N-CSRS 1 filing6516.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    811-05251



Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)



Margaret Carey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

October 31





Date of reporting period:

April 30, 2023



Item 1.

Reports to Stockholders







Fidelity® SAI International Small Cap Index Fund
 
 
Semi-Annual Report
April 30, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Centrica PLC  (United Kingdom, Multi-Utilities)
0.3
 
Melrose Industries PLC  (United Kingdom, Aerospace & Defense)
0.3
 
ASR Nederland NV  (Netherlands, Insurance)
0.3
 
BE Semiconductor Industries NV  (Netherlands, Semiconductors & Semiconductor Equipment)
0.3
 
Atlas Arteria Ltd. unit (Australia, Transportation Infrastructure)
0.3
 
Trelleborg AB (B Shares)  (Sweden, Machinery)
0.2
 
The Weir Group PLC  (United Kingdom, Machinery)
0.2
 
Rightmove PLC  (United Kingdom, Interactive Media & Services)
0.2
 
Georg Fischer AG (Reg.)  (Switzerland, Machinery)
0.2
 
Banco de Sabadell SA  (Spain, Banks)
0.2
 
 
2.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.8
 
Consumer Discretionary
12.0
 
Financials
11.6
 
Real Estate
11.4
 
Materials
9.8
 
Information Technology
9.3
 
Health Care
6.5
 
Consumer Staples
6.2
 
Communication Services
3.9
 
Utilities
3.1
 
Energy
2.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 98.9%
 
 
Shares
Value ($)
 
Australia - 9.6%
 
 
 
29Metals Ltd.
 
71,126
56,265
Abacus Property Group unit
 
107,933
191,113
Accent Group Ltd.
 
105,803
179,048
Adbri Ltd.
 
97,577
103,025
AGL Energy Ltd.
 
180,967
996,222
Allkem Ltd. (a)
 
154,296
1,267,156
ALS Ltd.
 
123,243
1,075,633
Altium Ltd.
 
31,608
805,728
Alumina Ltd.
 
651,516
661,250
AMP Ltd.
 
782,922
591,935
Ansell Ltd.
 
33,635
598,539
APM Human Services International ltd.
 
74,853
93,795
Arafura Rare Earths Ltd. (a)
 
471,006
129,391
ARB Corp. Ltd.
 
21,301
455,050
Arena (REIT) unit
 
91,498
227,457
Argosy Minerals Ltd. (a)
 
323,986
88,179
Atlas Arteria Ltd. unit
 
389,883
1,695,145
Aub Group Ltd.
 
26,925
493,466
Aussie Broadband Ltd. (a)
 
48,357
106,568
Austal Ltd.
 
88,419
97,040
Australian Agricultural Co. Ltd. (a)
 
54,804
55,824
Australian Clinical Labs Ltd.
 
30,693
72,016
Australian Ethical Investment Ltd.
 
21,824
47,103
AVZ Minerals Ltd. (a)(b)
 
776,046
400,538
Bank of Queensland Ltd.
 
174,382
673,399
Bapcor Ltd.
 
88,809
387,526
Beach Energy Ltd.
 
419,551
412,959
Bega Cheese Ltd.
 
78,208
196,931
Bellevue Gold Ltd. (a)
 
260,483
244,529
Bendigo & Adelaide Bank Ltd.
 
151,905
874,555
Blackmores Ltd.
 
4,468
282,229
Boral Ltd. (a)
 
105,108
288,507
Boss Energy Ltd. (a)
 
91,023
160,281
BrainChip Holdings Ltd. (a)(c)
 
396,368
107,297
Breville Group Ltd.
 
27,045
371,531
Brickworks Ltd.
 
20,079
334,078
BWP Trust
 
127,175
327,823
Calix Ltd. (a)
 
39,045
122,960
Capricorn Metals Ltd. (a)
 
76,681
225,634
carsales.com Ltd.
 
95,578
1,515,706
Centuria Capital Group unit
 
120,555
138,134
Centuria Industrial REIT
 
154,107
320,482
Centuria Office REIT unit
 
106,287
100,595
Chalice Mining Ltd. (a)
 
89,823
477,534
Challenger Ltd.
 
152,185
612,397
Champion Iron Ltd.
 
89,271
387,871
Charter Hall Group unit
 
126,135
938,426
Charter Hall Long Wale REIT unit
 
163,871
474,371
Charter Hall Retail REIT
 
137,897
354,964
Charter Hall Social Infrastruc
 
91,948
184,967
Cleanaway Waste Management Ltd.
 
595,831
959,561
Clinuvel Pharmaceuticals Ltd.
 
10,728
144,365
Codan Ltd./Australia
 
27,154
131,902
Collins Foods Ltd.
 
30,404
175,291
Core Lithium Ltd. (a)(c)
 
424,380
279,354
Coronado Global Resources, Inc. CDI (d)
 
205,092
226,127
Corporate Travel Management Ltd.
 
33,705
471,576
Costa Group Holdings Ltd.
 
126,172
209,374
Credit Corp. Group Ltd.
 
18,349
220,951
Cromwell Property Group unit
 
386,451
146,440
CSR Ltd.
 
126,357
442,341
Data#3 Ltd.
 
39,519
199,500
De Grey Mining Ltd. (a)
 
350,475
376,170
Deterra Royalties Ltd.
 
109,176
334,774
Dexus Industria (REIT)
 
59,137
109,580
Dicker Data Ltd.
 
17,051
92,274
Domain Holdings Australia Ltd.
 
68,856
153,570
Dominos Pizza Enterprises Ltd.
 
16,439
553,329
Downer EDI Ltd.
 
181,739
429,946
Eagers Automotive Ltd.
 
41,514
392,036
Elders Ltd.
 
42,355
228,040
Evolution Mining Ltd.
 
492,243
1,160,699
EVT Ltd.
 
29,113
233,319
Firefinch Ltd. (a)(b)
 
325,521
43,079
Fleetpartners Group Ltd. (a)
 
68,842
95,950
Flight Centre Travel Group Ltd. (a)
 
42,247
554,777
G8 Education Ltd.
 
206,114
166,902
Gold Road Resources Ltd.
 
269,722
335,611
GrainCorp Ltd.
 
58,766
266,256
Grange Resources Ltd.
 
140,277
57,575
Growthpoint Properties Australia Ltd.
 
72,411
156,962
GUD Holdings Ltd.
 
38,138
243,280
GWA Group Ltd.
 
56,749
66,290
Hansen Technologies Ltd.
 
43,890
131,462
Harvey Norman Holdings Ltd.
 
148,550
356,759
Healius Ltd.
 
157,231
312,464
Helia Group Ltd.
 
93,105
195,575
Hmc Capital Ltd.
 
54,484
142,623
HomeCo Daily Needs (REIT) unit
 
382,123
305,464
HUB24 Ltd.
 
20,618
389,853
Iluka Resources Ltd.
 
112,732
828,351
Imdex Ltd.
 
107,220
148,161
Imugene Ltd. (a)
 
1,469,358
122,659
Incitec Pivot Ltd.
 
520,181
1,108,306
Ingenia Communities Group unit
 
98,940
281,996
Inghams Group Ltd.
 
100,229
187,097
Insignia Financial Ltd.
 
159,871
317,307
Integral Diagnostics Ltd.
 
53,216
111,480
Invocare Ltd.
 
37,145
274,337
ioneer Ltd. (a)
 
395,025
80,659
IPH Ltd.
 
56,730
306,891
Iress Ltd.
 
45,981
315,935
JB Hi-Fi Ltd.
 
29,183
863,692
Johns Lyng Group Ltd.
 
45,859
206,760
Judo Capital Holdings Ltd. (a)
 
149,789
123,480
Jumbo Interactive Ltd.
 
14,631
127,271
Karoon Energy Ltd. (a)
 
152,132
217,474
Kelsian Group Ltd.
 
35,619
145,202
Lake Resources NL (a)(c)
 
337,543
95,272
Leo Lithium Ltd.
 
241,627
84,863
Lifestyle Communities Ltd.
 
25,453
288,184
Link Administration Holdings Ltd.
 
137,768
194,367
Liontown Resources Ltd. (a)(c)
 
441,403
811,747
Lovisa Holdings Ltd.
 
15,984
283,575
Lynas Rare Earths Ltd. (a)
 
242,249
1,040,437
MA Financial Group Ltd.
 
26,504
81,525
Maas Group Holdings Ltd.
 
26,313
52,828
Magellan Financial Group Ltd.
 
37,387
202,619
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
5,527
754
Mayne Pharma Group Ltd. (a)
 
19,079
52,647
McMillan Shakespeare Ltd.
 
16,479
168,337
Megaport Ltd. (a)
 
40,203
152,014
Mesoblast Ltd. (a)(c)
 
189,781
108,390
Metcash Ltd.
 
257,591
667,551
Mincor Resources NL (a)(c)
 
99,831
93,318
Monadelphous Group Ltd.
 
24,763
204,124
Mount Gibson Iron Ltd. (a)
 
164,689
52,072
Nanosonics Ltd. (a)
 
69,633
265,276
National Storage REIT unit
 
317,555
528,914
Neometals Ltd. (a)
 
128,947
53,532
Netwealth Group Ltd.
 
32,995
299,827
Neuren Pharmaceuticals Ltd. (a)
 
28,866
272,280
New Hope Corp. Ltd.
 
143,646
507,777
NEXTDC Ltd. (a)
 
122,570
940,548
NIB Holdings Ltd.
 
128,943
661,618
Nick Scali Ltd.
 
17,611
113,984
Nine Entertainment Co. Holdings Ltd.
 
392,019
540,756
Novonix Ltd. (a)(c)
 
78,582
52,055
NRW Holdings Ltd.
 
117,224
188,388
Nufarm Ltd.
 
100,446
373,481
Objective Corp. Ltd.
 
5,693
48,737
Omni Bridgeway Ltd. (a)
 
68,946
105,134
oOh!media Ltd.
 
128,790
141,109
Orora Ltd.
 
224,986
514,215
OZ Minerals Ltd.
 
89,872
1,575,910
Paladin Energy Ltd. (Australia) (a)
 
726,418
319,494
Pepper Money Ltd.
 
51,004
44,133
Perenti Ltd. (a)
 
170,395
130,577
Perpetual Trustees Australia Ltd.
 
30,404
496,889
Perseus Mining Ltd. (Australia)
 
346,573
512,198
PEXA Group Ltd. (a)
 
44,660
396,346
Pinnacle Investment Management Group Ltd.
 
32,600
179,527
Platinum Asset Management Ltd.
 
144,207
168,463
PointsBet Holdings Ltd.
 
54,773
57,070
PointsBet Holdings Ltd. warrants 7/8/24 (a)(b)
 
2,964
0
PolyNovo Ltd. (a)
 
166,615
181,007
Premier Investments Ltd.
 
23,062
401,356
Pro Medicus Ltd.
 
12,361
507,381
PWR Holdings Ltd.
 
20,303
135,621
Qube Holdings Ltd.
 
448,923
918,405
Ramelius Resources Ltd.
 
233,550
203,821
Region RE Ltd. unit
 
301,843
493,954
Regis Resources Ltd.
 
198,963
281,520
Rural Funds Group unit
 
105,848
137,905
Sandfire Resources NL
 
131,989
575,057
Sayona Mining Ltd. (a)(c)
 
1,851,022
250,031
Select Harvests Ltd.
 
32,611
95,691
Seven Group Holdings Ltd.
 
43,783
691,577
Seven West Media Ltd. (a)
 
251,394
64,290
Sigma Healthcare Ltd.
 
284,839
132,199
Silex Systems Ltd. (a)
 
41,739
93,274
Silver Lake Resources Ltd. (a)
 
252,293
212,691
SiteMinder Ltd. (a)
 
59,108
143,359
Smartgroup Corp. Ltd.
 
34,093
152,603
Solgold PLC (a)
 
319,599
76,315
Steadfast Group Ltd.
 
276,067
1,088,369
Strike Energy Ltd. (a)
 
524,309
165,626
Super Retail Group Ltd.
 
42,859
386,785
Syrah Resources Ltd. (a)
 
171,742
132,791
Tabcorp Holdings Ltd.
 
618,383
431,332
Technology One Ltd.
 
78,010
786,483
Telix Pharmaceuticals Ltd. (a)
 
59,535
402,986
Temple & Webster Group Ltd. (a)
 
23,963
64,249
TerraCom Ltd.
 
152,351
64,925
The Star Entertainment Group Ltd. (a)
 
392,133
332,402
Tietto Minerals Ltd. (a)
 
177,430
70,448
Tyro Payments Ltd. (a)
 
105,311
111,480
United Malt Group Ltd.
 
68,053
199,375
Ventia Services Group Pty Ltd.
 
127,759
222,513
Viva Energy Group Ltd. (d)
 
225,070
465,220
Vulcan Energy Resources Ltd. (a)(c)
 
25,354
100,967
Vulcan Steel Ltd.
 
12,441
64,347
Waypoint (REIT) unit
 
178,451
309,928
Webjet Ltd. (a)
 
100,498
496,997
Weebit Nano Ltd. (a)
 
44,635
158,079
West African Resources Ltd. (a)
 
263,014
170,166
Whitehaven Coal Ltd.
 
225,238
1,080,867
WorleyParsons Ltd.
 
84,164
845,635
Zip Co. Ltd. (a)(c)
 
167,891
57,358
TOTAL AUSTRALIA
 
 
66,341,878
Austria - 1.1%
 
 
 
Agrana Beteiligungs AG
 
3,231
60,702
ams-OSRAM AG (a)(c)
 
74,379
510,921
Andritz AG
 
18,218
1,181,379
AT&S Austria Technologie & Systemtechnik AG (c)
 
6,772
206,699
BAWAG Group AG (d)
 
22,756
1,107,305
CA Immobilien Anlagen AG (a)
 
11,569
335,269
DO & CO Restaurants & Catering AG (a)(c)
 
1,842
215,554
EVN AG
 
9,726
234,168
Immofinanz AG (b)
 
25,803
0
Immofinanz AG (a)(c)
 
9,022
147,331
Kontron AG (c)
 
11,654
225,112
Lenzing AG (c)
 
3,607
235,691
Oesterreichische Post AG (c)
 
8,869
342,046
Palfinger AG
 
4,194
137,948
PORR AG
 
4,694
71,688
Raiffeisen International Bank-Holding AG (a)
 
40,170
615,703
S IMMO AG rights (a)(b)
 
11,010
0
Schoeller-Bleckmann Oilfield Equipment AG
 
2,815
176,805
Semperit AG Holding
 
2,838
74,584
UNIQA Insurance Group AG
 
32,362
289,913
Vienna Insurance Group AG
 
10,357
304,140
Wienerberger AG
 
30,034
903,479
TOTAL AUSTRIA
 
 
7,376,437
Bailiwick of Guernsey - 0.0%
 
 
 
Balanced Commercial Property Trust Ltd.
 
189,967
196,723
Bailiwick of Jersey - 0.1%
 
 
 
JTC PLC (d)
 
35,609
354,880
Belgium - 1.6%
 
 
 
Ackermans & Van Haaren SA
 
6,287
1,105,652
Aedifica SA
 
10,569
882,183
Agfa-Gevaert NV (a)
 
34,962
98,045
Barco NV
 
18,899
551,441
Bekaert SA
 
9,323
433,521
Bpost SA
 
27,401
134,601
Cofinimmo SA
 
8,318
794,200
Colruyt NV
 
14,573
403,858
Deme Group NV
 
1,988
262,431
Econocom Group SA
 
27,561
94,601
Euronav NV
 
47,140
805,125
Exmar NV
 
8,742
114,438
Fagron NV
 
18,790
349,081
Galapagos NV (a)
 
12,501
485,030
Immobel SA
 
1,255
62,506
Intervest Offices & Warehouses NV
 
5,808
119,933
Ion Beam Applications SA
 
5,750
105,303
KBC Ancora
 
9,510
457,516
Kinepolis Group NV
 
3,703
187,287
Melexis NV
 
5,338
507,906
Montea SICAFI SCA
 
3,412
298,519
Ontex Group NV (a)
 
18,119
155,230
Proximus
 
39,852
339,447
Recticel SA
 
11,402
162,325
Retail Estates NV
 
2,897
214,516
Shurgard Self Storage Europe SARL
 
7,305
377,717
Telenet Group Holding NV
 
12,245
283,888
Tessenderlo Group
 
6,629
219,500
VGP NV
 
3,325
348,063
X-Fab Silicon Foundries SE (a)(d)
 
15,940
135,508
Xior Student Housing NV (a)
 
7,039
223,381
TOTAL BELGIUM
 
 
10,712,752
Bermuda - 0.0%
 
 
 
Cool Co. Ltd.
 
3,726
45,836
China - 0.3%
 
 
 
AustAsia Group Ltd.
 
24,480
9,980
CITIC 1616 Holdings Ltd.
 
453,000
181,992
E-Commodities Holdings Ltd.
 
356,000
59,115
Fosun Tourism Group (a)(d)
 
67,800
79,034
Health & Happiness H&H International Holdings Ltd.
 
61,500
105,317
Kerry Logistics Network Ltd.
 
92,000
130,353
Shangri-La Asia Ltd. (a)
 
290,000
267,529
Theme International Holdings Ltd. (a)
 
1,300,000
151,061
TI Fluid Systems PLC (d)
 
92,146
122,521
Vesync Co. Ltd.
 
109,000
42,532
VSTECS Holdings Ltd.
 
182,000
104,558
Yangzijiang Shipbuilding Holdings Ltd.
 
699,900
652,684
Yanlord Land Group Ltd.
 
158,400
101,245
TOTAL CHINA
 
 
2,007,921
Cyprus - 0.0%
 
 
 
Atalaya Mining PLC
 
29,936
124,529
Denmark - 2.2%
 
 
 
ALK-Abello A/S (a)
 
35,777
451,675
Alm. Brand A/S
 
229,074
422,963
Ambu A/S Series B (a)(c)
 
45,404
719,537
Bavarian Nordic A/S (a)
 
19,222
526,548
Better Collective A/S (a)
 
8,281
175,229
cBrain A/S
 
3,040
62,557
Cementir SpA
 
12,845
107,711
Chemometec A/S (a)
 
4,491
258,791
D/S Norden A/S
 
6,028
378,193
DFDS A/S
 
9,522
382,316
FLSmidth & Co. A/S (c)
 
14,034
552,688
GN Store Nord A/S (a)
 
35,318
939,795
H Lundbeck A/S
 
74,857
395,726
H Lundbeck A/S Class A
 
18,137
91,161
ISS A/S
 
42,360
882,957
Jyske Bank A/S (Reg.) (a)
 
12,984
946,472
Matas A/S
 
9,923
124,688
Netcompany Group A/S (a)(d)
 
10,840
417,928
Nilfisk Holding A/S (a)
 
2,966
60,684
NKT A/S (a)(c)
 
11,051
578,648
NTG Nordic Transport Group A/S (a)
 
2,161
114,527
Per Aarsleff Holding A/S
 
4,915
211,437
Ringkjoebing Landbobank A/S
 
7,226
1,014,279
Royal Unibrew A/S
 
13,492
1,204,297
Scandinavian Tobacco Group A/S (d)
 
15,088
293,976
Schouw & Co.
 
3,436
292,069
SimCorp A/S
 
10,764
1,163,998
Solar Holding A/S
 
1,496
122,298
Spar Nord Bank A/S
 
22,959
372,326
Sydbank A/S
 
15,799
703,475
Topdanmark A/S
 
12,177
641,567
Trifork Holding AG
 
3,549
84,364
Zealand Pharma A/S (a)
 
12,010
405,157
TOTAL DENMARK
 
 
15,100,037
Egypt - 0.1%
 
 
 
Centamin PLC
 
306,432
397,817
Energean PLC
 
33,797
525,833
TOTAL EGYPT
 
 
923,650
Faroe Islands - 0.1%
 
 
 
Bakkafrost
 
13,479
981,482
Finland - 1.4%
 
 
 
Aktia Bank Oyj (A Shares)
 
14,402
144,889
Anora Group Oyj
 
10,152
59,288
Cargotec Corp. (B Shares)
 
10,491
578,580
Caverion Oyj
 
25,529
241,921
Citycon Oyj
 
22,215
167,679
F-Secure Corp.
 
30,793
99,078
Finnair Oyj (a)
 
167,735
98,143
Huhtamaki Oyj
 
26,088
938,281
Incap Oyj (c)
 
4,332
53,462
Jervois Global Ltd. (a)
 
446,222
26,255
Kemira Oyj
 
29,148
510,358
Kempower OYJ (a)(c)
 
4,501
163,669
Kojamo OYJ
 
36,942
458,761
Konecranes Oyj
 
16,117
629,923
Marimekko Oyj
 
6,851
70,773
Metsa Board OYJ (B Shares)
 
47,851
344,571
Musti Group OYJ
 
8,678
179,675
Nokian Tyres PLC
 
36,042
350,601
Oriola-KD Oyj
 
30,130
48,273
Outokumpu Oyj (A Shares) (c)
 
97,243
529,653
Puuilo Oyj
 
13,816
106,795
Qt Group Oyj (a)
 
4,499
386,384
Revenio Group Oyj
 
6,481
243,522
Rovio Entertainment OYJ (d)
 
11,163
114,579
Sanoma Corp.
 
18,830
163,500
Talenom OYJ
 
7,930
67,458
TietoEVRY Oyj
 
23,766
758,397
Tokmanni Group Corp.
 
13,498
184,579
Uponor Oyj
 
14,911
397,288
Valmet Corp.
 
44,655
1,506,668
YIT OYJ
 
37,231
96,326
TOTAL FINLAND
 
 
9,719,329
France - 3.8%
 
 
 
AB Science SA (a)(c)
 
6,846
48,279
ABC Arbitrage SA
 
8,188
54,675
Air France KLM (Reg.) (a)
 
314,017
542,725
Akwel
 
2,255
33,545
ALD SA (d)
 
38,421
461,887
Altarea SCA
 
1,094
143,211
ALTEN
 
7,866
1,334,802
Antin Infrastructure Partners SA
 
9,573
161,392
Atos SE (a)(c)
 
27,153
375,046
Aubay
 
1,973
96,854
Believe SA (a)
 
5,489
65,443
Beneteau SA
 
10,065
161,701
BIC SA
 
6,650
409,981
Boiron SA
 
1,135
49,901
Bonduelle SCA
 
3,810
48,028
Carmila SA
 
15,544
262,743
Casino Guichard Perrachon SA (a)(c)
 
11,813
100,359
CGG SA (a)
 
194,688
145,878
Chargeurs SA
 
4,724
77,456
Coface SA
 
28,489
435,094
Compagnie des Alpes
 
5,315
84,218
Compagnie Plastic Omnium SA
 
15,735
277,935
Derichebourg
 
26,303
162,161
Elior SA (a)(d)
 
35,246
122,338
Elis SA
 
52,349
1,038,301
Equasens
 
1,272
100,496
Eramet SA
 
2,714
263,468
Esker SA
 
1,454
221,098
Etablissements Maurel & Prom
 
14,221
54,344
Euroapi SASU
 
14,109
169,381
Eutelsat Communications (c)
 
45,656
303,108
Faurecia SA (a)
 
42,183
871,527
Fnac Darty SA
 
4,394
165,394
Gaztransport et Technigaz SA
 
7,025
750,475
ICADE
 
9,344
437,792
ID Logistics Group (a)
 
694
203,798
Imerys SA
 
8,879
364,348
Interparfums SA
 
5,111
405,490
Ipsos SA
 
10,834
586,871
JCDecaux SA (a)
 
17,380
384,553
Kaufman & Broad SA
 
3,466
112,666
Korian SA (c)
 
19,959
172,754
LISI
 
5,269
149,212
Maisons du Monde SA (d)
 
7,866
82,775
Manitou BF SA
 
2,742
67,680
McPhy Energy SA (a)(c)
 
5,607
75,994
Mercialys SA
 
20,325
204,253
Mersen SA (c)
 
4,809
193,945
Mersen SA rights 5/2/23 (a)(c)
 
4,809
7,812
Metropole Television SA
 
6,847
110,455
Neoen SA (d)
 
18,432
552,438
Nexans SA
 
6,519
559,219
Nexity
 
10,637
278,723
Orpea (a)(c)
 
14,951
44,086
Peugeot Invest
 
1,377
168,726
Pierre Et Vacances La Defense
 
36,714
66,994
Quadient SA
 
9,385
186,144
Rexel SA
 
65,609
1,518,186
Rubis SCA
 
24,775
731,083
SCOR SE
 
40,860
1,054,454
Seche Environment SA
 
613
70,113
SES-imagotag SA (a)
 
1,290
206,110
SMCP S.A.S. (a)(d)
 
11,380
100,568
Soitec SA (a)
 
7,161
1,054,987
Sopra Steria Group
 
4,164
899,309
SPIE SA
 
34,961
1,089,445
Technip Energies NV
 
36,576
811,301
Television Francaise 1 SA
 
11,212
90,311
Trigano SA
 
2,348
305,297
Ubisoft Entertainment SA (a)
 
25,170
737,158
Vallourec SA (a)
 
37,255
424,265
Valneva SE (a)(c)
 
30,006
145,282
Verallia SA (d)
 
20,021
812,291
Vicat SA
 
4,883
142,316
Vilmorin & Cie
 
1,510
71,630
Virbac SA
 
1,148
391,512
Voltalia SA (a)(c)
 
10,720
162,774
Waga Energy SA (a)
 
1,380
36,191
Wavestone
 
2,165
111,289
TOTAL FRANCE
 
 
25,975,844
Gabon - 0.0%
 
 
 
BW Energy Ltd. (a)
 
24,507
65,769
Georgia - 0.1%
 
 
 
Bank of Georgia Group PLC
 
9,745
362,512
TBC Bank Group PLC
 
11,162
330,356
TOTAL GEORGIA
 
 
692,868
Germany - 4.7%
 
 
 
1&1 AG
 
11,889
138,603
Aareal Bank AG
 
15,633
532,283
About You Holding AG (a)(c)
 
10,088
62,027
Adesso AG
 
888
132,683
ADVA Optical Networking SE (a)
 
4,519
99,590
Aixtron AG
 
30,522
861,993
Amadeus Fire AG
 
1,558
229,359
ATOSS Software AG
 
1,073
214,713
AURELIUS AG (c)
 
7,432
137,335
Aurubis AG
 
8,348
780,046
Auto1 Group SE (a)(d)
 
23,498
184,665
Basler AG
 
3,024
65,043
BayWa AG
 
3,874
165,628
Bertrandt AG (a)
 
1,549
86,196
Bilfinger Berger AG
 
8,358
361,019
Borussia Dortmund GmbH & Co. KGaA (a)
 
20,697
103,197
CANCOM AG
 
9,560
342,992
CECONOMY AG (a)
 
39,523
120,112
Cewe Stiftung & Co. KGAA
 
1,512
155,611
CompuGroup Medical AG
 
7,276
399,107
CropEnergies AG
 
7,114
82,152
CTS Eventim AG
 
15,438
1,013,863
CureVac NV (a)
 
15,379
112,861
Datagroup AG
 
1,166
85,697
Dermapharm Holding SE
 
5,172
259,078
Deutsche Beteiligungs AG
 
3,877
122,395
Deutsche EuroShop AG (c)
 
4,062
91,533
Deutsche Pfandbriefbank AG (d)
 
36,138
332,501
Deutz AG
 
30,974
205,293
DIC Asset AG
 
11,297
85,768
DIC Asset AG rights (a)
 
11,297
9,336
Draegerwerk AG & Co. KGaA
 
811
37,354
Duerr AG
 
13,876
480,105
Eckert & Ziegler Strahlen-und Medizintechnik AG
 
4,038
208,235
ELMOS Semiconductor AG
 
2,160
162,799
ElringKlinger AG
 
7,372
82,613
Encavis AG
 
32,721
565,166
Energiekontor AG
 
1,725
137,806
Evotec OAI AG (a)
 
37,827
692,956
Fielmann AG
 
6,821
352,954
Flatex AG (a)
 
17,997
193,351
Fraport AG Frankfurt Airport Services Worldwide (a)
 
9,852
528,358
Freenet AG
 
30,222
860,514
Gerresheimer AG
 
9,296
1,011,010
GFT Technologies AG
 
4,664
183,677
Grand City Properties SA
 
26,568
221,321
Grenkeleasing AG
 
7,555
270,142
Hamborner (REIT) AG
 
18,358
144,635
Hamburger Hafen und Logistik AG
 
7,203
99,371
Heidelberger Druckmaschinen AG (a)
 
70,692
145,976
Hensoldt AG
 
9,994
374,421
Hochtief AG
 
7,361
614,415
Hornbach Holding AG & Co. KGaA
 
2,274
192,940
Hugo Boss AG
 
15,111
1,135,918
Hypoport AG (a)(c)
 
1,064
170,118
INDUS Holding AG
 
5,509
162,989
Instone Real Estate Group BV (d)
 
12,822
102,432
Jenoptik AG
 
13,982
444,947
JOST Werke AG (d)
 
3,651
201,554
K+S AG
 
51,135
1,019,293
KION Group AG
 
19,571
806,973
Kloeckner & Co. AG
 
20,161
223,265
Krones AG
 
3,753
491,289
KWS Saat AG
 
2,997
194,181
Lanxess AG
 
21,861
887,907
MBB SE
 
532
48,480
Medios AG (a)(c)
 
3,771
75,626
Metro Wholesale & Food Specialist AG (a)
 
33,388
283,469
Montana Aerospace AG (a)(d)
 
5,924
107,101
Morphosys AG (a)(c)
 
9,298
195,303
Nagarro SE (a)(c)
 
2,235
239,625
Nordex SE (a)
 
37,318
447,393
NORMA Group AG
 
8,651
205,140
OHB SE
 
1,543
54,832
Patrizia Immobilien AG
 
12,611
135,348
Pfeiffer Vacuum Technology AG
 
935
155,572
PNE AG
 
9,400
153,503
ProSiebenSat.1 Media AG
 
47,178
422,122
PVA TePla AG (a)
 
5,342
114,195
Salzgitter AG
 
8,152
321,940
Schaeffler AG
 
33,418
241,929
secunet Security Network AG
 
444
97,849
SGL Carbon AG (a)(c)
 
16,688
153,360
Siltronic AG
 
4,051
290,816
Sirius Real Estate Ltd.
 
318,401
322,321
Sixt SE
 
3,576
442,506
SMA Solar Technology AG (a)
 
2,822
304,115
Software AG (Bearer)
 
14,046
478,248
Softwareone Holding AG
 
25,340
380,164
Stabilus Se
 
6,713
437,906
Steico AG
 
1,515
75,372
STRATEC Biomedical Systems AG
 
2,157
148,075
Stroeer SE & Co. KGaA
 
9,003
493,243
Suedzucker AG (Bearer)
 
19,481
393,259
SUSE SA (a)
 
11,478
216,274
Synlab AG
 
18,202
192,144
TAG Immobilien AG
 
47,715
407,473
Takkt AG
 
8,933
142,924
TeamViewer AG (a)(d)
 
37,430
687,746
Thyssenkrupp AG (c)
 
125,144
896,877
Tonies SE (a)
 
13,890
83,567
TUI AG (GB) (a)(c)
 
115,025
733,486
Varta AG (c)
 
4,982
128,733
VERBIO Vereinigte BioEnergie AG
 
6,043
224,667
VIB Vermoegen AG
 
2,168
44,291
Vitesco Technologies Group AG (a)
 
5,440
371,649
Vossloh AG
 
2,405
110,110
Wacker Construction Equipment AG
 
7,213
175,651
Wuestenrot & Wuerttembergische AG
 
5,955
108,270
TOTAL GERMANY
 
 
32,716,338
Ghana - 0.0%
 
 
 
Tullow Oil PLC (a)
 
313,339
110,103
Guatemala - 0.1%
 
 
 
Millicom International Cellular SA (depository receipt) (a)
 
46,348
830,012
Hong Kong - 1.7%
 
 
 
ASMPT Ltd.
 
81,900
643,911
Bank of East Asia Ltd.
 
324,202
427,269
C-Mer Eye Care Holdings Ltd. (a)
 
152,000
87,071
Cadeler A/S (a)
 
29,269
127,545
Cafe de Coral Holdings Ltd.
 
96,000
134,466
Champion (REIT)
 
711,000
296,778
Chinese Estates Holdings Ltd. (a)
 
134,000
38,709
Chow Sang Sang Holdings International Ltd.
 
103,000
135,332
Citychamp Watch & Jewel Gr Ltd. (a)
 
338,000
50,844
CK Life Sciences International Holding, Inc.
 
800,000
80,757
Comba Telecom Systems Holdings Ltd.
 
528,000
103,332
Cowell e Holdings, Inc. (a)
 
80,000
154,737
Dah Sing Banking Group Ltd.
 
114,400
91,760
Dah Sing Financial Holdings Ltd.
 
40,000
102,477
EC Healthcare
 
130,000
87,537
Far East Consortium International Ltd.
 
327,906
82,834
Fortune (REIT)
 
394,000
329,608
Guotai Junan International Holdings Ltd.
 
791,000
66,809
Haitong International Securities Group Ltd.
 
635,700
53,660
Hang Lung Group Ltd.
 
218,000
383,249
HKBN Ltd.
 
224,000
158,066
Hong Kong Television Network Ltd. (c)
 
153,000
96,240
Hutchison Port Holdings Trust
 
1,425,600
270,439
Hutchison Telecommunications Hong Kong Holdings Ltd.
 
376,000
65,228
Hysan Development Co. Ltd.
 
166,000
469,124
Johnson Electric Holdings Ltd.
 
100,000
111,806
K Wah International Holdings Ltd.
 
305,000
105,397
Kerry Properties Ltd.
 
154,500
398,626
Kingkey Financial International Holdings Ltd. (a)
 
920,000
226,379
Luk Fook Holdings International Ltd.
 
96,000
307,634
Man Wah Holdings Ltd.
 
478,800
402,784
Melco Crown Entertainment Ltd. sponsored ADR (a)
 
54,969
749,777
Melco International Development Ltd. (a)
 
186,000
216,473
Nissin Foods Co. Ltd.
 
65,000
58,067
NWS Holdings Ltd.
 
421,000
364,654
Pacific Basin Shipping Ltd.
 
1,401,000
487,487
Pacific Textile Holdings Ltd.
 
247,000
79,474
PAX Global Technology Ltd.
 
189,000
155,687
PCCW Ltd.
 
1,126,000
587,353
Perfect Shape (PRC) Holdings Ltd.
 
102,931
50,202
Prosperity (REIT)
 
350,000
84,899
Realord Group Holdings Ltd. (a)(c)
 
116,000
80,263
Sa Sa International Holdings Ltd. (a)
 
294,000
69,124
Shun Tak Holdings Ltd. (a)
 
372,000
67,528
SmarTone Telecommunications Holdings Ltd.
 
92,000
55,996
Stella International Holdings Ltd.
 
133,500
138,994
Sun Hung Kai & Co. Ltd.
 
162,000
59,775
Sunevision Holdings Ltd.
 
176,000
100,001
Sunlight (REIT)
 
279,000
108,192
Texhong International Group Lt
 
77,000
56,248
The United Laboratories International Holdings Ltd.
 
276,000
223,472
United Energy Group Ltd.
 
2,110,000
317,964
Value Partners Group Ltd.
 
254,000
80,617
Vitasoy International Holdings Ltd.
 
232,000
410,370
Viva China Holdings Ltd. (a)
 
1,056,000
179,274
Vtech Holdings Ltd.
 
42,900
257,552
Yue Yuen Industrial (Holdings) Ltd.
 
217,500
327,322
TOTAL HONG KONG
 
 
11,457,173
Indonesia - 0.1%
 
 
 
Bumitama Agri Ltd.
 
88,500
38,254
First Pacific Co. Ltd.
 
624,000
208,955
First Resources Ltd.
 
152,700
176,045
Golden Agri-Resources Ltd.
 
1,709,500
353,547
Nickel Industries Ltd.
 
280,577
178,513
TOTAL INDONESIA
 
 
955,314
Iraq - 0.0%
 
 
 
Genel Energy PLC
 
41,866
58,508
Gulf Keystone Petroleum Ltd.
 
57,730
98,526
TOTAL IRAQ
 
 
157,034
Ireland - 0.4%
 
 
 
C&C Group PLC (United Kingdom) (a)
 
107,183
210,674
Cairn Homes PLC
 
172,092
194,179
COSMO Pharmaceuticals NV
 
2,412
145,446
Dalata Hotel Group PLC (a)
 
53,877
270,417
Glanbia PLC
 
51,329
777,692
Glenveagh Properties PLC (a)(d)
 
157,943
164,639
Greencore Group PLC (a)
 
139,519
150,354
Irish Residential Properties REIT PLC
 
122,147
138,901
Keywords Studios PLC
 
20,013
679,086
Origin Enterprises PLC
 
31,605
137,735
Uniphar PLC
 
62,320
208,071
TOTAL IRELAND
 
 
3,077,194
Israel - 2.2%
 
 
 
AFI Properties Ltd. (a)
 
1,487
39,591
Africa Israel Residences Ltd.
 
1,672
61,041
Airport City Ltd. (a)
 
18,441
234,949
Alony Hetz Properties & Investments Ltd.
 
41,306
322,654
Altshuler Shaham Finance Ltd.
 
20,122
40,645
Amot Investments Ltd.
 
63,378
334,584
Arad Investment & Industrial Development Ltd.
 
853
90,486
Ashtrom Group Ltd.
 
10,992
172,481
AudioCodes Ltd.
 
6,674
66,623
Azorim Investment Development & Construction Co. Ltd.
 
22,565
53,811
Big Shopping Centers Ltd. (a)
 
3,218
272,205
Blue Square Real Estate Ltd.
 
1,272
63,611
Camtek Ltd. (a)
 
7,846
200,898
Carasso Motors Ltd.
 
8,267
36,810
Cellcom Israel Ltd. (Israel) (a)
 
24,760
88,006
Clal Insurance Enterprises Holdings Ltd. (a)
 
16,901
258,403
Danel Adir Yeoshua Ltd.
 
1,565
113,925
Danya Cebus Ltd.
 
1,993
38,829
Delek Automotive Systems Ltd.
 
