund, 0.41% (e) 26,344,768 26,352,672 
Fidelity Securities Lending Cash Central Fund 0.48% (e)(f) 32,347,807 32,354,277 
TOTAL MONEY MARKET FUNDS   
(Cost $58,697,685)  58,706,949 
TOTAL INVESTMENT PORTFOLIO - 101.9%   
(Cost $1,348,689,163)  1,489,337,090 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (27,950,752) 
NET ASSETS - 100%  $1,461,386,338 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
719 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 32,480,825 $116,715 

The face value of futures purchased as a percentage of Net Assets is 2.2%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $36,343,945.

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $385,212 or 0.0% of net assets.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,389,778.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Affiliated Central Funds

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 $98,991 
Fidelity Securities Lending Cash Central Fund 44,975 
Total $143,966 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $149,216,381 $149,216,381 $-- $-- 
Consumer Staples 109,756,021 109,756,021 -- -- 
Energy 109,085,703 79,265,100 29,820,603 -- 
Financials 344,526,590 310,704,003 33,822,587 -- 
Health Care 36,251,067 34,478,736 1,772,331 -- 
Industrials 84,742,795 84,671,306 71,489 -- 
Information Technology 338,516,942 214,021,520 124,495,422 -- 
Materials 93,765,374 84,823,349 8,942,025 -- 
Real Estate 36,732,262 36,258,013 -- 474,249 
Telecommunication Services 85,523,204 47,441,805 38,081,399 -- 
Utilities 40,516,994 35,688,365 4,828,629 -- 
Government Obligations 1,996,808 -- 1,996,808 -- 
Money Market Funds 58,706,949 58,706,949 -- -- 
Total Investments in Securities: $1,489,337,090 $1,245,031,548 $243,831,293 $474,249 
Derivative Instruments:     
Assets     
Futures Contracts $116,715 $116,715 $-- $-- 
Total Assets $116,715 $116,715 $-- $-- 
Total Derivative Instruments: $116,715 $116,715 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $116,715 $0 
Total Equity Risk $116,715 $0 
Total Value of Derivatives $116,715 $0 

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


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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $31,460,635) — See accompanying schedule:
Unaffiliated issuers (cost $1,289,991,478) 		$1,430,630,141  
Fidelity Central Funds (cost $58,697,685) 58,706,949  
Total Investments (cost $1,348,689,163)  $1,489,337,090 
Foreign currency held at value (cost $3,151,217)  3,159,708 
Receivable for fund shares sold  2,433,715 
Dividends receivable  655,173 
Distributions receivable from Fidelity Central Funds  18,555 
Receivable for daily variation margin for derivative instruments  157,529 
Receivable from investment adviser for expense reductions  91,168 
Total assets  1,495,852,938 
Liabilities   
Payable for fund shares redeemed $825,205  
Accrued management fee 108,402  
Other affiliated payables 90,335  
Other payables and accrued expenses 1,099,028  
Collateral on securities loaned, at value 32,343,630  
Total liabilities  34,466,600 
Net Assets  $1,461,386,338 
Net Assets consist of:   
Paid in capital  $1,296,157,081 
Undistributed net investment income  15,273,690 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  10,152,177 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  139,803,390 
Net Assets, for 122,442,060 shares outstanding  $1,461,386,338 
Net Asset Value, offering price and redemption price per share ($1,461,386,338 ÷ 122,442,060 shares)  $11.94 

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


Statement of Operations

  For the period
January 5, 2016 (commencement of operations) to
October 31, 2016 
Investment Income   
Dividends  $19,620,306 
Interest  7,256 
Income from Fidelity Central Funds  143,966 
Income before foreign taxes withheld  19,771,528 
Less foreign taxes withheld  (2,390,400) 
Total income  17,381,128 
Expenses   
Management fee $767,034  
Transfer agent fees 462,988  
Accounting and security lending fees 65,840  
Custodian fees and expenses 465,553  
Independent trustees' fees and expenses 2,169  
Registration fees 236,327  
Audit 37,874  
Legal 111  
Miscellaneous 1,939  
Total expenses before reductions 2,039,835  
Expense reductions (1,357,692) 682,143 
Net investment income (loss)  16,698,985 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $48,559) 110,288  
Fidelity Central Funds 17,828  
Foreign currency transactions 244,098  
Futures contracts 11,054,465  
Total net realized gain (loss)  11,426,679 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $972,805) 		139,675,122  
Assets and liabilities in foreign currencies 11,553  
Futures contracts 116,715  
Total change in net unrealized appreciation (depreciation)  139,803,390 
Net gain (loss)  151,230,069 
Net increase (decrease) in net assets resulting from operations  $167,929,054 

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


Statement of Changes in Net Assets

 For the period
January 5, 2016 (commencement of operations) to
October 31, 2016 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $16,698,985 
Net realized gain (loss) 11,426,679 
Change in net unrealized appreciation (depreciation) 139,803,390 
Net increase (decrease) in net assets resulting from operations 167,929,054 
Share transactions  
Proceeds from sales of shares 1,444,079,718 
Cost of shares redeemed (150,622,434) 
Net increase (decrease) in net assets resulting from share transactions 1,293,457,284 
Total increase (decrease) in net assets 1,461,386,338 
Net Assets  
Beginning of period – 
End of period $1,461,386,338 
Other Information  
Undistributed net investment income end of period $15,273,690 
Shares  
Sold 135,432,410 
Redeemed (12,990,350) 
Net increase (decrease) 122,442,060 

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


Financial Highlights — Fidelity SAI Emerging Markets Index Fund

Years ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .25 
Net realized and unrealized gain (loss) 1.69 
Total from investment operations 1.94 
Net asset value, end of period $11.94 
Total ReturnC,D 19.40% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .33%G 
Expenses net of fee waivers, if any .11%G 
Expenses net of all reductions .11%G 
Net investment income (loss) 2.67%G 
Supplemental Data  
Net assets, end of period (000 omitted) $1,461,386 
Portfolio turnover rateH 16%G 

 A For the period January 5, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

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

 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 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.

 G Annualized

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


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity SAI Emerging Markets Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016, is included at the end of the Fund's Schedule of Investments.

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

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

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

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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount 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 $170,420,788 
Gross unrealized depreciation (33,165,468) 
Net unrealized appreciation (depreciation) on securities $137,255,320 
Tax Cost $1,352,081,770 

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

Undistributed ordinary income $22,490,804 
Undistributed long-term capital gain $6,432,832 
Net unrealized appreciation (depreciation) on securities and other investments $137,278,426 

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.

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

During the period the Fund recognized net realized gain (loss) of $11,054,465 and a change in net unrealized appreciation (depreciation) of $116,715 related to its investment in futures contracts. These amounts included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,386,312,207 and $96,309,493, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Pursuant to the management contract and separate expense contract approved by the Board of Trustees effective July 1, 2016, Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .09% of the Fund's average net assets. Under the expense contract, total expenses of the Fund are limited to an annual rate of .165% of the Fund's average net assets, with certain exceptions.

Prior to July 1, 2016, there was no expense contract in place and under the management contract the management fee was based on an annual rate of .20% of the Fund's average net assets. For the reporting period, the Fund's total annual management fee rate was .12% of the Fund's average net assets.

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,551 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. 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 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 $44,975.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the 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, 2017. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. For the period, the expense limitations were as follows:

Period Expense Limitations 
July 1, 2016 .09% 
June 1 - June 30, 2016 .10% 
January 5 - May 31, 2016(a) .20% 

 (a) Commencement of operations January 5, 2016


During the period this reimbursement reduced the Fund's expenses by $1,351,570.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6,122.

10. 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Index Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity SAI Emerging Markets Index Fund (a fund of Fidelity Salem Street Trust) at October 31, 2016, the results of its operations for the for the period indicated, the changes in its net assets for the period indicated and the financial highlights for the period indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity SAI Emerging Markets Index Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements 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 are free of material misstatement. An audit 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, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
December 16, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

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, 2016 to October 31, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2016 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period-B
May 1, 2016
to October 31, 2016 
Actual .10% $1,000.00 $1,091.40 $.53 
Hypothetical-C  $1,000.00 $1,024.63 $.51 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity SAI Emerging Markets Index Fund voted to pay on December 19, 2016, to shareholders of record at the opening of business on December 16, 2016, a distribution of $0.08 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.125 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2016, $6,432,832, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Emerging Markets Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information 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 the 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 all of the Fidelity funds.

At its September 2016 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services 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 relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, 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 supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

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 to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

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. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio. The Board further considered that it received and reviewed information regarding the fund's management fee rate and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the approval of the management contract and sub-advisory agreements in September 2015. The Board noted that, because the fund did not commence operations until January 2016, no new competitive management fee and expense information was considered by the Board.

Management Fee.  The Board considered that, at its July 2016 meeting, it ratified an amended and restated management contract for the fund (effective July 1, 2016) that lowered the fund's management fee rate from 0.20% to 0.09%.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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.  The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.165%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.09% through December 31, 2017.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares 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.

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

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fidelity funds. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the Fidelity fund profitability information and its conformity to established 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 Fidelity funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the Fidelity funds and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to the fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, 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 arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; (x) the approach to considering "fall-out" benefits; and (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SV6-ANN-1216
1.9879600.100

Fidelity® Emerging Markets Index Fund (formerly Spartan® Emerging Markets Index Fund)

Fidelity® Global ex U.S. Index Fund (formerly Spartan® Global ex U.S. Index Fund)

Institutional Class and Institutional Premium Class (formerly Fidelity Advantage® Institutional Class)



Annual Report

October 31, 2016



Fidelity Investments


Contents

Fidelity® Emerging Markets Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Fidelity® Global ex U.S. Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Fidelity® Emerging Markets Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Past 5 years Life of fundA 
Institutional Class 9.94% 0.74% (0.19)% 
Institutional Premium Class 9.98% 0.77% (0.17)% 

 A From September 8, 2011


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund - Institutional Class on September 8, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index and FTSE® Emerging Index performed over the same period.


Period Ending Values
$9,900Fidelity® Emerging Markets Index Fund - Institutional Class
$10,148MSCI Emerging Markets Index
$10,487FTSE® Emerging Index

Effective May 4, 2016, the fund began comparing its performance to the MSCI Emerging Markets Index rather than the FTSE® Emerging Index because MSCI Emerging Markets Index provides more complete coverage of equity emerging markets.



Fidelity® Emerging Markets Index Fund

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund’s share classes performed about in line with the 9.31% return of the MSCI Emerging Markets Index – which was adopted in May 2016 to better reflect the broader view on market classification – but lagged the 11.63% return of the FTSE® Emerging Index. The fund also trailed the 10.19% gain of a Linked index that combines the returns of the FTSE benchmark, with which the fund was compared through May 3, 2016, and the new MSCI index, with which the fund was compared for the second half of the period. (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.) On an absolute basis, shares of Taiwan Semiconductor (+46%) contributed strongly, benefiting from a strong industry environment. China-based media company Tencent Holdings and Korean electronics giant Samsung also added value. Meanwhile, rising commodity prices boosted shares of materials and energy companies, including Petrobras, Brazil’s state-owned oil company. In contrast, China Life Insurance Company (-30%) detracted, largely due to early-period concern about Chinese economic growth. Elsewhere, telecommunications providers America Movil and MTN Group, based in Mexico and Brazil, respectively, detracted.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Emerging Markets Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 3.5 3.4 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.5 3.4 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.4 0.0 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 2.7 0.0 
Naspers Ltd. Class N (South Africa, Media) 1.7 1.8 
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) 1.7 1.9 
China Construction Bank Corp. (H Shares) (China, Banks) 1.5 1.8 
Baidu.com, Inc. sponsored ADR (Cayman Islands, Internet Software & Services) 1.1 0.0 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 1.1 1.2 
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components) 1.0 1.0 
 21.2  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 23.5 30.9 
Information Technology 23.0 14.2 
Consumer Discretionary 10.0 8.3 
Consumer Staples 7.5 8.0 
Energy 7.3 9.5 
Materials 6.5 7.5 
Telecommunication Services 5.8 7.4 
Industrials 5.5 5.9 
Utilities 2.7 3.2 
Real Estate 2.4 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Korea (South) 13.7% 
   Taiwan 11.8% 
   Cayman Islands 11.2% 
   China 9.8% 
   India 8.1% 
   Brazil 8.0% 
   South Africa 6.3% 
   Hong Kong 3.9% 
   Mexico 3.7% 
   Other* 23.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Taiwan 13.4% 
   China 13.3% 
   India 11.9% 
   South Africa 9.0% 
   Brazil 8.6% 
   Cayman Islands 5.6% 
   Mexico 5.4% 
   Hong Kong 4.9% 
   Russia 4.8% 
   Other* 23.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 100.0 100.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.0 (0.1) 

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® Emerging Markets Index Fund

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 92.1%   
 Shares Value 
Bermuda - 0.9%   
Alibaba Health Information Technology Ltd. (a) 636,000 $332,944 
Alibaba Pictures Group Ltd. (a) 2,080,000 410,338 
Beijing Enterprises Water Group Ltd. 782,000 567,679 
Brilliance China Automotive Holdings Ltd. 566,000 672,146 
China Gas Holdings Ltd. 328,000 499,895 
China Resource Gas Group Ltd. 160,000 502,350 
Cosco Shipping Ports Ltd. 300,735 298,581 
Credicorp Ltd. 6,502 966,197 
Credicorp Ltd. (United States) 6,125 910,665 
GOME Electrical Appliances Holdings Ltd. 2,267,802 286,562 
Haier Electronics Group Co. Ltd. 228,000 368,067 
Hanergy Thin Film Power Group Ltd. (a) 1,618,000 2 
Kunlun Energy Co. Ltd. 626,000 473,805 
Luye Pharma Group Ltd. 248,000 166,920 
Nine Dragons Paper (Holdings) Ltd. 296,000 241,210 
TOTAL BERMUDA  6,697,361 
Brazil - 4.7%   
AES Tiete Energia SA unit 35,729 185,137 
Ambev SA 875,600 5,165,272 
Banco Bradesco SA 146,601 1,457,284 
Banco do Brasil SA 160,200 1,470,006 
Banco Santander SA (Brasil) unit 74,600 614,655 
BB Seguridade Participacoes SA 130,900 1,318,022 
BM&F BOVESPA SA 321,800 1,895,313 
BR Malls Participacoes SA 104,070 416,671 
Brasil Foods SA 113,800 1,903,797 
CCR SA 167,000 907,722 
Cetip SA - Mercados Organizado 41,717 586,417 
Cielo SA 190,379 1,932,418 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 64,800 684,135 
Companhia Siderurgica Nacional SA (CSN) (a) 110,800 372,805 
Cosan SA Industria e Comercio 21,600 290,436 
CPFL Energia SA 35,672 270,669 
Drogasil SA 42,200 936,808 
Duratex SA 57,905 156,373 
EDP Energias do Brasil SA 59,557 286,403 
Embraer SA 121,300 651,721 
ENGIE Brasil Energia SA 31,200 396,353 
Equatorial Energia SA 36,200 645,748 
Fibria Celulose SA 44,200 353,655 
Hypermarcas SA 63,300 530,673 
JBS SA 127,800 388,765 
Klabin SA unit 101,100 521,020 
Kroton Educacional SA 257,748 1,283,895 
Localiza Rent A Car SA 28,590 354,957 
Lojas Americanas SA 36,398 178,569 
Lojas Renner SA 121,400 1,026,880 
M. Dias Branco SA 5,900 251,951 
Multiplan Empreendimentos Imobiliarios SA 16,100 323,564 
Natura Cosmeticos SA 31,000 297,763 
Odontoprev SA 47,000 176,692 
Petroleo Brasileiro SA - Petrobras (ON) (a) 576,200 3,364,777 
Porto Seguro SA 20,000 189,662 
Qualicorp SA 40,300 259,324 
Rumo Logistica Operadora Multimodal SA (a) 145,200 324,789 
Sul America SA unit 31,028 187,315 
Terna Participacoes SA unit 17,700 115,061 
TIM Participacoes SA 152,700 423,848 
Totvs SA 21,700 196,877 
Ultrapar Participacoes SA 67,700 1,534,067 
Vale SA 247,700 1,713,414 
Weg SA 102,840 567,038 
TOTAL BRAZIL  37,108,721 
British Virgin Islands - 0.0%   
Tianhe Chemicals Group Ltd. (a) 376,000 58,800 
Cayman Islands - 11.2%   
3SBio, Inc. (a) 179,500 179,372 
58.com, Inc. ADR (a)(b) 14,530 608,081 
AAC Technology Holdings, Inc. 137,500 1,311,964 
Alibaba Group Holding Ltd. sponsored ADR (a)(b) 208,176 21,169,417 
Anta Sports Products Ltd. 182,000 525,662 
Baidu.com, Inc. sponsored ADR (a) 50,350 8,904,901 
Belle International Holdings Ltd. 1,147,000 695,102 
Casetek Holdings 21,000 67,606 
Chailease Holding Co. Ltd. 189,000 327,304 
China Conch Venture Holdings Ltd. 253,500 473,951 
China Huishan Dairy Holdings Co. Ltd. (b) 738,000 274,054 
China Medical System Holdings Ltd. 224,000 350,056 
China Mengniu Dairy Co. Ltd. 513,000 972,349 
China Resources Land Ltd. 520,744 1,298,578 
China State Construction International Holdings Ltd. 320,000 467,897 
Country Garden Holdings Co. Ltd. 1,002,737 522,343 
Ctrip.com International Ltd. ADR (a)(b) 69,377 3,062,995 
ENN Energy Holdings Ltd. 138,000 649,470 
Evergrande Real Estate Group Ltd. (b) 747,000 494,112 
Fang Holdings Ltd. ADR (a) 47,261 157,379 
GCL-Poly Energy Holdings Ltd. 2,386,000 323,033 
Geely Automobile Holdings Ltd. 985,000 1,016,047 
Haitian International Holdings Ltd. 113,000 233,123 
Hengan International Group Co. Ltd. 137,000 1,090,799 
JD.com, Inc. sponsored ADR (a)(b) 127,618 3,311,687 
Kingsoft Corp. Ltd. 149,000 335,058 
Longfor Properties Co. Ltd. 264,000 350,613 
NetEase, Inc. ADR 14,647 3,764,133 
New Oriental Education & Technology Group, Inc. sponsored ADR 24,933 1,249,891 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 23,400 8,086 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 6,208 183,571 
Semiconductor Manufacturing International Corp. (a) 4,977,000 602,753 
Shenzhou International Group Holdings Ltd. 105,000 696,566 
Shimao Property Holdings Ltd. 227,000 303,816 
Shui On Land Ltd. 674,000 166,859 
Sino Biopharmaceutical Ltd. 811,000 567,817 
SOHO China Ltd. 359,000 185,621 
Sunac China Holdings Ltd. 332,000 227,311 
TAL Education Group ADR (a)(b) 7,820 636,861 
Tencent Holdings Ltd. 1,046,400 27,732,029 
Tingyi (Cayman Islands) Holding Corp. 370,000 399,314 
Vipshop Holdings Ltd. ADR (a)(b) 75,234 1,028,449 
Want Want China Holdings Ltd. (b) 1,086,000 662,336 
YY, Inc. ADR (a)(b) 5,072 243,811 
Zhen Ding Technology Holding Ltd. 73,000 166,475 
TOTAL CAYMAN ISLANDS  87,998,652 
Chile - 1.1%   
AES Gener SA 490,636 167,038 
Aguas Andinas SA 493,038 325,575 
Banco de Chile 4,498,808 536,920 
Banco de Credito e Inversiones 6,415 327,565 
Banco Santander Chile 12,155,206 680,500 
Cencosud SA 265,535 865,605 
Colbun SA 1,544,096 337,554 
Compania Cervecerias Unidas SA 28,315 304,139 
Compania de Petroleos de Chile SA (COPEC) 83,201 839,372 
CorpBanca SA 26,984,386 244,347 
Empresa Nacional de Electricidad SA 595,981 408,835 
Empresa Nacional de Electricidad SA sponsored ADR 203 4,214 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 30,739 329,404 
Empresas CMPC SA 236,763 512,838 
Endesa Americas SA 648,367 301,741 
Endesa Americas SA sponsored ADR 203 2,917 
Enersis Chile SA 3,572,181 360,926 
Enersis SA 3,613,327 611,238 
LATAM Airlines Group SA (a) 56,056 538,634 
LATAM Airlines Group SA sponsored ADR (a) 212 2,033 
S.A.C.I. Falabella 113,049 886,954 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 168 4,916 
TOTAL CHILE  8,593,265 
China - 9.8%   
Agricultural Bank of China Ltd. (H Shares) 4,542,000 1,915,060 
Air China Ltd. (H Shares) 316,000 207,800 
Aluminum Corp. of China Ltd. (H Shares) (a) 712,000 264,399 
Anhui Conch Cement Co. Ltd. (H Shares) 225,500 625,133 
AviChina Industry & Technology Co. Ltd. (H Shares) 429,000 291,511 
Bank Communications Co. Ltd. (H Shares) 1,631,000 1,242,879 
Bank of China Ltd. (H Shares) 14,723,000 6,606,371 
Beijing Capital International Airport Co. Ltd. (H Shares) 276,000 289,326 
BYD Co. Ltd. (H Shares) 120,000 789,112 
CGN Power Co. Ltd. (H Shares) 1,930,000 564,899 
China Cinda Asset Management Co. Ltd. (H Shares) 1,597,000 574,509 
China CITIC Bank Corp. Ltd. (H Shares) 1,673,000 1,080,740 
China Coal Energy Co. Ltd. (H Shares) (a) 365,000 207,078 
China Communications Construction Co. Ltd. (H Shares) 804,000 885,322 
China Communications Services Corp. Ltd. (H Shares) 438,000 260,353 
China Construction Bank Corp. (H Shares) 15,602,000 11,426,573 
China Cosco Holdings Co. Ltd. (H Shares) (a)(b) 473,500 163,622 
China Everbright Bank Co. Ltd. (H Shares) 607,000 277,064 
China Galaxy Securities Co. Ltd. (H Shares) 538,500 512,424 
China Life Insurance Co. Ltd. (H Shares) 1,382,000 3,421,464 
China Longyuan Power Grid Corp. Ltd. (H Shares) 578,000 441,947 
China Merchants Bank Co. Ltd. (H Shares) 725,346 1,769,513 
China Minsheng Banking Corp. Ltd. (H Shares) 1,095,200 1,249,753 
China National Building Materials Co. Ltd. (H Shares) 518,000 237,108 
China Oilfield Services Ltd. (H Shares) 330,000 319,126 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 490,200 1,772,938 
China Petroleum & Chemical Corp. (H Shares) 4,733,000 3,422,911 
China Railway Construction Corp. Ltd. (H Shares) 374,500 469,359 
China Railway Group Ltd. (H Shares) 726,000 561,662 
China Shenhua Energy Co. Ltd. (H Shares) 633,500 1,318,371 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 709,000 149,012 
China Southern Airlines Ltd. (H Shares) 322,000 181,021 
China Telecom Corp. Ltd. (H Shares) 2,594,000 1,341,225 
China Vanke Co. Ltd. (H Shares) 245,100 641,544 
Chongqing Changan Automobile Co. Ltd. (B Shares) 147,100 224,760 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 471,000 282,398 
CITIC Securities Co. Ltd. (H Shares) 412,500 914,829 
CRRC Corp. Ltd. (H Shares) 760,600 690,425 
Dongfeng Motor Group Co. Ltd. (H Shares) 492,000 511,948 
GF Securities Co. Ltd. (H Shares) 249,200 554,595 
Great Wall Motor Co. Ltd. (H Shares) 562,500 549,042 
Guangzhou Automobile Group Co. Ltd. (H Shares) 382,000 462,012 
Guangzhou R&F Properties Co. Ltd. (H Shares) 174,400 246,459 
Haitong Securities Co. Ltd. (H Shares) 577,600 1,024,786 
Huadian Power International Corp. Ltd. (H Shares) 314,000 134,822 
Huaneng Power International, Inc. (H Shares) 780,000 479,450 
Huaneng Renewables Corp. Ltd. (H Shares) 730,000 245,669 
Huatai Securities Co. Ltd. (H Shares) 266,400 563,333 
Industrial & Commercial Bank of China Ltd. (H Shares) 13,672,000 8,206,477 
Jiangsu Expressway Co. Ltd. (H Shares) 228,000 310,446 
Jiangxi Copper Co. Ltd. (H Shares) 231,000 272,832 
New China Life Insurance Co. Ltd. (H Shares) 146,200 633,394 
People's Insurance Co. of China Group (H Shares) 1,271,000 506,397 
PetroChina Co. Ltd. (H Shares) 3,902,000 2,669,886 
PICC Property & Casualty Co. Ltd. (H Shares) 859,227 1,391,506 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 966,500 5,103,207 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 336,000 219,219 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 508,000 235,150 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 76,000 233,717 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 160,225 249,150 
Shanghai Pharma Holding Co. Ltd. (H Shares) 134,700 347,364 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 220,500 195,038 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 639,000 326,275 
Sinopharm Group Co. Ltd. (H Shares) 225,200 1,096,157 
Sinotrans Ltd. (H Shares) 360,000 169,891 
TravelSky Technology Ltd. (H Shares) 165,000 352,741 
Tsingtao Brewery Co. Ltd. (H Shares) 68,000 271,805 
Weichai Power Co. Ltd. (H Shares) 180,600 272,918 
Yanzhou Coal Mining Co. Ltd. (H Shares) 336,000 249,112 
Zhejiang Expressway Co. Ltd. (H Shares) 256,000 268,360 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 99,500 482,390 
Zijin Mining Group Co. Ltd. (H Shares) 1,052,000 330,973 
ZTE Corp. (H Shares) 146,080 201,164 
TOTAL CHINA  76,961,226 
Colombia - 0.3%   
Bancolombia SA sponsored ADR 76 2,909 
Cementos Argos SA 84,817 335,682 
Corporacion Financiera Colombiana SA 15,188 188,311 
Ecopetrol SA (a) 948,019 413,035 
Grupo de Inversiones Suramerica SA 42,280 545,307 
Interconexion Electrica SA ESP 81,988 272,404 
Inversiones Argos SA 52,893 343,029 
TOTAL COLOMBIA  2,100,677 
Czech Republic - 0.1%   
Ceske Energeticke Zavody A/S 30,912 582,595 
Komercni Banka A/S 14,351 525,671 
Telefonica Czech Rep A/S 9,573 87,839 
TOTAL CZECH REPUBLIC  1,196,105 
Egypt - 0.2%   
Commercial International Bank SAE 191,678 1,107,335 
Commercial International Bank SAE sponsored GDR 2,831 12,513 
Global Telecom Holding (a) 456,482 245,206 
Talaat Moustafa Group Holding 210,780 135,299 
TOTAL EGYPT  1,500,353 
Greece - 0.3%   
Alpha Bank AE (a) 250,705 429,330 
EFG Eurobank Ergasias SA (a) 344,719 202,831 
Ff Group (a) 6,088 145,825 
Greek Organization of Football Prognostics SA 41,360 352,781 
Hellenic Telecommunications Organization SA 47,036 431,142 
Jumbo SA 18,854 268,026 
National Bank of Greece SA (a) 996,654 203,836 
Piraeus Bank SA (a) 1,187,747 196,881 
Titan Cement Co. SA (Reg.) 8,168 189,819 
TOTAL GREECE  2,420,471 
Hong Kong - 3.9%   
Beijing Enterprises Holdings Ltd. 92,500 462,765 
China Everbright International Ltd. 450,000 539,614 
China Everbright Ltd. 168,000 329,261 
China Jinmao Holdings Group Ltd. 656,000 181,011 
China Merchants Holdings International Co. Ltd. 248,781 644,764 
China Mobile Ltd. 1,139,000 13,048,833 
China Overseas Land and Investment Ltd. 738,000 2,279,026 
China Power International Development Ltd. 582,000 212,372 
China Resources Beer Holdings Co. Ltd. 330,878 703,946 
China Resources Power Holdings Co. Ltd. 351,691 597,674 
China Taiping Insurance Group Ltd. (a) 294,377 568,595 
China Unicom Ltd. 1,116,000 1,310,199 
CITIC Pacific Ltd. 823,000 1,182,150 
CNOOC Ltd. 3,299,000 4,151,047 
CNOOC Ltd. sponsored ADR 200 25,096 
CSPC Pharmaceutical Group Ltd. 784,000 812,755 
Far East Horizon Ltd. 360,000 328,642 
Fosun International Ltd. 471,000 683,828 
Guangdong Investment Ltd. 532,000 803,946 
Lenovo Group Ltd. 1,316,000 845,031 
Shanghai Industrial Holdings Ltd. 97,000 297,045 
Sino-Ocean Group Holding Ltd. 521,979 217,392 
Sun Art Retail Group Ltd. 432,000 304,690 
TOTAL HONG KONG  30,529,682 
Hungary - 0.3%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 6,741 433,704 
OTP Bank PLC 44,967 1,263,082 
Richter Gedeon PLC 25,668 551,695 
TOTAL HUNGARY  2,248,481 
India - 8.1%   
ACC Ltd. 8,240 187,355 
Adani Ports & Special Economic Zone 155,765 716,881 
Ambuja Cements Ltd. 114,607 414,751 
Apollo Hospitals Enterprise Ltd. 13,866 278,545 
Ashok Leyland Ltd. (a) 197,963 267,837 
Asian Paints Ltd. 54,200 869,323 
Aurobindo Pharma Ltd. 48,071 585,020 
Axis Bank Ltd. 302,393 2,207,243 
Bajaj Auto Ltd. 15,881 678,066 
Bajaj Finance Ltd. 30,532 490,921 
Bharat Forge Ltd. 19,015 252,249 
Bharat Heavy Electricals Ltd. (a) 112,573 234,494 
Bharat Petroleum Corp. Ltd. 47,249 473,903 
Bharti Airtel Ltd. 188,761 902,272 
Bharti Infratel Ltd. 103,396 535,771 
Bosch Ltd. (a) 1,365 447,959 
Cadila Healthcare Ltd. 36,137 229,129 
Cairn India Ltd. 81,352 275,623 
Cipla Ltd. (a) 66,456 572,999 
Coal India Ltd. 130,275 634,331 
Container Corp. of India Ltd. 6,004 123,810 
Dabur India Ltd. 94,664 413,749 
Divi's Laboratories Ltd. 14,789 283,762 
Dr. Reddy's Laboratories Ltd. (a) 22,045 1,108,838 
Eicher Motors Ltd. 2,495 898,426 
GAIL India Ltd. 57,407 372,986 
GlaxoSmithKline Consumer Healthcare Ltd. 1,803 164,311 
Glenmark Pharmaceuticals Ltd. (a) 24,903 348,334 
Godrej Consumer Products Ltd. 21,763 524,977 
Havells India Ltd. 45,652 278,612 
HCL Technologies Ltd. 105,507 1,207,063 
Hero Motocorp Ltd. (a) 8,961 450,277 
Hindalco Industries Ltd. (a) 202,242 453,719 
Hindustan Unilever Ltd. 121,145 1,519,183 
Housing Development Finance Corp. Ltd. 278,559 5,811,677 
ICICI Bank Ltd. (a) 200,104 832,730 
Idea Cellular Ltd. (a) 227,405 259,773 
Indiabulls Housing Finance Ltd. 55,544 706,858 
Infosys Ltd. 341,076 5,096,292 
ITC Ltd. 628,809 2,291,619 
JSW Steel Ltd. (a) 15,388 382,673 
Larsen & Toubro Ltd. 59,249 1,315,185 
LIC Housing Finance Ltd. 53,639 468,599 
Lupin Ltd. 41,733 931,158 
Mahindra & Mahindra Financial Services Ltd. (a) 50,052 271,549 
Mahindra & Mahindra Ltd. 69,866 1,373,954 
Marico Ltd. 81,799 345,747 
Maruti Suzuki India Ltd. (a) 19,144 1,686,414 
Motherson Sumi Systems Ltd. 75,710 375,909 
Nestle India Ltd. 4,142 433,772 
NTPC Ltd. 300,336 685,494 
Oil & Natural Gas Corp. Ltd. 160,832 691,738 
Piramal Enterprises Ltd. 13,814 367,511 
Power Finance Corp. Ltd. 168,931 314,282 
Reliance Industries Ltd. 240,861 3,809,229 
Shree Cement Ltd. 1,490 373,458 
Shriram Transport Finance Co. Ltd. 26,851 434,653 
Siemens India Ltd. (a) 12,614 223,838 
State Bank of India 289,591 1,120,066 
Sun Pharmaceutical Industries Ltd. 180,151 2,007,696 
Tata Consultancy Services Ltd. 87,870 3,159,768 
Tata Motors Ltd. (a) 279,121 2,247,012 
Tata Motors Ltd. Class A (a) 95,772 500,644 
Tata Power Co. Ltd. 198,694 233,230 
Tata Steel Ltd. (a) 55,366 336,526 
Tech Mahindra Ltd. 42,487 277,481 
Titan Co. Ltd. 57,261 320,661 
Ultratech Cemco Ltd. (a) 6,469 386,237 
United Spirits Ltd. (a) 12,458 420,260 
UPL Ltd. (a) 66,850 699,312 
Vedanta Ltd. (a) 187,895 570,681 
Wipro Ltd. 112,624 782,789 
Yes Bank Ltd. (a) 58,296 1,111,903 
Zee Entertainment Enterprises Ltd. 108,533 846,635 
TOTAL INDIA  63,907,732 
Indonesia - 2.6%   
PT Adaro Energy Tbk 2,600,900 315,943 
PT AKR Corporindo Tbk 321,800 175,106 
PT Astra International Tbk 3,770,400 2,376,727 
PT Bank Central Asia Tbk 2,305,200 2,742,813 
PT Bank CIMB Niaga Tbk (a) 75,942 5,558 
PT Bank Danamon Indonesia Tbk Series A 591,600 175,013 
PT Bank Mandiri (Persero) Tbk 1,743,300 1,535,584 
PT Bank Negara Indonesia (Persero) Tbk 1,357,500 580,017 
PT Bank Rakyat Indonesia Tbk 2,076,100 1,941,173 
PT Bumi Serpong Damai Tbk 1,365,100 227,028 
PT Charoen Pokphand Indonesia Tbk 1,324,700 375,643 
PT Global Mediacom Tbk 1,095,300 71,352 
PT Gudang Garam Tbk 91,400 475,633 
PT Hanjaya Mandala Sampoerna Tbk 1,672,200 506,222 
PT Indocement Tunggal Prakarsa Tbk 267,600 337,371 
PT Indofood CBP Sukses Makmur Tbk 425,200 306,321 
PT Indofood Sukses Makmur Tbk 800,400 521,413 
PT Jasa Marga Tbk 395,600 137,344 
PT Kalbe Farma Tbk 3,870,400 516,132 
PT Lippo Karawaci Tbk 3,409,600 236,487 
PT Matahari Department Store Tbk 427,800 590,979 
PT Media Nusantara Citra Tbk 918,000 147,747 
PT Perusahaan Gas Negara Tbk Series B 1,982,500 388,964 
PT Semen Gresik (Persero) Tbk 534,000 403,119 
PT Summarecon Agung Tbk 1,861,300 235,373 
PT Surya Citra Media Tbk 1,083,200 219,994 
PT Telkomunikasi Indonesia Tbk Series B 9,403,500 3,041,291 
PT Tower Bersama Infrastructure Tbk 424,200 194,252 
PT Unilever Indonesia Tbk 288,400 983,031 
PT United Tractors Tbk 300,200 497,534 
PT Waskita Karya Persero Tbk 857,300 172,143 
PT XL Axiata Tbk (a) 665,075 112,137 
TOTAL INDONESIA  20,545,444 
Isle of Man - 0.1%   
New Europe Property Investments PLC 43,987 542,377 
Korea (South) - 13.0%   
AMOREPACIFIC Corp. 5,999 1,882,957 
AMOREPACIFIC Group, Inc. 5,233 677,142 
BGFretail Co. Ltd. 1,777 270,336 
BS Financial Group, Inc. 47,269 383,936 
Celltrion, Inc. 14,223 1,320,635 
Cheil Industries, Inc. 14,095 1,990,236 
Cheil Worldwide, Inc. 12,296 182,222 
CJ CheilJedang Corp. 1,466 447,969 
CJ Corp. 2,769 422,460 
CJ E&M Corp. 3,367 205,772 
Coway Co. Ltd. 10,103 791,453 
Daelim Industrial Co. 5,362 383,015 
Daewoo Engineering & Construction Co. Ltd. (a) 22,978 127,169 
DGB Financial Group Co. Ltd. 29,887 250,854 
Dong Suh Companies, Inc. 6,651 157,879 
Dongbu Insurance Co. Ltd. 9,281 576,941 
Doosan Heavy Industries & Construction Co. Ltd. 8,378 191,915 
E-Mart Co. Ltd. 3,502 497,550 
GS Engineering & Construction Corp. (a) 8,726 204,464 
GS Holdings Corp. 9,783 437,079 
GS Retail Co. Ltd. 5,039 214,996 
Hana Financial Group, Inc. 55,051 1,578,723 
Hankook Tire Co. Ltd. 13,933 672,436 
Hanmi Pharm Co. Ltd. 934 295,612 
Hanmi Science Co. Ltd. 1,962 130,542 
Hanon Systems 33,194 310,535 
Hanssem Co. Ltd. 1,911 296,569 
Hanwha Chemical Corp. 19,584 463,165 
Hanwha Corp. 8,284 270,519 
Hanwha Life Insurance Co. Ltd. 37,962 207,442 
Hotel Shilla Co. 6,023 301,741 
Hyosung Corp. 3,794 444,497 
Hyundai Department Store Co. Ltd. 2,757 283,232 
Hyundai Engineering & Construction Co. Ltd. 13,225 479,278 
Hyundai Fire & Marine Insurance Co. Ltd. 11,194 345,973 
Hyundai Glovis Co. Ltd. 3,373 511,662 
Hyundai Heavy Industries Co. Ltd. (a) 7,793 991,367 
Hyundai Industrial Development & Construction Co. 10,311 437,230 
Hyundai Mobis 12,650 3,030,457 
Hyundai Motor Co. 26,610 3,257,166 
Hyundai Steel Co. 14,599 630,546 
Hyundai Wia Corp. 3,000 206,425 
Industrial Bank of Korea 47,767 551,276 
Kakao Corp. 5,369 358,636 
Kangwon Land, Inc. 22,176 735,804 
KB Financial Group, Inc. 73,811 2,733,430 
KCC Corp. 1,023 361,794 
KEPCO Plant Service & Engineering Co. Ltd. 3,789 181,871 
Kia Motors Corp. 49,060 1,745,778 
Korea Aerospace Industries Ltd. 10,986 622,417 
Korea Electric Power Corp. 47,816 2,069,447 
Korea Express Co. Ltd. (a) 1,172 205,964 
Korea Gas Corp. 4,951 200,636 
Korea Investment Holdings Co. Ltd. 7,228 259,733 
Korea Zinc Co. Ltd. 1,558 619,792 
Korean Air Lines Co. Ltd. (a) 6,695 187,313 
KT Corp. 216 6,096 
KT&G Corp. 21,703 2,144,200 
Kumho Petro Chemical Co. Ltd. 3,189 195,452 
LG Chemical Ltd. 8,514 1,834,922 
LG Corp. 17,798 953,891 
LG Display Co. Ltd. 43,465 1,039,682 
LG Electronics, Inc. 19,980 835,008 
LG Household & Health Care Ltd. 1,697 1,216,642 
LG Innotek Co. Ltd. 2,496 170,218 
LG Telecom Ltd. 39,433 406,826 
Lotte Chemical Corp. 2,802 706,775 
Lotte Chilsung Beverage Co. Ltd. 113 152,148 
Lotte Confectionery Co. Ltd. 1,011 169,715 
Lotte Shopping Co. Ltd. 1,970 393,568 
Mirae Asset Daewoo Co. Ltd. 30,702 208,035 
Mirae Asset Securities Co. Ltd. 13,375 264,868 
NAVER Corp. 5,204 3,899,286 
NCSOFT Corp. 3,204 740,944 
Oci Co. Ltd. (a) 3,009 238,088 
Orion Corp. 676 422,591 
Ottogi Corp. 223 128,291 
Paradise Co. Ltd. 8,416 95,657 
POSCO 12,990 2,704,032 
Posco Daewoo Corp. 8,058 175,778 
S-Oil Corp. 8,203 563,001 
S1 Corp. 3,422 276,751 
Samsung Card Co. Ltd. 6,234 262,713 
Samsung Electro-Mechanics Co. Ltd. 10,137 417,443 
Samsung Electronics Co. Ltd. 18,470 26,467,495 
Samsung Fire & Marine Insurance Co. Ltd. 6,172 1,573,010 
Samsung Heavy Industries Co. Ltd. 43,872 373,989 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 15,880 35,821 
Samsung Life Insurance Co. Ltd. 13,011 1,257,014 
Samsung SDI Co. Ltd. 10,303 849,459 
Samsung SDS Co. Ltd. 6,491 876,813 
Samsung Securities Co. Ltd. 10,606 320,381 
Shinhan Financial Group Co. Ltd. 79,300 3,040,253 
Shinsegae Co. Ltd. 1,264 205,555 
SK C&C Co. Ltd. 8,508 1,662,540 
SK Energy Co. Ltd. 12,044 1,595,329 
SK Hynix, Inc. 108,160 3,877,194 
SK Networks Co. Ltd. 23,283 132,725 
SK Telecom Co. Ltd. 3,800 745,244 
Woori Bank 57,154 624,631 
Woori Investment & Securities Co. Ltd. 25,151 222,097 
Yuhan Corp. 1,527 280,366 
TOTAL KOREA (SOUTH)  102,358,525 
Malaysia - 2.6%   
AirAsia Bhd 220,400 145,532 
Alliance Financial Group Bhd 186,500 177,386 
AMMB Holdings Bhd 328,700 329,092 
Astro Malaysia Holdings Bhd 278,500 189,207 
Axiata Group Bhd 478,948 561,722 
Berjaya Sports Toto Bhd 163,628 124,427 
British American Tobacco (Malaysia) Bhd 25,500 301,015 
Bumiputra-Commerce Holdings Bhd 564,365 676,700 
Dialog Group Bhd 564,000 208,391 
DiGi.com Bhd 641,200 768,829 
Felda Global Ventures Holdings Bhd 234,500 112,359 
Gamuda Bhd 309,400 362,134 
Gamuda Bhd warrants 3/6/21 (a) 62,050 19,229 
Genting Bhd 423,500 791,476 
Genting Malaysia Bhd 563,000 638,827 
Genting Plantations Bhd 37,300 97,807 
Hap Seng Consolidated Bhd 109,500 203,339 
Hartalega Holdings Bhd 121,900 142,386 
Hong Leong Bank Bhd 115,500 366,737 
Hong Leong Credit Bhd 41,800 156,638 
IHH Healthcare Bhd 602,200 918,732 
IJM Corp. Bhd 524,400 412,520 
IOI Corp. Bhd 417,500 447,855 
IOI Properties Group Sdn Bhd 282,300 164,871 
Kuala Lumpur Kepong Bhd 83,100 474,631 
Lafarge Malaysia Bhd 64,600 124,734 
Malayan Banking Bhd 651,219 1,226,372 
Malaysia Airports Holdings Bhd 131,406 207,681 
Maxis Bhd 359,600 510,898 
MISC Bhd 198,200 355,295 
Petronas Chemicals Group Bhd 451,900 754,064 
Petronas Dagangan Bhd 36,900 205,479 
Petronas Gas Bhd 127,500 668,653 
PPB Group Bhd 88,600 340,461 
Public Bank Bhd 503,600 2,384,147 
RHB Capital Bhd 144,289 166,130 
RHB Capital Bhd 99,132 0 
SapuraKencana Petroleum Bhd (a) 683,500 263,950 
Sime Darby Bhd 468,518 914,699 
Telekom Malaysia Bhd 201,980 314,887 
Tenaga Nasional Bhd 631,400 2,158,349 
UMW Holdings Bhd 86,200 122,468 
Westports Holdings Bhd 179,000 188,174 
YTL Corp. Bhd 783,986 297,148 
YTL Power International Bhd 377,170 137,561 
TOTAL MALAYSIA  20,132,992 
Malta - 0.0%   
Brait SA 62,682 416,478 
Mexico - 3.7%   
Alfa SA de CV Series A 528,300 801,073 
America Movil S.A.B. de CV Series L 5,904,500 3,911,134 
CEMEX S.A.B. de CV unit 2,606,094 2,255,738 
Coca-Cola FEMSA S.A.B. de CV Series L 90,500 679,815 
Compartamos S.A.B. de CV 177,900 351,075 
El Puerto de Liverpool S.A.B. de CV Class C 35,340 370,433 
Embotelladoras Arca S.A.B. de CV 76,800 477,923 
Fibra Uno Administracion SA de CV 473,900 904,374 
Fomento Economico Mexicano S.A.B. de CV unit 341,000 3,270,901 
Gruma S.A.B. de CV Series B 39,920 553,887 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 67,500 652,430 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 37,675 599,240 
Grupo Bimbo S.A.B. de CV Series A 300,600 809,669 
Grupo Carso SA de CV Series A1 106,800 466,166 
Grupo Comercial Chedraui S.A.B. de CV 62,800 140,080 
Grupo Financiero Banorte S.A.B. de CV Series O 463,600 2,730,190 
Grupo Financiero Inbursa S.A.B. de CV Series O 435,100 706,022 
Grupo Financiero Santander Mexico S.A.B. de CV 332,000 600,906 
Grupo Lala S.A.B. de CV 106,200 197,724 
Grupo Mexico SA de CV Series B 712,707 1,756,032 
Grupo Televisa SA de CV 456,500 2,246,151 
Industrias Penoles SA de CV 26,105 633,103 
Kimberly-Clark de Mexico SA de CV Series A 286,500 617,837 
Mexichem S.A.B. de CV 192,427 460,171 
OHL Mexico S.A.B. de CV (a) 136,800 161,111 
Promotora y Operadora de Infraestructura S.A.B. de CV 47,935 535,880 
Wal-Mart de Mexico SA de CV Series V 972,800 2,058,212 
TOTAL MEXICO  28,947,277 
Netherlands - 0.4%   
Steinhoff International Holdings NV (South Africa) 554,525 2,993,520 
Peru - 0.1%   
Compania de Minas Buenaventura SA 337 4,419 
Compania de Minas Buenaventura SA sponsored ADR 34,262 455,342 
TOTAL PERU  459,761 
Philippines - 1.2%   
Aboitiz Equity Ventures, Inc. 355,760 572,983 
Aboitiz Power Corp. 259,600 246,309 
Alliance Global Group, Inc. 404,800 119,193 
Ayala Corp. 45,860 790,698 
Ayala Land, Inc. 1,375,500 1,029,577 
Bank of the Philippine Islands (BPI) 130,592 272,620 
BDO Unibank, Inc. 299,212 696,912 
DMCI Holdings, Inc. 756,050 195,142 
Globe Telecom, Inc. 6,020 221,262 
GT Capital Holdings, Inc. 14,845 401,858 
International Container Terminal Services, Inc. 92,920 149,272 
JG Summit Holdings, Inc. 533,080 836,558 
Jollibee Food Corp. 77,270 379,733 
Megaworld Corp. 2,046,900 169,908 
Metro Pacific Investments Corp. 2,351,300 349,567 
Metropolitan Bank & Trust Co. 112,685 189,168 
Philippine Long Distance Telephone Co. 17,740 560,448 
PNOC Energy Development Corp. 1,709,900 208,311 
Robinsons Land Corp. 296,300 189,357 
Security Bank Corp. 36,710 167,065 
SM Investments Corp. 44,420 616,365 
SM Prime Holdings, Inc. 1,546,500 858,998 
Universal Robina Corp. 159,460 599,257 
TOTAL PHILIPPINES  9,820,561 
Poland - 1.1%   
Alior Bank SA (a) 20,269 243,595 
Bank Handlowy w Warszawie SA 6,497 128,690 
Bank Millennium SA (a) 109,774 161,447 
Bank Polska Kasa Opieki SA 28,947 893,146 
Bank Zachodni WBK SA 6,493 524,637 
BRE Bank SA (a) 2,577 232,395 
Cyfrowy Polsat SA (a) 34,982 215,960 
ENEA SA (a) 34,738 88,898 
Energa SA 31,943 65,461 
Eurocash SA 13,727 139,116 
Grupa Lotos SA (a) 19,243 166,814 
KGHM Polska Miedz SA (Bearer) 27,382 496,097 
LPP SA 233 349,210 
NG2 SA 4,734 240,245 
Polish Oil & Gas Co. SA 333,417 426,624 
Polska Grupa Energetyczna SA 158,981 416,169 
Polski Koncern Naftowy Orlen SA 59,814 1,186,141 
Powszechna Kasa Oszczednosci Bank SA 162,975 1,141,542 
Powszechny Zaklad Ubezpieczen SA 101,540 705,015 
Synthos SA (a) 81,665 98,666 
Tauron Polska Energia SA (a) 199,400 134,687 
Telekomunikacja Polska SA 120,586 172,123 
Zaklady Azotowe w Tarnowie-Moscicach SA 8,452 134,646 
TOTAL POLAND  8,361,324 
Qatar - 0.8%   
Barwa Real Estate Co. (a) 18,053 158,392 
Commercial Bank of Qatar (a) 29,224 286,498 
Doha Bank (a) 22,123 221,136 
Ezdan Holding Group (a) 143,945 620,597 
Industries Qatar QSC (a) 27,394 767,307 
Masraf al Rayan (a) 70,960 674,223 
Qatar Electricity & Water Co. (a) 5,175 298,431 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 50,249 311,991 
Qatar Insurance Co. SAQ (a) 21,617 520,012 
Qatar Islamic Bank (a) 11,568 325,291 
Qatar National Bank SAQ 39,138 1,719,619 
Qatar Telecom (Qtel) Q.S.C. (a) 14,811 394,521 
Vodafone Qatar QSC (a) 59,942 173,001 
TOTAL QATAR  6,471,019 
Russia - 3.4%   
Alrosa Co. Ltd. (a) 485,813 678,899 
Gazprom OAO (a) 276,450 605,787 
Gazprom OAO sponsored ADR (Reg. S) 958,252 4,139,649 
Lukoil PJSC (a) 9,941 485,099 
Lukoil PJSC sponsored ADR 68,904 3,359,070 
Magnit OJSC GDR (Reg. S) 52,666 2,090,314 
MegaFon PJSC GDR 16,492 157,169 
MMC Norilsk Nickel PJSC (a) 1,115 164,327 
MMC Norilsk Nickel PJSC sponsored ADR 92,519 1,395,187 
Mobile TeleSystems OJSC sponsored ADR 96,919 747,245 
Moscow Exchange MICEX-RTS OAO (a) 256,517 472,200 
NOVATEK OAO (a) 10,958 114,210 
NOVATEK OAO GDR (Reg. S) 15,874 1,696,931 
PhosAgro OJSC GDR (Reg. S) 17,580 217,992 
Rosneft Oil Co. OJSC (a) 24,755 135,740 
Rosneft Oil Co. OJSC GDR (Reg. S) 191,497 1,043,659 
Rostelecom PJSC (a) 16,695 20,805 
Rostelecom PJSC sponsored ADR 23,110 170,321 
RusHydro PJSC (a) 1,570,185 19,686 
RusHydro PJSC ADR 194,501 237,291 
Sberbank of Russia (a) 291,615 678,777 
Sberbank of Russia sponsored ADR 426,892 4,051,205 
Severstal PAO GDR (Reg. S) 38,232 539,071 
Sistema JSFC (a) 650,000 197,610 
Sistema JSFC sponsored GDR 3,428 25,607 
Surgutneftegas OJSC (a) 84,379 35,954 
Surgutneftegas OJSC sponsored ADR 116,797 501,994 
Tatneft PAO (a) 36,196 202,671 
Tatneft PAO sponsored ADR 37,903 1,268,613 
VTB Bank OJSC (a) 95,154,048 101,681 
VTB Bank OJSC sponsored GDR (Reg. S) 425,159 890,283 
TOTAL RUSSIA  26,445,047 
South Africa - 6.3%   
Adcock Ingram Holdings Ltd. warrants 7/26/19 (a) 859 198 
Anglo American Platinum Ltd. (a) 9,902 233,293 
AngloGold Ashanti Ltd. (a) 76,045 1,035,405 
Aspen Pharmacare Holdings Ltd. 68,175 1,485,124 
Barclays Africa Group Ltd. 79,347 920,122 
Bidcorp Ltd. 62,456 1,101,245 
Bidvest Group Ltd. 59,333 736,660 
Capitec Bank Holdings Ltd. 7,314 371,565 
Coronation Fund Managers Ltd. 40,159 216,018 
Discovery Ltd. 67,116 573,563 
Exxaro Resources Ltd. 25,975 191,098 
FirstRand Ltd. 625,979 2,243,241 
Fortress Income Fund Ltd.:   
Class A 182,340 221,100 
Class B 129,353 307,560 
Foschini Ltd. 37,946 390,611 
Gold Fields Ltd. 153,533 633,212 
Growthpoint Properties Ltd. 379,485 707,537 
Hyprop Investments Ltd. 43,550 386,609 
Impala Platinum Holdings Ltd. (a) 112,183 450,937 
Imperial Holdings Ltd. 27,395 346,040 
Investec Ltd. 47,863 295,156 
Liberty Holdings Ltd. 21,047 180,988 
Life Healthcare Group Holdings Ltd. 172,690 461,062 
Massmart Holdings Ltd. 19,544 169,383 
MMI Holdings Ltd. 183,126 307,072 
Mondi Ltd. 22,847 446,477 
Mr Price Group Ltd. 45,589 519,732 
MTN Group Ltd. 308,511 2,664,713 
Naspers Ltd. Class N 81,182 13,606,245 
Nedbank Group Ltd. 36,502 596,918 
Netcare Ltd. 170,861 438,818 
Pick 'n Pay Stores Ltd. 64,759 316,933 
Pioneer Foods Ltd. 23,089 278,720 
PSG Group Ltd. 17,495 273,381 
Rand Merchant Insurance Holdings Ltd. 121,273 363,178 
Redefine Properties Ltd. 808,905 694,697 
Remgro Ltd. 98,891 1,642,836 
Resilient Property Income Fund Ltd. 57,478 475,596 
RMB Holdings Ltd. 134,428 593,392 
Sanlam Ltd. 258,156 1,251,364 
Sappi Ltd. (a) 99,203 551,792 
Sasol Ltd. 102,764 2,837,827 
Shoprite Holdings Ltd. 78,685 1,161,273 
Sibanye Gold Ltd. 134,819 375,035 
Spar Group Ltd. 35,547 503,530 
Standard Bank Group Ltd. 240,659 2,553,346 
Telkom SA Ltd. 49,619 228,927 
Tiger Brands Ltd. 30,897 879,861 
Truworths International Ltd. 79,634 421,978 
Tsogo Sun Holdings Ltd. 66,996 152,090 
Vodacom Group Ltd. 69,753 752,430 
Woolworths Holdings Ltd. 187,150 1,084,141 
TOTAL SOUTH AFRICA  49,630,029 
Taiwan - 11.8%   
Acer, Inc. 537,994 247,424 
Advanced Semiconductor Engineering, Inc. 1,183,940 1,392,385 
Advantech Co. Ltd. 56,784 462,867 
Asia Cement Corp. 425,153 371,504 
Asia Pacific Telecom Co. Ltd. (a) 398,000 128,129 
ASUSTeK Computer, Inc. 129,000 1,131,310 
AU Optronics Corp. 1,629,000 619,294 
Catcher Technology Co. Ltd. 123,000 965,555 
Cathay Financial Holding Co. Ltd. 1,518,641 1,972,449 
Chang Hwa Commercial Bank 904,561 463,348 
Cheng Shin Rubber Industry Co. Ltd. 363,937 742,222 
Chicony Electronics Co. Ltd. 94,326 241,735 
China Airlines Ltd. 482,043 146,011 
China Development Finance Holding Corp. 2,450,800 614,867 
China Life Insurance Co. Ltd. 658,680 608,989 
China Steel Corp. 2,224,204 1,608,445 
Chinatrust Financial Holding Co. Ltd. 3,267,826 1,761,994 
Chunghwa Telecom Co. Ltd. 703,000 2,409,402 
Compal Electronics, Inc. 783,000 466,892 
Delta Electronics, Inc. 363,381 1,918,992 
E.SUN Financial Holdings Co. Ltd. 1,434,484 816,689 
ECLAT Textile Co. Ltd. 34,758 395,773 
EVA Airways Corp. 360,453 173,776 
Evergreen Marine Corp. (Taiwan) (a) 324,420 121,419 
Far Eastern Textile Ltd. 612,705 475,146 
Far EasTone Telecommunications Co. Ltd. 295,000 698,003 
Feng Tay Enterprise Co. Ltd. 60,520 253,378 
First Financial Holding Co. Ltd. 1,745,125 916,054 
Formosa Chemicals & Fibre Corp. 600,760 1,789,218 
Formosa Petrochemical Corp. 213,000 712,736 
Formosa Plastics Corp. 771,520 2,089,786 
Formosa Taffeta Co. Ltd. 147,000 134,279 
Foxconn Technology Co. Ltd. 177,587 515,945 
Fubon Financial Holding Co. Ltd. 1,241,334 1,763,857 
Giant Manufacturing Co. Ltd. 50,000 354,441 
Hermes Microvision, Inc. 9,000 398,211 
Highwealth Construction Corp. 143,000 212,038 
HIWIN Technologies Corp. 36,620 162,028 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 2,872,087 7,770,399 
Hotai Motor Co. Ltd. 47,000 547,838 
HTC Corp. (a) 117,000 342,890 
Hua Nan Financial Holdings Co. Ltd. 1,399,496 712,432 
Innolux Corp. 1,627,347 549,701 
Inotera Memories, Inc. (a) 477,000 447,067 
Inventec Corp. 452,865 354,783 
Largan Precision Co. Ltd. 19,000 2,250,821 
Lite-On Technology Corp. 387,279 556,441 
MediaTek, Inc. 278,292 2,118,403 
Mega Financial Holding Co. Ltd. 2,028,413 1,389,654 
Merida Industry Co. Ltd. 38,000 175,365 
Nan Ya Plastics Corp. 888,860 1,852,232 
Nanya Technology Corp. 125,000 162,353 
Nien Made Enterprise Co. Ltd. 27,000 313,431 
Novatek Microelectronics Corp. 104,000 390,884 
OBI Pharma, Inc. (a) 20,000 209,652 
Pegatron Corp. 355,000 957,071 
Phison Electronics Corp. 26,000 184,722 
Pou Chen Corp. 404,000 547,149 
Powertech Technology, Inc. 121,000 345,786 
President Chain Store Corp. 107,000 800,926 
Quanta Computer, Inc. 493,000 1,000,745 
Realtek Semiconductor Corp. 82,401 279,649 
Ruentex Development Co. Ltd. (a) 151,000 174,331 
Ruentex Industries Ltd. 104,000 167,899 
Shin Kong Financial Holding Co. Ltd. (a) 1,487,533 323,187 
Siliconware Precision Industries Co. Ltd. 396,000 599,514 
Simplo Technology Co. Ltd. 52,000 160,807 
Sinopac Holdings Co. 1,831,604 529,233 
Standard Foods Corp. 70,050 173,523 
Synnex Technology International Corp. 260,500 278,442 
TaiMed Biologics, Inc. 28,000 176,285 
Taishin Financial Holdings Co. Ltd. 1,559,773 571,400 
Taiwan Business Bank 689,188 174,436 
Taiwan Cement Corp. 629,000 755,115 
Taiwan Cooperative Financial Holding Co. Ltd. 1,405,989 617,630 
Taiwan Fertilizer Co. Ltd. 137,000 183,805 
Taiwan Mobile Co. Ltd. 313,900 1,100,146 
Taiwan Semiconductor Manufacturing Co. Ltd. 4,567,000 27,433,406 
TECO Electric & Machinery Co. Ltd. 373,000 331,847 
Transcend Information, Inc. 47,000 129,990 
Unified-President Enterprises Corp. 900,983 1,746,041 
United Microelectronics Corp. 2,310,000 860,583 
Vanguard International Semiconductor Corp. 164,000 334,986 
Wistron Corp. 456,102 344,299 
WPG Holding Co. Ltd. 275,000 322,724 
Yuanta Financial Holding Co. Ltd. 1,810,952 677,775 
Yulon Motor Co. Ltd. 168,000 147,333 
TOTAL TAIWAN  92,831,722 
Thailand - 2.1%   
Advanced Info Service PCL 7,700 33,734 
Advanced Info Service PCL (For. Reg.) 187,000 819,251 
Airports of Thailand PCL 3,400 36,972 
Airports of Thailand PCL (For. Reg.) 76,600 832,953 
Bangkok Bank PCL (For. Reg.) 44,400 201,487 
Bangkok Dusit Medical Services PCL (For. Reg.) 699,700 455,317 
Bangkok Expressway and Metro PCL 1,187,200 252,434 
Banpu PCL (For. Reg.) 319,000 166,613 
BEC World PCL 46,500 27,207 
BEC World PCL (For. Reg.) 151,200 88,465 
BTS Group Holdings PCL 998,300 243,609 
BTS Group Holdings PCL 154,100 37,604 
Bumrungrad Hospital PCL (For. Reg.) 65,000 339,493 
C.P. ALL PCL 36,700 63,633 
C.P. ALL PCL (For. Reg.) 882,200 1,529,608 
Central Pattana PCL 23,800 37,869 
Central Pattana PCL (For. Reg.) 230,400 366,602 
Charoen Pokphand Foods PCL 26,000 23,375 
Charoen Pokphand Foods PCL (For. Reg.) 470,100 422,637 
Delta Electronics PCL (For. Reg.) 88,700 198,729 
Electricity Generating PCL (For. Reg.) 25,600 142,476 
Energy Absolute PCL 212,400 171,254 
Glow Energy PCL (For. Reg.) 90,500 198,887 
Home Product Center PCL (For. Reg.) 699,306 201,584 
Indorama Ventures PCL 33,300 27,800 
Indorama Ventures PCL (For. Reg.) 242,300 202,277 
IRPC PCL (For. Reg.) 1,789,100 244,078 
Kasikornbank PCL 103,500 508,084 
Kasikornbank PCL (For. Reg.) 220,900 1,084,404 
Krung Thai Bank PCL 61,200 30,043 
Krung Thai Bank PCL (For. Reg.) 602,470 295,754 
Minor International PCL (For. Reg.) 394,380 433,354 
PTT Exploration and Production PCL (For. Reg.) 251,339 597,188 
PTT Global Chemical PCL 17,800 30,482 
PTT Global Chemical PCL (For. Reg.) 362,739 621,173 
PTT PCL 6,600 65,176 
PTT PCL (For. Reg.) 178,800 1,765,674 
Robinsons Department Store PCL (For. Reg.) 89,100 147,493 
Siam Cement PCL 7,100 102,131 
Siam Cement PCL (For. Reg.) 69,350 997,571 
Siam Commercial Bank PCL 10,900 44,642 
Siam Commercial Bank PCL (For. Reg.) 279,600 1,145,133 
Thai Oil PCL 13,900 27,770 
Thai Oil PCL (For. Reg.) 137,300 274,306 
Thai Union Frozen Products PCL (For. Reg.) 334,620 207,242 
TMB PCL (For. Reg.) 2,452,900 147,016 
True Corp. PCL 142,300 27,414 
True Corp. PCL (For. Reg.) 1,750,219 337,181 
TOTAL THAILAND  16,255,179 
Turkey - 1.1%   
Akbank T.A.S. 419,309 1,120,687 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 37,892 231,571 
Arcelik A/S 43,184 285,265 
Bim Birlesik Magazalar A/S JSC 40,779 664,220 
Coca-Cola Icecek Sanayi A/S 13,235 149,705 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 343,012 350,301 
Eregli Demir ve Celik Fabrikalari T.A.S. 255,586 346,921 
Ford Otomotiv Sanayi A/S 14,449 147,747 
Haci Omer Sabanci Holding A/S 167,362 505,723 
Koc Holding A/S 116,219 484,520 
Petkim Petrokimya Holding A/S 116,731 158,446 
TAV Havalimanlari Holding A/S 30,193 124,119 
Tofas Turk Otomobil Fabrikasi A/S 21,798 164,141 
Tupras Turkiye Petrol Rafinelleri A/S 22,787 464,319 
Turk Hava Yollari AO (a) 97,457 171,339 
Turk Sise ve Cam Fabrikalari A/S 132,671 139,349 
Turk Telekomunikasyon A/S 78,744 145,565 
Turkcell Iletisim Hizmet A/S 161,911 521,694 
Turkiye Garanti Bankasi A/S 443,292 1,204,843 
Turkiye Halk Bankasi A/S 114,976 349,285 
Turkiye Is Bankasi A/S Series C 296,847 481,594 
Turkiye Vakiflar Bankasi TAO 132,124 195,565 
Ulker Biskuvi Sanayi A/S 26,776 166,147 
Yapi ve Kredi Bankasi A/S (a) 151,272 180,886 
TOTAL TURKEY  8,753,952 
United Arab Emirates - 0.8%   
Abu Dhabi Commercial Bank PJSC (a) 355,223 593,819 
Aldar Properties PJSC (a) 568,169 408,382 
Arabtec Holding Co. (a) 426,275 154,357 
DP World Ltd. 30,425 546,129 
Dubai Financial Market PJSC (a) 369,244 115,610 
Dubai Islamic Bank Pakistan Ltd. (a) 236,658 337,627 
Emaar Malls Group PJSC (a) 340,567 238,298 
Emaar Properties PJSC 669,710 1,270,880 
Emirates Telecommunications Corp. 324,425 1,664,986 
First Gulf Bank PJSC 161,069 504,307 
National Bank of Abu Dhabi PJSC (a) 120,750 290,948 
TOTAL UNITED ARAB EMIRATES  6,125,343 
United States of America - 0.1%   
Southern Copper Corp. (b) 15,546 441,351 
TOTAL COMMON STOCKS   
(Cost $689,591,916)  722,853,427 
Nonconvertible Preferred Stocks - 4.4%   
Brazil - 3.3%   
Banco Bradesco SA (PN) 522,704 5,475,947 
Braskem SA (PN-A) 27,000 239,126 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 39,900 341,875 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 28,800 550,376 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 143,295 437,696 
Companhia Energetica de Sao Paulo Series B 34,500 160,287 
Companhia Paranaense de Energia-Copel (PN-B) 18,100 207,254 
Gerdau SA (PN) 166,400 574,476 
Itau Unibanco Holding SA 599,821 7,215,892 
Itausa-Investimentos Itau SA (PN) 728,356 2,154,035 
Lojas Americanas SA (PN) 105,984 687,302 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 704,200 3,902,662 
Suzano Papel e Celulose SA 73,200 258,218 
Telefonica Brasil SA 84,000 1,215,263 
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) (a) 4,043 5,712 
Vale SA (PN-A) 349,300 2,257,537 
TOTAL BRAZIL  25,683,658 
Chile - 0.1%   
Embotelladora Andina SA Class B 49,264 199,848 
Sociedad Quimica y Minera de Chile SA (PN-B) 17,369 513,316 
TOTAL CHILE  713,164 
Colombia - 0.1%   
Bancolombia SA (PN) 83,712 794,584 
Grupo Aval Acciones y Valores SA 608,300 250,864 
Grupo de Inversiones Suramerica SA 18,485 233,615 
TOTAL COLOMBIA  1,279,063 
Korea (South) - 0.7%   
AMOREPACIFIC Corp. 1,639 286,600 
Hyundai Motor Co. 4,114 343,866 
Hyundai Motor Co. Series 2 7,023 617,100 
LG Chemical Ltd. 1,587 249,756 
LG Household & Health Care Ltd. 495 206,006 
Samsung Electronics Co. Ltd. 3,420 3,938,029 
TOTAL KOREA (SOUTH)  5,641,357 
Russia - 0.2%   
AK Transneft OAO (a) 290 695,254 
Surgutneftegas OJSC (a) 1,361,272 617,229 
TOTAL RUSSIA  1,312,483 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $32,417,021)  34,629,725 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $52,909) 		INR264,162 52,391 
Government Obligations - 0.2%   
United States of America - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.47% 5/25/17
(Cost $1,994,676)(e) 		2,000,000 1,994,528 
 Shares Value 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.41% (f) 22,633,420 22,640,210 
Fidelity Securities Lending Cash Central Fund 0.48% (f)(g) 20,227,253 20,231,299 
TOTAL MONEY MARKET FUNDS   
(Cost $42,867,138)  42,871,509 
TOTAL INVESTMENT PORTFOLIO - 102.2%   
(Cost $766,923,660)  802,401,580 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (17,484,848) 
NET ASSETS - 100%  $784,916,732 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
606 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 27,376,050 $211,304 