14,352
115,074
Delek Group Ltd.
 
2,489
267,255
Delta Galil Industries Ltd.
 
3,163
133,602
Doral Group Renewable Energy Resources Ltd. (a)
 
24,400
52,217
Elco Ltd.
 
2,644
91,136
Electra Consumer Products 1970 Ltd.
 
3,283
77,115
Electra Israel Ltd.
 
567
242,151
Electra Real Estate Ltd.
 
7,101
73,468
Energix-Renewable Energies Ltd.
 
67,200
198,303
Enlight Renewable Energy Ltd. (a)
 
31,286
513,596
Equital Ltd. (a)
 
5,976
151,238
Fattal Holdings 1998 Ltd. (a)
 
1,726
153,418
FIBI Holdings Ltd.
 
4,831
179,298
Formula Systems (1985) Ltd.
 
2,687
169,319
Fox Wizel Ltd.
 
2,219
185,194
G City Ltd.
 
23,023
71,428
Gilat Satellite Networks Ltd. (a)
 
11,549
53,778
Harel Insurance Investments and Financial Services Ltd.
 
31,465
280,288
Hilan Ltd.
 
4,065
179,542
IDI Insurance Co. Ltd.
 
2,196
56,695
Innoviz Technologies Ltd. (a)(c)
 
29,665
74,163
Isracard Ltd.
 
54,665
221,561
Israel Canada T.R Ltd.
 
37,205
67,965
Israel Corp. Ltd. (Class A)
 
1,052
304,352
Israel Land Development - Urban Renewal Ltd.
 
4,948
36,374
Isras Investment Co. Ltd.
 
507
88,007
Ituran Location & Control Ltd.
 
3,710
77,168
Kornit Digital Ltd. (a)
 
13,603
248,391
M Yochananof & Sons Ltd.
 
1,326
61,343
Magic Software Enterprises Ltd.
 
7,505
98,224
Malam Team Ltd.
 
2,251
38,268
Matrix IT Ltd.
 
9,347
167,117
Maytronics Ltd.
 
13,445
140,438
Mega Or Holdings Ltd.
 
6,410
125,609
Melisron Ltd.
 
6,449
427,523
Menora Mivtachim Holdings Ltd.
 
6,647
138,916
Migdal Insurance & Financial Holdings Ltd.
 
115,804
124,121
Mivne Real Estate KD Ltd.
 
160,492
446,628
Nano Dimension Ltd. ADR (a)(c)
 
69,947
172,769
Nano-X Imaging Ltd. (a)(c)
 
10,353
63,257
Naphtha Israel Petroleum Corp. Ltd.
 
9,667
40,753
Nayax Ltd. (a)
 
2,198
37,457
NeoGames SA (a)
 
3,882
52,213
Neto Malinda Trading Ltd. (a)
 
3,057
53,486
Nova Ltd. (a)
 
7,815
715,319
Oil Refineries Ltd.
 
563,569
156,057
One Software Technologies Ltd.
 
11,050
118,284
OPC Energy Ltd. (a)
 
27,386
194,302
OY Nofar Energy Ltd. (a)
 
4,142
94,005
Partner Communications Co. Ltd. (a)
 
37,883
184,126
Paz Oil Co. Ltd. (a)
 
2,738
257,252
Perion Network Ltd. (a)
 
10,967
385,274
Plus500 Ltd.
 
25,285
529,086
Prashkovsky Investments & Construction Ltd.
 
2,189
44,421
Property & Building Corp. Ltd. (a)
 
792
36,006
Radware Ltd. (a)
 
10,975
221,146
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
2,396
136,326
Reit 1 Ltd.
 
52,849
225,704
Retailors Ltd.
 
3,544
67,377
Sapiens International Corp. NV
 
9,326
187,196
Scope Metals Group Ltd. (a)
 
1,976
65,443
Sella Capital Real Estate Ltd.
 
57,050
117,107
Shapir Engineering and Industry Ltd.
 
38,494
273,325
Shikun & Binui Ltd. (a)
 
71,694
153,152
Shufersal Ltd.
 
72,021
364,932
Sisram Medical Ltd. (d)
 
38,000
56,632
Strauss Group Ltd.
 
14,206
315,367
Summit Real Estate Holdings Ltd.
 
10,140
111,532
Taboola.com Ltd. (a)(c)
 
37,914
87,581
Tadiran Group Ltd.
 
929
82,652
Tel Aviv Stock Exchange Ltd.
 
27,262
125,518
The Phoenix Holdings Ltd.
 
41,412
441,008
Tremor International Ltd. (a)(c)
 
23,835
66,726
Turpaz Industries Ltd.
 
9,008
33,507
YH Dimri Construction & Development Ltd.
 
2,054
110,245
ZIM Integrated Shipping Services Ltd. (c)
 
24,408
416,645
TOTAL ISRAEL
 
 
15,413,023
Italy - 3.5%
 
 
 
A2A SpA
 
419,509
739,611
ACEA SpA
 
11,593
169,899
Anima Holding SpA (d)
 
60,736
252,040
Antares Vision SpA (a)
 
7,983
58,584
Ariston Holding NV
 
23,070
262,851
Arnoldo Mondadori Editore SpA
 
31,468
68,794
Ascopiave SpA
 
14,035
45,004
Autogrill SpA (a)(c)
 
50,395
368,721
Azimut Holding SpA
 
29,173
650,630
Banca Generali SpA
 
15,385
510,108
Banca IFIS SpA
 
7,257
121,707
Banca Mediolanum S.p.A.
 
60,341
544,817
Banca Monte dei Paschi di Siena SpA (a)
 
119,602
275,308
Banca Popolare di Sondrio SCARL
 
123,097
559,110
Banco BPM SpA
 
387,707
1,574,285
BFF Bank SpA (d)
 
42,607
409,392
Biesse SpA
 
3,760
57,258
BPER Banca
 
287,404
805,977
Brembo SpA
 
40,732
597,387
Brunello Cucinelli SpA
 
9,122
871,468
Buzzi Unicem SpA
 
26,064
646,773
Carel Industries SpA (d)
 
10,908
286,065
CIR SpA (a)
 
164,445
69,400
Credito Emiliano SpA
 
23,130
177,389
Cromwell European (REIT)
 
92,390
156,944
d'Amico International Shipping SA
 
116,269
51,695
Danieli & C. Officine Meccaniche SpA
 
2,896
75,310
Datalogic SpA
 
5,654
46,820
De'Longhi SpA
 
20,239
469,667
Digital Bros SpA (c)
 
1,405
31,923
Digital Value SpA
 
948
69,153
Dovalue SpA (d)
 
16,274
114,050
El.En. Group SpA
 
11,860
152,902
Enav SpA (d)
 
73,276
343,480
ERG SpA
 
16,271
491,255
Esprinet SpA
 
7,736
68,407
Fila SpA
 
7,300
60,329
Fincantieri Cantieri Navali It (a)
 
136,452
83,147
Gruppo MutuiOnline SpA
 
7,100
221,405
GVS SpA (a)(d)
 
18,777
127,763
Hera SpA
 
222,277
691,674
Illimity Bank SpA (c)
 
15,566
109,688
Industrie de Nora SpA
 
8,978
178,467
Interpump Group SpA
 
18,857
1,048,900
Iren SpA
 
193,992
418,755
Italgas SpA
 
130,632
853,584
Iveco Group NV (a)
 
55,191
495,642
Juventus Football Club SpA (a)(c)
 
273,661
87,268
Leonardo SpA
 
108,657
1,293,673
LU-VE SpA
 
2,378
79,658
Maire Tecnimont SpA
 
40,018
171,445
MARR SpA
 
8,898
139,227
MFE-MediaForEurope NV
 
34,761
25,587
MFE-MediaForEurope NV Class A
 
254,556
120,276
OVS (d)
 
59,404
178,044
Pharmanutra SpA
 
787
43,707
Piaggio & C SpA
 
43,973
180,636
Pirelli & C. SpA (d)
 
94,927
496,432
Rai Way SpA (d)
 
24,707
158,175
Reply SpA
 
5,957
692,504
Safilo Group SpA (a)
 
60,681
87,258
Saipem SpA (a)
 
298,728
456,227
Salcef Group SpA
 
6,778
158,336
Salvatore Ferragamo Italia SpA
 
13,702
240,515
Sanlorenzo SpA
 
3,300
147,814
Saras SpA
 
154,441
199,705
Seco SpA (a)(c)
 
10,099
51,746
Sesa SpA
 
2,094
255,888
SOL SpA
 
9,839
284,050
Tamburi Investment Partners SpA
 
29,817
284,199
Technogym SpA (d)
 
37,916
345,309
Technoprobe SpA (a)
 
34,258
243,480
Tinexta SpA
 
5,788
117,862
Tod's SpA (a)
 
2,698
113,863
Unipol Gruppo SpA
 
105,593
592,935
Webuild SpA (c)
 
109,377
235,019
Webuild SpA warrants 8/2/30 (a)
 
6,588
14,156
Wiit SpA
 
2,985
65,060
Zignago Vetro SpA
 
8,448
156,761
TOTAL ITALY
 
 
24,200,353
Japan - 30.8%
 
 
 
77 Bank Ltd.
 
14,400
234,114
ABC-MART, Inc.
 
8,800
500,093
Activia Properties, Inc.
 
187
544,892
Adastria Co. Ltd.
 
6,000
113,152
Adeka Corp.
 
20,800
351,260
Advance Logistics Investment Corp.
 
174
176,365
Advance Residence Investment Corp.
 
353
915,895
Adventure, Inc.
 
700
52,195
Aeon (REIT) Investment Corp.
 
441
505,584
Aeon Delight Co. Ltd.
 
5,500
121,885
AEON Financial Service Co. Ltd.
 
28,400
252,976
Aeon Hokkaido Corp.
 
11,300
67,792
AEON MALL Co. Ltd.
 
27,600
372,118
Ai Holdings Corp.
 
8,900
155,812
Aica Kogyo Co. Ltd.
 
13,700
311,466
Aichi Corp.
 
6,600
40,900
Aichi Financial Group, Inc.
 
9,400
147,612
Aida Engineering Ltd.
 
11,900
74,963
Aiful Corp.
 
86,800
236,092
Ain Holdings, Inc.
 
6,600
274,453
Air Water, Inc.
 
48,800
616,626
Airtrip Corp.
 
3,700
74,413
Alfresa Holdings Corp.
 
43,400
628,410
Alpen Co. Ltd.
 
3,800
58,105
Alpha Systems, Inc.
 
1,800
54,783
Alps Alpine Co. Ltd.
 
53,500
488,458
Amada Co. Ltd.
 
92,300
861,805
Amano Corp.
 
14,400
293,198
Amvis Holdings, Inc.
 
10,600
230,839
Anicom Holdings, Inc.
 
19,800
77,080
Anritsu Corp.
 
36,500
334,213
Aoki International Co. Ltd.
 
8,900
61,991
Aozora Bank Ltd.
 
32,000
574,048
Appier Group, Inc. (a)
 
15,200
172,607
Arata Corp.
 
3,700
120,308
Arcland Sakamoto Co. Ltd.
 
7,200
81,547
Arcland Service Holdings Co. Ltd.
 
3,600
75,678
ARCS Co. Ltd.
 
10,800
196,357
Argo Graphics, Inc.
 
4,300
121,161
Ariake Japan Co. Ltd.
 
4,900
198,727
ARTERIA Networks Corp.
 
6,300
60,342
As One Corp.
 
7,800
330,443
Asahi Holdings, Inc.
 
19,300
284,140
Asics Corp.
 
43,400
1,213,088
ASKUL Corp.
 
10,500
139,932
Atom Corp. (a)
 
31,000
190,929
Autobacs Seven Co. Ltd.
 
17,300
196,731
Avex, Inc.
 
8,600
98,493
Axial Retailing, Inc.
 
4,400
114,195
AZ-Com Maruwa Holdings, Inc.
 
10,700
157,776
Bank of Kyoto Ltd.
 
15,300
752,797
Belc Co. Ltd.
 
2,800
126,503
Bell System24 Holdings, Inc.
 
9,000
92,525
Belluna Co. Ltd.
 
12,900
70,776
Benefit One, Inc.
 
21,600
297,309
Benesse Holdings, Inc.
 
19,400
278,441
Bengo4.Com, Inc. (a)
 
2,100
40,433
Bic Camera, Inc.
 
25,500
213,345
Biprogy, Inc.
 
19,100
460,493
BML, Inc.
 
5,600
125,767
Bunka Shutter Co. Ltd.
 
12,700
108,212
Bushiroad, Inc.
 
7,800
51,196
C. Uyemura & Co. Ltd.
 
3,000
144,757
Calbee, Inc.
 
23,300
503,856
Canon Electronics, Inc.
 
5,000
68,102
Canon Marketing Japan, Inc.
 
12,000
300,036
Casio Computer Co. Ltd.
 
50,500
480,498
Cawachi Ltd.
 
3,500
60,002
Cellebrite DI Ltd. (a)(c)
 
10,372
56,113
CellSource Co. Ltd. (a)
 
1,800
34,023
Central Glass Co. Ltd.
 
5,900
127,421
Change Holdings, Inc.
 
10,000
169,179
Chiyoda Corp. (a)
 
42,800
126,266
Chofu Seisakusho Co. Ltd.
 
4,600
83,044
Chudenko Corp.
 
7,000
114,803
Chugin Financial Group, Inc.
 
36,900
247,600
Chugoku Electric Power Co., Inc.
 
72,100
379,657
Chugoku Marine Paints Ltd.
 
9,200
80,398
Ci Takiron Corp.
 
9,600
35,361
Citizen Watch Co. Ltd.
 
63,900
353,581
CKD Corp.
 
13,500
205,640
Coca-Cola West Co. Ltd.
 
35,800
385,790
COLOPL, Inc.
 
15,300
71,943
Colowide Co. Ltd.
 
20,100
307,945
Comforia Residential REIT, Inc.
 
174
435,317
COMSYS Holdings Corp.
 
30,100
575,998
Comture Corp.
 
6,200
91,466
Cosmo Energy Holdings Co. Ltd.
 
20,500
655,366
Cosmos Pharmaceutical Corp.
 
5,400
531,118
CRE Logistics REIT, Inc.
 
143
196,903
Create Restaurants Holdings, Inc.
 
31,410
229,197
Create SD Holdings Co. Ltd.
 
7,200
174,652
Credit Saison Co. Ltd.
 
40,400
559,739
Curves Holdings Co. Ltd.
 
13,800
80,456
CYBERDYNE, Inc. (a)
 
28,300
58,492
Cybozu, Inc.
 
6,500
129,751
Daicel Chemical Industries Ltd.
 
69,300
546,352
Daido Steel Co. Ltd.
 
6,800
261,869
Daihen Corp.
 
5,200
171,243
Daiho Corp.
 
1,800
51,714
Daiichikosho Co. Ltd.
 
20,600
369,321
Daiken Corp.
 
3,100
53,282
Daiki Aluminum Industry Co. Ltd.
 
6,300
64,634
Daikokutenbussan Co. Ltd.
 
1,400
56,050
Daio Paper Corp.
 
23,200
188,017
Daiseki Co. Ltd.
 
11,780
337,030
Daishi Hokuetsu Financial Group, Inc.
 
10,000
222,845
Daiwa Industries Ltd.
 
7,300
77,108
Daiwa Office Investment Corp.
 
83
360,786
Daiwa Securities Living Invest
 
519
441,281
Daiwabo Holdings Co. Ltd.
 
22,100
417,010
DCM Holdings Co. Ltd.
 
29,500
309,022
Demae-Can Co. Ltd. (a)(c)
 
14,100
39,308
DeNA Co. Ltd.
 
22,600
317,411
Denka Co. Ltd.
 
20,400
408,560
Descente Ltd.
 
7,400
235,039
Dexerials Corp.
 
14,900
283,556
Dic Corp.
 
20,400
376,858
Digital Arts, Inc.
 
3,100
115,393
Digital Garage, Inc.
 
9,000
317,519
Dip Corp.
 
9,800
241,786
Direct Marketing MiX, Inc.
 
5,600
49,342
Dmg Mori Co. Ltd.
 
30,700
492,510
Doshisha Co. Ltd.
 
5,300
83,448
Doutor Nichires Holdings Co., Ltd.
 
7,900
124,579
Dowa Holdings Co. Ltd.
 
14,000
457,387
DTS Corp.
 
9,800
232,844
Duskin Co. Ltd.
 
10,900
267,400
Dydo Group Holdings, Inc.
 
2,100
78,496
Earth Corp.
 
3,900
142,949
Ebara Corp.
 
24,600
1,076,282
EDION Corp.
 
21,000
206,660
eGuarantee, Inc.
 
9,700
150,741
Eiken Chemical Co. Ltd.
 
8,900
103,479
Eizo Corp.
 
3,700
121,279
Elan Corp.
 
7,700
57,662
Elecom Co. Ltd.
 
14,000
132,854
Electric Power Development Co. Ltd.
 
39,200
626,798
EM Systems Co. Ltd.
 
9,200
53,110
en japan, Inc.
 
8,800
157,963
eRex Co. Ltd.
 
8,200
104,787
ES-Con Japan Ltd.
 
8,400
53,623
euglena Co. Ltd. (a)
 
26,300
172,262
Exedy Corp.
 
7,400
106,519
Exeo Group, Inc.
 
25,000
463,878
Ezaki Glico Co. Ltd.
 
12,900
331,797
Fancl Corp.
 
21,100
365,149
FCC Co. Ltd.
 
9,400
121,180
Ferrotec Holdings Corp.
 
12,100
273,660
Financial Products Group Co. Ltd.
 
17,100
139,223
Food & Life Companies Ltd.
 
29,900
720,177
FP Corp.
 
12,700
315,914
Freee KK (a)
 
10,800
309,023
Frontier Real Estate Investment Corp.
 
132
476,912
Fuji Co. Ltd.
 
7,000
91,390
Fuji Corp.
 
19,700
330,431
Fuji Kyuko Co. Ltd.
 
5,900
226,630
Fuji Media Holdings, Inc.
 
12,500
117,184
Fuji Oil Holdings, Inc.
 
12,100
186,936
Fuji Seal International, Inc.
 
11,600
131,844
Fuji Soft ABC, Inc.
 
6,800
406,262
Fujicco Co. Ltd.
 
4,600
65,125
Fujikura Ltd.
 
64,300
438,405
Fujimi, Inc.
 
4,000
207,215
Fujimori Kogyo Co. Ltd.
 
3,800
88,292
Fujio Food Group, Inc.
 
4,400
45,589
Fujitec Co. Ltd.
 
16,500
439,547
Fujitsu General Ltd.
 
16,200
416,733
Fujiya Co. Ltd.
 
2,500
46,414
Fukui Computer Holdings, Inc.
 
3,000
59,547
Fukuoka (REIT) Investment Fund
 
172
206,660
Fukuoka Financial Group, Inc.
 
46,200
870,181
Fukushima Industries Corp.
 
3,300
124,441
Fukuyama Transporting Co. Ltd.
 
5,600
149,683
Fullcast Holdings Co. Ltd.
 
5,100
92,593
Funai Soken Holdings, Inc.
 
9,700
185,945
Furukawa Co. Ltd.
 
7,300
72,145
Furukawa Electric Co. Ltd.
 
18,100
331,384
Fuso Chemical Co. Ltd.
 
4,800
133,573
Future Corp.
 
11,800
150,938
Fuyo General Lease Co. Ltd.
 
4,600
336,652
G-7 Holdings, Inc.
 
6,400
67,484
G-Tekt Corp.
 
5,500
60,252
Genky DrugStores Co. Ltd.
 
2,200
65,030
Geo Holdings Corp.
 
6,400
77,427
Giken Ltd.
 
4,100
64,439
Global One Real Estate Investment Corp.
 
245
189,576
GLOBERIDE, Inc.
 
4,700
86,159
Glory Ltd.
 
13,000
276,398
GMO Financial Gate, Inc.
 
900
72,668
GMO Financial Holdings, Inc.
 
10,200
46,574
GMO GlobalSign Holdings KK
 
1,400
39,725
GMO Internet, Inc.
 
17,800
358,077
GNI Group Ltd. (a)
 
11,700
88,180
Goldcrest Co. Ltd.
 
3,600
48,257
GOLDWIN, Inc.
 
6,400
581,517
GREE, Inc.
 
17,000
88,070
GS Yuasa Corp.
 
17,400
306,236
GungHo Online Entertainment, Inc.
 
12,300
236,149
Gunma Bank Ltd.
 
92,700
317,445
Gunze Ltd.
 
3,800
131,430
H.I.S. Co. Ltd. (a)
 
14,100
212,441
H.U. Group Holdings, Inc.
 
14,100
285,049
H2O Retailing Corp.
 
21,900
259,507
Hakuto Co. Ltd.
 
2,800
87,889
Halows Co. Ltd.
 
2,800
66,403
Hamakyorex Co. Ltd.
 
4,100
104,908
Hankyu REIT, Inc.
 
159
170,393
Hanwa Co. Ltd.
 
9,100
281,782
Harmonic Drive Systems, Inc.
 
13,100
400,522
Haseko Corp.
 
64,800
791,099
Hazama Ando Corp.
 
43,100
284,516
Heiwa Corp.
 
14,500
286,290
Heiwa Real Estate (REIT), Inc.
 
257
301,009
Heiwa Real Estate Co. Ltd.
 
8,300
237,500
Heiwado Co. Ltd.
 
6,800
103,320
Hiday Hidaka Corp.
 
6,800
114,380
Hino Motors Ltd. (a)
 
75,800
298,661
Hioki EE Corp.
 
2,500
166,509
Hirata Corp.
 
2,300
114,796
Hirogin Holdings, Inc.
 
66,600
330,304
Hisamitsu Pharmaceutical Co., Inc.
 
12,600
348,511
Hitachi Zosen Corp.
 
43,700
271,015
Hogy Medical Co. Ltd.
 
7,100
177,855
Hokkaido Electric Power Co., Inc.
 
46,600
175,547
Hokkoku Financial Holdings, Inc.
 
6,200
216,665
Hokuetsu Corp.
 
32,600
215,618
Hokuhoku Financial Group, Inc.
 
30,900
222,702
Hokuriku Electric Power Co., Inc.
 
46,100
215,378
Hokuto Corp.
 
4,500
61,767
Horiba Ltd.
 
9,200
506,853
Hoshino Resorts REIT, Inc.
 
65
338,509
Hosiden Corp.
 
12,300
157,520
House Foods Group, Inc.
 
15,900
349,611
Hulic (REIT), Inc.
 
344
396,358
Ichibanya Co. Ltd.
 
3,900
154,926
Ichigo Real Estate Investment Corp.
 
326
210,971
Ichigo, Inc.
 
69,100
132,216
Idec Corp.
 
7,800
191,009
IDOM, Inc.
 
14,800
91,513
IHI Corp.
 
37,400
942,409
Iino Kaiun Kaisha Ltd.
 
20,800
156,520
Inaba Denki Sangyo Co. Ltd.
 
13,000
290,368
Inabata & Co. Ltd.
 
10,600
216,378
Inageya Co. Ltd.
 
6,000
72,846
Industrial & Infrastructure Fund Investment Corp.
 
532
609,681
Infocom Corp.
 
6,400
106,347
Infomart Corp.
 
53,400
114,784
Information Services Inter-Dentsu Ltd.
 
7,000
246,766
INFRONEER Holdings, Inc.
 
66,516
525,383
Insource Co. Ltd.
 
12,800
117,449
Internet Initiative Japan, Inc.
 
27,800
575,300
Invincible Investment Corp.
 
1,654
714,127
Iriso Electronics Co. Ltd.
 
5,300
181,417
Isetan Mitsukoshi Holdings Ltd.
 
90,600
1,000,293
ITO EN Ltd.
 
14,400
445,425
Itochu Enex Co. Ltd.
 
12,400
106,134
Itochushokuhin Co. Ltd.
 
1,200
48,114
Itoham Yonekyu Holdings, Inc.
 
39,700
217,587
Iwatani Corp.
 
11,900
563,379
Iyogin Holdings, Inc.
 
59,800
350,146
Izumi Co. Ltd.
 
8,800
206,941
J Trust Co. Ltd.
 
19,500
56,885
J-Oil Mills, Inc.
 
4,600
54,602
J. Front Retailing Co. Ltd.
 
65,200
685,725
JAC Recruitment Co. Ltd.
 
4,800
89,684
JACCS Co. Ltd.
 
5,500
184,364
JAFCO Co. Ltd.
 
13,200
168,196
Japan Airport Terminal Co. Ltd.
 
16,200
793,849
Japan Aviation Electronics Industry Ltd.
 
12,600
221,041
Japan Display, Inc. (a)
 
158,200
47,893
Japan Elevator Service Holdings Co. Ltd.
 
16,900
251,400
Japan Excellent, Inc.
 
323
276,383
Japan Hotel REIT Investment Corp.
 
1,212
684,772
Japan Lifeline Co. Ltd.
 
14,600
100,424
Japan Logistics Fund, Inc.
 
224
531,965
Japan Material Co. Ltd.
 
18,500
277,387
Japan Petroleum Exploration Co. Ltd.
 
8,200
272,849
Japan Prime Realty Investment Corp.
 
226
587,638
Japan Pulp & Paper Co. Ltd.
 
2,800
107,954
Japan Securities Finance Co. Ltd.
 
24,300
183,392
Japan Steel Works Ltd.
 
16,200
294,320
Japan Wool Textile Co. Ltd./The
 
9,300
69,055
JCR Pharmaceuticals Co. Ltd.
 
17,600
190,362
Jcu Corp.
 
5,300
125,149
JDC Corp.
 
12,700
57,451
JEOL Ltd.
 
11,800
344,283
JGC Holdings Corp.
 
59,100
739,357
JINS Holdings, Inc.
 
3,600
77,525
JMDC, Inc.
 
7,600
272,450
Joshin Denki Co. Ltd.
 
4,300
64,133
Joyful Honda Co. Ltd.
 
13,200
175,855
JTEKT Corp.
 
54,700
451,713
JTOWER, Inc. (a)
 
2,400
103,504
Juroku Financial Group, Inc.
 
8,900
197,023
Justsystems Corp.
 
9,500
251,038
K's Holdings Corp.
 
42,400
375,801
Kadokawa Corp.
 
25,100
535,302
KAGA ELECTRONICS Co. Ltd.
 
4,300
152,550
Kagome Co. Ltd.
 
20,400
495,493
Kakaku.com, Inc.
 
36,100
496,690
Kaken Pharmaceutical Co. Ltd.
 
8,100
223,035
Kameda Seika Co. Ltd.
 
3,400
113,219
Kamigumi Co. Ltd.
 
25,200
552,280
Kanamoto Co. Ltd.
 
8,500
142,401
Kandenko Co. Ltd.
 
28,000
210,973
Kaneka Corp.
 
12,800
340,527
Kanematsu Corp.
 
20,700
269,447
Kansai Paint Co. Ltd.
 
47,400
668,244
Kanto Denka Kogyo Co. Ltd.
 
10,600
80,416
Kappa Create Co. Ltd. (a)
 
6,600
73,340
Katakura Industries Co. Ltd.
 
4,600
61,461
Katitas Co. Ltd.
 
13,800
269,499
Kato Sangyo
 
6,200
164,865
Kawasaki Heavy Industries Ltd.
 
40,500
881,048
Kawasaki Kisen Kaisha Ltd.
 
42,100
1,003,257
KeePer Technical Laboratory Co. Ltd.
 
3,400
126,425
Keihan Electric Railway Co., Ltd.
 
25,800
710,179
Keihanshin Bldg Co. Ltd.
 
7,600
71,701
Keikyu Corp.
 
58,900
572,506
Keiyo Co. Ltd.
 
10,000
61,846
Kenedix Office Investment Corp.
 
231
510,702
Kenedix Residential Investment Corp.
 
269
422,024
Kenedix Retail REIT Corp.
 
162
291,473
Kewpie Corp.
 
24,800
416,325
Kfc Holdings Japan Ltd.
 
3,900
82,981
KH Neochem Co. Ltd.
 
8,900
153,454
Ki-Star Real Estate Co. Ltd.
 
2,400
72,121
Kinden Corp.
 
33,700
459,489
Kintetsu Department Store Co. Ltd.
 
2,300
41,969
Kisoji Co. Ltd.
 
5,800
100,600
Kissei Pharmaceutical Co. Ltd.
 
7,900
160,049
Kitz Corp.
 
17,000
116,260
Koa Corp.
 
8,300
104,128
Kobe Steel Ltd.
 
90,100
671,321
Kohnan Shoji Co. Ltd.
 
6,600
178,073
Kokuyo Co. Ltd.
 
22,200
317,254
KOMEDA Holdings Co. Ltd.
 
12,600
237,822
KOMERI Co. Ltd.
 
8,000
186,086
Konica Minolta, Inc.
 
121,200
505,570
Konishi Co. Ltd.
 
7,800
117,166
Konoike Transport Co. Ltd.
 
7,400
87,089
Koshidaka Holdings Co. Ltd.
 
11,900
100,745
Kotobuki Spirits Co. Ltd.
 
5,100
376,608
Kumagai Gumi Co. Ltd.
 
9,200
195,600
Kumiai Chemical Industry Co. Ltd.
 
20,100
133,776
Kura Sushi, Inc. (c)
 
5,700
136,438
Kuraray Co. Ltd.
 
85,500
799,563
Kureha Chemical Industry Co. Ltd.
 
4,200
260,752
Kusuri No Aoki Holdings Co. Ltd.
 
4,300
206,331
Kyb Corp.
 
4,800
153,128
Kyoei Steel Ltd.
 
5,400
73,012
Kyokuto Kaihatsu Kogyo Co. Ltd.
 
8,100
102,134
Kyorin Pharmaceutical Co. Ltd.
 
9,000
115,835
Kyoritsu Maintenance Co. Ltd.
 
7,900
318,892
Kyudenko Corp.
 
11,500
306,665
Kyushu Electric Power Co., Inc.
 
109,000
634,696
Kyushu Financial Group, Inc.
 
93,900
338,486
Kyushu Railway Co.
 
35,800
812,974
LaSalle Logiport REIT
 
480
570,241
Lawson, Inc.
 
12,200
554,144
Leopalace21 Corp. (a)
 
44,300
116,893
LIFE Corp.
 
4,800
101,821
Lifenet Insurance Co. (a)
 
13,100
114,173
Link & Motivation, Inc.
 
10,700
38,417
Lintec Corp.
 
9,700
162,214
Lion Corp.
 
62,500
681,364
LITALICO, Inc.
 
5,300
94,976
M&A Capital Partners Co. Ltd. (a)
 
3,900
110,175
M&A Research Institute Holding
 
1,300
97,301
Mabuchi Motor Co. Ltd.
 
12,600
355,600
Macnica Fuji Electronics Holdings, Inc.
 
12,600
346,252
Maeda Kosen Co. Ltd.
 
4,900
117,248
Makino Milling Machine Co. Ltd.
 
6,300
230,435
Management Solutions Co. Ltd.
 
2,700
63,988
Mandom Corp.
 
10,000
118,873
Mani, Inc.
 
20,400
266,967
Maruha Nichiro Corp.
 
10,800
201,066
Marui Group Co. Ltd.
 
47,400
755,207
Maruichi Steel Tube Ltd.
 
15,200
343,841
Maruka Furusato Corp.
 
5,300
102,661
Maruwa Ceramic Co. Ltd.
 
2,300
293,307
Maruzen Showa Unyu Co. Ltd.
 
3,600
90,099
Matsuda Sangyo Co. Ltd.
 
3,100
51,520
Matsui Securities Co. Ltd.
 
29,600
169,386
Matsuyafoods Holdings Co. Ltd.
 
2,200
69,165
Max Co. Ltd.
 
7,200
114,984
Maxell Ltd.
 
12,300
135,468
Maxvalu Tokai Co. Ltd.
 
2,600
51,811
MCJ Co. Ltd.
 
18,100
125,187
Mebuki Financial Group, Inc.
 
247,900
635,034
Medipal Holdings Corp.
 
49,200
751,674
Medley, Inc. (a)
 
5,800
151,504
Megachips Corp.
 
4,000
94,855
Megmilk Snow Brand Co. Ltd.
 
12,600
180,845
Meidensha Corp.
 
8,000
108,681
Meiko Electronics Co. Ltd.
 
5,500
110,987
Meitec Corp.
 
19,100
322,751
Melco Holdings, Inc.
 
1,800
44,381
Menicon Co. Ltd.
 
16,600
352,573
Mercari, Inc. (a)
 
28,300
486,668
Metawater Co. Ltd.
 
6,300
83,027
Micronics Japan Co. Ltd.
 
7,400
67,415
Midac Holdings Co. Ltd.
 
2,300
32,337
Mie Kotsu Group Holdings, Inc.
 
11,500
49,708
Milbon Co. Ltd.
 
7,100
299,353
Mimasu Semiconductor Industries Co. Ltd.
 
4,300
83,089
Mirai Corp.
 
472
157,630
Mirait One Corp.
 
24,400
303,081
Mitani Sekisan Co. Ltd.
 
2,700
95,409
Mitsubishi Estate Logistics REIT Investment Corp.
 
129
395,597
Mitsubishi Gas Chemical Co., Inc.
 
41,500
604,177
Mitsubishi Logisnext Co. Ltd.
 
7,600
55,348
Mitsubishi Logistics Corp.
 
13,100
324,608
Mitsubishi Materials Corp.
 
31,000
507,614
Mitsubishi Motors Corp. of Japan (a)
 
181,700
698,388
Mitsubishi Pencil Co. Ltd.
 
9,600
125,583
Mitsubishi Research Institute, Inc.
 
2,200
79,822
Mitsubishi Shokuhin Co. Ltd.
 
4,100
105,918
Mitsuboshi Belting Ltd.
 
6,200
177,628
Mitsui Fudosan Logistics Park, Inc.
 
148
556,121
Mitsui High-Tec, Inc.
 
5,300
319,622
Mitsui Mining & Smelting Co. Ltd.
 
14,100
335,761
Mitsui Sugar Co. Ltd.
 
4,100
68,759
Mitsui-Soko Co. Ltd.
 
5,100
149,699
Mitsuuroko Group Holdings Co. Ltd.
 
7,500
73,594
Miura Co. Ltd.
 
23,700
631,303
mixi, Inc.
 
10,100
213,526
Mizuho Leasing Co. Ltd.
 
7,400
207,365
Mizuno Corp.
 
4,800
119,811
Mochida Pharmaceutical Co. Ltd.
 
6,100
156,766
Modec, Inc. (a)
 
5,500
59,716
Monex Group, Inc.
 
47,800
181,524
Money Forward, Inc. (a)
 
11,700
487,239
Mori Hills REIT Investment Corp.
 
414
467,901
MORI TRUST Sogo (REIT), Inc.
 
667
351,056
Morinaga & Co. Ltd.
 
9,100
269,683
Morinaga Milk Industry Co. Ltd.
 
9,700
364,825
Morita Holdings Corp.
 
7,900
83,256
MOS Food Services, Inc.
 
6,100
140,150
Musashi Seimitsu Industry Co. Ltd.
 
12,700
171,188
Nabtesco Corp.
 
29,000
699,002
Nachi-Fujikoshi Corp.
 
3,700
104,564
Nafco Co. Ltd.
 
3,900
53,266
Nagaileben Co. Ltd.
 
5,100
79,334
Nagase & Co. Ltd.
 
25,800
406,483
Nagawa Co. Ltd.
 
2,000
93,391
Nagoya Railroad Co. Ltd.
 
50,100
808,220
Nakanishi, Inc.
 
19,200
363,740
Nankai Electric Railway Co. Ltd.
 
27,700
646,217
NEC Networks & System Integration Corp.
 
18,000
224,379
Net One Systems Co. Ltd.
 
21,400
504,577
Nextage Co. Ltd.
 
12,000
217,685
NH Foods Ltd.
 
22,300
650,781
NHK Spring Co. Ltd.
 
52,700
390,725
Nichias Corp.
 
14,500
293,254
Nichicon Corp.
 
11,800
111,855
Nichiden Corp.
 
2,400
35,576
Nichiha Corp.
 
6,700
141,561
Nichirei Corp.
 
28,600
586,732
Nifco, Inc.
 
21,500
618,350
Nihon Kohden Corp.
 
21,200
586,574
Nihon Parkerizing Co. Ltd.
 
22,800
178,459
Nikkiso Co. Ltd.
 
13,100
92,009
Nikkon Holdings Co. Ltd.
 
13,900
269,359
Nikon Corp.
 
80,900
836,269
Nippn Corp.
 
12,600
163,795
Nippon Accommodations Fund, Inc.
 
135
656,238
Nippon Carbon Co. Ltd.
 
2,600
79,674
Nippon Ceramic Co. Ltd.
 
5,100
102,079
Nippon Densetsu Kogyo Co. Ltd.
 
10,000
129,677
Nippon Electric Glass Co. Ltd.
 
21,100
402,804
Nippon Gas Co. Ltd.
 
28,500
400,781
Nippon Kanzai Holdings Co. Ltd.
 
5,000
97,410
Nippon Kayaku Co. Ltd.
 
34,200
310,253
Nippon Light Metal Holding Co. Ltd.
 
13,700
143,547
Nippon Paper Industries Co. Ltd.
 
27,000
216,341
Nippon Parking Development Co. Ltd.
 
51,500
88,763
Nippon Pillar Packing Co. Ltd.
 
4,600
127,893
Nippon REIT Investment Corp.
 
122
286,385
Nippon Seiki Co. Ltd.
 
12,200
77,645
Nippon Shokubai Co. Ltd.
 
7,700
308,706
Nippon Signal Co. Ltd.
 
11,000
89,829
Nippon Soda Co. Ltd.
 
5,900
203,506
Nippon Television Network Corp.
 
14,300
128,679
Nipro Corp.
 
39,100
294,482
Nishi-Nippon Financial Holdings, Inc.
 
32,400
269,920
Nishi-Nippon Railroad Co. Ltd.
 
16,200
297,114
Nishimatsu Construction Co. Ltd.
 
9,000
236,502
Nishimatsuya Chain Co. Ltd.
 
10,400
123,340
Nishio Holdings Co. Ltd.
 
5,400
128,319
Nissan Shatai Co. Ltd.
 
16,900
116,112
Nissha Co. Ltd.
 
10,500
143,275
Nisshin Oillio Group Ltd.
 
6,100
152,464
Nisshinbo Holdings, Inc.
 
34,400
264,831
Nissui Corp.
 
74,400
325,312
Niterra Co. Ltd.
 
40,800
855,162
Nitta Corp.
 
4,900
111,476
Nittetsu Mining Co. Ltd.
 
3,100
83,866
Nitto Boseki Co. Ltd.
 
7,100
99,182
Nitto Kogyo Corp.
 
7,200
142,559
Noevir Holdings Co. Ltd.
 
4,200
171,342
NOF Corp.
 
17,900
817,877
Nohmi Bosai Ltd.
 
5,500
70,934
Nojima Co. Ltd.
 
16,900
181,296
NOK Corp.
 
23,100
311,297
NOMURA Co. Ltd.
 
21,200
146,841
Noritake Co. Ltd.
 
2,300
78,994
Noritsu Koki Co. Ltd.
 
4,900
80,544
Noritz Corp.
 
7,500
101,703
North Pacific Bank Ltd.
 
77,100
164,951
NS Solutions Corp.
 
8,700
236,771
Ns United Kaiun Kaisha Ltd.
 
2,600
76,145
NSD Co. Ltd.
 
15,700
288,823
NSK Ltd.
 
102,700
579,836
NTN Corp.
 
107,700
266,036
Ntt Ud (REIT) Investment Corp.
 
371
357,551
Obara Group, Inc.
 
2,400
75,443
OBIC Business Consultants Ltd.
 
8,100
307,587
Ogaki Kyoritsu Bank Ltd.
 
8,700
118,476
Ohsho Food Service Corp.
 
3,300
150,280
Oiles Corp.
 
5,100
64,451
Oisix Ra Daichi, Inc. (a)
 
7,300
136,584
Okamoto Industries, Inc.
 
2,400
71,474
Okamura Corp.
 
15,300
163,356
Okasan Securities Group, Inc.
 
42,600
133,901
Oki Electric Industry Co. Ltd.
 
22,200
120,423
Okinawa Cellular Telephone Co.
 
6,600
147,455
Okinawa Financial Group, Inc.
 
6,000
92,630
Okuma Corp.
 
6,300
279,762
Okumura Corp.
 
7,700
188,913
One (REIT), Inc.
 
66
116,778
Open Door, Inc. (a)
 
3,400
36,640
Open Up Group, Inc.
 
15,900
235,546
Optex Group Co. Ltd.
 
8,800
132,461
Optorun Co. Ltd.
 
8,400
128,032
Organo Corp.
 
7,000
169,033
Orient Corp.
 
14,020
116,964
ORIX JREIT, Inc.
 
704
910,055
Osaka Organic Chemical Industry Ltd.
 
3,400
51,549
Osaka Soda Co. Ltd.
 
3,700
119,679
OSAKA Titanium technologies Co. Ltd. (c)
 
7,400
157,533
OSG Corp.
 
22,500
316,073
Outsourcing, Inc.
 
30,700
312,728
Pacific Industrial Co. Ltd.
 
10,700
96,682
Pacific Metals Co. Ltd.
 
3,700
51,485
Pal Group Holdings Co. Ltd.
 
5,600
128,558
PALTAC Corp.
 
8,600
329,955
Paramount Bed Holdings Co. Ltd.
 
10,800
191,514
Park24 Co. Ltd. (a)
 
34,800
537,906
Pasona Group, Inc.
 
5,600
77,072
Penta-Ocean Construction Co. Ltd.
 
73,100
355,389
PeptiDream, Inc. (a)
 
26,500
358,041
Pharma Foods International Co. Ltd.
 
6,000
77,798
PHC Holdings Corp.
 
6,600
67,817
Pigeon Corp.
 
30,900
481,162
Pilot Corp.
 
7,900
263,285
Piolax, Inc.
 
7,200
106,900
PKSHA Technology, Inc. (a)
 
4,700
65,357
Plus Alpha Consulting Co. Ltd.
 
3,300
70,640
Pola Orbis Holdings, Inc.
 
24,700
343,334
Pressance Corp.
 
6,600
95,314
Prestige International, Inc.
 
26,400
115,232
Prima Meat Packers Ltd.
 
6,000
101,604
Raito Kogyo Co. Ltd.
 
10,000
147,498
Raiznext Corp.
 
6,900
73,883
Raksul, Inc. (a)
 
12,800
130,323
Rakus Co. Ltd.
 
24,700
375,424
Rakuten Bank Ltd.
 
11,700
156,486
Relia, Inc.
 
9,800
105,216
Relo Group, Inc.
 
28,800
447,736
Rengo Co. Ltd.
 
50,400
328,698
RENOVA, Inc. (a)
 
9,700
137,395
Resonac Holdings Corp.
 
46,973
743,829
Resorttrust, Inc.
 
22,000
363,282
Restar Holdings Corp.
 
4,400
68,828
Retail Partners Co. Ltd.
 
6,300
70,872
Ricoh Leasing Co. Ltd.
 
3,800
109,920
Riken Keiki Co. Ltd.
 
3,600
138,343
Riken Vitamin Co. Ltd.
 
5,300
79,500
Ringer Hut Co. Ltd.
 
5,600
99,405
Rinnai Corp.
 
30,200
729,939
Riso Kagaku Corp.
 
5,200
94,790
Riso Kyoiku Co. Ltd.
 
29,100
63,521
Rohto Pharmaceutical Co. Ltd.
 
50,800
1,053,952
Roland Corp.
 
3,900
116,906
Rorze Corp.
 
2,900
214,844
Round One Corp.
 
54,100
234,024
Royal Holdings Co. Ltd.
 
8,100
171,763
RS Technologies Co. Ltd.
 
4,200
94,363
Ryohin Keikaku Co. Ltd.
 
68,500
720,849
Ryosan Co. Ltd.
 
4,200
99,204
Ryoyo Electro Corp.
 
3,600
65,669
S Foods, Inc.
 
4,900
109,017
S-Pool, Inc.
 
18,400
85,355
Saibu Gas Co. Ltd.
 
5,900
82,154
Saizeriya Co. Ltd.
 
7,900
198,626
Sakai Moving Service Co. Ltd.
 
2,800
98,641
Sakata INX Corp.
 
9,800
79,942
Sakata Seed Corp.
 
7,700
225,265
SAMTY Co. Ltd.
 
6,300
102,829
Samty Residential Investment Corp.
 
102
86,847
San-A Co. Ltd.
 
5,200
175,824
San-Ai Obbli Co. Ltd.
 
14,600
153,826
SanBio Co. Ltd. (a)
 
10,400
47,970
Sangetsu Corp.
 
11,300
188,428
Sanken Electric Co. Ltd.
 
6,100
458,168
Sanki Engineering Co. Ltd.
 
10,300
113,871
Sankyo Co. Ltd. (Gunma)
 
10,700
472,045
Sankyu, Inc.
 
14,200
500,830
Sanrio Co. Ltd.
 
14,500
671,088
Sansan, Inc. (a)
 
18,700
250,830
Santen Pharmaceutical Co. Ltd.
 
93,600
787,516
Sanwa Holdings Corp.
 
49,700
544,372
Sanyo Chemical Industries Ltd.
 
3,200
100,464
Sanyo Denki Co. Ltd.
 
2,300
114,897
Sanyo Special Steel Co. Ltd.
 
5,200
92,033
Sapporo Holdings Ltd.
 
16,800
468,689
Sato Holding Corp.
 
7,200
121,840
Sawai Group Holdings Co. Ltd.
 
9,900
286,462
SB Technology Corp.
 
1,700
29,050
SBI Shinsei Bank Ltd.
 
17,600
315,832
SBS Holdings, Inc.
 
4,900
119,404
Screen Holdings Co. Ltd.
 
10,300
837,794
Sega Sammy Holdings, Inc.
 
42,000
785,044
Seibu Holdings, Inc.
 
61,400
687,212
Seiko Group Corp.
 
7,400
162,431
Seino Holdings Co. Ltd.
 
33,700
374,137
Seiren Co. Ltd.
 
11,200
186,221
Sekisui House (REIT), Inc.
 
1,120
634,860
Sekisui Jushi Corp.
 
6,300
101,196
SENKO Co. Ltd.
 
27,200
194,380
Septeni Holdings Co. Ltd.
 
18,500
50,950
Seria Co. Ltd.
 
12,400
220,434
Seven Bank Ltd.
 
156,000
319,330
Shibaura Machine Co. Ltd.
 
4,800
111,746
Shibuya Corp.
 
4,100
75,835
SHIFT, Inc. (a)
 
3,300
614,336
Shiga Bank Ltd.
 
10,200
212,625
Shikoku Electric Power Co., Inc.
 
38,700
228,655
Shikoku Kasei Holdings Corpora
 
7,900
82,343
Shima Seiki Manufacturing Ltd.
 
6,600
90,265
Shimamura Co. Ltd.
 
6,000
550,827
Shin Nippon Biomedical Laboratories Ltd.
 
5,700
104,129
Shin-Etsu Polymer Co. Ltd.
 
11,200
110,194
Shinko Electric Industries Co. Ltd.
 
18,000
534,448
Shinmaywa Industries Ltd.
 
14,300
128,763
Ship Healthcare Holdings, Inc.
 
20,500
361,616
Shizuoka Gas Co. Ltd.
 
10,100
85,879
SHO-BOND Holdings Co. Ltd.
 
10,700
457,275
Shochiku Co. Ltd.
 
2,400
215,500
Shoei Co. Ltd.
 
13,200
244,874
Shoei Foods Corp.
 
2,700
79,431
Showa Sangyo Co. Ltd.
 
4,900
96,460
Siix Corp.
 
7,600
76,303
Simplex Holdings, Inc.
 
6,800
118,305
SKY Perfect JSAT Holdings, Inc.
 
44,300
172,716
Skylark Holdings Co. Ltd. (a)
 
61,000
818,453
SMS Co., Ltd.
 
18,800
441,802
Snow Peak, Inc. (c)
 
7,300
110,594
Socionext, Inc.
 
5,900
488,949
Sohgo Security Services Co., Ltd.
 
20,400
569,757
Sojitz Corp.
 
64,060
1,349,201
Solasto Corp.
 
13,900
64,823
Sosei Group Corp. (a)
 
20,000
394,047
SOSiLA Logistics REIT, Inc.
 
178
177,012
Sotetsu Holdings, Inc.
 
21,100
401,758
Sparx Group Co. Ltd.
 
4,720
51,483
SRE Holdings Corp. (a)
 
2,700
60,559
Stanley Electric Co. Ltd.
 
34,800
785,015
Star Asia Investment Corp.
 
469
191,976
Star Micronics Co. Ltd.
 
10,000
130,149
Starts Corp., Inc.
 
8,200
154,962
Starts Proceed Investment Corp.
 
61
103,296
Strike Co. Ltd.
 
2,100
56,361
Sugi Holdings Co. Ltd.
 
9,400
398,794
Sumitomo Bakelite Co. Ltd.
 
9,300
355,660
Sumitomo Dainippon Pharma Co., Ltd.
 
48,100
301,762
Sumitomo Densetsu Co. Ltd.
 
4,200
87,357
Sumitomo Forestry Co. Ltd.
 
37,800
816,640
Sumitomo Heavy Industries Ltd.
 
29,600
715,195
Sumitomo Mitsui Construction Co. Ltd.
 
37,400
106,035
Sumitomo Osaka Cement Co. Ltd.
 
8,300
233,430
Sumitomo Riko Co. Ltd.
 
10,500
55,908
Sumitomo Rubber Industries Ltd.
 
46,200
423,743
Sun Frontier Fudousan Co. Ltd.
 
7,800
75,721
Sundrug Co. Ltd.
 
19,400
534,715
Suruga Bank Ltd.
 
42,800
162,342
Suzuken Co. Ltd.
 
15,300
435,449
Systena Corp.
 
73,800
152,649
T Hasegawa Co. Ltd.
 
8,800
209,507
T-Gaia Corp.
 
5,200
63,795
Tadano Ltd.
 
26,700
208,995
Taihei Dengyo Kaisha Ltd.
 
2,900
88,454
Taiheiyo Cement Corp.
 
30,900
554,072
Taikisha Ltd.
 
6,800
184,223
Taisho Pharmaceutical Holdings Co. Ltd.
 
10,300
444,815
Taiyo Holdings Co. Ltd.
 
9,000
162,689
Taiyo Yuden Co. Ltd.
 
31,400
961,425
Takamatsu Construction Group C
 
3,500
56,788
Takara Bio, Inc.
 
12,300
155,205
Takara Holdings, Inc.
 
38,400
302,601
Takara Leben Real Estate Investment Corp.
 
163
109,619
Takara Standard Co. Ltd.
 
7,800
94,343
Takasago International Corp.
 
3,000
57,214
Takasago Thermal Engineering Co. Ltd.
 
12,500
209,891
Takashimaya Co. Ltd.
 
38,600
570,212
Takeuchi Manufacturing Co. Ltd.
 
9,100
249,737
Takuma Co. Ltd.
 
16,900
176,805
Tama Home Co. Ltd.
 
4,100
112,152
Tamron Co. Ltd.
 
4,500
109,791
Tbs Holdings, Inc.
 
9,200
138,715
Techmatrix Corp.
 
10,400
124,093
TechnoPro Holdings, Inc.
 
29,000
791,227
Teijin Ltd.
 
47,600
531,642
Tenma Corp.
 
3,600
62,018
The Awa Bank Ltd.
 
8,900
133,116
The Hachijuni Bank Ltd.
 
91,900
411,722
The Hyakugo Bank Ltd.
 
56,000
161,694
The Keiyo Bank Ltd.
 
25,800
107,150
The Kiyo Bank Ltd.
 
15,800
184,758
The Monogatari Corp.
 
8,100
170,260
The Musashino Bank Ltd.
 
7,400
120,143
The Nanto Bank Ltd.
 
7,300
132,983
The Nippon Road Co. Ltd.
 
1,100
65,222
The Okinawa Electric Power Co., Inc.
 
11,300
92,162
The San-In Godo Bank Ltd.
 
37,800
212,409
The Sumitomo Warehouse Co. Ltd.
 
14,400
239,231
The Toho Bank Ltd.
 
50,300
83,027
THK Co. Ltd.
 
31,300
702,214
TKC Corp.
 
7,300
197,300
TKP Corp. (a)
 
4,600
92,294
TOA Corp.
 
3,000
65,117
Toagosei Co. Ltd.
 
25,200
217,873
Toc Co. Ltd.
 
8,800
43,341
Tocalo Co. Ltd.
 
15,400
144,625
Toda Corp.
 
56,600
331,142
Toei Animation Co. Ltd. (c)
 
2,300
234,350
Toei Co. Ltd.
 
1,600
215,440
Toenec Corp.
 
1,900
48,431
Toho Gas Co. Ltd.
 
19,900
372,337
Toho Holdings Co. Ltd.
 
14,600
291,285
Toho Titanium Co. Ltd.
 
8,600
128,377
Tohoku Electric Power Co., Inc.
 
122,800
631,381
Tokai Carbon Co. Ltd.
 
54,700
497,098
Tokai Corp.
 
4,500
67,990
TOKAI Holdings Corp.
 
25,800
167,592
Tokai Rika Co. Ltd.
 
14,300
197,540
Tokai Tokyo Financial Holdings
 
48,500
125,547
Token Corp.
 
1,800
104,709
Tokushu Tokai Paper Co. Ltd.
 
1,900
41,346
Tokuyama Corp.
 
16,600
270,731
Tokyo Century Corp.
 
10,000
344,022
Tokyo Electron Device Ltd.
 
1,700
97,422
Tokyo Ohka Kogyo Co. Ltd.
 
8,600
448,948
Tokyo Seimitsu Co. Ltd.
 
10,200
376,298
Tokyo Steel Manufacturing Co. Ltd.
 
15,800
158,999
Tokyo Tatemono Co. Ltd.
 
50,400
638,316
Tokyo TY Financial Group, Inc.
 
6,900
140,555
Tokyotokeiba Co. Ltd.
 
3,900
123,125
Tokyu Construction Co. Ltd.
 
20,100
106,571
Tokyu Fudosan Holdings Corp.
 
164,200
833,281
Tokyu REIT, Inc.
 
238
317,952
TOMONY Holdings, Inc.
 
38,100
103,643
Tomy Co. Ltd.
 
21,400
241,804
Topcon Corp.
 
27,700
394,564
Topre Corp.
 
9,800
99,303
TORIDOLL Holdings Corp.
 
12,000
255,954
Torii Pharmaceutical Co. Ltd.
 
2,800
71,086
Tosei Corp.
 
7,600
90,441
Toshiba Tec Corp.
 
7,100
206,207
Totetsu Kogyo Co. Ltd.
 
6,400
127,873
Towa Pharmaceutical Co. Ltd.
 
7,100
101,340
Toyo Construction Co. Ltd.
 
17,900
128,197
Toyo Gosei Co. Ltd. (c)
 
1,300
74,056
Toyo Ink South Carolina Holdings Co. Ltd.
 
8,900
143,629
Toyo Seikan Group Holdings Ltd.
 
35,800
505,709
Toyo Suisan Kaisha Ltd.
 
23,900
1,067,062
Toyo Tanso Co. Ltd.
 
4,000
116,294
Toyo Tire Corp.
 
28,800
343,123
Toyobo Co. Ltd.
 
21,700
163,802
Toyoda Gosei Co. Ltd.
 
17,800
305,268
Toyota Boshoku Corp.
 
20,500
324,489
Trancom Co. Ltd.
 
1,900
95,362
Transcosmos, Inc.
 
6,700
156,327
TRE Holdings Corp.
 
12,400
108,645
Tri Chemical Laboratories, Inc.
 
6,700
108,365
Trusco Nakayama Corp.
 
12,600
218,878
TS tech Co. Ltd.
 
23,800
320,930
Tsubakimoto Chain Co.
 
6,800
168,427
Tsuburaya Fields Holdings, Inc.
 
9,400
127,934
Tsugami Corp.
 
11,100
115,300
Tsumura & Co.
 
15,400
312,488
Tsuruha Holdings, Inc.
 
10,600
694,255
TV Asahi Corp.
 
6,300
72,829
Uacj Corp.
 
8,400
167,645
Ube Corp.
 
25,800
409,276
Ulvac, Inc.
 
12,700
504,170
Union Tool Co.
 
2,100
50,220
United Arrows Ltd.
 
5,100
74,435
United Super Markets Holdings, Inc.
 
14,600
126,135
United Urban Investment Corp.
 
792
879,373
Universal Entertainment Corp. (a)
 
6,600
138,941
USEN-NEXT HOLDINGS Co. Ltd.
 
4,200
94,333
Ushio, Inc.
 
25,700
319,697
UT Group Co. Ltd.
 
7,800
149,309
Valor Holdings Co. Ltd.
 
9,500
145,434
ValueCommerce Co. Ltd.
 
4,300
41,651
Vector, Inc.
 
7,900
74,708
Vision, Inc. (a)
 
10,300
129,333
Visional, Inc. (a)
 
4,700
246,485
VT Holdings Co. Ltd.
 
18,300
71,874
W-Scope Corp. (a)
 
14,200
117,956
Wacoal Holdings Corp.
 
11,200
217,790
Wacom Co. Ltd.
 
39,500
200,632
Wakita & Co. Ltd.
 
8,900
90,597
WDB Holdings Co. Ltd.
 
2,600
38,837
WealthNavi, Inc. (a)(c)
 
7,900
69,506
Weathernews, Inc.
 
1,400
70,242
West Holdings Corp.
 
6,300
150,197
WingArc1st, Inc.
 
5,200
84,880
Workman Co. Ltd.
 
5,500
224,049
YA-MAN Ltd.
 
7,900
68,219
YAMABIKO Corp.
 
8,700
86,193
Yamada Holdings Co. Ltd.
 
193,300
673,598
Yamaguchi Financial Group, Inc.
 
53,500
328,957
Yamato Kogyo Co. Ltd.
 
10,400
408,585
Yamazaki Baking Co. Ltd.
 
32,700
438,153
Yamazen Co. Ltd.
 
14,100
109,395
Yaoko Co. Ltd.
 
4,800
251,614
Yellow Hat Ltd.
 
8,600
122,236
Yodogawa Steel Works Ltd.
 
4,500
94,315
Yokogawa Bridge Holdings Corp.
 
8,800
144,023
Yokohama Rubber Co. Ltd.
 
31,800
691,351
Yokorei Co. Ltd.
 
11,600
93,360
Yokowo Co. Ltd.
 
4,700
69,502
YONEX Co. Ltd.
 
16,600
198,188
Yoshinoya Holdings Co. Ltd.
 
17,500
323,560
Yuasa Trading Co. Ltd.
 
4,500
130,690
Yurtec Corp.
 
10,300
62,574
Zenkoku Hosho Co. Ltd.
 
14,000
514,558
Zenrin Co. Ltd.
 
6,700
43,346
Zensho Holdings Co. Ltd.
 
24,900
791,146
Zeon Corp.
 
34,100
351,838
ZERIA Pharmaceutical Co. Ltd.
 
6,700
120,086
Zojirushi Thermos
 
8,900
116,803
Zuken, Inc.
 
4,000
101,557
TOTAL JAPAN
 
 
213,216,042
Liechtenstein - 0.0%
 
 
 
Implantica AG (depository receipt) (a)
 
10,238
19,248
Luxembourg - 0.2%
 
 
 
Aperam SA
 
13,032
481,777
B&S Group SARL (d)
 
8,350
36,113
Global Fashion Group SA (a)
 
28,277
25,659
SES SA (France) (depositary receipt)
 
102,740
635,670
TOTAL LUXEMBOURG
 
 
1,179,219
Macau - 0.1%
 
 
 
MECOM Power & Construction Ltd.
 
286,500
52,294
MECOM Power & Construction Ltd. warrants 5/24/23 (a)
 
22,700
35
MGM China Holdings Ltd. (a)
 
258,800
353,487
SJM Holdings Ltd. (a)
 
675,000
351,493
TOTAL MACAU
 
 
757,309
Malaysia - 0.0%
 
 
 
Frencken Group Ltd.
 
82,400
64,741
Malta - 0.1%
 
 
 
Kambi Group PLC (a)
 
6,803
113,902
Kindred Group PLC (depository receipt)
 
61,708
756,980
TOTAL MALTA
 
 
870,882
Mexico - 0.1%
 
 
 
Borr Drilling Ltd. (a)
 
52,846
364,966
Netherlands - 1.9%
 
 
 
Aalberts Industries NV
 
26,614
1,225,239
Alfen Beheer BV (a)(c)(d)
 
5,901
476,229
AMG Advanced Metallurgical Group NV
 
7,507
279,427
Arcadis NV
 
19,136
789,880
ASR Nederland NV
 
40,304
1,769,333
Basic-Fit NV (a)(c)(d)
 
14,106
597,177
BE Semiconductor Industries NV
 
19,531
1,750,535
Brunel International NV
 
4,996
67,492
CM.com NV (a)(c)
 
3,562
39,446
Corbion NV
 
16,071
504,696
Ebusco Holding NV (a)(c)
 
4,037
39,724
Eurocommercial Properties NV
 
11,596
277,786
Fastned BV (Bearer) unit (a)
 
1,249
44,522
Flow Traders Ltd.
 
8,858
219,419
Fugro NV (Certificaten Van Aandelen) (a)
 
29,170
412,387
Koninklijke BAM Groep NV
 
66,806
146,049
Koninklijke BAM Groep NV rights (a)(e)
 
72,117
11,920
Koninklijke Vopak NV
 
18,739
714,438
Meltwater Holding BV (a)
 
38,318
62,203
NSI NV
 
5,474
125,763
NSI NV rights 5/11/23 (a)(e)
 
5,474
6,756
Pharming Group NV (a)
 
176,513
198,779
PostNL NV
 
94,095
168,900
PostNL NV rights (a)(e)
 
94,095
2,074
SBM Offshore NV
 
36,004
508,209
SBM Offshore NV rights (a)(e)
 
36,004
39,925
Shop Apotheke Europe NV (a)(d)
 
3,973
396,108
Signify NV (d)
 
34,782
1,157,837
Sligro Food Group NV
 
6,011
104,784
TKH Group NV (bearer) (depositary receipt)
 
10,846
523,702
TomTom Group BV (a)
 
19,773
168,965
Van Lanschot Kempen NV (Bearer)
 
8,404
255,123
VastNed Retail NV
 
3,044
69,264
Wereldhave NV
 
8,671
132,904
TOTAL NETHERLANDS
 
 
13,286,995
New Zealand - 1.0%
 
 
 
Air New Zealand Ltd. (a)
 
454,294
214,043
Chorus Ltd.
 
118,643
634,382
Contact Energy Ltd.
 
210,424
1,020,565
Fletcher Building Ltd.
 
209,260
583,484
Genesis Energy Ltd.
 
141,920
238,160
Goodman Property Trust
 
285,508
386,153
Infratil Ltd.
 
194,801
1,151,897
Kiwi Property Group Ltd.
 
425,373
242,557
Oceania Healthcare Ltd.
 
195,527
83,495
Precinct Properties New Zealand Ltd.
 
363,613
278,995
Pushpay Holdings Ltd. (a)
 
293,372
258,037
Ryman Healthcare Ltd.
 
153,673
504,825
SKYCITY Entertainment Group Ltd.
 
206,312
306,380
Summerset Group Holdings Ltd.
 
61,632
310,594
The a2 Milk Co. Ltd. (a)
 
198,852
726,282
The Warehouse Group Ltd.
 
35,005
37,286
TOTAL NEW ZEALAND
 
 
6,977,135
Nigeria - 0.1%
 
 
 
Airtel Africa PLC (d)
 
255,335
385,392
Norway - 1.8%
 
 
 
Aker ASA (A Shares)
 
6,058
369,493
Aker Carbon Capture A/S (a)
 
90,860
92,846
Aker Horizons ASA (a)
 
64,870
51,070
Aker Solutions ASA
 
66,268
235,795
Atea ASA
 
22,762
312,690
Austevoll Seafood ASA
 
24,820
233,363
BEWi ASA
 
13,071
51,391
Bonheur A/S
 
5,792
129,351
Borregaard ASA
 
24,414
408,234
BW Offshore Ltd.
 
25,315
67,367
Crayon Group Holding A/S (a)(d)
 
19,201
148,011
DNO ASA (A Shares)
 
127,591
127,147
Elkem ASA (d)
 
82,964
280,256
Elopak ASA
 
30,543
68,640
Entra ASA (d)
 
17,403
176,691
Europris ASA (d)
 
42,995
307,624
FLEX LNG Ltd.
 
8,009
277,913
Frontline PLC
 
36,229
562,419
Golden Ocean Group Ltd.
 
35,377
325,519
Grieg Seafood ASA
 
12,410
103,989
Hexagon Composites ASA (a)
 
32,736
99,280
Hexagon Purus Holding A/S (a)(c)
 
21,301
44,972
Hoegh Autoliners ASA
 
12,922
83,786
Kahoot! A/S (a)
 
73,133
190,226
Leroy Seafood Group ASA
 
73,024
384,065
MPC Container Ships ASA
 
73,021
119,908
NEL ASA (a)
 
423,693
580,652
Nordic VLSI ASA (a)
 
44,404
479,788
Norske Skog ASA (a)(d)
 
20,378
90,445
Norwegian Air Shuttle A/S (a)
 
178,739
173,254
Nykode Therapeutics A/S (a)(c)
 
26,934
64,953
Odfjell Drilling Ltd. (a)
 
25,911
60,297
PGS ASA (a)
 
234,255
168,552
Protector Forsikring ASA
 
16,861
245,233
Schibsted ASA:
 
 
 
 (A Shares)
 
19,785
350,511
 (B Shares)
 
25,172
407,682
Sparebank 1 Oestlandet
 
9,439
111,067
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
47,521
556,052
Sparebanken Midt-Norge
 
35,088
453,702
Sparebanken Nord-Norge
 
24,332
220,327
Stolt-Nielsen SA
 
4,774
137,750
Storebrand ASA (A Shares)
 
126,266
972,020
TGS ASA
 
32,493
508,568
Tomra Systems ASA
 
63,621
973,086
Veidekke ASA
 
28,008
322,207
Volue A/S (a)
 
14,784
24,971
Wallenius Wilhelmsen ASA
 
28,678
214,203
TOTAL NORWAY
 
 
12,367,366
Peru - 0.0%
 
 
 
Hochschild Mining PLC
 
81,670
73,746
Poland - 0.1%
 
 
 
InPost SA (a)
 
60,208
644,192
Portugal - 0.3%
 
 
 
Altri SGPS SA (c)
 
19,416
100,340
Banco Comercial Portugues SA (Reg.)
 
2,228,262
572,090
Corticeira Amorim SGPS SA
 
10,211
115,215
CTT Correios de Portugal SA
 
25,931
107,007
Greenvolt-Energias Renovaveis SA (a)
 
15,153
102,938
NOS SGPS
 
53,751
236,202
REN - Redes Energeticas Nacionais SGPS SA
 
105,161
305,336
Semapa Sociedade de Investimen
 
4,646
70,239
Sonae SGPS SA
 
241,392
275,034
The Navigator Co. SA
 
56,869
208,671
TOTAL PORTUGAL
 
 
2,093,072
Singapore - 1.8%
 
 
 
AEM Holdings Ltd.
 
72,200
184,000
AIMS APAC (REIT)
 
147,800
152,263
Best World International Ltd. (a)
 
36,100
59,221
BW LPG Ltd. (d)
 
22,905
184,516
Capitaland Ascott Trust unit
 
561,200
455,641
Capitaland India Trust
 
251,100
205,623
CapitaRetail China Trust
 
315,900
263,458
CDL Hospitality Trusts unit
 
234,000
221,964
ComfortDelgro Corp. Ltd.
 
572,400
512,397
Digital Core (REIT)
 
217,200
94,775
ESR-LOGOS (REIT)
 
1,367,460
333,817
Far East Hospitality Trust unit
 
272,100
126,722
Frasers Centrepoint Trust
 
276,600
459,618
Frasers Hospitality Trust unit
 
211,600
76,134
Frasers Logistics & Industrial Trust
 
793,700
805,558
Hafnia Ltd.
 
33,980
183,817
iFast Corp. Ltd.
 
40,100
139,589
IGG, Inc. (a)
 
206,000
170,290
Kenon Holdings Ltd.
 
5,028
132,442
Keppel (REIT)
 
505,500
330,586
Keppel DC (REIT)
 
373,200
603,413
Keppel Infrastructure Trust
 
918,600
337,677
Keppel Infrastructure Trust rights 5/10/23 (a)
 
45,930
792
Keppel Pacific Oak U.S. (REIT)
 
243,600
87,828
Lendlease Global Commercial (REIT)
 
492,916
259,330
Manulife U.S. REIT
 
462,300
83,030
Mapletree Industrial (REIT)
 
541,487
967,972
Nanofilm Technologies International Ltd.
 
73,000
82,675
NetLink NBN Trust
 
737,000
483,809
Olam Group Ltd.
 
259,700
313,459
OUE Commercial (REIT)
 
592,600
144,682
PARAGON REIT
 
305,300
214,293
Parkway Life REIT
 
106,000
308,718
Prime U.S. (REIT)
 
179,413
46,773
Raffles Medical Group Ltd.
 
227,500
251,231
Riverstone Holdings Ltd.
 
123,300
56,087
Sasseur (REIT)
 
144,900
78,411
SATS Ltd. (a)
 
236,758
452,276
Sembcorp Industries Ltd.
 
263,400
847,529
Sheng Siong Group Ltd.
 
176,500
234,412
SIA Engineering Co. Ltd. (a)
 
76,600
128,475
Silverlake Axis Ltd. Class A
 
235,700
59,346
Singapore Post Ltd.
 
395,500
151,512
Starhill Global (REIT)
 
398,031
156,900
StarHub Ltd.
 
151,300
113,610
Straits Trading Co. Ltd.
 
43,646
70,764
Suntec (REIT)
 
612,700
621,085
TDCX, Inc. ADR (a)
 
6,130
43,094
The Hour Glass Ltd.
 
68,900
107,699
UMS Holdings Ltd.
 
153,700
119,440
Yangzijiang Financial Holding Ltd.
 
643,700
186,394
TOTAL SINGAPORE
 
 
12,705,147
South Africa - 0.0%
 
 
 
Scatec Solar AS (d)
 
32,496
211,923
Spain - 1.9%
 
 
 
Acerinox SA
 
51,301
553,754
Almirall SA
 
19,843
203,454
Applus Services SA
 
35,969
301,418
Atresmedia Corporacion de Medios de Comunicacion SA
 
23,778
95,005
Audax Renovables SA (a)(c)
 
35,400
42,674
Banco de Sabadell SA
 
1,517,349
1,579,674
Bankinter SA
 
182,626
1,079,025
Befesa SA (d)
 
10,843
486,996
Cie Automotive SA
 
13,054
392,976
Compania de Distribucion Integral Logista Holdings SA
 
17,960
488,024
Construcciones y Auxiliar de Ferrocarriles
 
5,160
160,055
Distribuidora Internacional de Alimentacion SA (a)
 
4,035,722
70,262
Ebro Foods SA
 
18,366
340,799
eDreams ODIGEO SA (a)
 
17,480
99,195
Ence Energia y Celulosa SA
 
36,629
143,445
Faes Farma SA
 
84,413
297,647
Faes Farma SA rights
 
84,413
11,448
Fluidra SA
 
26,389
451,582
Gestamp Automocion SA (d)
 
47,118
203,731
Global Dominion Access SA (d)
 
21,220
88,619
Grenergy Renovables SA (a)
 
3,366
98,585
Indra Sistemas SA
 
38,200
505,111
Inmobiliaria Colonial SA
 
77,653
495,854
Laboratorios Farmaceuticos ROVI SA
 
5,101
225,843
Lar Espana Real Estate Socimi SA
 
15,825
89,455
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros
 
174,827
161,434
MAPFRE SA (Reg.)
 
251,127
502,795
Mediaset Espana Comunicacion SA (a)(c)
 
17,915
59,577
Melia Hotels International SA (a)
 
32,640
210,941
Merlin Properties Socimi SA
 
87,622
773,371
Miquel y Costas & Miquel SA
 
4,055
54,423
Neinor Homes SLU (d)
 
7,303
73,793
Opdenergy Holdings SA
 
12,225
50,852
Pharma Mar SA
 
3,954
164,168
Prosegur Cash SA (d)
 
83,530
57,710
Prosegur Compania de Seguridad SA (Reg.)
 