The face value of futures purchased as a percentage of Net Assets is 3.5%

Currency Abbreviations

INR – Indian rupee

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $195,038 or 0.0% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,201,703.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Affiliated Central Funds

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 $34,777 
Fidelity Securities Lending Cash Central Fund 133,373 
Total $168,150 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $79,064,831 $79,064,831 $-- $-- 
Consumer Staples 58,237,715 58,237,715 -- -- 
Energy 57,889,093 43,099,307 14,789,786 -- 
Financials 182,944,516 165,332,218 17,612,298 -- 
Health Care 19,177,378 18,068,540 1,108,838 -- 
Industrials 44,837,696 44,801,875 35,821 -- 
Information Technology 179,474,854 113,316,125 66,158,727 2 
Materials 49,683,112 44,876,628 4,747,684 58,800 
Real Estate 19,428,508 19,179,358 -- 249,150 
Telecommunication Services 45,336,131 25,151,644 20,184,487 -- 
Utilities 21,409,318 18,860,421 2,548,897 -- 
Corporate Bonds 52,391 -- 52,391 -- 
Government Obligations 1,994,528 -- 1,994,528 -- 
Money Market Funds 42,871,509 42,871,509 -- -- 
Total Investments in Securities: $802,401,580 $672,860,171 $129,233,457 $307,952 
Derivative Instruments:     
Assets     
Futures Contracts $211,304 $211,304 $-- $-- 
Total Assets $211,304 $211,304 $-- $-- 
Total Derivative Instruments: $211,304 $211,304 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $178,988,836 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $211,304 $0 
Total Equity Risk 211,304 0 
Total Value of Derivatives $211,304 $0 

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


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


Fidelity® Emerging Markets Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $19,665,389) — See accompanying schedule:
Unaffiliated issuers (cost $724,056,522) 		$759,530,071  
Fidelity Central Funds (cost $42,867,138) 42,871,509  
Total Investments (cost $766,923,660)  $802,401,580 
Cash  30,284 
Foreign currency held at value (cost $1,799,490)  1,775,896 
Receivable for fund shares sold  1,447,539 
Dividends receivable  396,548 
Interest receivable  204 
Distributions receivable from Fidelity Central Funds  14,491 
Receivable for daily variation margin for derivative instruments  136,027 
Other receivables  614 
Total assets  806,203,183 
Liabilities   
Payable for investments purchased $30,282  
Payable for fund shares redeemed 554,747  
Accrued management fee 56,942  
Other affiliated payables 30,827  
Other payables and accrued expenses 387,433  
Collateral on securities loaned, at value 20,226,220  
Total liabilities  21,286,451 
Net Assets  $784,916,732 
Net Assets consist of:   
Paid in capital  $808,629,656 
Undistributed net investment income  9,969,309 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (68,965,619) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  35,283,386 
Net Assets  $784,916,732 
Investor Class:   
Net Asset Value, offering price and redemption price per share ($19,861,821 ÷ 2,202,930 shares)  $9.02 
Premium Class:   
Net Asset Value, offering price and redemption price per share ($583,548,257 ÷ 64,657,157 shares)  $9.03 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($181,237,293 ÷ 20,055,449 shares)  $9.04 
Institutional Premium Class:   
Net Asset Value, offering price and redemption price per share ($269,361 ÷ 29,812 shares)  $9.04 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $15,514,271 
Interest  10,280 
Income from Fidelity Central Funds  168,150 
Income before foreign taxes withheld  15,692,701 
Less foreign taxes withheld  (1,724,717) 
Total income  13,967,984 
Expenses   
Management fee $1,101,319  
Transfer agent fees 460,763  
Independent trustees' fees and expenses 2,521  
Interest 807  
Miscellaneous 1,492  
Total expenses before reductions 1,566,902  
Expense reductions (534,732) 1,032,170 
Net investment income (loss)  12,935,814 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $83,679) (53,124,443)  
Fidelity Central Funds 3,395  
Foreign currency transactions (901,207)  
Futures contracts 1,342,156  
Total net realized gain (loss)  (52,680,099) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $80,318) 		107,689,110  
Assets and liabilities in foreign currencies 12,498  
Futures contracts (357,393)  
Total change in net unrealized appreciation (depreciation)  107,344,215 
Net gain (loss)  54,664,116 
Net increase (decrease) in net assets resulting from operations  $67,599,930 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $12,935,814 $12,413,298 
Net realized gain (loss) (52,680,099) (5,129,520) 
Change in net unrealized appreciation (depreciation) 107,344,215 (89,144,537) 
Net increase (decrease) in net assets resulting from operations 67,599,930 (81,860,759) 
Distributions to shareholders from net investment income (11,347,194) (6,840,222) 
Share transactions - net increase (decrease) 211,661,406 243,665,786 
Redemption fees 99,407 96,041 
Total increase (decrease) in net assets 268,013,549 155,060,846 
Net Assets   
Beginning of period 516,903,183 361,842,337 
End of period $784,916,732 $516,903,183 
Other Information   
Undistributed net investment income end of period $9,969,309 $10,294,657 

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


Financial Highlights — Fidelity Emerging Markets Index Fund Investor Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.41 $10.16 $10.04 $9.76 $9.54 
Income from Investment Operations      
Net investment income (loss)A .17 .24 .25 .26 .27 
Net realized and unrealized gain (loss) .61 (1.82) .06 .19 (.06) 
Total from investment operations .78 (1.58) .31 .45 .21 
Distributions from net investment income (.17) (.17) (.19) (.12) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.17) (.17) (.19) (.19)B (.03) 
Redemption fees added to paid in capitalA –C –C –C .02 .04 
Net asset value, end of period $9.02 $8.41 $10.16 $10.04 $9.76 
Total ReturnD 9.76% (15.68)% 3.18% 4.78% 2.68% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .41% .46% .46% .47% .46% 
Expenses net of fee waivers, if any .31% .31% .31% .32% .33% 
Expenses net of all reductions .31% .31% .31% .32% .33% 
Net investment income (loss) 2.05% 2.55% 2.50% 2.56% 2.80% 
Supplemental Data      
Net assets, end of period (000 omitted) $19,862 $23,983 $16,792 $10,259 $44,554 
Portfolio turnover rateG 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.19 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.064 per share.

 C Amount represents less than $.005 per share.

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

 E Fees and expenses of any underlying 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 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.

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


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


Financial Highlights — Fidelity Emerging Markets Index Fund Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.42 $10.17 $10.05 $9.77 $9.54 
Income from Investment Operations      
Net investment income (loss)A .18 .25 .26 .26 .28 
Net realized and unrealized gain (loss) .61 (1.82) .06 .21 (.06) 
Total from investment operations .79 (1.57) .32 .47 .22 
Distributions from net investment income (.18) (.18) (.20) (.14) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.18) (.18) (.20) (.20) (.03) 
Redemption fees added to paid in capitalA –B –B –B .01 .04 
Net asset value, end of period $9.03 $8.42 $10.17 $10.05 $9.77 
Total ReturnC 9.87% (15.57)% 3.30% 4.93% 2.78% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .27% .35% .35% .35% .35% 
Expenses net of fee waivers, if any .18% .20% .20% .20% .22% 
Expenses net of all reductions .18% .20% .20% .20% .22% 
Net investment income (loss) 2.18% 2.66% 2.61% 2.68% 2.91% 
Supplemental Data      
Net assets, end of period (000 omitted) $583,548 $443,052 $323,342 $210,071 $51,728 
Portfolio turnover rateF 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Financial Highlights — Fidelity Emerging Markets Index Fund Institutional Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.43 $10.18 $10.06 $9.79 $9.54 
Income from Investment Operations      
Net investment income (loss)A .18 .25 .26 .27 .28 
Net realized and unrealized gain (loss) .62 (1.81) .06 .20 (.04) 
Total from investment operations .80 (1.56) .32 .47 .24 
Distributions from net investment income (.19) (.19) (.20) (.15) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.19) (.19) (.20) (.21) (.03) 
Redemption fees added to paid in capitalA –B –B –B .01 .04 
Net asset value, end of period $9.04 $8.43 $10.18 $10.06 $9.79 
Total ReturnC 9.94% (15.49)% 3.37% 4.91% 2.99% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .20% .28% .28% .28% .28% 
Expenses net of fee waivers, if any .12% .13% .13% .13% .15% 
Expenses net of all reductions .12% .13% .13% .13% .15% 
Net investment income (loss) 2.24% 2.73% 2.68% 2.74% 2.99% 
Supplemental Data      
Net assets, end of period (000 omitted) $181,237 $49,626 $21,598 $474 $517 
Portfolio turnover rateF 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Financial Highlights — Fidelity Emerging Markets Index Fund Institutional Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $8.43 $10.18 $10.06 $9.79 $9.54 
Income from Investment Operations      
Net investment income (loss)A .19 .26 .27 .26 .28 
Net realized and unrealized gain (loss) .61 (1.82) .06 .21 (.04) 
Total from investment operations .80 (1.56) .33 .47 .24 
Distributions from net investment income (.19) (.19) (.21) (.15) – 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.19) (.19) (.21) (.21) (.03) 
Redemption fees added to paid in capitalA –B –B –B .01 .04 
Net asset value, end of period $9.04 $8.43 $10.18 $10.06 $9.79 
Total ReturnC 9.98% (15.46)% 3.40% 4.95% 2.99% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .19% .25% .25% .24% .25% 
Expenses net of fee waivers, if any .10% .10% .10% .10% .12% 
Expenses net of all reductions .10% .10% .10% .10% .12% 
Net investment income (loss) 2.26% 2.76% 2.71% 2.78% 3.02% 
Supplemental Data      
Net assets, end of period (000 omitted) $269 $243 $111 $7,372 $80 
Portfolio turnover rateF 25% 1% 8% 33% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

 D Fees and expenses of any underlying 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.

 E 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.

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


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


Fidelity® Global ex U.S. Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Past 5 years Life of fundA 
Institutional Class 0.66% 3.80% 3.87% 
Institutional Premium Class 0.68% 3.83% 3.89% 

 A From September 8, 2011


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund - Institutional Class on September 8, 2011, 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.


Period Ending Values
$12,159Fidelity® Global ex U.S. Index Fund - Institutional Class
$12,265MSCI ACWI (All Country World Index) ex USA Index

Fidelity® Global ex U.S. Index Fund

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the year, the fund's share classes modestly outpaced 0.40% return of the MSCI ACWI (All Country World Index) ex USA 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.) The fund’s top-contributing stock was Taiwan Semiconductor, whose shares rose about 47% in a strong industry environment for this contract semiconductor manufacturer. A more favorable commodity-pricing environment boosted shares of various materials companies this period, most notably Glencore, a Switzerland-based commodities producer, up roughly 77%. Other notable contributors in absolute terms included China-based and Grand Cayman-listed media company Tencent Holdings (+41%); Chinese e-commerce business Alibaba Group (+21%), which reported strong earnings in August; and Korean electronics giant Samsung (21%). In contrast, many of the fund’s biggest detractors included multinational pharmaceutical manufacturers hurt by the potential for drug-pricing regulation in the U.S. Here, the biggest detractors included Switzerland’s Novartis (-19%); Denmark-based Novo Nordisk (-31%); Germany's Bayer (-24%); France’s Sanofi (-20%); and, especially, Canada’s Valeant Pharmaceuticals. Valeant shares returned -81%, with much of the decline coming in March, after the company forecast weaker-than-expected earnings and warned of a possible debt default.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Global ex U.S. Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.3 1.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.9 1.0 
Novartis AG (Switzerland, Pharmaceuticals) 0.9 1.0 
Toyota Motor Corp. (Japan, Automobiles) 0.9 0.8 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 0.8 0.6 
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) 0.8 0.8 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 0.8 0.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 0.8 0.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 0.6 0.2 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 0.6 0.6 
 8.4  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 22.4 26.0 
Industrials 11.1 11.0 
Consumer Discretionary 10.9 11.5 
Consumer Staples 10.1 10.3 
Information Technology 9.2 8.2 
Health Care 8.0 8.7 
Materials 6.8 6.4 
Energy 6.3 6.4 
Telecommunication Services 4.6 4.8 
Real Estate 3.3 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 16.3% 
   United Kingdom 10.8% 
   Canada 6.8% 
   France 6.1% 
   Germany 6.1% 
   Switzerland 5.7% 
   United States of America* 5.2% 
   Australia 4.7% 
   Korea (South) 3.2% 
   Other 35.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Japan 15.4% 
   United Kingdom 12.7% 
   Canada 6.9% 
   France 6.6% 
   Switzerland 6.3% 
   Germany 6.3% 
   Australia 4.9% 
   Korea (South) 3.3% 
   United States of America* 3.1% 
   Other 34.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.9 100.0 
Short-Term Investments and Net Other Assets (Liabilities) 0.1 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® Global ex U.S. Index Fund

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 93.0%   
 Shares Value 
Australia - 4.7%   
AGL Energy Ltd. 64,058 $934,621 
Alumina Ltd. 224,655 270,014 
Amcor Ltd. 109,509 1,224,561 
AMP Ltd. 279,879 972,971 
APA Group unit 106,830 646,874 
Aristocrat Leisure Ltd. 51,819 604,683 
ASX Ltd. 18,457 661,717 
Aurizon Holdings Ltd. 195,390 725,330 
Australia & New Zealand Banking Group Ltd. 275,799 5,842,938 
Bank of Queensland Ltd. 34,731 276,352 
Bendigo & Adelaide Bank Ltd. 44,251 374,655 
BHP Billiton Ltd. 303,910 5,309,562 
Boral Ltd. 70,005 335,493 
Brambles Ltd. 149,775 1,313,657 
Caltex Australia Ltd. 24,906 582,210 
Challenger Ltd. 52,747 431,741 
Cimic Group Ltd. 9,248 208,164 
Coca-Cola Amatil Ltd. 52,726 382,637 
Cochlear Ltd. 5,332 519,012 
Commonwealth Bank of Australia 162,156 9,052,808 
Computershare Ltd. 43,997 353,093 
Crown Ltd. 34,437 285,277 
CSL Ltd. 43,293 3,310,094 
DEXUS Property Group unit 90,092 612,685 
Dominos Pizza Enterprises Ltd. 5,763 281,666 
DUET Group 232,671 421,243 
Flight Centre Travel Group Ltd. 5,208 134,184 
Fortescue Metals Group Ltd. 145,522 608,842 
Goodman Group unit 168,642 871,062 
Harvey Norman Holdings Ltd. 54,945 211,073 
Healthscope Ltd. 166,062 279,175 
Incitec Pivot Ltd. 162,038 363,624 
Insurance Australia Group Ltd. 230,149 964,660 
Lendlease Group unit 51,855 533,311 
Macquarie Group Ltd. 28,960 1,757,984 
Medibank Private Ltd. 261,388 513,002 
Mirvac Group unit 346,559 550,981 
National Australia Bank Ltd. 250,054 5,326,050 
Newcrest Mining Ltd. (a) 72,540 1,244,887 
Orica Ltd. 34,546 428,087 
Origin Energy Ltd. 166,878 679,151 
Platinum Asset Management Ltd. 19,837 75,299 
Qantas Airways Ltd. 52,337 121,827 
QBE Insurance Group Ltd. 129,741 985,953 
Ramsay Health Care Ltd. 13,430 749,461 
realestate.com.au Ltd. 4,906 190,854 
Rio Tinto Ltd. 40,237 1,658,357 
Santos Ltd. 147,697 401,101 
Scentre Group unit 503,535 1,612,595 
SEEK Ltd. 31,412 349,824 
Sonic Healthcare Ltd. 37,803 589,226 
South32 Ltd. 503,952 985,226 
SP AusNet 166,521 190,009 
Stockland Corp. Ltd. unit 227,269 764,145 
Suncorp Group Ltd. 121,427 1,105,663 
Sydney Airport unit 103,785 494,222 
Tabcorp Holdings Ltd. 76,609 282,058 
Tatts Group Ltd. 139,599 431,143 
Telstra Corp. Ltd. 404,471 1,529,687 
The GPT Group unit 170,441 604,190 
TPG Telecom Ltd. 31,806 182,913 
Transurban Group unit 192,639 1,522,556 
Treasury Wine Estates Ltd. 70,831 578,683 
Vicinity Centers unit 320,493 699,703 
Vocus Communications Ltd. 48,109 208,966 
Wesfarmers Ltd. 106,440 3,320,535 
Westfield Corp. unit (a) 186,781 1,264,550 
Westpac Banking Corp. 315,371 7,292,938 
Woodside Petroleum Ltd. 71,757 1,548,592 
Woolworths Ltd. 120,968 2,176,281 
TOTAL AUSTRALIA  82,316,688 
Austria - 0.1%   
Andritz AG 6,780 354,647 
Erste Group Bank AG 28,490 894,775 
OMV AG 13,571 424,208 
Raiffeisen International Bank-Holding AG (a) 11,074 181,496 
Voestalpine AG 10,861 384,267 
TOTAL AUSTRIA  2,239,393 
Bailiwick of Jersey - 0.9%   
Experian PLC 90,597 1,744,311 
Glencore Xstrata PLC (a) 1,157,201 3,541,035 
Petrofac Ltd. 23,981 236,730 
Randgold Resources Ltd. 8,895 789,935 
Shire PLC 84,991 4,798,821 
Wolseley PLC 23,834 1,240,136 
WPP PLC 121,853 2,645,800 
TOTAL BAILIWICK OF JERSEY  14,996,768 
Belgium - 0.9%   
Ageas 18,558 677,880 
Anheuser-Busch InBev SA NV 76,046 8,727,781 
Colruyt NV 6,355 341,590 
Groupe Bruxelles Lambert SA 7,628 656,158 
KBC Groep NV 23,743 1,446,806 
Proximus 14,207 406,737 
Solvay SA Class A 7,026 806,372 
Telenet Group Holding NV (a) 4,890 261,770 
UCB SA 11,982 811,423 
Umicore SA 8,869 539,274 
TOTAL BELGIUM  14,675,791 
Bermuda - 0.4%   
Alibaba Health Information Technology Ltd. (a) 310,000 162,284 
Alibaba Pictures Group Ltd. (a) 1,050,000 207,142 
Beijing Enterprises Water Group Ltd. 402,000 291,825 
Brilliance China Automotive Holdings Ltd. 292,000 346,761 
Cheung Kong Infrastructure Holdings Ltd. 62,000 508,036 
China Gas Holdings Ltd. 160,000 243,851 
China Resource Gas Group Ltd. 82,000 257,454 
Cosco Shipping Ports Ltd. 154,707 153,599 
Credicorp Ltd. (United States) 6,146 913,787 
First Pacific Co. Ltd. 210,852 159,732 
GOME Electrical Appliances Holdings Ltd. 1,179,104 148,993 
Haier Electronics Group Co. Ltd. 114,000 184,033 
Hanergy Thin Film Power Group Ltd. (a) 576,000 1 
Hongkong Land Holdings Ltd. 111,836 749,301 
Jardine Matheson Holdings Ltd. 23,476 1,429,923 
Kerry Properties Ltd. 64,500 204,173 
Kunlun Energy Co. Ltd. 300,000 227,063 
Li & Fung Ltd. 576,000 283,709 
Luye Pharma Group Ltd. 114,000 76,730 
Nine Dragons Paper (Holdings) Ltd. 156,000 127,124 
Noble Group Ltd. (a) 824,931 98,428 
NWS Holdings Ltd. 150,258 266,202 
Shangri-La Asia Ltd. 116,000 127,583 
Yue Yuen Industrial (Holdings) Ltd. 69,000 262,902 
TOTAL BERMUDA  7,430,636 
Brazil - 1.1%   
AES Tiete Energia SA unit 17,587 91,131 
Ambev SA 445,400 2,627,469 
Banco Bradesco SA 78,724 782,554 
Banco do Brasil SA 82,100 753,355 
Banco Santander SA (Brasil) unit 39,700 327,102 
BB Seguridade Participacoes SA 67,200 676,632 
BM&F BOVESPA SA 162,700 958,258 
BR Malls Participacoes SA 53,600 214,602 
Brasil Foods SA 57,600 963,609 
CCR SA 84,000 456,579 
Cetip SA - Mercados Organizado 17,804 250,271 
Cielo SA 96,243 976,903 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 33,100 349,458 
Companhia Siderurgica Nacional SA (CSN) (a) 58,700 197,506 
Cosan SA Industria e Comercio 11,400 153,286 
CPFL Energia SA 19,482 147,824 
Drogasil SA 22,200 492,823 
Duratex SA 32,149 86,818 
EDP Energias do Brasil SA 28,781 138,405 
Embraer SA 61,600 330,965 
ENGIE Brasil Energia SA 15,200 193,095 
Equatorial Energia SA 19,400 346,064 
Fibria Celulose SA 23,300 186,429 
Hypermarcas SA 31,800 266,594 
JBS SA 67,300 204,725 
Klabin SA unit 51,100 263,344 
Kroton Educacional SA 131,952 657,280 
Localiza Rent A Car SA 15,080 187,224 
Lojas Americanas SA 24,750 121,424 
Lojas Renner SA 61,000 515,977 
M. Dias Branco SA 3,300 140,922 
Multiplan Empreendimentos Imobiliarios SA 7,700 154,748 
Natura Cosmeticos SA 16,500 158,487 
Odontoprev SA 23,100 86,842 
Petroleo Brasileiro SA - Petrobras (ON) (a) 284,200 1,659,614 
Porto Seguro SA 9,700 91,986 
Qualicorp SA 21,000 135,132 
Rumo Logistica Operadora Multimodal SA (a) 75,000 167,763 
Sul America SA unit 18,453 111,400 
Terna Participacoes SA unit 8,300 53,955 
TIM Participacoes SA 80,100 222,333 
Totvs SA 12,000 108,872 
Ultrapar Participacoes SA 34,300 777,230 
Vale SA 119,500 826,617 
Weg SA 55,100 303,810 
TOTAL BRAZIL  18,917,417 
Canada - 6.4%   
Agnico Eagle Mines Ltd. (Canada) 20,873 1,060,068 
Agrium, Inc. 12,432 1,141,245 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 39,715 1,995,077 
AltaGas Ltd. 14,945 369,809 
ARC Resources Ltd. 32,600 553,420 
ATCO Ltd. Class I (non-vtg.) 7,346 257,518 
Bank of Montreal 60,691 3,862,360 
Bank of Nova Scotia 113,509 6,099,850 
Barrick Gold Corp. 110,176 1,938,532 
BCE, Inc. 14,181 644,293 
BlackBerry Ltd. (a) 45,852 323,730 
Bombardier, Inc. Class B (sub. vtg.) (a) 179,036 237,593 
Brookfield Asset Management, Inc. Class A 81,572 2,856,510 
CAE, Inc. 24,718 347,191 
Cameco Corp. 38,513 296,607 
Canadian Imperial Bank of Commerce 37,258 2,791,642 
Canadian National Railway Co. 73,590 4,626,190 
Canadian Natural Resources Ltd. 103,747 3,292,708 
Canadian Pacific Railway Ltd. 13,749 1,965,431 
Canadian Tire Ltd. Class A (non-vtg.) 6,623 643,783 
Canadian Utilities Ltd. Class A (non-vtg.) 11,488 328,290 
CCL Industries, Inc. Class B 2,655 472,172 
Cenovus Energy, Inc. 78,947 1,138,913 
CGI Group, Inc. Class A (sub. vtg.) (a) 20,413 969,591 
CI Financial Corp. 23,006 423,312 
Constellation Software, Inc. 1,810 847,919 
Crescent Point Energy Corp. 51,490 613,058 
Dollarama, Inc. 10,879 812,944 
ECN Capital Corp. 33,042 72,179 
Eldorado Gold Corp. (a) 67,732 213,603 
Element Financial Corp. 36,970 360,246 
Empire Co. Ltd. Class A (non-vtg.) 16,053 231,226 
Enbridge, Inc. 87,875 3,794,617 
Encana Corp. 90,553 863,470 
Fairfax Financial Holdings Ltd. (sub. vtg.) 2,177 1,114,956 
Finning International, Inc. 15,488 288,213 
First Capital Realty, Inc. 11,924 190,155 
First Quantum Minerals Ltd. 64,349 611,203 
Fortis, Inc. 37,882 1,246,917 
Franco-Nevada Corp. 16,849 1,102,791 
George Weston Ltd. 4,876 397,336 
Gildan Activewear, Inc. 21,301 547,096 
Goldcorp, Inc. 78,823 1,197,066 
Great-West Lifeco, Inc. 28,375 712,707 
H&R REIT/H&R Finance Trust 12,771 217,182 
Husky Energy, Inc. 34,032 366,124 
Hydro One Ltd. 16,294 297,260 
IGM Financial, Inc. 8,906 239,034 
Imperial Oil Ltd. 28,098 911,253 
Industrial Alliance Insurance and Financial Services, Inc. 9,799 379,453 
Intact Financial Corp. 12,426 844,705 
Inter Pipeline Ltd. 32,014 663,766 
Jean Coutu Group, Inc. Class A (sub. vtg.) 7,766 116,956 
Keyera Corp. 17,041 511,497 
Kinross Gold Corp. (a) 120,093 466,476 
Linamar Corp. 4,606 187,324 
Loblaw Companies Ltd. 21,199 1,045,963 
Magna International, Inc. Class A (sub. vtg.) 37,575 1,542,724 
Manulife Financial Corp. 186,486 2,701,426 
Methanex Corp. 8,392 305,010 
Metro, Inc. Class A (sub. vtg.) 22,511 695,822 
National Bank of Canada 31,869 1,137,619 
Onex Corp. (sub. vtg.) 7,898 510,870 
Open Text Corp. 11,525 715,576 
Pembina Pipeline Corp. 36,674 1,126,769 
Peyto Exploration & Development Corp. 15,390 395,392 
Potash Corp. of Saskatchewan, Inc. 79,412 1,291,266 
Power Corp. of Canada (sub. vtg.) 35,401 759,328 
Power Financial Corp. 23,425 553,621 
PrairieSky Royalty Ltd. 19,897 432,711 
Restaurant Brands International, Inc. 20,625 916,923 
Restaurant Brands International, Inc. 304 13,519 
RioCan (REIT) 14,532 282,558 
Rogers Communications, Inc. Class B (non-vtg.) 34,208 1,376,175 
Royal Bank of Canada 140,528 8,779,726 
Saputo, Inc. 24,147 867,729 
Seven Generations Energy Ltd. (a) 20,774 442,956 
Shaw Communications, Inc. Class B 39,172 776,256 
Silver Wheaton Corp. 41,647 1,003,527 
Smart (REIT) 5,985 149,257 
SNC-Lavalin Group, Inc. 14,204 577,140 
Sun Life Financial, Inc. 57,858 1,936,364 
Suncor Energy, Inc. 157,397 4,723,201 
Teck Resources Ltd. Class B (sub. vtg.) 53,634 1,158,011 
TELUS Corp. (a) 18,233 590,367 
The Toronto-Dominion Bank 175,004 7,940,612 
Thomson Reuters Corp. 31,890 1,256,770 
Tourmaline Oil Corp. (a) 19,779 518,327 
TransCanada Corp. 75,518 3,418,663 
Turquoise Hill Resources Ltd. (a) 92,443 286,709 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 30,919 551,595 
Veresen, Inc. (b) 28,273 256,107 
Vermilion Energy, Inc. 10,585 415,098 
West Fraser Timber Co. Ltd. 6,331 216,745 
Yamana Gold, Inc. 87,832 313,662 
TOTAL CANADA  111,036,661 
Cayman Islands - 3.0%   
3SBio, Inc. (a) 89,500 89,436 
58.com, Inc. ADR (a)(b) 7,412 310,192 
AAC Technology Holdings, Inc. 70,000 667,909 
Alibaba Group Holding Ltd. sponsored ADR (a)(b) 106,200 10,799,478 
Anta Sports Products Ltd. 92,000 265,719 
ASM Pacific Technology Ltd. 23,900 230,663 
Baidu.com, Inc. sponsored ADR (a) 25,670 4,539,996 
Belle International Holdings Ltd. 613,000 371,489 
Casetek Holdings 13,000 41,851 
Chailease Holding Co. Ltd. 101,816 176,322 
Cheung Kong Property Holdings Ltd. 254,716 1,886,834 
China Conch Venture Holdings Ltd. 124,000 231,834 
China Huishan Dairy Holdings Co. Ltd. (b) 384,000 142,597 
China Medical System Holdings Ltd. 116,000 181,279 
China Mengniu Dairy Co. Ltd. 256,000 485,227 
China Resources Land Ltd. 264,634 659,917 
China State Construction International Holdings Ltd. 168,000 245,646 
CK Hutchison Holdings Ltd. 255,716 3,163,663 
Country Garden Holdings Co. Ltd. 527,644 274,859 
Ctrip.com International Ltd. ADR (a)(b) 35,320 1,559,378 
ENN Energy Holdings Ltd. 70,000 329,442 
Evergrande Real Estate Group Ltd. 377,000 249,371 
Fang Holdings Ltd. ADR (a) 24,475 81,502 
GCL-Poly Energy Holdings Ltd. 1,226,000 165,984 
Geely Automobile Holdings Ltd. 500,000 515,760 
Haitian International Holdings Ltd. 62,000 127,908 
Hengan International Group Co. Ltd. 69,500 553,362 
JD.com, Inc. sponsored ADR (a)(b) 65,030 1,687,529 
Kingsoft Corp. Ltd. 70,000 157,410 
Longfor Properties Co. Ltd. 135,500 179,955 
Melco Crown Entertainment Ltd. sponsored ADR (b) 17,796 297,905 
MGM China Holdings Ltd. 88,800 147,016 
NetEase, Inc. ADR 7,461 1,917,402 
New Oriental Education & Technology Group, Inc. sponsored ADR 12,792 641,263 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 11,700 4,043 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 3,064 90,602 
Sands China Ltd. 228,800 995,674 
Semiconductor Manufacturing International Corp. (a) 2,666,000 322,873 
Shenzhou International Group Holdings Ltd. 52,000 344,966 
Shimao Property Holdings Ltd. 115,500 154,585 
Shui On Land Ltd. 368,503 91,228 
Sino Biopharmaceutical Ltd. 433,000 303,162 
SOHO China Ltd. 177,500 91,776 
Sunac China Holdings Ltd. 178,000 121,871 
TAL Education Group ADR (a) 3,931 320,141 
Tencent Holdings Ltd. 533,800 14,146,947 
Tingyi (Cayman Islands) Holding Corp. 182,000 196,419 
Vipshop Holdings Ltd. ADR (a)(b) 38,800 530,396 
Want Want China Holdings Ltd. 532,000 324,459 
WH Group Ltd. 561,500 455,395 
Wynn Macau Ltd. 144,400 221,565 
YY, Inc. ADR (a) 2,589 124,453 
Zhen Ding Technology Holding Ltd. 43,302 98,749 
TOTAL CAYMAN ISLANDS  52,315,402 
Chile - 0.3%   
AES Gener SA 252,225 85,870 
Aguas Andinas SA 251,790 166,268 
Banco de Chile 2,211,850 263,978 
Banco de Credito e Inversiones 3,436 175,451 
Banco Santander Chile 6,126,530 342,989 
Cencosud SA 133,217 434,268 
Colbun SA 786,785 171,999 
Compania Cervecerias Unidas SA 14,458 155,297 
Compania de Petroleos de Chile SA (COPEC) 42,377 427,520 
CorpBanca SA 15,326,406 138,783 
Empresa Nacional de Electricidad SA 312,707 214,513 
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) 14,384 154,141 
Empresas CMPC SA 116,917 253,247 
Endesa Americas SA 322,000 149,855 
Enersis Chile SA 1,845,644 186,480 
Enersis SA 1,896,841 320,873 
LATAM Airlines Group SA (a) 28,132 270,316 
S.A.C.I. Falabella 58,849 461,714 
TOTAL CHILE  4,373,562 
China - 2.3%   
Agricultural Bank of China Ltd. (H Shares) 2,328,000 981,563 
Air China Ltd. (H Shares) 164,000 107,845 
Aluminum Corp. of China Ltd. (H Shares) (a) 370,000 137,398 
Anhui Conch Cement Co. Ltd. (H Shares) 113,500 314,646 
AviChina Industry & Technology Co. Ltd. (H Shares) 202,000 137,262 
Bank Communications Co. Ltd. (H Shares) 835,000 636,299 
Bank of China Ltd. (H Shares) 7,520,000 3,374,306 
Beijing Capital International Airport Co. Ltd. (H Shares) 142,000 148,856 
BYD Co. Ltd. (H Shares) 60,000 394,556 
CGN Power Co. Ltd. (H Shares) 999,000 292,401 
China Cinda Asset Management Co. Ltd. (H Shares) 848,000 305,062 
China CITIC Bank Corp. Ltd. (H Shares) 829,000 535,525 
China Coal Energy Co. Ltd. (H Shares) (a) 195,000 110,630 
China Communications Construction Co. Ltd. (H Shares) 427,000 470,190 
China Communications Services Corp. Ltd. (H Shares) 226,000 134,337 
China Construction Bank Corp. (H Shares) 7,961,000 5,830,467 
China Cosco Holdings Co. Ltd. (H Shares) (a) 219,500 75,850 
China Everbright Bank Co. Ltd. (H Shares) 287,000 131,000 
China Galaxy Securities Co. Ltd. (H Shares) 289,000 275,006 
China Life Insurance Co. Ltd. (H Shares) 705,000 1,745,392 
China Longyuan Power Grid Corp. Ltd. (H Shares) 294,000 224,796 
China Merchants Bank Co. Ltd. (H Shares) 370,251 903,243 
China Minsheng Banking Corp. Ltd. (H Shares) 562,500 641,879 
China National Building Materials Co. Ltd. (H Shares) 280,000 128,166 
China Oilfield Services Ltd. (H Shares) 164,000 158,596 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 249,600 902,744 
China Petroleum & Chemical Corp. (H Shares) 2,416,000 1,747,254 
China Railway Construction Corp. Ltd. (H Shares) 182,500 228,727 
China Railway Group Ltd. (H Shares) 376,000 290,888 
China Shenhua Energy Co. Ltd. (H Shares) 324,500 675,314 
China Shipping Container Lines Co. Ltd. (H Shares) (a) 320,000 67,255 
China Southern Airlines Ltd. (H Shares) 178,000 100,068 
China Telecom Corp. Ltd. (H Shares) 1,322,000 683,539 
China Vanke Co. Ltd. (H Shares) 120,900 316,453 
Chongqing Changan Automobile Co. Ltd. (B Shares) 80,900 123,610 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 231,000 138,501 
CITIC Securities Co. Ltd. (H Shares) 207,000 459,078 
CRRC Corp. Ltd. (H Shares) 400,950 363,957 
Dongfeng Motor Group Co. Ltd. (H Shares) 252,000 262,217 
GF Securities Co. Ltd. (H Shares) 127,600 283,974 
Great Wall Motor Co. Ltd. (H Shares) 302,000 294,775 
Guangzhou Automobile Group Co. Ltd. (H Shares) 194,000 234,635 
Guangzhou R&F Properties Co. Ltd. (H Shares) 96,400 136,231 
Haitong Securities Co. Ltd. (H Shares) 292,400 518,780 
Huadian Power International Corp. Ltd. (H Shares) 150,000 64,405 
Huaneng Power International, Inc. (H Shares) 396,000 243,413 
Huaneng Renewables Corp. Ltd. (H Shares) 384,000 129,229 
Huatai Securities Co. Ltd. (H Shares) 133,400 282,090 
Industrial & Commercial Bank of China Ltd. (H Shares) 6,980,000 4,189,673 
Jiangsu Expressway Co. Ltd. (H Shares) 110,000 149,777 
Jiangxi Copper Co. Ltd. (H Shares) 116,000 137,006 
New China Life Insurance Co. Ltd. (H Shares) 72,000 311,931 
People's Insurance Co. of China Group (H Shares) 635,000 252,999 
PetroChina Co. Ltd. (H Shares) 1,998,000 1,367,102 
PICC Property & Casualty Co. Ltd. (H Shares) 437,289 708,183 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 493,000 2,603,084 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 176,000 114,829 
Shanghai Electric Group Co. Ltd. (H Shares) (a) 274,000 126,833 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 41,500 127,622 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 77,040 119,797 
Shanghai Pharma Holding Co. Ltd. (H Shares) 65,200 168,138 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 120,500 106,586 
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) 331,000 169,009 
Sinopharm Group Co. Ltd. (H Shares) 113,600 552,946 
Sinotrans Ltd. (H Shares) 189,000 89,193 
TravelSky Technology Ltd. (H Shares) 86,000 183,853 
Tsingtao Brewery Co. Ltd. (H Shares) 34,000 135,903 
Weichai Power Co. Ltd. (H Shares) 93,800 141,748 
Yanzhou Coal Mining Co. Ltd. (H Shares) 176,000 130,487 
Zhejiang Expressway Co. Ltd. (H Shares) 136,000 142,566 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 51,000 247,255 
Zijin Mining Group Co. Ltd. (H Shares) 542,000 170,520 
ZTE Corp. (H Shares) 67,280 92,650 
TOTAL CHINA  39,282,098 
Colombia - 0.1%   
Cementos Argos SA 45,234 179,024 
Corporacion Financiera Colombiana SA 9,035 112,022 
Ecopetrol SA (a) 457,528 199,337 
Grupo de Inversiones Suramerica SA 22,912 295,508 
Interconexion Electrica SA ESP 36,781 122,205 
Inversiones Argos SA 27,173 176,226 
TOTAL COLOMBIA  1,084,322 
Czech Republic - 0.0%   
Ceske Energeticke Zavody A/S 14,945 281,667 
Komercni Banka A/S 6,997 256,297 
Telefonica Czech Rep A/S 5,490 50,374 
TOTAL CZECH REPUBLIC  588,338 
Denmark - 1.1%   
A.P. Moller - Maersk A/S:   
Series A 367 537,030 
Series B 599 918,795 
Carlsberg A/S Series B 10,119 912,469 
Christian Hansen Holding A/S 9,223 552,362 
Coloplast A/S Series B 11,298 787,049 
Danske Bank A/S 65,028 2,007,712 
DSV de Sammensluttede Vognmaend A/S 17,993 872,060 
Genmab A/S (a) 5,380 887,694 
ISS Holdings A/S 15,973 628,001 
Novo Nordisk A/S Series B 180,831 6,442,196 
Novozymes A/S Series B 21,828 810,843 
Pandora A/S 10,526 1,370,160 
TDC A/S 78,381 432,519 
Tryg A/S 10,775 210,545 
Vestas Wind Systems A/S 20,933 1,679,076 
William Demant Holding A/S (a) 11,176 208,154 
TOTAL DENMARK  19,256,665 
Egypt - 0.0%   
Commercial International Bank SAE 65,566 378,779 
Commercial International Bank SAE sponsored GDR 32,171 142,196 
Global Telecom Holding (a) 149,355 80,228 
Global Telecom Holding GDR (a) 22,500 46,125 
Talaat Moustafa Group Holding 80,236 51,503 
TOTAL EGYPT  698,831 
Finland - 0.6%   
Elisa Corp. (A Shares) 13,615 458,838 
Fortum Corp. 42,333 705,895 
Kone Oyj (B Shares) 31,765 1,462,100 
Metso Corp. 10,916 286,395 
Neste Oyj 12,179 525,822 
Nokia Corp. 551,851 2,463,772 
Nokian Tyres PLC 10,582 355,113 
Orion Oyj (B Shares) 9,536 406,059 
Sampo Oyj (A Shares) 42,199 1,933,306 
Stora Enso Oyj (R Shares) 53,099 502,163 
UPM-Kymmene Corp. 50,386 1,172,598 
Wartsila Corp. 14,149 611,963 
TOTAL FINLAND  10,884,024 
France - 6.1%   
Accor SA 16,573 629,205 
Aeroports de Paris 2,802 283,013 
Air Liquide SA 29,331 2,980,400 
Alstom SA (a) 15,649 420,363 
Arkema SA 6,519 618,155 
Atos Origin SA 8,346 866,892 
AXA SA 183,716 4,145,059 
BIC SA 2,658 368,521 
BNP Paribas SA 100,208 5,812,576 
Bollore Group 84,702 278,945 
Bollore Group (a) 491 1,779 
Bouygues SA 19,766 644,543 
Bureau Veritas SA 25,191 475,915 
Capgemini SA 15,456 1,280,656 
Carrefour SA 52,528 1,377,848 
Casino Guichard Perrachon SA 5,230 260,250 
Christian Dior SA 5,169 997,253 
CNP Assurances 15,841 274,493 
Compagnie de St. Gobain 46,769 2,076,473 
Credit Agricole SA 100,094 1,080,322 
Danone SA 55,802 3,870,333 
Dassault Systemes SA 12,165 963,367 
Edenred SA 19,349 448,278 
EDF SA (a) 5,248 58,820 
EDF SA (b) 17,622 197,508 
Eiffage SA 5,609 415,247 
Engie 138,542 1,997,630 
Essilor International SA 19,455 2,186,929 
Eurazeo SA 3,775 217,270 
Eutelsat Communications 16,825 352,770 
Fonciere des Regions 3,300 288,466 
Gecina SA 3,830 558,342 
Groupe Eurotunnel SA 45,096 422,320 
Hermes International SCA 2,496 1,011,328 
ICADE 3,382 243,100 
Iliad SA 2,511 526,758 
Imerys SA 3,288 228,692 
Ingenico SA 5,076 401,754 
JCDecaux SA 6,931 211,935 
Kering SA 7,169 1,590,087 
Klepierre SA 20,790 850,470 
L'Oreal SA 5,097 912,303 
L'Oreal SA 18,827 3,369,810 
Lagardere S.C.A. (Reg.) 10,947 278,796 
Legrand SA 25,216 1,425,288 
LVMH Moet Hennessy - Louis Vuitton SA 26,381 4,802,957 
Michelin CGDE Series B 17,184 1,860,530 
Natixis SA 86,650 438,028 
Orange SA 187,947 2,957,095 
Pernod Ricard SA 20,082 2,388,577 
Peugeot Citroen SA (a) 46,223 692,365 
Publicis Groupe SA 17,909 1,228,725 
Remy Cointreau SA 2,028 164,519 
Renault SA 18,194 1,580,022 
Rexel SA 28,350 393,217 
Safran SA 29,601 2,035,130 
Sanofi SA 109,525 8,523,106 
Schneider Electric SA 52,848 3,554,034 
SCOR SE 15,600 505,184 
SFR Group SA 10,736 289,215 
Societe Generale Series A 72,599 2,831,906 
Sodexo SA (a) 512 59,465 
Sodexo SA (a) 1,068 124,040 
Sodexo SA (a) 1,000 116,142 
Sodexo SA 6,296 731,230 
Suez Environnement SA 30,450 482,177 
Technip SA 10,475 694,765 
Thales SA 9,987 940,316 
Total SA 210,921 10,104,150 
Unibail-Rodamco 9,363 2,222,449 
Valeo SA 22,546 1,299,368 
Veolia Environnement SA 42,849 936,139 
VINCI SA 47,718 3,456,193 
Vivendi SA 110,017 2,226,804 
Wendel SA 2,667 306,823 
Zodiac Aerospace 19,564 476,131 
TOTAL FRANCE  106,321,064 
Germany - 5.7%   
adidas AG 17,786 2,922,133 
Allianz SE 43,203 6,744,173 
Axel Springer Verlag AG 4,278 214,216 
BASF AG 86,851 7,655,857 
Bayer AG 78,216 7,766,042 
Bayerische Motoren Werke AG (BMW) 31,190 2,717,535 
Beiersdorf AG 9,574 842,891 
Brenntag AG 14,670 784,184 
Commerzbank AG 101,844 691,702 
Continental AG 10,401 1,992,959 
Covestro AG 6,556 387,478 
Daimler AG (Germany) 91,033 6,486,552 
Deutsche Bank AG (a) 130,556 1,885,346 
Deutsche Borse AG (a) 18,255 1,420,395 
Deutsche Lufthansa AG 21,657 276,848 
Deutsche Post AG 91,644 2,840,000 
Deutsche Telekom AG 304,904 4,974,578 
Deutsche Wohnen AG (Bearer) 31,942 1,042,112 
E.ON AG 189,659 1,389,098 
Evonik Industries AG 15,567 486,344 
Fraport AG Frankfurt Airport Services Worldwide 3,882 230,417 
Fresenius Medical Care AG & Co. KGaA 20,773 1,692,047 
Fresenius SE & Co. KGaA 38,770 2,861,719 
GEA Group AG 17,258 667,337 
Hannover Reuck SE 5,782 644,557 
HeidelbergCement Finance AG 13,309 1,258,794 
Henkel AG & Co. KGaA 9,839 1,083,316 
Hochtief AG 1,916 261,544 
Hugo Boss AG 6,190 388,746 
Infineon Technologies AG 106,887 1,922,393 
Innogy SE 13,000 516,244 
K&S AG (b) 18,458 373,434 
Lanxess AG 8,810 564,120 
Linde AG 17,574 2,899,566 
MAN SE 3,265 333,900 
Merck KGaA 12,213 1,255,683 
Metro AG 16,994 509,099 
Muenchener Rueckversicherungs AG 15,216 2,954,330 
OSRAM Licht AG 8,314 471,394 
ProSiebenSat.1 Media AG 20,775 895,364 
RWE AG (a) 46,561 739,084 
SAP AG 92,873 8,182,058 
Schaeffler AG 15,588 235,800 
Siemens AG 72,307 8,215,335 
Symrise AG 11,714 803,819 
Telefonica Deutschland Holding AG 68,781 266,606 
Thyssenkrupp AG 34,879 807,503 
TUI AG 37,866 480,629 
TUI AG 10,000 127,119 
United Internet AG 11,729 481,415 
Volkswagen AG 3,022 451,742 
Vonovia SE 44,110 1,553,612 
Zalando SE (a) 8,423 369,761 
TOTAL GERMANY  98,018,930 
Greece - 0.1%   
Alpha Bank AE (a) 130,163 222,903 
EFG Eurobank Ergasias SA (a) 163,837 96,401 
Ff Group (a) 3,532 84,602 
Greek Organization of Football Prognostics SA 20,145 171,827 
Hellenic Telecommunications Organization SA 24,412 223,766 
Jumbo SA 9,752 138,633 
National Bank of Greece SA (a) 482,560 98,693 
Piraeus Bank SA (a) 578,940 95,965 
Titan Cement Co. SA (Reg.) 4,510 104,810 
TOTAL GREECE  1,237,600 
Hong Kong - 2.6%   
AIA Group Ltd. 1,138,600 7,186,398 
Bank of East Asia Ltd. 116,067 467,677 
Beijing Enterprises Holdings Ltd. 47,500 237,636 
BOC Hong Kong (Holdings) Ltd. 349,500 1,248,287 
Cathay Pacific Airways Ltd. 112,000 147,590 
China Everbright International Ltd. 231,000 277,002 
China Everbright Ltd. 88,000 172,470 
China Jinmao Holdings Group Ltd. 388,000 107,061 
China Merchants Holdings International Co. Ltd. 122,238 316,803 
China Mobile Ltd. 581,000 6,656,165 
China Overseas Land and Investment Ltd. 374,000 1,154,954 
China Power International Development Ltd. 292,000 106,551 
China Resources Beer Holdings Co. Ltd. 165,162 351,384 
China Resources Power Holdings Co. Ltd. 178,523 303,387 
China Taiping Insurance Group Ltd. (a) 157,177 303,591 
China Unicom Ltd. 570,000 669,188 
CITIC Pacific Ltd. 406,000 583,175 
CLP Holdings Ltd. 155,500 1,581,957 
CNOOC Ltd. 1,691,000 2,127,742 
CSPC Pharmaceutical Group Ltd. 400,000 414,671 
Far East Horizon Ltd. 186,000 169,798 
Fosun International Ltd. 242,500 352,077 
Galaxy Entertainment Group Ltd. 222,000 911,696 
Guangdong Investment Ltd. 264,000 398,950 
Hang Lung Properties Ltd. 214,000 472,395 
Hang Seng Bank Ltd. 72,200 1,304,256 
Henderson Land Development Co. Ltd. 102,364 606,485 
HK Electric Investments & HK Electric Investments Ltd. unit 243,000 240,633 
HKT Trust/HKT Ltd. unit 249,860 343,432 
Hong Kong & China Gas Co. Ltd. 722,100 1,415,234 
Hong Kong Exchanges and Clearing Ltd. 109,258 2,893,617 
Hysan Development Co. Ltd. 59,020 272,439 
Lenovo Group Ltd. 690,000 443,063 
Link (REIT) 212,047 1,511,975 
MTR Corp. Ltd. 139,468 772,370 
New World Development Co. Ltd. 535,426 667,595 
PCCW Ltd. 381,913 227,507 
Power Assets Holdings Ltd. 131,500 1,236,911 
Shanghai Industrial Holdings Ltd. 47,000 143,929 
Sino Land Ltd. 285,460 485,855 
Sino-Ocean Group Holding Ltd. 286,091 119,150 
SJM Holdings Ltd. 187,000 129,480 
Sun Art Retail Group Ltd. 237,000 167,156 
Sun Hung Kai Properties Ltd. 136,781 2,042,310 
Swire Pacific Ltd. (A Shares) 52,000 540,748 
Swire Properties Ltd. 113,400 326,066 
Techtronic Industries Co. Ltd. 131,000 493,221 
Wharf Holdings Ltd. 129,000 969,718 
Wheelock and Co. Ltd. 75,000 463,217 
TOTAL HONG KONG  44,534,972 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 3,390 218,107 
OTP Bank PLC 22,120 621,331 
Richter Gedeon PLC 13,047 280,425 
TOTAL HUNGARY  1,119,863 
India - 1.9%   
ACC Ltd. 4,204 95,587 
Adani Ports & Special Economic Zone 75,599 347,931 
Ambuja Cements Ltd. 55,682 201,507 
Apollo Hospitals Enterprise Ltd. 7,627 153,214 
Ashok Leyland Ltd. (a) 107,867 145,940 
Asian Paints Ltd. 27,480 440,756 
Aurobindo Pharma Ltd. 23,976 291,786 
Axis Bank Ltd. 158,348 1,155,822 
Bajaj Auto Ltd. 8,084 345,160 
Bajaj Finance Ltd. 15,121 243,129 
Bharat Forge Ltd. 9,533 126,463 
Bharat Heavy Electricals Ltd. (a) 57,332 119,425 
Bharat Petroleum Corp. Ltd. 24,619 246,926 
Bharti Airtel Ltd. 95,639 457,151 
Bharti Infratel Ltd. 52,408 271,564 
Bosch Ltd. (a) 702 230,379 
Cadila Healthcare Ltd. 20,036 127,039 
Cairn India Ltd. 43,350 146,871 
Cipla Ltd. (a) 32,320 278,671 
Coal India Ltd. 67,057 326,512 
Container Corp. of India Ltd. 3,000 61,864 
Dabur India Ltd. 52,044 227,469 
Divi's Laboratories Ltd. 7,966 152,846 
Dr. Reddy's Laboratories Ltd. (a) 10,971 551,829 
Eicher Motors Ltd. 1,276 459,476 
GAIL India Ltd. 31,208 202,765 
GlaxoSmithKline Consumer Healthcare Ltd. 1,067 97,238 
Glenmark Pharmaceuticals Ltd. (a) 12,846 179,685 
Godrej Consumer Products Ltd. 11,002 265,395 
Havells India Ltd. 23,637 144,255 
HCL Technologies Ltd. 53,970 617,449 
Hero Motocorp Ltd. (a) 4,574 229,837 
Hindalco Industries Ltd. (a) 103,940 233,184 
Hindustan Unilever Ltd. 61,799 774,972 
Housing Development Finance Corp. Ltd. 142,249 2,967,792 
ICICI Bank Ltd. (a) 102,230 425,429 
Idea Cellular Ltd. (a) 118,128 134,942 
Indiabulls Housing Finance Ltd. 27,321 347,690 
Infosys Ltd. 171,563 2,563,461 
Infosys Ltd. sponsored ADR 2,400 36,624 
ITC Ltd. 320,904 1,169,496 
JSW Steel Ltd. (a) 7,690 191,237 
Larsen & Toubro Ltd. 30,290 672,365 
LIC Housing Finance Ltd. 27,555 240,725 
Lupin Ltd. 21,140 471,681 
Mahindra & Mahindra Financial Services Ltd. (a) 26,733 145,036 
Mahindra & Mahindra Ltd. 35,530 698,717 
Marico Ltd. 41,867 176,963 
Maruti Suzuki India Ltd. (a) 10,042 884,610 
Motherson Sumi Systems Ltd. 38,021 188,779 
Nestle India Ltd. 2,147 224,845 
NTPC Ltd. 160,371 366,034 
Oil & Natural Gas Corp. Ltd. 80,683 347,017 
Piramal Enterprises Ltd. 7,257 193,067 
Power Finance Corp. Ltd. 53,914 100,303 
Reliance Industries Ltd. 122,876 1,943,290 
Shree Cement Ltd. 775 194,248 
Shriram Transport Finance Co. Ltd. 13,563 219,552 
Siemens India Ltd. (a) 6,797 120,614 
State Bank of India 144,430 558,619 
Sun Pharmaceutical Industries Ltd. 91,582 1,020,637 
Tata Consultancy Services Ltd. 44,816 1,611,565 
Tata Motors Ltd. (a) 143,823 1,157,821 
Tata Motors Ltd. Class A (a) 45,929 240,092 
Tata Power Co. Ltd. 106,776 125,336 
Tata Steel Ltd. (a) 27,661 168,129 
Tech Mahindra Ltd. 20,407 133,277 
Titan Co. Ltd. 29,580 165,648 
Ultratech Cemco Ltd. (a) 3,308 197,507 
United Spirits Ltd. (a) 6,126 206,655 
UPL Ltd. (a) 34,167 357,418 
Vedanta Ltd. (a) 95,338 289,564 
Wipro Ltd. 59,885 416,229 
Yes Bank Ltd. (a) 28,914 551,488 
Zee Entertainment Enterprises Ltd. 55,341 431,699 
TOTAL INDIA  32,606,298 
Indonesia - 0.6%   
PT Adaro Energy Tbk 1,352,500 164,294 
PT AKR Corporindo Tbk 176,300 95,933 
PT Astra International Tbk 1,914,500 1,206,833 
PT Bank Central Asia Tbk 1,165,300 1,386,518 
PT Bank CIMB Niaga Tbk (a) 62,470 4,572 
PT Bank Danamon Indonesia Tbk Series A 286,500 84,756 
PT Bank Mandiri (Persero) Tbk 888,300 782,458 
PT Bank Negara Indonesia (Persero) Tbk 723,700 309,214 
PT Bank Rakyat Indonesia Tbk 1,051,800 983,443 
PT Bumi Serpong Damai Tbk 756,100 125,746 
PT Charoen Pokphand Indonesia Tbk 698,200 197,987 
PT Global Mediacom Tbk 534,800 34,839 
PT Gudang Garam Tbk 47,000 244,582 
PT Hanjaya Mandala Sampoerna Tbk 854,700 258,742 
PT Indocement Tunggal Prakarsa Tbk 139,700 176,124 
PT Indofood CBP Sukses Makmur Tbk 209,800 151,143 
PT Indofood Sukses Makmur Tbk 399,800 260,446 
PT Jasa Marga Tbk 175,200 60,826 
PT Kalbe Farma Tbk 2,038,800 271,882 
PT Lippo Karawaci Tbk 1,793,800 124,417 
PT Matahari Department Store Tbk 218,900 302,397 
PT Media Nusantara Citra Tbk 433,800 69,818 
PT Perusahaan Gas Negara Tbk Series B 1,019,600 200,044 
PT Semen Gresik (Persero) Tbk 290,800 219,526 
PT Summarecon Agung Tbk 983,300 124,344 
PT Surya Citra Media Tbk 569,600 115,684 
PT Telkomunikasi Indonesia Tbk Series B 4,765,200 1,541,167 
PT Tower Bersama Infrastructure Tbk 237,700 108,849 
PT Unilever Indonesia Tbk 145,300 495,265 
PT United Tractors Tbk 155,800 258,214 
PT Waskita Karya Persero Tbk 428,500 86,042 
PT XL Axiata Tbk (a) 313,600 52,876 
TOTAL INDONESIA  10,498,981 
Ireland - 0.4%   
Bank of Ireland (a) 2,617,094 560,218 
CRH PLC 77,537 2,517,166 
CRH PLC sponsored ADR 800 25,840 
DCC PLC (United Kingdom) 8,464 690,490 
James Hardie Industries PLC CDI 42,531 635,096 
Kerry Group PLC Class A 14,970 1,086,900 
Paddy Power PLC (Ireland) 7,556 782,181 
Ryanair Holdings PLC 5,681 78,735 
Ryanair Holdings PLC sponsored ADR 2,108 158,290 
TOTAL IRELAND  6,534,916 
Isle of Man - 0.0%   
Genting Singapore PLC 581,600 311,441 
New Europe Property Investments PLC 22,359 275,695 
TOTAL ISLE OF MAN  587,136 
Israel - 0.4%   
Azrieli Group 4,057 172,800 
Bank Hapoalim BM (Reg.) 99,264 572,871 
Bank Leumi le-Israel BM (a) 135,165 510,176 
Bezeq The Israel Telecommunication Corp. Ltd. 201,834 366,703 
Check Point Software Technologies Ltd. (a)(b) 12,186 1,030,448 
Israel Chemicals Ltd. 49,056 174,675 
Mizrahi Tefahot Bank Ltd. 13,008 169,538 
NICE Systems Ltd. 5,037 334,417 
NICE Systems Ltd. sponsored ADR 773 51,381 
Taro Pharmaceutical Industries Ltd. (a)(b) 1,438 145,971 
Teva Pharmaceutical Industries Ltd. sponsored ADR 86,421 3,693,634 
TOTAL ISRAEL  7,222,614 
Italy - 1.1%   
Assicurazioni Generali SpA 110,692 1,430,198 
Atlantia SpA 39,043 956,194 
Enel SpA 721,943 3,103,877 
Eni SpA 240,476 3,489,850 
EXOR SpA 10,239 435,095 
EXOR SpA rights (a) 10,239 0 
Intesa Sanpaolo SpA 1,197,940 2,777,629 
Intesa Sanpaolo SpA (Risparmio Shares) 90,837 196,242 
Leonardo-Finmeccanica SpA (a) 37,800 460,594 
Luxottica Group SpA 16,103 801,655 
Mediobanca SpA 54,069 396,190 
Poste Italiane SpA 48,465 322,673 
Prysmian SpA 18,049 449,167 
Saipem SpA (a) 566,916 233,375 
Snam Rete Gas SpA 231,793 1,221,873 
Telecom Italia SpA (a) 947,380 823,551 
Terna SpA 143,706 703,895 
UniCredit SpA 497,256 1,233,650 
Unione di Banche Italiane SCpA (b) 83,593 230,512 
Unipolsai SpA 102,827 196,408 
TOTAL ITALY  19,462,628 
Japan - 16.3%   
ABC-MART, Inc. 3,100 188,891 
ACOM Co. Ltd. (a) 36,000 166,149 
AEON Co. Ltd. 62,100 860,411 
AEON Financial Service Co. Ltd. 10,200 180,034 
AEON MALL Co. Ltd. 10,370 154,260 
Air Water, Inc. 13,800 258,840 
Aisin Seiki Co. Ltd. 18,100 796,524 
Ajinomoto Co., Inc. 52,600 1,171,926 
Alfresa Holdings Corp. 17,600 372,911 
All Nippon Airways Ltd. 114,000 320,900 
Alps Electric Co. Ltd. 17,600 422,924 
Amada Holdings Co. Ltd. 31,600 360,988 
Aozora Bank Ltd. 109,000 360,666 
Asahi Glass Co. Ltd. 96,000 672,833 
Asahi Group Holdings 36,600 1,309,112 
Asahi Kasei Corp. 120,000 1,084,543 
Ashikaga Holdings Co. Ltd. 86,540 308,629 
Asics Corp. 14,900 318,545 
Astellas Pharma, Inc. 199,700 2,963,920 
Bandai Namco Holdings, Inc. 18,900 567,703 
Bank of Kyoto Ltd. 28,000 205,855 
Benesse Holdings, Inc. 6,400 168,010 
Bridgestone Corp. 61,600 2,299,647 
Brother Industries Ltd. 22,100 406,723 
Calbee, Inc. 7,400 268,847 
Canon, Inc. 101,000 2,901,532 
Casio Computer Co. Ltd. 21,300 297,757 
Central Japan Railway Co. 13,600 2,316,811 
Chiba Bank Ltd. 65,000 402,880 
Chubu Electric Power Co., Inc. 61,400 904,284 
Chugai Pharmaceutical Co. Ltd. 21,300 727,129 
Chugoku Electric Power Co., Inc. 25,800 302,111 
Concordia Financial Group Ltd. (a) 111,800 519,395 
Credit Saison Co. Ltd. 14,400 249,360 
CYBERDYNE, Inc. (a)(b) 10,400 156,392 
Dai Nippon Printing Co. Ltd. 51,000 512,577 
Dai-ichi Mutual Life Insurance Co. 102,100 1,500,297 
Daicel Chemical Industries Ltd. 25,700 339,170 
Daiichi Sankyo Kabushiki Kaisha 57,100 1,375,366 
Daikin Industries Ltd. 22,200 2,133,842 
Dainippon Sumitomo Pharma Co. Ltd. 15,500 269,148 
Daito Trust Construction Co. Ltd. 6,700 1,122,843 
Daiwa House Industry Co. Ltd. 53,700 1,477,813 
Daiwa House REIT Investment Corp. 132 356,842 
Daiwa Securities Group, Inc. 158,000 945,710 
DENSO Corp. 46,000 2,002,384 
Dentsu, Inc. 20,500 1,024,316 
Don Quijote Holdings Co. Ltd. 11,400 434,281 
East Japan Railway Co. 31,600 2,789,370 
Eisai Co. Ltd. 23,900 1,526,482 
Electric Power Development Co. Ltd. 13,600 317,338 
FamilyMart Co. Ltd. 7,800 489,406 
Fanuc Corp. 18,500 3,387,119 
Fast Retailing Co. Ltd. 5,000 1,690,665 
Fuji Electric Co. Ltd. 52,000 260,322 
Fuji Heavy Industries Ltd. 58,200 2,272,059 
Fujifilm Holdings Corp. 41,500 1,573,019 
Fujitsu Ltd. 176,000 1,045,729 
Fukuoka Financial Group, Inc. 71,000 308,048 
GungHo Online Entertainment, Inc. (b) 37,700 95,625 
Hakuhodo DY Holdings, Inc. 19,900 239,665 
Hamamatsu Photonics K.K. 13,200 400,267 
Hankyu Hanshin Holdings, Inc. 22,900 759,912 
Hikari Tsushin, Inc. 2,000 183,847 
Hino Motors Ltd. 23,900 260,947 
Hirose Electric Co. Ltd. 2,965 392,431 
Hiroshima Bank Ltd. 47,000 201,678 
Hisamitsu Pharmaceutical Co., Inc. 5,700 304,920 
Hitachi Chemical Co. Ltd. 9,800 229,885 
Hitachi Construction Machinery Co. Ltd. 10,000 209,497 
Hitachi High-Technologies Corp. 6,300 263,426 
Hitachi Ltd. 457,000 2,436,869 
Hitachi Metals Ltd. 19,700 246,461 
Hokuriku Electric Power Co., Inc. 15,800 179,741 
Honda Motor Co. Ltd. 154,200 4,613,915 
Hoshizaki Corp. 4,700 424,869 
Hoya Corp. 38,300 1,601,464 
Hulic Co. Ltd. 27,400 261,537 
Idemitsu Kosan Co. Ltd. 8,300 191,612 
IHI Corp. 136,000 359,226 
Iida Group Holdings Co. Ltd. 13,600 263,130 
INPEX Corp. 90,100 846,787 
Isetan Mitsukoshi Holdings Ltd. 30,900 312,919 
Isuzu Motors Ltd. 56,600 701,361 
Itochu Corp. 141,900 1,797,598 
Iyo Bank Ltd. 23,500 144,760 
J. Front Retailing Co. Ltd. 22,300 307,696 
Japan Airlines Co. Ltd. 11,100 327,697 
Japan Airport Terminal Co. Ltd. (b) 4,700 180,838 
Japan Exchange Group, Inc. 49,500 737,756 
Japan Post Bank Co. Ltd. 37,700 445,052 
Japan Post Holdings Co. Ltd. 42,200 538,415 
Japan Prime Realty Investment Corp. 81 349,504 
Japan Real Estate Investment Corp. 125 723,515 
Japan Retail Fund Investment Corp. 237 537,640 
Japan Tobacco, Inc. 104,100 3,964,674 
JFE Holdings, Inc. 49,600 712,524 
JGC Corp. 19,900 352,762 
JSR Corp. 18,800 286,473 
JTEKT Corp. 20,800 308,420 
JX Holdings, Inc. 201,400 798,725 
Kajima Corp. 86,000 581,425 
Kakaku.com, Inc. 13,600 228,893 
Kamigumi Co. Ltd. 22,000 188,176 
Kaneka Corp. 27,000 223,992 
Kansai Electric Power Co., Inc. (a) 67,500 646,550 
Kansai Paint Co. Ltd. 20,300 437,475 
Kao Corp. 47,700 2,458,458 
Kawasaki Heavy Industries Ltd. 131,000 383,494 
KDDI Corp. 173,500 5,273,216 
Keihan Electric Railway Co., Ltd. 47,000 317,755 
Keihin Electric Express Railway Co. Ltd. 45,000 454,420 
Keio Corp. 55,000 456,279 
Keisei Electric Railway Co. 12,800 309,656 
Keyence Corp. 4,310 3,167,051 
Kikkoman Corp. 14,000 446,553 
Kintetsu Group Holdings Co. Ltd. 172,000 695,413 
Kirin Holdings Co. Ltd. 77,900 1,342,655 
Kobe Steel Ltd. 28,700 237,547 
Koito Manufacturing Co. Ltd. 10,500 548,679 
Komatsu Ltd. 87,300 1,943,220 
Konami Holdings Corp. 8,700 343,869 
Konica Minolta, Inc. 43,300 388,532 
Kose Corp. 2,800 256,050 
Kubota Corp. 100,200 1,619,042 
Kuraray Co. Ltd. 33,900 515,272 
Kurita Water Industries Ltd. 9,500 225,293 
Kyocera Corp. 30,400 1,481,301 
Kyowa Hakko Kirin Co., Ltd. 24,000 367,312 
Kyushu Electric Power Co., Inc. 39,400 358,045 
Kyushu Financial Group, Inc. 32,600 217,292 
Lawson, Inc. 6,300 479,394 
LIXIL Group Corp. 24,900 572,935 
M3, Inc. 18,600 567,560 
Mabuchi Motor Co. Ltd. 4,600 268,008 
Makita Corp. 10,600 734,834 
Marubeni Corp. 157,300 829,024 
Marui Group Co. Ltd. 19,700 277,081 
Maruichi Steel Tube Ltd. 5,300 171,074 
Mazda Motor Corp. 54,000 895,524 
McDonald's Holdings Co. (Japan) Ltd. 6,200 178,545 
Medipal Holdings Corp. 15,700 268,728 
Meiji Holdings Co. Ltd. 10,800 1,079,279 
Minebea Mitsumi, Inc. 31,400 321,575 
Miraca Holdings, Inc. 5,300 256,737 
Mitsubishi Chemical Holdings Corp. 128,700 848,019 
Mitsubishi Corp. 142,900 3,121,807 
Mitsubishi Electric Corp. 182,900 2,480,931 
Mitsubishi Estate Co. Ltd. 119,000 2,361,958 
Mitsubishi Gas Chemical Co., Inc. 16,900 260,744 
Mitsubishi Heavy Industries Ltd. 304,000 1,302,733 
Mitsubishi Logistics Corp. 11,000 149,366 
Mitsubishi Materials Corp. 10,400 298,999 
Mitsubishi Motors Corp. of Japan 64,000 357,013 
Mitsubishi Tanabe Pharma Corp. 21,500 419,462 
Mitsubishi UFJ Financial Group, Inc. 1,206,400 6,224,797 
Mitsubishi UFJ Lease & Finance Co. Ltd. 42,000 203,852 
Mitsui & Co. Ltd. 161,700 2,248,103 
Mitsui Chemicals, Inc. 85,000 419,853 
Mitsui Fudosan Co. Ltd. 85,000 1,937,566 
Mitsui OSK Lines Ltd. 106,000 265,834 
mixi, Inc. 4,400 162,163 
Mizuho Financial Group, Inc. 2,250,800 3,789,791 
MS&AD Insurance Group Holdings, Inc. 48,000 1,428,969 
Murata Manufacturing Co. Ltd. 18,100 2,531,963 
Nabtesco Corp. 11,000 329,360 
Nagoya Railroad Co. Ltd. 89,000 470,163 
NEC Corp. 250,000 669,877 
New Hampshire Foods Ltd. 17,000 407,533 
Nexon Co. Ltd. 16,200 276,514 
NGK Insulators Ltd. 24,500 450,424 
NGK Spark Plug Co. Ltd. 17,400 344,449 
NHK Spring Co. Ltd. 19,600 185,029 
Nidec Corp. 22,600 2,191,685 
Nikon Corp. 32,600 493,337 
Nintendo Co. Ltd. 10,700 2,579,344 
Nippon Building Fund, Inc. 134 796,052 
Nippon Electric Glass Co. Ltd. 42,000 228,683 
Nippon Express Co. Ltd. 78,000 386,021 
Nippon Paint Holdings Co. Ltd. 15,200 518,890 
Nippon Prologis REIT, Inc. 145 328,106 
Nippon Steel & Sumitomo Metal Corp. 76,570 1,517,600 
Nippon Telegraph & Telephone Corp. 65,400 2,899,629 
Nippon Yusen KK 149,000 305,473 
Nissan Motor Co. Ltd. 233,900 2,379,344 
Nisshin Seifun Group, Inc. 18,595 274,483 