51,725
99,287
Sacyr SA
 
108,596
359,225
Solaria Energia y Medio Ambiente SA (a)
 
20,444
322,365
Soltec Power Holdings SA (a)
 
10,022
57,259
Talgo SA (d)
 
17,843
61,933
Tecnicas Reunidas SA (a)(c)
 
9,131
84,717
Tecnicas Reunidas SA rights 4/26/23 (a)
 
9,131
10,382
Unicaja Banco SA (d)
 
397,198
402,440
Vidrala SA
 
5,373
563,632
Viscofan Envolturas Celulosicas SA
 
10,686
732,399
TOTAL SPAIN
 
 
13,307,334
Sweden - 5.7%
 
 
 
AAK AB
 
48,577
977,693
AcadeMedia AB (d)
 
22,910
116,281
Addlife AB
 
29,475
348,352
AddTech AB (B Shares)
 
69,722
1,393,753
AFRY AB (B Shares)
 
24,570
461,209
Alimak Group AB (d)
 
19,298
142,453
Alleima AB
 
56,050
287,381
Ambea AB (d)
 
19,004
72,272
Arjo AB
 
58,843
260,274
Atrium Ljungberg AB (B Shares)
 
12,316
228,785
Attendo AB (a)(d)
 
27,362
96,987
Avanza Bank Holding AB (c)
 
33,463
710,371
Axfood AB
 
29,026
719,490
Beijer Alma AB (B Shares)
 
12,395
281,621
Beijer Ref AB (B Shares)
 
88,945
1,451,908
Betsson AB (B Shares)
 
31,349
338,402
BICO Group AB (a)(c)
 
12,137
72,455
Bilia AB (A Shares)
 
18,319
206,501
Billerud AB
 
60,776
582,925
BioArctic AB (a)(d)
 
8,982
231,578
BioGaia AB
 
23,667
234,938
Biotage AB (A Shares)
 
17,963
223,157
BONESUPPORT Holding AB (a)(d)
 
14,889
148,962
Boozt AB (a)(d)
 
14,329
165,995
Bravida Holding AB (d)
 
54,297
659,185
Bufab AB
 
7,323
242,504
Bure Equity AB
 
15,007
382,527
Calliditas Therapeutics AB (a)
 
9,674
117,446
Camurus AB (a)
 
8,149
185,308
Castellum AB (c)
 
69,197
838,727
Catena AB
 
8,804
337,049
Cellavision AB
 
4,225
72,099
Cibus Nordic Real Estate AB
 
10,648
113,696
Cint Group AB (a)
 
40,539
63,486
Clas Ohlson AB (B Shares) (c)
 
10,385
78,280
Cloetta AB
 
52,815
111,758
Collector Bank AB
 
17,013
54,083
Coor Service Management Holding AB (d)
 
25,912
168,535
Corem Property Group AB
 
154,062
121,987
Creades AB (A Shares) (c)
 
15,318
127,039
Dios Fastigheter AB
 
23,068
164,433
Dometic Group AB (d)
 
86,674
619,351
Duni AB
 
8,736
95,410
Dustin Group AB (a)(d)
 
19,606
67,335
Electrolux Professional AB
 
64,388
374,836
Elekta AB (B Shares)
 
98,670
828,035
Engcon AB (B Shares)
 
10,910
95,854
Fabege AB
 
71,753
574,441
Fortnox AB
 
130,402
896,724
Garo AB
 
8,776
69,617
Granges AB
 
27,871
276,670
Hemnet Group AB
 
22,107
362,161
Hexatronic Group AB
 
43,880
370,122
HEXPOL AB (B Shares)
 
70,690
832,008
HMS Networks AB
 
7,632
354,546
Hufvudstaden AB (A Shares)
 
29,116
414,805
Instalco AB
 
49,072
257,441
Intrum AB (c)
 
20,041
180,925
Investment AB Oresund
 
6,859
82,134
INVISIO AB
 
11,068
227,187
Inwido AB
 
15,593
163,456
JM AB (B Shares)
 
13,861
222,072
K-Fast Holding AB (a)
 
15,969
32,078
Know IT AB
 
7,077
163,899
Lindab International AB
 
19,477
311,289
Loomis AB (B Shares)
 
20,097
642,787
Medicover AB Class B
 
17,546
289,324
Meko AB
 
10,745
131,706
MIPS AB
 
7,086
381,834
Modern Times Group MTG AB (B Shares)
 
24,053
193,150
Munters Group AB (d)
 
35,181
344,432
Mycronic AB
 
19,547
414,764
NCC AB (B Shares)
 
21,949
218,098
New Wave Group AB (B Shares)
 
11,371
229,304
Nobia AB
 
34,714
50,607
Nolato AB (B Shares)
 
55,711
308,568
Nordnet AB
 
37,302
584,898
Note AB (a)
 
4,625
103,459
NP3 Fastigheter AB
 
7,282
139,959
Nyfosa AB
 
44,162
301,661
Orron Energy AB
 
54,124
63,017
OX2 AB (a)
 
22,239
171,752
Pandox AB
 
25,156
299,025
Paradox Interactive AB
 
8,503
208,946
Peab AB
 
49,550
261,640
Platzer Fastigheter Holding AB
 
16,405
138,054
PowerCell Sweden AB (a)
 
12,761
107,961
Ratos AB (B Shares)
 
55,463
191,348
Resurs Holding AB (d)
 
35,114
66,735
RVRC Holding AB
 
10,449
31,179
Saab AB (B Shares)
 
19,783
1,110,389
Samhallsbyggnadsbolaget I Norden AB:
 
 
 
 (B Shares) (c)
 
290,668
340,807
 (D Shares) (c)
 
31,877
48,243
Scandic Hotels Group AB (a)(d)
 
41,606
148,410
Sdiptech AB (a)
 
8,240
189,949
Sectra AB (B Shares)
 
36,084
568,967
Sinch AB (a)(c)(d)
 
147,665
389,500
SkiStar AB
 
11,348
145,957
SSAB AB:
 
 
 
 (A Shares)
 
60,735
430,325
 (B Shares)
 
175,878
1,185,434
Stillfront Group AB (a)
 
125,026
265,778
Storskogen Group AB
 
370,197
336,370
Surgical Science Sweden AB (a)
 
8,998
164,166
Svolder AB (B Shares)
 
25,114
151,344
Sweco AB (B Shares)
 
57,806
773,373
Swedencare AB (c)
 
23,936
76,091
Synsam Holding AB
 
10,805
43,673
Thule Group AB (d)
 
27,958
806,157
Trelleborg AB (B Shares) (c)
 
65,256
1,637,914
Troax Group AB
 
10,617
240,395
Truecaller AB (B Shares) (a)
 
53,298
158,620
Vestum AB (a)
 
40,591
52,723
Viaplay Group AB (B Shares) (a)
 
19,703
501,843
Vimian Group AB (a)(c)
 
45,003
163,160
Vitec Software Group AB
 
8,388
440,869
Vitrolife AB
 
16,539
371,581
Volati AB
 
6,510
65,004
Wallenstam AB (B Shares)
 
93,187
369,111
Wihlborgs Fastigheter AB
 
74,824
603,405
XANO Industri AB
 
4,456
39,932
Xvivo Perfusion AB (a)
 
6,039
180,197
TOTAL SWEDEN
 
 
39,338,176
Switzerland - 4.8%
 
 
 
Accelleron Industries Ltd.
 
20,200
494,915
Allreal Holding AG
 
3,964
701,577
ALSO Holding AG
 
1,750
373,553
Arbonia AG
 
14,150
172,235
Aryzta AG (a)
 
255,920
453,518
Autoneum Holding AG (a)
 
757
114,670
Basilea Pharmaceutica AG (a)
 
3,169
153,159
Belimo Holding AG (Reg.)
 
2,626
1,262,689
Bell Food Group AG
 
598
189,332
Bossard Holding AG
 
1,531
374,250
Bucher Industries AG
 
1,760
789,179
Burckhardt Compression Holding AG
 
831
511,327
Burkhalter Holding AG
 
1,668
178,771
Bystronic AG
 
372
268,434
Cembra Money Bank AG
 
8,114
648,594
COLTENE Holding AG
 
745
60,594
Comet Holding AG
 
2,110
507,524
Daetwyler Holdings AG
 
2,043
515,407
DKSH Holding AG
 
9,560
758,832
Dorma Kaba Holding AG
 
793
353,982
Dottikon ES Holding AG (a)
 
767
199,076
Dufry AG (a)
 
19,520
902,395
EFG International
 
24,829
238,054
Emmi AG
 
570
592,415
Flughafen Zuerich AG
 
5,350
1,027,085
Forbo Holding AG (Reg.)
 
242
355,751
Galenica AG (d)
 
13,459
1,203,834
Georg Fischer AG (Reg.)
 
21,909
1,587,076
Gurit-Heberlein AG (Bearer) (c)
 
1,015
102,312
Helvetia Holding AG (Reg.)
 
10,015
1,491,298
Huber+Suhner AG
 
4,246
347,717
Idorsia Ltd. (a)(c)
 
31,163
299,480
Implenia AG
 
3,493
157,290
INFICON Holding AG
 
463
501,409
Interroll Holding AG
 
172
626,347
Intershop Holding AG
 
305
214,287
IWG PLC (a)
 
203,805
434,656
Kardex AG
 
1,674
379,241
Komax Holding AG (Reg.)
 
1,043
274,796
Landis+Gyr Group AG
 
5,773
475,351
LEM Holding SA
 
151
333,134
Leonteq AG
 
2,588
139,555
Medacta Group SA (d)
 
1,922
257,600
Medartis Holding AG (a)(d)
 
1,164
96,495
Mediclinic International PLC (London)
 
107,146
671,663
Medmix AG (d)
 
6,715
158,888
Metall Zug AG
 
52
107,333
Meyer Burger Technology AG (a)
 
878,608
566,669
Mobilezone Holding AG
 
11,167
170,157
Mobimo Holding AG
 
1,932
516,583
OC Oerlikon Corp. AG (Reg.)
 
48,925
272,472
Orior AG
 
1,810
168,678
Peach Property Group AG (c)
 
2,635
41,094
PSP Swiss Property AG
 
12,330
1,449,777
Rieter Holding AG (Reg.)
 
639
69,487
Schweiter Technologies AG
 
270
215,070
Sensirion Holding AG (a)(d)
 
2,551
275,691
SFS Group AG
 
5,188
674,437
Siegfried Holding AG
 
1,080
829,468
SKAN Group AG
 
2,435
234,824
St.Galler Kantonalbank AG
 
792
445,686
Stadler Rail AG (c)
 
13,532
561,354
Sulzer AG (Reg.)
 
4,963
413,653
Swissquote Group Holding SA
 
2,714
577,809
Tecan Group AG
 
3,424
1,485,515
TX Group AG
 
725
84,192
u-blox Holding AG
 
1,862
224,144
V-ZUG Holding AG (a)
 
614
56,190
Valiant Holding AG
 
4,185
485,055
Vetropack Holding AG
 
3,184
164,926
Vontobel Holdings AG
 
7,466
498,652
Ypsomed Holding AG
 
1,110
257,677
Zehnder Group AG
 
2,678
218,410
Zur Rose Group AG (a)(c)
 
3,109
135,442
TOTAL SWITZERLAND
 
 
33,150,192
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
199,000
260,847
Ukraine - 0.0%
 
 
 
Ferrexpo PLC
 
79,474
107,969
United Arab Emirates - 0.1%
 
 
 
Network International Holdings PLC (a)(d)
 
133,210
648,218
United Kingdom - 14.4%
 
 
 
888 Holdings PLC (a)
 
104,160
104,722
A.G. Barr PLC
 
25,550
161,513
Advanced Medical Solutions Group PLC
 
58,507
180,145
AJ Bell PLC
 
83,618
342,794
Allfunds Group PLC
 
68,317
451,295
Alliance Pharma PLC
 
139,805
111,921
Alpha Financial Markets Consulting PLC
 
31,148
182,025
Alpha FX Group PLC
 
8,550
233,171
Alphawave IP Group PLC (a)
 
73,962
94,253
AO World PLC (a)
 
115,035
112,259
Ascential PLC (a)
 
119,004
381,673
Ashmore Group PLC
 
126,374
386,252
ASOS PLC (a)
 
19,167
177,481
Assura PLC
 
786,731
503,261
Aston Martin Lagonda Global Holdings PLC (a)(c)(d)
 
113,731
345,894
Auction Technology Group PLC (a)
 
24,464
215,523
Avon Protection PLC
 
8,240
102,831
B&M European Value Retail SA
 
256,691
1,547,495
Babcock International Group PLC (a)
 
67,767
270,317
Balfour Beatty PLC
 
160,124
770,733
Beazley PLC
 
180,743
1,352,671
Bellway PLC
 
33,048
1,001,778
Big Yellow Group PLC
 
46,875
721,060
Bodycote PLC
 
51,776
449,305
Boohoo.Com PLC (a)
 
278,104
172,237
Breedon Group PLC
 
414,943
358,257
Bridgepoint Group Holdings Ltd. (d)
 
67,361
204,021
Britvic PLC
 
69,224
794,720
Bytes Technology Group PLC
 
57,986
303,010
Capita Group PLC (a)
 
458,937
200,370
Capricorn Energy PLC
 
85,050
234,509
Central Asia Metals PLC
 
49,169
126,985
Centrica PLC
 
1,584,263
2,279,725
Ceres Power Holdings PLC (a)(c)
 
34,077
149,635
Chemring Group PLC
 
76,210
272,006
Civitas Social Housing PLC
 
166,419
111,475
Clarkson PLC
 
7,385
287,714
Close Brothers Group PLC
 
40,837
466,003
CLS Holdings PLC
 
49,159
83,774
CMC Markets PLC (d)
 
35,554
82,126
Coats Group PLC
 
431,364
423,935
Computacenter PLC
 
23,259
671,138
ConvaTec Group PLC (d)
 
439,300
1,213,494
Craneware PLC
 
7,244
122,903
Cranswick PLC
 
14,343
578,621
Crest Nicholson Holdings PLC
 
69,044
233,414
Currys PLC
 
291,033
208,481
Custodian (REIT) PLC
 
113,386
134,660
CVS Group PLC
 
19,201
511,574
Darktrace PLC (a)(c)
 
87,922
309,499
Dechra Pharmaceuticals PLC
 
30,591
1,434,007
Deliveroo PLC Class A (a)(d)
 
239,217
328,896
Derwent London PLC
 
27,018
815,596
Diploma PLC
 
33,499
1,130,802
Direct Line Insurance Group PLC
 
355,091
766,006
Discoverie Group PLC
 
25,979
275,885
Domino's Pizza UK & IRL PLC
 
101,311
374,583
Dowlais Group PLC
 
352,000
586,591
Dr. Martens Ltd.
 
161,889
337,937
Drax Group PLC
 
107,671
851,947
DS Smith PLC
 
371,070
1,446,127
Dunelm Group PLC
 
29,294
421,903
easyJet PLC (a)
 
81,976
512,644
Elementis PLC (a)
 
158,123
249,594
EMIS Group PLC
 
15,529
318,502
Empiric Student Property PLC
 
162,772
189,017
EnQuest PLC (a)
 
413,226
86,831
Ergomed PLC (a)
 
10,854
145,956
Essentra PLC
 
81,742
212,136
FD Technologies PLC (a)
 
6,484
153,523
Fever-Tree Drinks PLC
 
28,527
486,144
Firstgroup PLC
 
198,454
280,334
Forterra PLC (d)
 
58,365
141,859
Frasers Group PLC (a)
 
45,362
438,112
Future PLC
 
31,016
439,687
Games Workshop Group PLC
 
8,842
1,102,329
Gamma Communications PLC
 
22,171
323,773
GB Group PLC
 
64,851
265,369
Genuit Group PLC
 
67,535
255,048
Genus PLC
 
17,614
595,026
Grafton Group PLC unit
 
57,453
625,865
Grainger Trust PLC
 
197,257
641,076
Great Portland Estates PLC
 
58,767
394,019
Greatland Gold PLC (a)
 
1,240,085
125,302
Greggs PLC
 
27,020
956,919
Halfords Group PLC
 
59,693
157,690
Hammerson PLC (c)
 
1,081,459
381,370
Harbour Energy PLC
 
116,901
363,322
Hays PLC
 
429,113
613,709
Helical PLC
 
30,213
113,911
Hill & Smith Holdings PLC
 
20,902
361,456
Hiscox Ltd.
 
93,238
1,385,030
Home (REIT) PLC (b)
 
235,236
112,488
Howden Joinery Group PLC
 
148,196
1,275,035
Hunting PLC
 
38,265
112,530
Ibstock PLC (d)
 
103,661
221,078
IG Group Holdings PLC
 
106,450
981,284
IMI PLC
 
70,125
1,405,667
Impact Healthcare REIT PLC
 
86,860
106,978
Impax Asset Management Group PLC
 
23,456
231,110
Inchcape PLC
 
100,662
1,022,809
Indivior PLC (a)
 
36,720
704,216
IntegraFin Holdings PLC
 
80,547
275,541
Intermediate Capital Group PLC
 
77,640
1,269,927
International Distributions Services PLC
 
204,536
650,852
Investec PLC
 
187,278
1,043,358
IP Group PLC
 
280,187
198,246
ITM Power PLC (a)(c)
 
116,957
114,913
ITV PLC
 
968,330
983,051
J.D. Wetherspoon PLC (a)
 
26,382
236,399
Jet2 PLC
 
42,964
661,979
John Wood Group PLC (a)
 
187,515
531,176
Johnson Service Group PLC
 
120,802
184,611
Judges Scientific PLC
 
1,473
184,009
Jupiter Fund Management PLC
 
120,805
197,368
Just Group PLC
 
281,733
312,642
Kainos Group PLC
 
21,795
339,647
Kape Technologies PLC (a)
 
45,781
165,126
Keller Group PLC
 
19,786
166,105
Kier Group PLC (a)
 
118,746
114,463
Lancashire Holdings Ltd.
 
66,035
508,311
Learning Technologies Group PLC
 
160,465
226,872
Liontrust Asset Management PLC
 
17,549
189,670
Londonmetric Properity PLC
 
253,638
613,931
LXI REIT PLC
 
441,329
584,591
Man Group PLC
 
344,505
983,678
Marks & Spencer Group PLC (a)
 
527,556
1,089,650
Marlowe PLC (a)
 
22,148
140,286
Marshalls PLC
 
61,538
232,478
Melrose Industries PLC
 
365,244
1,877,393
Mitchells & Butlers PLC (a)
 
73,536
161,821
Mitie Group PLC
 
364,828
421,818
Molten Ventures PLC (a)
 
37,663
132,438
Moneysupermarket.com Group PLC
 
145,252
500,175
Moonpig Group PLC (a)
 
60,150
103,488
Morgan Advanced Materials PLC
 
77,392
298,109
Morgan Sindall PLC
 
11,555
245,998
National Express Group PLC Class L
 
143,226
218,519
NCC Group Ltd.
 
83,600
112,839
Next Fifteen Communications Group PLC
 
22,728
240,504
Ninety One PLC
 
103,046
234,530
OSB Group PLC
 
114,804
716,783
Oxford BioMedica PLC (a)
 
19,501
106,364
Oxford Instruments PLC
 
14,831
514,433
Oxford Nanopore Technologies Ltd. (a)
 
89,516
258,523
Pagegroup PLC
 
88,597
505,280
Pan African Resources PLC
 
464,864
103,407
Pantheon Resources PLC (a)(c)
 
196,540
46,115
Paragon Banking Group PLC
 
61,821
390,410
Pennon Group PLC
 
69,994
756,499
Petrofac Ltd. (a)(c)
 
121,424
109,032
Pets At Home Group PLC
 
130,994
634,801
Picton Property Income Ltd.
 
148,854
142,736
Playtech Ltd. (a)
 
62,149
450,670
Polar Capital Holdings PLC
 
19,290
118,547
Premier Foods PLC
 
176,040
277,433
Primary Health Properties PLC
 
341,157
456,618
PZ Cussons PLC Class L
 
63,111
159,026
QinetiQ Group PLC
 
154,965
723,310
Quilter PLC (d)
 
361,126
386,222
Rank Group PLC (a)
 
57,344
69,545
Rathbone Brothers PLC
 
16,357
401,677
Reach PLC
 
81,856
86,927
Redde Northgate PLC
 
57,614
272,248
Redrow PLC
 
75,643
491,958
Regional REIT Ltd. (d)
 
110,442
77,033
Renewi PLC (a)
 
21,788
164,292
Renishaw PLC
 
9,678
438,348
Restore PLC
 
33,500
123,356
Rightmove PLC
 
221,335
1,597,211
Rotork PLC
 
227,840
936,325
RS GROUP PLC
 
127,068
1,471,409
RWS Holdings PLC
 
82,619
264,562
S4 Capital PLC (a)
 
100,887
185,367
Safestore Holdings PLC
 
57,405
714,584
Savills PLC
 
38,682
467,420
Serco Group PLC
 
313,847
599,924
Serica Energy PLC
 
55,789
166,588
Shaftesbury Capital PLC
 
369,204
546,589
SIG PLC (a)
 
186,419
104,138
Smart Metering Systems PLC
 
33,208
330,952
Softcat PLC
 
34,975
587,676
Spectris PLC
 
28,265
1,335,273
Spire Healthcare Group PLC (d)
 
75,830
217,759
Spirent Communications PLC
 
166,470
376,580
SSP Group PLC (a)
 
212,149
687,342
SThree PLC
 
34,095
180,608
Subsea 7 SA
 
63,271
722,237
Supermarket Income (REIT) PLC
 
335,174
368,576
Synthomer PLC
 
101,823
153,047
Target Healthcare (REIT) PLC
 
168,479
163,460
Tate & Lyle PLC
 
107,844
1,104,594
Team17 Group PLC (a)
 
29,660
134,936
Telecom Plus PLC
 
17,159
389,456
The PRS REIT PLC
 
141,784
153,597
The Weir Group PLC
 
70,041
1,619,642
THG PLC (a)(c)
 
205,443
258,139
TORM PLC
 
7,884
245,920
TP ICAP Group PLC
 
213,314
456,008
Trainline PLC (a)(d)
 
130,772
409,883
Travis Perkins PLC
 
56,045
674,763
Tritax Big Box REIT PLC
 
499,818
974,255
Trustpilot Group PLC (a)(d)
 
63,234
70,330
Tyman PLC
 
53,365
165,319
UK Commercial Property REIT Ltd.
 
214,470
144,471
Unite Group PLC
 
90,832
1,094,728
Urban Logistics REIT PLC
 
127,103
225,868
Vanquis Banking Group PLC
 
66,308
187,498
Vesuvius PLC
 
58,908
300,128
Victoria PLC (a)(c)
 
17,340
113,537
Victrex PLC
 
22,577
475,542
Virgin Money UK PLC
 
335,478
657,293
Vistry Group PLC
 
92,564
910,281
Volex PLC
 
32,796
105,308
Volution Group PLC
 
53,247
290,023
Warehouse (REIT) PLC
 
110,545
151,987
Watches of Switzerland Group PLC (a)(d)
 
65,021
679,461
WH Smith PLC
 
35,417
700,592
Wickes Group PLC
 
70,941
120,181
Wincanton PLC
 
33,816
91,371
Workspace Group PLC
 
39,124
234,733
Yellow Cake PLC (a)(d)
 
47,300
223,510
YouGov PLC
 
28,894
308,657
Young & Co.'s Brewery PLC Class A
 
6,146
88,440
TOTAL UNITED KINGDOM
 
 
99,659,869
United States of America - 0.6%
 
 
 
Burford Capital Ltd.
 
49,697
653,297
Carnival PLC (a)
 
39,602
327,035
Diversified Gas & Oil PLC
 
214,098
254,807
Fiverr International Ltd. (a)
 
8,561
312,648
InMode Ltd. (a)
 
18,856
702,575
Maxeon Solar Technologies Ltd. (a)(c)
 
6,705
188,478
PolyPeptide Group AG (d)
 
4,062
101,794
REC Silicon ASA (a)(c)
 
74,306
111,490
Reliance Worldwide Corp. Ltd.
 
213,690
582,761
RHI Magnesita NV
 
7,066
200,692
Riskified Ltd. (a)
 
14,234
69,889
Sims Ltd.
 
43,123
451,918
Taro Pharmaceutical Industries Ltd. (a)
 
2,470
62,244
Vobile Group Ltd. (a)
 
402,000
156,878
TOTAL UNITED STATES OF AMERICA
 
 
4,176,506
Vietnam - 0.0%
 
 
 
XP Power PLC
 
5,053
140,660
 
TOTAL COMMON STOCKS
  (Cost $839,305,733)
 
 
 
685,543,625
 
 
 
 
Nonconvertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Germany - 0.3%
 
 
 
Draegerwerk AG & Co. KGaA (non-vtg.)
 
2,377
133,580
Einhell Germany AG
 
446
77,157
Fuchs Petrolub AG
 
18,628
734,838
Jungheinrich AG
 
12,968
500,702
Sixt SE Preference Shares
 
4,474
355,446
Sto SE & Co. KGaA
 
697
135,787
TOTAL GERMANY
 
 
1,937,510
Italy - 0.0%
 
 
 
Danieli & C. Officine Meccaniche SpA
 
11,010
225,168
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $2,292,367)
 
 
 
2,162,678
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.0%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (g)
  (Cost $496,261)
 
500,000
495,973
 
 
 
 
Money Market Funds - 3.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (h)
 
1,207,649
1,207,891
Fidelity Securities Lending Cash Central Fund 4.88% (h)(i)
 
21,591,625
21,593,784
 
TOTAL MONEY MARKET FUNDS
  (Cost $22,801,675)
 
 
22,801,675
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
  (Cost $864,896,036)
 
 
 
711,003,951
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(17,668,986)
NET ASSETS - 100.0%
693,334,965
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
67
Jun 2023
7,201,160
283,255
283,255
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.0%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,409,193 or 4.0% of net assets.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $244,019.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
5,135,838
36,450,908
40,378,855
94,042
-
-
1,207,891
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
21,280,639
35,600,343
35,287,198
404,468
-
-
21,593,784
0.1%
Total
26,416,477
72,051,251
75,666,053
498,510
-
-
22,801,675
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
28,693,194
17,392,708
11,300,486
-
Consumer Discretionary
89,597,593
38,546,913
51,050,680
-
Consumer Staples
43,502,982
17,917,341
25,585,641
-
Energy
18,679,944
13,032,186
5,647,758
-
Financials
79,264,111
54,225,952
25,038,159
-
Health Care
44,741,931
27,137,186
17,604,745
-
Industrials
160,004,567
95,625,475
64,379,092
-
Information Technology
64,688,984
36,044,945
28,644,039
-
Materials
65,546,910
26,969,532
38,133,761
443,617
Real Estate
71,759,848
32,834,880
38,812,480
112,488
Utilities
21,226,239
12,315,593
8,910,646
-
 Government Obligations
495,973
-
495,973
-
  Money Market Funds
22,801,675
22,801,675
-
-
 Total Investments in Securities:
711,003,951
394,844,386
315,603,460
556,105
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
283,255
283,255
-
-
  Total Assets
283,255
283,255
-
-
 Total Derivative Instruments:
283,255
283,255
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
283,255
0
Total Equity Risk
283,255
0
Total Value of Derivatives
283,255
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,703,120) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $842,094,361)
$
688,202,276
 
 
Fidelity Central Funds (cost $22,801,675)
22,801,675
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $864,896,036)
 
 
$
711,003,951
Cash
 
 
29,737
Receivable for fund shares sold
 
 
16,856
Dividends receivable
 
 
3,768,638
Reclaims receivable
 
 
987,761
Interest receivable
 
 
3,831
Distributions receivable from Fidelity Central Funds
 
 
72,625
Prepaid expenses
 
 
280
Receivable from investment adviser for expense reductions
 
 
30,816
Other receivables
 
 
4,771
  Total assets
 
 
715,919,266
Liabilities
 
 
 
 
Payable to custodian bank
$
715,281
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
18,122
 
 
Delayed delivery
69,772
 
 
Payable for fund shares redeemed
54,614
 
 
Accrued management fee
57,335
 
 
Payable for daily variation margin on futures contracts
6,803
 
 
Other payables and accrued expenses
68,589
 
 
Collateral on securities loaned
21,593,785
 
 
  Total Liabilities
 
 
 
22,584,301
Net Assets  
 
 
$
693,334,965
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
900,543,547
Total accumulated earnings (loss)
 
 
 
(207,208,582)
Net Assets
 
 
$
693,334,965
Net Asset Value , offering price and redemption price per share ($693,334,965 ÷ 85,906,404 shares)
 
 
$
8.07
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,947,548
Interest  
 
 
13,094
Income from Fidelity Central Funds (including $404,468 from security lending)
 
 
498,510
 Income before foreign taxes withheld
 
 
$
11,459,152
Less foreign taxes withheld
 
 
(1,085,065)
 Total Income
 
 
 
10,374,087
Expenses
 
 
 
 
Management fee
$
347,486
 
 
Custodian fees and expenses
69,874
 
 
Independent trustees' fees and expenses
2,310
 
 
Registration fees
5,825
 
 
Audit
29,019
 
 
Legal
524
 
 
Interest
8,009
 
 
Miscellaneous
1,523
 
 
 Total expenses before reductions
 
464,570
 
 
 Expense reductions
 
(107,189)
 
 
 Total expenses after reductions
 
 
 
357,381
Net Investment income (loss)
 
 
 
10,016,706
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(36,715,961)
 
 
 Foreign currency transactions
 
218,776
 
 
 Futures contracts
 
1,370,496
 
 
Total net realized gain (loss)
 
 
 
(35,126,689)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
147,464,050
 
 
 Assets and liabilities in foreign currencies
 
103,347
 
 
 Futures contracts
 
713,191
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
148,280,588
Net gain (loss)
 
 
 
113,153,899
Net increase (decrease) in net assets resulting from operations
 
 
$
123,170,605
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
10,016,706
$
23,260,160
Net realized gain (loss)
 
(35,126,689)
 
 
(26,145,421)
 
Change in net unrealized appreciation (depreciation)
 
148,280,588
 
(297,069,291)
 
Net increase (decrease) in net assets resulting from operations
 
123,170,605
 
 
(299,954,552)
 
Distributions to shareholders
 
(19,865,640)
 
 
(11,052,522)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
8,926,993
 
175,719,119
  Reinvestment of distributions
 
19,858,109
 
 
11,052,043
 
Cost of shares redeemed
 
(102,935,307)
 
(85,002,656)
  Net increase (decrease) in net assets resulting from share transactions
 
(74,150,205)
 
 
101,768,506
 
Total increase (decrease) in net assets
 
29,154,760
 
 
(209,238,568)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
664,180,205
 
873,418,773
 
End of period
$
693,334,965
$
664,180,205
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,155,374
 
18,306,524
  Issued in reinvestment of distributions
 
2,669,101
 
 
1,147,668
 
Redeemed
 
(13,314,283)
 
(10,341,740)
Net increase (decrease)
 
(9,489,808)
 
9,112,452
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Small Cap Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
6.96
$
10.12
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
.24
 
.09
     Net realized and unrealized gain (loss)
 
1.23
 
(3.27)
 
.03 D
  Total from investment operations
 
1.34  
 
(3.03)  
 
.12  
  Distributions from net investment income
 
(.23)
 
(.13)
 
-
     Total distributions
 
(.23)
 
(.13)
 
-
  Net asset value, end of period
$
8.07
$
6.96
$
10.12
 Total Return   E,F
 
19.49%
 
(30.31)%
 
1.20%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
.13% I
 
.14%
 
.19% I,J
    Expenses net of fee waivers, if any
 
.10% I
 
.10%
 
.10% I
    Expenses net of all reductions
 
.10% I
 
.10%
 
.10% I
    Net investment income (loss)
 
2.88% I
 
2.85%
 
2.00% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
693,335
$
664,180
$
873,419
    Portfolio turnover rate K
 
11% I
 
20%
 
1% L
 
A For the period May 27, 2021 (commencement of operations) through October 31, 2021.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D The amount shown 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.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J Audit fees are not annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Amount not annualized.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity SAI International Small Cap Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations, are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities   are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$41,978,974
Gross unrealized depreciation
(199,764,045)
Net unrealized appreciation (depreciation)
$(157,785,071)
Tax cost
$869,072,277
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
  Short-term
$(21,711,323)
  Long-term
(409,701)
Total capital loss carryforward
$(22,121,024)
 
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities, and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International Small Cap Index Fund
38,863,956
108,386,120
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Small Cap Index Fund  
  Borrower
$   5,490,091
4.67%
$    7,836
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount
Fidelity SAI International Small Cap Index Fund
$682
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI International Small Cap Index Fund
$42,730
$   908
$30,837
 
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI International Small Cap Index Fund
$195,000
5.33%
$   173
 
10. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .10% of average net assets. This reimbursement will remain in place through February 29, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $106,964.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $225.
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity SAI International Small Cap Index Fund
69%
14%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI International Small Cap Index Fund
83%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Small Cap Index Fund
 
 
 
.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,194.90
 
$ .54
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.30
 
$ .50
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9903807.101
SCI-SANN-0623
Fidelity ZERO® Funds
 
Fidelity ZERO® Extended Market Index Fund
Fidelity ZERO® International Index Fund
Fidelity ZERO® Large Cap Index Fund
Fidelity ZERO® Total Market Index Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

Fidelity ZERO® Extended Market Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity ZERO® International Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity ZERO® Large Cap Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity ZERO® Total Market Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program
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 Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
 
Top Holdings (% of Fund's net assets)
 
Hubbell, Inc. Class B
0.3
 
Builders FirstSource, Inc.
0.3
 
Snap-On, Inc.
0.3
 
Ares Management Corp.
0.3
 
Graco, Inc.
0.3
 
EQT Corp.
0.3
 
Booz Allen Hamilton Holding Corp. Class A
0.3
 
Deckers Outdoor Corp.
0.3
 
Camden Property Trust (SBI)
0.3
 
Equity Lifestyle Properties, Inc.
0.2
 
 
2.9
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
19.0
 
Financials
15.5
 
Consumer Discretionary
13.7
 
Health Care
13.3
 
Information Technology
11.3
 
Real Estate
7.3
 
Materials
5.1
 
Energy
4.7
 
Consumer Staples
3.8
 
Communication Services
3.1
 
Utilities
3.0
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.2%
 
Fidelity ZERO® Extended Market Index Fund
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.1%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Anterix, Inc. (a)
 
5,018
158,468
AST SpaceMobile, Inc. (a)(b)
 
15,847
84,148
ATN International, Inc.
 
2,886
104,387
Bandwidth, Inc. (a)
 
5,326
64,817
Cogent Communications Group, Inc.
 
11,024
761,097
Consolidated Communications Holdings, Inc. (a)
 
18,960
73,375
EchoStar Holding Corp. Class A (a)(b)
 
9,139
156,003
Frontier Communications Parent, Inc. (a)(b)
 
57,833
1,303,556
Globalstar, Inc. (a)(b)
 
185,075
167,678
IDT Corp. Class B (a)
 
5,137
170,600
Iridium Communications, Inc.
 
32,535
2,064,996
Liberty Global PLC:
 
 
 
 Class A (a)
 
44,386
865,971
 Class C (a)
 
66,425
1,351,085
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
1,799
15,957
 Class C (a)
 
45,255
401,864
Lumen Technologies, Inc. (b)
 
239,958
568,700
Radius Global Infrastructure, Inc. (a)
 
20,058
294,652
 
 
 
8,607,354
Entertainment - 0.9%
 
 
 
AMC Entertainment Holdings, Inc. Class A (a)(b)
 
133,918
736,549
Cinemark Holdings, Inc. (a)(b)
 
27,740
468,251
Endeavor Group Holdings, Inc. (a)
 
45,032
1,160,925
Genius Brands International, Inc. (a)(b)
 
7,544
19,464
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)
 
18,797
216,166
 Class B (a)
 
28,880
308,150
Live Nation Entertainment, Inc. (a)
 
36,945
2,504,132
Madison Square Garden Entertainment Corp. (b)
 
6,816
219,952
Madison Square Garden Sports Corp.
 
4,577
917,689
Marcus Corp. (b)
 
6,390
111,953
Playtika Holding Corp. (a)
 
23,064
230,640
Roku, Inc. Class A (a)
 
31,587
1,775,505
Sciplay Corp. (A Shares) (a)
 
6,101
104,205
Skillz, Inc. (a)(b)
 
78,342
48,784
Sphere Entertainment Co. (a)(b)
 
6,640
186,850
Vivid Seats, Inc. Class A (a)(b)
 
5,638
40,481
Warner Music Group Corp. Class A
 
30,457
928,025
World Wrestling Entertainment, Inc. Class A (b)
 
11,220
1,202,447
 
 
 
11,180,168
Interactive Media & Services - 0.5%
 
 
 
Angi, Inc. (a)
 
19,753
45,432
Bumble, Inc. (a)
 
24,283
442,193
CarGurus, Inc. Class A (a)
 
24,547
403,553
Cars.com, Inc. (a)
 
16,107
315,214
Eventbrite, Inc. (a)(b)
 
21,280
154,706
EverQuote, Inc. Class A (a)
 
4,584
31,950
fuboTV, Inc. (a)(b)
 
48,191
54,938
IAC, Inc. (a)
 
20,264
1,049,067
MediaAlpha, Inc. Class A (a)
 
5,950
44,030
Nextdoor Holdings, Inc. (a)(b)
 
31,455
66,370
QuinStreet, Inc. (a)
 
13,436
149,274
Rumble, Inc. (a)(b)
 
20,808
165,632
Shutterstock, Inc. (b)
 
6,171
413,457
TripAdvisor, Inc. (a)(b)
 
27,228
482,752
Vimeo, Inc. (a)
 
39,763
130,820
Yelp, Inc. (a)
 
18,085
541,103
Ziff Davis, Inc. (a)
 
12,233
894,722
ZipRecruiter, Inc. (a)
 
13,444
227,741
Zoominfo Technologies, Inc. (a)
 
70,120
1,536,329
 
 
 
7,149,283
Media - 0.9%
 
 
 
Altice U.S.A., Inc. Class A (a)
 
57,452
201,082
AMC Networks, Inc. Class A (a)
 
7,175
126,926
Boston Omaha Corp. (a)
 
5,184
106,065
Cable One, Inc. (b)
 
1,250
948,013
Cardlytics, Inc. (a)(b)
 
8,367
54,302
Clear Channel Outdoor Holdings, Inc. (a)
 
121,468
154,264
DISH Network Corp. Class A (a)
 
65,420
491,304
E.W. Scripps Co. Class A (a)
 
15,460
130,328
Entravision Communication Corp. Class A
 
15,850
99,063
Gannett Co., Inc. (a)(b)
 
36,271
68,915
Gray Television, Inc.
 
22,106
170,437
iHeartMedia, Inc. (a)
 
26,486
91,906
Integral Ad Science Holding Corp. (a)
 
9,577
150,646
John Wiley & Sons, Inc. Class A
 
11,155
430,248
Magnite, Inc. (a)
 
30,788
289,407
News Corp.:
 
 
 
 Class A
 
98,135
1,728,157
 Class B
 
31,504
559,196
Nexstar Broadcasting Group, Inc. Class A
 
9,767
1,694,086
PubMatic, Inc. (a)
 
11,372
155,342
Quotient Technology, Inc. (a)
 
23,486
66,231
Scholastic Corp.
 
7,565
291,026
Sinclair Broadcast Group, Inc. Class A (b)
 
11,233
223,424
Sirius XM Holdings, Inc.
 
181,441
689,476
Stagwell, Inc. (a)
 
25,890
161,036
TechTarget, Inc. (a)
 
7,003
238,732
TEGNA, Inc.
 
57,805
988,466
The New York Times Co. Class A
 
42,657
1,695,616
Thryv Holdings, Inc. (a)
 
7,954
178,647
WideOpenWest, Inc. (a)
 
13,631
155,802
 
 
 
12,338,143
Wireless Telecommunication Services - 0.1%
 
 
 
Gogo, Inc. (a)
 
16,674
223,598
NII Holdings, Inc. (a)(c)
 
10,174
0
Shenandoah Telecommunications Co.
 
13,029
271,133
Spok Holdings, Inc.
 
5,072
62,031
Telephone & Data Systems, Inc.
 
26,050
260,500
U.S. Cellular Corp. (a)
 
3,574
75,912
 
 
 
893,174
TOTAL COMMUNICATION SERVICES
 
 
40,168,122
CONSUMER DISCRETIONARY - 13.7%
 
 
 
Automobile Components - 1.4%
 
 
 
Adient PLC (a)
 
24,718
913,083
American Axle & Manufacturing Holdings, Inc. (a)
 
29,019
207,486
Autoliv, Inc. (b)
 
20,084
1,723,408
BorgWarner, Inc.
 
60,589
2,916,149
Dana, Inc.
 
33,039
488,647
Dorman Products, Inc. (a)
 
7,325
631,122
Fox Factory Holding Corp. (a)
 
10,955
1,214,581
Garrett Motion, Inc. (a)(b)
 
14,160
116,962
Gentex Corp. (b)
 
60,770
1,676,644
Gentherm, Inc. (a)
 
8,615
513,885
Holley, Inc. (a)(b)
 
12,327
29,708
LCI Industries
 
6,587
744,068
Lear Corp.
 
15,319
1,955,624
Luminar Technologies, Inc. (a)(b)
 
60,695
365,384
Mobileye Global, Inc. (b)
 
12,118
456,122
Modine Manufacturing Co. (a)
 
13,484
281,950
Motorcar Parts of America, Inc. (a)
 
4,894
23,834
Patrick Industries, Inc.
 