Nissin Food Holdings Co. Ltd. 5,600 324,669 
Nitori Holdings Co. Ltd. 7,600 910,956 
Nitto Denko Corp. 15,600 1,089,784 
NKSJ Holdings, Inc. 33,450 1,085,761 
NOK Corp. 9,000 202,279 
Nomura Holdings, Inc. 343,900 1,722,573 
Nomura Real Estate Holdings, Inc. 11,800 199,949 
Nomura Real Estate Master Fund, Inc. 380 616,001 
Nomura Research Institute Ltd. 11,520 400,404 
NSK Ltd. 42,600 473,649 
NTT Data Corp. 11,800 609,860 
NTT DOCOMO, Inc. 131,000 3,289,935 
NTT Urban Development Co. 11,300 103,873 
Obayashi Corp. 60,500 584,405 
OBIC Co. Ltd. 6,300 328,006 
Odakyu Electric Railway Co. Ltd. 27,600 564,528 
Oji Holdings Corp. 75,000 318,251 
Olympus Corp. 27,600 986,936 
OMRON Corp. 18,500 710,928 
Ono Pharmaceutical Co. Ltd. 39,000 991,828 
Oracle Corp. Japan 3,600 196,357 
Oriental Land Co. Ltd. 20,600 1,205,513 
ORIX Corp. 125,400 1,991,549 
Osaka Gas Co. Ltd. 179,000 745,392 
Otsuka Corp. 4,800 228,855 
Otsuka Holdings Co. Ltd. 37,000 1,621,903 
Panasonic Corp. 209,100 2,157,046 
Park24 Co. Ltd. 9,900 306,336 
Pola Orbis Holdings, Inc. 2,100 175,017 
Rakuten, Inc. 88,000 1,017,450 
Recruit Holdings Co. Ltd. 34,800 1,400,362 
Resona Holdings, Inc. 209,300 930,045 
Ricoh Co. Ltd. 62,600 510,972 
Rinnai Corp. 3,300 317,822 
ROHM Co. Ltd. 8,300 437,675 
Ryohin Keikaku Co. Ltd. 2,300 492,152 
Sankyo Co. Ltd. (Gunma) 4,200 148,183 
Santen Pharmaceutical Co. Ltd. 34,900 510,504 
SBI Holdings, Inc. Japan 19,930 237,556 
Secom Co. Ltd. 19,900 1,438,941 
Sega Sammy Holdings, Inc. 17,300 255,863 
Seibu Holdings, Inc. 16,000 277,067 
Seiko Epson Corp. 26,600 541,030 
Sekisui Chemical Co. Ltd. 38,000 599,695 
Sekisui House Ltd. 57,300 948,808 
Seven & i Holdings Co. Ltd. 71,300 2,979,955 
Seven Bank Ltd. 55,800 171,864 
Sharp Corp. (a)(b) 141,000 244,647 
Shikoku Electric Power Co., Inc. 15,300 144,144 
Shimadzu Corp. 22,000 320,759 
Shimamura Co. Ltd. 2,100 269,333 
SHIMANO, Inc. 7,000 1,198,818 
SHIMIZU Corp. 53,000 472,032 
Shin-Etsu Chemical Co. Ltd. 36,800 2,797,109 
Shinsei Bank Ltd. 169,000 273,958 
Shionogi & Co. Ltd. 28,300 1,397,324 
Shiseido Co. Ltd. 36,000 929,608 
Shizuoka Bank Ltd. 52,000 439,821 
Showa Shell Sekiyu K.K. 17,800 166,509 
SMC Corp. 5,400 1,570,001 
SoftBank Corp. 90,900 5,724,984 
Sohgo Security Services Co., Ltd. 6,900 315,162 
Sony Corp. 119,400 3,763,279 
Sony Financial Holdings, Inc. 16,300 229,415 
Stanley Electric Co. Ltd. 14,200 391,729 
Start Today Co. Ltd. 16,400 288,372 
Sumitomo Chemical Co. Ltd. 150,000 712,310 
Sumitomo Corp. 112,800 1,300,959 
Sumitomo Electric Industries Ltd. 71,500 1,059,853 
Sumitomo Heavy Industries Ltd. 51,000 269,419 
Sumitomo Metal Mining Co. Ltd. 46,000 596,329 
Sumitomo Mitsui Financial Group, Inc. 127,100 4,406,772 
Sumitomo Mitsui Trust Holdings, Inc. 31,400 1,059,523 
Sumitomo Realty & Development Co. Ltd. 34,000 895,795 
Sumitomo Rubber Industries Ltd. 16,200 271,571 
Sundrug Co. Ltd. 3,500 276,008 
Suntory Beverage & Food Ltd. 13,400 587,136 
Suzuken Co. Ltd. 7,230 232,681 
Suzuki Motor Corp. 32,500 1,155,955 
Sysmex Corp. 14,800 1,028,817 
T&D Holdings, Inc. 55,600 673,859 
Taiheiyo Cement Corp. 117,000 335,816 
Taisei Corp. 100,000 751,407 
Taisho Pharmaceutical Holdings Co. Ltd. 3,500 342,090 
Taiyo Nippon Sanso Corp. 11,700 123,281 
Takashimaya Co. Ltd. 28,000 228,817 
Takeda Pharmaceutical Co. Ltd. 67,300 3,016,211 
TDK Corp. 11,700 809,974 
Teijin Ltd. 18,100 350,885 
Terumo Corp. 32,400 1,255,898 
The Chugoku Bank Ltd. 15,700 211,090 
The Hachijuni Bank Ltd. 38,200 208,721 
The Suruga Bank Ltd. 16,300 398,679 
THK Co. Ltd. 11,200 237,094 
Tobu Railway Co. Ltd. 90,000 442,834 
Toho Co. Ltd. 10,700 321,908 
Toho Gas Co. Ltd. 36,000 334,014 
Tohoku Electric Power Co., Inc. 42,100 515,863 
Tokio Marine Holdings, Inc. 64,500 2,551,831 
Tokyo Electric Power Co., Inc. (a) 134,400 522,887 
Tokyo Electron Ltd. 14,800 1,339,014 
Tokyo Gas Co. Ltd. 194,000 880,927 
Tokyo Tatemono Co. Ltd. 19,400 247,148 
Tokyu Corp. 101,000 757,957 
Tokyu Fudosan Holdings Corp. 47,300 267,464 
TonenGeneral Sekiyu K.K. 27,000 266,730 
Toppan Printing Co. Ltd. 50,000 471,059 
Toray Industries, Inc. 139,000 1,297,351 
Toshiba Corp. (a) 381,000 1,384,199 
Toto Ltd. 13,500 540,669 
Toyo Seikan Group Holdings Ltd. 14,900 275,637 
Toyo Suisan Kaisha Ltd. 8,200 332,707 
Toyoda Gosei Co. Ltd. 6,300 144,239 
Toyota Industries Corp. 15,500 711,667 
Toyota Motor Corp. 252,582 14,651,464 
Toyota Tsusho Corp. 20,300 480,642 
Trend Micro, Inc. 10,800 381,043 
Tsuruha Holdings, Inc. 3,400 392,944 
Unicharm Corp. 38,200 910,105 
United Urban Investment Corp. 281 474,005 
USS Co. Ltd. 20,300 344,173 
West Japan Railway Co. 15,600 962,746 
Yahoo! Japan Corp. 137,100 526,855 
Yakult Honsha Co. Ltd. 8,600 401,831 
Yamada Denki Co. Ltd. 57,800 299,279 
Yamaguchi Financial Group, Inc. 18,000 198,760 
Yamaha Corp. 16,000 572,900 
Yamaha Motor Co. Ltd. 26,200 583,360 
Yamato Holdings Co. Ltd. 33,200 758,215 
Yamazaki Baking Co. Ltd. 12,200 274,084 
Yaskawa Electric Corp. 23,500 375,794 
Yokogawa Electric Corp. 22,300 314,076 
Yokohama Rubber Co. Ltd. 10,300 179,148 
TOTAL JAPAN  282,256,730 
Korea (South) - 3.0%   
AMOREPACIFIC Corp. 3,047 956,388 
AMOREPACIFIC Group, Inc. 2,581 333,977 
BGFretail Co. Ltd. 936 142,394 
BS Financial Group, Inc. 24,770 201,191 
Celltrion, Inc. 7,229 671,227 
Cheil Industries, Inc. 7,198 1,016,369 
Cheil Worldwide, Inc. 6,018 89,184 
CJ CheilJedang Corp. 739 225,818 
CJ Corp. 1,351 206,119 
CJ E&M Corp. 1,804 110,251 
Coway Co. Ltd. 4,990 390,909 
Daelim Industrial Co. 2,617 186,936 
Daewoo Engineering & Construction Co. Ltd. (a) 12,550 69,457 
DGB Financial Group Co. Ltd. 16,184 135,839 
Dong Suh Companies, Inc. 2,984 70,833 
Dongbu Insurance Co. Ltd. 4,850 301,494 
Doosan Heavy Industries & Construction Co. Ltd. 4,123 94,446 
E-Mart Co. Ltd. 1,821 258,720 
GS Engineering & Construction Corp. (a) 4,839 113,385 
GS Holdings Corp. 4,794 214,183 
GS Retail Co. Ltd. 2,661 113,536 
Hana Financial Group, Inc. 28,112 806,181 
Hankook Tire Co. Ltd. 6,862 331,174 
Hanmi Pharm Co. Ltd. 490 155,086 
Hanmi Science Co. Ltd. 1,018 67,733 
Hanon Systems 17,557 164,248 
Hanssem Co. Ltd. 940 145,879 
Hanwha Chemical Corp. 10,458 247,333 
Hanwha Corp. 4,123 134,639 
Hanwha Life Insurance Co. Ltd. 21,089 115,240 
Hotel Shilla Co. 3,191 159,863 
Hyosung Corp. 1,954 228,927 
Hyundai Department Store Co. Ltd. 1,439 147,831 
Hyundai Engineering & Construction Co. Ltd. 6,685 242,266 
Hyundai Fire & Marine Insurance Co. Ltd. 5,815 179,724 
Hyundai Glovis Co. Ltd. 1,757 266,525 
Hyundai Heavy Industries Co. Ltd. (a) 3,882 493,839 
Hyundai Industrial Development & Construction Co. 5,288 224,233 
Hyundai Mobis 6,461 1,547,809 
Hyundai Motor Co. 13,654 1,671,302 
Hyundai Steel Co. 7,378 318,664 
Hyundai Wia Corp. 1,445 99,428 
Industrial Bank of Korea 23,611 272,493 
Kakao Corp. 2,867 191,509 
Kangwon Land, Inc. 11,446 379,780 
KB Financial Group, Inc. 37,735 1,397,434 
KCC Corp. 545 192,745 
KEPCO Plant Service & Engineering Co. Ltd. 2,155 103,440 
Kia Motors Corp. 25,096 893,030 
Korea Aerospace Industries Ltd. 5,405 306,223 
Korea Electric Power Corp. 24,409 1,056,407 
Korea Express Co. Ltd. (a) 601 105,618 
Korea Gas Corp. 2,686 108,849 
Korea Investment Holdings Co. Ltd. 3,405 122,356 
Korea Zinc Co. Ltd. 810 322,228 
Korean Air Lines Co. Ltd. (a) 3,577 100,077 
KT Corp. 2,367 66,801 
KT&G Corp. 11,079 1,094,576 
Kumho Petro Chemical Co. Ltd. 1,781 109,156 
LG Chemical Ltd. 4,402 948,711 
LG Corp. 9,094 487,397 
LG Display Co. Ltd. 21,673 518,418 
LG Electronics, Inc. 9,945 415,623 
LG Household & Health Care Ltd. 859 615,849 
LG Innotek Co. Ltd. 1,386 94,520 
LG Telecom Ltd. 20,279 209,216 
Lotte Chemical Corp. 1,426 359,693 
Lotte Chilsung Beverage Co. Ltd. 53 71,361 
Lotte Confectionery Co. Ltd. 495 83,095 
Lotte Shopping Co. Ltd. 1,032 206,174 
Mirae Asset Daewoo Co. Ltd. 17,442 118,186 
Mirae Asset Securities Co. Ltd. 7,482 148,167 
NAVER Corp. 2,653 1,987,857 
NCSOFT Corp. 1,617 373,941 
Oci Co. Ltd. (a) 1,596 126,284 
Orion Corp. 335 209,420 
Ottogi Corp. 103 59,256 
Paradise Co. Ltd. 4,067 46,226 
POSCO 6,619 1,377,828 
Posco Daewoo Corp. 3,885 84,748 
S-Oil Corp. 4,370 299,929 
S1 Corp. 1,800 145,573 
Samsung Card Co. Ltd. 3,339 140,712 
Samsung Electro-Mechanics Co. Ltd. 5,530 227,726 
Samsung Electronics Co. Ltd. 9,424 13,504,584 
Samsung Fire & Marine Insurance Co. Ltd. 3,159 805,110 
Samsung Heavy Industries Co. Ltd. 14,869 126,752 
Samsung Heavy Industries Co. Ltd. rights 11/8/16 (a) 8,182 18,456 
Samsung Life Insurance Co. Ltd. 6,689 646,235 
Samsung SDI Co. Ltd. 5,311 437,880 
Samsung SDS Co. Ltd. 3,356 453,333 
Samsung Securities Co. Ltd. 5,510 166,443 
Shinhan Financial Group Co. Ltd. 40,595 1,556,357 
Shinsegae Co. Ltd. 662 107,656 
SK C&C Co. Ltd. 4,353 850,615 
SK Energy Co. Ltd. 6,141 813,427 
SK Hynix, Inc. 55,129 1,976,200 
SK Networks Co. Ltd. 10,178 58,020 
SK Telecom Co. Ltd. 1,944 381,251 
Woori Bank 27,987 305,868 
Woori Investment & Securities Co. Ltd. 14,380 126,983 
Yuhan Corp. 746 136,970 
TOTAL KOREA (SOUTH)  52,301,352 
Luxembourg - 0.2%   
ArcelorMittal SA (Netherlands) (a) 174,166 1,176,833 
Millicom International Cellular SA (depository receipt) 6,456 283,839 
RTL Group SA 3,537 277,228 
SES SA (France) (depositary receipt) 34,613 796,025 
Tenaris SA 45,246 639,948 
TOTAL LUXEMBOURG  3,173,873 
Malaysia - 0.6%   
AirAsia Bhd 106,300 70,191 
Alliance Financial Group Bhd 81,200 77,232 
AMMB Holdings Bhd 160,600 160,791 
Astro Malaysia Holdings Bhd 141,200 95,928 
Axiata Group Bhd 252,001 295,553 
Berjaya Sports Toto Bhd 54,532 41,468 
British American Tobacco (Malaysia) Bhd 12,800 151,098 
Bumiputra-Commerce Holdings Bhd 406,330 487,209 
Dialog Group Bhd 291,622 107,751 
DiGi.com Bhd 334,200 400,721 
Felda Global Ventures Holdings Bhd 126,600 60,659 
Gamuda Bhd 151,000 176,737 
Gamuda Bhd warrants 3/6/21 (a) 14,250 4,416 
Genting Bhd 211,400 395,084 
Genting Malaysia Bhd 269,100 305,344 
Genting Plantations Bhd 17,400 45,626 
Hap Seng Consolidated Bhd 49,800 92,477 
Hartalega Holdings Bhd 61,200 71,485 
Hong Leong Bank Bhd 54,900 174,319 
Hong Leong Credit Bhd 22,500 84,315 
IHH Healthcare Bhd 301,300 459,671 
IJM Corp. Bhd 274,000 215,542 
IOI Corp. Bhd 233,700 250,691 
IOI Properties Group Sdn Bhd 141,600 82,698 
Kuala Lumpur Kepong Bhd 37,300 213,041 
Lafarge Malaysia Bhd 28,200 54,451 
Malayan Banking Bhd 383,528 722,258 
Malaysia Airports Holdings Bhd 70,502 111,425 
Maxis Bhd 171,700 243,941 
MISC Bhd 102,400 183,563 
Petronas Chemicals Group Bhd 222,000 370,441 
Petronas Dagangan Bhd 19,400 108,030 
Petronas Gas Bhd 61,600 323,051 
PPB Group Bhd 40,200 154,475 
Public Bank Bhd 253,400 1,199,648 
RHB Capital Bhd 73,874 85,056 
RHB Capital Bhd 46,292 0 
SapuraKencana Petroleum Bhd (a) 361,300 139,525 
Sime Darby Bhd 235,437 459,649 
Telekom Malaysia Bhd 98,226 153,134 
Tenaga Nasional Bhd 318,900 1,090,113 
UMW Holdings Bhd 46,900 66,633 
Westports Holdings Bhd 92,800 97,556 
YTL Corp. Bhd 392,826 148,890 
YTL Power International Bhd 191,450 69,826 
TOTAL MALAYSIA  10,301,712 
Malta - 0.0%   
Brait SA 31,685 210,524 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 652,000 180,428 
Mexico - 0.9%   
Alfa SA de CV Series A 260,700 395,305 
America Movil S.A.B. de CV Series L 3,008,000 1,992,496 
CEMEX S.A.B. de CV unit 1,324,117 1,146,106 
Coca-Cola FEMSA S.A.B. de CV Series L 47,500 356,809 
Compartamos S.A.B. de CV 92,600 182,741 
Controladora Comercial Mexicana S.A.B de C.V. (a) 21,100 19,235 
El Puerto de Liverpool S.A.B. de CV Class C 17,670 185,217 
Embotelladoras Arca S.A.B. de CV 38,900 242,073 
Fibra Uno Administracion SA de CV 248,600 474,419 
Fomento Economico Mexicano S.A.B. de CV unit 173,800 1,667,104 
Gruma S.A.B. de CV Series B 19,880 275,834 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 33,500 323,798 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 19,225 305,783 
Grupo Bimbo S.A.B. de CV Series A 159,500 429,615 
Grupo Carso SA de CV Series A1 53,200 232,210 
Grupo Comercial Chedraui S.A.B. de CV 29,100 64,910 
Grupo Financiero Banorte S.A.B. de CV Series O 236,200 1,391,007 
Grupo Financiero Inbursa S.A.B. de CV Series O 215,800 350,171 
Grupo Financiero Santander Mexico S.A.B. de CV 177,200 320,724 
Grupo Lala S.A.B. de CV 54,200 100,910 
Grupo Mexico SA de CV Series B 361,724 891,248 
Grupo Televisa SA de CV 231,500 1,139,067 
Industrias Penoles SA de CV 13,460 326,434 
Kimberly-Clark de Mexico SA de CV Series A 141,100 304,282 
Mexichem S.A.B. de CV 98,321 235,126 
OHL Mexico S.A.B. de CV (a) 77,100 90,802 
Promotora y Operadora de Infraestructura S.A.B. de CV 24,540 274,340 
Wal-Mart de Mexico SA de CV Series V 495,500 1,048,360 
TOTAL MEXICO  14,766,126 
Netherlands - 2.6%   
ABN AMRO Group NV GDR 22,542 520,274 
AEGON NV 169,221 732,041 
AerCap Holdings NV (a) 15,490 636,794 
Ahold Delhaize NV 121,165 2,765,920 
Airbus Group NV 55,321 3,284,956 
Akzo Nobel NV 23,457 1,516,155 
Altice NV:   
Class A (a) 34,916 643,928 
Class B (a) 10,514 195,690 
ASML Holding NV (Netherlands) 34,802 3,681,842 
CNH Industrial NV 97,176 755,259 
Ferrari NV 11,739 618,294 
Fiat Chrysler Automobiles NV 84,152 616,160 
Gemalto NV 7,666 416,854 
Heineken Holding NV 9,597 738,616 
Heineken NV (Bearer) 21,813 1,797,089 
ING Groep NV (Certificaten Van Aandelen) 366,786 4,814,807 
Koninklijke Boskalis Westminster NV 8,087 260,954 
Koninklijke DSM NV 17,155 1,103,173 
Koninklijke KPN NV 323,750 1,055,668 
Koninklijke Philips Electronics NV 88,012 2,651,992 
Mobileye NV (a)(b) 16,793 624,364 
NN Group NV 30,001 904,027 
NXP Semiconductors NV (a) 27,815 2,781,500 
OCI NV (a)(b) 8,294 115,175 
QIAGEN NV (Germany) (a) 20,590 504,153 
Randstad Holding NV 11,091 571,197 
RELX NV 94,233 1,589,007 
Steinhoff International Holdings NV (South Africa) 282,748 1,526,373 
STMicroelectronics NV 60,862 577,642 
Unilever NV (Certificaten Van Aandelen) (Bearer) 154,006 6,454,714 
Vopak NV 6,775 342,151 
Wolters Kluwer NV 28,585 1,106,273 
TOTAL NETHERLANDS  45,903,042 
New Zealand - 0.1%   
Auckland International Airport Ltd. 91,884 433,004 
Contact Energy Ltd. 65,403 222,156 
Fletcher Building Ltd. 65,694 487,160 
Mercury Nz Ltd. 67,362 146,920 
Meridian Energy Ltd. 118,570 217,909 
Ryman Healthcare Group Ltd. 34,960 221,999 
Spark New Zealand Ltd. 170,727 446,838 
TOTAL NEW ZEALAND  2,175,986 
Norway - 0.4%   
DNB ASA 92,449 1,337,108 
Gjensidige Forsikring ASA 18,788 336,769 
Marine Harvest ASA 36,679 665,588 
Norsk Hydro ASA 124,977 558,740 
Orkla ASA 77,122 728,219 
Schibsted ASA:   
(A Shares) 7,089 169,967 
(B Shares) 8,104 182,435 
Statoil ASA 105,524 1,722,786 
Telenor ASA 70,995 1,129,926 
Yara International ASA 17,215 608,396 
TOTAL NORWAY  7,439,934 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 130,559 661,446 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR 17,093 227,166 
Philippines - 0.3%   
Aboitiz Equity Ventures, Inc. 187,950 302,710 
Aboitiz Power Corp. 134,700 127,804 
Alliance Global Group, Inc. 173,900 51,205 
Ayala Corp. 22,390 386,038 
Ayala Land, Inc. 676,300 506,218 
Bank of the Philippine Islands (BPI) 63,191 131,916 
BDO Unibank, Inc. 149,373 347,913 
DMCI Holdings, Inc. 405,650 104,701 
Globe Telecom, Inc. 3,200 117,614 
GT Capital Holdings, Inc. 7,100 192,199 
International Container Terminal Services, Inc. 43,730 70,250 
JG Summit Holdings, Inc. 274,680 431,053 
Jollibee Food Corp. 39,970 196,427 
Megaworld Corp. 970,800 80,583 
Metro Pacific Investments Corp. 1,185,400 176,233 
Metropolitan Bank & Trust Co. 63,536 106,660 
Philippine Long Distance Telephone Co. 9,370 296,020 
PNOC Energy Development Corp. 840,100 102,347 
Robinsons Land Corp. 151,200 96,628 
Security Bank Corp. 35,420 161,194 
SM Investments Corp. 22,763 315,856 
SM Prime Holdings, Inc. 791,600 439,692 
Universal Robina Corp. 81,990 308,122 
TOTAL PHILIPPINES  5,049,383 
Poland - 0.2%   
Alior Bank SA (a) 8,759 105,267 
Bank Handlowy w Warszawie SA 3,460 68,534 
Bank Millennium SA (a) 53,962 79,363 
Bank Polska Kasa Opieki SA 15,173 468,156 
Bank Zachodni WBK SA 3,300 266,641 
BRE Bank SA (a) 1,407 126,884 
Cyfrowy Polsat SA (a) 18,727 115,610 
ENEA SA (a) 20,035 51,272 
Energa SA 15,329 31,414 
Eurocash SA 7,631 77,336 
Grupa Lotos SA (a) 7,846 68,016 
KGHM Polska Miedz SA (Bearer) 12,923 234,134 
LPP SA 123 184,347 
NG2 SA 2,360 119,767 
Polish Oil & Gas Co. SA 167,077 213,784 
Polska Grupa Energetyczna SA 79,202 207,329 
Polski Koncern Naftowy Orlen SA 30,802 610,819 
Powszechna Kasa Oszczednosci Bank SA 81,608 571,615 
Powszechny Zaklad Ubezpieczen SA 54,372 377,517 
Synthos SA (a) 48,983 59,180 
Tauron Polska Energia SA (a) 89,921 60,738 
Telekomunikacja Polska SA 55,311 78,950 
Zaklady Azotowe w Tarnowie-Moscicach SA 3,836 61,110 
TOTAL POLAND  4,237,783 
Portugal - 0.1%   
Banco Espirito Santo SA (Reg.) (a) 82,039 1 
Energias de Portugal SA 221,699 732,787 
Galp Energia SGPS SA Class B 43,127 584,682 
Jeronimo Martins SGPS SA 24,353 418,914 
TOTAL PORTUGAL  1,736,384 
Qatar - 0.2%   
Barwa Real Estate Co. (a) 8,276 72,611 
Commercial Bank of Qatar (a) 15,129 148,317 
Doha Bank (a) 12,399 123,937 
Ezdan Holding Group (a) 74,225 320,010 
Industries Qatar QSC (a) 14,583 408,471 
Masraf al Rayan (a) 33,709 320,284 
Qatar Electricity & Water Co.(a) 2,653 152,993 
Qatar Gas Transport Co. Ltd. (Nakilat) (a) 25,968 161,233 
Qatar Insurance Co. SAQ (a) 11,462 275,726 
Qatar Islamic Bank (a) 5,818 163,602 
Qatar National Bank SAQ 19,920 875,232 
Qatar Telecom (Qtel) Q.S.C. (a) 7,448 198,392 
Vodafone Qatar QSC (a) 28,451 82,113 
TOTAL QATAR  3,302,921 
Russia - 0.8%   
Alrosa Co. Ltd. (a) 236,601 330,638 
Gazprom OAO (a) 493,182 1,080,714 
Gazprom OAO sponsored ADR (Reg. S) 312,888 1,351,676 
Lukoil PJSC (a) 13,015 635,103 
Lukoil PJSC sponsored ADR 27,160 1,324,050 
Magnit OJSC GDR (Reg. S) 26,848 1,065,597 
MegaFon PJSC GDR 9,156 87,257 
MMC Norilsk Nickel PJSC (a) 2,066 304,485 
MMC Norilsk Nickel PJSC sponsored ADR 31,859 480,434 
Mobile TeleSystems OJSC sponsored ADR 47,839 368,839 
Moscow Exchange MICEX-RTS OAO (a) 127,675 235,026 
NOVATEK OAO GDR (Reg. S) 8,610 920,409 
PhosAgro OJSC GDR (Reg. S) 9,219 114,316 
Rosneft Oil Co. OJSC (a) 51,333 281,476 
Rosneft Oil Co. OJSC GDR (Reg. S) 60,215 328,172 
Rostelecom PJSC (a) 46,353 57,765 
Rostelecom PJSC sponsored ADR 6,231 45,922 
RusHydro PJSC (a) 4,100,000 51,404 
RusHydro PJSC ADR 71,112 86,757 
Sberbank of Russia (a) 434,304 1,010,907 
Sberbank of Russia sponsored ADR 145,963 1,385,189 
Severstal PAO (a) 5,253 73,441 
Severstal PAO GDR (Reg. S) 15,206 214,405 
Sistema JSFC sponsored GDR 16,022 119,684 
Surgutneftegas OJSC sponsored ADR 70,387 302,523 
Tatneft PAO (a) 60,911 341,056 
Tatneft PAO sponsored ADR 12,317 412,250 
VTB Bank OJSC (a) 194,868,334 208,235 
VTB Bank OJSC sponsored GDR (Reg. S) 142,761 298,942 
TOTAL RUSSIA  13,516,672 
Singapore - 0.8%   
Ascendas Real Estate Investment Trust 212,500 361,995 
CapitaCommercial Trust (REIT) 192,500 217,925 
CapitaLand Ltd. 246,300 547,038 
CapitaMall Trust 236,800 352,328 
City Developments Ltd. 37,900 231,282 
ComfortDelgro Corp. Ltd. 208,900 381,388 
DBS Group Holdings Ltd. 166,309 1,793,089 
Global Logistic Properties Ltd. 250,400 319,468 
Hutchison Port Holdings Trust 491,300 218,629 
Jardine Cycle & Carriage Ltd. 9,400 285,260 
Keppel Corp. Ltd. 135,300 513,484 
Oversea-Chinese Banking Corp. Ltd. 291,594 1,777,335 
Sembcorp Industries Ltd. 93,100 169,303 
Sembcorp Marine Ltd. 89,300 83,122 
Singapore Airlines Ltd. 50,100 364,789 
Singapore Exchange Ltd. 74,300 378,643 
Singapore Press Holdings Ltd. 154,300 412,576 
Singapore Technologies Engineering Ltd. 151,800 341,516 
Singapore Telecommunications Ltd. 753,500 2,101,405 
StarHub Ltd. 57,900 140,666 
Suntec (REIT) 232,600 280,875 
United Overseas Bank Ltd. 122,271 1,650,494 
UOL Group Ltd. 44,626 181,872 
Wilmar International Ltd. 185,300 440,858 
Yangzijiang Shipbuilding Holdings Ltd. 199,600 106,884 
TOTAL SINGAPORE  13,652,224 
South Africa - 1.5%   
Anglo American Platinum Ltd. (a) 5,010 118,037 
AngloGold Ashanti Ltd. (a) 37,989 517,246 
Aspen Pharmacare Holdings Ltd. 34,697 755,839 
Barclays Africa Group Ltd. 40,662 471,524 
Bidcorp Ltd. 31,251 551,028 
Bidvest Group Ltd. 30,652 380,566 
Capitec Bank Holdings Ltd. 3,714 188,678 
Coronation Fund Managers Ltd. 21,695 116,699 
Discovery Ltd. 35,049 299,523 
Exxaro Resources Ltd. 14,137 104,006 
FirstRand Ltd. 320,134 1,147,224 
Fortress Income Fund Ltd.:   
Class A 110,534 134,030 
Class B 58,563 139,244 
Foschini Ltd. 19,641 202,182 
Gold Fields Ltd. 79,439 327,628 
Growthpoint Properties Ltd. 199,924 372,752 
Hyprop Investments Ltd. 22,666 201,214 
Impala Platinum Holdings Ltd. (a) 57,173 229,816 
Imperial Holdings Ltd. 15,521 196,054 
Investec Ltd. 23,711 146,218 
Liberty Holdings Ltd. 10,387 89,320 
Life Healthcare Group Holdings Ltd. 88,608 236,573 
Massmart Holdings Ltd. 11,662 101,071 
MMI Holdings Ltd. 95,084 159,440 
Mondi Ltd. 10,948 213,946 
Mr Price Group Ltd. 22,232 253,453 
MTN Group Ltd. 157,384 1,359,379 
Naspers Ltd. Class N 41,435 6,944,578 
Nedbank Group Ltd. 18,417 301,174 
Netcare Ltd. 89,998 231,140 
Pick 'n Pay Stores Ltd. 34,564 169,158 
Pioneer Foods Ltd. 12,034 145,269 
PSG Group Ltd. 8,801 137,526 
Rand Merchant Insurance Holdings Ltd. 61,885 185,328 
Redefine Properties Ltd. 421,254 361,778 
Remgro Ltd. 50,567 840,049 
Resilient Property Income Fund Ltd. 27,261 225,569 
RMB Holdings Ltd. 65,838 290,622 
Sanlam Ltd. 131,393 636,903 
Sappi Ltd. (a) 50,440 280,560 
Sasol Ltd. 52,487 1,449,428 
Shoprite Holdings Ltd. 40,002 590,370 
Sibanye Gold Ltd. 68,045 189,285 
Spar Group Ltd. 17,044 241,432 
Standard Bank Group Ltd. 122,974 1,304,731 
Telkom SA Ltd. 23,235 107,199 
Tiger Brands Ltd. 15,752 448,574 
Truworths International Ltd. 41,128 217,936 
Tsogo Sun Holdings Ltd. 41,411 94,009 
Vodacom Group Ltd. 35,726 385,378 
Woolworths Holdings Ltd. 93,111 539,383 
TOTAL SOUTH AFRICA  25,330,069 
Spain - 2.1%   
Abertis Infraestructuras SA 60,889 904,023 
ACS Actividades de Construccion y Servicios SA 18,182 557,463 
Aena SA 6,392 938,499 
Amadeus IT Holding SA Class A 41,449 1,956,528 
Banco Bilbao Vizcaya Argentaria SA 622,528 4,481,384 
Banco de Sabadell SA 505,071 675,864 
Banco Popular Espanol SA (b) 322,143 353,279 
Banco Santander SA:   
rights 11/1/16 (a) 1,335,436 74,765 
(Spain) 1,365,622 6,691,587 
Bankia SA 433,481 381,635 
Bankinter SA 64,391 492,959 
CaixaBank SA 308,212 929,995 
Distribuidora Internacional de Alimentacion SA 57,648 308,632 
Enagas SA 21,085 605,269 
Endesa SA 30,313 644,392 
Ferrovial SA 45,909 893,280 
Ferrovial SA rights 11/14/16 (a) 45,909 19,655 
Gas Natural SDG SA 33,417 659,386 
Grifols SA 27,802 549,659 
Iberdrola SA 513,621 3,500,805 
Inditex SA 103,126 3,605,063 
International Consolidated Airlines Group SA 71,675 380,660 
International Consolidated Airlines Group SA CDI 3,400 18,078 
MAPFRE SA (Reg.) 99,758 296,442 
Red Electrica Corporacion SA 41,324 862,132 
Repsol YPF SA 104,925 1,470,291 
Telefonica SA 423,623 4,304,265 
Zardoya Otis SA 16,733 141,255 
TOTAL SPAIN  36,697,245 
Sweden - 1.8%   
Alfa Laval AB 27,120 389,738 
ASSA ABLOY AB (B Shares) 94,729 1,721,553 
Atlas Copco AB:   
(A Shares) (b) 63,448 1,861,541 
(B Shares) 36,896 964,868 
Boliden AB 26,130 605,505 
Electrolux AB (B Shares) 23,149 548,216 
Getinge AB (B Shares) 18,585 304,532 
H&M Hennes & Mauritz AB (B Shares) 89,835 2,527,313 
Hexagon AB (B Shares) 24,423 855,007 
Husqvarna AB (B Shares) 39,454 296,817 
ICA Gruppen AB 7,497 232,825 
Industrivarden AB (C Shares) 15,033 268,299 
Investor AB (B Shares) 42,971 1,527,653 
Kinnevik AB (B Shares) 21,886 553,441 
Lundin Petroleum AB (a) 18,154 326,614 
Nordea Bank AB 287,234 3,019,532 
Sandvik AB 100,596 1,143,826 
Securitas AB (B Shares) 29,926 462,533 
Skandinaviska Enskilda Banken AB (A Shares) 143,554 1,448,708 
Skanska AB (B Shares) 32,355 702,828 
SKF AB (B Shares) 37,973 643,664 
Svenska Cellulosa AB (SCA) (B Shares) 57,377 1,625,612 
Svenska Handelsbanken AB (A Shares) 143,208 1,952,373 
Swedbank AB (A Shares) 85,556 2,004,357 
Swedish Match Co. AB 18,111 630,225 
Tele2 AB:   
rights 11/16/16 (a) 30,117 9,024 
(B Shares) (b) 30,117 248,915 
Telefonaktiebolaget LM Ericsson (B Shares) 290,340 1,408,399 
TeliaSonera AB 245,691 981,986 
Volvo AB (B Shares) 145,571 1,563,347 
TOTAL SWEDEN  30,829,251 
Switzerland - 5.7%   
ABB Ltd. (Reg.) 185,908 3,835,362 
Actelion Ltd. 9,737 1,407,095 
Adecco SA (Reg.) 15,743 936,259 
Aryzta AG 8,334 366,189 
Baloise Holdings AG 4,666 574,320 
Barry Callebaut AG 203 252,737 
Coca-Cola HBC AG 17,519 378,688 
Compagnie Financiere Richemont SA Series A 49,425 3,177,529 
Credit Suisse Group AG 176,076 2,456,749 
Dufry AG (a) 4,278 520,511 
Ems-Chemie Holding AG 757 380,011 
Galenica AG 361 361,894 
Geberit AG (Reg.) 3,573 1,511,814 
Givaudan SA 874 1,691,385 
Julius Baer Group Ltd. 21,230 859,424 
Kuehne & Nagel International AG 5,227 708,871 
Lafargeholcim Ltd. (Reg.) 43,086 2,301,142 
Lindt & Spruengli AG 10 620,484 
Lindt & Spruengli AG (participation certificate) 92 477,874 
Lonza Group AG 5,028 949,149 
Nestle SA (Reg. S) 301,486 21,861,922 
Novartis AG 211,188 14,987,502 
Pargesa Holding SA 3,290 220,929 
Partners Group Holding AG 1,644 832,342 
Roche Holding AG (participation certificate) 66,442 15,260,512 
Schindler Holding AG:   
(participation certificate) 4,198 780,165 
(Reg.) 1,918 354,701 
SGS SA (Reg.) 519 1,052,109 
Sika AG 203 975,664 
Sonova Holding AG Class B 5,088 682,308 
Swatch Group AG (Bearer) (b) 2,928 880,871 
Swatch Group AG (Bearer) (Reg.) 4,681 269,871 
Swiss Life Holding AG 3,044 805,950 
Swiss Prime Site AG 6,748 559,520 
Swiss Re Ltd. 31,556 2,930,621 
Swisscom AG 2,458 1,124,487 
Syngenta AG (Switzerland) 8,790 3,517,458 
UBS Group AG 346,068 4,896,116 
Zurich Insurance Group AG 14,227 3,722,268 
TOTAL SWITZERLAND  99,482,803 
Taiwan - 2.7%   
Acer, Inc. 258,288 118,787 
Advanced Semiconductor Engineering, Inc. 603,916 710,242 
Advantech Co. Ltd. 28,994 236,340 
Asia Cement Corp. 236,466 206,627 
Asia Pacific Telecom Co. Ltd. (a) 185,000 59,557 
ASUSTeK Computer, Inc. 66,000 578,810 
AU Optronics Corp. 847,000 322,002 
Catcher Technology Co. Ltd. 61,000 478,852 
Cathay Financial Holding Co. Ltd. 775,285 1,006,959 
Chang Hwa Commercial Bank 461,455 236,373 
Cheng Shin Rubber Industry Co. Ltd. 179,899 366,890 
Chicony Electronics Co. Ltd. 50,507 129,437 
China Airlines Ltd. 223,490 67,695 
China Development Finance Holding Corp. 1,252,800 314,308 
China Life Insurance Co. Ltd. 319,818 295,691 
China Steel Corp. 1,123,426 812,411 
Chinatrust Financial Holding Co. Ltd. 1,665,579 898,071 
Chunghwa Telecom Co. Ltd. 359,000 1,230,406 
Compal Electronics, Inc. 396,000 236,129 
Delta Electronics, Inc. 184,621 974,972 
E.SUN Financial Holdings Co. Ltd. 752,864 428,625 
ECLAT Textile Co. Ltd. 17,452 198,718 
EVA Airways Corp. 215,834 104,054 
Evergreen Marine Corp. (Taiwan) (a) 181,720 68,011 
Far Eastern Textile Ltd. 302,664 234,713 
Far EasTone Telecommunications Co. Ltd. 154,000 364,381 
Feng Tay Enterprise Co. Ltd. 31,436 131,613 
First Financial Holding Co. Ltd. 895,207 469,914 
Formosa Chemicals & Fibre Corp. 305,590 910,126 
Formosa Petrochemical Corp. 106,000 354,695 
Formosa Plastics Corp. 393,480 1,065,804 
Formosa Taffeta Co. Ltd. 65,000 59,375 
Foxconn Technology Co. Ltd. 86,535 251,411 
Fubon Financial Holding Co. Ltd. 632,398 898,597 
Giant Manufacturing Co. Ltd. 26,000 184,309 
Hermes Microvision, Inc. 4,000 176,983 
Highwealth Construction Corp. 77,480 114,886 
HIWIN Technologies Corp. 19,965 88,337 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1,464,488 3,962,156 
Hotai Motor Co. Ltd. 23,000 268,091 
HTC Corp. (a) 62,000 181,702 
Hua Nan Financial Holdings Co. Ltd. 710,745 361,814 
Innolux Corp. 865,427 292,332 
Inotera Memories, Inc. (a) 244,000 228,688 
Inventec Corp. 233,280 182,756 
Largan Precision Co. Ltd. 9,000 1,066,178 
Lite-On Technology Corp. 206,910 297,287 
MediaTek, Inc. 140,970 1,073,086 
Mega Financial Holding Co. Ltd. 1,034,246 708,556 
Merida Industry Co. Ltd. 20,300 93,682 
Nan Ya Plastics Corp. 452,780 943,516 
Nanya Technology Corp. 58,000 75,332 
Nien Made Enterprise Co. Ltd. 14,000 162,520 
Novatek Microelectronics Corp. 54,000 202,959 
OBI Pharma, Inc. (a) 10,000 104,826 
Pegatron Corp. 186,000 501,451 
Phison Electronics Corp. 15,000 106,570 
Pou Chen Corp. 209,000 283,055 
Powertech Technology, Inc. 66,000 188,610 
President Chain Store Corp. 53,000 396,720 
Quanta Computer, Inc. 253,000 513,567 
Realtek Semiconductor Corp. 44,090 149,631 
Ruentex Development Co. Ltd. (a) 71,687 82,763 
Ruentex Industries Ltd. 57,015 92,046 
Shin Kong Financial Holding Co. Ltd. (a) 737,331 160,195 
Siliconware Precision Industries Co. Ltd. 211,000 319,438 
Simplo Technology Co. Ltd. 27,200 84,114 
Sinopac Holdings Co. 923,208 266,756 
Standard Foods Corp. 39,564 98,005 
Synnex Technology International Corp. 144,500 154,452 
TaiMed Biologics, Inc. 16,000 100,734 
Taishin Financial Holdings Co. Ltd. 788,339 288,796 
Taiwan Business Bank 369,359 93,486 
Taiwan Cement Corp. 325,000 390,163 
Taiwan Cooperative Financial Holding Co. Ltd. 712,447 312,967 
Taiwan Fertilizer Co. Ltd. 63,000 84,524 
Taiwan Mobile Co. Ltd. 156,600 548,846 
Taiwan Semiconductor Manufacturing Co. Ltd. 2,303,000 13,833,837 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 5,200 161,720 
TECO Electric & Machinery Co. Ltd. 181,000 161,031 
Transcend Information, Inc. 24,000 66,378 
Unified-President Enterprises Corp. 459,080 889,665 
United Microelectronics Corp. 1,118,000 416,507 
Vanguard International Semiconductor Corp. 82,000 167,493 
Wistron Corp. 238,280 179,871 
WPG Holding Co. Ltd. 142,000 166,643 
Yuanta Financial Holding Co. Ltd. 928,372 347,457 
Yulon Motor Co. Ltd. 82,000 71,913 
TOTAL TAIWAN  47,269,996 
Thailand - 0.5%   
Advanced Info Service PCL 5,000 21,905 
Advanced Info Service PCL (For. Reg.) 91,600 401,301 
Airports of Thailand PCL 1,800 19,573 
Airports of Thailand PCL (For. Reg.) 39,300 427,351 
Bangkok Bank PCL (For. Reg.) 21,000 95,298 
Bangkok Dusit Medical Services PCL (For. Reg.) 358,700 233,417 
Bangkok Expressway and Metro PCL 645,600 137,273 
Banpu PCL (For. Reg.) 166,600 87,015 
BEC World PCL (For. Reg.) 87,000 50,903 
BTS Group Holdings PCL 577,800 140,997 
Bumrungrad Hospital PCL (For. Reg.) 31,900 166,613 
C.P. ALL PCL 20,500 35,544 
C.P. ALL PCL (For. Reg.) 448,800 778,155 
Central Pattana PCL 9,800 15,593 
Central Pattana PCL (For. Reg.) 114,800 182,664 
Charoen Pokphand Foods PCL (For. Reg.) 249,600 224,400 
Delta Electronics PCL 6,600 14,787 
Delta Electronics PCL (For. Reg.) 41,400 92,755 
Electricity Generating PCL (For. Reg.) 12,500 69,568 
Energy Absolute PCL 21,300 17,174 
Energy Absolute PCL 93,100 75,065 
Glow Energy PCL (For. Reg.) 47,700 104,828 
Home Product Center PCL 57,000 16,431 
Home Product Center PCL (For. Reg.) 326,967 94,252 
Indorama Ventures PCL 24,500 20,453 
Indorama Ventures PCL (For. Reg.) 124,900 104,269 
IRPC PCL 144,600 19,727 
IRPC PCL (For. Reg.) 861,500 117,530 
Kasikornbank PCL 48,700 239,070 
Kasikornbank PCL (For. Reg.) 116,900 573,865 
Krung Thai Bank PCL 30,400 14,923 
Krung Thai Bank PCL (For. Reg.) 295,855 145,236 
Minor International PCL (For. Reg.) 201,470 221,380 
PTT Exploration and Production PCL (For. Reg.) 126,844 301,385 
PTT Global Chemical PCL 9,000 15,412 
PTT Global Chemical PCL (For. Reg.) 184,039 315,158 
PTT PCL 10,400 102,701 
PTT PCL (For. Reg.) 84,500 834,449 
Robinsons Department Store PCL (For. Reg.) 42,800 70,850 
Siam Cement PCL 4,200 60,415 
Siam Cement PCL (For. Reg.) 34,600 497,707 
Siam Commercial Bank PCL 6,400 26,212 
Siam Commercial Bank PCL (For. Reg.) 142,200 582,396 
Thai Oil PCL 7,600 15,184 
Thai Oil PCL (For. Reg.) 69,700 139,251 
Thai Union Frozen Products PCL 25,600 15,855 
Thai Union Frozen Products PCL (For. Reg.) 155,700 96,431 
TMB PCL (For. Reg.) 1,107,700 66,391 
True Corp. PCL (For. Reg.) 959,612 184,870 
TOTAL THAILAND  8,283,982 
Turkey - 0.3%   
Akbank T.A.S. 209,759 560,623 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 20,031 122,416 
Arcelik A/S 23,165 153,023 
Bim Birlesik Magazalar A/S JSC 20,781 338,487 
Coca-Cola Icecek Sanayi A/S 6,663 75,367 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 183,891 187,799 
Eregli Demir ve Celik Fabrikalari T.A.S. 131,202 178,088 
Ford Otomotiv Sanayi A/S 5,863 59,952 
Haci Omer Sabanci Holding A/S 86,158 260,347 
Koc Holding A/S 61,931 258,192 
Petkim Petrokimya Holding A/S 57,640 78,238 
TAV Havalimanlari Holding A/S 14,170 58,251 
Tofas Turk Otomobil Fabrikasi A/S 12,291 92,552 
Tupras Turkiye Petrol Rafinelleri A/S 11,849 241,441 
Turk Hava Yollari AO (a) 49,702 87,381 
Turk Sise ve Cam Fabrikalari A/S 72,500 76,149 
Turk Telekomunikasyon A/S 39,271 72,596 
Turkcell Iletisim Hizmet A/S 85,794 276,437 
Turkiye Garanti Bankasi A/S 219,236 595,871 
Turkiye Halk Bankasi A/S 59,149 179,688 
Turkiye Is Bankasi A/S Series C 151,930 246,486 
Turkiye Vakiflar Bankasi TAO 73,616 108,964 
Ulker Biskuvi Sanayi A/S 13,322 82,664 
Yapi ve Kredi Bankasi A/S (a) 72,783 87,031 
TOTAL TURKEY  4,478,043 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC (a) 190,114 317,810 
Aldar Properties PJSC (a) 294,785 211,882 
Arabtec Holding Co. (a) 193,315 70,001 
DP World Ltd. 16,246 291,616 
Dubai Financial Market PJSC (a) 176,244 55,182 
Dubai Islamic Bank Pakistan Ltd. (a) 117,345 167,410 
Emaar Malls Group PJSC (a) 185,844 130,037 
Emaar Properties PJSC 337,194 639,879 
Emirates Telecommunications Corp. 165,339 848,539 
First Gulf Bank PJSC 83,207 260,521 
National Bank of Abu Dhabi PJSC (a) 64,377 155,117 
TOTAL UNITED ARAB EMIRATES  3,147,994 
United Kingdom - 10.8%   
3i Group PLC 92,582 760,380 
Aberdeen Asset Management PLC 85,351 334,512 
Admiral Group PLC 20,135 472,449 
Aggreko PLC 23,575 231,279 
Anglo American PLC (United Kingdom) (a) 132,675 1,836,678 
Antofagasta PLC 35,751 237,613 
Ashtead Group PLC 47,863 748,708 
Associated British Foods PLC 33,694 1,015,365 
AstraZeneca PLC (United Kingdom) 119,577 6,695,723 
Auto Trader Group PLC 96,135 440,907 
Aviva PLC 383,404 2,077,580 
Babcock International Group PLC 24,475 296,279 
BAE Systems PLC 299,586 1,984,983 
Barclays PLC 1,599,154 3,704,932 
Barratt Developments PLC 93,134 517,200 
Berkeley Group Holdings PLC 12,352 356,654 
BHP Billiton PLC 199,879 3,005,594 
BP PLC 1,730,112 10,227,914 
BP PLC sponsored ADR 5,515 196,058 
British American Tobacco PLC (United Kingdom) 176,239 10,100,777 
British Land Co. PLC 93,340 668,923 
BT Group PLC 797,816 3,662,007 
Bunzl PLC 31,781 855,410 
Burberry Group PLC 42,236 762,529 
Capita Group PLC 62,310 446,927 
Carnival PLC 18,058 870,989 
Carphone Warehouse Group PLC 94,747 364,959 
Centrica PLC 513,844 1,347,200 
Cobham PLC 164,951 288,515 
Coca-Cola European Partners PLC 20,589 793,880 
Compass Group PLC 155,089 2,806,224 
Croda International PLC 12,311 527,102 
Diageo PLC 237,948 6,333,352 
Direct Line Insurance Group PLC 127,417 539,772 
easyJet PLC 15,044 172,538 
Fresnillo PLC 20,660 414,721 
G4S PLC (United Kingdom) 149,140 401,604 
GKN PLC 163,484 637,559 
GlaxoSmithKline PLC 460,556 9,097,969 
Hammerson PLC 75,952 512,239 
Hargreaves Lansdown PLC 24,019 341,031 
Hikma Pharmaceuticals PLC 13,358 286,782 
HSBC Holdings PLC (United Kingdom) 1,873,429 14,109,046 
ICAP PLC 53,659 318,213 
IMI PLC 25,142 305,892 
Imperial Tobacco Group PLC 90,610 4,386,912 
Inmarsat PLC 41,741 358,403 
InterContinental Hotel Group PLC 17,858 693,998 
Intertek Group PLC 15,386 643,694 
Intu Properties PLC 90,967 306,752 
Investec PLC 57,049 354,726 
ITV PLC 345,383 720,787 
J Sainsbury PLC 152,876 469,485 
Johnson Matthey PLC 18,390 767,569 
Kingfisher PLC 214,675 948,310 
Land Securities Group PLC 74,867 915,456 
Legal & General Group PLC 562,294 1,441,191 
Lloyds Banking Group PLC 6,074,876 4,242,227 
London Stock Exchange Group PLC 29,621 1,018,797 
Marks & Spencer Group PLC 155,943 648,846 
Mediclinic International PLC 18,636 206,777 
Mediclinic International PLC 15,488 170,975 
Meggitt PLC 72,648 387,074 
Merlin Entertainments PLC 65,588 369,929 
Mondi PLC 34,979 683,316 
National Grid PLC 354,405 4,610,021 
Next PLC 13,454 793,084 
Old Mutual PLC 465,815 1,148,868 
Pearson PLC 78,189 723,355 
Persimmon PLC 29,478 611,213 
Provident Financial PLC 14,021 506,270 
Prudential PLC 243,080 3,966,789 
Reckitt Benckiser Group PLC 59,951 5,363,247 
RELX PLC 103,391 1,848,904 
Rio Tinto PLC 117,048 4,070,380 
Rolls-Royce Holdings PLC 173,920 1,543,821 
Royal Bank of Scotland Group PLC (a) 335,450 775,194 
Royal Dutch Shell PLC:   
Class A (Netherlands) 17,748 442,234 
Class A (United Kingdom) 380,907 9,487,264 
Class A sponsored ADR 2,799 139,418 
Class B (United Kingdom) 354,228 9,136,429 
Royal Mail PLC 85,600 514,442 
RSA Insurance Group PLC 97,298 656,922 
Sage Group PLC 102,308 903,498 
Schroders PLC 12,642 436,207 
Scottish & Southern Energy PLC 95,365 1,854,186 
Segro PLC 76,758 410,757 
Severn Trent PLC 22,441 639,450 
SKY PLC 97,591 977,112 
Smith & Nephew PLC 84,613 1,223,196 
Smiths Group PLC 37,666 653,743 
St. James's Place Capital PLC 50,577 585,014 
Standard Chartered PLC (United Kingdom) 310,452 2,705,172 
Standard Life PLC 187,947 777,099 
Tate & Lyle PLC 43,775 417,929 
Taylor Wimpey PLC 305,161 529,274 
Tesco PLC (a) 773,187 1,991,488 
The Weir Group PLC 19,764 411,249 
Travis Perkins PLC 24,077 392,838 
Unilever PLC 121,304 5,074,913 
United Utilities Group PLC 64,733 744,792 
Vodafone Group PLC 2,484,631 6,823,608 
Vodafone Group PLC sponsored ADR 2,563 71,354 
Whitbread PLC 17,338 767,165 
William Hill PLC 84,219 304,923 
WM Morrison Supermarkets PLC 206,288 571,905 
Worldpay Group PLC 172,443 601,128 
TOTAL UNITED KINGDOM  188,048,047 
United States of America - 0.0%   
Southern Copper Corp. 11,741 333,327 
TOTAL COMMON STOCKS   
(Cost $1,632,013,742)  1,613,236,041 
Nonconvertible Preferred Stocks - 1.4%   
Brazil - 0.8%   
Banco Bradesco SA (PN) 261,468 2,739,189 
Braskem SA (PN-A) 15,000 132,848 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) 21,100 180,791 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) 14,800 282,832 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 70,687 215,914 
Companhia Energetica de Sao Paulo Series B 16,800 78,053 
Companhia Paranaense de Energia-Copel (PN-B) 9,900 113,360 
Gerdau SA (PN) 85,200 294,143 
Itau Unibanco Holding SA 304,681 3,665,335 
Itausa-Investimentos Itau SA (PN) 366,929 1,085,153 
Lojas Americanas SA (PN) 50,336 326,427 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 367,000 2,033,907 
Suzano Papel e Celulose SA 38,700 136,517 
Telefonica Brasil SA 41,700 603,291 
Vale SA (PN-A) 184,500 1,192,430 
TOTAL BRAZIL  13,080,190 
Chile - 0.0%   
Embotelladora Andina SA Class B 22,389 90,825 
Sociedad Quimica y Minera de Chile SA (PN-B) 9,038 267,105 
TOTAL CHILE  357,930 
Colombia - 0.0%   
Bancolombia SA (PN) 41,818 396,932 
Grupo Aval Acciones y Valores SA 324,290 133,738 
Grupo de Inversiones Suramerica SA 8,740 110,457 
TOTAL COLOMBIA  641,127 
France - 0.0%   
Air Liquide SA (a) 7,316 744,326 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 5,290 401,561 
Fuchs Petrolub AG 6,422 287,101 
Henkel AG & Co. KGaA 16,813 2,157,561 
Porsche Automobil Holding SE (Germany) 14,525 783,289 
Volkswagen AG 17,593 2,417,952 
TOTAL GERMANY  6,047,464 
Italy - 0.0%   
Telecom Italia SpA (Risparmio Shares) 583,761 413,972 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 868 151,781 
Hyundai Motor Co. 1,797 150,201 
Hyundai Motor Co. Series 2 3,792 333,197 
LG Chemical Ltd. 730 114,885 
LG Household & Health Care Ltd. 262 109,037 
Samsung Electronics Co. Ltd. 1,749 2,013,922 
TOTAL KOREA (SOUTH)  2,873,023 
Russia - 0.0%   
AK Transneft OAO (a) 149 357,217 
Surgutneftegas OJSC (a) 640,733 290,522 
TOTAL RUSSIA  647,739 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC 8,000,320 9,792 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $24,273,101)  24,815,563 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $13,959) 		INR69,696 13,823 
Government Obligations - 0.4%   
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.47% to 0.66% 3/2/17 to 10/12/17
(Cost $6,468,008)(e) 		6,500,000 6,469,930 
 Shares Value 
Money Market Funds - 5.9%   
Fidelity Cash Central Fund, 0.41% (f) 81,679,111 81,703,615 
Fidelity Securities Lending Cash Central Fund 0.48% (f)(g) 20,763,959 20,768,112 
TOTAL MONEY MARKET FUNDS   
(Cost $102,462,152)  102,471,727 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $1,765,230,962)  1,747,007,084 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (12,125,667) 
NET ASSETS - 100%  $1,734,881,417 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
792 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 65,961,720 $(25,337) 
494 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 22,316,450 1,201 
50 TME S&P/TSX 60 Index Contracts (Canada) Dec. 2016 6,460,151 69,552 
TOTAL FUTURES CONTRACTS   $45,416 

The face value of futures purchased as a percentage of Net Assets is 5.5%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $49,670,999.

Currency Abbreviations

INR – Indian rupee

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $106,586 or 0.0% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,570,494.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


Affiliated Central Funds

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 $129,561 
Fidelity Securities Lending Cash Central Fund 177,418 
Total $306,979 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $188,956,022 $136,493,191 $52,462,831 $-- 
Consumer Staples 169,788,547 118,873,621 50,914,926 -- 
Energy 111,231,496 57,283,056 53,948,440 -- 
Financials 368,898,058 260,249,308 108,648,749 1 
Health Care 133,714,185 52,924,273 80,789,912 -- 
Industrials 191,991,811 157,262,664 34,729,147 -- 
Information Technology 157,264,314 99,977,377 57,286,936 1 
Materials 126,253,138 99,915,083 26,338,055 -- 
Real Estate 55,482,349 53,140,103 2,222,449 119,797 
Telecommunication Services 80,096,566 26,406,129 53,690,437 -- 
Utilities 54,375,118 42,571,075 11,804,043 -- 
Corporate Bonds 13,823 -- 13,823 -- 
Government Obligations 6,469,930 -- 6,469,930 -- 
Money Market Funds 102,471,727 102,471,727 -- -- 
Total Investments in Securities: $1,747,007,084 $1,207,567,607 $539,319,678 $119,799 
Derivative Instruments:     
Assets     
Futures Contracts $70,753 $70,753 $-- $-- 
Total Assets $70,753 $70,753 $-- $-- 
Liabilities     
Futures Contracts $(25,337) $(25,337) $-- $-- 
Total Liabilities $(25,337) $(25,337) $-- $-- 
Total Derivative Instruments: $45,416 $45,416 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $20,344,896 
Level 2 to Level 1 $228,663,939 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $70,753 $(25,337) 
Total Equity Risk 70,753 (25,337) 
Total Value of Derivatives $70,753 $(25,337) 

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


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


Fidelity® Global ex U.S. Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $20,106,565) — See accompanying schedule:
Unaffiliated issuers (cost $1,662,768,810) 		$1,644,535,357  
Fidelity Central Funds (cost $102,462,152) 102,471,727  
Total Investments (cost $1,765,230,962)  $1,747,007,084 
Foreign currency held at value (cost $725,059)  721,049 
Receivable for fund shares sold  5,403,826 
Dividends receivable  4,080,812 
Interest receivable  54 
Distributions receivable from Fidelity Central Funds  49,494 
Receivable for daily variation margin for derivative instruments  134,006 
Other receivables  336 
Total assets  1,757,396,661 
Liabilities   
Payable for fund shares redeemed $1,370,905  
Accrued management fee 83,110  
Other affiliated payables 41,966  
Other payables and accrued expenses 254,708  
Collateral on securities loaned, at value 20,764,555  
Total liabilities  22,515,244 
Net Assets  $1,734,881,417 
Net Assets consist of:   
Paid in capital  $1,732,740,695 
Undistributed net investment income  31,233,850 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (10,530,952) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (18,562,176) 
Net Assets  $1,734,881,417 
Investor Class:   
Net Asset Value, offering price and redemption price per share ($37,464,935 ÷ 3,369,725 shares)  $11.12 
Premium Class:   
Net Asset Value, offering price and redemption price per share ($774,359,946 ÷ 69,620,013 shares)  $11.12 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($278,172,310 ÷ 24,999,809 shares)  $11.13 
Institutional Premium Class:   
Net Asset Value, offering price and redemption price per share ($644,884,226 ÷ 57,922,840 shares)  $11.13 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $40,770,621 
Interest  10,917 
Income from Fidelity Central Funds  306,979 
Income before foreign taxes withheld  41,088,517 
Less foreign taxes withheld  (3,602,819) 
Total income  37,485,698 
Expenses   
Management fee $1,719,410  
Transfer agent fees 520,987  
Independent trustees' fees and expenses 5,056  
Miscellaneous 3,051  
Total expenses before reductions 2,248,504  
Expense reductions (950,639) 1,297,865 
Net investment income (loss)  36,187,833 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (6,935,832)  
Fidelity Central Funds 606  
Foreign currency transactions (325,096)  
Futures contracts 3,122,080  
Total net realized gain (loss)  (4,138,242) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $128,964) 		30,301,346  
Assets and liabilities in foreign currencies (62,916)  
Futures contracts (997,863)  
Total change in net unrealized appreciation (depreciation)  29,240,567 
Net gain (loss)  25,102,325 
Net increase (decrease) in net assets resulting from operations  $61,290,158 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $36,187,833 $22,389,065 
Net realized gain (loss) (4,138,242) (4,959,232) 
Change in net unrealized appreciation (depreciation) 29,240,567 (66,085,594) 
Net increase (decrease) in net assets resulting from operations 61,290,158 (48,655,761) 
Distributions to shareholders from net investment income (19,754,957) (17,402,635) 
Distributions to shareholders from net realized gain – (622,793) 
Total distributions (19,754,957) (18,025,428) 
Share transactions - net increase (decrease) 840,932,551 189,357,812 
Redemption fees 80,968 107,182 
Total increase (decrease) in net assets 882,548,720 122,783,805 
Net Assets   
Beginning of period 852,332,697 729,548,892 
End of period $1,734,881,417 $852,332,697 
Other Information   
Undistributed net investment income end of period $31,233,850 $17,218,271 

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


Financial Highlights — Fidelity Global ex U.S. Index Fund Investor Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.32 $12.28 $12.44 $10.54 $10.09 
Income from Investment Operations      
Net investment income (loss)A .31 .31 .37B .29 .29 
Net realized and unrealized gain (loss) (.26)C (.98) (.32) 1.76 .18 
Total from investment operations .05 (.67) .05 2.05 .47 
Distributions from net investment income (.25) (.28) (.18) (.15) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.25) (.29) (.21) (.16) (.03) 
Redemption fees added to paid in capitalA –D –D –D .01 .01 
Net asset value, end of period $11.12 $11.32 $12.28 $12.44 $10.54 
Total ReturnE .56% (5.49)% .46% 19.79% 4.81% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .27% .34% .34% .34% .34% 
Expenses net of fee waivers, if any .19% .22% .22% .23% .24% 
Expenses net of all reductions .19% .22% .22% .23% .24% 
Net investment income (loss) 2.87% 2.66% 3.00%B 2.59% 2.88% 
Supplemental Data      
Net assets, end of period (000 omitted) $37,465 $18,132 $15,309 $10,037 $25,552 
Portfolio turnover rateH 1%I 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.63%.

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

 D Amount represents less than $.005 per share.

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

 F Fees and expenses of any underlying 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.

 G 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.

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Global ex U.S. Index Fund Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.32 $12.29 $12.44 $10.54 $10.09 
Income from Investment Operations      
Net investment income (loss)A .32 .32 .38B .30 .30 
Net realized and unrealized gain (loss) (.27)C (1.00) (.31) 1.76 .17 
Total from investment operations .05 (.68) .07 2.06 .47 
Distributions from net investment income (.25) (.28) (.19) (.16) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.25) (.29) (.22) (.17) (.03) 
Redemption fees added to paid in capitalA –D –D –D .01 .01 
Net asset value, end of period $11.12 $11.32 $12.29 $12.44 $10.54 
Total ReturnE .64% (5.53)% .59% 19.88% 4.81% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .21% .28% .28% .28% .28% 
Expenses net of fee waivers, if any .12% .17% .18% .18% .18% 
Expenses net of all reductions .12% .17% .18% .18% .18% 
Net investment income (loss) 2.95% 2.71% 3.04%B 2.64% 2.94% 
Supplemental Data      
Net assets, end of period (000 omitted) $774,360 $563,796 $485,998 $281,895 $67,539 
Portfolio turnover rateH 1%I 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.67%.

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

 D Amount represents less than $.005 per share.

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

 F Fees and expenses of any underlying 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.

 G 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.

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Global ex U.S. Index Fund Institutional Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.33 $12.29 $12.45 $10.55 $10.09 
Income from Investment Operations      
Net investment income (loss)A .32 .33 .39B .31 .30 
Net realized and unrealized gain (loss) (.26)C (.99) (.33) 1.76 .18 
Total from investment operations .06 (.66) .06 2.07 .48 
Distributions from net investment income (.26) (.29) (.20) (.17) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.26) (.30) (.22)D (.18) (.03) 
Redemption fees added to paid in capitalA –E –E –E .01 .01 
Net asset value, end of period $11.13 $11.33 $12.29 $12.45 $10.55 
Total ReturnF .66% (5.40)% .56% 19.94% 4.91% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .17% .23% .23% .23% .23% 
Expenses net of fee waivers, if any .10% .13% .13% .13% .13% 
Expenses net of all reductions .10% .13% .13% .13% .13% 
Net investment income (loss) 2.97% 2.75% 3.09%B 2.69% 2.99% 
Supplemental Data      
Net assets, end of period (000 omitted) $278,172 $182,432 $153,983 $66,248 $21,199 
Portfolio turnover rateI 1%J 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.72%.

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

 D Total distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.026 per share.

 E Amount represents less than $.005 per share.

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

 G Fees and expenses of any underlying 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.

 H 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.

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

 J Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Global ex U.S. Index Fund Institutional Premium Class

Years ended October 31, 2016 2015 2014 2013 2012 
Selected Per–Share Data      
Net asset value, beginning of period $11.33 $12.30 $12.45 $10.56 $10.09 
Income from Investment Operations      
Net investment income (loss)A .32 .33 .39B .32 .30 
Net realized and unrealized gain (loss) (.26)C (1.00) (.31) 1.74 .19 
Total from investment operations .06 (.67) .08 2.06 .49 
Distributions from net investment income (.26) (.29) (.20) (.17) – 
Distributions from net realized gain – (.01) (.03) (.01) (.03) 
Total distributions (.26) (.30) (.23) (.18) (.03) 
Redemption fees added to paid in capitalA –D –D –D .01 .01 
Net asset value, end of period $11.13 $11.33 $12.30 $12.45 $10.56 
Total ReturnE .68% (5.45)% .67% 19.87% 5.01% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .14% .20% .20% .19% .20% 
Expenses net of fee waivers, if any .08% .10% .10% .10% .10% 
Expenses net of all reductions .08% .10% .10% .10% .10% 
Net investment income (loss) 2.99% 2.78% 3.12%B 2.72% 3.03% 
Supplemental Data      
Net assets, end of period (000 omitted) $644,884 $87,972 $74,259 $62,884 $117 
Portfolio turnover rateH 1%I 1% 1% 6% 7% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.75%.

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

 D Amount represents less than $.005 per share.

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

 F Fees and expenses of any underlying 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.

 G 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.

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

 I Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity Emerging Markets Index Fund (formerly Spartan Emerging Markets Index Fund) and Fidelity Global ex U.S. Index Fund (formerly Spartan Global ex U.S. Index Fund) (the Funds) are funds of Fidelity Salem Street Trust (the 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, Premium Class (formerly Fidelity Advantage Class), Institutional Class and Institutional Premium Class (formerly 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. Each Fund offers conversion privileges between share classes within each Fund to eligible shareholders. 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 Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The 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, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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 Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016, including information on transfers between Levels 1 and 2, is included at the end of each Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, 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 for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) on securities 
Fidelity Emerging Markets Index Fund $774,013,611 $97,293,776 $(68,905,807) $28,387,969 
Fidelity Global ex U.S. Index Fund 1,767,923,867 152,140,465 (173,057,248) (20,916,783) 

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

 Undistributed ordinary income Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Emerging Markets Index Fund $9,966,608 $(61,661,663) $28,369,557 
Fidelity Global ex U.S. Index Fund 31,987,344 (8,545,871) (21,000,649) 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 No expiration    
 Short-term Long-term Total no expiration Total capital loss carryfoward 
Fidelity Emerging Markets Index Fund $(18,957,565) $(42,704,098) $(61,661,663) $(61,661,663) 
Fidelity Global ex U.S. Index Fund (1,112,186) (7,433,685) (8,545,871) (8,545,871) 

The tax character of distributions paid was as follows:

October 31, 2016  
 Ordinary Income 
Fidelity Emerging Markets Index Fund $11,347,194 
Fidelity Global ex U.S. Index Fund 19,754,957 

October 31, 2015  
 Ordinary Income 
Fidelity Emerging Markets Index Fund $6,840,222 
Fidelity Global ex U.S. Index Fund 18,025,428 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Funds less than 90 days may be subject to a redemption fee equal to 1.50% and 1.00% of the NAV of shares redeemed from Fidelity Emerging Markets Index and Fidelity Global ex U.S. Index, respectively. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital. In November 2016, the Board of Trustees approved the elimination of these redemption fees for Fidelity Global ex U.S. Index effective December 12, 2016.

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

4. Derivative Instruments.

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

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

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

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

The 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 close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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

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 as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type Net Realized Gain (Loss) Change in Net Unrealized Appreciation (Depreciation) 
Fidelity Emerging Markets Index Fund   
Equity Risk   
Futures Contracts $1,342,156 $(357,393) 
Totals(a) $1,342,156 $(357,393) 
Fidelity Global ex U.S. Index Fund   
Equity Risk   
Futures Contracts $3,122,080 $(997,863) 
Totals(a) $3,122,080 $(997,863) 

 (a) A summary of the value of derivatives by primary risk exposure as of period end, is included at the end of the Schedule of Investments.


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 daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period for Fidelity Emerging Markets Index Fund. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Emerging Markets Index Fund 346,802,081 146,636,776 
Fidelity Global ex U.S. Index Fund 540,798,716 10,285,840 

Exchanges In-Kind. During the period, investments received in-kind through subscriptions totaled $358,909,549 in exchange for 36,586,091 shares of the Fidelity Global ex U.S. Index Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fidelity Global ex U.S. Index Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Effective July 1, 2016, the Board approved an amendment to the management contract to reduce the management fee to an annual rate of .09% and .06% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. Prior to July 1, 2016, the management fee was based on an annual rate of .25% and .20% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. For the reporting period, the total annual management fee rate was .19% and .14% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively.

Effective July 1, 2016, the Board also approved an amendment to the expense contract. Under the expense contract, the investment adviser 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 Premium Class Institutional Class Institutional Premium Class 
Fidelity Emerging Markets Index Fund .30% .14% .11% .09% 
Fidelity Global ex U.S. Index Fund .18% .11% .09% .06% 

Prior to July 1, 2016, the investment adviser paid class-level expenses as necessary so that the total expenses did not exceed certain amounts as noted in the following table:

 Investor Class Premium Class Institutional Class Institutional Premium Class 
Fidelity Emerging Markets Index Fund .46% .35% .28% .25% 
Fidelity Global ex U.S. Index Fund .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 the investment adviser for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives transfer agent fees at annual rates based on class-level average net assets noted in the table below. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Effective July 1, 2016, under the amended expense contract each class pays all or a portion of the transfer agent fees at an annual rate based on class-level average net assets as noted in the following table and each Fund's Institutional Premium Class does not pay transfer agent fees:

 Received by FIIOC Paid by Class Effective July 1, 2016 Paid by Class Prior to July 1, 2016 
Fidelity Emerging Markets Index Fund    
Investor Class .21% .21% .21% 
Premium Class .11% .05% .10% 
Institutional Class .035% .02% .03% 
Institutional Premium Class .015% –% -% 
Fidelity Global ex U.S. Index Fund    
Investor Class .21% .12% .14% 
Premium Class .11% .05% .08% 
Institutional Class .035% .03% .03% 
Institutional Premium Class .015% –% –% 

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

 Amount % of Class-Level Average Net Assets 
Fidelity Emerging Markets Index Fund   
Investor Class $48,377 .21% 
Premium Class 392,279 .08% 
Institutional Class 20,107 .03% 
 $460,763  
Fidelity Global ex U.S. Index Fund   
Investor Class $33,857 .13% 
Premium Class 427,766 .07% 
Institutional Class 59,364 .03% 
 $520,987  

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Emerging Markets Index Fund Borrower $25,151,000 .58% $807 

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Emerging Markets Index Fund $1,492 
Fidelity Global ex U.S. Index Fund 3,051 

During the period, the Funds did not borrow on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable 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 Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. 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 each applicable 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 income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:

 Total Security Lending Income 
Fidelity Emerging Markets Index Fund $133,373 
Fidelity Global ex U.S. Index Fund 177,418 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. Effective July 1, 2016, the expense limitations were discontinued.

The following classes of each applicable Fund were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Fidelity Emerging Markets Index Fund   
Investor Class .31% $24,187 
Premium Class .20% 444,592 
Institutional Class .13% 65,625 
Institutional Premium Class .10% 221 
Fidelity Global ex U.S. Index Fund   
Investor Class .22%/.19%(a) $20,205 
Premium Class .14%/.12%(a) 567,737 
Institutional Class .12%/.10%(a) 140,323 
Institutional Premium Class .10%/.07%(a) 222,193 

 (a) Expense limitation effective April 1, 2016.


In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custody
Expense
reduction 
Fidelity Emerging Markets Index Fund $107 
Fidelity Global ex U.S. Index Fund 181 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
October 31, 2016 		Year ended October 31, 2015 
Fidelity Emerging Markets Index Fund   
From net investment income   
Investor Class $488,081 $296,140 
Premium Class 9,746,166 6,143,576 
Institutional Class 1,107,403 398,502 
Institutional Premium Class 5,544 2,004 
Total $11,347,194 $6,840,222 
Fidelity Global ex U.S. Index Fund   
From net investment income   
Investor Class $469,634 $339,065 
Premium Class 13,089,736 11,676,970 
Institutional Class 4,201,240 3,619,358 
Institutional Premium Class 1,994,347 1,767,242 
Total $19,754,957 $17,402,635 
From net realized gain   
Investor Class $– $12,456 
Premium Class – 419,565 
Institutional Class – 129,205 
Institutional Premium Class – 61,567 
Total $– $622,793 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Year ended October 31, 2016 Year ended October 31, 2015 Year ended
October 31, 2016 		Year ended October 31, 2015 
Fidelity Emerging Markets Index Fund     
Investor Class     
Shares sold 3,308,302 3,467,858 $26,744,334 $32,828,614 
Reinvestment of distributions 57,696 28,242 430,181 258,412 
Shares redeemed (4,014,907) (2,296,962) (33,349,297) (21,593,250) 
Net increase (decrease) (648,909) 1,199,138 $(6,174,782) $11,493,776 
Premium Class     
Shares sold 30,727,439 33,393,241 $252,020,349 $313,985,682 
Reinvestment of distributions 1,221,061 623,839 9,103,784 5,708,125 
Shares redeemed (19,928,967) (13,175,749) (165,686,800) (119,741,823) 
Net increase (decrease) 12,019,533 20,841,331 $95,437,333 $199,951,984 
Institutional Class     
Shares sold 16,322,577 5,662,144 $139,980,479 $50,281,128 
Reinvestment of distributions 148,530 43,505 1,107,403 398,502 
Shares redeemed (2,302,722) (1,939,513) (18,698,255) (18,612,103) 
Net increase (decrease) 14,168,385 3,766,136 $122,389,627 $32,067,527 
Institutional Premium Class     
Shares sold 5,848 22,264 $47,523 $194,646 
Reinvestment of distributions 744 219 5,544 2,004 
Shares redeemed (5,598) (4,586) (43,839) (44,151) 
Net increase (decrease) 994 17,897 $9,228 $152,499 
Fidelity Global ex U.S. Index Fund     
Investor Class     
Shares sold 3,749,465 1,513,135 $40,507,693 $17,845,320 
Reinvestment of distributions 43,616 29,716 453,168 338,282 
Shares redeemed (2,025,704) (1,186,759) (21,832,563) (14,048,442) 
Net increase (decrease) 1,767,377 356,092 $19,128,298 $4,135,160 
Premium Class     
Shares sold 35,170,899 27,293,753 $376,550,580 $324,392,137 
Reinvestment of distributions 1,130,684 1,001,076 11,747,810 11,395,995 
Shares redeemed (16,480,126) (18,044,413) (174,387,185) (212,027,863) 
Net increase (decrease) 19,821,457 10,250,416 $213,911,205 $123,760,269 
Institutional Class     
Shares sold 15,322,148 9,852,843 $167,125,457 $117,116,489 
Reinvestment of distributions 404,354 329,286 4,201,240 3,748,563 
Shares redeemed (6,834,241) (6,599,130) (73,128,133) (78,713,159) 
Net increase (decrease) 8,892,261 3,582,999 $98,198,564 $42,151,893 
Institutional Premium Class     
Shares sold 55,232,124(a) 2,671,375 $564,411,113(a) $30,498,597 
Reinvestment of distributions 191,949 160,651 1,994,347 1,828,809 
Shares redeemed (5,265,059) (1,105,376) (56,710,976) (13,016,916) 
Net increase (decrease) 50,159,014 1,726,650 $509,694,484 $19,310,490 

 (a) Amount includes in-kind exchanges (see Note 5: Exchanges In-Kind).


12. 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.

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the Funds), each a fund of the Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. 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 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 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, 2016, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
December 16, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

Each 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

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 Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2016 to October 31, 2016).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. 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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2016 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period-B
May 1, 2016
to October 31, 2016 
Fidelity Emerging Markets Index Fund     
Investor Class .31%    
Actual  $1,000.00 $1,092.00 $1.63 
Hypothetical-C  $1,000.00 $1,023.58 $1.58 
Premium Class .16%    
Actual  $1,000.00 $1,091.90 $.84 
Hypothetical-C  $1,000.00 $1,024.33 $.81 
Institutional Class .12%    
Actual  $1,000.00 $1,093.10 $.63 
Hypothetical-C  $1,000.00 $1,024.53 $.61 
Institutional Premium Class .09%    
Actual  $1,000.00 $1,093.10 $.47 
Hypothetical-C  $1,000.00 $1,024.68 $.46 
Fidelity Global ex U.S. Index Fund     
Investor Class .18%    
Actual  $1,000.00 $1,027.70 $.92 
Hypothetical-C  $1,000.00 $1,024.23 $.92 
Premium Class .11%    
Actual  $1,000.00 $1,027.70 $.56 
Hypothetical-C  $1,000.00 $1,024.58 $.56 
Institutional Class .09%    
Actual  $1,000.00 $1,028.70 $.46 
Hypothetical-C  $1,000.00 $1,024.68 $.46 
Institutional Premium Class .06%    
Actual  $1,000.00 $1,027.70 $.31 
Hypothetical-C  $1,000.00 $1,024.83 $.31 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses


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 
Fidelity Emerging Markets Index Fund     
Investor 12/12/16 12/09/16 $0.12500 $0.000 
Premium 12/12/16 12/09/16 $0.13889 $0.000 
Institutional 12/12/16 12/09/16 $0.14152 $0.000 
Institutional Premium 12/12/16 12/09/16 $0.14325 $0.000 
Fidelity Global ex U.S. Index Fund     
Investor 12/12/16 12/09/16 $0.21100 $0.005 
Premium 12/12/16 12/09/16 $0.21873 $0.005 
Institutional 12/12/16 12/09/16 $0.22094 $0.005 
Institutional Premium 12/12/16 12/09/16 $0.22426 $0.005 

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

 December 11, 2015 December 30, 2015 
Fidelity Emerging Markets Index Fund   
Investor 64.0% 36.0% 
Premium 61.0% 36.0% 
Institutional 60.0% 36.0% 
Institutional Premium 59.0% 36.0% 
Fidelity Global ex U.S. Index Fund   
Investor 100.0% 0.00% 
Premium 98.0% 0.00% 
Institutional 97.0% 0.00% 
Institutional Premium 97.0% 0.00% 

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

 Pay Date Income Taxes 
Fidelity Emerging Markets Index Fund    
Investor 12/14/15 $0.1945 $0.0245 
Investor 01/02/16 $0.0040 $0.0000 
Premium 12/14/15 $0.2032 $0.0245 
Premium 01/02/16 $0.0040 $0.0000 
Institutional 12/14/15 $0.2087 $0.0245 
Institutional 01/02/16 $0.0040 $0.0000 
Institutional Premium 12/14/15 $0.2111 $0.0245 
Institutional Premium 01/02/16 $0.0040 $0.0000 
Fidelity Global ex U.S. Index Fund    
Investor 12/14/15 $0.2726 $0.0266 
Premium 12/14/15 $0.2813 $0.0266 
Institutional 12/14/15 $0.2835 $0.0266 
Institutional Premium 12/14/15 $0.2857 $0.0266 

The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Markets Index Fund (formerly Spartan Emerging Markets Index Fund)

Fidelity Global ex U.S. Index Fund (formerly Spartan Global ex U.S. Index Fund)

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each 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 the 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 all of the Fidelity funds.

At its September 2016 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, 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; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

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 to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one- and three-year periods.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and 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, each 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 considered that net management fees can vary from year to year because of differences in "fund-level" non-management expenses. The Board noted that, although FMR does not pay transfer agent fees or other "class-level" expenses under each fund's management contract, such expenses may be paid by FMR pursuant to expense limitation arrangements in effect for the fund and, as a result, are also subtracted from the management fee for purposes of calculating the hypothetical "net management fee." The Board considered that "fund-level" non-management expenses and "class-level" expenses paid by FMR may exceed the fund's management fee and result in a negative net management fee.

Fidelity Emerging Markets Index Fund


Fidelity Global ex U.S. Index Fund


The Board noted that each fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2015. The Board noted that a hypothetical net management fee is truly a hypothetical number derived for purposes of providing a more meaningful competitive comparison and a negative net management fee is not intended to suggest that Fidelity pays a fund to manage the fund's assets.

With respect to Fidelity Emerging Markets Index Fund, the Board considered that, at its July 2016 meeting, it ratified an amended and restated management contract for the fund (effective July 1, 2016) that lowered the fund's management fee rate from 0.25% to 0.09%. With respect to Fidelity Global ex U.S. Index Fund, the Board considered that, at its July 2016 meeting, it ratified (i) an amended and restated management contract for the fund (effective July 1, 2016) that lowered the fund's management fee rate from 0.20% to 0.06% and (ii) an amended and restated sub-advisory agreement for the fund with Geode (effective July 1, 2016) that lowered the sub-advisory fee rate that FMR pays to Geode.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the total expense ratio of each class of each fund, the Board considered the fund's hypothetical net management fee rate as well as the fund's gross management fee rate. 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 that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the funds. As part of its review, the Board also considered the current and historical total expense ratios of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Institutional Class, Institutional Premium Class, and Premium Class of Fidelity Emerging Markets Index Fund ranked below the competitive median for 2015 and the total expense ratio of Investor Class ranked above the competitive median for 2015. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the majority of the funds in the Total Mapped Group, which includes funds with a developed markets focus, are not comparable because they are not emerging markets funds. The Board noted that the total expense ratio of Investor Class of Fidelity Emerging Markets Index Fund is lower than the Investor Class total expense ratio of the most comparable competitive fund.

The Board considered that current contractual arrangements for Fidelity Emerging Markets Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, as follows: Institutional Class: 0.28% (0.11% effective July 1, 2016); Institutional Premium Class: 0.25% (0.09% effective July 1, 2016); Investor Class: 0.46% (0.30% effective July 1, 2016); and Premium Class: 0.35% (0.14% effective July 1, 2016). These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

The Board noted that the total expense ratio of each class of Fidelity Global ex U.S. Index Fund ranked below the competitive median for 2015.

The Board considered that current contractual arrangements for Fidelity Global ex U.S. Index Fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, as follows: Institutional Class: 0.23% (0.09% effective July 1, 2016); Institutional Premium Class: 0.20% (0.06% effective July 1, 2016); Investor Class: 0.34% (0.18% effective July 1, 2016); and Premium Class: 0.28% (0.11% effective July 1, 2016). These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares 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, although Investor Class of Fidelity Emerging Markets Index Fund was above the median of the universe presented for comparison, the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established 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 funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to each fund's current contractual arrangements the expense ratio of each class will not decline if the class's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, 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 arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; (x) the approach to considering "fall-out" benefits; and (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

EMX-I-GUX-I-ANN-1216
1.929368.105

Fidelity® SAI International Minimum Volatility Index Fund

Fidelity® SAI U.S. Minimum Volatility Index Fund

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



Annual Report

October 31, 2016



Fidelity Investments


Contents

Fidelity® SAI International Minimum Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Fidelity® SAI U.S. Minimum Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Fidelity® SAI International Minimum Volatility Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Life of fundA 
Fidelity® SAI International Minimum Volatility Index Fund 2.75% (0.89)% 

 A From May 29, 2015


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Minimum Volatility Index Fund on May 29, 2015, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Minimum Volatility (USD) Index performed over the same period.