5,615
385,357
QuantumScape Corp. Class A (a)(b)
 
72,268
505,876
Solid Power, Inc. (a)(b)
 
28,684
65,113
Standard Motor Products, Inc.
 
4,810
173,208
Stoneridge, Inc. (a)
 
7,255
136,612
The Goodyear Tire & Rubber Co. (a)
 
73,372
782,879
Visteon Corp. (a)
 
7,292
1,023,724
XPEL, Inc. (a)
 
5,079
371,072
 
 
 
17,702,498
Automobiles - 0.5%
 
 
 
Canoo, Inc. (a)(b)
 
80,628
60,874
Faraday Future Intelligent Electric, Inc. (a)(b)
 
133,032
22,682
Fisker, Inc. (a)(b)
 
40,309
259,590
Harley-Davidson, Inc.
 
34,485
1,279,394
Lordstown Motors Corp. Class A (a)(b)
 
40,624
21,246
Lucid Group, Inc. Class A (a)
 
165,875
1,317,048
Mullen Automotive, Inc. (a)(b)
 
417,896
32,136
Rivian Automotive, Inc. (a)(b)
 
142,035
1,820,889
Thor Industries, Inc. (b)
 
13,879
1,096,719
Winnebago Industries, Inc.
 
7,937
461,457
Workhorse Group, Inc. (a)(b)
 
41,139
38,761
 
 
 
6,410,796
Broadline Retail - 0.3%
 
 
 
Big Lots, Inc. (b)
 
7,171
64,467
ContextLogic, Inc. (a)(b)
 
4,682
33,757
Dillard's, Inc. Class A (b)
 
891
265,865
Groupon, Inc. (a)(b)
 
5,032
18,015
Kohl's Corp. (b)
 
28,686
631,953
Macy's, Inc.
 
70,303
1,148,751
Nordstrom, Inc. (b)
 
29,085
449,654
Ollie's Bargain Outlet Holdings, Inc. (a)(b)
 
14,988
977,967
Qurate Retail, Inc. Series A (a)(b)
 
88,050
70,141
 
 
 
3,660,570
Distributors - 0.0%
 
 
 
Funko, Inc. (a)(b)
 
8,576
84,559
Diversified Consumer Services - 1.0%
 
 
 
2U, Inc. (a)
 
19,915
110,329
ADT, Inc. (b)
 
55,499
371,843
Adtalem Global Education, Inc. (a)
 
11,744
476,454
American Public Education, Inc. (a)
 
4,432
25,262
Bright Horizons Family Solutions, Inc. (a)
 
14,959
1,138,679
Carriage Services, Inc.
 
3,523
101,145
Chegg, Inc. (a)
 
32,771
589,223
Coursera, Inc. (a)
 
22,127
275,260
Duolingo, Inc. (a)
 
6,564
893,754
European Wax Center, Inc. (b)
 
7,620
143,561
Frontdoor, Inc. (a)
 
21,129
578,089
Graham Holdings Co.
 
990
569,814
Grand Canyon Education, Inc. (a)
 
7,927
940,935
H&R Block, Inc.
 
39,565
1,341,649
Laureate Education, Inc. Class A
 
34,840
431,668
Mister Car Wash, Inc. (a)
 
20,611
181,789
Nerdy, Inc. Class A (a)(b)
 
15,243
60,515
OneSpaWorld Holdings Ltd. (a)
 
15,616
187,392
Perdoceo Education Corp. (a)
 
17,473
226,800
Rover Group, Inc. Class A (a)
 
25,798
116,865
Service Corp. International
 
39,806
2,793,983
Strategic Education, Inc. (b)
 
5,798
510,224
Stride, Inc. (a)
 
10,609
455,763
Udemy, Inc. (a)
 
16,920
153,803
WW International, Inc. (a)
 
14,037
117,209
 
 
 
12,792,008
Hotels, Restaurants & Leisure - 3.2%
 
 
 
Accel Entertainment, Inc. (a)
 
14,642
129,582
ARAMARK Holdings Corp.
 
67,469
2,341,174
Bally's Corp. (a)
 
6,867
118,112
BJ's Restaurants, Inc. (a)
 
5,983
194,687
Bloomin' Brands, Inc.
 
22,772
564,062
Bluegreen Vacations Holding Corp. Class A
 
2,113
60,833
Bowlero Corp. Class A (a)
 
8,807
128,846
Boyd Gaming Corp.
 
20,515
1,423,741
Brinker International, Inc. (a)
 
11,422
455,966
Choice Hotels International, Inc. (b)
 
7,169
914,191
Churchill Downs, Inc.
 
8,514
2,490,600
Chuy's Holdings, Inc. (a)
 
4,610
160,797
Cracker Barrel Old Country Store, Inc.
 
5,757
611,163
Dave & Buster's Entertainment, Inc. (a)(b)
 
10,930
387,578
Denny's Corp. (a)
 
14,837
166,323
Dine Brands Global, Inc.
 
4,105
266,538
Draftkings Holdings, Inc.
 
116,273
2,547,541
Dutch Bros, Inc. (a)(b)
 
7,634
237,799
El Pollo Loco Holdings, Inc.
 
5,156
48,054
Everi Holdings, Inc. (a)
 
23,264
353,613
First Watch Restaurant Group, Inc. (a)
 
2,753
44,268
Golden Entertainment, Inc. (a)
 
5,799
244,486
Hilton Grand Vacations, Inc. (a)
 
20,565
880,182
Hyatt Hotels Corp. Class A (a)
 
12,486
1,427,150
Inspired Entertainment, Inc. (a)
 
6,210
79,488
Jack in the Box, Inc.
 
5,280
489,403
Krispy Kreme, Inc. (b)
 
17,356
266,935
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
1,026
70,712
Life Time Group Holdings, Inc. (a)(b)
 
14,841
308,544
Light & Wonder, Inc. Class A (a)
 
24,239
1,461,369
Lindblad Expeditions Holdings (a)
 
8,334
94,258
Marriott Vacations Worldwide Corp. (b)
 
9,924
1,335,373
Monarch Casino & Resort, Inc.
 
3,437
238,390
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
109,221
1,458,100
Papa John's International, Inc.
 
8,345
624,123
Penn Entertainment, Inc. (a)
 
40,220
1,198,154
Planet Fitness, Inc. (a)
 
21,602
1,795,990
Playa Hotels & Resorts NV (a)
 
34,226
318,644
PlayAGS, Inc. (a)
 
8,134
42,948
Portillo's, Inc. (a)(b)
 
11,231
242,814
RCI Hospitality Holdings, Inc.
 
2,267
169,798
Red Robin Gourmet Burgers, Inc. (a)(b)
 
4,411
57,652
Red Rock Resorts, Inc.
 
12,664
618,003
Rush Street Interactive, Inc. (a)
 
14,012
43,577
Ruth's Hospitality Group, Inc.
 
7,630
123,301
Sabre Corp. (a)(b)
 
85,616
342,464
SeaWorld Entertainment, Inc. (a)
 
10,296
552,483
Shake Shack, Inc. Class A (a)
 
9,679
530,506
Six Flags Entertainment Corp. (a)(b)
 
19,339
469,358
Soho House & Co., Inc. Class A (a)(b)
 
10,251
66,939
Sonder Holdings, Inc. (a)
 
38,270
15,695
Sweetgreen, Inc. Class A (a)(b)
 
19,534
155,100
Target Hospitality Corp. (a)
 
6,348
80,048
Texas Roadhouse, Inc. Class A
 
17,321
1,916,049
The Cheesecake Factory, Inc. (b)
 
12,412
418,160
Travel+Leisure Co.
 
21,144
809,181
Vail Resorts, Inc.
 
10,437
2,510,307
Wendy's Co.
 
44,012
972,665
Wingstop, Inc.
 
7,744
1,549,652
Wyndham Hotels & Resorts, Inc.
 
22,903
1,562,443
Wynn Resorts Ltd. (a)
 
26,700
3,051,276
Xponential Fitness, Inc. (a)
 
5,845
193,353
 
 
 
42,430,541
Household Durables - 1.8%
 
 
 
Beazer Homes U.S.A., Inc. (a)
 
7,827
166,793
Cavco Industries, Inc. (a)
 
2,113
634,365
Century Communities, Inc.
 
7,351
495,016
Dream Finders Homes, Inc. (a)(b)
 
5,260
80,215
Ethan Allen Interiors, Inc.
 
5,982
167,077
GoPro, Inc. Class A (a)
 
33,188
142,045
Green Brick Partners, Inc. (a)
 
7,011
261,300
Helen of Troy Ltd. (a)
 
6,240
626,122
Hovnanian Enterprises, Inc. Class A (a)
 
1,183
87,270
Installed Building Products, Inc.
 
6,084
756,059
iRobot Corp. (a)(b)
 
7,117
279,912
KB Home
 
21,150
926,793
La-Z-Boy, Inc.
 
11,198
321,719
Leggett & Platt, Inc.
 
34,304
1,108,362
LGI Homes, Inc. (a)(b)
 
5,313
631,184
Lovesac (a)(b)
 
4,049
106,448
M.D.C. Holdings, Inc.
 
15,041
616,230
M/I Homes, Inc. (a)
 
7,101
480,312
Meritage Homes Corp.
 
9,466
1,212,121
Mohawk Industries, Inc. (a)
 
13,677
1,448,394
Newell Brands, Inc.
 
97,548
1,185,208
Purple Innovation, Inc.
 
16,686
49,557
Skyline Champion Corp. (a)
 
13,746
1,019,541
Sonos, Inc. (a)(b)
 
33,037
698,402
Taylor Morrison Home Corp. (a)
 
28,033
1,207,942
Tempur Sealy International, Inc.
 
44,136
1,653,776
Toll Brothers, Inc.
 
26,592
1,699,495
TopBuild Corp. (a)
 
8,281
1,867,200
Traeger, Inc. (a)(b)
 
13,890
42,226
TRI Pointe Homes, Inc. (a)
 
26,100
748,548
Tupperware Brands Corp. (a)
 
9,369
11,711
Universal Electronics, Inc. (a)
 
3,035
30,502
Vizio Holding Corp. (a)(b)
 
14,416
123,545
Vuzix Corp. (a)(b)
 
15,573
62,603
Whirlpool Corp.
 
14,114
1,970,173
ZAGG, Inc. rights (a)(c)
 
4,373
0
 
 
 
22,918,166
Leisure Products - 0.8%
 
 
 
Acushnet Holdings Corp. (b)
 
8,408
421,493
AMMO, Inc. (a)(b)
 
22,092
43,521
Brunswick Corp.
 
18,788
1,593,035
Clarus Corp.
 
7,643
74,366
Hasbro, Inc.
 
33,659
1,993,286
JAKKS Pacific, Inc. (a)
 
1,620
36,288
Johnson Outdoors, Inc. Class A
 
1,486
86,188
Latham Group, Inc. (a)
 
10,284
24,784
Malibu Boats, Inc. Class A (a)
 
5,344
303,272
MasterCraft Boat Holdings, Inc. (a)
 
4,649
136,076
Mattel, Inc. (a)
 
91,885
1,653,930
Peloton Interactive, Inc. Class A (a)
 
84,822
753,219
Polaris, Inc.
 
14,127
1,534,899
Smith & Wesson Brands, Inc.
 
11,744
141,163
Solo Brands, Inc. Class A (a)
 
5,338
42,651
Sturm, Ruger & Co., Inc.
 
4,564
262,704
Topgolf Callaway Brands Corp. (a)(b)
 
35,931
796,590
Vista Outdoor, Inc. (a)
 
14,793
356,511
YETI Holdings, Inc. (a)
 
22,371
882,536
 
 
 
11,136,512
Specialty Retail - 3.0%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)
 
7,009
64,553
Abercrombie & Fitch Co. Class A (a)
 
12,760
300,370
Academy Sports & Outdoors, Inc. (b)
 
20,180
1,281,834
Advance Auto Parts, Inc.
 
15,356
1,927,639
America's Car Mart, Inc. (a)(b)
 
1,459
117,289
American Eagle Outfitters, Inc.
 
45,202
605,255
Arhaus, Inc. (a)(b)
 
5,568
44,655
Arko Corp.
 
18,828
157,402
Asbury Automotive Group, Inc. (a)
 
5,738
1,110,073
AutoNation, Inc. (a)
 
8,865
1,167,521
BARK, Inc. (a)(b)
 
25,383
27,921
Bath & Body Works, Inc.
 
59,187
2,077,464
Big 5 Sporting Goods Corp.
 
5,489
43,253
Boot Barn Holdings, Inc. (a)
 
7,785
564,179
Build-A-Bear Workshop, Inc.
 
3,485
80,852
Caleres, Inc.
 
9,096
207,389
Camping World Holdings, Inc.
 
10,470
234,423
CarParts.com, Inc. (a)
 
12,667
60,042
Carvana Co. Class A (a)(b)
 
26,113
181,224
Chewy, Inc. (a)(b)
 
24,163
749,295
Chico's FAS, Inc. (a)
 
31,601
159,269
Citi Trends, Inc. (a)
 
2,045
35,297
Designer Brands, Inc. Class A
 
12,600
103,194
Destination XL Group, Inc. (a)
 
15,458
67,861
Dick's Sporting Goods, Inc.
 
15,503
2,248,090
EVgo, Inc. Class A (a)(b)
 
17,425
104,376
Five Below, Inc. (a)(b)
 
14,380
2,838,037
Floor & Decor Holdings, Inc. Class A (a)(b)
 
27,495
2,731,353
Foot Locker, Inc. (b)
 
20,563
863,440
Franchise Group, Inc.
 
6,970
203,873
GameStop Corp. Class A (b)
 
65,523
1,263,939
Gap, Inc.
 
54,952
527,539
Genesco, Inc. (a)
 
3,101
107,481
Group 1 Automotive, Inc.
 
3,777
847,861
GrowGeneration Corp. (a)(b)
 
14,933
51,071
Guess?, Inc. (b)
 
8,008
150,951
Haverty Furniture Companies, Inc.
 
3,365
101,421
Hibbett, Inc.
 
3,240
176,029
Lands' End, Inc. (a)(b)
 
3,720
26,672
Lazydays Holdings, Inc. (a)(b)
 
2,200
26,070
Leslie's, Inc. (a)(b)
 
38,217
414,654
Lithia Motors, Inc. Class A (sub. vtg.)
 
7,088
1,565,668
LL Flooring Holdings, Inc. (a)
 
7,543
24,816
MarineMax, Inc. (a)
 
5,871
170,964
Monro, Inc. (b)
 
8,132
397,492
Murphy U.S.A., Inc.
 
5,166
1,421,838
National Vision Holdings, Inc. (a)
 
20,645
434,371
OneWater Marine, Inc. Class A (a)(b)
 
2,957
78,065
Overstock.com, Inc. (a)
 
11,937
243,037
Penske Automotive Group, Inc. (b)
 
6,459
895,088
Petco Health & Wellness Co., Inc. (a)(b)
 
20,265
201,839
PetMed Express, Inc. (b)
 
5,339
82,060
Rent the Runway, Inc. Class A (a)(b)
 
10,597
27,658
Revolve Group, Inc. (a)(b)
 
10,782
222,648
RH (a)
 
4,833
1,233,043
Sally Beauty Holdings, Inc. (a)
 
27,885
396,804
Shoe Carnival, Inc. (b)
 
4,303
100,045
Signet Jewelers Ltd.
 
11,834
870,746
Sleep Number Corp. (a)(b)
 
5,842
131,737
Sonic Automotive, Inc. Class A (sub. vtg.) (b)
 
4,322
192,415
Sportsman's Warehouse Holdings, Inc. (a)
 
9,678
60,197
Stitch Fix, Inc. (a)(b)
 
19,203
65,482
The Aaron's Co., Inc.
 
8,360
111,606
The Buckle, Inc.
 
7,565
253,654
The Cato Corp. Class A (sub. vtg.)
 
4,118
33,974
The Children's Place, Inc. (a)(b)
 
3,253
96,419
The Container Store Group, Inc. (a)
 
8,196
25,326
The ODP Corp. (a)
 
10,465
452,193
The RealReal, Inc. (a)(b)
 
24,065
26,953
thredUP, Inc. (a)
 
19,232
50,772
Tilly's, Inc. (a)(b)
 
5,945
44,647
TravelCenters of America LLC (a)
 
3,254
280,267
Upbound Group, Inc.
 
13,066
348,340
Urban Outfitters, Inc. (a)(b)
 
15,550
420,783
Victoria's Secret & Co. (a)
 
21,060
653,071
Vroom, Inc. (a)(b)
 
33,162
26,825
Warby Parker, Inc. (a)
 
16,236
170,965
Wayfair LLC Class A (a)(b)
 
20,051
698,376
Williams-Sonoma, Inc. (b)
 
17,262
2,089,392
Winmark Corp.
 
699
233,410
Zumiez, Inc. (a)(b)
 
3,888
67,982
 
 
 
38,952,079
Textiles, Apparel & Luxury Goods - 1.7%
 
 
 
Allbirds, Inc. Class A (a)(b)
 
24,306
30,383
Capri Holdings Ltd. (a)
 
32,524
1,349,746
Carter's, Inc. (b)
 
9,914
691,700
Columbia Sportswear Co.
 
9,178
766,730
Crocs, Inc. (a)
 
15,994
1,977,978
Deckers Outdoor Corp. (a)
 
6,827
3,272,454
Fossil Group, Inc. (a)
 
11,335
38,086
G-III Apparel Group Ltd. (a)
 
11,117
174,537
Hanesbrands, Inc. (b)
 
90,831
475,954
Kontoor Brands, Inc. (b)
 
12,803
578,312
Levi Strauss & Co. Class A
 
24,858
359,447
Movado Group, Inc.
 
4,138
106,016
Oxford Industries, Inc.
 
3,853
397,591
PVH Corp.
 
16,366
1,404,366
Ralph Lauren Corp.
 
10,655
1,223,087
Samsonite International SA (a)(d)
 
373,200
1,182,613
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
34,766
1,849,204
Steven Madden Ltd.
 
19,052
667,582
Tapestry, Inc.
 
61,062
2,491,940
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
47,065
417,467
 Class C (non-vtg.) (a)
 
51,302
412,468
Unifi, Inc. (a)
 
3,471
30,475
VF Corp.
 
85,656
2,013,773
Wolverine World Wide, Inc.
 
20,218
338,449
 
 
 
22,250,358
TOTAL CONSUMER DISCRETIONARY
 
 
178,338,087
CONSUMER STAPLES - 3.8%
 
 
 
Beverages - 0.5%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
2,446
776,629
Celsius Holdings, Inc. (a)(b)
 
10,468
1,000,427
Coca-Cola Bottling Co. Consolidated
 
1,194
703,815
Duckhorn Portfolio, Inc. (a)
 
11,214
169,331
MGP Ingredients, Inc.
 
3,973
392,056
Molson Coors Beverage Co. Class B
 
48,666
2,894,654
National Beverage Corp. (a)(b)
 
5,999
298,150
The Vita Coco Co., Inc. (a)
 
6,145
133,039
 
 
 
6,368,101
Consumer Staples Distribution & Retail - 1.1%
 
 
 
Albertsons Companies, Inc.
 
41,518
867,726
Andersons, Inc.
 
8,054
360,014
BJ's Wholesale Club Holdings, Inc. (a)(b)
 
34,818
2,659,051
Blue Apron Holdings, Inc.:
 
 
 
 warrants 11/4/28 (a)
 
2,335
1
 warrants 11/4/28 (a)
 
2,335
0
 warrants 11/4/28 (a)
 
2,335
0
Casey's General Stores, Inc.
 
9,644
2,206,740
Chefs' Warehouse Holdings (a)
 
8,817
293,253
Grocery Outlet Holding Corp. (a)(b)
 
23,030
685,833
Ingles Markets, Inc. Class A
 
3,691
339,720
Performance Food Group Co. (a)
 
40,394
2,532,300
PriceSmart, Inc.
 
6,513
479,878
Rite Aid Corp. (a)(b)
 
13,655
28,676
SpartanNash Co.
 
9,238
226,516
Sprouts Farmers Market LLC (a)
 
27,433
950,828
U.S. Foods Holding Corp. (a)
 
53,006
2,035,430
United Natural Foods, Inc. (a)
 
15,527
423,421
Weis Markets, Inc.
 
4,311
355,614
 
 
 
14,445,001
Food Products - 1.4%
 
 
 
Alico, Inc.
 
1,143
26,929
B&G Foods, Inc. Class A
 
18,580
298,023
Benson Hill, Inc. (a)
 
32,203
34,135
Beyond Meat, Inc. (a)(b)
 
15,650
211,901
BRC, Inc. Class A (a)(b)
 
9,835
51,240
Cal-Maine Foods, Inc.
 
9,841
467,448
Calavo Growers, Inc.
 
4,746
151,682
Campbell Soup Co.
 
51,934
2,820,016
Darling Ingredients, Inc. (a)
 
41,534
2,474,180
Flowers Foods, Inc. (b)
 
49,695
1,367,109
Fresh Del Monte Produce, Inc.
 
8,006
229,852
Freshpet, Inc. (a)(b)
 
12,461
859,435
Hostess Brands, Inc. Class A (a)
 
34,675
893,228
Ingredion, Inc.
 
16,979
1,802,660
J&J Snack Foods Corp.
 
3,879
594,263
John B. Sanfilippo & Son, Inc.
 
2,329
242,100
Lancaster Colony Corp.
 
5,138
1,074,459
Lifecore Biomedical (a)(b)
 
6,797
28,887
Mission Produce, Inc. (a)
 
10,560
120,278
Pilgrim's Pride Corp. (a)
 
11,521
262,794
Post Holdings, Inc. (a)
 
13,869
1,255,006
Seaboard Corp.
 
67
264,052
Seneca Foods Corp. Class A (a)
 
1,337
63,641
Sovos Brands, Inc. (a)
 
9,912
169,991
The Hain Celestial Group, Inc. (a)
 
23,218
416,299
The Simply Good Foods Co. (a)
 
21,945
798,140
Tootsie Roll Industries, Inc.
 
4,820
197,042
TreeHouse Foods, Inc. (a)
 
12,998
692,144
Utz Brands, Inc. Class A
 
17,394
328,921
Vital Farms, Inc. (a)
 
7,309
94,140
Westrock Coffee Holdings
 
3,129
38,268
Whole Earth Brands, Inc. Class A (a)
 
9,100
21,840
 
 
 
18,350,103
Household Products - 0.2%
 
 
 
Central Garden & Pet Co. (a)
 
2,318
85,395
Central Garden & Pet Co. Class A (non-vtg.) (a)
 
10,880
384,390
Energizer Holdings, Inc.
 
17,174
574,127
Reynolds Consumer Products, Inc.
 
14,030
393,261
Spectrum Brands Holdings, Inc.
 
10,616
705,964
WD-40 Co. (b)
 
3,514
669,066
 
 
 
2,812,203
Personal Care Products - 0.5%
 
 
 
BellRing Brands, Inc. (a)
 
34,529
1,242,699
Coty, Inc. Class A (a)
 
94,789
1,125,145
Edgewell Personal Care Co.
 
13,316
581,510
elf Beauty, Inc. (a)
 
13,105
1,215,620
Herbalife Ltd. (a)
 
25,648
381,129
Inter Parfums, Inc.
 
4,619
701,118
MediFast, Inc. (b)
 
2,797
256,345
Nu Skin Enterprises, Inc. Class A
 
12,818
505,798
The Beauty Health Co. (a)(b)
 
24,004
275,086
The Honest Co., Inc. (a)
 
14,318
23,768
USANA Health Sciences, Inc. (a)
 
2,920
193,800
 
 
 
6,502,018
Tobacco - 0.1%
 
 
 
22nd Century Group, Inc. (a)(b)
 
52,309
37,160
Turning Point Brands, Inc.
 
3,826
91,021
Universal Corp.
 
6,362
349,210
Vector Group Ltd.
 
33,609
428,179
 
 
 
905,570
TOTAL CONSUMER STAPLES
 
 
49,382,996
ENERGY - 4.7%
 
 
 
Energy Equipment & Services - 1.2%
 
 
 
Archrock, Inc.
 
34,924
359,368
Bristow Group, Inc. (a)
 
6,271
140,282
Cactus, Inc.
 
16,556
670,187
Championx Corp.
 
51,443
1,393,076
Core Laboratories NV
 
12,074
271,786
Diamond Offshore Drilling, Inc. (a)
 
26,281
301,969
DMC Global, Inc. (a)
 
4,613
87,370
Dril-Quip, Inc. (a)
 
8,939
243,856
Expro Group Holdings NV (a)
 
17,580
349,666
Helix Energy Solutions Group, Inc. (a)
 
36,881
267,387
Helmerich & Payne, Inc.
 
27,079
897,940
Liberty Oilfield Services, Inc. Class A
 
38,658
495,209
Nabors Industries Ltd. (a)
 
2,286
228,006
Newpark Resources, Inc. (a)
 
22,454
89,816
Nextier Oilfield Solutions, Inc. (a)
 
40,908
330,537
Noble Corp. PLC
 
25,430
977,784
NOV, Inc.
 
101,736
1,704,078
Oceaneering International, Inc. (a)
 
25,949
460,076
Oil States International, Inc. (a)
 
15,993
112,591
Patterson-UTI Energy, Inc.
 
56,225
629,158
ProFrac Holding Corp.
 
8,482
94,998
ProPetro Holding Corp. (a)
 
25,171
174,687
RPC, Inc.
 
20,975
155,005
Select Energy Services, Inc. Class A
 
21,832
162,212
Solaris Oilfield Infrastructure, Inc. Class A
 
9,067
69,635
TechnipFMC PLC (a)
 
115,509
1,581,318
TETRA Technologies, Inc. (a)
 
30,624
87,278
Tidewater, Inc. (a)
 
13,057
587,957
Transocean Ltd. (United States) (a)(b)
 
172,049
1,015,089
U.S. Silica Holdings, Inc. (a)
 
19,592
255,676
Valaris Ltd. (a)
 
15,584
935,040
Weatherford International PLC (a)
 
16,675
1,077,705
 
 
 
16,206,742
Oil, Gas & Consumable Fuels - 3.5%
 
 
 
Alto Ingredients, Inc. (a)
 
16,182
21,198
Amplify Energy Corp. (a)(b)
 
9,847
68,043
Antero Midstream GP LP
 
86,141
926,877
Antero Resources Corp. (a)
 
71,580
1,645,624
APA Corp.
 
83,288
3,069,163
Arch Resources, Inc.
 
4,689
573,230
Ardmore Shipping Corp.
 
9,440
138,674
Berry Corp.
 
16,883
128,986
California Resources Corp.
 
19,024
770,472
Callon Petroleum Co. (a)
 
13,332
441,822
Centrus Energy Corp. Class A (a)
 
3,016
88,369
Chesapeake Energy Corp.
 
27,754
2,294,701
Chord Energy Corp.
 
10,774
1,533,463
Civitas Resources, Inc. (b)
 
13,449
928,653
Clean Energy Fuels Corp. (a)
 
44,871
191,599
CNX Resources Corp. (a)
 
43,910
681,922
Comstock Resources, Inc. (b)
 
23,824
273,976
CONSOL Energy, Inc.
 
8,460
502,016
Crescent Energy, Inc. Class A (b)
 
10,028
116,525
CVR Energy, Inc.
 
7,699
202,792
Delek U.S. Holdings, Inc.
 
18,091
393,479
Denbury, Inc. (a)
 
12,878
1,202,548
Dorian LPG Ltd.
 
8,237
183,026
DT Midstream, Inc.
 
24,999
1,231,701
Earthstone Energy, Inc. (a)(b)
 
9,753
132,251
Enviva, Inc.
 
8,035
172,753
EQT Corp.
 
95,097
3,313,179
Equitrans Midstream Corp.
 
112,373
578,721
Evolution Petroleum Corp.
 
7,865
51,830
Excelerate Energy, Inc.
 
4,494
96,621
Gevo, Inc. (a)(b)
 
63,829
74,042
Green Plains, Inc. (a)(b)
 
15,360
524,851
Gulfport Energy Corp. (a)(b)
 
2,992
270,656
Hallador Energy Co. (a)
 
6,306
50,700
HF Sinclair Corp.
 
34,860
1,537,675
International Seaways, Inc.
 
10,417
414,805
Kinetik Holdings, Inc.
 
5,647
173,928
Kosmos Energy Ltd. (a)
 
118,139
756,090
Magnolia Oil & Gas Corp. Class A
 
43,264
913,736
Matador Resources Co.
 
29,095
1,426,528
Murphy Oil Corp.
 
37,853
1,389,584
National Energy Services Reunited Corp. (a)
 
12,918
39,400
New Fortress Energy, Inc.
 
12,445
376,959
Nextdecade Corp. (a)(b)
 
14,129
88,024
Northern Oil & Gas, Inc.
 
19,181
636,234
Overseas Shipholding Group, Inc. (a)
 
16,895
64,877
Par Pacific Holdings, Inc. (a)
 
14,580
341,609
PBF Energy, Inc. Class A
 
29,638
1,033,181
PDC Energy, Inc.
 
23,880
1,553,394
Peabody Energy Corp. (b)
 
30,197
725,332
Permian Resource Corp. Class A
 
60,550
632,748
Range Resources Corp. (b)
 
62,611
1,656,061
Ranger Oil Corp.
 
5,008
206,330
Rex American Resources Corp. (a)
 
3,828
108,294
Riley Exploration Permian, Inc.
 
1,030
43,270
Ring Energy, Inc. (a)(b)
 
23,821
43,116
SandRidge Energy, Inc. (a)
 
8,493
120,346
Scorpio Tankers, Inc.
 
14,163
740,017
SilverBow Resources, Inc. (a)
 
3,643
86,886
Sitio Royalties Corp.
 
19,256
488,910
SM Energy Co.
 
31,837
893,983
Southwestern Energy Co. (a)
 
286,145
1,485,093
Talos Energy, Inc. (a)
 
16,657
227,035
Teekay Corp. (a)
 
17,590
99,384
Teekay Tankers Ltd. (a)
 
6,080
246,179
Tellurian, Inc. (a)(b)
 
136,536
193,881
Texas Pacific Land Corp. (b)
 
1,597
2,359,807
Uranium Energy Corp. (a)(b)
 
96,337
251,440
VAALCO Energy, Inc.
 
28,291
121,085
Vertex Energy, Inc. (a)(b)
 
15,881
125,460
Vital Energy, Inc. (a)(b)
 
4,325
201,242
Vitesse Energy, Inc. (b)
 
5,469
100,630
W&T Offshore, Inc. (a)
 
23,720
103,656
World Fuel Services Corp.
 
16,018
378,666
 
 
 
45,259,338
TOTAL ENERGY
 
 
61,466,080
FINANCIALS - 15.5%
 
 
 
Banks - 5.6%
 
 
 
1st Source Corp.
 
4,302
179,307
Amalgamated Financial Corp.
 
4,650
75,702
Amerant Bancorp, Inc. Class A
 
6,466
120,268
Ameris Bancorp
 
16,767
561,695
Associated Banc-Corp.
 
38,986
695,120
Atlantic Union Bankshares Corp.
 
19,475
557,375
Axos Financial, Inc. (a)
 
13,851
563,320
Banc of California, Inc.
 
14,449
163,996
BancFirst Corp.
 
4,555
363,899
Bancorp, Inc., Delaware (a)
 
14,526
463,525
Bank First National Corp.
 
1,828
125,017
Bank of Hawaii Corp. (b)
 
10,340
500,766
Bank of Marin Bancorp
 
3,579
63,098
Bank OZK
 
28,560
1,020,163
BankUnited, Inc.
 
19,653
443,175
Banner Corp.
 
8,811
439,845
Berkshire Hills Bancorp, Inc.
 
11,575
246,200
BOK Financial Corp.
 
7,451
624,915
Bridgewater Bancshares, Inc. (a)
 
5,426
53,989
Brookline Bancorp, Inc., Delaware
 
22,824
217,741
Business First Bancshares, Inc.
 
6,164
95,049
Byline Bancorp, Inc.
 
5,900
114,165
Cadence Bank
 
47,303
956,467
Cambridge Bancorp
 
2,045
105,624
Camden National Corp.
 
3,816
121,921
Capitol Federal Financial, Inc.
 
32,096
198,995
Cathay General Bancorp
 
18,876
601,578
Central Pacific Financial Corp.
 
7,075
112,351
City Holding Co.
 
3,826
348,893
CNB Financial Corp., Pennsylvania
 
5,259
98,659
Coastal Financial Corp. of Washington (a)
 
2,704
98,020
Columbia Banking Systems, Inc.
 
53,918
1,151,688
Columbia Financial, Inc. (a)(b)
 
8,413
141,170
Comerica, Inc.
 
33,946
1,472,238
Commerce Bancshares, Inc.
 
29,470
1,645,900
Community Bank System, Inc.
 
13,949
696,892
Community Trust Bancorp, Inc.
 
3,839
138,242
ConnectOne Bancorp, Inc.
 
9,145
144,308
CrossFirst Bankshares, Inc. (a)
 
10,653
106,850
Cullen/Frost Bankers, Inc.
 
16,673
1,838,198
Customers Bancorp, Inc. (a)
 
8,066
176,161
CVB Financial Corp.
 
34,198
511,944
Dime Community Bancshares, Inc.
 
8,508
175,265
Eagle Bancorp, Inc.
 
7,990
200,549
East West Bancorp, Inc.
 
36,535
1,888,494
Eastern Bankshares, Inc.
 
41,603
484,675
Enterprise Financial Services Corp.
 
9,654
412,805
Equity Bancshares, Inc.
 
3,773
88,854
Esquire Financial Holdings, Inc.
 
1,793
69,317
Farmers National Banc Corp.
 
8,433
98,582
FB Financial Corp.
 
8,930
262,810
First Bancorp, North Carolina
 
10,569
325,314
First Bancorp, Puerto Rico
 
47,571
558,959
First Bancshares, Inc.
 
7,292
183,029
First Busey Corp.
 
13,483
245,121
First Citizens Bancshares, Inc.
 
3,077
3,099,093
First Commonwealth Financial Corp.
 
26,774
334,140
First Financial Bancorp, Ohio
 
24,581
508,827
First Financial Bankshares, Inc.
 
33,663
984,979
First Financial Corp., Indiana
 
2,916
100,748
First Foundation, Inc.
 
12,569
79,059
First Hawaiian, Inc.
 
33,051
631,605
First Horizon National Corp.
 
138,971
2,438,941
First Interstate Bancsystem, Inc.
 
23,019
589,056
First Merchants Corp.
 
15,441
450,568
First of Long Island Corp.
 
5,690
66,573
First Republic Bank (b)
 
48,180
169,112
Flushing Financial Corp.
 
7,023
84,487
FNB Corp., Pennsylvania
 
93,315
1,071,256
Fulton Financial Corp.
 
43,546
519,504
German American Bancorp, Inc.
 
7,060
205,234
Glacier Bancorp, Inc.
 
28,725
954,532
Great Southern Bancorp, Inc.
 
2,440
124,147
Hancock Whitney Corp.
 
22,215
811,292
Hanmi Financial Corp.
 
8,024
129,668
HarborOne Bancorp, Inc.
 
10,867
116,820
Heartland Financial U.S.A., Inc.
 
9,817
319,642
Heritage Commerce Corp.
 
15,587
132,490
Heritage Financial Corp., Washington
 
9,216
162,294
Hilltop Holdings, Inc.
 
11,776
365,292
Hingham Institution for Savings
 
364
70,820
Home Bancshares, Inc.
 
48,981
1,066,316
HomeStreet, Inc.
 
4,381
42,759
HomeTrust Bancshares, Inc.
 
3,765
78,576
Hope Bancorp, Inc.
 
30,837
280,617
Horizon Bancorp, Inc. Indiana
 
10,419
109,712
Independent Bank Corp.
 
5,187
92,432
Independent Bank Corp.
 
11,844
663,264
Independent Bank Group, Inc.
 
9,140
332,513
International Bancshares Corp.
 
13,648
582,360
Kearny Financial Corp.
 
18,123
141,178
Lakeland Bancorp, Inc.
 
17,009
243,909
Lakeland Financial Corp.
 
6,586
333,713
Live Oak Bancshares, Inc.
 
8,543
201,273
Mercantile Bank Corp.
 
3,900
109,434
Metropolitan Bank Holding Corp. (a)
 
2,719
87,253
Midland States Bancorp, Inc.
 
5,966
119,320
National Bank Holdings Corp.
 
9,627
306,139
NBT Bancorp, Inc.
 
11,202
361,152
New York Community Bancorp, Inc.
 
176,511
1,886,903
Nicolet Bankshares, Inc. (a)
 
3,507
200,986
Northfield Bancorp, Inc.
 
10,372
108,076
Northwest Bancshares, Inc.
 
33,036
386,191
OceanFirst Financial Corp.
 
15,507
248,112
OFG Bancorp
 
12,160
310,931
Old National Bancorp, Indiana
 
75,935
1,018,288
Old Second Bancorp, Inc.
 
10,449
128,418
Origin Bancorp, Inc.
 
7,441
218,989
Pacific Premier Bancorp, Inc.
 
24,714
549,639
PacWest Bancorp
 
30,657
311,169
Park National Corp.
 
3,754
406,633
Pathward Financial, Inc.
 
7,075
315,050
Peapack-Gladstone Financial Corp.
 
3,969
105,417
Peoples Bancorp, Inc.
 
7,345
191,411
Pinnacle Financial Partners, Inc.
 
19,845
1,076,194
Popular, Inc.
 
18,640
1,118,586
Preferred Bank, Los Angeles
 
3,476
167,126
Premier Financial Corp.
 
9,490
157,629
Prosperity Bancshares, Inc.
 
23,645
1,480,650
Provident Bancorp, Inc. (b)
 
3,925
26,808
Provident Financial Services, Inc.
 
19,607
342,730
QCR Holdings, Inc.
 
4,325
179,055
Renasant Corp.
 
14,552
409,202
S&T Bancorp, Inc.
 
10,115
278,466
Sandy Spring Bancorp, Inc.
 