Period Ending Values
$9,874Fidelity® SAI International Minimum Volatility Index Fund
$9,922MSCI ACWI (All Country World Index) ex USA Minimum Volatility (USD) Index

Fidelity® SAI International Minimum Volatility Index Fund

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the fiscal year, the fund gained 2.75%, outpacing the 2.25% increase in the benchmark MSCI ACWI (All Country World Index) ex USA Minimum Volatility 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.) Top individual contributors in absolute terms included various stocks based in Japan, where the strengthening yen boosted returns for U.S. investors. Notable Japanese stocks to add value were drug maker Otsuka Holdings (+33%), retailer Nitori Holdings (+52%), mobile phone operator NTT DoCoMo (+30%) and real estate investment trust Nomura Real Estate (+38%). Elsewhere, shares of Taiwan Semiconductor (+46%) benefited from a strong industry environment, while Hong Kong railway operator MTR (+33%) also added value. In contrast, various U.K. stocks suffered in the wake of the Brexit vote and the corresponding sharp drop in the value of the British pound. These included retailer Next (-50%), media company Sky (-39%) and airline company easyJet (-53%). Also detracting were Switzerland-based pharmaceutical manufacturers Novartis (-19%) and Roche Holdings (-13%). Both were hurt by growing talk of drug-pricing regulation in the U.S.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® SAI International Minimum Volatility Index Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 22.6% 
   United Kingdom 13.8% 
   Canada 11.7% 
   Switzerland 9.0% 
   Taiwan 8.2% 
   Hong Kong 7.3% 
   Singapore 2.2% 
   Indonesia 2.0% 
   Korea (South) 2.0% 
   Other* 21.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of April 30, 2016 
   Japan 22.2% 
   United Kingdom 15.5% 
   Canada 11.9% 
   Switzerland 8.6% 
   Taiwan 7.4% 
   Hong Kong 6.6% 
   Singapore 2.8% 
   Korea (South) 2.3% 
   Malaysia 2.1% 
   Other* 20.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 100.1 99.8 
Short-Term Investments and Net Other Assets (Liabilities) (0.1) 0.2 

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Chunghwa Telecom Co. Ltd. (Taiwan, Diversified Telecommunication Services) 1.5 1.4 
Nestle SA (Switzerland, Food Products) 1.3 1.4 
CLP Holdings Ltd. (Hong Kong, Electric Utilities) 1.3 1.2 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 1.3 1.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.3 1.2 
National Grid PLC (United Kingdom, Multi-Utilities) 1.3 1.4 
Hang Seng Bank Ltd. (Hong Kong, Banks) 1.1 1.1 
Swisscom AG (Switzerland, Diversified Telecommunication Services) 1.1 1.2 
Otsuka Holdings Co. Ltd. (Japan, Pharmaceuticals) 1.1 0.9 
Novartis AG (Switzerland, Pharmaceuticals) 1.1 1.1 
 12.4  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.9 25.8 
Consumer Staples 15.2 15.4 
Health Care 14.2 11.9 
Telecommunication Services 10.3 10.4 
Industrials 10.3 10.0 
Consumer Discretionary 9.2 9.7 
Utilities 8.4 8.3 
Real Estate 5.2 0.0 
Information Technology 4.1 3.2 
Materials 1.8 2.3 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® SAI International Minimum Volatility Index Fund

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Australia - 0.6%   
CSL Ltd. 10,478 $801,126 
Healthscope Ltd. 6 10 
Medibank Private Ltd. 5 10 
Sonic Healthcare Ltd. 205,553 3,203,902 
Telstra Corp. Ltd. 823,040 3,112,692 
The GPT Group unit 4 14 
Transurban Group unit 1 8 
TOTAL AUSTRALIA  7,117,762 
Bailiwick of Jersey - 0.5%   
Randgold Resources Ltd. 59,995 5,327,951 
Belgium - 1.0%   
Colruyt NV 95,548 5,135,832 
Proximus 66,064 1,891,367 
UCB SA 66,736 4,519,375 
TOTAL BELGIUM  11,546,574 
Bermuda - 1.3%   
Cheung Kong Infrastructure Holdings Ltd. 832,000 6,817,518 
Cosco Shipping Ports Ltd. 584,000 579,817 
Credicorp Ltd. (United States) 20,834 3,097,599 
GOME Electrical Appliances Holdings Ltd. 4,868,000 615,126 
Li & Fung Ltd. 1,148,000 565,448 
Yue Yuen Industrial (Holdings) Ltd. 1,049,500 3,998,778 
TOTAL BERMUDA  15,674,286 
Canada - 11.6%   
Agnico Eagle Mines Ltd. (Canada) 25,034 1,271,391 
Bank of Montreal 151,720 9,655,423 
Bank of Nova Scotia 152,167 8,177,289 
BCE, Inc. 208,287 9,463,215 
Canadian Imperial Bank of Commerce 118,389 8,870,569 
Canadian Tire Ltd. Class A (non-vtg.) 23,781 2,311,613 
Canadian Utilities Ltd. Class A (non-vtg.) 88,606 2,532,072 
Dollarama, Inc. 8,397 627,474 
Empire Co. Ltd. Class A (non-vtg.) 213,103 3,069,522 
Fairfax Financial Holdings Ltd. (sub. vtg.) 7,243 3,709,520 
First Capital Realty, Inc. 131,227 2,092,705 
Franco-Nevada Corp. 79,950 5,232,842 
George Weston Ltd. 36,014 2,934,713 
Gildan Activewear, Inc. 38,532 989,657 
Goldcorp, Inc. 164,723 2,501,609 
Great-West Lifeco, Inc. 127,591 3,204,757 
H&R REIT/H&R Finance Trust 109,287 1,858,523 
Hydro One Ltd. 86,922 1,585,761 
Imperial Oil Ltd. 49,336 1,600,027 
Intact Financial Corp. 166,021 11,285,913 
Jean Coutu Group, Inc. Class A (sub. vtg.) 79,733 1,200,780 
Loblaw Companies Ltd. 42,025 2,073,522 
Metro, Inc. Class A (sub. vtg.) 134,430 4,155,273 
National Bank of Canada 20,879 745,312 
RioCan (REIT) 90,454 1,758,772 
Rogers Communications, Inc. Class B (non-vtg.) 107,018 4,305,294 
Royal Bank of Canada 146,283 9,139,279 
Shaw Communications, Inc. Class B 270,631 5,362,985 
Smart (REIT) 85,915 2,142,591 
TELUS Corp. 236,571 7,659,941 
The Toronto-Dominion Bank 147,476 6,691,560 
Thomson Reuters Corp. 187,813 7,401,622 
TransCanada Corp. 19,201 869,220 
TOTAL CANADA  136,480,746 
Cayman Islands - 0.9%   
China Huishan Dairy Holdings Co. Ltd. 3,498,000 1,298,972 
China Medical System Holdings Ltd. 810,000 1,265,829 
Hengan International Group Co. Ltd. 347,500 2,766,809 
Qinqin Foodstuffs Group Cayman Co. Ltd. (a) 63,500 21,943 
Shenzhou International Group Holdings Ltd. 580,499 3,851,007 
Sino Biopharmaceutical Ltd. 2,675,000 1,872,885 
TOTAL CAYMAN ISLANDS  11,077,445 
Chile - 0.9%   
Aguas Andinas SA 3,450,816 2,278,726 
Banco de Chile 31,186,758 3,722,053 
Banco de Credito e Inversiones 30,001 1,531,924 
Colbun SA 9,077,329 1,984,389 
Compania de Petroleos de Chile SA (COPEC) 78,557 792,521 
TOTAL CHILE  10,309,613 
China - 1.8%   
Agricultural Bank of China Ltd. (H Shares) 4,364,000 1,840,009 
Bank of China Ltd. (H Shares) 4,816,000 2,160,992 
Beijing Capital International Airport Co. Ltd. (H Shares) 894,000 937,164 
China Construction Bank Corp. (H Shares) 9,533,000 6,981,767 
Industrial & Commercial Bank of China Ltd. (H Shares) 6,361,000 3,818,125 
Jiangsu Expressway Co. Ltd. (H Shares) 1,566,000 2,132,274 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 2,300,000 1,500,603 
Zhejiang Expressway Co. Ltd. (H Shares) 1,778,000 1,863,845 
TOTAL CHINA  21,234,779 
Colombia - 0.1%   
Corporacion Financiera Colombiana SA 101,942 1,263,943 
Czech Republic - 0.1%   
Komercni Banka A/S 27,582 1,010,317 
Denmark - 0.6%   
Novo Nordisk A/S Series B 42,851 1,526,589 
Tryg A/S 129,723 2,534,804 
William Demant Holding A/S (a) 158,436 2,950,887 
TOTAL DENMARK  7,012,280 
Egypt - 0.1%   
Commercial International Bank SAE 280,933 1,622,967 
France - 1.6%   
Aeroports de Paris 38,524 3,891,077 
Atos Origin SA 8,432 875,824 
BIC SA 9,427 1,307,014 
Danone SA 25,079 1,739,437 
Dassault Systemes SA 9,583 758,894 
Essilor International SA 16,843 1,893,315 
Eutelsat Communications 33,297 698,139 
L'Oreal SA 26,224 4,693,785 
Sanofi SA 14,828 1,153,897 
SCOR SE 1 32 
Sodexo SA 10,773 1,251,197 
TOTAL FRANCE  18,262,611 
Germany - 1.4%   
Beiersdorf AG 7,034 619,270 
Fresenius Medical Care AG & Co. KGaA 60,644 4,939,705 
MAN SE 49,834 5,096,343 
Merck KGaA 6,496 667,888 
TUI AG 441,011 5,597,700 
TOTAL GERMANY  16,920,906 
Hong Kong - 7.3%   
China Mobile Ltd. 543,500 6,226,550 
CLP Holdings Ltd. 1,527,000 15,534,720 
CSPC Pharmaceutical Group Ltd. 2,092,000 2,168,728 
Guangdong Investment Ltd. 2,458,000 3,714,470 
Hang Seng Bank Ltd. 725,300 13,102,169 
HK Electric Investments & HK Electric Investments Ltd. unit 3,539,000 3,504,525 
HKT Trust/HKT Ltd. unit 3,499,000 4,809,374 
Hong Kong & China Gas Co. Ltd. 2,427,980 4,758,566 
Link (REIT) 1,084,500 7,732,895 
MTR Corp. Ltd. 2,080,253 11,520,378 
Power Assets Holdings Ltd. 1,097,000 10,318,565 
Sun Art Retail Group Ltd. 2,627,500 1,853,179 
Sun Hung Kai Properties Ltd. 50,000 746,562 
Swire Properties Ltd. 220,600 634,304 
TOTAL HONG KONG  86,624,985 
India - 0.5%   
Divi's Laboratories Ltd. 87,354 1,676,091 
GlaxoSmithKline Consumer Healthcare Ltd. 13,809 1,258,442 
Hindustan Unilever Ltd. 128,578 1,612,394 
Wipro Ltd. 239,244 1,662,857 
TOTAL INDIA  6,209,784 
Indonesia - 2.0%   
PT Bank Central Asia Tbk 4,154,300 4,942,942 
PT Hanjaya Mandala Sampoerna Tbk 5,266,000 1,594,168 
PT Indofood CBP Sukses Makmur Tbk 1,353,000 974,724 
PT Indofood Sukses Makmur Tbk 5,685,000 3,703,441 
PT Jasa Marga Tbk 2,763,500 959,431 
PT Kalbe Farma Tbk 22,954,200 3,061,029 
PT Telkomunikasi Indonesia Tbk Series B 9,156,900 2,961,536 
PT Unilever Indonesia Tbk 583,900 1,990,263 
PT United Tractors Tbk 2,373,000 3,932,873 
TOTAL INDONESIA  24,120,407 
Ireland - 0.7%   
Kerry Group PLC Class A 67,126 4,873,696 
Ryanair Holdings PLC sponsored ADR 41,579 3,122,167 
TOTAL IRELAND  7,995,863 
Israel - 1.7%   
Azrieli Group 60,303 2,568,493 
Bank Hapoalim BM (Reg.) 1,076,282 6,211,423 
Bank Leumi le-Israel BM (a) 806,108 3,042,631 
Bezeq The Israel Telecommunication Corp. Ltd. 718,043 1,304,580 
Mizrahi Tefahot Bank Ltd. 194,117 2,530,003 
NICE Systems Ltd. 9,295 617,115 
Teva Pharmaceutical Industries Ltd. sponsored ADR 84,660 3,618,368 
TOTAL ISRAEL  19,892,613 
Japan - 22.6%   
ABC-MART, Inc. 46,300 2,821,179 
Ajinomoto Co., Inc. 166,800 3,716,298 
All Nippon Airways Ltd. 1,510,000 4,250,520 
Asahi Group Holdings 76,200 2,725,529 
Astellas Pharma, Inc. 564,100 8,372,295 
Benesse Holdings, Inc. 93,400 2,451,895 
Canon, Inc. 252,500 7,253,830 
Chugai Pharmaceutical Co. Ltd. 58,700 2,003,871 
Daiichi Sankyo Kabushiki Kaisha 33,800 814,139 
Dainippon Sumitomo Pharma Co. Ltd. 94,800 1,646,141 
Daito Trust Construction Co. Ltd. 5,300 888,219 
East Japan Railway Co. 29,000 2,559,865 
Eisai Co. Ltd. 60,200 3,844,947 
FamilyMart Co. Ltd. 116,400 7,303,442 
Hankyu Hanshin Holdings, Inc. 20,900 693,544 
Hisamitsu Pharmaceutical Co., Inc. 42,700 2,284,228 
Idemitsu Kosan Co. Ltd. 59,800 1,380,526 
Japan Airlines Co. Ltd. 168,800 4,983,358 
Japan Prime Realty Investment Corp. 1,075 4,638,481 
Japan Real Estate Investment Corp. 552 3,195,041 
Japan Retail Fund Investment Corp. 2,911 6,603,670 
Kamigumi Co. Ltd. 287,000 2,454,839 
Kao Corp. 26,000 1,340,040 
Keihin Electric Express Railway Co. Ltd. 122,000 1,231,982 
Kyowa Hakko Kirin Co., Ltd. 119,500 1,828,907 
Lawson, Inc. (b) 92,800 7,061,543 
McDonald's Holdings Co. (Japan) Ltd. 94,000 2,706,971 
Miraca Holdings, Inc. 72,900 3,531,344 
Mitsubishi Tanabe Pharma Corp. 319,800 6,239,256 
Nagoya Railroad Co. Ltd. 896,000 4,733,327 
New Hampshire Foods Ltd. 175,000 4,195,194 
Nikon Corp. 41,100 621,967 
Nippon Building Fund, Inc. 250 1,485,172 
Nippon Prologis REIT, Inc. 2,026 4,584,436 
Nippon Telegraph & Telephone Corp. 163,400 7,244,640 
Nissin Food Holdings Co. Ltd. 82,800 4,800,458 
Nitori Holdings Co. Ltd. 47,600 5,705,464 
Nomura Real Estate Master Fund, Inc. 5,346 8,666,158 
Nomura Research Institute Ltd. 59,140 2,055,548 
NTT Data Corp. 70,700 3,653,991 
NTT DOCOMO, Inc. 134,300 3,372,811 
Oracle Corp. Japan 51,200 2,792,639 
Oriental Land Co. Ltd. 45,500 2,662,663 
Osaka Gas Co. Ltd. 1,384,000 5,763,257 
Otsuka Corp. 73,600 3,509,107 
Otsuka Holdings Co. Ltd. 284,200 12,457,971 
Park24 Co. Ltd. 115,200 3,564,642 
Recruit Holdings Co. Ltd. 196,900 7,923,315 
Sankyo Co. Ltd. (Gunma) 63,800 2,250,977 
Santen Pharmaceutical Co. Ltd. 254,000 3,715,419 
Secom Co. Ltd. 69,100 4,996,522 
Shimamura Co. Ltd. 28,600 3,668,065 
Shionogi & Co. Ltd. 30,000 1,481,263 
Showa Shell Sekiyu K.K. 69,100 646,392 
Suntory Beverage & Food Ltd. 180,700 7,917,579 
Suzuken Co. Ltd. 28,900 930,080 
Taisho Pharmaceutical Holdings Co. Ltd. 41,100 4,017,116 
Takeda Pharmaceutical Co. Ltd. 241,100 10,805,473 
Tobu Railway Co. Ltd. 591,000 2,907,943 
Toho Co. Ltd. 57,200 1,720,854 
Tokyo Gas Co. Ltd. 893,000 4,054,988 
TonenGeneral Sekiyu K.K. 377,000 3,724,344 
Toyo Suisan Kaisha Ltd. 126,100 5,116,387 
United Urban Investment Corp. 3,640 6,140,135 
USS Co. Ltd. 159,000 2,695,738 
West Japan Railway Co. 12,600 777,603 
Yamada Denki Co. Ltd. 372,200 1,927,192 
Yamato Holdings Co. Ltd. 197,000 4,499,046 
Yamazaki Baking Co. Ltd. 70,900 1,592,833 
TOTAL JAPAN  266,204,609 
Korea (South) - 2.0%   
Dongbu Insurance Co. Ltd. 34,422 2,139,798 
E-Mart Co. Ltd. 5,528 785,395 
Hyundai Department Store Co. Ltd. 5,298 544,273 
Hyundai Fire & Marine Insurance Co. Ltd. 20,820 643,483 
Hyundai Mobis 4,026 964,476 
Kangwon Land, Inc. 26,513 879,706 
Kia Motors Corp. 59,145 2,104,648 
Korea Electric Power Corp. 34,622 1,498,419 
KT Corp. 37,421 1,056,092 
KT&G Corp. 41,135 4,064,030 
S1 Corp. 26,528 2,145,425 
Samsung Fire & Marine Insurance Co. Ltd. 8,630 2,199,461 
Samsung Life Insurance Co. Ltd. 7,497 724,297 
SK Telecom Co. Ltd. 21,051 4,128,453 
TOTAL KOREA (SOUTH)  23,877,956 
Luxembourg - 0.6%   
RTL Group SA 26,206 2,054,009 
SES SA (France) (depositary receipt) 227,511 5,232,267 
TOTAL LUXEMBOURG  7,286,276 
Malaysia - 1.9%   
Axiata Group Bhd 1,002,424 1,175,668 
Hong Leong Bank Bhd 878,500 2,789,421 
IHH Healthcare Bhd 1,187,600 1,811,833 
Malayan Banking Bhd 2,772,227 5,220,642 
Maxis Bhd 1,789,700 2,542,697 
PPB Group Bhd 171,400 658,634 
Public Bank Bhd 1,444,100 6,836,669 
Telekom Malaysia Bhd 1,014,700 1,581,916 
TOTAL MALAYSIA  22,617,480 
Netherlands - 0.2%   
NN Group NV 1 30 
QIAGEN NV (Germany) (a) 83,986 2,056,424 
TOTAL NETHERLANDS  2,056,454 
New Zealand - 0.3%   
Auckland International Airport Ltd. 209,405 986,823 
Ryman Healthcare Group Ltd. 353,058 2,241,949 
Spark New Zealand Ltd. 290,013 759,041 
TOTAL NEW ZEALAND  3,987,813 
Philippines - 1.2%   
Aboitiz Equity Ventures, Inc. 480,110 773,260 
Aboitiz Power Corp. 2,107,900 1,999,979 
Bank of the Philippine Islands (BPI) 990,770 2,068,302 
BDO Unibank, Inc. 2,084,420 4,854,945 
Jollibee Food Corp. 185,060 909,451 
Metro Pacific Investments Corp. 4,317,800 641,926 
Philippine Long Distance Telephone Co. 62,610 1,977,995 
Universal Robina Corp. 237,070 890,919 
TOTAL PHILIPPINES  14,116,777 
Poland - 0.1%   
Grupa Lotos SA (a) 72,424 627,832 
Qatar - 0.6%   
Commercial Bank of Qatar (a) 207,889 2,038,044 
Doha Bank (a) 176,716 1,766,408 
Qatar Electricity & Water Co. (a) 26,238 1,513,086 
Qatar National Bank SAQ 45,805 2,012,550 
TOTAL QATAR  7,330,088 
Singapore - 2.2%   
CapitaMall Trust 450,000 669,542 
DBS Group Holdings Ltd. 132,719 1,430,933 
Oversea-Chinese Banking Corp. Ltd. 418,020 2,547,931 
Singapore Airlines Ltd. 759,600 5,530,816 
Singapore Press Holdings Ltd. 2,065,100 5,521,777 
Singapore Telecommunications Ltd. 2,488,000 6,938,681 
StarHub Ltd. 797,400 1,937,259 
United Overseas Bank Ltd. 72,263 975,453 
TOTAL SINGAPORE  25,552,392 
South Africa - 0.0%   
Fortress Income Fund Ltd. Class A 14 17 
Switzerland - 9.0%   
Baloise Holdings AG 25,855 3,182,395 
Barry Callebaut AG 2,569 3,198,432 
Givaudan SA 1,365 2,641,580 
Kuehne & Nagel International AG 28,579 3,875,804 
Lindt & Spruengli AG 78 4,839,776 
Lindt & Spruengli AG (participation certificate) 1,211 6,290,273 
Nestle SA (Reg. S) 218,801 15,866,117 
Novartis AG 175,328 12,442,604 
Roche Holding AG (participation certificate) 66,785 15,339,293 
Schindler Holding AG (Reg.) 4,097 757,669 
SGS SA (Reg.) 1,048 2,124,489 
Sonova Holding AG Class B 70,311 9,428,801 
Swiss Life Holding AG 4,081 1,080,513 
Swiss Prime Site AG 75,801 6,285,152 
Swiss Re Ltd. 66,289 6,156,292 
Swisscom AG 27,411 12,540,003 
TOTAL SWITZERLAND  106,049,193 
Taiwan - 8.2%   
Asia Cement Corp. 3,111,000 2,718,431 
ASUSTeK Computer, Inc. 445,000 3,902,580 
Chang Hwa Commercial Bank 6,298,230 3,226,174 
Chicony Electronics Co. Ltd. 674,627 1,728,908 
China Airlines Ltd. 3,341,000 1,011,991 
Chinatrust Financial Holding Co. Ltd. 1,186,700 639,862 
Chunghwa Telecom Co. Ltd. 5,121,000 17,551,270 
E.SUN Financial Holdings Co. Ltd. 1,243,800 708,128 
EVA Airways Corp. 2,757,300 1,329,304 
Far EasTone Telecommunications Co. Ltd. 2,269,000 5,368,711 
First Financial Holding Co. Ltd. 13,581,197 7,129,068 
Formosa Petrochemical Corp. 211,000 706,044 
Formosa Taffeta Co. Ltd. 920,000 840,383 
Foxconn Technology Co. Ltd. 929,607 2,700,795 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1,026,300 2,776,643 
Hua Nan Financial Holdings Co. Ltd. 9,397,630 4,783,988 
Lite-On Technology Corp. 1,483,428 2,131,382 
Mega Financial Holding Co. Ltd. 8,900,789 6,097,881 
President Chain Store Corp. 284,000 2,125,823 
Sinopac Holdings Co. 5,586,944 1,614,319 
Standard Foods Corp. 332,334 823,232 
Synnex Technology International Corp. 1,773,750 1,895,916 
Taishin Financial Holdings Co. Ltd. 1,656,800 606,944 
Taiwan Business Bank 5,758,354 1,457,464 
Taiwan Cement Corp. 671,000 805,536 
Taiwan Cooperative Financial Holding Co. Ltd. 10,901,315 4,788,785 
Taiwan Mobile Co. Ltd. 2,383,000 8,351,856 
Taiwan Semiconductor Manufacturing Co. Ltd. 1,307,000 7,850,988 
Transcend Information, Inc. 249,000 688,672 
TOTAL TAIWAN  96,361,078 
Thailand - 1.5%   
Advanced Info Service PCL (For. Reg.) 556,100 2,436,285 
Bangkok Bank PCL (For. Reg.) 326,300 1,480,748 
Bangkok Dusit Medical Services PCL (For. Reg.) 1,022,900 665,633 
BEC World PCL (For. Reg.) 1,473,500 862,126 
BTS Group Holdings PCL 8,185,000 1,997,339 
Bumrungrad Hospital PCL (For. Reg.) 180,000 940,136 
C.P. ALL PCL (For. Reg.) 469,900 814,739 
Delta Electronics PCL (For. Reg.) 330,400 740,247 
Electricity Generating PCL (For. Reg.) 160,100 891,031 
Energy Absolute PCL 941,300 758,950 
Kasikornbank PCL 268,100 1,316,110 
Kasikornbank PCL (For. Reg.) 146,000 716,718 
Krung Thai Bank PCL (For. Reg.) 5,184,400 2,545,035 
PTT PCL (For. Reg.) 23,200 229,103 
Siam Cement PCL (For. Reg.) 79,800 1,147,890 
TMB PCL (For. Reg.) 8,432,900 505,432 
TOTAL THAILAND  18,047,522 
United Arab Emirates - 0.6%   
DP World Ltd. 67,097 1,204,391 
Dubai Islamic Bank Pakistan Ltd. (a) 427,729 610,218 
First Gulf Bank PJSC 864,917 2,708,054 
National Bank of Abu Dhabi PJSC (a) 931,547 2,244,569 
TOTAL UNITED ARAB EMIRATES  6,767,232 
United Kingdom - 13.8%   
Admiral Group PLC 170,303 3,996,003 
AstraZeneca PLC (United Kingdom) 123,120 6,894,113 
Babcock International Group PLC 45,677 552,937 
BP PLC 127,634 754,535 
British American Tobacco PLC (United Kingdom) 131,180 7,518,313 
Bunzl PLC 104,010 2,799,508 
Capita Group PLC 140,343 1,006,630 
Centrica PLC 12,025 31,527 
Compass Group PLC 653,376 11,822,369 
Diageo PLC 331,076 8,812,096 
Direct Line Insurance Group PLC 179,793 761,651 
easyJet PLC 226,582 2,598,642 
Fresnillo PLC 1 20 
G4S PLC (United Kingdom) 223,222 601,092 
GlaxoSmithKline PLC 407,622 8,052,294 
Hikma Pharmaceuticals PLC 17,161 368,429 
HSBC Holdings PLC (United Kingdom) 259,786 1,956,483 
Imperial Tobacco Group PLC 143,696 6,957,088 
Inmarsat PLC 92,300 792,521 
J Sainsbury PLC 193,509 594,269 
Kingfisher PLC 1,428,415 6,309,910 
Marks & Spencer Group PLC 303,957 1,264,701 
Merlin Entertainments PLC 380,904 2,148,372 
National Grid PLC 1,158,891 15,074,596 
Next PLC 65,146 3,840,216 
Reckitt Benckiser Group PLC 171,685 15,359,026 
RELX PLC 324,448 5,801,987 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 146,770 3,655,605 
Class B (United Kingdom) 35,179 907,355 
Royal Mail PLC 1,202,703 7,228,053 
Scottish & Southern Energy PLC 608,549 11,832,049 
Severn Trent PLC 62,210 1,772,657 
SKY PLC 528,256 5,289,068 
Smith & Nephew PLC 156,854 2,267,537 
Tate & Lyle PLC 456,774 4,360,913 
Unilever PLC 86,727 3,628,339 
United Utilities Group PLC 126,650 1,457,184 
Vodafone Group PLC 563,165 1,546,635 
William Hill PLC 214,428 776,356 
WM Morrison Supermarkets PLC 258,082 715,496 
TOTAL UNITED KINGDOM  162,106,575 
TOTAL COMMON STOCKS   
(Cost $1,163,929,476)  1,172,695,126 
Nonconvertible Preferred Stocks - 0.0%   
Colombia - 0.0%   
Grupo Aval Acciones y Valores SA   
(Cost $26) 82 34 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.46% 3/30/17 (c)
(Cost $499,050) 		500,000 499,202 
 Shares Value 
Money Market Funds - 0.7%   
Fidelity Cash Central Fund, 0.41% (d) 1,510,941 1,511,395 
Fidelity Securities Lending Cash Central Fund 0.48% (d)(e) 7,074,632 7,076,047 
TOTAL MONEY MARKET FUNDS   
(Cost $8,587,172)  8,587,442 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $1,173,015,724)  1,181,781,804 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (2,715,091) 
NET ASSETS - 100%  $1,179,066,713 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
45 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 3,747,825 $(268) 
42 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Dec. 2016 1,897,350 26,857 
5 TME S&P/TSX 60 Index Contracts (Canada) Dec. 2016 646,015 15,658 
TOTAL FUTURES CONTRACTS   $42,247 

The face value of futures purchased as a percentage of Net Assets is 0.6%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $434,306.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


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 $19,992 
Fidelity Securities Lending Cash Central Fund 38,293 
Total $58,285 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $106,466,197 $87,069,217 $19,396,980 $-- 
Consumer Staples 181,642,378 132,347,389 49,294,989 -- 
Energy 20,585,327 15,267,832 5,317,495 -- 
Financials 227,498,115 221,723,475 5,774,640 -- 
Health Care 163,301,723 102,313,396 60,988,327 -- 
Industrials 119,312,184 119,312,184 -- -- 
Information Technology 47,595,936 30,828,261 16,767,675 -- 
Materials 21,647,250 16,319,299 5,327,951 -- 
Real Estate 62,690,882 62,690,882 -- -- 
Telecommunication Services 123,037,083 78,797,940 44,239,143 -- 
Utilities 98,918,085 70,513,021 28,405,064 -- 
Government Obligations 499,202 -- 499,202 -- 
Money Market Funds 8,587,442 8,587,442 -- -- 
Total Investments in Securities: $1,181,781,804 $945,770,338 $236,011,466 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $42,515 $42,515 $-- $-- 
Total Assets $42,515 $42,515 $-- $-- 
Liabilities     
Futures Contracts $(268) $(268) $-- $-- 
Total Liabilities $(268) $(268) $-- $-- 
Total Derivative Instruments: $42,247 $42,247 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $373,681 
Level 2 to Level 1 $265,984,196 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $42,515 $(268) 
Total Equity Risk 42,515 (268) 
Total Value of Derivatives $42,515 $(268) 

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


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


Fidelity® SAI International Minimum Volatility Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $6,737,691) — See accompanying schedule:
Unaffiliated issuers (cost $1,164,428,552) 		$1,173,194,362  
Fidelity Central Funds (cost $8,587,172) 8,587,442  
Total Investments (cost $1,173,015,724)  $1,181,781,804 
Foreign currency held at value (cost $1,352,895)  1,356,808 
Receivable for fund shares sold  1,720,415 
Dividends receivable  2,810,441 
Distributions receivable from Fidelity Central Funds  15,305 
Receivable for daily variation margin for derivative instruments  10,051 
Prepaid expenses  2,853 
Receivable from investment adviser for expense reductions  84,282 
Total assets  1,187,781,959 
Liabilities   
Payable for investments purchased $54,730  
Payable for fund shares redeemed 1,139,212  
Accrued management fee 148,719  
Other affiliated payables 102,467  
Other payables and accrued expenses 194,618  
Collateral on securities loaned, at value 7,075,500  
Total liabilities  8,715,246 
Net Assets  $1,179,066,713 
Net Assets consist of:   
Paid in capital  $1,161,583,830 
Undistributed net investment income  22,956,319 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (14,207,379) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  8,733,943 
Net Assets, for 120,746,594 shares outstanding  $1,179,066,713 
Net Asset Value, offering price and redemption price per share ($1,179,066,713 ÷ 120,746,594 shares)  $9.76 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $32,513,990 
Interest  2,092 
Income from Fidelity Central Funds  58,285 
Income before foreign taxes withheld  32,574,367 
Less foreign taxes withheld  (3,078,501) 
Total income  29,495,866 
Expenses   
Management fee $1,433,195  
Transfer agent fees 716,597  
Accounting and security lending fees 288,848  
Custodian fees and expenses 367,393  
Independent trustees' fees and expenses 4,055  
Registration fees 138,175  
Audit 64,391  
Legal 2,594  
Interest 2,107  
Miscellaneous 5,039  
Total expenses before reductions 3,022,394  
Expense reductions (1,101,985) 1,920,409 
Net investment income (loss)  27,575,457 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $245) (11,278,639)  
Fidelity Central Funds 1,840  
Foreign currency transactions (59,719)  
Futures contracts 940,371  
Total net realized gain (loss)  (10,396,147) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $7,513) 		8,528,252  
Assets and liabilities in foreign currencies (49,387)  
Futures contracts (224,998)  
Total change in net unrealized appreciation (depreciation)  8,253,867 
Net gain (loss)  (2,142,280) 
Net increase (decrease) in net assets resulting from operations  $25,433,177 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 For the period
May 29, 2015 (commencement of operations) to October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $27,575,457 $5,498,576 
Net realized gain (loss) (10,396,147) (3,057,440) 
Change in net unrealized appreciation (depreciation) 8,253,867 480,076 
Net increase (decrease) in net assets resulting from operations 25,433,177 2,921,212 
Distributions to shareholders from net investment income (7,850,553) – 
Distributions to shareholders from net realized gain (307,865) – 
Total distributions (8,158,418) – 
Share transactions   
Proceeds from sales of shares 728,457,159 853,235,213 
Reinvestment of distributions 8,140,167 – 
Cost of shares redeemed (311,924,477) (119,037,320) 
Net increase (decrease) in net assets resulting from share transactions 424,672,849 734,197,893 
Total increase (decrease) in net assets 441,947,608 737,119,105 
Net Assets   
Beginning of period 737,119,105 – 
End of period $1,179,066,713 $737,119,105 
Other Information   
Undistributed net investment income end of period $22,956,319 $4,983,533 
Shares   
Sold 75,756,894 89,243,366 
Issued in reinvestment of distributions 899,466 – 
Redeemed (32,620,858) (12,532,274) 
Net increase (decrease) 44,035,502 76,711,092 

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


Financial Highlights — Fidelity SAI International Minimum Volatility Index Fund

Years ended October 31, 2016 2015 A 
Selected Per–Share Data   
Net asset value, beginning of period $9.61 $10.00 
Income from Investment Operations   
Net investment income (loss)B .28 .10 
Net realized and unrealized gain (loss) (.02) (.49) 
Total from investment operations .26 (.39) 
Distributions from net investment income (.10) – 
Distributions from net realized gain –C – 
Total distributions (.11)D – 
Net asset value, end of period $9.76 $9.61 
Total ReturnE,F 2.75% (3.90)% 
Ratios to Average Net AssetsG,H   
Expenses before reductions .32% .40%I 
Expenses net of fee waivers, if any .20% .20%I 
Expenses net of all reductions .20% .20%I 
Net investment income (loss) 2.88% 2.51%I 
Supplemental Data   
Net assets, end of period (000 omitted) $1,179,067 $737,119 
Portfolio turnover rateJ 22% 6%K 

 A For the period May 29, 2015 (commencement of operations) to October 31, 2015.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total distributions of $.11 per share is comprised of distributions from net investment income of $.102 and distributions from net realized gain of $.004 per share.

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

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

 K Amount not annualized.


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


Fidelity® SAI U.S. Minimum Volatility Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2016 Past 1 year Life of fundA 
Fidelity® SAI U.S. Minimum Volatility Index Fund 7.56% 6.91% 

 A From May 29, 2015


$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Minimum Volatility Index Fund on May 29, 2015, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI USA Minimum Volatility (USD) Index performed over the same period.


Period Ending Values
$10,993Fidelity® SAI U.S. Minimum Volatility Index Fund
$11,023MSCI USA Minimum Volatility (USD) Index

Fidelity® SAI U.S. Minimum Volatility Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index rose 4.51% for the fiscal year ending October 31, 2016, held back by uncertainty about U.S. Federal Reserve monetary policy and the presidential election, as well as the pointed decline markets experienced in the wake of the U.K.’s late-June vote to leave the European Union (Brexit). Overall, volatility was high at the beginning of the period, with continued oil-price weakness and U.S.-dollar strength pushing the S&P 500® to its worst January since 2009. Markets regained positive momentum in February amid U.S. job gains, a rally in energy and other stimuli. However, the June 23 Brexit vote surprised investors, and sent markets tumbling for two days. Sentiment rebounded rapidly and stayed largely positive through August, but September was choppy and October was the first down month for the index since February, as the looming uncertainty of the presidential election weighed on the markets. Among sectors, dividend-rich utilities (+17%) led amid strong demand for yield early in the period. Telecom services and information technology both gained about 11%, the latter helped by strong results from some of the largest tech names. Consumer staples (+9%) and industrials (+7%) also fared well. Real estate (+4%) and financials (+2%) were held back by low interest rates. Health care (-4%) suffered most amid an unclear political outlook.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  For the fiscal year, the fund gained 7.56%, roughly in line with the 7.70% increase in the benchmark MSCI USA Minimum Volatility Index. The top-performing sector in the index was materials, and the top individual contributor in absolute terms was gold and copper producer Newmont Mining (+90%), which benefited from rising commodity prices. In utilities, another strong performer, the fund’s leading absolute contributors were Southern (+20%) and Consolidated Edison (+19%). For much of the period, investors favored these and other utilities for their high yields amid continued-low interest rates. Other individual contributors included medical products company Johnson & Johnson (+18%), solid waste processor Waste Management (+26%) and branded consumer products maker Procter & Gamble (+17%). In contrast, consumer discretionary performed worst, as restaurants such as Chipotle Mexican Grill (-43%) and Starbucks (-14%) lost ground. Elsewhere, health care trailed the index return, partly reflecting concerns about drug-pricing trends. Pharmaceuticals distributor AmerisourceBergen (-26%), drug manufacturer Bristol-Myers Squibb (-21%) and pharmacy benefits management company Express Scripts (-24%) all struggled.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® SAI U.S. Minimum Volatility Index Fund

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Johnson & Johnson 1.5 1.6 
PepsiCo, Inc. 1.5 1.5 
Procter & Gamble Co. 1.5 1.5 
Paychex, Inc. 1.5 1.4 
General Mills, Inc. 1.4 1.4 
 7.4  

Top Five Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Health Care 19.1 19.2 
Information Technology 15.4 14.9 
Consumer Staples 14.9 14.6 
Real Estate 9.9 0.0 
Financials 9.9 20.1 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Asset Allocation (% of fund's net assets)

As of October 31, 2016* 
   Stocks and Equity Futures 100.1% 
 Short-Term Investments and Net Other Assets (Liabilities)** (0.1)% 


 * Foreign investments - 6.1%

 ** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart


As of April 30, 2016* 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 5.5%


Percentages shown as 0.0% may reflect amounts less than 0.05%.

Fidelity® SAI U.S. Minimum Volatility Index Fund

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.8%   
Distributors - 0.2%   
Genuine Parts Co. (a) 14,512 $1,314,642 
Hotels, Restaurants & Leisure - 2.1%   
Chipotle Mexican Grill, Inc. (a)(b) 3,785 1,365,477 
Darden Restaurants, Inc. 21,049 1,363,765 
McDonald's Corp. 109,459 12,321,800 
Starbucks Corp. 82,530 4,379,867 
  19,430,909 
Media - 0.9%   
Charter Communications, Inc. Class A (b) 21,720 5,427,611 
Comcast Corp. Class A 55,865 3,453,574 
  8,881,185 
Multiline Retail - 0.9%   
Dollar General Corp. 34,555 2,387,405 
Dollar Tree, Inc. (a)(b) 18,088 1,366,548 
Target Corp. 74,842 5,143,891 
  8,897,844 
Specialty Retail - 3.4%   
AutoZone, Inc. (a)(b) 11,267 8,361,917 
Foot Locker, Inc. 9,490 633,647 
Home Depot, Inc. 50,027 6,103,794 
L Brands, Inc. 18,250 1,317,468 
Lowe's Companies, Inc. 47,263 3,150,079 
O'Reilly Automotive, Inc. (a)(b) 6,441 1,703,258 
Ross Stores, Inc. 26,350 1,647,929 
TJX Companies, Inc. 122,630 9,043,963 
  31,962,055 
Textiles, Apparel & Luxury Goods - 0.3%   
NIKE, Inc. Class B 32,372 1,624,427 
VF Corp. 25,663 1,391,191 
  3,015,618 
TOTAL CONSUMER DISCRETIONARY  73,502,253 
CONSUMER STAPLES - 14.9%   
Beverages - 2.9%   
Dr. Pepper Snapple Group, Inc. 19,131 1,679,510 
PepsiCo, Inc. 134,192 14,385,382 
The Coca-Cola Co. 261,475 11,086,540 
  27,151,432 
Food & Staples Retailing - 1.4%   
Costco Wholesale Corp. 20,067 2,967,307 
CVS Health Corp. 33,461 2,814,070 
Sysco Corp. 56,607 2,723,929 
Wal-Mart Stores, Inc. 70,067 4,906,091 
  13,411,397 
Food Products - 4.4%   
Campbell Soup Co. 90,433 4,914,129 
ConAgra Foods, Inc. 46,353 2,233,288 
General Mills, Inc. 220,740 13,681,465 
Kellogg Co. 99,372 7,465,818 
McCormick & Co., Inc. (non-vtg.) 63,707 6,107,590 
The Hershey Co. 64,421 6,600,576 
The J.M. Smucker Co. 5,194 682,024 
  41,684,890 
Household Products - 4.5%   
Church & Dwight Co., Inc. 145,801 7,036,356 
Clorox Co. 62,215 7,467,044 
Colgate-Palmolive Co. 113,595 8,106,139 
Kimberly-Clark Corp. 49,247 5,634,349 
Procter & Gamble Co. 165,540 14,368,872 
  42,612,760 
Tobacco - 1.7%   
Altria Group, Inc. 144,092 9,527,363 
Philip Morris International, Inc. 40,390 3,895,212 
Reynolds American, Inc. 58,632 3,229,451 
  16,652,026 
TOTAL CONSUMER STAPLES  141,512,505 
ENERGY - 1.9%   
Energy Equipment & Services - 0.1%   
Schlumberger Ltd. 14,390 1,125,730 
Oil, Gas & Consumable Fuels - 1.8%   
Chevron Corp. 15,121 1,583,925 
Exxon Mobil Corp. 147,234 12,267,537 
Occidental Petroleum Corp. 43,438 3,167,065 
  17,018,527 
TOTAL ENERGY  18,144,257 
FINANCIALS - 9.9%   
Banks - 0.4%   
U.S. Bancorp 50,981 2,281,910 
Wells Fargo & Co. 40,235 1,851,212 
  4,133,122 
Capital Markets - 0.3%   
CME Group, Inc. 25,304 2,532,930 
Diversified Financial Services - 1.3%   
Berkshire Hathaway, Inc. Class B (b) 83,960 12,115,428 
Insurance - 6.1%   
Alleghany Corp. (b) 6,767 3,493,193 
Allstate Corp. 21,090 1,432,011 
Aon PLC 13,933 1,544,194 
Arch Capital Group Ltd. (b) 114,986 8,965,458 
Axis Capital Holdings Ltd. 93,655 5,335,525 
Chubb Ltd. 77,115 9,793,605 
Everest Re Group Ltd. 29,757 6,056,145 
Markel Corp. (b) 2,797 2,454,172 
Marsh & McLennan Companies, Inc. 83,847 5,315,061 
RenaissanceRe Holdings Ltd. 41,180 5,118,262 
The Travelers Companies, Inc. 42,628 4,611,497 
W.R. Berkley Corp. 60,837 3,473,793 
  57,592,916 
Mortgage Real Estate Investment Trusts - 1.8%   
Agnc Investment Corp. 333,606 6,692,136 
Annaly Capital Management, Inc. 1,026,412 10,633,628 
  17,325,764 
TOTAL FINANCIALS  93,700,160 
HEALTH CARE - 19.1%   
Health Care Equipment & Supplies - 7.5%   
Abbott Laboratories 142,894 5,607,161 
Baxter International, Inc. 112,709 5,363,821 
Becton, Dickinson & Co. 77,722 13,050,301 
C.R. Bard, Inc. 42,696 9,251,369 
Danaher Corp. 32,090 2,520,670 
Intuitive Surgical, Inc. (b) 7,773 5,224,078 
Medtronic PLC 93,288 7,651,482 
ResMed, Inc. 23,050 1,377,699 
Stryker Corp. 103,633 11,954,067 
Varian Medical Systems, Inc. (a)(b) 69,361 6,293,124 
Zimmer Biomet Holdings, Inc. 24,023 2,532,024 
  70,825,796 
Health Care Providers & Services - 5.7%   
Aetna, Inc. 15,356 1,648,467 
AmerisourceBergen Corp. (a) 55,164 3,879,132 
Anthem, Inc. 16,443 2,003,744 
Cardinal Health, Inc. 52,792 3,626,282 
Cigna Corp. 27,751 3,297,651 
DaVita HealthCare Partners, Inc. (b) 86,663 5,080,185 
Express Scripts Holding Co. (b) 51,205 3,451,217 
Henry Schein, Inc. (b) 55,537 8,286,120 
Humana, Inc. 6,019 1,032,439 
Laboratory Corp. of America Holdings (b) 36,647 4,593,335 
McKesson Corp. 2,850 362,435 
Patterson Companies, Inc. (a) 78,256 3,342,314 
Quest Diagnostics, Inc. 26,325 2,143,908 
UnitedHealth Group, Inc. 82,602 11,674,141 
  54,421,370 
Life Sciences Tools & Services - 0.6%   
Thermo Fisher Scientific, Inc. 23,764 3,494,021 
Waters Corp. (b) 19,428 2,703,212 
  6,197,233 
Pharmaceuticals - 5.3%   
Allergan PLC (b) 2,561 535,095 
Bristol-Myers Squibb Co. 117,224 5,967,874 
Eli Lilly & Co. 109,998 8,122,252 
Johnson & Johnson 124,418 14,431,241 
Merck & Co., Inc. 178,782 10,498,079 
Pfizer, Inc. 324,788 10,299,027 
  49,853,568 
TOTAL HEALTH CARE  181,297,967 
INDUSTRIALS - 6.2%   
Aerospace & Defense - 0.4%   
Lockheed Martin Corp. 15,687 3,864,963 
Air Freight & Logistics - 2.0%   
C.H. Robinson Worldwide, Inc. (a) 52,316 3,563,766 
Expeditors International of Washington, Inc. 60,361 3,106,781 
United Parcel Service, Inc. Class B 116,307 12,533,242 
  19,203,789 
Commercial Services & Supplies - 2.9%   
Cintas Corp. 55,363 5,905,571 
Republic Services, Inc. 199,996 10,525,789 
Waste Management, Inc. 170,092 11,168,241 
  27,599,601 
Electrical Equipment - 0.1%   
Fortive Corp. 16,009 817,259 
Industrial Conglomerates - 0.6%   
3M Co. 31,857 5,265,962 
Professional Services - 0.2%   
Equifax, Inc. 5,792 718,034 
Nielsen Holdings PLC 17,952 808,199 
Verisk Analytics, Inc. (b) 9,884 806,040 
  2,332,273 
TOTAL INDUSTRIALS  59,083,847 
INFORMATION TECHNOLOGY - 15.4%   
Communications Equipment - 1.2%   
Cisco Systems, Inc. 229,862 7,052,166 
Motorola Solutions, Inc. (a) 65,684 4,767,345 
  11,819,511 
Electronic Equipment & Components - 0.1%   
Amphenol Corp. Class A 20,478 1,350,115 
Internet Software & Services - 1.3%   
Alphabet, Inc. Class A 5,634 4,562,977 
eBay, Inc. (b) 106,540 3,037,455 
Facebook, Inc. Class A (b) 34,952 4,578,362 
  12,178,794 
IT Services - 9.0%   
Accenture PLC Class A 95,262 11,073,255 
Automatic Data Processing, Inc. 152,398 13,267,770 
Broadridge Financial Solutions, Inc. 75,061 4,853,444 
Fidelity National Information Services, Inc. 74,671 5,519,680 
Fiserv, Inc. (b) 94,457 9,302,125 
Gartner, Inc. (b) 57,251 4,925,876 
IBM Corp. 46,623 7,165,489 
MasterCard, Inc. Class A 32,148 3,440,479 
Paychex, Inc. 252,878 13,958,866 
Vantiv, Inc. (b) 15,572 908,782 
Visa, Inc. Class A 127,663 10,533,474 
  84,949,240 
Semiconductors & Semiconductor Equipment - 0.4%   
Intel Corp. 110,137 3,840,477 
Software - 3.3%   
Adobe Systems, Inc. (b) 43,664 4,694,317 
ANSYS, Inc. (b) 51,959 4,746,455 
Cadence Design Systems, Inc. (b) 88,329 2,259,456 
Intuit, Inc. 4,612 501,509 
Microsoft Corp. 95,999 5,752,260 
Oracle Corp. 105,007 4,034,369 
Synopsys, Inc. (b) 145,238 8,614,066 
VMware, Inc. Class A (a)(b) 8,029 631,079 
  31,233,511 
Technology Hardware, Storage & Peripherals - 0.1%   
Apple, Inc. 6,518 740,054 
TOTAL INFORMATION TECHNOLOGY  146,111,702 
MATERIALS - 2.2%   
Chemicals - 1.0%   
Ecolab, Inc. 26,046 2,973,672 
Monsanto Co. 16,275 1,640,032 
Praxair, Inc. 24,625 2,882,603 
Sherwin-Williams Co. 6,187 1,514,949 
  9,011,256 
Metals & Mining - 1.2%   
Newmont Mining Corp. 312,618 11,579,371 
TOTAL MATERIALS  20,590,627 
REAL ESTATE - 9.9%   
Equity Real Estate Investment Trusts (REITs) - 9.9%   
American Tower Corp. 48,312 5,661,683 
AvalonBay Communities, Inc. 67,083 11,483,268 
Boston Properties, Inc. 5,172 623,123 
Camden Property Trust (SBI) (a) 8,298 675,789 
Crown Castle International Corp. 107,660 9,795,983 
Digital Realty Trust, Inc. (a) 22,249 2,078,724 
Equity Residential (SBI) 91,827 5,670,317 
Essex Property Trust, Inc. (a) 15,511 3,320,750 
Extra Space Storage, Inc. (a) 9,152 669,469 
Federal Realty Investment Trust (SBI) 37,567 5,455,855 
General Growth Properties, Inc. 66,504 1,659,275 
Public Storage 52,278 11,172,854 
Realty Income Corp. 106,439 6,305,446 
Regency Centers Corp. 34,396 2,478,920 
Simon Property Group, Inc. 35,434 6,589,307 
The Macerich Co. 57,547 4,073,177 
UDR, Inc. 140,294 4,906,081 
Ventas, Inc. (a) 90,242 6,113,896 
Vornado Realty Trust 8,855 821,567 
Welltower, Inc. 68,591 4,700,541 
  94,256,025 
TELECOMMUNICATION SERVICES - 3.1%   
Diversified Telecommunication Services - 3.1%   
AT&T, Inc. 366,730 13,491,997 
SBA Communications Corp. Class A (b) 17,088 1,935,729 
Verizon Communications, Inc. 278,685 13,404,749 
  28,832,475 
UTILITIES - 8.8%   
Electric Utilities - 5.4%   
American Electric Power Co., Inc. 27,651 1,792,891 
Duke Energy Corp. (a) 158,445 12,678,769 
Eversource Energy 31,626 1,741,328 
NextEra Energy, Inc. 52,504 6,720,512 
PG&E Corp. 96,504 5,994,828 
Southern Co. 261,431 13,481,997 
Xcel Energy, Inc. 220,071 9,143,950 
  51,554,275 
Multi-Utilities - 3.1%   
Consolidated Edison, Inc. 180,361 13,626,274 
Dominion Resources, Inc. 122,862 9,239,222 
Sempra Energy 10,955 1,173,281 
WEC Energy Group, Inc. 93,385 5,576,952 
  29,615,729 
Water Utilities - 0.3%   
American Water Works Co., Inc. 32,215 2,385,199 
TOTAL UTILITIES  83,555,203 
TOTAL COMMON STOCKS   
(Cost $892,842,099)  940,587,021 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.51% to 0.57% 2/2/17 to 3/30/17 (c)   
(Cost $499,068) 500,000 499,355 
 Shares Value 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 0.41% (d) 6,366,777 $6,368,687 
Fidelity Securities Lending Cash Central Fund 0.48% (d)(e) 34,891,345 34,898,323 
TOTAL MONEY MARKET FUNDS   
(Cost $41,259,187)  41,267,010 
TOTAL INVESTMENT PORTFOLIO - 103.6%   
(Cost $934,600,354)  982,353,386 
NET OTHER ASSETS (LIABILITIES) - (3.6)%  (33,766,458) 
NET ASSETS - 100%  $948,586,928 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
61 CME E-mini S&P 500 Index Contracts (United States) Dec. 2016 6,466,305 $(7,406) 
14 CME E-mini S&P MidCap 400 Index Contracts (United States) Dec. 2016 2,109,520 (6,047) 
TOTAL FUTURES CONTRACTS   $(13,453) 