11,419
256,699
Seacoast Banking Corp., Florida
 
21,730
482,189
ServisFirst Bancshares, Inc.
 
12,692
640,946
Simmons First National Corp. Class A
 
33,018
551,731
Southern Missouri Bancorp, Inc.
 
2,481
90,011
Southside Bancshares, Inc.
 
7,744
245,717
Southstate Corp.
 
19,630
1,354,077
Stellar Bancorp, Inc.
 
11,705
268,513
Stock Yards Bancorp, Inc.
 
7,493
364,160
Synovus Financial Corp.
 
37,721
1,161,807
Texas Capital Bancshares, Inc. (a)
 
12,428
624,507
Tompkins Financial Corp.
 
3,270
191,687
TowneBank
 
17,599
416,920
Trico Bancshares
 
8,658
310,043
Triumph Bancorp, Inc. (a)
 
5,782
300,433
Trustco Bank Corp., New York
 
4,920
146,813
Trustmark Corp.
 
15,801
377,486
UMB Financial Corp.
 
11,280
717,521
United Bankshares, Inc., West Virginia
 
34,769
1,151,897
United Community Bank, Inc.
 
29,788
741,721
Univest Corp. of Pennsylvania
 
7,672
154,361
Valley National Bancorp
 
109,116
1,023,508
Veritex Holdings, Inc.
 
13,899
239,202
Washington Federal, Inc.
 
16,979
476,091
Washington Trust Bancorp, Inc.
 
4,378
123,066
Webster Financial Corp.
 
45,104
1,682,379
WesBanco, Inc.
 
15,330
408,085
Westamerica Bancorp.
 
7,104
287,783
Western Alliance Bancorp.
 
28,219
1,047,489
Wintrust Financial Corp.
 
15,757
1,077,306
WSFS Financial Corp.
 
15,970
561,665
Zions Bancorp NA
 
38,784
1,080,522
 
 
 
73,199,296
Capital Markets - 3.0%
 
 
 
Affiliated Managers Group, Inc.
 
9,754
1,408,283
Ares Management Corp.
 
40,401
3,538,724
Artisan Partners Asset Management, Inc.
 
17,531
607,800
Assetmark Financial Holdings, Inc. (a)
 
5,606
171,992
Avantax, Inc. (a)
 
10,257
260,220
B. Riley Financial, Inc.
 
4,270
134,505
Bakkt Holdings, Inc. Class A (a)(b)
 
18,370
24,800
BGC Partners, Inc. Class A
 
84,073
380,851
Blue Owl Capital, Inc. Class A (b)
 
92,281
1,039,084
Bridge Investment Group Holdings, Inc.
 
7,923
79,151
BrightSphere Investment Group, Inc.
 
8,301
187,437
Carlyle Group LP
 
56,636
1,717,770
Cohen & Steers, Inc.
 
6,532
392,312
Coinbase Global, Inc. (a)(b)
 
41,245
2,218,569
Diamond Hill Investment Group, Inc.
 
797
129,210
Donnelley Financial Solutions, Inc. (a)
 
6,564
283,893
Evercore, Inc. Class A
 
9,254
1,055,604
Federated Hermes, Inc.
 
21,837
903,833
Focus Financial Partners, Inc. Class A (a)
 
14,996
778,892
Franklin Resources, Inc.
 
73,820
1,984,282
Galaxy Digital Holdings Ltd. (a)(b)
 
26,698
98,528
GCM Grosvenor, Inc. Class A
 
11,384
91,869
Hamilton Lane, Inc. Class A
 
9,218
679,182
Houlihan Lokey
 
13,072
1,194,519
Interactive Brokers Group, Inc.
 
26,646
2,074,391
Invesco Ltd.
 
117,806
2,018,017
Janus Henderson Group PLC
 
34,340
891,123
Jefferies Financial Group, Inc.
 
46,841
1,500,317
Lazard Ltd. Class A
 
29,200
913,960
Moelis & Co. Class A
 
16,573
627,785
Morningstar, Inc.
 
6,481
1,155,627
Open Lending Corp. (a)
 
27,625
194,204
Oppenheimer Holdings, Inc. Class A (non-vtg.)
 
1,829
68,386
P10, Inc.
 
9,426
97,371
Perella Weinberg Partners Class A
 
10,686
84,419
Piper Jaffray Companies
 
3,583
485,282
PJT Partners, Inc.
 
6,328
435,177
Robinhood Markets, Inc. (a)(b)
 
132,784
1,175,138
SEI Investments Co.
 
26,341
1,551,748
StepStone Group, Inc. Class A
 
12,792
281,808
Stifel Financial Corp.
 
27,295
1,636,881
StoneX Group, Inc. (a)
 
4,540
445,238
TPG, Inc. (b)
 
13,234
383,389
Tradeweb Markets, Inc. Class A
 
28,776
2,026,118
Victory Capital Holdings, Inc.
 
7,020
214,391
Virtu Financial, Inc. Class A
 
24,015
481,501
Virtus Investment Partners, Inc.
 
1,774
323,241
WisdomTree Investments, Inc.
 
28,438
177,453
 
 
 
38,604,275
Consumer Finance - 0.8%
 
 
 
Ally Financial, Inc.
 
77,579
2,046,534
Bread Financial Holdings, Inc.
 
13,022
359,407
Credit Acceptance Corp. (a)(b)
 
1,564
765,578
Encore Capital Group, Inc. (a)
 
6,079
312,339
Enova International, Inc. (a)
 
8,040
353,117
EZCORP, Inc. (non-vtg.) Class A (a)(b)
 
13,500
116,235
FirstCash Holdings, Inc.
 
9,691
998,464
Green Dot Corp. Class A (a)
 
12,203
209,770
LendingClub Corp. (a)
 
28,459
204,336
LendingTree, Inc. (a)
 
2,694
64,198
Navient Corp.
 
25,863
427,774
Nelnet, Inc. Class A
 
4,581
441,150
NerdWallet, Inc. (a)
 
8,051
109,252
OneMain Holdings, Inc.
 
31,276
1,200,060
Oportun Financial Corp. (a)(b)
 
6,935
28,225
PRA Group, Inc. (a)
 
10,198
369,881
PROG Holdings, Inc. (a)
 
13,032
393,957
SLM Corp.
 
62,144
933,403
SoFi Technologies, Inc. (a)(b)
 
212,979
1,326,859
Upstart Holdings, Inc. (a)(b)
 
18,409
255,885
World Acceptance Corp. (a)(b)
 
915
92,324
 
 
 
11,008,748
Financial Services - 1.8%
 
 
 
A-Mark Precious Metals, Inc.
 
4,780
171,124
Affirm Holdings, Inc. (a)(b)
 
55,187
544,144
AvidXchange Holdings, Inc. (a)
 
34,588
256,989
Cannae Holdings, Inc. (a)
 
18,868
344,152
Cantaloupe, Inc. (a)
 
15,278
84,182
Cass Information Systems, Inc.
 
3,312
121,153
Enact Holdings, Inc.
 
7,463
180,157
Equitable Holdings, Inc.
 
89,194
2,318,152
Essent Group Ltd. (b)
 
27,845
1,182,577
Euronet Worldwide, Inc. (a)
 
12,207
1,351,803
EVERTEC, Inc.
 
16,947
587,891
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
2,376
316,697
Flywire Corp. (a)
 
16,243
473,808
i3 Verticals, Inc. Class A (a)
 
5,901
137,198
International Money Express, Inc. (a)
 
8,626
222,378
Jackson Financial, Inc.
 
15,318
551,601
Marqeta, Inc. Class A (a)
 
114,182
462,437
Merchants Bancorp
 
6,498
150,754
MGIC Investment Corp.
 
75,961
1,129,540
MoneyGram International, Inc. (a)
 
24,946
253,451
Mr. Cooper Group, Inc. (a)
 
18,009
833,817
NMI Holdings, Inc. (a)
 
21,520
503,568
Paymentus Holdings, Inc. (a)(b)
 
4,630
38,105
Payoneer Global, Inc. (a)
 
51,805
282,855
PennyMac Financial Services, Inc.
 
7,742
483,798
Radian Group, Inc. (b)
 
40,628
986,042
Remitly Global, Inc. (a)
 
25,191
423,209
Repay Holdings Corp. (a)
 
20,225
126,811
Rocket Companies, Inc. (a)(b)
 
32,079
285,824
Shift4 Payments, Inc. (a)
 
13,742
931,295
TFS Financial Corp. (b)
 
12,239
147,358
The Western Union Co.
 
97,186
1,062,243
Toast, Inc. (a)
 
80,603
1,466,975
UWM Holdings Corp. Class A (b)
 
24,610
147,660
Voya Financial, Inc.
 
25,120
1,921,178
Walker & Dunlop, Inc.
 
8,006
538,884
WEX, Inc. (a)
 
11,288
2,001,927
 
 
 
23,021,737
Insurance - 3.3%
 
 
 
AMBAC Financial Group, Inc. (a)
 
11,450
182,628
American Equity Investment Life Holding Co.
 
17,980
692,949
American Financial Group, Inc.
 
18,086
2,219,695
Amerisafe, Inc.
 
5,011
278,862
Argo Group International Holdings, Ltd.
 
9,305
273,660
Assurant, Inc.
 
13,692
1,685,896
Assured Guaranty Ltd.
 
15,507
835,362
Axis Capital Holdings Ltd.
 
19,948
1,127,860
Brighthouse Financial, Inc. (a)
 
17,799
786,716
BRP Group, Inc. (a)
 
15,913
400,848
CNO Financial Group, Inc.
 
29,636
665,032
eHealth, Inc. (a)
 
6,786
40,716
Employers Holdings, Inc.
 
6,955
275,348
Enstar Group Ltd. (a)
 
3,505
843,303
Erie Indemnity Co. Class A
 
6,452
1,402,213
First American Financial Corp.
 
26,811
1,544,582
Genworth Financial, Inc. Class A (a)
 
128,109
744,313
Globe Life, Inc.
 
23,410
2,540,453
Goosehead Insurance (a)(b)
 
5,443
312,973
Hagerty, Inc. Class A (a)(b)
 
8,240
82,482
Hanover Insurance Group, Inc.
 
9,223
1,102,702
HCI Group, Inc. (b)
 
1,704
86,325
Hippo Holdings, Inc. (a)(b)
 
3,829
69,841
Horace Mann Educators Corp.
 
10,618
332,131
James River Group Holdings Ltd.
 
9,896
192,675
Kemper Corp.
 
16,572
806,228
Kinsale Capital Group, Inc.
 
5,619
1,835,783
Lemonade, Inc. (a)(b)
 
12,026
130,362
Lincoln National Corp.
 
39,945
868,005
Loews Corp.
 
50,454
2,904,637
MBIA, Inc. (a)
 
12,287
123,607
Mercury General Corp.
 
6,767
205,784
National Western Life Group, Inc.
 
640
163,187
Old Republic International Corp.
 
71,393
1,804,101
Oscar Health, Inc. (a)
 
29,642
199,491
Palomar Holdings, Inc. (a)
 
6,549
329,153
Primerica, Inc.
 
9,549
1,742,788
ProAssurance Corp.
 
13,916
249,931
Reinsurance Group of America, Inc.
 
17,256
2,455,874
RenaissanceRe Holdings Ltd.
 
11,321
2,438,657
RLI Corp.
 
10,475
1,456,549
Ryan Specialty Group Holdings, Inc. (a)(b)
 
21,524
879,471
Safety Insurance Group, Inc.
 
3,841
280,739
Selective Insurance Group, Inc.
 
15,613
1,504,000
Selectquote, Inc. (a)
 
34,646
36,725
Siriuspoint Ltd. (a)
 
21,681
188,408
Stewart Information Services Corp.
 
7,057
293,924
Trupanion, Inc. (a)(b)
 
9,148
321,186
United Fire Group, Inc.
 
5,516
148,380
Universal Insurance Holdings, Inc.
 
6,912
106,583
Unum Group
 
48,430
2,043,746
White Mountains Insurance Group Ltd.
 
656
939,484
 
 
 
43,176,348
Mortgage Real Estate Investment Trusts - 1.0%
 
 
 
AGNC Investment Corp.
 
149,131
1,477,888
Annaly Capital Management, Inc.
 
121,435
2,426,271
Apollo Commercial Real Estate Finance, Inc.
 
34,038
344,465
Arbor Realty Trust, Inc. (b)
 
44,802
513,879
Ares Commercial Real Estate Corp. (b)
 
13,929
119,929
Armour Residential REIT, Inc.
 
42,693
217,734
Blackstone Mortgage Trust, Inc. (b)
 
44,991
820,636
BrightSpire Capital, Inc.
 
33,899
193,224
Broadmark Realty Capital, Inc.
 
35,170
172,685
Cherry Hill Mortgage Investment Corp. (b)
 
6,171
34,126
Chimera Investment Corp.
 
60,905
345,940
Claros Mortgage Trust, Inc. (b)
 
31,704
379,180
Dynex Capital, Inc.
 
14,304
169,645
Ellington Financial LLC
 
16,597
211,944
Franklin BSP Realty Trust, Inc.
 
21,688
273,919
Granite Point Mortgage Trust, Inc.
 
13,175
58,892
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)
 
23,055
654,301
Invesco Mortgage Capital, Inc. (b)
 
9,617
102,036
KKR Real Estate Finance Trust, Inc.
 
15,361
164,977
Ladder Capital Corp. Class A
 
29,620
276,947
MFA Financial, Inc.
 
23,668
253,011
New York Mortgage Trust, Inc.
 
24,181
248,581
Orchid Island Capital, Inc.
 
9,477
101,404
PennyMac Mortgage Investment Trust
 
23,203
288,413
Ready Capital Corp. (b)
 
25,507
273,690
Redwood Trust, Inc.
 
29,877
187,628
Rithm Capital Corp.
 
123,275
1,005,924
Starwood Property Trust, Inc. (b)
 
80,574
1,441,469
TPG RE Finance Trust, Inc.
 
15,316
109,203
Two Harbors Investment Corp.
 
25,272
352,039
 
 
 
13,219,980
TOTAL FINANCIALS
 
 
202,230,384
HEALTH CARE - 13.3%
 
 
 
Biotechnology - 4.7%
 
 
 
2seventy bio, Inc. (a)(b)
 
10,005
95,148
4D Molecular Therapeutics, Inc. (a)
 
7,352
132,410
Aadi Bioscience, Inc. (a)
 
4,205
32,631
ACADIA Pharmaceuticals, Inc. (a)
 
31,145
664,323
Actinium Pharmaceuticals, Inc. (a)(b)
 
6,651
58,529
Adicet Bio, Inc. (a)
 
7,545
44,063
ADMA Biologics, Inc. (a)
 
52,682
176,485
Aerovate Therapeutics, Inc. (a)(b)
 
2,577
54,040
Agenus, Inc. (a)
 
72,963
110,174
Agios Pharmaceuticals, Inc. (a)(b)
 
14,308
327,224
Akero Therapeutics, Inc. (a)
 
7,995
357,696
Aldeyra Therapeutics, Inc. (a)
 
12,349
117,686
Alector, Inc. (a)
 
15,522
102,445
Alkermes PLC (a)
 
42,562
1,215,145
Allakos, Inc. (a)
 
19,379
82,361
Allogene Therapeutics, Inc. (a)(b)
 
23,875
129,641
Allovir, Inc. (a)
 
11,038
37,971
Altimmune, Inc. (a)(b)
 
11,159
56,353
ALX Oncology Holdings, Inc. (a)(b)
 
5,080
30,175
Amicus Therapeutics, Inc. (a)
 
64,745
747,157
AnaptysBio, Inc. (a)(b)
 
5,017
104,454
Anavex Life Sciences Corp. (a)(b)
 
19,904
162,019
Anika Therapeutics, Inc. (a)
 
3,877
99,484
Annexon, Inc. (a)(b)
 
10,347
54,891
Apellis Pharmaceuticals, Inc. (a)
 
24,344
2,031,020
Arbutus Biopharma Corp. (a)
 
28,553
71,668
Arcellx, Inc. (a)
 
7,030
300,040
Arcturus Therapeutics Holdings, Inc. (a)
 
6,092
162,169
Arcus Biosciences, Inc. (a)
 
13,517
241,278
Arcutis Biotherapeutics, Inc. (a)
 
10,113
139,964
Ardelyx, Inc. (a)(b)
 
51,438
229,413
Arrowhead Pharmaceuticals, Inc. (a)
 
28,064
993,746
Ars Pharmaceuticals, Inc. (a)(b)
 
8,484
55,146
Atara Biotherapeutics, Inc. (a)
 
26,508
71,837
Avid Bioservices, Inc. (a)
 
16,105
290,695
Avidity Biosciences, Inc. (a)
 
17,276
214,222
Beam Therapeutics, Inc. (a)(b)
 
15,382
472,381
BioAtla, Inc. (a)(b)
 
9,537
32,140
BioCryst Pharmaceuticals, Inc. (a)
 
48,421
368,484
Biohaven Ltd.
 
16,889
220,908
Biomea Fusion, Inc. (a)
 
5,707
168,185
BioXcel Therapeutics, Inc. (a)(b)
 
4,800
98,976
bluebird bio, Inc. (a)
 
26,953
117,246
Blueprint Medicines Corp. (a)
 
15,519
792,245
BridgeBio Pharma, Inc. (a)(b)
 
30,353
440,726
C4 Therapeutics, Inc. (a)
 
10,484
31,662
CareDx, Inc. (a)
 
13,381
108,252
Caribou Biosciences, Inc. (a)
 
13,109
56,369
Carisma Therapeutics, Inc. rights (a)(c)
 
47,241
0
Catalyst Pharmaceutical Partners, Inc. (a)
 
24,844
395,516
Celldex Therapeutics, Inc. (a)
 
12,301
386,743
Cerevel Therapeutics Holdings (a)
 
16,610
482,354
Chimerix, Inc. (a)
 
21,254
24,655
Chinook Therapeutics, Inc. (a)
 
11,448
229,074
Cogent Biosciences, Inc. (a)
 
18,163
195,434
Coherus BioSciences, Inc. (a)
 
17,011
122,990
Crinetics Pharmaceuticals, Inc. (a)
 
11,374
222,248
CRISPR Therapeutics AG (a)(b)
 
20,299
993,433
CTI BioPharma Corp. (a)(b)
 
27,934
135,759
Cullinan Oncology, Inc. (a)
 
6,121
59,557
Cytokinetics, Inc. (a)(b)
 
24,528
917,347
CytomX Therapeutics, Inc. (a)
 
17,554
28,613
Day One Biopharmaceuticals, Inc. (a)
 
7,365
91,326
Deciphera Pharmaceuticals, Inc. (a)
 
14,402
204,652
Denali Therapeutics, Inc. (a)
 
28,528
708,636
DermTech, Inc. (a)(b)
 
6,481
19,670
Design Therapeutics, Inc. (a)(b)
 
7,113
45,879
Dynavax Technologies Corp. (a)(b)
 
30,838
321,024
Dyne Therapeutics, Inc. (a)
 
6,261
64,864
Eagle Pharmaceuticals, Inc. (a)
 
2,672
75,030
Editas Medicine, Inc. (a)(b)
 
18,422
150,324
Emergent BioSolutions, Inc. (a)
 
11,208
98,967
Enanta Pharmaceuticals, Inc. (a)
 
5,107
181,554
EQRx, Inc. (a)
 
59,911
100,650
Erasca, Inc. (a)(b)
 
19,415
53,585
Exelixis, Inc. (a)
 
84,044
1,538,005
Fate Therapeutics, Inc. (a)(b)
 
21,935
133,145
FibroGen, Inc. (a)
 
22,852
391,226
G1 Therapeutics, Inc. (a)
 
11,916
34,199
Generation Bio Co. (a)
 
12,395
60,983
Geron Corp. (a)
 
100,202
246,497
Gossamer Bio, Inc. (a)(b)
 
18,546
23,924
Gritstone Bio, Inc. (a)
 
18,617
44,308
Halozyme Therapeutics, Inc. (a)
 
35,055
1,126,317
Heron Therapeutics, Inc. (a)(b)
 
28,915
69,107
HilleVax, Inc.
 
3,238
45,332
Icosavax, Inc. (a)(b)
 
4,801
26,454
Ideaya Biosciences, Inc. (a)
 
10,802
197,245
IGM Biosciences, Inc. (a)(b)
 
2,067
22,386
ImmunityBio, Inc. (a)(b)
 
25,150
70,420
ImmunoGen, Inc. (a)
 
52,330
282,059
Immunovant, Inc. (a)
 
14,576
235,257
Inhibrx, Inc. (a)(b)
 
7,863
165,123
Inovio Pharmaceuticals, Inc. (a)(b)
 
60,462
46,707
Inozyme Pharma, Inc. (a)
 
6,196
34,140
Insmed, Inc. (a)
 
34,801
678,620
Intellia Therapeutics, Inc. (a)
 
21,507
811,889
Intercept Pharmaceuticals, Inc. (a)
 
9,439
163,483
Ionis Pharmaceuticals, Inc. (a)
 
36,805
1,301,793
Iovance Biotherapeutics, Inc. (a)
 
36,090
203,548
Ironwood Pharmaceuticals, Inc. Class A (a)(b)
 
34,910
363,413
iTeos Therapeutics, Inc. (a)
 
6,668
91,618
Iveric Bio, Inc. (a)
 
33,491
1,101,519
Janux Therapeutics, Inc. (a)(b)
 
4,227
64,758
Kalvista Pharmaceuticals, Inc. (a)
 
5,564
47,461
Karuna Therapeutics, Inc. (a)
 
7,732
1,534,338
Karyopharm Therapeutics, Inc. (a)(b)
 
27,065
96,893
Keros Therapeutics, Inc. (a)
 
4,523
200,618
Kezar Life Sciences, Inc. (a)
 
12,528
30,443
Kiniksa Pharmaceuticals Ltd. (a)
 
7,375
79,281
Kodiak Sciences, Inc. (a)
 
8,149
35,693
Krystal Biotech, Inc. (a)
 
5,608
471,072
Kura Oncology, Inc. (a)
 
16,398
159,717
Kymera Therapeutics, Inc. (a)(b)
 
9,988
315,022
Lyell Immunopharma, Inc. (a)(b)
 
37,710
76,551
Macrogenics, Inc. (a)
 
13,218
91,072
Madrigal Pharmaceuticals, Inc. (a)(b)
 
3,154
984,048
MannKind Corp. (a)
 
67,369
259,371
Mersana Therapeutics, Inc. (a)
 
24,117
105,632
MiMedx Group, Inc. (a)
 
30,600
117,198
MiNK Therapeutics, Inc. (a)
 
1,065
1,906
Mirati Therapeutics, Inc. (a)
 
13,455
596,191
Mirum Pharmaceuticals, Inc. (a)(b)
 
6,488
174,203
Morphic Holding, Inc. (a)
 
7,797
368,486
Myriad Genetics, Inc. (a)
 
21,018
447,473
Natera, Inc. (a)(b)
 
28,175
1,429,036
NeoImmuneTech, Inc. (depository receipt) unit (a)
 
17,230
41,176
Neurocrine Biosciences, Inc. (a)
 
25,020
2,528,021
Nkarta, Inc. (a)(b)
 
7,895
39,080
Novavax, Inc. (a)(b)
 
22,313
171,141
Nurix Therapeutics, Inc. (a)
 
11,427
110,042
Nuvalent, Inc. Class A (a)(b)
 
6,663
235,804
Ocugen, Inc. (a)(b)
 
52,348
37,356
Omniab, Inc. (c)
 
1,470
3,528
Omniab, Inc. (c)
 
1,470
3,308
Organogenesis Holdings, Inc. Class A (a)
 
17,522
35,920
ORIC Pharmaceuticals, Inc. (a)(b)
 
8,666
44,803
PDL BioPharma, Inc. (a)(c)
 
15,583
19,635
PDS Biotechnology Corp. (a)
 
7,028
42,730
PMV Pharmaceuticals, Inc. (a)(b)
 
7,797
35,944
Point Biopharma Global, Inc. (a)(b)
 
20,056
155,233
Poseida Therapeutics, Inc. (a)
 
13,728
36,242
Precigen, Inc. (a)(b)
 
37,499
45,374
ProKidney Corp. (a)(b)
 
2,721
25,686
Prometheus Biosciences, Inc. (a)
 
8,894
1,724,991
Protagonist Therapeutics, Inc. (a)
 
11,948
270,025
Prothena Corp. PLC (a)
 
10,212
537,355
PTC Therapeutics, Inc. (a)
 
18,617
1,026,541
Puma Biotechnology, Inc. (a)
 
10,003
26,808
RAPT Therapeutics, Inc. (a)
 
6,453
117,445
Recursion Pharmaceuticals, Inc. (a)(b)
 
33,365
159,151
REGENXBIO, Inc. (a)
 
9,964
192,903
Relay Therapeutics, Inc. (a)(b)
 
22,866
259,986
Repligen Corp. (a)
 
13,385
2,029,568
Replimune Group, Inc. (a)
 
9,609
160,759
Revolution Medicines, Inc. (a)
 
23,093
542,455
Rhythm Pharmaceuticals, Inc. (a)
 
11,299
227,901
Rigel Pharmaceuticals, Inc. (a)
 
44,228
49,978
Rocket Pharmaceuticals, Inc. (a)
 
15,331
274,732
Sage Therapeutics, Inc. (a)
 
13,404
654,785
Sana Biotechnology, Inc. (a)(b)
 
22,981
121,569
Sangamo Therapeutics, Inc. (a)(b)
 
33,962
49,924
Sarepta Therapeutics, Inc. (a)
 
22,743
2,792,158
Scholar Rock Holding Corp. (a)(b)
 
8,475
54,240
Selecta Biosciences, Inc. (a)(b)
 
26,112
31,073
Seres Therapeutics, Inc. (a)
 
23,824
116,142
SpringWorks Therapeutics, Inc. (a)
 
11,463
268,005
Stoke Therapeutics, Inc. (a)
 
5,413
48,122
Sutro Biopharma, Inc. (a)
 
13,233
56,373
Syndax Pharmaceuticals, Inc. (a)
 
16,828
345,815
Tango Therapeutics, Inc. (a)
 
11,550
39,270
TG Therapeutics, Inc. (a)
 
35,770
888,169
Travere Therapeutics, Inc. (a)
 
16,549
356,962
Twist Bioscience Corp. (a)
 
14,825
185,016
Ultragenyx Pharmaceutical, Inc. (a)
 
18,184
794,095
uniQure B.V. (a)(b)
 
10,763
208,910
United Therapeutics Corp. (a)
 
11,810
2,717,835
Vanda Pharmaceuticals, Inc. (a)
 
15,130
92,898
Vaxart, Inc. (a)(b)
 
33,405
27,175
Vaxcyte, Inc. (a)
 
16,370
701,127
Vera Therapeutics, Inc. (a)
 
7,352
48,891
Veracyte, Inc. (a)(b)
 
18,631
421,806
Vericel Corp. (a)
 
12,319
388,172
Verve Therapeutics, Inc. (a)(b)
 
10,819
172,347
Viking Therapeutics, Inc. (a)
 
22,289
474,979
Vir Biotechnology, Inc. (a)
 
19,684
495,053
Viridian Therapeutics, Inc. (a)
 
10,431
292,381
Voyager Therapeutics, Inc. (a)
 
6,690
48,503
X4 Pharmaceuticals, Inc. (a)
 
28,317
41,626
Xencor, Inc. (a)
 
15,576
411,829
Y-mAbs Therapeutics, Inc. (a)
 
8,063
48,297
Zentalis Pharmaceuticals, Inc. (a)
 
11,460
252,464
 
 
 
61,063,973
Health Care Equipment & Supplies - 3.2%
 
 
 
Alphatec Holdings, Inc. (a)(b)
 
18,244
263,443
Angiodynamics, Inc. (a)
 
9,856
82,002
Artivion, Inc. (a)
 
10,660
147,854
Atricure, Inc. (a)
 
12,145
534,259
Atrion Corp.
 
357
219,662
Avanos Medical, Inc. (a)
 
12,091
357,168
AxoGen, Inc. (a)
 
11,370
102,557
Axonics Modulation Technologies, Inc. (a)(b)
 
12,847
738,189
Beyond Air, Inc. (a)(b)
 
6,077
35,429
Butterfly Network, Inc. Class A (a)(b)
 
38,752
83,704
Cerus Corp. (a)
 
44,551
102,913
CONMED Corp.
 
7,891
990,873
Cutera, Inc. (a)(b)
 
4,486
102,281
CVRx, Inc. (a)
 
2,854
33,221
Dentsply Sirona, Inc.
 
55,670
2,334,243
Embecta Corp.
 
14,829
411,505
Enovis Corp. (a)
 
12,342
718,922
Envista Holdings Corp. (a)
 
42,324
1,629,051
Figs, Inc. Class A (a)
 
33,164
238,781
Glaukos Corp. (a)
 
12,432
590,644
Globus Medical, Inc. (a)(b)
 
20,184
1,173,498
Haemonetics Corp. (a)
 
13,050
1,092,416
Heska Corp. (a)
 
2,593
303,796
ICU Medical, Inc. (a)(b)
 
5,220
987,311
Inari Medical, Inc. (a)(b)
 
12,528
832,110
Inogen, Inc. (a)
 
6,294
83,773
Inspire Medical Systems, Inc. (a)
 
7,527
2,014,451
Integer Holdings Corp. (a)
 
8,581
706,645
Integra LifeSciences Holdings Corp. (a)
 
18,808
1,040,459
iRhythm Technologies, Inc. (a)
 
7,800
1,024,920
Lantheus Holdings, Inc. (a)
 
17,830
1,523,574
LeMaitre Vascular, Inc.
 
5,016
270,864
LivaNova PLC (a)
 
13,891
665,379
Masimo Corp. (a)
 
12,520
2,368,033
Merit Medical Systems, Inc. (a)
 
14,719
1,196,508
Mesa Laboratories, Inc.
 
1,311
218,295
Neogen Corp. (a)(b)
 
56,128
966,524
Nevro Corp. (a)
 
9,105
266,503
Novocure Ltd. (a)(b)
 
23,384
1,541,006
NuVasive, Inc. (a)
 
13,513
581,600
Omnicell, Inc. (a)
 
11,587
704,142
OraSure Technologies, Inc. (a)
 
18,992
129,146
Orthofix International NV (a)
 
8,888
167,361
OrthoPediatrics Corp. (a)
 
4,160
209,830
Outset Medical, Inc. (a)
 
12,413
223,310
Paragon 28, Inc. (a)
 
6,652
122,530
Penumbra, Inc. (a)(b)
 
9,836
2,794,604
PROCEPT BioRobotics Corp. (a)
 
8,473
257,494
Pulmonx Corp. (a)
 
9,773
114,833
QuidelOrtho Corp.
 
13,862
1,246,887
RxSight, Inc. (a)
 
4,353
77,919
Semler Scientific, Inc. (a)
 
1,322
37,122
Senseonics Holdings, Inc. (a)(b)
 
119,447
71,083
Shockwave Medical, Inc. (a)
 
9,363
2,716,768
SI-BONE, Inc. (a)
 
7,988
176,535
Sight Sciences, Inc. (a)
 
6,365
61,550
Silk Road Medical, Inc. (a)(b)
 
9,890
435,358
Staar Surgical Co. (a)(b)
 
12,497
880,664
SurModics, Inc. (a)
 
3,508
80,824
Tactile Systems Technology, Inc. (a)(b)
 
5,013
91,387
Tandem Diabetes Care, Inc. (a)
 
16,682
660,274
TransMedics Group, Inc. (a)
 
8,271
654,236
Treace Medical Concepts, Inc. (a)
 
9,006
220,557
UFP Technologies, Inc. (a)
 
1,751
241,358
Varex Imaging Corp. (a)
 
10,418
184,815
ViewRay, Inc. (a)
 
38,198
45,074
Zimvie, Inc. (a)(b)
 
5,110
42,055
Zomedica Corp. (a)(b)
 
248,854
49,870
Zynex, Inc. (a)(b)
 
5,381
61,559
 
 
 
41,333,511
Health Care Providers & Services - 2.6%
 
 
 
23andMe Holding Co. Class A (a)(b)
 
75,483
148,702
Acadia Healthcare Co., Inc. (a)
 
23,565
1,703,514
Accolade, Inc. (a)
 
16,402
221,919
AdaptHealth Corp. (a)
 
19,581
232,622
Addus HomeCare Corp. (a)
 
4,173
341,101
Agiliti, Inc. (a)(b)
 
8,526
142,555
agilon health, Inc. (a)(b)
 
51,234
1,243,449
Alignment Healthcare, Inc. (a)
 
21,511
135,304
Amedisys, Inc. (a)
 
8,437
677,491
AMN Healthcare Services, Inc. (a)
 
11,243
970,833
Apollo Medical Holdings, Inc. (a)(b)
 
10,314
366,044
Brookdale Senior Living, Inc. (a)
 
47,560
204,032
Cano Health, Inc. (a)
 
47,920
55,587
CareMax, Inc. Class A (a)
 
20,196
50,894
Castle Biosciences, Inc. (a)
 
6,222
140,804
Chemed Corp.
 
3,850
2,122,313
Clover Health Investments Corp. (a)(b)
 
79,738
58,894
Community Health Systems, Inc. (a)
 
33,452
212,086
Corvel Corp. (a)
 
2,380
480,831
Cross Country Healthcare, Inc. (a)
 
9,184
201,864
DaVita HealthCare Partners, Inc. (a)
 
14,238
1,286,546
DocGo, Inc. Class A (a)(b)
 
21,017
178,645
Encompass Health Corp.
 
25,829
1,656,930
Enhabit Home Health & Hospice
 
12,558
153,836
Fulgent Genetics, Inc. (a)(b)
 
5,033
148,826
GeneDx Holdings Corp. Class A (a)
 
151,605
41,479
Guardant Health, Inc. (a)
 
26,574
599,509
HealthEquity, Inc. (a)
 
21,938
1,172,586
Henry Schein, Inc. (a)
 
35,118
2,837,886
Hims & Hers Health, Inc. (a)
 
31,637
366,673
Invitae Corp. (a)(b)
 
57,281
77,902
LifeStance Health Group, Inc. (a)
 
24,356
198,501
Modivcare, Inc. (a)
 
3,239
206,000
National Healthcare Corp.
 
3,552
205,696
National Research Corp. Class A
 
3,703
161,192
NeoGenomics, Inc. (a)
 
32,761
478,966
Oak Street Health, Inc. (a)
 
30,213
1,177,401
Opko Health, Inc. (a)
 
107,131
157,483
Option Care Health, Inc. (a)
 
43,389
1,394,956
Owens & Minor, Inc. (a)
 
19,816
307,941
Patterson Companies, Inc.
 
22,481
609,460
Pediatrix Medical Group, Inc. (a)
 
21,295
305,157
Pennant Group, Inc. (a)
 
7,022
97,395
PetIQ, Inc. Class A (a)
 
6,250
73,688
Premier, Inc.
 
30,817
1,027,131
Privia Health Group, Inc. (a)
 
13,090
361,677
Progyny, Inc. (a)
 
19,520
648,845
R1 Rcm, Inc. (b)
 
35,607
555,113
RadNet, Inc. (a)
 
12,440
344,090
Select Medical Holdings Corp.
 
26,951
822,006
Surgery Partners, Inc. (a)
 
17,476
693,098
Tenet Healthcare Corp. (a)
 
28,015
2,054,060
The Ensign Group, Inc.
 
14,418
1,399,844
The Joint Corp. (a)
 
3,592
56,718
U.S. Physical Therapy, Inc.
 
3,349
356,535
Universal Health Services, Inc. Class B
 
16,618
2,498,516
 
 
 
34,423,126
Health Care Technology - 0.5%
 
 
 
American Well Corp. (a)
 
65,347
143,110
Certara, Inc. (a)
 
27,324
660,421
Computer Programs & Systems, Inc. (a)
 
3,798
98,292
Definitive Healthcare Corp. (a)(b)
 
9,530
101,971
Doximity, Inc. (a)(b)
 
30,781
1,131,202
Evolent Health, Inc. (a)(b)
 
23,594
859,058
GoodRx Holdings, Inc. (a)
 
18,712
87,385
Health Catalyst, Inc. (a)
 
14,354
180,860
HealthStream, Inc.
 
6,248
153,951
MultiPlan Corp. Class A (a)(b)
 
57,107
55,868
Nextgen Healthcare, Inc. (a)
 
13,886
232,452
OptimizeRx Corp. (a)
 
4,492
67,515
Phreesia, Inc. (a)
 
13,685
432,993
Schrodinger, Inc. (a)
 
13,754
406,018
Sharecare, Inc. Class A (a)
 
84,045
129,429
Simulations Plus, Inc.
 
4,147
173,137
Teladoc Health, Inc. (a)(b)
 
41,993
1,114,074
Veradigm, Inc. (a)(b)
 
28,672
358,113
 
 
 
6,385,849
Life Sciences Tools & Services - 0.9%
 
 
 
10X Genomics, Inc. (a)(b)
 
24,771
1,298,744
Adaptive Biotechnologies Corp. (a)
 
28,605
204,240
Akoya Biosciences, Inc. (a)
 
4,547
31,647
Azenta, Inc. (a)
 
17,855
776,514
Bio-Rad Laboratories, Inc. Class A (a)
 
5,579
2,514,957
BioLife Solutions, Inc. (a)(b)
 
9,000
158,040
BioNano Genomics, Inc. (a)(b)
 
72,455
49,842
Bruker Corp.
 
25,890
2,048,676
Codexis, Inc. (a)
 
16,514
64,735
CryoPort, Inc. (a)
 
12,929
272,026
Cytek Biosciences, Inc. (a)
 
20,695
237,579
Maravai LifeSciences Holdings, Inc. (a)
 
28,167
388,423
MaxCyte, Inc. (a)
 
23,529
117,645
Medpace Holdings, Inc. (a)
 
6,528
1,306,514
Nanostring Technologies, Inc. (a)
 
11,369
111,416
OmniAb, Inc. (a)
 
26,851
93,441
Pacific Biosciences of California, Inc. (a)(b)
 
59,279
628,357
Quanterix Corp. (a)
 
9,347
118,146
Quantum-Si, Inc. (a)
 
20,908
30,735
Seer, Inc. (a)
 
8,767
29,282
SomaLogic, Inc. Class A (a)
 
39,916
111,765
Sotera Health Co. (a)
 
25,801
432,683
Syneos Health, Inc. (a)
 
26,671
1,047,103
 
 
 
12,072,510
Pharmaceuticals - 1.4%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
13,354
118,717
Amneal Pharmaceuticals, Inc. (a)
 
25,517
49,248
Amphastar Pharmaceuticals, Inc. (a)
 
9,870
353,050
Amylyx Pharmaceuticals, Inc. (a)
 
10,309
292,776
ANI Pharmaceuticals, Inc. (a)
 
3,124
117,837
Arvinas Holding Co. LLC (a)
 
12,740
333,915
Assertio Holdings, Inc. (a)(b)
 
12,571
69,266
Atea Pharmaceuticals, Inc. (a)
 
18,514
60,541
Axsome Therapeutics, Inc. (a)(b)
 
8,890
635,902
Cara Therapeutics, Inc. (a)
 
10,943
45,961
Cassava Sciences, Inc. (a)(b)
 
10,186
236,519
Collegium Pharmaceutical, Inc. (a)(b)
 
8,831
205,497
Corcept Therapeutics, Inc. (a)(b)
 
23,273
524,341
CymaBay Therapeutics, Inc. (a)(b)
 
22,781
245,124
DICE Therapeutics, Inc. (a)
 
8,826
286,845
Edgewise Therapeutics, Inc. (a)
 
9,937
87,147
Elanco Animal Health, Inc. (a)
 
115,780
1,096,437
Esperion Therapeutics, Inc. (a)
 
16,091
21,240
Evolus, Inc. (a)(b)
 
9,359
81,798
Fulcrum Therapeutics, Inc. (a)
 
14,475
36,188
Harmony Biosciences Holdings, Inc. (a)
 
7,746
249,731
Harrow Health, Inc. (a)
 
7,072
178,427
Innoviva, Inc. (a)
 
15,939
186,964
Intra-Cellular Therapies, Inc. (a)
 
22,814
1,417,890
Jazz Pharmaceuticals PLC (a)
 
16,305
2,290,363
Ligand Pharmaceuticals, Inc. Class B (a)
 
4,161
317,692
Liquidia Corp. (a)
 
12,586
84,452
Marinus Pharmaceuticals, Inc. (a)(b)
 
12,076
109,892
Mind Medicine (MindMed), Inc. (a)(b)
 
8,658
33,074
Nektar Therapeutics (a)
 
46,086
34,671
NGM Biopharmaceuticals, Inc. (a)
 
8,878
40,040
Nuvation Bio, Inc. (a)
 
33,736
54,315
Ocular Therapeutix, Inc. (a)
 
20,813
129,041
Omeros Corp. (a)(b)
 
15,854
91,953
Organon & Co.
 
65,889
1,622,846
Pacira Biosciences, Inc. (a)
 
11,868
537,739
Perrigo Co. PLC
 
34,861
1,296,481
Phathom Pharmaceuticals, Inc. (a)(b)
 
5,749
61,514
Phibro Animal Health Corp. Class A
 
5,513
85,782
Pliant Therapeutics, Inc. (a)
 
10,937
308,970
Prestige Brands Holdings, Inc. (a)
 
12,864
791,522
Reata Pharmaceuticals, Inc. (a)
 
7,233
715,054
Revance Therapeutics, Inc. (a)
 
21,331
678,966
Scilex Holding Co.
 
12,947
84,363
SIGA Technologies, Inc. (b)
 
9,772
56,971
Supernus Pharmaceuticals, Inc. (a)
 
14,019
516,740
Tarsus Pharmaceuticals, Inc. (a)
 
4,904
73,168
Theravance Biopharma, Inc. (a)(b)
 
15,216
164,789
Theseus Pharmaceuticals, Inc. (a)
 
3,795
38,861
Ventyx Biosciences, Inc. (a)
 
7,236
272,074
WAVE Life Sciences (a)
 
16,464
65,691
Xeris Biopharma Holdings, Inc. (a)(b)
 
35,007
79,116
Xeris Biopharma Holdings, Inc. rights (a)(c)
 
12,393
0
 
 
 
17,567,501
TOTAL HEALTH CARE
 
 
172,846,470
INDUSTRIALS - 19.0%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
AAR Corp. (a)
 
8,392
442,930
Aerojet Rocketdyne Holdings, Inc. (a)
 
19,551
1,102,872
AeroVironment, Inc. (a)
 
6,516
656,096
AerSale Corp. (a)
 
4,093
66,225
Archer Aviation, Inc. Class A (a)(b)
 
37,334
73,921
Astronics Corp. (a)
 
6,472
95,397
BWX Technologies, Inc.
 
23,593
1,523,636
Cadre Holdings, Inc.
 
4,095
86,241
Curtiss-Wright Corp.
 
9,913
1,683,525
Ducommun, Inc. (a)
 
2,876
143,800
Hexcel Corp.
 
21,836
1,573,939
Huntington Ingalls Industries, Inc.
 
10,326
2,082,341
Kaman Corp.
 
7,393
163,164
Kratos Defense & Security Solutions, Inc. (a)
 
32,929
424,784
Maxar Technologies, Inc.
 
19,341
1,019,658
Mercury Systems, Inc. (a)
 
15,074
718,578
Moog, Inc. Class A
 
7,422
668,796
National Presto Industries, Inc.
 
1,360
92,507
Park Aerospace Corp.
 
5,036
65,871
Parsons Corp. (a)
 
8,522
370,707
Rocket Lab U.S.A., Inc. Class A (a)(b)
 
56,649
222,064
Spirit AeroSystems Holdings, Inc. Class A (b)
 
27,278
811,793
Terran Orbital Corp. Class A (a)(b)
 
15,695
27,937
Triumph Group, Inc. (a)
 
16,549
178,895
V2X, Inc. (a)
 
2,788
120,442
Virgin Galactic Holdings, Inc. (a)(b)
 
63,129
229,790
Woodward, Inc.
 
15,484
1,486,774
 
 
 
16,132,683
Air Freight & Logistics - 0.2%
 
 
 
Air Transport Services Group, Inc. (a)
 
14,497
294,434
Forward Air Corp.
 
6,891
727,069
GXO Logistics, Inc. (a)(b)
 
30,738
1,633,110
Hub Group, Inc. Class A (a)
 
8,478
639,241
 
 
 
3,293,854
Building Products - 2.5%
 
 
 
A.O. Smith Corp.
 
32,863
2,244,214
AAON, Inc.
 
10,875
1,065,750
Advanced Drain Systems, Inc. (b)
 
16,234
1,391,578
Allegion PLC
 
22,762
2,514,746
American Woodmark Corp. (a)
 
4,232
213,801
Apogee Enterprises, Inc.
 
5,754
244,890
Armstrong World Industries, Inc.
 
11,828
812,110
AZZ, Inc.
 
6,464
243,887
Builders FirstSource, Inc. (a)
 
38,124
3,613,011
Carlisle Companies, Inc.
 
13,400
2,892,390
CSW Industrials, Inc.
 
4,004
539,219
Fortune Brands Home & Security, Inc.
 
33,216
2,148,743
Gibraltar Industries, Inc. (a)
 
8,032
401,921
Griffon Corp.
 
12,256
348,683
Hayward Holdings, Inc. (a)
 
30,206
363,680
Insteel Industries, Inc.
 
5,243
144,340
Janus International Group, Inc. (a)
 
21,188
190,692
Jeld-Wen Holding, Inc. (a)
 
22,134
282,873
Lennox International, Inc.
 
8,352
2,354,512
Masonite International Corp. (a)
 
5,781
528,441
MasterBrand, Inc.
 
33,736
272,250
Owens Corning
 
24,196
2,584,375
PGT Innovations, Inc. (a)
 
15,504
397,833
Quanex Building Products Corp.
 
8,735
166,839
Resideo Technologies, Inc. (a)
 
37,784
672,555
Simpson Manufacturing Co. Ltd.
 
11,026
1,386,850
Tecnoglass, Inc.
 
5,294
232,142
The AZEK Co., Inc. (a)
 
28,102
762,688
Trex Co., Inc. (a)
 
28,429
1,553,929
UFP Industries, Inc.
 
15,984
1,255,064
Zurn Elkay Water Solutions Cor
 
37,731
813,103
 
 
 
32,637,109
Commercial Services & Supplies - 1.4%
 
 
 
ABM Industries, Inc.
 
17,129
729,353
ACCO Brands Corp.
 
23,642
108,280
ACV Auctions, Inc. Class A (a)
 
30,538
397,910
Aris Water Solution, Inc. Class A (b)
 
6,625
48,164
Aurora Innovation, Inc. (a)
 
93,107
133,143
Brady Corp. Class A
 
12,029
613,840
BrightView Holdings, Inc. (a)
 
9,380
51,871
Casella Waste Systems, Inc. Class A (a)
 
13,107
1,166,523
CECO Environmental Corp. (a)
 
7,534
87,470
Cimpress PLC (a)
 
5,126
266,296
Clean Harbors, Inc. (a)
 
13,014
1,889,112
CoreCivic, Inc. (a)
 
29,674
260,834
Deluxe Corp.
 
11,195
169,604
Driven Brands Holdings, Inc. (a)
 
14,233
436,953
Ennis, Inc.
 
6,790
131,930
Harsco Corp. (a)
 
21,111
145,033
Healthcare Services Group, Inc.
 
19,231
300,196
Heritage-Crystal Clean, Inc. (a)
 
4,042
141,308
HNI Corp.
 
10,805
280,714
Interface, Inc.
 
14,990
117,522
KAR Auction Services, Inc. (a)
 
28,334
383,642
Kimball International, Inc. Class B
 
9,382
115,492
Liquidity Services, Inc. (a)
 
6,133
80,158
Matthews International Corp. Class A
 
7,963
301,559
Millerknoll, Inc.
 
19,674
334,655
Montrose Environmental Group, Inc. (a)
 
6,951
211,727
MSA Safety, Inc.
 
9,534
1,237,037
Pitney Bowes, Inc.
 
43,137
151,411
Rollins, Inc.
 
59,879
2,529,888
SP Plus Corp. (a)
 
5,160
176,317
Steelcase, Inc. Class A
 
23,472
187,776
Stericycle, Inc. (a)
 
23,894
1,090,761
Tetra Tech, Inc.
 
13,787
1,907,707
The Brink's Co.
 
12,036
756,463
The GEO Group, Inc. (a)
 
31,933
240,455
UniFirst Corp.
 
3,918
641,298
Viad Corp. (a)
 
5,388
102,534
VSE Corp.
 
2,687
113,633
 
 
 
18,038,569
Construction & Engineering - 1.5%
 
 
 
AECOM
 
35,949
2,985,564
Ameresco, Inc. Class A (a)(b)
 
8,841
367,786
API Group Corp. (a)
 
52,120
1,186,251
Arcosa, Inc.
 
12,531
846,344
Argan, Inc.
 
3,528
141,931
Comfort Systems U.S.A., Inc.
 
9,264
1,384,875
Construction Partners, Inc. Class A (a)
 
10,831
280,956
Dycom Industries, Inc. (a)
 
7,662
709,654
EMCOR Group, Inc.
 
12,340
2,110,140
Fluor Corp. (a)
 
36,825
1,070,135
Granite Construction, Inc.
 
11,372
433,614
Great Lakes Dredge & Dock Corp. (a)
 
16,612
95,187
MasTec, Inc. (a)
 
15,345
1,362,789
MDU Resources Group, Inc.
 
52,495
1,533,904
MYR Group, Inc. (a)
 
4,298
550,101
Northwest Pipe Co. (a)
 
2,550
70,227
Primoris Services Corp.
 
13,633
344,915
Sterling Construction Co., Inc. (a)
 
7,854
289,970
Tutor Perini Corp. (a)
 
10,133
53,705
Valmont Industries, Inc.
 
5,527
1,605,925
Willscot Mobile Mini Holdings (a)
 
54,135
2,457,729
 
 
 
19,881,702
Electrical Equipment - 1.9%
 
 
 
Acuity Brands, Inc.
 
8,321
1,309,559
Allied Motion Technologies, Inc.
 
3,595
123,740
Array Technologies, Inc. (a)
 
36,257
741,456
Atkore, Inc. (a)
 
10,211
1,289,956
Babcock & Wilcox Enterprises, Inc. (a)
 
18,460
114,821
Beam Global (a)(b)
 
1,918
17,109
Blink Charging Co. (a)(b)
 
12,630
90,052
Bloom Energy Corp. Class A (a)(b)
 
46,591
775,740
ChargePoint Holdings, Inc. Class A (a)(b)
 
68,308
592,230
Encore Wire Corp.
 
4,761
744,287
Energy Vault Holdings, Inc. Class A (a)
 
18,049
30,503
EnerSys
 
10,576
877,491
Enovix Corp. (a)(b)
 
28,533
308,727
Eos Energy Enterprises, Inc. (a)(b)
 
19,522
32,992
Fluence Energy, Inc. (a)(b)
 
9,636
174,026
FTC Solar, Inc. (a)
 
8,220
22,441
FuelCell Energy, Inc. (a)(b)
 
107,957
202,959
Generac Holdings, Inc. (a)
 
16,438
1,680,292
GrafTech International Ltd.
 
50,142
236,169
Hubbell, Inc. Class B
 
13,883
3,738,930
LSI Industries, Inc.
 
7,310
92,764
NuScale Power Corp. (a)(b)
 
5,394
47,845
nVent Electric PLC
 
43,137
1,808,734
Plug Power, Inc. (a)
 
136,146
1,229,398
Powell Industries, Inc.
 
2,271
90,976
Regal Rexnord Corp.
 
17,143
2,231,333
Sensata Technologies, Inc. PLC
 
39,617
1,721,359
SES AI Corp. Class A (a)(b)
 
37,838
61,676
Shoals Technologies Group, Inc. (a)
 
41,566
868,314
Stem, Inc. (a)(b)
 
38,787
164,069
SunPower Corp. (a)(b)
 
22,032
291,263
Sunrun, Inc. (a)(b)
 
55,246
1,162,376
Thermon Group Holdings, Inc. (a)
 
8,467
175,944
TPI Composites, Inc. (a)(b)
 
11,068
136,800
Vertiv Holdings Co.
 
78,303
1,168,281
Vicor Corp. (a)
 
5,887
252,964
 
 
 
24,607,576
Ground Transportation - 1.2%
 
 
 
ArcBest Corp.
 
6,282
593,021
Avis Budget Group, Inc. (a)(b)
 
6,450
1,139,522
Covenant Transport Group, Inc. Class A
 
2,066
81,380
Daseke, Inc. (a)
 
15,001
122,708
FTAI Infrastructure LLC
 
25,693
79,648
Heartland Express, Inc.
 
11,996
173,702
Hertz Global Holdings, Inc. (a)
 
41,866
698,325
Knight-Swift Transportation Holdings, Inc. Class A
 
41,650
2,345,728
Landstar System, Inc.
 
9,296
1,636,375
Lyft, Inc. (a)
 
83,451
855,373
Marten Transport Ltd.
 
14,983
302,507
RXO, Inc.
 
30,192
546,173
Ryder System, Inc.
 
13,010
1,029,872
Saia, Inc. (a)
 
6,860
2,042,702
Schneider National, Inc. Class B
 
9,662
252,855
TuSimple Holdings, Inc. (a)
 
33,026
39,961
U-Haul Holding Co. (b)
 
2,795
170,663
U-Haul Holding Co. (non-vtg.)
 
22,595
1,222,390
Universal Logistics Holdings, Inc.
 
1,768
45,261
Werner Enterprises, Inc.
 
15,211
687,081
XPO, Inc. (a)
 
29,803
1,316,697
 
 
 
15,381,944
Machinery - 4.3%
 
 
 
3D Systems Corp. (a)
 
34,062
312,008
AGCO Corp.
 
16,048
1,988,989
Alamo Group, Inc.
 
2,665
470,985
Albany International Corp. Class A
 
8,053
734,514
Allison Transmission Holdings, Inc.
 
23,931
1,167,593
Astec Industries, Inc.
 
5,937
245,079
Barnes Group, Inc.
 
13,014
546,978
Blue Bird Corp. (a)
 
4,348
81,308
Chart Industries, Inc. (a)(b)
 
11,028
1,467,827
CIRCOR International, Inc. (a)
 
5,195
144,629
Columbus McKinnon Corp. (NY Shares)
 
7,362
255,535
Crane Co.
 
12,350
890,065
Crane Nxt Co.
 
12,332
584,044
Desktop Metal, Inc. (a)(b)
 
60,188
132,414
Donaldson Co., Inc.
 
31,417
1,996,550
Douglas Dynamics, Inc.
 
5,884
172,460
Energy Recovery, Inc. (a)
 
14,497
326,617
Enerpac Tool Group Corp. Class A
 
14,799
351,624
EnPro Industries, Inc.
 
5,392
508,304
ESAB Corp.
 
13,380
780,857
ESCO Technologies, Inc.
 
6,649
622,147
Evoqua Water Technologies Corp. (a)
 
31,642
1,564,697
Federal Signal Corp.
 
15,691
806,204
Flowserve Corp.
 
33,824
1,129,383
Franklin Electric Co., Inc.
 
10,078
901,679
Gates Industrial Corp. PLC (a)
 
26,314
354,450
Gorman-Rupp Co.
 
5,699
139,910
Graco, Inc.
 
43,619
3,458,551
Helios Technologies, Inc.
 
8,469
509,326
Hillenbrand, Inc.
 
17,979
820,202
Hillman Solutions Corp. Class A (a)
 
37,935
318,654
Hyliion Holdings Corp. Class A (a)(b)
 
31,824
43,599
Hyster-Yale Materials Handling, Inc. Class A
 
2,596
136,705
ITT, Inc.
 
21,420
1,808,705
John Bean Technologies Corp.
 
8,265
898,488
Kadant, Inc.
 
3,029
562,879
Kennametal, Inc.
 
20,879
542,019
Lincoln Electric Holdings, Inc.
 
14,954
2,509,281
Lindsay Corp.
 
2,832
341,936
Luxfer Holdings PLC sponsored
 
6,864
104,676
Manitowoc Co., Inc. (a)
 
8,964
137,060
Microvast Holdings, Inc. (a)(b)
 
53,890
56,585
Middleby Corp. (a)
 
13,960
1,966,685
Mueller Industries, Inc.
 
14,759
1,060,434
Mueller Water Products, Inc. Class A
 
40,507
542,794
Nikola Corp. (a)(b)
 
95,378
84,457
Nordson Corp.
 
13,918
3,010,603
Omega Flex, Inc.
 
830
91,308
Oshkosh Corp.
 
16,964
1,298,085
Pentair PLC
 
42,624
2,475,602
Proterra, Inc. Class A (a)(b)
 
48,038
56,204
Proto Labs, Inc. (a)
 
6,978
200,757
RBC Bearings, Inc. (a)(b)
 
7,515
1,705,980
REV Group, Inc.
 
8,433
90,486
Shyft Group, Inc. (The)
 
8,397
210,597
Snap-On, Inc.
 
13,744
3,565,331
SPX Technologies, Inc. (a)
 
11,695
744,738
Standex International Corp.
 
3,082
378,500
Tennant Co.
 
4,811
367,657
Terex Corp.
 
17,517
781,083
The Greenbrier Companies, Inc.
 
8,512
225,142
Timken Co.
 
17,154
1,318,285
Titan International, Inc. (a)
 
12,932
126,216
Toro Co.
 
27,102
2,825,655
Trinity Industries, Inc.
 
21,090
505,106
Velo3D, Inc. (a)(b)
 
14,768
34,557
Wabash National Corp.
 
12,534
321,748
Watts Water Technologies, Inc. Class A
 
7,074
1,144,078
 
 
 
56,057,604
Marine Transportation - 0.2%
 
 
 
Eagle Bulk Shipping, Inc. (b)
 
2,415
107,999
Eneti, Inc.
 
5,577
47,795
Genco Shipping & Trading Ltd.
 
9,841
151,650
Kirby Corp. (a)
 
15,505
1,113,879
Matson, Inc.
 
9,817
667,851
 
 
 
2,089,174
Passenger Airlines - 0.5%
 
 
 
Alaska Air Group, Inc. (a)
 
33,040
1,435,918
Allegiant Travel Co. (a)
 
4,051
420,939
American Airlines Group, Inc. (a)
 
168,643
2,300,291
Blade Air Mobility, Inc. (a)(b)
 
11,534
30,219
Frontier Group Holdings, Inc. (a)
 
9,584
90,952
Hawaiian Holdings, Inc. (a)
 
12,806
106,674
JetBlue Airways Corp. (a)
 
84,293
601,852
Joby Aviation, Inc. (a)(b)
 
76,043
329,266
SkyWest, Inc. (a)
 
13,185
373,136
Spirit Airlines, Inc.
 
28,214
482,459
Sun Country Airlines Holdings, Inc. (a)
 
8,536
168,415
Wheels Up Experience, Inc. Class A (a)
 
42,049
19,448
 
 
 
6,359,569
Professional Services - 2.5%
 
 
 
Alight, Inc. Class A (a)
 
81,539
754,236
ASGN, Inc. (a)
 
12,951
927,162
Barrett Business Services, Inc.
 
1,796
150,164
Booz Allen Hamilton Holding Corp. Class A
 
34,228
3,276,304
CACI International, Inc. Class A (a)
 
6,081
1,905,299
CBIZ, Inc. (a)
 
13,072
688,764
Clarivate Analytics PLC (a)(b)
 
111,885
991,301
Concentrix Corp.
 
11,089
1,070,199
Conduent, Inc. (a)
 
43,460
152,545
CRA International, Inc.
 
1,869
196,507
CSG Systems International, Inc.
 
7,756
408,586
Dun & Bradstreet Holdings, Inc.
 
56,507
631,183
ExlService Holdings, Inc. (a)
 
8,552
1,525,506
Exponent, Inc.
 
13,143
1,209,813
First Advantage Corp. (a)
 
15,111
194,327
FiscalNote Holdings, Inc. Class A (a)(b)
 
18,818
34,061
Forrester Research, Inc. (a)
 
2,789
86,292
Franklin Covey Co. (a)
 
3,267
119,964
FTI Consulting, Inc. (a)
 
8,914
1,608,977
Genpact Ltd.
 
43,525
1,939,039
Heidrick & Struggles International, Inc.
 
5,333
133,912
HireRight Holdings Corp. (a)
 
4,577
48,516
Huron Consulting Group, Inc. (a)
 
5,154
437,008
ICF International, Inc.
 
4,389
500,346
Insperity, Inc.
 
9,207
1,127,489
KBR, Inc.
 
35,502
2,014,028
Kelly Services, Inc. Class A (non-vtg.)
 
9,152
150,184
Kforce, Inc.
 
5,020
296,883
Korn Ferry
 
13,697
657,730
LegalZoom.com, Inc. (a)
 
24,498
229,791
Manpower, Inc.
 
13,116
993,012
Maximus, Inc.
 
15,735
1,316,233
NV5 Global, Inc. (a)
 
3,276
310,335
Planet Labs PBC Class A (a)
 
50,106
204,432
RCM Technologies, Inc. (a)
 
1,821
20,468
Resources Connection, Inc.
 
8,519
124,292
Robert Half International, Inc.
 
27,941
2,039,693
Science Applications International Corp.
 
14,122
1,440,868
Sterling Check Corp. (a)
 
6,102
68,586
TaskUs, Inc. (a)(b)
 
6,430
86,548
TriNet Group, Inc. (a)(b)
 
9,513
882,616
TrueBlue, Inc. (a)
 
8,362
126,684
Ttec Holdings, Inc.
 
4,937
168,204
Upwork, Inc. (a)
 
30,552
292,383
Verra Mobility Corp. (a)
 
36,117
612,183
 
 
 
32,152,653
Trading Companies & Distributors - 1.6%
 
 
 
Air Lease Corp. Class A
 
26,652
1,071,943
Alta Equipment Group, Inc.
 
6,552
92,645
Applied Industrial Technologies, Inc.
 
9,996
1,356,057
Beacon Roofing Supply, Inc. (a)
 
13,159
791,909
BlueLinx Corp. (a)
 
2,298
160,998
Boise Cascade Co.
 
10,178
695,259
Core & Main, Inc. (a)(b)
 
19,178
499,779
Custom Truck One Source, Inc. Class A (a)
 
16,222
101,874
DXP Enterprises, Inc. (a)
 
4,164
104,933
GATX Corp.
 
9,072
1,033,392
Global Industrial Co.
 
4,345
115,794
GMS, Inc. (a)
 
10,817
628,035
H&E Equipment Services, Inc.
 
8,754
319,521
Herc Holdings, Inc.
 
6,461
646,229
Hudson Technologies, Inc. (a)
 
9,596
74,177
McGrath RentCorp.
 
6,321
561,810
MRC Global, Inc. (a)
 
22,175
215,985
MSC Industrial Direct Co., Inc. Class A
 
12,213
1,108,085
NOW, Inc. (a)
 
28,697
306,197
Rush Enterprises, Inc. Class A
 
10,960
582,086
SiteOne Landscape Supply, Inc. (a)(b)
 
11,690
1,727,081
Textainer Group Holdings Ltd.
 
10,902
382,660
Titan Machinery, Inc. (a)
 
5,365
168,193
Transcat, Inc. (a)
 
1,854
141,442
Triton International Ltd.
 
15,231
1,259,147
Univar Solutions, Inc. (a)
 
42,276
1,500,798
Veritiv Corp.
 
3,457
397,106
Watsco, Inc. (b)
 
8,617
2,984,756
WESCO International, Inc.
 
11,598
1,670,112
Xometry, Inc. (a)(b)
 
7,920
110,009
 
 
 
20,808,012
TOTAL INDUSTRIALS
 
 
247,440,449
INFORMATION TECHNOLOGY - 11.3%
 
 
 
Communications Equipment - 0.8%
 
 
 
ADTRAN Holdings, Inc.
 
17,935
163,567
Aviat Networks, Inc. (a)
 
2,706
88,784
Calix, Inc. (a)
 
14,763
674,669
Cambium Networks Corp. (a)
 
2,678
40,545
Ciena Corp. (a)
 
38,466
1,770,975
Clearfield, Inc. (a)(b)
 
3,293
143,838
CommScope Holding Co., Inc. (a)
 
54,995
271,125
Comtech Telecommunications Corp.
 
6,876
71,167
Digi International, Inc. (a)
 
9,356
282,177
DZS, Inc. (a)
 
3,985
27,098
Extreme Networks, Inc. (a)
 
33,413
594,083
Harmonic, Inc. (a)
 
28,476
401,227
Infinera Corp. (a)(b)
 
49,657
314,329
Juniper Networks, Inc.
 
83,875
2,528,831
Lumentum Holdings, Inc. (a)
 
17,772
857,499
NETGEAR, Inc. (a)
 
7,525
106,328
NetScout Systems, Inc. (a)
 
17,548
477,481
Ribbon Communications, Inc. (a)
 
21,848
55,931
ViaSat, Inc. (a)(b)
 
19,799
693,559
Viavi Solutions, Inc. (a)
 
58,696
525,916
 
 
 
10,089,129
Electronic Equipment, Instruments & Components - 2.3%
 
 
 
908 Devices, Inc. (a)(b)
 
5,275
35,659
Advanced Energy Industries, Inc.
 
9,700
839,050
Aeva Technologies, Inc. (a)(b)
 
26,633
26,417
Akoustis Technologies, Inc. (a)(b)
 
18,614
53,050
Arlo Technologies, Inc. (a)
 
23,442
150,966
Arrow Electronics, Inc. (a)
 
15,146
1,733,157
Avnet, Inc.
 
23,702
977,945
Badger Meter, Inc.
 
7,564
1,000,944
Bel Fuse, Inc. Class B (non-vtg.)
 
2,686
109,132
Belden, Inc.
 
11,084
874,417
Benchmark Electronics, Inc.
 
8,950
191,083
Cognex Corp.
 
44,817
2,137,323
Coherent Corp. (a)(b)
 
36,045
1,230,576
CTS Corp.
 
8,270
324,267
ePlus, Inc. (a)
 
6,888
299,904
Evolv Technologies Holdings, Inc. (a)
 
17,267
62,161
Fabrinet (a)
 
9,505
902,500
FARO Technologies, Inc. (a)
 
5,058
118,104
Insight Enterprises, Inc. (a)
 
7,853
949,820
IPG Photonics Corp. (a)
 
8,330
957,783
Itron, Inc. (a)
 
11,707
625,154
Jabil, Inc.
 
34,517
2,697,504
Kimball Electronics, Inc. (a)
 
6,612
133,100
Knowles Corp. (a)
 
23,357
394,266
Lightwave Logic, Inc. (a)(b)
 
30,003
135,014
Littelfuse, Inc.
 
6,415
1,553,970
Luna Innovations, Inc. (a)(b)
 
8,575
53,851
Methode Electronics, Inc. Class A
 
9,289
380,756
MicroVision, Inc. (a)(b)
 
41,585
83,170
Mirion Technologies, Inc. Class A (a)(b)
 
31,566
255,685
Napco Security Technologies, Inc. (a)
 
7,391
229,121
National Instruments Corp.
 
33,807
1,968,582
nLIGHT, Inc. (a)
 
12,009
105,319
Novanta, Inc. (a)
 
9,239
1,412,089
OSI Systems, Inc. (a)
 
4,053
457,827
Ouster, Inc. (a)(b)
 
129
457
Par Technology Corp. (a)(b)
 
7,084
216,700
PC Connection, Inc.
 
3,010
121,213
Plexus Corp. (a)
 
7,180
628,035
Richardson Electronics Ltd.
 
2,944
45,426
Rogers Corp. (a)
 
4,874
784,470
Sanmina Corp. (a)
 
15,127
790,537
ScanSource, Inc. (a)
 
6,596
180,401
Smartrent, Inc. (a)(b)
 
29,932
77,225
TD SYNNEX Corp.
 
10,877
968,488
TTM Technologies, Inc. (a)
 
26,191
309,316
Vishay Intertechnology, Inc.
 
33,579
714,897
Vishay Precision Group, Inc. (a)
 
3,315
124,445
Vontier Corp.
 
40,904
1,109,726
 
 
 
29,531,002
IT Services - 0.6%
 
 
 
Amdocs Ltd.
 
31,279
2,854,209
BigCommerce Holdings, Inc. (a)
 
15,290
112,993
Digitalocean Holdings, Inc. (a)(b)
 
15,619
492,623
DXC Technology Co. (a)
 
59,026
1,407,770
Edgio, Inc. (a)
 
33,394
22,073
Fastly, Inc. Class A (a)
 
29,036
429,152
Grid Dynamics Holdings, Inc. (a)
 
13,660
148,484
Hackett Group, Inc.
 
6,197
115,016
Kyndryl Holdings, Inc. (a)
 
53,056
767,190
Perficient, Inc. (a)
 
8,919
579,021
Rackspace Technology, Inc. (a)(b)
 
13,828
20,189
Squarespace, Inc. Class A (a)
 
10,578
328,976
Thoughtworks Holding, Inc. (a)
 
17,312
107,854
Tucows, Inc. (a)(b)
 
2,414
54,049
Unisys Corp. (a)
 
16,373
52,557
 
 
 
7,492,156
Semiconductors & Semiconductor Equipment - 1.8%
 
 
 
ACM Research, Inc. (a)
 
10,319
96,483
AEHR Test Systems (a)(b)
 
6,624
163,944
Allegro MicroSystems LLC (a)
 
16,850
602,725
Alpha & Omega Semiconductor Ltd. (a)
 
5,678
135,591
Ambarella, Inc. (a)
 
9,554
592,157
Amkor Technology, Inc.
 
26,013
581,911
Axcelis Technologies, Inc. (a)
 
8,486
1,003,894
CEVA, Inc. (a)
 
6,110
153,544
Cirrus Logic, Inc. (a)
 
14,324
1,228,856
Cohu, Inc. (a)
 
12,344
417,721
Credo Technology Group Holding Ltd. (a)
 
23,584
191,266
Diodes, Inc. (a)
 
11,795
940,062
FormFactor, Inc. (a)
 
19,972
545,435
Ichor Holdings Ltd. (a)
 
7,539
209,961
Impinj, Inc. (a)
 
5,498
486,078
indie Semiconductor, Inc. (a)(b)
 
17,891
135,435
Kulicke & Soffa Industries, Inc. (b)
 
14,724
701,746
Lattice Semiconductor Corp. (a)
 
35,498
2,829,191
MACOM Technology Solutions Holdings, Inc. (a)
 
13,383
780,764
MaxLinear, Inc. Class A (a)
 
18,844
454,706
Meta Materials, Inc. (a)(b)
 
77,835
14,337
MKS Instruments, Inc.
 
14,826
1,243,457
Navitas Semiconductor Corp. (a)(b)
 
21,056
112,228
NVE Corp.
 
1,193
89,964
Onto Innovation, Inc. (a)
 
12,848
1,040,431
PDF Solutions, Inc. (a)
 
7,632
275,134
Photronics, Inc. (a)
 
15,803
228,511
Power Integrations, Inc. (b)
 
14,781
1,075,761
Rambus, Inc. (a)
 
27,821
1,233,583
Semtech Corp. (a)
 
16,388
319,402
Silicon Laboratories, Inc. (a)
 
8,239
1,147,693
SiTime Corp. (a)
 
4,177
453,079
SkyWater Technology, Inc. (a)
 
2,337
21,126
SMART Global Holdings, Inc. (a)
 
12,802
197,407
Synaptics, Inc. (a)
 
10,231
906,057
Ultra Clean Holdings, Inc. (a)
 
11,889
339,312
Universal Display Corp.
 
11,260
1,502,760
Veeco Instruments, Inc. (a)(b)
 
13,620
250,880
Wolfspeed, Inc. (a)(b)
 
32,255
1,501,470
 
 
 
24,204,062
Software - 5.5%
 
 
 
8x8, Inc. (a)(b)
 
30,442
87,369
A10 Networks, Inc.
 
16,549
234,003
ACI Worldwide, Inc. (a)
 
29,113
737,432
Adeia, Inc.
 
27,318
208,710
Agilysys, Inc. (a)
 
5,147
401,672
Alarm.com Holdings, Inc. (a)
 
12,950
617,586
Alkami Technology, Inc. (a)
 
9,503
113,941
Altair Engineering, Inc. Class A (a)(b)
 
13,560
936,318
Alteryx, Inc. Class A (a)
 
15,982
657,340
American Software, Inc. Class A
 
7,886
94,159
Amplitude, Inc. (a)
 
14,074
159,740
AppFolio, Inc. (a)
 
4,915
686,232
Appian Corp. Class A (a)(b)
 
10,545
395,965
AppLovin Corp. (a)(b)
 
31,887
542,079
Asana, Inc. (a)(b)
 
19,835
320,930
Aspen Technology, Inc.
 
7,543
1,335,111
AvePoint, Inc. (a)(b)
 
23,121
100,345
Bentley Systems, Inc. Class B
 
50,865
2,164,814
Bill Holdings, Inc. (a)
 
24,820
1,906,424
Black Knight, Inc. (a)
 
40,405
2,207,729
Blackbaud, Inc. (a)
 
11,528
799,524
BlackLine, Inc. (a)
 
14,096
785,288
Blend Labs, Inc. (a)(b)
 
43,799
25,933
Box, Inc. Class A (a)
 
37,017
979,470
Braze, Inc. (a)(b)
 
9,183
269,980
C3.ai, Inc. (a)(b)
 
22,139
394,517
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
27,069
234,959
Cerence, Inc. (a)
 
10,421
266,257
Ceridian HCM Holding, Inc. (a)
 
39,850
2,529,678
Cleanspark, Inc. (a)(b)
 
20,258
79,209
Clear Secure, Inc. (b)
 
20,191
488,420
Clearwater Analytics Holdings, Inc. (a)(b)
 
16,985
261,739
CommVault Systems, Inc. (a)
 
11,537
672,261
Confluent, Inc. (a)
 
39,835
876,370
Consensus Cloud Solutions, Inc. (a)
 
4,628
172,763
Couchbase, Inc. (a)(b)
 
6,554
100,669
CS Disco, Inc. (a)
 
4,199
24,690
Digimarc Corp. (a)(b)
 
3,311
56,419
Digital Turbine, Inc. (a)
 
23,439
274,939
Dolby Laboratories, Inc. Class A
 
15,576
1,303,555
Domo, Inc. Class B (a)
 
8,336
132,376
DoubleVerify Holdings, Inc. (a)
 
22,617
665,392
Dropbox, Inc. Class A (a)
 
69,823
1,420,200
Dynatrace, Inc. (a)
 
56,150
2,374,022
E2open Parent Holdings, Inc. (a)(b)
 
44,582
280,421
Ebix, Inc.
 
5,871
95,462
Elastic NV (a)
 
20,063
1,148,607
Enfusion, Inc. Class A (a)
 
3,041
25,484
EngageSmart, Inc. (a)
 
7,798
133,892
Envestnet, Inc. (a)(b)
 
14,293
905,890
Everbridge, Inc. (a)
 
10,400
273,312
Expensify, Inc. (a)
 
11,481
87,141
Five9, Inc. (a)
 
18,271
1,184,692
ForgeRock, Inc. (a)
 
9,310
186,479
Freshworks, Inc. (a)
 
41,754
557,833
GitLab, Inc. (a)(b)
 
16,328
495,718
Guidewire Software, Inc. (a)
 
21,208
1,615,838
HashiCorp, Inc. (a)
 
21,261
570,007
Informatica, Inc. (a)
 
9,967
154,090
Intapp, Inc. (a)
 
4,018
162,006
InterDigital, Inc.
 