The face value of futures purchased as a percentage of Net Assets is 0.9%

Legend

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

 (b) Non-income producing

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $330,526.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


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 $32,143 
Fidelity Securities Lending Cash Central Fund 112,728 
Total $144,871 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $73,502,253 $73,502,253 $-- $-- 
Consumer Staples 141,512,505 141,512,505 -- -- 
Energy 18,144,257 18,144,257 -- -- 
Financials 93,700,160 93,700,160 -- -- 
Health Care 181,297,967 181,297,967 -- -- 
Industrials 59,083,847 59,083,847 -- -- 
Information Technology 146,111,702 146,111,702 -- -- 
Materials 20,590,627 20,590,627 -- -- 
Real Estate 94,256,025 94,256,025 -- -- 
Telecommunication Services 28,832,475 28,832,475 -- -- 
Utilities 83,555,203 83,555,203 -- -- 
U.S. Government and Government Agency Obligations 499,355 -- 499,355 -- 
Money Market Funds 41,267,010 41,267,010 -- -- 
Total Investments in Securities: $982,353,386 $981,854,031 $499,355 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(13,453) $(13,453) $-- $-- 
Total Liabilities $(13,453) $(13,453) $-- $-- 
Total Derivative Instruments: $(13,453) $(13,453) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(13,453) 
Total Equity Risk 0 (13,453) 
Total Value of Derivatives $0 $(13,453) 

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


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


Fidelity® SAI U.S. Minimum Volatility Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $34,411,703) — See accompanying schedule:
Unaffiliated issuers (cost $893,341,167) 		$941,086,376  
Fidelity Central Funds (cost $41,259,187) 41,267,010  
Total Investments (cost $934,600,354)  $982,353,386 
Receivable for fund shares sold  1,574,620 
Dividends receivable  1,124,262 
Distributions receivable from Fidelity Central Funds  13,628 
Receivable for daily variation margin for derivative instruments  3,539 
Prepaid expenses  7,488 
Receivable from investment adviser for expense reductions  57,954 
Total assets  985,134,877 
Liabilities   
Payable for fund shares redeemed $751,759  
Accrued management fee 78,649  
Other affiliated payables 79,321  
Other payables and accrued expenses 746,295  
Collateral on securities loaned, at value 34,891,925  
Total liabilities  36,547,949 
Net Assets  $948,586,928 
Net Assets consist of:   
Paid in capital  $892,530,834 
Undistributed net investment income  11,462,526 
Accumulated undistributed net realized gain (loss) on investments  (3,146,011) 
Net unrealized appreciation (depreciation) on investments  47,739,579 
Net Assets, for 87,334,210 shares outstanding  $948,586,928 
Net Asset Value, offering price and redemption price per share ($948,586,928 ÷ 87,334,210 shares)  $10.86 

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


Statement of Operations

  Year ended October 31, 2016 
Investment Income   
Dividends  $17,818,786 
Interest  2,105 
Income from Fidelity Central Funds  144,871 
Total income  17,965,762 
Expenses   
Management fee $788,340  
Transfer agent fees 591,255  
Accounting and security lending fees 259,628  
Custodian fees and expenses 3,051  
Independent trustees' fees and expenses 3,369  
Registration fees 106,337  
Audit 55,874  
Legal 2,291  
Interest 3,530  
Miscellaneous 5,003  
Total expenses before reductions 1,818,678  
Expense reductions (634,182) 1,184,496 
Net investment income (loss)  16,781,266 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (3,441,549)  
Fidelity Central Funds 1,170  
Futures contracts 603,121  
Total net realized gain (loss)  (2,837,258) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		36,799,511  
Futures contracts (208,793)  
Total change in net unrealized appreciation (depreciation)  36,590,718 
Net gain (loss)  33,753,460 
Net increase (decrease) in net assets resulting from operations  $50,534,726 

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


Statement of Changes in Net Assets

 Year ended October 31, 2016 For the period
May 29, 2015 (commencement of operations) to October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,781,266 $5,168,673 
Net realized gain (loss) (2,837,258) (102,296) 
Change in net unrealized appreciation (depreciation) 36,590,718 11,148,861 
Net increase (decrease) in net assets resulting from operations 50,534,726 16,215,238 
Distributions to shareholders from net investment income (7,756,190) – 
Distributions to shareholders from net realized gain (197,185) – 
Total distributions (7,953,375) – 
Share transactions   
Proceeds from sales of shares 599,727,810 767,137,342 
Reinvestment of distributions 7,935,716 – 
Cost of shares redeemed (371,396,718) (113,613,811) 
Net increase (decrease) in net assets resulting from share transactions 236,266,808 653,523,531 
Total increase (decrease) in net assets 278,848,159 669,738,769 
Net Assets   
Beginning of period 669,738,769 – 
End of period $948,586,928 $669,738,769 
Other Information   
Undistributed net investment income end of period $11,462,526 $4,717,363 
Shares   
Sold 55,280,106 76,921,416 
Issued in reinvestment of distributions 800,779 – 
Redeemed (34,262,439) (11,405,652) 
Net increase (decrease) 21,818,446 65,515,764 

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


Financial Highlights — Fidelity SAI U.S. Minimum Volatility Index Fund

Years ended October 31, 2016 2015 A 
Selected Per–Share Data   
Net asset value, beginning of period $10.22 $10.00 
Income from Investment Operations   
Net investment income (loss)B .23 .09 
Net realized and unrealized gain (loss) .53 .13 
Total from investment operations .76 .22 
Distributions from net investment income (.12) – 
Distributions from net realized gain –C – 
Total distributions (.12) – 
Net asset value, end of period $10.86 $10.22 
Total ReturnD,E 7.56% 2.20% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .23% .31%H 
Expenses net of fee waivers, if any .15% .15%H 
Expenses net of all reductions .15% .15%H 
Net investment income (loss) 2.12% 2.08%H 
Supplemental Data   
Net assets, end of period (000 omitted) $948,587 $669,739 
Portfolio turnover rateI 37% 3%J 

 A For the period May 29, 2015 (commencement of operations) to October 31, 2015.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.

 H Annualized

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

 J Amount not annualized.


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum Volatility Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The 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 does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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 Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity SAI International Minimum Volatility Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards 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 
Fidelity SAI International Minimum Volatility Index Fund $1,183,052,157 $71,914,021 $(73,184,374) $(1,270,353) 
Fidelity SAI U.S. Minimum Volatility Index Fund 937,589,800 73,148,777 (28,385,191) 44,763,586 

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

 Undistributed ordinary income Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity SAI International Minimum Volatility Index Fund $28,399,745 $(9,587,784) $(1,321,566) 
Fidelity SAI U.S. Minimum Volatility Index Fund 11,461,615 (169,108) 44,763,586 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 No expiration 
 Short-term 
Fidelity SAI International Minimum Volatility Index Fund $(9,587,784) 
Fidelity SAI U.S. Minimum Volatility Index Fund (169,108) 

The tax character of distributions paid was as follows:

October 31, 2016  
 Ordinary Income 
Fidelity SAI International Minimum Volatility Index Fund $8,158,418 
Fidelity SAI U.S. Minimum Volatility Index Fund 7,953,375 

4. Derivative Instruments.

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

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

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

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

The 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 close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

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

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 as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type Net Realized Gain (Loss) Change in Net Unrealized Appreciation (Depreciation) 
Fidelity SAI International Minimum Volatility Index Fund   
Equity Risk   
Futures Contracts $940,371 $(224,998) 
Total Equity Risk 940,371 (224,998) 
Interest Rate Risk   
Totals $940,371 $(224,998) 
Fidelity SAI U.S. Minimum Volatility Index Fund   
Equity Risk   
Futures Contracts $603,121 $(208,793) 
Total Equity Risk 603,121 (208,793) 
Totals $603,121 $(208,793) 

A summary of the value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Schedule of Investments.

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 daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity SAI International Minimum Volatility Index Fund 660,847,253 211,281,717 
Fidelity SAI U.S. Minimum Volatility Index Fund 539,906,753 288,230,705 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund's management fee is equal to the following annual rate of average net assets:

Fidelity SAI International Minimum Volatility Index Fund .15% 
Fidelity SAI U.S. Minimum Volatility Index Fund .10% 

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% based on each Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI International Minimum Volatility Index Fund Borrower $9,671,176 .46% 2,107 
Fidelity SAI U.S. Minimum Volatility Index Fund Borrower 30,425,000 .60% 3,530 

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity SAI International Minimum Volatility Index Fund $2,005 
Fidelity SAI U.S. Minimum Volatility Index Fund 1,586 

During the period, the Funds did not borrow on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable 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 Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. 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 each applicable 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 income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity was as follows:

 Total Security Lending Income 
Fidelity SAI International Minimum Volatility Index Fund $38,293 
Fidelity SAI U.S. Minimum Volatility Index Fund 112,728 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse each 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, 2018. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

 Expense Limitations Reimbursement 
Fidelity SAI International Minimum Volatility Index Fund .20% $1,101,985 
Fidelity SAI U.S. Minimum Volatility Index Fund .15% 629,947 

In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custody
expense
reduction 
Fidelity SAI U.S. Minimum Volatility Index Fund $4,235 

10. 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, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares of the following Funds:

 Strategic Advisers International II Fund Strategic Advisers Value Fund 
Fidelity SAI International Minimum Volatility Index Fund 25% – 
Fidelity SAI U.S. Minimum Volatility Index Fund –
 		15% 

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity® SAI International Minimum Volatility Index Fund and Fidelity® SAI U.S. Minimum Volatility Index Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® SAI International Minimum Volatility Index Fund and Fidelity® SAI U.S. Minimum Volatility Index Fund (each a fund of Fidelity Salem Street Trust) at October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Salem Street Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit 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, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
December 19, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

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, 2016 to October 31, 2016).

Actual Expenses

The first line of the accompanying table for 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 fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 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 fund provides information about hypothetical account values and hypothetical expenses based on a 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, 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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2016 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period-B
May 1, 2016
to October 31, 2016 
Fidelity SAI International Minimum Volatility Index Fund .20%    
Actual  $1,000.00 $995.90 $1.00 
Hypothetical-C  $1,000.00 $1,024.13 $1.02 
Fidelity SAI U.S. Minimum Volatility Index Fund .15%    
Actual  $1,000.00 $1,020.70 $.76 
Hypothetical-C  $1,000.00 $1,024.38 $.76 

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

 B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses


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 
Fidelity SAI International Minimum Volatility Index Fund 12/19/16 12/16/16 $0.217 $0.045 
Fidelity SAI U.S. Minimum Volatility Index Fund  12/19/16  12/16/16 $0.244  $0.000 

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends–received deduction for corporate shareholders:

Fidelity SAI U.S. Minimum Volatility Index Fund  
December 2015  83% 

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fidelity SAI International Minimum Volatility Index Fund  
December 2015 60% 
Fidelity SAI U.S. Minimum Volatility Index Fund  
December 2015  87% 

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

 Pay Date Income Taxes 
Fidelity SAI International Minimum Volatility Index Fund 12/14/15 $0.0818 $0.0088 

The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Minimum Volatility Index Fund
Fidelity SAI U.S. Minimum Volatility Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including each fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each 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 the 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 all of the Fidelity funds.

At its September 2016 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, 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; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

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 to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

Investment Performance.  The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As each fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to the funds' limited investment performance.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the period of each fund's operations shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board.

Fidelity SAI International Minimum Volatility Index Fund


Fidelity SAI U.S. Minimum Volatility Index Fund


The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the funds. As part of its review, the Board also considered the current total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of Fidelity SAI International Minimum Volatility Index Fund ranked below the competitive median for the period and the total expense ratio of Fidelity SAI U.S. Minimum Volatility Index Fund ranked equal to the competitive median for the period.

The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.20% for Fidelity SAI International Minimum Volatility Index Fund and 0.15% for Fidelity SAI U.S. Minimum Volatility Index Fund through December 31, 2018.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares 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 each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established 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 funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, 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 arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; (x) the approach to considering "fall-out" benefits; and (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

SV1-SV2-ANN-1216
1.9867660.101

Fidelity® SAI International Index Fund

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



Annual Report

October 31, 2016



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns for Fidelity® SAI International Index Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Index Fund on January 5, 2016, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.


Period Ending Values
$10,190Fidelity® SAI International Index Fund
$10,280MSCI EAFE Index

Management's Discussion of Fund Performance

Market Recap:  Non-U.S equities eked a 0.40% gain for the year ending October 31, 2016, according to the MSCI ACWI (All Country World Index) ex USA Index. After early-2016 volatility largely driven by concerns about energy prices and global growth, central banks in Europe, Japan and China took action to reignite their economies; the U.S. Federal Reserve added fuel by softening its rate-hike stance. Stock prices recovered nicely until the U.K.’s June vote to exit the European Union – dubbed “Brexit” – touched off near-tumult in global markets. Starting with a sharp initial rebound, the MSCI index then traced a generally upward arc into autumn. Among segments, small-cap stocks outpaced large-caps; growth and value finished close together. Regionally, Canada (+10%) and emerging markets (+9%) were aided by rising commodity prices. Japan (+4%) bettered the index but lagged the rest of the Asia Pacific region (+9%). Europe (-5%) and the U.K. (-11%) were beset by Brexit stress. Among sectors, materials (+16%) and energy (+11%) overcame early-2016 lows. Information technology (+13%) also performed well. Financials (-3%) trailed ex the recently created real estate sector (+3%). Utilities (-3%) and telecom services (-4%) declined amid a mode switch from “risk off” to “risk on.” Meanwhile, health care (-12%) suffered amid U.S. political uncertainty.

Comments from Patrick Waddell, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team:  From the fund’s inception date on January 5, 2016, through October 31, 2016, the fund gained 1.90%, trailing the 2.80% increase in the benchmark MSCI EAFE 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.) A more favorable commodity-pricing environment made materials and energy, the two top-performing sectors in the index for the period. In materials, for example, positions in Switzerland-based commodities producer Glencore and German chemical manufacturer BASF contributed in absolute terms, as did U.K.-based energy companies BP and Royal Dutch Shell. In contrast, many of the fund’s biggest detractors included multinational pharmaceutical manufacturers hurt by the potential for drug-pricing regulation in the U.S. Here, the biggest detractors included Denmark-based Novo Nordisk; Switzerland’s Novartis and Roche Holdings; and Israel’s Teva Pharmaceutical Industries. Also weighing on performance was retail and commercial bank Lloyds Banking Group, one of various U.K. stocks hurt by the Brexit vote and the corresponding sharp drop in the value of the British pound.

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.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2016 
   Japan 23.8% 
   United Kingdom 15.9% 
   France 9.0% 
   Germany 8.8% 
   Switzerland 8.4% 
   Australia 6.9% 
   United States of America* 3.9% 
   Netherlands 3.7% 
   Spain 3.1% 
   Other 16.5% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities)


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

As of April 30, 2016 
   Japan 21.8% 
   United Kingdom 17.9% 
   France 9.3% 
   Switzerland 9.0% 
   Germany 8.9% 
   Australia 7.0% 
   Netherlands 3.5% 
   Spain 3.2% 
   Sweden 2.8% 
   Other* 16.6% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities)


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

Asset Allocation as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 100.0 99.9 
Short-Term Investments and Net Other Assets (Liabilities) 0.0 0.1 

Top Ten Stocks as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.8 1.9 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.3 1.4 
Novartis AG (Switzerland, Pharmaceuticals) 1.3 1.4 
Toyota Motor Corp. (Japan, Automobiles) 1.2 1.1 
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) 1.2 1.1 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 0.9 0.8 
Total SA (France, Oil, Gas & Consumable Fuels) 0.9 0.9 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) 0.9 0.9 
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) 0.8 0.8 
Royal Dutch Shell PLC Class B (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) 0.8 0.8 
 11.1  

Top Market Sectors as of October 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.6 24.0 
Industrials 13.4 12.9 
Consumer Discretionary 12.1 12.4 
Consumer Staples 11.2 12.4 
Health Care 10.2 11.1 
Materials 7.2 6.2 
Information Technology 5.0 4.9 
Energy 5.0 4.8 
Telecommunication Services 4.6 4.9 
Real Estate 3.9 0.0 

Prior period industry classifications reflect the categories in place as of the date indicated and have not been adjusted to reflect current industry classifications.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments October 31, 2016

Showing Percentage of Net Assets

Common Stocks - 95.6%   
 Shares Value 
Australia - 6.9%   
AGL Energy Ltd. 87,285 $1,273,508 
Alumina Ltd. 294,858 354,392 
Amcor Ltd. 149,882 1,676,024 
AMP Ltd. 383,293 1,332,479 
APA Group unit 145,358 880,168 
Aristocrat Leisure Ltd. 70,352 820,947 
ASX Ltd. 25,100 899,880 
Aurizon Holdings Ltd. 265,405 985,241 
Australia & New Zealand Banking Group Ltd. 377,132 7,989,728 
Bank of Queensland Ltd. 46,656 371,238 
Bendigo & Adelaide Bank Ltd. 60,066 508,554 
BHP Billiton Ltd. 415,931 7,266,663 
Boral Ltd. 97,699 468,214 
Brambles Ltd. 205,501 1,802,423 
Caltex Australia Ltd. 34,055 796,080 
Challenger Ltd. 74,561 610,292 
Cimic Group Ltd. 12,870 289,692 
Coca-Cola Amatil Ltd. 74,881 543,417 
Cochlear Ltd. 7,444 724,593 
Commonwealth Bank of Australia 221,716 12,377,911 
Computershare Ltd. 60,819 488,096 
Crown Ltd. 43,800 362,840 
CSL Ltd. 59,180 4,524,782 
DEXUS Property Group unit 125,740 855,115 
Dominos Pizza Enterprises Ltd. 7,511 367,100 
DUET Group 317,772 575,315 
Flight Centre Travel Group Ltd. 7,401 190,686 
Fortescue Metals Group Ltd. 202,663 847,912 
Goodman Group unit 230,424 1,190,175 
Harvey Norman Holdings Ltd. 74,685 286,905 
Healthscope Ltd. 209,755 352,629 
Incitec Pivot Ltd. 219,367 492,274 
Insurance Australia Group Ltd. 314,311 1,317,421 
Lendlease Group unit 71,886 739,323 
Macquarie Group Ltd. 39,607 2,404,298 
Medibank Private Ltd. 357,280 701,200 
Mirvac Group unit 481,333 765,254 
National Australia Bank Ltd. 341,902 7,282,376 
Newcrest Mining Ltd. (a) 99,457 1,706,821 
Orica Ltd. 48,431 600,147 
Origin Energy Ltd. 228,023 927,995 
Platinum Asset Management Ltd. 24,154 91,686 
Qantas Airways Ltd. 68,508 159,469 
QBE Insurance Group Ltd. 177,510 1,348,968 
Ramsay Health Care Ltd. 18,391 1,026,309 
realestate.com.au Ltd. 7,009 272,666 
Rio Tinto Ltd. 55,247 2,276,990 
Santos Ltd. 208,062 565,034 
Scentre Group unit 689,358 2,207,701 
SEEK Ltd. 39,851 443,807 
Sonic Healthcare Ltd. 51,516 802,967 
South32 Ltd. 691,003 1,350,910 
SP AusNet 236,624 270,000 
Stockland Corp. Ltd. unit 310,058 1,042,506 
Suncorp Group Ltd. 166,371 1,514,904 
Sydney Airport unit 142,305 677,654 
Tabcorp Holdings Ltd. 101,036 371,993 
Tatts Group Ltd. 190,513 588,388 
Telstra Corp. Ltd. 553,979 2,095,118 
The GPT Group unit 233,541 827,871 
TPG Telecom Ltd. 44,549 256,196 
Transurban Group unit 263,937 2,086,072 
Treasury Wine Estates Ltd. 95,748 782,253 
Vicinity Centers unit 436,325 952,589 
Vocus Communications Ltd. 66,368 288,276 
Wesfarmers Ltd. 145,661 4,544,085 
Westfield Corp. unit (a) 255,432 1,729,333 
Westpac Banking Corp. 431,254 9,972,727 
Woodside Petroleum Ltd. 98,418 2,123,965 
Woolworths Ltd. 165,462 2,976,753 
TOTAL AUSTRALIA  112,597,298 
Austria - 0.2%   
Andritz AG 9,491 496,453 
Erste Group Bank AG 38,904 1,221,843 
OMV AG 19,247 601,631 
Raiffeisen International Bank-Holding AG (a) 15,172 248,660 
Voestalpine AG 14,964 529,434 
TOTAL AUSTRIA  3,098,021 
Bailiwick of Jersey - 1.3%   
Experian PLC 124,126 2,389,862 
Glencore Xstrata PLC (a) 1,584,558 4,848,748 
Petrofac Ltd. 31,320 309,177 
Randgold Resources Ltd. 12,150 1,079,000 
Shire PLC 116,229 6,562,603 
Wolseley PLC 32,641 1,698,384 
WPP PLC 167,051 3,627,187 
TOTAL BAILIWICK OF JERSEY  20,514,961 
Belgium - 1.2%   
Ageas 25,327 925,135 
Anheuser-Busch InBev SA NV 103,980 11,933,760 
Colruyt NV 8,786 472,259 
Groupe Bruxelles Lambert SA 10,350 890,304 
KBC Groep NV 32,475 1,978,900 
Proximus 20,006 572,758 
Solvay SA Class A 9,577 1,099,150 
Telenet Group Holding NV (a) 6,974 373,331 
UCB SA 16,419 1,111,898 
Umicore SA 12,348 750,812 
TOTAL BELGIUM  20,108,307 
Bermuda - 0.3%   
Cheung Kong Infrastructure Holdings Ltd. 86,000 704,695 
First Pacific Co. Ltd. 284,000 215,145 
Hongkong Land Holdings Ltd. 152,689 1,023,016 
Jardine Matheson Holdings Ltd. 32,165 1,959,170 
Kerry Properties Ltd. 80,500 254,821 
Li & Fung Ltd. 716,000 352,666 
Noble Group Ltd. (a) 1,049,900 125,271 
NWS Holdings Ltd. 204,373 362,074 
Shangri-La Asia Ltd. 174,000 191,375 
Yue Yuen Industrial (Holdings) Ltd. 90,000 342,916 
TOTAL BERMUDA  5,531,149 
Cayman Islands - 0.6%   
ASM Pacific Technology Ltd. 31,600 304,976 
Cheung Kong Property Holdings Ltd. 349,000 2,585,252 
CK Hutchison Holdings Ltd. 350,000 4,330,125 
Melco Crown Entertainment Ltd. sponsored ADR (b) 22,915 383,597 
MGM China Holdings Ltd. 126,800 209,929 
Sands China Ltd. 314,400 1,368,182 
WH Group Ltd. 763,500 619,223 
Wynn Macau Ltd. 189,600 290,919 
TOTAL CAYMAN ISLANDS  10,092,203 
Denmark - 1.6%   
A.P. Moller - Maersk A/S:   
Series A 485 709,698 
Series B 836 1,282,326 
Carlsberg A/S Series B 13,908 1,254,138 
Christian Hansen Holding A/S 12,823 767,964 
Coloplast A/S Series B 15,398 1,072,666 
Danske Bank A/S 88,739 2,739,780 
DSV de Sammensluttede Vognmaend A/S 24,570 1,190,824 
Genmab A/S (a) 7,364 1,215,052 
ISS Holdings A/S 21,684 852,537 
Novo Nordisk A/S Series B 247,363 8,812,433 
Novozymes A/S Series B 29,864 1,109,355 
Pandora A/S 14,409 1,875,607 
TDC A/S 105,841 584,048 
Tryg A/S 15,139 295,818 
Vestas Wind Systems A/S 28,712 2,303,045 
William Demant Holding A/S (a) 14,655 272,951 
TOTAL DENMARK  26,338,242 
Finland - 0.9%   
Elisa Corp. (A Shares) 18,598 626,770 
Fortum Corp. 57,341 956,151 
Kone Oyj (B Shares) 43,662 2,009,703 
Metso Corp. 13,529 354,950 
Neste Oyj 16,636 718,251 
Nokia Corp. 755,356 3,372,333 
Nokian Tyres PLC 14,921 500,722 
Orion Oyj (B Shares) 13,307 566,635 
Sampo Oyj (A Shares) 57,770 2,646,676 
Stora Enso Oyj (R Shares) 71,468 675,881 
UPM-Kymmene Corp. 68,846 1,602,205 
Wartsila Corp. 19,191 830,037 
TOTAL FINLAND  14,860,314 
France - 9.0%   
Accor SA 22,244 844,509 
Aeroports de Paris 3,615 365,129 
Air Liquide SA 50,120 5,092,825 
Alstom SA (a) 20,197 542,531 
Arkema SA 8,802 834,638 
Atos Origin SA 11,436 1,187,847 
AXA SA 251,318 5,670,317 
BIC SA 3,762 521,586 
BNP Paribas SA 137,032 7,948,556 
Bollore Group (a) 588 2,130 
Bollore Group 104,741 344,938 
Bouygues SA 27,074 882,847 
Bureau Veritas SA 34,750 656,507 
Capgemini SA 21,225 1,758,665 
Carrefour SA 71,923 1,886,593 
Casino Guichard Perrachon SA 6,878 342,256 
Christian Dior SA 7,081 1,366,134 
CNP Assurances 20,549 356,073 
Compagnie de St. Gobain 63,961 2,839,772 
Credit Agricole SA 136,552 1,473,816 
Danone SA 76,440 5,301,750 
Dassault Systemes SA 16,618 1,316,007 
Edenred SA 27,070 627,158 
EDF SA 30,008 336,330 
Eiffage SA 7,748 573,602 
Engie 188,945 2,724,388 
Essilor International SA 26,628 2,993,243 
Eurazeo SA 4,965 285,761 
Eutelsat Communications 22,709 476,140 
Fonciere des Regions 4,383 383,135 
Gecina SA 5,323 775,993 
Groupe Eurotunnel SA 60,787 569,265 
Hermes International SCA 3,425 1,387,740 
ICADE 4,818 346,321 
Iliad SA 3,447 723,112 
Imerys SA 4,368 303,809 
Ingenico SA 7,124 563,849 
JCDecaux SA 9,020 275,812 
Kering SA 9,829 2,180,076 
Klepierre SA 28,462 1,164,314 
L'Oreal SA 32,739 5,859,893 
Lagardere S.C.A. (Reg.) 14,320 364,699 
Legrand SA 34,650 1,958,527 
LVMH Moet Hennessy - Louis Vuitton SA 36,087 6,570,044 
Michelin CGDE Series B 23,526 2,547,186 
Natixis SA 121,767 615,549 
Orange SA 257,111 4,045,299 
Pernod Ricard SA 27,500 3,270,883 
Peugeot Citroen SA (a) 62,980 943,365 
Publicis Groupe SA 24,630 1,689,849 
Remy Cointreau SA 2,728 221,306 
Renault SA 24,897 2,162,130 
Rexel SA 39,459 547,299 
Safran SA 40,553 2,788,103 
Sanofi SA 149,789 11,656,403 
Schneider Electric SA 72,425 4,870,589 
SCOR SE 21,256 688,346 
SFR Group SA 13,217 356,050 
Societe Generale Series A 99,276 3,872,510 
Sodexo SA 12,312 1,429,940 
Suez Environnement SA 42,598 674,541 
Technip SA 14,417 956,223 
Thales SA 13,687 1,288,686 
Total SA 288,820 13,835,895 
Unibail-Rodamco 12,806 3,039,697 
Valeo SA 30,849 1,777,886 
Veolia Environnement SA 58,344 1,274,664 
VINCI SA 65,338 4,732,402 
Vivendi SA 150,660 3,049,441 
Wendel SA 3,783 435,212 
Zodiac Aerospace 26,458 643,911 
TOTAL FRANCE  146,392,002 
Germany - 8.3%   
adidas AG 24,383 4,005,980 
Allianz SE 59,084 9,223,265 
Axel Springer Verlag AG 5,788 289,828 
BASF AG 118,672 10,460,857 
Bayer AG 106,970 10,621,018 
Bayerische Motoren Werke AG (BMW) 42,920 3,739,552 
Beiersdorf AG 13,064 1,150,149 
Brenntag AG 20,051 1,071,825 
Commerzbank AG 138,260 939,031 
Continental AG 14,233 2,727,217 
Covestro AG 9,180 542,564 
Daimler AG (Germany) 124,492 8,870,672 
Deutsche Bank AG (a) 178,546 2,578,365 
Deutsche Borse AG (a) 24,992 1,944,591 
Deutsche Lufthansa AG 28,705 366,945 
Deutsche Post AG 125,553 3,890,823 
Deutsche Telekom AG 417,011 6,803,629 
Deutsche Wohnen AG (Bearer) 43,708 1,425,979 
E.ON AG 259,162 1,898,151 
Evonik Industries AG 21,217 662,861 
Fraport AG Frankfurt Airport Services Worldwide 5,422 321,825 
Fresenius Medical Care AG & Co. KGaA 28,435 2,316,148 
Fresenius SE & Co. KGaA 53,050 3,915,764 
GEA Group AG 23,750 918,371 
Hannover Reuck SE 7,811 870,743 
HeidelbergCement Finance AG 18,291 1,730,002 
Henkel AG & Co. KGaA 13,589 1,496,208 
Hochtief AG 2,478 338,260 
Hugo Boss AG 8,750 549,520 
Infineon Technologies AG 146,321 2,631,625 
Innogy SE 17,895 710,630 
K&S AG 24,914 504,048 
Lanxess AG 11,842 758,264 
Linde AG 24,034 3,965,414 
MAN SE 4,467 456,824 
Merck KGaA 16,696 1,716,604 
Metro AG 23,240 696,215 
Muenchener Rueckversicherungs AG 20,813 4,041,041 
OSRAM Licht AG 11,556 655,211 
ProSiebenSat.1 Media AG 28,490 1,227,867 
RWE AG (a) 63,478 1,007,616 
SAP AG 127,065 11,194,354 
Schaeffler AG 20,043 303,190 
Siemens AG 98,973 11,245,057 
Symrise AG 15,976 1,096,279 
Telefonica Deutschland Holding AG 89,401 346,532 
Thyssenkrupp AG 47,904 1,109,052 
TUI AG 64,803 822,537 
United Internet AG 16,067 659,468 
Volkswagen AG 4,150 620,361 
Vonovia SE 60,319 2,124,514 
Zalando SE (a) 11,258 494,215 
TOTAL GERMANY  134,057,061 
Hong Kong - 2.4%   
AIA Group Ltd. 1,558,800 9,838,536 
Bank of East Asia Ltd. 158,229 637,564 
BOC Hong Kong (Holdings) Ltd. 479,500 1,712,599 
Cathay Pacific Airways Ltd. 157,000 206,889 
CLP Holdings Ltd. 213,000 2,166,926 
Galaxy Entertainment Group Ltd. 305,000 1,252,555 
Hang Lung Properties Ltd. 294,000 648,991 
Hang Seng Bank Ltd. 98,600 1,781,158 
Henderson Land Development Co. Ltd. 141,500 838,358 
HK Electric Investments & HK Electric Investments Ltd. unit 344,500 341,144 
HKT Trust/HKT Ltd. unit 323,000 443,963 
Hong Kong & China Gas Co. Ltd. 988,300 1,936,956 
Hong Kong Exchanges and Clearing Ltd. 149,767 3,966,468 
Hysan Development Co. Ltd. 83,000 383,132 
Link (REIT) 290,500 2,071,375 
MTR Corp. Ltd. 189,414 1,048,969 
New World Development Co. Ltd. 735,160 916,634 
PCCW Ltd. 553,584 329,771 
Power Assets Holdings Ltd. 179,500 1,688,407 
Sino Land Ltd. 403,140 686,147 
SJM Holdings Ltd. 268,000 185,565 
Sun Hung Kai Properties Ltd. 187,000 2,792,142 
Swire Pacific Ltd. (A Shares) 70,500 733,130 
Swire Properties Ltd. 141,400 406,576 
Techtronic Industries Co. Ltd. 179,000 673,943 
Wharf Holdings Ltd. 177,000 1,330,544 
Wheelock and Co. Ltd. 106,000 654,680 
TOTAL HONG KONG  39,673,122 
Ireland - 0.6%   
Bank of Ireland (a) 3,565,380 763,210 
CRH PLC 107,255 3,481,933 
DCC PLC (United Kingdom) 11,542 941,592 
James Hardie Industries PLC CDI 57,913 864,788 
Kerry Group PLC Class A 20,511 1,489,205 
Paddy Power PLC (Ireland) 10,329 1,069,236 
Ryanair Holdings PLC sponsored ADR 4,107 308,395 
TOTAL IRELAND  8,918,359 
Isle of Man - 0.0%   
Genting Singapore PLC 733,500 392,782 
Israel - 0.6%   
Azrieli Group 5,040 214,669 
Bank Hapoalim BM (Reg.) 137,746 794,958 
Bank Leumi le-Israel BM (a) 187,052 706,022 
Bezeq The Israel Telecommunication Corp. Ltd. 270,157 490,836 
Check Point Software Technologies Ltd. (a)(b) 16,703 1,412,406 
Israel Chemicals Ltd. 66,624 237,230 
Mizrahi Tefahot Bank Ltd. 18,102 235,930 
NICE Systems Ltd. 7,785 516,862 
Taro Pharmaceutical Industries Ltd. (a)(b) 1,869 189,722 
Teva Pharmaceutical Industries Ltd. sponsored ADR 118,193 5,051,569 
TOTAL ISRAEL  9,850,204 
Italy - 1.6%   
Assicurazioni Generali SpA 151,325 1,955,197 
Atlantia SpA 53,211 1,303,180 
Enel SpA 985,543 4,237,183 
Eni SpA 329,344 4,779,526 
EXOR SpA 14,369 610,595 
EXOR SpA rights (a) 13,369 1 
Intesa Sanpaolo SpA 1,647,886 3,820,906 
Intesa Sanpaolo SpA (Risparmio Shares) 113,454 245,103 
Leonardo-Finmeccanica SpA (a) 52,573 640,603 
Luxottica Group SpA 21,958 1,093,134 
Mediobanca SpA 73,409 537,903 
Poste Italiane SpA 67,537 449,651 
Prysmian SpA 25,379 631,582 
Saipem SpA (a) 732,067 301,360 
Snam Rete Gas SpA 316,678 1,669,335 
Telecom Italia SpA (a) 1,327,850 1,154,291 
Terna SpA 195,295 956,586 
UniCredit SpA 679,826 1,686,591 
Unione di Banche Italiane SCpA (b) 117,221 323,243 
Unipolsai SpA 147,231 281,224 
TOTAL ITALY  26,677,194 
Japan - 23.8%   
ABC-MART, Inc. 4,400 268,103 
ACOM Co. Ltd. (a) 52,800 243,685 
AEON Co. Ltd. 85,300 1,181,853 
AEON Financial Service Co. Ltd. 14,800 261,226 
AEON MALL Co. Ltd. 15,000 223,133 
Air Water, Inc. 19,700 369,504 
Aisin Seiki Co. Ltd. 24,800 1,091,370 
Ajinomoto Co., Inc. 72,000 1,604,158 
Alfresa Holdings Corp. 24,800 525,466 
All Nippon Airways Ltd. 145,000 408,162 
Alps Electric Co. Ltd. 24,500 588,729 
Amada Holdings Co. Ltd. 44,700 510,638 
Aozora Bank Ltd. 145,000 479,785 
Asahi Glass Co. Ltd. 131,000 918,137 
Asahi Group Holdings 50,200 1,795,558 
Asahi Kasei Corp. 164,000 1,482,208 
Ashikaga Holdings Co. Ltd. 123,590 440,762 
Asics Corp. 19,300 412,612 
Astellas Pharma, Inc. 273,300 4,056,281 
Bandai Namco Holdings, Inc. 26,000 780,967 
Bank of Kyoto Ltd. 40,000 294,078 
Benesse Holdings, Inc. 8,800 231,014 
Bridgestone Corp. 84,200 3,143,349 
Brother Industries Ltd. 30,700 564,995 
Calbee, Inc. 9,700 352,408 
Canon, Inc. 138,000 3,964,469 
Casio Computer Co. Ltd. 29,800 416,581 
Central Japan Railway Co. 18,700 3,185,616 
Chiba Bank Ltd. 91,000 564,032 
Chubu Electric Power Co., Inc. 83,900 1,235,659 
Chugai Pharmaceutical Co. Ltd. 29,100 993,401 
Chugoku Electric Power Co., Inc. 34,200 400,473 
Concordia Financial Group Ltd. (a) 152,500 708,477 
Credit Saison Co. Ltd. 19,800 342,870 
CYBERDYNE, Inc. (a) 13,600 204,512 
Dai Nippon Printing Co. Ltd. 69,000 693,487 
Dai-ichi Mutual Life Insurance Co. 139,800 2,054,275 
Daicel Chemical Industries Ltd. 36,500 481,701 
Daiichi Sankyo Kabushiki Kaisha 78,200 1,883,601 
Daikin Industries Ltd. 30,400 2,922,018 
Dainippon Sumitomo Pharma Co. Ltd. 19,300 335,132 
Daito Trust Construction Co. Ltd. 9,100 1,525,055 
Daiwa House Industry Co. Ltd. 73,400 2,019,952 
Daiwa House REIT Investment Corp. 178 481,196 
Daiwa Securities Group, Inc. 216,000 1,292,869 
DENSO Corp. 63,000 2,742,395 
Dentsu, Inc. 28,100 1,404,062 
Don Quijote Holdings Co. Ltd. 15,500 590,469 
East Japan Railway Co. 43,200 3,813,316 
Eisai Co. Ltd. 32,700 2,088,534 
Electric Power Development Co. Ltd. 17,800 415,339 
FamilyMart Co. Ltd. 10,700 671,365 
Fanuc Corp. 25,300 4,632,114 
Fast Retailing Co. Ltd. 6,900 2,333,117 
Fuji Electric Co. Ltd. 68,000 340,421 
Fuji Heavy Industries Ltd. 79,700 3,111,393 
Fujifilm Holdings Corp. 56,600 2,145,370 
Fujitsu Ltd. 242,000 1,437,877 
Fukuoka Financial Group, Inc. 101,000 438,209 
GungHo Online Entertainment, Inc. (b) 55,900 141,789 
Hakuhodo DY Holdings, Inc. 25,900 311,926 
Hamamatsu Photonics K.K. 18,500 560,980 
Hankyu Hanshin Holdings, Inc. 31,400 1,041,976 
Hikari Tsushin, Inc. 2,900 266,578 
Hino Motors Ltd. 31,400 342,834 
Hirose Electric Co. Ltd. 4,200 555,888 
Hiroshima Bank Ltd. 66,000 283,208 
Hisamitsu Pharmaceutical Co., Inc. 8,200 438,657 
Hitachi Chemical Co. Ltd. 13,700 321,369 
Hitachi Construction Machinery Co. Ltd. 14,200 297,486 
Hitachi High-Technologies Corp. 9,000 376,323 
Hitachi Ltd. 626,000 3,338,030 
Hitachi Metals Ltd. 25,800 322,777 
Hokuriku Electric Power Co., Inc. 22,700 258,235 
Honda Motor Co. Ltd. 211,000 6,313,463 
Hoshizaki Corp. 6,600 596,624 
Hoya Corp. 52,400 2,191,037 
Hulic Co. Ltd. 39,200 374,170 
Idemitsu Kosan Co. Ltd. 11,500 265,486 
IHI Corp. 192,000 507,142 
Iida Group Holdings Co. Ltd. 17,800 344,390 
INPEX Corp. 123,500 1,160,690 
Isetan Mitsukoshi Holdings Ltd. 44,200 447,606 
Isuzu Motors Ltd. 77,200 956,626 
Itochu Corp. 194,200 2,460,138 
Iyo Bank Ltd. 32,500 200,200 
J. Front Retailing Co. Ltd. 29,100 401,523 
Japan Airlines Co. Ltd. 14,700 433,977 
Japan Airport Terminal Co. Ltd. (b) 6,200 238,552 
Japan Exchange Group, Inc. 67,700 1,009,012 
Japan Post Bank Co. Ltd. 52,600 620,948 
Japan Post Holdings Co. Ltd. 58,500 746,381 
Japan Prime Realty Investment Corp. 108 466,006 
Japan Real Estate Investment Corp. 170 983,980 
Japan Retail Fund Investment Corp. 331 750,881 
Japan Tobacco, Inc. 142,400 5,423,339 
JFE Holdings, Inc. 68,100 978,284 
JGC Corp. 27,100 480,394 
JSR Corp. 25,300 385,519 
JTEKT Corp. 27,000 400,353 
JX Holdings, Inc. 277,000 1,098,544 
Kajima Corp. 117,000 791,008 
Kakaku.com, Inc. 17,400 292,848 
Kamigumi Co. Ltd. 32,000 273,710 
Kaneka Corp. 35,000 290,359 
Kansai Electric Power Co., Inc. (a) 91,800 879,309 
Kansai Paint Co. Ltd. 28,400 612,034 
Kao Corp. 65,300 3,365,562 
Kawasaki Heavy Industries Ltd. 186,000 544,503 
KDDI Corp. 237,500 7,218,379 
Keihan Electric Railway Co., Ltd. 62,000 419,167 
Keihin Electric Express Railway Co. Ltd. 61,000 615,991 
Keio Corp. 76,000 630,495 
Keisei Electric Railway Co. 16,700 404,004 
Keyence Corp. 5,900 4,335,406 
Kikkoman Corp. 19,000 606,036 
Kintetsu Group Holdings Co. Ltd. 236,000 954,172 
Kirin Holdings Co. Ltd. 106,800 1,840,765 
Kobe Steel Ltd. 37,400 309,557 
Koito Manufacturing Co. Ltd. 14,600 762,926 
Komatsu Ltd. 119,700 2,664,415 
Konami Holdings Corp. 12,200 482,207 
Konica Minolta, Inc. 59,200 531,202 
Kose Corp. 4,000 365,786 
Kubota Corp. 137,200 2,216,891 
Kuraray Co. Ltd. 46,300 703,749 
Kurita Water Industries Ltd. 12,500 296,438 
Kyocera Corp. 41,600 2,027,043 
Kyowa Hakko Kirin Co., Ltd. 33,900 518,828 
Kyushu Electric Power Co., Inc. 55,800 507,079 
Kyushu Financial Group, Inc. 45,500 303,275 
Lawson, Inc. 8,500 646,801 
LIXIL Group Corp. 34,500 793,826 
M3, Inc. 25,200 768,952 
Mabuchi Motor Co. Ltd. 5,900 343,749 
Makita Corp. 14,600 1,012,129 
Marubeni Corp. 215,300 1,134,703 
Marui Group Co. Ltd. 25,300 355,845 
Maruichi Steel Tube Ltd. 6,500 209,807 
Mazda Motor Corp. 74,000 1,227,200 
McDonald's Holdings Co. (Japan) Ltd. 8,700 250,539 
Medipal Holdings Corp. 20,700 354,310 
Meiji Holdings Co. Ltd. 14,900 1,489,005 
Minebea Mitsumi, Inc. 44,300 453,687 
Miraca Holdings, Inc. 6,900 334,242 
Mitsubishi Chemical Holdings Corp. 176,100 1,160,342 
Mitsubishi Corp. 195,500 4,270,912 
Mitsubishi Electric Corp. 250,400 3,396,529 
Mitsubishi Estate Co. Ltd. 162,000 3,215,438 
Mitsubishi Gas Chemical Co., Inc. 23,700 365,658 
Mitsubishi Heavy Industries Ltd. 416,000 1,782,687 
Mitsubishi Logistics Corp. 15,000 203,681 
Mitsubishi Materials Corp. 13,500 388,123 
Mitsubishi Motors Corp. of Japan 89,400 498,703 
Mitsubishi Tanabe Pharma Corp. 29,300 571,639 
Mitsubishi UFJ Financial Group, Inc. 1,650,300 8,515,237 
Mitsubishi UFJ Lease & Finance Co. Ltd. 59,000 286,364 
Mitsui & Co. Ltd. 221,100 3,073,937 
Mitsui Chemicals, Inc. 120,000 592,734 
Mitsui Fudosan Co. Ltd. 116,000 2,644,207 
Mitsui OSK Lines Ltd. 151,000 378,688 
mixi, Inc. 6,100 224,816 
Mizuho Financial Group, Inc. 3,080,600 5,186,969 
MS&AD Insurance Group Holdings, Inc. 65,700 1,955,902 
Murata Manufacturing Co. Ltd. 24,800 3,469,210 
Nabtesco Corp. 13,600 407,209 
Nagoya Railroad Co. Ltd. 120,000 633,928 
NEC Corp. 338,000 905,674 
New Hampshire Foods Ltd. 23,000 551,368 
Nexon Co. Ltd. 20,900 356,737 
NGK Insulators Ltd. 34,200 628,756 
NGK Spark Plug Co. Ltd. 23,300 461,245 
NHK Spring Co. Ltd. 24,300 229,398 
Nidec Corp. 30,900 2,996,596 
Nikon Corp. 44,500 673,419 
Nintendo Co. Ltd. 14,700 3,543,585 
Nippon Building Fund, Inc. 183 1,087,146 
Nippon Electric Glass Co. Ltd. 56,000 304,911 
Nippon Express Co. Ltd. 108,000 534,490 
Nippon Paint Holdings Co. Ltd. 21,100 720,301 
Nippon Prologis REIT, Inc. 203 459,349 
Nippon Steel & Sumitomo Metal Corp. 104,900 2,079,095 
Nippon Telegraph & Telephone Corp. 89,500 3,968,147 
Nippon Yusen KK 197,000 403,881 
Nissan Motor Co. Ltd. 320,200 3,257,230 
Nisshin Seifun Group, Inc. 24,300 358,696 
Nissin Food Holdings Co. Ltd. 7,100 411,633 
Nitori Holdings Co. Ltd. 10,400 1,246,572 
Nitto Denko Corp. 21,400 1,494,959 
NKSJ Holdings, Inc. 45,800 1,486,633 
NOK Corp. 12,600 283,191 
Nomura Holdings, Inc. 470,600 2,357,205 
Nomura Real Estate Holdings, Inc. 16,400 277,895 
Nomura Real Estate Master Fund, Inc. 515 834,843 
Nomura Research Institute Ltd. 16,200 563,069 
NSK Ltd. 57,500 639,315 
NTT Data Corp. 16,400 847,602 
NTT DOCOMO, Inc. 179,400 4,505,453 
NTT Urban Development Co. 15,600 143,400 
Obayashi Corp. 84,600 817,200 
OBIC Co. Ltd. 7,900 411,309 
Odakyu Electric Railway Co. Ltd. 38,400 785,430 
Oji Holdings Corp. 107,000 454,038 
Olympus Corp. 37,800 1,351,674 
OMRON Corp. 25,000 960,713 
Ono Pharmaceutical Co. Ltd. 53,500 1,360,585 
Oracle Corp. Japan 5,000 272,719 
Oriental Land Co. Ltd. 28,400 1,661,970 
ORIX Corp. 171,700 2,726,865 
Osaka Gas Co. Ltd. 245,000 1,020,230 
Otsuka Corp. 6,300 300,372 
Otsuka Holdings Co. Ltd. 50,600 2,218,062 
Panasonic Corp. 285,900 2,949,305 
Park24 Co. Ltd. 12,300 380,600 
Pola Orbis Holdings, Inc. 3,000 250,024 
Rakuten, Inc. 121,000 1,398,994 
Recruit Holdings Co. Ltd. 47,600 1,915,438 
Resona Holdings, Inc. 286,600 1,273,535 
Ricoh Co. Ltd. 87,200 711,769 
Rinnai Corp. 4,500 433,394 
ROHM Co. Ltd. 11,600 611,691 
Ryohin Keikaku Co. Ltd. 3,100 663,336 
Sankyo Co. Ltd. (Gunma) 6,100 215,219 
Santen Pharmaceutical Co. Ltd. 48,700 712,366 
SBI Holdings, Inc. Japan 28,300 337,322 
Secom Co. Ltd. 27,300 1,974,024 
Sega Sammy Holdings, Inc. 24,300 359,391 
Seibu Holdings, Inc. 20,900 361,919 
Seiko Epson Corp. 36,400 740,357 
Sekisui Chemical Co. Ltd. 53,400 842,729 
Sekisui House Ltd. 78,500 1,299,850 
Seven & i Holdings Co. Ltd. 97,600 4,079,153 
Seven Bank Ltd. 78,700 242,396 
Sharp Corp. (a) 194,000 336,606 
Shikoku Electric Power Co., Inc. 22,400 211,035 
Shimadzu Corp. 29,000 422,819 
Shimamura Co. Ltd. 2,700 346,286 
SHIMANO, Inc. 9,600 1,644,093 
SHIMIZU Corp. 73,000 650,157 
Shin-Etsu Chemical Co. Ltd. 50,300 3,823,222 
Shinsei Bank Ltd. 217,000 351,769 
Shionogi & Co. Ltd. 38,700 1,910,829 
Shiseido Co. Ltd. 49,300 1,273,047 
Shizuoka Bank Ltd. 69,000 583,608 
Showa Shell Sekiyu K.K. 24,900 232,926 
SMC Corp. 7,400 2,151,483 
SoftBank Corp. 124,300 7,828,553 
Sohgo Security Services Co., Ltd. 9,300 424,783 
Sony Corp. 163,400 5,150,082 
Sony Financial Holdings, Inc. 22,800 320,900 
Stanley Electric Co. Ltd. 19,600 540,696 
Start Today Co. Ltd. 21,300 374,532 
Sumitomo Chemical Co. Ltd. 204,000 968,742 
Sumitomo Corp. 154,400 1,780,746 
Sumitomo Electric Industries Ltd. 97,800 1,449,701 
Sumitomo Heavy Industries Ltd. 67,000 353,943 
Sumitomo Metal Mining Co. Ltd. 65,000 842,639 
Sumitomo Mitsui Financial Group, Inc. 173,900 6,029,407 
Sumitomo Mitsui Trust Holdings, Inc. 43,100 1,454,314 
Sumitomo Realty & Development Co. Ltd. 46,000 1,211,958 
Sumitomo Rubber Industries Ltd. 22,600 378,858 
Sundrug Co. Ltd. 4,500 354,868 
Suntory Beverage & Food Ltd. 18,100 793,072 
Suzuken Co. Ltd. 10,300 331,482 
Suzuki Motor Corp. 44,600 1,586,326 
Sysmex Corp. 20,300 1,411,147 
T&D Holdings, Inc. 75,300 912,618 
Taiheiyo Cement Corp. 146,000 419,052 
Taisei Corp. 137,000 1,029,427 
Taisho Pharmaceutical Holdings Co. Ltd. 4,400 430,056 
Taiyo Nippon Sanso Corp. 17,100 180,180 
Takashimaya Co. Ltd. 41,000 335,053 
Takeda Pharmaceutical Co. Ltd. 92,100 4,127,682 
TDK Corp. 16,000 1,107,657 
Teijin Ltd. 24,500 474,955 
Terumo Corp. 44,300 1,717,169 
The Chugoku Bank Ltd. 22,500 302,517 
The Hachijuni Bank Ltd. 54,000 295,051 
The Suruga Bank Ltd. 22,700 555,216 
THK Co. Ltd. 14,800 313,302 
Tobu Railway Co. Ltd. 127,000 624,888 
Toho Co. Ltd. 13,700 412,163 
Toho Gas Co. Ltd. 46,000 426,795 
Tohoku Electric Power Co., Inc. 59,500 729,069 
Tokio Marine Holdings, Inc. 88,300 3,493,437 
Tokyo Electric Power Co., Inc. (a) 188,300 732,587 
Tokyo Electron Ltd. 20,300 1,836,621 
Tokyo Gas Co. Ltd. 266,000 1,207,869 
Tokyo Tatemono Co. Ltd. 25,200 321,037 
Tokyu Corp. 138,000 1,035,625 
Tokyu Fudosan Holdings Corp. 67,500 381,687 
TonenGeneral Sekiyu K.K. 36,000 355,640 
Toppan Printing Co. Ltd. 69,000 650,062 
Toray Industries, Inc. 190,000 1,773,357 
Toshiba Corp. (a) 521,000 1,892,829 
Toto Ltd. 18,400 736,912 
Toyo Seikan Group Holdings Ltd. 20,200 373,682 
Toyo Suisan Kaisha Ltd. 10,900 442,257 
Toyoda Gosei Co. Ltd. 8,700 199,187 
Toyota Industries Corp. 21,200 973,377 
Toyota Motor Corp. 345,450 20,038,435 
Toyota Tsusho Corp. 28,000 662,954 
Trend Micro, Inc. 14,700 518,642 
Tsuruha Holdings, Inc. 4,800 554,744 
Unicharm Corp. 52,400 1,248,416 
United Urban Investment Corp. 382 644,377 
USS Co. Ltd. 26,700 452,680 
West Japan Railway Co. 21,400 1,320,690 
Yahoo! Japan Corp. 185,600 713,234 
Yakult Honsha Co. Ltd. 11,500 537,332 
Yamada Denki Co. Ltd. 76,300 395,069 
Yamaguchi Financial Group, Inc. 25,000 276,056 
Yamaha Corp. 21,800 780,576 
Yamaha Motor Co. Ltd. 36,400 810,470 
Yamato Holdings Co. Ltd. 45,500 1,039,120 
Yamazaki Baking Co. Ltd. 16,000 359,455 
Yaskawa Electric Corp. 33,100 529,310 
Yokogawa Electric Corp. 27,700 390,130 
Yokohama Rubber Co. Ltd. 13,500 234,805 
TOTAL JAPAN  386,087,624 
Luxembourg - 0.3%   
ArcelorMittal SA (Netherlands) (a) 238,807 1,613,610 
Millicom International Cellular SA (depository receipt) 7,971 350,446 
RTL Group SA 5,068 397,227 
SES SA (France) (depositary receipt) 47,287 1,087,500 
Tenaris SA 61,861 874,946 
TOTAL LUXEMBOURG  4,323,729 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 866,200 239,703 
Netherlands - 3.7%   
ABN AMRO Group NV GDR 30,488 703,669 
AEGON NV 236,550 1,023,302 
AerCap Holdings NV (a) 21,629 889,168 
Ahold Delhaize NV 165,840 3,785,748 
Airbus Group NV 75,699 4,495,000 
Akzo Nobel NV 32,011 2,069,048 
Altice NV:   
Class A (a) 49,234 907,983 
Class B (a) 12,813 238,480 
ASML Holding NV (Netherlands) 47,594 5,035,159 
CNH Industrial NV 132,391 1,028,952 
Ferrari NV 15,851 834,873 
Fiat Chrysler Automobiles NV 117,039 856,959 
Gemalto NV 10,472 569,436 
Heineken Holding NV 12,969 998,136 
Heineken NV (Bearer) 29,772 2,452,800 
ING Groep NV (Certificaten Van Aandelen) 501,444 6,582,465 
Koninklijke Boskalis Westminster NV 10,626 342,884 
Koninklijke DSM NV 23,456 1,508,366 
Koninklijke KPN NV 443,268 1,445,386 
Koninklijke Philips Electronics NV 120,551 3,632,462 
Mobileye NV (a)(b) 22,739 845,436 
NN Group NV 41,031 1,236,397 
NXP Semiconductors NV (a) 38,035 3,803,500 
OCI NV (a) 12,503 173,623 
QIAGEN NV (Germany) (a) 28,714 703,071 
Randstad Holding NV 15,435 794,917 
RELX NV 128,805 2,171,979 
STMicroelectronics NV 82,697 784,878 
Unilever NV (Certificaten Van Aandelen) (Bearer) 210,605 8,826,897 
Vopak NV 9,308 470,073 
Wolters Kluwer NV 39,204 1,517,241 
TOTAL NETHERLANDS  60,728,288 
New Zealand - 0.2%   
Auckland International Airport Ltd. 124,396 586,217 
Contact Energy Ltd. 90,332 306,833 
Fletcher Building Ltd. 91,036 675,085 
Mercury Nz Ltd. 94,426 205,948 
Meridian Energy Ltd. 158,740 291,733 
Ryman Healthcare Group Ltd. 46,581 295,793 
Spark New Zealand Ltd. 239,320 626,364 
TOTAL NEW ZEALAND  2,987,973 
Norway - 0.6%   
DNB ASA 126,108 1,823,925 
Gjensidige Forsikring ASA 25,342 454,247 
Marine Harvest ASA 49,679 901,489 
Norsk Hydro ASA 176,249 787,964 
Orkla ASA 105,839 999,377 
Schibsted ASA:   
(A Shares) 10,250 245,756 
(B Shares) 11,192 251,952 
Statoil ASA 144,590 2,360,578 
Telenor ASA 96,981 1,543,508 
Yara International ASA 23,098 816,307 
TOTAL NORWAY  10,185,103 
Papua New Guinea - 0.1%   
Oil Search Ltd. ADR 178,498 904,318 
Portugal - 0.2%   
Energias de Portugal SA 299,844 991,082 
Galp Energia SGPS SA Class B 60,467 819,764 
Jeronimo Martins SGPS SA 32,668 561,947 
TOTAL PORTUGAL  2,372,793 
Singapore - 1.2%   
Ascendas Real Estate Investment Trust 298,800 509,007 
CapitaCommercial Trust (REIT) 250,100 283,132 
CapitaLand Ltd. 337,400 749,374 
CapitaMall Trust 328,200 488,319 
City Developments Ltd. 49,500 302,070 
ComfortDelgro Corp. Ltd. 284,300 519,045 
DBS Group Holdings Ltd. 228,389 2,462,415 
Global Logistic Properties Ltd. 352,200 449,348 
Hutchison Port Holdings Trust 691,871 307,883 
Jardine Cycle & Carriage Ltd. 11,900 361,127 
Keppel Corp. Ltd. 192,000 728,668 
Oversea-Chinese Banking Corp. Ltd. 401,456 2,446,970 
Sembcorp Industries Ltd. 123,600 224,768 
Sembcorp Marine Ltd. 117,500 109,371 
Singapore Airlines Ltd. 71,300 519,151 
Singapore Exchange Ltd. 107,600 548,344 
Singapore Press Holdings Ltd. 212,300 567,659 
Singapore Technologies Engineering Ltd. 189,900 427,232 
Singapore Telecommunications Ltd. 1,036,100 2,889,537 
StarHub Ltd. 84,300 204,804 
Suntec (REIT) 290,700 351,034 
United Overseas Bank Ltd. 168,114 2,269,312 
UOL Group Ltd. 59,000 240,453 
Wilmar International Ltd. 252,200 600,023 
Yangzijiang Shipbuilding Holdings Ltd. 196,800 105,384 
TOTAL SINGAPORE  18,664,430 
Spain - 3.1%   
Abertis Infraestructuras SA 83,270 1,236,315 
ACS Actividades de Construccion y Servicios SA 25,231 773,586 
Aena SA 8,709 1,278,691 
Amadeus IT Holding SA Class A 56,754 2,678,973 
Banco Bilbao Vizcaya Argentaria SA 861,275 6,200,049 
Banco de Sabadell SA 685,514 917,326 
Banco Popular Espanol SA 435,560 477,658 
Banco Santander SA:   
rights 11/1/16 (a) 1,717,630 96,162 
(Spain) 1,888,525 9,253,827 
Bankia SA 596,878 525,489 
Bankinter SA 87,398 669,094 
CaixaBank SA 420,603 1,269,123 
Distribuidora Internacional de Alimentacion SA 81,301 435,263 
Enagas SA 29,451 845,425 
Endesa SA 40,742 866,091 
Ferrovial SA 62,713 1,220,246 
Ferrovial SA rights 11/14/16 (a) 62,713 26,849 
Gas Natural SDG SA 45,340 894,651 
Grifols SA 38,612 763,378 
Iberdrola SA 699,999 4,771,144 
Inditex SA 141,195 4,935,873 
International Consolidated Airlines Group SA 105,109 558,225 
MAPFRE SA (Reg.) 129,952 386,167 
Red Electrica Corporacion SA 55,934 1,166,936 
Repsol YPF SA 143,958 2,017,252 
Telefonica SA 579,488 5,887,947 
Zardoya Otis SA 25,412 214,520 
TOTAL SPAIN  50,366,260 
Sweden - 2.6%   
Alfa Laval AB 38,533 553,753 
ASSA ABLOY AB (B Shares) 129,735 2,357,733 
Atlas Copco AB:   
(A Shares) 87,376 2,563,580 
(B Shares) 49,999 1,307,525 
Boliden AB 35,929 832,575 
Electrolux AB (B Shares) 31,307 741,415 
Getinge AB (B Shares) 26,340 431,605 
H&M Hennes & Mauritz AB (B Shares) 123,116 3,463,602 
Hexagon AB (B Shares) 33,364 1,168,016 
Husqvarna AB (B Shares) 54,434 409,514 
ICA Gruppen AB 9,735 302,328 
Industrivarden AB (C Shares) 19,697 351,539 
Investor AB (B Shares) 58,831 2,091,488 
Kinnevik AB (B Shares) 30,579 773,265 
Lundin Petroleum AB (a) 22,656 407,611 
Nordea Bank AB 392,703 4,128,270 
Sandvik AB 138,503 1,574,847 
Securitas AB (B Shares) 41,057 634,573 
Skandinaviska Enskilda Banken AB (A Shares) 196,311 1,981,117 
Skanska AB (B Shares) 44,223 960,630 
SKF AB (B Shares) 51,911 879,921 
Svenska Cellulosa AB (SCA) (B Shares) 78,667 2,228,803 
Svenska Handelsbanken AB (A Shares) 195,889 2,670,579 
Swedbank AB (A Shares) 117,020 2,741,477 
Swedish Match Co. AB 24,614 856,516 
Tele2 AB:   
rights 11/16/16 (a) 39,181 11,740 
(B Shares) 39,181 323,828 
Telefonaktiebolaget LM Ericsson (B Shares) 397,511 1,928,271 
TeliaSonera AB 337,265 1,347,992 
Volvo AB (B Shares) 200,038 2,148,291 
TOTAL SWEDEN  42,172,404 
Switzerland - 8.4%   
ABB Ltd. (Reg.) 254,445 5,249,310 
Actelion Ltd. 13,311 1,923,574 
Adecco SA (Reg.) 21,516 1,279,588 
Aryzta AG 11,398 500,819 
Baloise Holdings AG 6,507 800,922 
Barry Callebaut AG 268 333,663 
Coca-Cola HBC AG 23,465 507,216 
Compagnie Financiere Richemont SA Series A 67,597 4,345,805 
Credit Suisse Group AG 240,694 3,358,349 
Dufry AG (a) 5,987 728,447 
Ems-Chemie Holding AG 1,064 534,124 
Galenica AG 509 510,260 
Geberit AG (Reg.) 4,881 2,065,257 
Givaudan SA 1,194 2,310,656 
Julius Baer Group Ltd. 29,022 1,174,857 
Kuehne & Nagel International AG 7,114 964,781 
Lafargeholcim Ltd. (Reg.) 58,986 3,150,331 
Lindt & Spruengli AG 13 806,629 
Lindt & Spruengli AG (participation certificate) 130 675,256 
Lonza Group AG 6,859 1,294,792 
Nestle SA (Reg. S) 412,372 29,902,704 
Novartis AG 288,750 20,491,889 
Pargesa Holding SA 4,179 280,627 
Partners Group Holding AG 2,242 1,135,104 
Roche Holding AG (participation certificate) 90,833 20,862,678 
Schindler Holding AG:   
(participation certificate) 5,913 1,098,884 
(Reg.) 2,491 460,667 
SGS SA (Reg.) 711 1,441,328 
Sika AG 279 1,340,937 
Sonova Holding AG Class B 6,919 927,847 
Swatch Group AG (Bearer) 4,032 1,213,002 
Swatch Group AG (Bearer) (Reg.) 6,265 361,193 
Swiss Life Holding AG 4,170 1,104,078 
Swiss Prime Site AG 9,126 756,696 
Swiss Re Ltd. 43,142 4,006,619 
Swisscom AG 3,353 1,533,933 
Syngenta AG (Switzerland) 12,023 4,811,195 
UBS Group AG 473,155 6,694,124 
Zurich Insurance Group AG 19,460 5,091,399 
TOTAL SWITZERLAND  136,029,540 
United Kingdom - 15.9%   
3i Group PLC 125,544 1,031,098 
Aberdeen Asset Management PLC 119,809 469,561 
Admiral Group PLC 27,426 643,526 
Aggreko PLC 30,750 301,669 
Anglo American PLC (United Kingdom) (a) 181,743 2,515,948 
Antofagasta PLC 47,363 314,790 
Ashtead Group PLC 65,266 1,020,938 
Associated British Foods PLC 46,134 1,390,243 
AstraZeneca PLC (United Kingdom) 163,566 9,158,890 
Auto Trader Group PLC 130,275 597,484 
Aviva PLC 524,735 2,843,421 
Babcock International Group PLC 30,404 368,051 
BAE Systems PLC 410,561 2,720,277 
Barclays PLC 2,187,210 5,067,345 
Barratt Developments PLC 129,906 721,405 
Berkeley Group Holdings PLC 17,093 493,546 
BHP Billiton PLC 273,617 4,114,397 
BP PLC 2,412,068 14,259,437 
British American Tobacco PLC (United Kingdom) 241,096 13,817,923 
British Land Co. PLC 126,468 906,335 
BT Group PLC 1,091,532 5,010,175 
Bunzl PLC 43,481 1,170,324 
Burberry Group PLC 57,836 1,044,171 
Capita Group PLC 86,633 621,387 
Carnival PLC 24,688 1,190,773 
Carphone Warehouse Group PLC 127,766 492,145 
Centrica PLC 702,133 1,840,858 
Cobham PLC 204,321 357,377 
Coca-Cola European Partners PLC 28,148 1,085,344 
Compass Group PLC 212,617 3,847,152 
Croda International PLC 16,915 724,225 
Diageo PLC 325,485 8,663,283 
Direct Line Insurance Group PLC 178,291 755,288 
easyJet PLC 20,799 238,541 
Fresnillo PLC 28,774 577,598 
G4S PLC (United Kingdom) 201,428 542,405 
GKN PLC 221,716 864,653 
GlaxoSmithKline PLC 629,912 12,443,481 
Hammerson PLC 102,368 690,394 
Hargreaves Lansdown PLC 33,811 480,062 
Hikma Pharmaceuticals PLC 18,736 402,242 
HSBC Holdings PLC (United Kingdom) 2,562,351 19,297,410 
ICAP PLC 71,885 426,298 
IMI PLC 35,628 433,470 
Imperial Tobacco Group PLC 124,004 6,003,693 
Inmarsat PLC 58,688 503,916 
InterContinental Hotel Group PLC 24,417 948,893 
Intertek Group PLC 20,933 875,760 
Intu Properties PLC 121,671 410,289 
Investec PLC 80,280 499,175 
ITV PLC 470,416 981,721 
J Sainsbury PLC 214,074 657,425 
Johnson Matthey PLC 24,994 1,043,210 
Kingfisher PLC 295,871 1,306,987 
Land Securities Group PLC 102,241 1,250,178 
Legal & General Group PLC 769,947 1,973,417 
Lloyds Banking Group PLC 8,313,043 5,805,191 
London Stock Exchange Group PLC 40,518 1,393,592 
Marks & Spencer Group PLC 210,868 877,377 
Mediclinic International PLC 47,921 531,710 
Meggitt PLC 101,190 539,148 
Merlin Entertainments PLC 92,801 523,415 
Mondi PLC 47,456 927,055 
National Grid PLC 484,212 6,298,522 
Next PLC 18,359 1,082,223 
Old Mutual PLC 638,042 1,573,641 
Pearson PLC 106,474 985,030 
Persimmon PLC 39,882 826,936 
Provident Financial PLC 19,131 690,782 
Prudential PLC 332,619 5,427,964 
Reckitt Benckiser Group PLC 82,034 7,338,803 
RELX PLC 141,518 2,530,715 
Rio Tinto PLC 160,235 5,572,222 
Rolls-Royce Holdings PLC 238,005 2,112,678 
Royal Bank of Scotland Group PLC (a) 455,768 1,053,238 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 553,579 13,788,011 
Class B (United Kingdom) 483,925 12,481,640 
Royal Mail PLC 116,964 702,935 
RSA Insurance Group PLC 131,447 887,484 
Sage Group PLC 139,611 1,232,927 
Schroders PLC 17,506 604,037 
Scottish & Southern Energy PLC 130,189 2,531,271 
Segro PLC 107,039 572,801 
Severn Trent PLC 30,560 870,799 
SKY PLC 133,700 1,338,647 
Smith & Nephew PLC 115,759 1,673,453 
Smiths Group PLC 51,296 890,310 
St. James's Place Capital PLC 68,178 788,601 
Standard Chartered PLC (United Kingdom) 424,552 3,699,400 
Standard Life PLC 256,037 1,058,629 
Tate & Lyle PLC 60,488 577,491 
Taylor Wimpey PLC 423,283 734,145 
Tesco PLC (a) 1,057,814 2,724,598 
The Weir Group PLC 27,778 578,005 
Travis Perkins PLC 32,516 530,528 
Unilever PLC 165,966 6,943,407 
United Utilities Group PLC 88,484 1,018,062 
Vodafone Group PLC 3,436,630 9,438,108 
Whitbread PLC 23,744 1,050,615 
William Hill PLC 104,652 378,902 
WM Morrison Supermarkets PLC 287,942 798,279 
Worldpay Group PLC 234,108 816,089 
TOTAL UNITED KINGDOM  257,209,420 
TOTAL COMMON STOCKS   
(Cost $1,542,770,142)  1,551,372,804 
Nonconvertible Preferred Stocks - 0.5%   
Germany - 0.5%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 6,903 524,003 
Fuchs Petrolub AG 8,365 373,965 
Henkel AG & Co. KGaA 22,949 2,944,976 
Porsche Automobil Holding SE (Germany) 19,918 1,074,117 
Volkswagen AG 24,058 3,306,491 
TOTAL GERMANY  8,223,552 
Italy - 0.0%   
Telecom Italia SpA (Risparmio Shares) 759,988 538,943 
United Kingdom - 0.0%   
Rolls-Royce Holdings PLC 10,069,676 12,325 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $8,388,169)  8,774,820 
 Principal Amount Value 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.49% to 0.54% 3/2/17 to 6/22/17 (c)
(Cost $1,296,972) 		1,300,000 1,297,423 
 Shares Value 
Money Market Funds - 2.9%   
Fidelity Cash Central Fund, 0.41% (d) 44,682,450 44,695,854 
Fidelity Securities Lending Cash Central Fund 0.48% (d)(e) 2,898,081 2,898,661 
TOTAL MONEY MARKET FUNDS   
(Cost $47,585,715)  47,594,515 
TOTAL INVESTMENT PORTFOLIO - 99.1%   
(Cost $1,600,040,998)  1,609,039,562 
NET OTHER ASSETS (LIABILITIES) - 0.9%  14,110,834 
NET ASSETS - 100%  $1,623,150,396 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
755 ICE E-mini MSCI EAFE Index Contracts (United States) Dec. 2016 62,880,175 $142,022 

The face value of futures purchased as a percentage of Net Assets is 3.9%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $41,261,543.

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,297,423.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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


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 $134,944 
Fidelity Securities Lending Cash Central Fund 14,075 
Total $149,019 

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $195,779,770 $123,988,792 $71,790,978 $-- 
Consumer Staples 184,257,829 114,607,902 69,649,927 -- 
Energy 77,412,053 15,032,020 62,380,033 -- 
Financials 315,312,116 179,703,446 135,608,670 -- 
Health Care 168,756,296 59,028,353 109,727,943 -- 
Industrials 220,260,829 172,824,759 47,436,070 -- 
Information Technology 85,952,760 53,498,086 32,454,674 -- 
Materials 120,512,638 86,692,829 33,819,809 -- 
Real Estate 61,114,427 58,074,730 3,039,697 -- 
Telecommunication Services 74,293,808 14,881,583 59,412,225 -- 
Utilities 56,495,098 42,153,458 14,341,640 -- 
Government Obligations 1,297,423 -- 1,297,423 -- 
Money Market Funds 47,594,515 47,594,515 -- -- 
Total Investments in Securities: $1,609,039,562 $968,080,473 $640,959,089 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $142,022 $142,022 $-- $-- 
Total Assets $142,022 $142,022 $-- $-- 
Total Derivative Instruments: $142,022 $142,022 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $142,022 $0 
Total Equity Risk $142,022 $0 
Total Value of Derivatives $142,022 $0 

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


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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2016 
Assets   
Investment in securities, at value (including securities loaned of $2,858,447) — See accompanying schedule:
Unaffiliated issuers (cost $1,552,455,283) 		$1,561,445,047  
Fidelity Central Funds (cost $47,585,715) 47,594,515  
Total Investments (cost $1,600,040,998)  $1,609,039,562 
Segregated cash with brokers for derivative instruments  1,348,984 
Foreign currency held at value (cost $2,555,620)  2,555,813 
Receivable for fund shares sold  11,467,277 
Dividends receivable  3,909,517 
Interest receivable  1,626 
Distributions receivable from Fidelity Central Funds  37,122 
Receivable for daily variation margin for derivative instruments  23,875 
Receivable from investment adviser for expense reductions  87,946 
Total assets  1,628,471,722 
Liabilities   
Payable for investments purchased $1,194,012  
Payable for fund shares redeemed 945,518  
Accrued management fee 63,042  
Other affiliated payables 94,563  
Other payables and accrued expenses 126,932  
Collateral on securities loaned, at value 2,897,259  
Total liabilities  5,321,326 
Net Assets  $1,623,150,396 
Net Assets consist of:   
Paid in capital  $1,594,348,494 
Undistributed net investment income  16,741,070 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  3,035,654 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  9,025,178 
Net Assets, for 159,231,636 shares outstanding  $1,623,150,396 
Net Asset Value, offering price and redemption price per share ($1,623,150,396 ÷ 159,231,636 shares)  $10.19 

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


Statement of Operations

  For the period January 5, 2016 (commencement of operations) to
October 31, 2016 
Investment Income   
Dividends  $19,620,573 
Interest  3,151 
Income from Fidelity Central Funds  149,019 
Income before foreign taxes withheld  19,772,743 
Less foreign taxes withheld  (1,562,852) 
Total income  18,209,891 
Expenses   
Management fee $383,683  
Transfer agent fees 435,293  
Accounting and security lending fees 70,470  
Custodian fees and expenses 166,384  
Independent trustees' fees and expenses 1,983  
Registration fees 165,099  
Audit 30,354  
Legal 182  
Miscellaneous 1,749  
Total expenses before reductions 1,255,197  
Expense reductions (861,999) 393,198 
Net investment income (loss)  17,816,693 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (269,603)  
Fidelity Central Funds 2,348  
Foreign currency transactions (40,449)  
Futures contracts 3,654,271  
Total net realized gain (loss)  3,346,567 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		8,998,564  
Assets and liabilities in foreign currencies (115,408)  
Futures contracts 142,022  
Total change in net unrealized appreciation (depreciation)  9,025,178 
Net gain (loss)  12,371,745 
Net increase (decrease) in net assets resulting from operations  $30,188,438 

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


Statement of Changes in Net Assets

 For the period January 5, 2016 (commencement of operations) to
October 31, 2016 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $17,816,693 
Net realized gain (loss) 3,346,567 
Change in net unrealized appreciation (depreciation) 9,025,178 
Net increase (decrease) in net assets resulting from operations 30,188,438 
Share transactions  
Proceeds from sales of shares 1,715,344,228 
Cost of shares redeemed (122,382,270) 
Net increase (decrease) in net assets resulting from share transactions 1,592,961,958 
Total increase (decrease) in net assets 1,623,150,396 
Net Assets  
Beginning of period – 
End of period $1,623,150,396 
Other Information  
Undistributed net investment income end of period $16,741,070 
Shares  
Sold 171,229,487 
Redeemed (11,997,851) 
Net increase (decrease) 159,231,636 

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


Financial Highlights — Fidelity SAI International Index Fund

Year ended October 31, 2016 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .25 
Net realized and unrealized gain (loss) (.06)C 
Total from investment operations .19 
Net asset value, end of period $10.19 
Total ReturnD,E 1.90% 
Ratios to Average Net AssetsF,G  
Expenses before reductions .21%H 
Expenses net of fee waivers, if any .07%H 
Expenses net of all reductions .07%H 
Net investment income (loss) 3.02%H 
Supplemental Data  
Net assets, end of period (000 omitted) $1,623,150 
Portfolio turnover rateI 1%H 

 A For the period January 5, 2016 (commencement of operations) to October 31, 2016.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.

 H Annualized

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


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


Notes to Financial Statements

For the period ended October 31, 2016

1. Organization.

Fidelity SAI International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds or comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be level 3 depending upon the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2016 is included at the end of the Fund's Schedule of Investments.

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

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

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

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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2016, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, 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 $73,361,032 
Gross unrealized depreciation (66,022,949) 
Net unrealized appreciation (depreciation) on securities $7,338,083 
Tax Cost $1,601,701,479 

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

Undistributed ordinary income $19,301,453 
Undistributed long-term capital gain $2,277,775 
Net unrealized appreciation (depreciation) on securities and other investments $7,222,675 

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

During the period the Fund recognized net realized gain (loss) of $3,654,271 and a change in net unrealized appreciation (depreciation) of $142,022 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,568,713,204 and $8,543,124, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Pursuant to the management contract and separate expense contract approved by the Board of Trustees effective July 1, 2016, Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .05% of the Fund's average net assets. Under the expense contract, total expenses of the Fund are limited to an annual rate of .125% of the Fund's average net assets, with certain exceptions.

Prior to July 1, 2016, there was no expense contract in place and under the management contract the management fee was based on an annual rate of .10% of the Fund's average net assets. For the reporting period, the Fund's total annual management fee rate was .07% of the Fund's average net assets.

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .075% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,362 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. 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 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 $14,075.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the 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, 2017. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. For the period, the expense limitations were as follows:

Period Expense Limitations 
July 1, 2016 .05% 
June 1 - June 30, 2016 .06% 
January 5 - May 31, 2016(a) .12% 

 (a) Commencement of operations January 5, 2016


During the period this reimbursement reduced the Fund's operating expenses by $858,098.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $3,901.

10. 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.


Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Index Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity SAI International Index Fund (a fund of Fidelity Salem Street Trust) at October 31, 2016, the results of its operations for the year then ended, the changes in its net assets in the period then ended, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity SAI International Index Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements 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 are free of material misstatement. An audit 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, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
December 16, 2016

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, Jennifer Toolin McAuliffe, and Mark A. Murray, each of the Trustees oversees 244 funds. Mr. Chiel oversees 120 funds. Ms. McAuliffe and Mr. Murray each oversees 191 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 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. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Ms. McAuliffe previously served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

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

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity® funds. 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). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). 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 (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). 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 Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

James H. Keyes (1940)

Year of Election or Appointment: 2007

Trustee

Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity® funds. 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 (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

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

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jeffrey S. Christian (1961)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was 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). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present). 

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

John F. Papandrea (1972)

Year of Election or Appointment: 2016

Anti-Money Laundering (AML) Officer

Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).

Derek L. Young (1964)

Year of Election or Appointment: 2009

Vice President of Fidelity's Asset Allocation Funds

Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (UK) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.

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, 2016 to October 31, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2016 		Ending
Account Value
October 31, 2016 		Expenses Paid
During Period-B
May 1, 2016
to October 31, 2016 
Actual .06% $1,000.00 $1,005.90 $.30 
Hypothetical-C  $1,000.00 $1,024.83 $.31 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses


Distributions (Unaudited)

The Board of Trustees of Fidelity SAI International Index Fund voted to pay on December 19, 2016, to shareholders of record at the opening of business on December 16, 2016 a distribution of $0.026 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.117 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2016 $2,277,775, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information 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 the 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 all of the Fidelity funds.

At its September 2016 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services 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 relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, 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 supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

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 to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent regulatory reforms.

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. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio. The Board further considered that it received and reviewed information regarding the fund's management fee rate and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the approval of the management contract and sub-advisory agreements in September 2015. The Board noted that, because the fund did not commence operations until January 2016, no new competitive management fee and expense information was considered by the Board.

Management Fee.  The Board considered that, at its July 2016 meeting, it ratified (i) an amended and restated management contract for the fund (effective July 1, 2016) that lowered the fund's management fee rate from 0.10% to 0.05% and (ii) an amended and restated sub-advisory agreement for the fund with Geode (effective July 1, 2016) that lowered the sub-advisory fee rate that FMR pays to Geode.

The Board noted that, in 2014, the ad hoc Committee on Group Fee was formed by it and the boards of other Fidelity funds to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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.  The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.125%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.05% through December 31, 2017.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares 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.

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

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fidelity funds. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the Fidelity fund profitability information and its conformity to established 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 Fidelity funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the Fidelity funds and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to the fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, 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 arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; (x) the approach to considering "fall-out" benefits; and (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

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





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SV7-ANN-1216
1.9879602.100



Item 2.

Code of Ethics


As of the end of the period, October 31, 2016, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


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




Item 4.  

Principal Accountant Fees and Services


Fees and Services


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


Services Billed by Deloitte Entities


October 31, 2016 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

 $52,000

$-

 $7,500

 $1,400

Fidelity Global ex U.S. Index Fund

 $57,000

$-

 $6,400

 $1,500

Fidelity Series Global ex U.S. Index Fund

 $55,000

$-

 $6,400

 $1,500



October 31, 2015 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

 $49,000

$-

 $7,200

 $700

Fidelity Global ex U.S. Index Fund

 $53,000

$-

 $5,800

 $800

Fidelity Series Global ex U.S. Index Fund

 $51,000

$-

 $6,100

 $1,200



A Amounts may reflect rounding.




The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity SAI Emerging Markets Index Fund, Fidelity SAI International Index Fund, Fidelity SAI International Minimum Volatility Index Fund, Fidelity SAI U.S. Minimum Volatility Index Fund and Fidelity Total International Index Fund (the “Funds”):



Services Billed by PwC




October 31, 2016 FeesA,B,C

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

 $50,000  

$-

 $4,100    

 $1,900

Fidelity SAI International Index Fund

$50,000

$

$4,100

$1,900

Fidelity SAI International Minimum Volatility Index Fund

$50,000  

$-

$3,700    

$2,100

Fidelity SAI U.S. Minimum Volatility Index Fund

 $49,000  

$-

 $3,700   

 $2,100

Fidelity Total International Index Fund

$47,000

$

$3,700

$800



October 31, 2015 FeesA,B,C,D

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

 $-  

$-

 $-    

 $-

Fidelity SAI International Index Fund

$-  

$-  

$-  

$-  

Fidelity SAI International Minimum Volatility Index Fund

$42,000  

$-

$3,500

$700

Fidelity SAI U.S. Minimum Volatility Index Fund

 $42,000  

$-

 $3,500   

 $800

Fidelity Total International Index Fund

$-  

$-  

$-  

$-  



A Amounts may reflect rounding.

B Fidelity SAI Emerging Markets Index Fund and Fidelity SAI International Index Fund commenced operations on January 5, 2016.

C Fidelity Total International Index Fund commenced operations on June 7, 2016.

D Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum Volatility Index Fund commenced operations on May 29, 2015.


The following table presents fees billed by PwC and 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, 2016A

October 31, 2015A

Audit-Related Fees

 $40,000

 $-

Tax Fees

$-

$10,000

All Other Fees

 $-

 $60,000


A Amounts may reflect rounding.



Services Billed by PwC



 

October 31, 2016A,B

October 31, 2015A,B,C

Audit-Related Fees

 $5,775,000

 $3,465,000

Tax Fees

$10,000

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity SAI Emerging Markets Index Fund, Fidelity SAI International Index Fund and Fidelity Total International Index Fund’s commencement of operations.

C May include amounts billed prior to the Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum Volatility Index Fund’s commencement of operations.



“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 PwC and 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, 2016 A,B

October 31, 2015 A,B,C

PwC

$6,585,000

$4,775,000

Deloitte Entities

$95,000

$190,000



A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity SAI Emerging Markets Index Fund, Fidelity SAI International Index Fund and Fidelity Total International Index Fund’s commencement of operations.

C May include amounts billed prior to the Fidelity SAI International Minimum Volatility Index Fund and Fidelity SAI U.S. Minimum Volatility Index Fund’s commencement of operations.



The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their  audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their 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/ Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

December 28, 2016



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/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

December 28, 2016



By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

December 28, 2016