6,945
470,454
Jamf Holding Corp. (a)(b)
 
11,687
221,118
Life360, Inc. CDI (a)(d)
 
50,755
173,629
LivePerson, Inc. (a)
 
17,353
80,344
Liveramp Holdings, Inc. (a)
 
16,654
401,195
Manhattan Associates, Inc. (a)
 
16,178
2,680,371
Marathon Digital Holdings, Inc. (a)(b)
 
29,179
293,833
Matterport, Inc. (a)(b)
 
58,661
136,680
MeridianLink, Inc. (a)(b)
 
5,471
81,737
MicroStrategy, Inc. Class A (a)(b)
 
2,483
815,368
Mitek Systems, Inc. (a)
 
12,137
109,476
Model N, Inc. (a)
 
8,809
271,317
Momentive Global, Inc. (a)
 
32,914
309,062
N-able, Inc. (a)
 
17,272
220,218
nCino, Inc. (a)(b)
 
19,876
491,533
NCR Corp. (a)(b)
 
35,736
796,555
New Relic, Inc. (a)
 
15,162
1,083,628
Nutanix, Inc. Class A (a)
 
59,591
1,428,992
Olo, Inc. (a)(b)
 
27,577
188,902
ON24, Inc. (a)
 
11,565
100,616
Onespan, Inc. (a)
 
9,141
134,738
Pagerduty, Inc. (a)(b)
 
21,214
637,693
Paycor HCM, Inc. (a)(b)
 
12,492
293,562
Paylocity Holding Corp. (a)(b)
 
10,690
2,066,270
Pegasystems, Inc.
 
10,720
489,046
Porch Group, Inc. Class A (a)(b)
 
20,292
18,468
PowerSchool Holdings, Inc. (a)
 
10,298
215,022
Procore Technologies, Inc. (a)
 
17,897
955,879
Progress Software Corp.
 
11,216
615,534
PROS Holdings, Inc. (a)
 
10,631
301,601
Q2 Holdings, Inc. (a)
 
14,875
366,223
Qualtrics International, Inc. (a)
 
29,168
522,982
Qualys, Inc. (a)
 
8,956
1,011,491
Rapid7, Inc. (a)
 
15,349
746,115
Rimini Street, Inc. (a)
 
12,178
45,546
RingCentral, Inc. (a)
 
20,096
553,846
Riot Platforms, Inc. (a)(b)
 
43,355
518,526
Samsara, Inc. (a)(b)
 
29,366
530,056
Semrush Holdings, Inc. (a)
 
9,558
92,330
SentinelOne, Inc. (a)
 
56,754
912,037
Smartsheet, Inc. (a)
 
34,034
1,390,970
SolarWinds, Inc. (a)
 
11,900
102,578
SoundHound AI, Inc.
 
29,982
79,752
SoundThinking, Inc. (a)
 
2,212
65,807
Sprinklr, Inc. (a)
 
16,026
191,671
Sprout Social, Inc. (a)(b)
 
12,267
604,272
SPS Commerce, Inc. (a)
 
9,332
1,374,604
Sumo Logic, Inc. (a)
 
28,838
346,056
Telos Corp. (a)
 
13,067
22,214
Tenable Holdings, Inc. (a)
 
29,290
1,083,437
Teradata Corp. (a)(b)
 
26,359
1,020,357
UiPath, Inc. Class A (a)(b)
 
91,467
1,287,855
Unity Software, Inc. (a)(b)
 
63,189
1,704,207
Upland Software, Inc. (a)
 
6,805
24,974
Varonis Systems, Inc. (a)
 
27,801
643,871
Verint Systems, Inc. (a)
 
17,083
623,359
Veritone, Inc. (a)(b)
 
7,881
37,514
Vertex, Inc. Class A (a)
 
9,155
189,051
Vobile Group Ltd. (a)(b)
 
377,000
147,122
Workiva, Inc. (a)
 
11,843
1,106,373
Xperi, Inc.
 
11,144
105,757
Yext, Inc. (a)
 
26,578
233,355
Zeta Global Holdings Corp. (a)
 
32,501
315,585
Zuora, Inc. (a)
 
32,282
251,477
 
 
 
71,307,612
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Avid Technology, Inc. (a)
 
8,443
249,153
Corsair Gaming, Inc. (a)(b)
 
10,414
181,412
Eastman Kodak Co. (a)
 
20,355
66,968
Immersion Corp.
 
8,069
53,175
IonQ, Inc. (a)(b)
 
39,427
217,243
Pure Storage, Inc. Class A (a)
 
73,738
1,683,439
Super Micro Computer, Inc. (a)
 
12,089
1,274,543
Turtle Beach Corp. (a)(b)
 
4,127
44,860
Xerox Holdings Corp.
 
29,097
455,950
 
 
 
4,226,743
TOTAL INFORMATION TECHNOLOGY
 
 
146,850,704
MATERIALS - 5.1%
 
 
 
Chemicals - 2.1%
 
 
 
AdvanSix, Inc.
 
7,157
269,676
American Vanguard Corp.
 
7,401
142,469
Amyris, Inc. (a)(b)
 
69,351
56,701
Ashland, Inc.
 
12,911
1,311,887
Aspen Aerogels, Inc. (a)
 
13,773
86,219
Avient Corp.
 
22,158
853,305
Axalta Coating Systems Ltd. (a)
 
57,083
1,802,110
Balchem Corp.
 
8,324
1,093,774
Cabot Corp.
 
14,594
1,047,265
Chase Corp.
 
1,927
210,679
Danimer Scientific, Inc. (a)(b)
 
22,900
72,364
Diversey Holdings Ltd. (a)
 
20,169
163,974
Ecovyst, Inc. (a)
 
16,849
191,236
Element Solutions, Inc.
 
58,433
1,060,559
FutureFuel Corp.
 
6,362
47,715
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
262,958
320,809
H.B. Fuller Co.
 
13,921
921,153
Hawkins, Inc.
 
4,882
196,940
Huntsman Corp.
 
46,845
1,254,978
Ingevity Corp. (a)
 
9,105
653,193
Innospec, Inc.
 
6,416
652,058
Intrepid Potash, Inc. (a)
 
2,699
69,580
Koppers Holdings, Inc.
 
5,315
174,385
Kronos Worldwide, Inc. (b)
 
5,130
47,709
Livent Corp. (a)(b)
 
46,502
1,016,069
LSB Industries, Inc. (a)
 
13,554
121,037
Mativ, Inc.
 
14,076
272,652
Minerals Technologies, Inc.
 
8,469
501,873
NewMarket Corp.
 
1,733
692,507
Olin Corp.
 
31,956
1,770,362
Origin Materials, Inc. Class A (a)(b)
 
33,032
130,476
Orion Engineered Carbons SA
 
14,599
353,442
Perimeter Solutions SA (a)(b)
 
38,512
288,070
PureCycle Technologies, Inc. (a)(b)
 
34,622
227,467
Quaker Houghton
 
3,530
658,804
Rayonier Advanced Materials, Inc. (a)
 
16,328
88,824
RPM International, Inc.
 
33,443
2,743,329
Sensient Technologies Corp.
 
10,879
810,050
Stepan Co.
 
5,471
504,426
The Chemours Co. LLC
 
38,516
1,119,660
The Scotts Miracle-Gro Co. Class A (b)
 
10,590
707,518
Trinseo PLC
 
9,234
167,320
Tronox Holdings PLC
 
29,681
406,333
Valvoline, Inc.
 
44,642
1,542,381
Westlake Corp.
 
8,922
1,015,145
 
 
 
27,838,483
Construction Materials - 0.2%
 
 
 
Eagle Materials, Inc. (b)
 
9,302
1,378,649
Summit Materials, Inc.
 
30,693
841,295
 
 
 
2,219,944
Containers & Packaging - 1.3%
 
 
 
Aptargroup, Inc.
 
16,885
2,001,041
Ardagh Metal Packaging SA (b)
 
40,116
163,673
Berry Global Group, Inc.
 
31,596
1,826,565
Crown Holdings, Inc.
 
31,080
2,666,042
Graphic Packaging Holding Co.
 
79,540
1,961,456
Greif, Inc.:
 
 
 
 Class A
 
6,404
402,107
 Class B
 
1,577
124,173
Myers Industries, Inc.
 
9,332
176,841
O-I Glass, Inc. (a)
 
39,974
898,216
Pactiv Evergreen, Inc.
 
10,229
80,809
Ranpak Holdings Corp. (A Shares) (a)
 
9,938
40,547
Sealed Air Corp.
 
37,493
1,799,289
Silgan Holdings, Inc.
 
21,592
1,063,622
Sonoco Products Co.
 
25,216
1,528,594
TriMas Corp.
 
10,690
271,633
WestRock Co.
 
66,002
1,975,440
 
 
 
16,980,048
Metals & Mining - 1.3%
 
 
 
5E Advanced Materials, Inc. (a)(b)
 
8,091
34,144
Alcoa Corp.
 
45,903
1,704,837
Alpha Metallurgical Resources
 
3,764
551,652
Arconic Corp. (a)
 
26,331
651,692
ATI, Inc. (a)
 
33,532
1,295,006
Carpenter Technology Corp.
 
12,562
662,520
Century Aluminum Co. (a)
 
12,767
109,669
Cleveland-Cliffs, Inc. (a)
 
133,600
2,054,768
Coeur d'Alene Mines Corp. (a)
 
71,489
243,063
Commercial Metals Co.
 
30,367
1,417,835
Compass Minerals International, Inc.
 
8,692
284,489
Gatos Silver, Inc. (a)
 
11,944
71,306
Haynes International, Inc.
 
3,221
151,419
Hecla Mining Co. (b)
 
145,761
881,854
Kaiser Aluminum Corp.
 
4,196
275,761
Materion Corp.
 
5,319
576,101
McEwen Mining, Inc. (a)(b)
 
9,570
78,474
MP Materials Corp. (a)(b)
 
24,001
520,102
Olympic Steel, Inc.
 
2,390
111,302
Piedmont Lithium, Inc. (a)(b)
 
4,207
241,903
Ramaco Resources, Inc.
 
6,426
52,243
Royal Gold, Inc.
 
17,005
2,252,142
Ryerson Holding Corp.
 
5,380
203,203
Schnitzer Steel Industries, Inc. Class A
 
6,674
192,812
SunCoke Energy, Inc.
 
21,965
170,888
TimkenSteel Corp. (a)
 
10,442
174,799
Tredegar Corp.
 
6,783
63,625
United States Steel Corp.
 
58,568
1,340,036
Warrior Metropolitan Coal, Inc.
 
13,396
463,100
Worthington Industries, Inc.
 
7,856
466,568
 
 
 
17,297,313
Paper & Forest Products - 0.2%
 
 
 
Clearwater Paper Corp. (a)
 
4,297
155,122
Glatfelter Corp.
 
10,474
47,342
Louisiana-Pacific Corp.
 
18,593
1,110,746
Mercer International, Inc. (SBI)
 
10,886
105,921
Sylvamo Corp.
 
8,312
380,856
 
 
 
1,799,987
TOTAL MATERIALS
 
 
66,135,775
REAL ESTATE - 7.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 6.7%
 
 
 
Acadia Realty Trust (SBI)
 
25,104
339,155
Agree Realty Corp.
 
23,026
1,565,538
Alexander & Baldwin, Inc.
 
19,175
368,735
Alexanders, Inc.
 
584
108,665
Alpine Income Property Trust, Inc.
 
3,760
60,461
American Assets Trust, Inc.
 
13,850
252,070
American Homes 4 Rent Class A
 
79,586
2,647,030
Americold Realty Trust
 
69,803
2,065,471
Apartment Income (REIT) Corp.
 
38,743
1,432,716
Apartment Investment & Management Co. Class A
 
39,555
309,716
Apple Hospitality (REIT), Inc.
 
55,373
824,504
Armada Hoffler Properties, Inc.
 
18,002
210,983
Ashford Hospitality Trust, Inc. (a)
 
8,684
29,526
Boston Properties, Inc.
 
37,035
1,976,188
Braemar Hotels & Resorts, Inc. (b)
 
16,400
62,320
Brandywine Realty Trust (SBI)
 
45,539
178,968
Brixmor Property Group, Inc.
 
77,925
1,662,140
Broadstone Net Lease, Inc.
 
45,205
730,965
Camden Property Trust (SBI)
 
28,593
3,146,660
CareTrust (REIT), Inc.
 
25,884
504,479
CBL & Associates Properties, Inc.
 
6,387
147,731
Centerspace
 
3,954
222,927
Chatham Lodging Trust
 
12,731
130,365
City Office REIT, Inc.
 
10,298
59,934
Community Healthcare Trust, Inc.
 
6,156
220,323
Corporate Office Properties Trust (SBI)
 
29,384
672,600
Cousins Properties, Inc.
 
39,456
860,535
CTO Realty Growth, Inc. (b)
 
5,458
91,913
CubeSmart
 
58,237
2,649,201
DiamondRock Hospitality Co.
 
54,681
443,463
Diversified Healthcare Trust (SBI)
 
61,445
56,124
Douglas Emmett, Inc.
 
45,835
590,355
Easterly Government Properties, Inc.
 
24,073
338,707
EastGroup Properties, Inc.
 
11,314
1,884,460
Elme Communities (SBI)
 
23,178
399,357
Empire State Realty Trust, Inc. (b)
 
33,979
207,612
EPR Properties
 
19,513
818,765
Equity Commonwealth
 
28,600
592,592
Equity Lifestyle Properties, Inc.
 
45,359
3,125,235
Essential Properties Realty Trust, Inc.
 
37,108
918,423
Farmland Partners, Inc. (b)
 
13,279
138,633
Federal Realty Investment Trust (SBI)
 
19,010
1,879,899
First Industrial Realty Trust, Inc.
 
34,403
1,805,125
Four Corners Property Trust, Inc.
 
21,947
559,868
Franklin Street Properties Corp.
 
22,300
25,868
Getty Realty Corp.
 
11,111
370,330
Gladstone Commercial Corp.
 
10,685
127,579
Gladstone Land Corp.
 
8,924
143,766
Global Medical REIT, Inc.
 
15,976
148,257
Global Net Lease, Inc.
 
27,372
308,209
Healthcare Trust of America, Inc.
 
98,746
1,953,196
Hersha Hospitality Trust
 
8,483
53,443
Highwoods Properties, Inc. (SBI)
 
27,456
629,292
Hudson Pacific Properties, Inc.
 
32,952
183,213
Independence Realty Trust, Inc.
 
58,424
972,760
Indus Realty Trust, Inc.
 
1,309
87,140
Industrial Logistics Properties Trust
 
16,834
34,678
InvenTrust Properties Corp.
 
17,746
400,172
JBG SMITH Properties
 
25,922
369,907
Kilroy Realty Corp.
 
27,429
802,024
Kimco Realty Corp.
 
160,501
3,080,014
Kite Realty Group Trust
 
56,895
1,178,864
Lamar Advertising Co. Class A
 
22,612
2,389,636
Life Storage, Inc.
 
22,030
2,960,391
LTC Properties, Inc.
 
10,538
352,496
LXP Industrial Trust (REIT)
 
72,036
677,138
Medical Properties Trust, Inc. (b)
 
155,446
1,363,261
National Health Investors, Inc.
 
11,307
562,749
National Retail Properties, Inc.
 
47,116
2,049,546
National Storage Affiliates Trust
 
22,000
848,100
Necessity Retail (REIT), Inc./The
 
34,498
190,084
NETSTREIT Corp.
 
14,776
269,219
NexPoint Diversified Real Estate Trust
 
8,721
92,966
NexPoint Residential Trust, Inc.
 
5,960
255,863
Office Properties Income Trust
 
13,320
86,846
Omega Healthcare Investors, Inc.
 
60,776
1,626,366
One Liberty Properties, Inc.
 
4,314
94,994
Orion Office (REIT), Inc.
 
15,560
95,538
Outfront Media, Inc.
 
38,058
634,046
Paramount Group, Inc.
 
43,453
188,151
Park Hotels & Resorts, Inc.
 
58,798
708,516
Pebblebrook Hotel Trust
 
34,253
487,420
Phillips Edison & Co., Inc.
 
30,564
963,989
Physicians Realty Trust
 
59,521
858,293
Piedmont Office Realty Trust, Inc. Class A
 
31,898
207,656
Plymouth Industrial REIT, Inc.
 
10,258
207,622
Postal Realty Trust, Inc.
 
4,871
74,867
Potlatch Corp. (b)
 
21,015
971,523
Rayonier, Inc.
 
38,294
1,200,900
Regency Centers Corp.
 
39,969
2,455,296
Retail Opportunity Investments Corp.
 
32,452
422,850
Rexford Industrial Realty, Inc.
 
49,124
2,739,645
RLJ Lodging Trust
 
42,394
428,179
RPT Realty
 
22,403
208,348
Ryman Hospitality Properties, Inc.
 
14,311
1,283,124
Sabra Health Care REIT, Inc.
 
60,010
684,114
Safehold, Inc. (b)
 
10,496
290,949
Saul Centers, Inc.
 
3,543
127,654
Service Properties Trust
 
43,178
378,671
SITE Centers Corp.
 
48,180
594,541
SL Green Realty Corp.
 
16,656
394,248
Spirit Realty Capital, Inc.
 
36,327
1,397,136
Stag Industrial, Inc.
 
46,618
1,578,952
Star Holdings
 
3,604
58,169
Summit Hotel Properties, Inc.
 
28,342
182,522
Sunstone Hotel Investors, Inc.
 
54,904
523,235
Tanger Factory Outlet Centers, Inc.
 
27,194
533,274
Terreno Realty Corp.
 
19,036
1,172,427
The Macerich Co.
 
55,999
559,430
UMH Properties, Inc.
 
14,303
217,406
Uniti Group, Inc.
 
61,288
209,605
Universal Health Realty Income Trust (SBI)
 
3,453
150,206
Urban Edge Properties
 
30,661
449,797
Urstadt Biddle Properties, Inc. Class A
 
7,609
131,027
Veris Residential, Inc. (a)
 
20,850
340,898
Vornado Realty Trust
 
41,902
628,949
Whitestone REIT Class B
 
11,949
106,944
Xenia Hotels & Resorts, Inc.
 
29,894
378,458
 
 
 
87,203,379
Real Estate Management & Development - 0.6%
 
 
 
Anywhere Real Estate, Inc. (a)
 
28,033
178,570
Compass, Inc. (a)
 
66,095
154,662
Cushman & Wakefield PLC (a)(b)
 
42,461
418,241
Digitalbridge Group, Inc.
 
37,706
468,686
Douglas Elliman, Inc.
 
16,633
53,059
eXp World Holdings, Inc.
 
19,133
223,665
Forestar Group, Inc. (a)
 
4,337
83,878
Howard Hughes Corp. (a)
 
8,943
691,920
Jones Lang LaSalle, Inc. (a)
 
12,317
1,712,556
Kennedy-Wilson Holdings, Inc.
 
30,404
510,179
Marcus & Millichap, Inc.
 
6,606
207,891
Newmark Group, Inc.
 
32,020
203,007
Opendoor Technologies, Inc. (a)(b)
 
129,227
178,333
RE/MAX Holdings, Inc.
 
4,516
87,204
Redfin Corp. (a)(b)
 
27,901
207,862
Seritage Growth Properties (a)
 
8,927
66,863
The RMR Group, Inc.
 
3,893
92,459
The St. Joe Co.
 
8,778
360,776
WeWork, Inc. (a)(b)
 
56,490
23,811
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
12,761
545,916
 Class C (a)
 
44,437
1,934,787
 
 
 
8,404,325
TOTAL REAL ESTATE
 
 
95,607,704
UTILITIES - 3.0%
 
 
 
Electric Utilities - 1.1%
 
 
 
Allete, Inc.
 
14,802
923,349
Avangrid, Inc. (b)
 
17,994
724,438
Hawaiian Electric Industries, Inc.
 
28,362
1,112,074
IDACORP, Inc.
 
13,074
1,452,783
MGE Energy, Inc.
 
9,369
717,759
NRG Energy, Inc.
 
59,714
2,040,427
OGE Energy Corp.
 
51,849
1,946,411
Otter Tail Corp.
 
10,787
776,125
Pinnacle West Capital Corp.
 
29,297
2,298,643
PNM Resources, Inc.
 
22,127
1,064,973
Portland General Electric Co. (b)
 
23,102
1,169,423
 
 
 
14,226,405
Gas Utilities - 0.6%
 
 
 
Chesapeake Utilities Corp.
 
4,605
568,718
National Fuel Gas Co.
 
23,785
1,329,582
New Jersey Resources Corp.
 
25,052
1,293,685
Northwest Natural Holding Co.
 
9,091
426,913
ONE Gas, Inc.
 
14,020
1,078,839
Southwest Gas Holdings, Inc.
 
16,859
944,104
Spire, Inc.
 
13,600
921,128
UGI Corp.
 
54,297
1,839,582
 
 
 
8,402,551
Independent Power and Renewable Electricity Producers - 0.4%
 
 
 
Altus Power, Inc. Class A (a)(b)
 
9,740
44,220
Clearway Energy, Inc.:
 
 
 
 Class A
 
9,351
270,992
 Class C
 
20,947
636,160
Montauk Renewables, Inc. (a)(b)
 
16,576
110,230
Ormat Technologies, Inc.
 
13,594
1,166,501
Sunnova Energy International, Inc. (a)(b)
 
25,755
462,560
Vistra Corp.
 
96,918
2,312,463
 
 
 
5,003,126
Multi-Utilities - 0.5%
 
 
 
Avista Corp.
 
19,095
841,517
Black Hills Corp.
 
16,858
1,100,659
NiSource, Inc.
 
105,201
2,994,020
NorthWestern Energy Corp.
 
14,960
876,955
Unitil Corp.
 
4,058
225,584
 
 
 
6,038,735
Water Utilities - 0.4%
 
 
 
American States Water Co.
 
9,574
849,693
Artesian Resources Corp. Class A
 
1,998
109,450
California Water Service Group
 
14,219
797,402
Consolidated Water Co., Inc.
 
3,677
62,141
Essential Utilities, Inc.
 
61,866
2,641,678
Middlesex Water Co.
 
4,599
335,635
SJW Group
 
6,903
524,076
York Water Co.
 
3,639
152,984
 
 
 
5,473,059
TOTAL UTILITIES
 
 
39,143,876
 
TOTAL COMMON STOCKS
  (Cost $1,360,541,980)
 
 
 
1,299,610,647
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (f)
 
  (Cost $198,505)
 
 
200,000
198,389
 
 
 
 
Money Market Funds - 10.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
744,600
744,749
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
136,714,128
136,727,800
 
TOTAL MONEY MARKET FUNDS
  (Cost $137,472,549)
 
 
137,472,549
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 110.3%
  (Cost $1,498,213,034)
 
 
 
1,437,281,585
NET OTHER ASSETS (LIABILITIES) - (10.3)%  
(134,464,712)
NET ASSETS - 100.0%
1,302,816,873
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
14
Jun 2023
1,242,360
21,449
21,449
CME E-mini S&P MidCap 400 Index Contracts (United States)
6
Jun 2023
1,500,360
40,105
40,105
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
61,554
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $3,094,581.
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,356,242 or 0.1% of net assets.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $198,389.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
4,450,016
114,667,498
118,372,765
102,014
-
-
744,749
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
132,801,548
201,349,811
197,423,559
961,683
-
-
136,727,800
0.4%
Total
137,251,564
316,017,309
315,796,324
1,063,697
-
-
137,472,549
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
40,168,122
40,168,122
-
-
Consumer Discretionary
178,338,087
177,155,474
1,182,613
-
Consumer Staples
49,382,996
49,382,995
1
-
Energy
61,466,080
61,466,080
-
-
Financials
202,230,384
202,230,384
-
-
Health Care
172,846,470
172,694,460
125,539
26,471
Industrials
247,440,449
247,440,449
-
-
Information Technology
146,850,704
146,529,953
320,751
-
Materials
66,135,775
66,135,775
-
-
Real Estate
95,607,704
95,607,704
-
-
Utilities
39,143,876
39,143,876
-
-
 U.S. Government and Government Agency Obligations
198,389
-
198,389
-
  Money Market Funds
137,472,549
137,472,549
-
-
 Total Investments in Securities:
1,437,281,585
1,435,427,821
1,827,293
26,471
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
61,554
61,554
-
-
  Total Assets
61,554
61,554
-
-
 Total Derivative Instruments:
61,554
61,554
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
61,554
0
Total Equity Risk
61,554
0
Total Value of Derivatives
61,554
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity ZERO® Extended Market Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $133,155,269) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,360,740,485)
$
1,299,809,036
 
 
Fidelity Central Funds (cost $137,472,549)
137,472,549
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,498,213,034)
 
 
$
1,437,281,585
Cash
 
 
2,003,206
Foreign currency held at value (cost $522,822)
 
 
523,894
Receivable for investments sold
 
 
13,837
Receivable for fund shares sold
 
 
1,040,418
Dividends receivable
 
 
565,390
Distributions receivable from Fidelity Central Funds
 
 
227,940
Receivable for daily variation margin on futures contracts
 
 
17,548
Other receivables
 
 
13,357
  Total assets
 
 
1,441,687,175
Liabilities
 
 
 
 
Payable for investments purchased
$
1,297,203
 
 
Payable for fund shares redeemed
844,812
 
 
Collateral on securities loaned
136,728,287
 
 
  Total Liabilities
 
 
 
138,870,302
Net Assets  
 
 
$
1,302,816,873
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,371,799,652
Total accumulated earnings (loss)
 
 
 
(68,982,779)
Net Assets
 
 
$
1,302,816,873
Net Asset Value , offering price and redemption price per share ($1,302,816,873 ÷ 121,074,480 shares)
 
 
$
10.76
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,518,025
Interest  
 
 
5,157
Income from Fidelity Central Funds (including $961,683 from security lending)
 
 
1,063,697
 Total Income
 
 
 
11,586,879
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
4,086
 
 
 Total expenses before reductions
 
4,086
 
 
 Expense reductions
 
(2,958)
 
 
 Total expenses after reductions
 
 
 
1,128
Net Investment income (loss)
 
 
 
11,585,751
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(7,212,771)
 
 
   Redemptions in-kind
 
20,340,688
 
 
 Foreign currency transactions
 
(5,053)
 
 
 Futures contracts
 
(283,793)
 
 
Total net realized gain (loss)
 
 
 
12,839,071
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(21,615,776)
 
 
 Assets and liabilities in foreign currencies
 
1,133
 
 
 Futures contracts
 
(347,568)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(21,962,211)
Net gain (loss)
 
 
 
(9,123,140)
Net increase (decrease) in net assets resulting from operations
 
 
$
2,462,611
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,585,751
$
20,572,367
Net realized gain (loss)
 
12,839,071
 
 
10,344,200
 
Change in net unrealized appreciation (depreciation)
 
(21,962,211)
 
(280,915,122)
 
Net increase (decrease) in net assets resulting from operations
 
2,462,611
 
 
(249,998,555)
 
Distributions to shareholders
 
(20,138,817)
 
 
(92,792,463)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
187,886,514
 
414,184,532
  Reinvestment of distributions
 
18,225,185
 
 
86,735,982
 
Cost of shares redeemed
 
(151,380,389)
 
(287,442,103)
  Net increase (decrease) in net assets resulting from share transactions
 
54,731,310
 
 
213,478,411
 
Total increase (decrease) in net assets
 
37,055,104
 
 
(129,312,607)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,265,761,769
 
1,395,074,376
 
End of period
$
1,302,816,873
$
1,265,761,769
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
17,141,926
 
34,435,660
  Issued in reinvestment of distributions
 
1,734,080
 
 
6,966,745
 
Redeemed
 
(13,896,022)
 
(24,338,042)
Net increase (decrease)
 
4,979,984
 
17,064,363
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® Extended Market Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.90
$
14.09
$
9.48
$
9.66
$
8.99
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.18
 
.18
 
.14
 
.15
 
.02
     Net realized and unrealized gain (loss)
 
(.07)
 
(2.46)
 
4.68
 
(.14)
 
.56
 
(1.03)
  Total from investment operations
 
.03  
 
(2.28)  
 
4.86  
 
-  
 
.71
 
(1.01)
  Distributions from net investment income
 
(.17)
 
(.16)
 
(.14)
 
(.13)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
(.75)
 
(.11)
 
(.06)
 
-
 
-
     Total distributions
 
(.17)
 
(.91)
 
(.25)
 
(.18) D
 
(.04)
 
-
  Net asset value, end of period
$
10.76
$
10.90
$
14.09
$
9.48
$
9.66
$
8.99
 Total Return   E,F
 
.34%
 
(16.99)%
 
51.93%
 
(.06)%
 
7.97%
 
(10.10)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions I
 
-% J
 
-%
 
-%
 
-%
 
-%
 
-% J
    Expenses net of fee waivers, if any I
 
-% J
 
-%
 
-%
 
-%
 
-%
 
-% J
    Expenses net of all reductions I
 
-% J
 
-%
 
-%
 
-%
 
-%
 
-% J
    Net investment income (loss)
 
1.78% J
 
1.57%
 
1.38%
 
1.55%
 
1.64%
 
1.31% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,302,817
$
1,265,762
$
1,395,074
$
591,543
$
452,039
$
68,589
    Portfolio turnover rate K
 
7% J,L
 
16% L
 
25%
 
26%
 
14%
 
-% M,N
 
A For the period September 13, 2018 (commencement of operations) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Amount represents less than .005%.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
M Amount not annualized.
 
N Amount represents less than 1%.
 
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.2
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.0
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
1.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.0
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.9
 
Roche Holding AG (participation certificate)  (United States of America, Pharmaceuticals)
0.9
 
 
10.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.8
 
Industrials
12.0
 
Consumer Discretionary
11.2
 
Information Technology
10.0
 
Health Care
9.6
 
Consumer Staples
8.3
 
Materials
8.0
 
Communication Services
5.4
 
Energy
5.4
 
Utilities
2.3
 
Real Estate
1.9
 
 
Asset Allocation (% of Fund's net assets)
Futures - 4.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity ZERO® International Index Fund
Showing Percentage of Net Assets
Common Stocks - 95.1%
 
 
Shares
Value ($)
 
Australia - 5.1%
 
 
 
AGL Energy Ltd.
 
74,779
411,658
Allkem Ltd. (a)
 
75,184
617,448
ALS Ltd.
 
60,808
530,716
Altium Ltd.
 
15,115
385,300
Alumina Ltd.
 
299,982
304,464
AMP Ltd.
 
395,292
298,864
Ampol Ltd.
 
29,742
593,434
AngloGold Ashanti Ltd.
 
52,944
1,415,011
Ansell Ltd.
 
15,538
276,500
ANZ Group Holdings Ltd.
 
380,045
6,171,265
APA Group unit
 
154,188
1,052,709
Aristocrat Leisure Ltd.
 
83,527
2,112,855
ASX Ltd.
 
24,742
1,125,997
Atlas Arteria Ltd. unit
 
150,576
654,679
Aurizon Holdings Ltd.
 
225,925
513,674
Bank of Queensland Ltd.
 
81,052
312,993
Bendigo & Adelaide Bank Ltd.
 
70,300
404,734
BHP Group Ltd. (b)
 
639,213
18,970,244
BlueScope Steel Ltd.
 
58,254
774,296
Brambles Ltd.
 
177,869
1,684,923
carsales.com Ltd.
 
47,177
748,147
Challenger Ltd.
 
72,291
290,901
Charter Hall Group unit
 
58,264
433,476
Cleanaway Waste Management Ltd.
 
276,507
445,303
Cochlear Ltd.
 
8,301
1,361,095
Coles Group Ltd.
 
171,777
2,075,097
Commonwealth Bank of Australia
 
213,101
14,102,193
Computershare Ltd.
 
71,971
1,071,347
DEXUS Property Group unit
 
136,015
704,964
Dominos Pizza Enterprises Ltd.
 
7,987
268,839
EBOS Group Ltd.
 
20,329
557,889
Endeavour Group Ltd.
 
169,051
761,947
Evolution Mining Ltd.
 
230,753
544,111
Flutter Entertainment PLC (a)
 
6,085
1,217,072
Flutter Entertainment PLC (Ireland) (a)
 
13,315
2,657,063
Fortescue Metals Group Ltd. (b)
 
213,015
2,980,427
Glencore PLC
 
1,529,151
9,026,018
Goodman Group unit
 
218,572
2,817,750
IDP Education Ltd.
 
25,726
483,309
IGO Ltd.
 
84,332
776,604
Iluka Resources Ltd.
 
53,553
393,506
Incitec Pivot Ltd.
 
241,867
515,326
Insurance Australia Group Ltd.
 
311,764
1,032,902
JB Hi-Fi Ltd.
 
13,629
403,360
Lendlease Group unit
 
86,627
430,223
Liontown Resources Ltd. (a)
 
236,967
435,786
Lynas Rare Earths Ltd. (a)
 
113,876
489,087
Macquarie Group Ltd.
 
45,978
5,608,940
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
1,938
264
Medibank Private Ltd.
 
355,287
840,808
Metcash Ltd.
 
118,219
306,366
Mineral Resources Ltd.
 
21,408
1,056,070
Mirvac Group unit
 
493,903
792,925
National Australia Bank Ltd.
 
396,808
7,639,014
Newcrest Mining Ltd.
 
112,893
2,155,677
NEXTDC Ltd. (a)
 
58,353
447,775
Nine Entertainment Co. Holdings Ltd.
 
180,848
249,464
Northern Star Resources Ltd.
 
144,676
1,290,483
Orica Ltd.
 
56,402
608,793
Origin Energy Ltd.
 
219,713
1,218,203
Orora Ltd.
 
105,241
240,533
OZ Minerals Ltd.
 
41,274
723,742
Pilbara Minerals Ltd.
 
325,519
926,496
Qantas Airways Ltd. (a)
 
114,502
504,948
QBE Insurance Group Ltd.
 
189,495
1,937,738
Qube Holdings Ltd.
 
217,423
444,803
Ramsay Health Care Ltd.
 
23,854
1,025,752
REA Group Ltd.
 
6,467
608,211
Reece Ltd.
 
25,919
315,735
Rio Tinto Ltd.
 
46,883
3,516,444
Rio Tinto PLC
 
133,939
8,514,823
Santos Ltd.
 
420,726
1,993,020
Scentre Group unit
 
667,868
1,281,702
SEEK Ltd.
 
44,596
727,642
Sonic Healthcare Ltd.
 
61,525
1,450,326
South32 Ltd.
 
576,991
1,631,011
Steadfast Group Ltd.
 
128,323
505,902
Stockland Corp. Ltd. unit
 
298,067
883,583
Suncorp Group Ltd.
 
159,670
1,329,417
Telstra Group Ltd.
 
502,512
1,457,897
The GPT Group unit
 
238,369
700,930
The Lottery Corp. Ltd.
 
281,608
944,227
Transurban Group unit
 
388,695
3,876,571
Treasury Wine Estates Ltd.
 
92,007
852,270
Vicinity Centres unit
 
480,297
671,441
Washington H. Soul Pattinson & Co. Ltd.
 
30,425
636,901
Wesfarmers Ltd.
 
143,207
4,954,020
Westpac Banking Corp.
 
444,507
6,653,906
Whitehaven Coal Ltd.
 
116,077
557,028
WiseTech Global Ltd.
 
22,403
1,026,186
Woodside Energy Group Ltd.
 
239,874
5,442,821
Woolworths Group Ltd.
 
154,687
3,990,436
WorleyParsons Ltd.
 
45,722
459,391
TOTAL AUSTRALIA
 
 
168,636,141
Austria - 0.2%
 
 
 
ams-OSRAM AG (a)(b)
 
32,810
225,377
Andritz AG
 
8,982
582,454
BAWAG Group AG (c)
 
10,449
508,447
CA Immobilien Anlagen AG (a)
 
5,454
158,057
Erste Group Bank AG
 
45,565
1,652,348
Immofinanz AG (d)
 
7,756
0
Lenzing AG (b)
 
1,487
97,165
Mondi PLC
 
61,962
985,065
Oesterreichische Post AG
 
4,147
159,935
OMV AG
 
17,904
845,165
Raiffeisen International Bank-Holding AG (a)
 
16,814
257,715
UNIQA Insurance Group AG
 
15,017
134,529
Verbund AG
 
3,887
346,502
Voestalpine AG
 
14,328
495,428
Wienerberger AG
 
13,507
406,316
TOTAL AUSTRIA
 
 
6,854,503
Belgium - 0.6%
 
 
 
Ackermans & Van Haaren SA
 
2,798
492,065
Aedifica SA
 
5,766
481,282
Ageas
 
22,194
987,760
Anheuser-Busch InBev SA NV
 
124,907
8,121,384
Cofinimmo SA
 
3,775
360,436
D'ieteren Group
 
2,817
529,241
Elia Group SA/NV
 
4,607
631,511
Euronav NV
 
18,666
318,805
Galapagos NV (a)
 
5,942
230,545
Groupe Bruxelles Lambert SA
 
12,497
1,119,537
KBC Group NV
 
42,870
3,060,107
Lotus Bakeries SA
 
51
351,793
Sofina SA
 
1,996
457,034
Solvay SA Class A
 
9,118
1,093,629
UCB SA
 
15,992
1,487,614
Umicore SA
 
25,821
846,736
Warehouses de Pauw
 
19,424
580,458
Warehouses de Pauw rights 5/12/23 (a)(e)
 
19,424
21,403
TOTAL BELGIUM
 
 
21,171,340
Brazil - 1.1%
 
 
 
3R Petroleum Oleo e Gas SA (a)
 
21,500
136,514
3R Petroleum Oleo e Gas SA rights 5/19/23 (a)
 
3,896
5,999
Aliansce Sonae Shopping Centers SA
 
54,300
202,926
Ambev SA
 
552,500
1,568,507
Atacadao SA
 
62,500
134,704
B3 SA - Brasil Bolsa Balcao
 
771,300
1,806,164
Banco Bradesco SA
 
202,659
504,636
Banco BTG Pactual SA unit
 
145,900
685,067
Banco do Brasil SA
 
180,500
1,551,031
BB Seguridade Participacoes SA
 
87,500
601,894
BRF SA (a)
 
78,700
100,036
CCR SA
 
146,200
397,757
Centrais Eletricas Brasileiras SA (Electrobras)
 
155,051
1,052,263
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
42,700
394,914
Companhia Paranaense de Energia-COPEL
 
28,200
220,837
Companhia Siderurgica Nacional SA (CSN)
 
74,200
211,392
Compania de Saneamento do Parana
 
32,200
122,659
Cosan SA
 
146,400
439,687
Embraer SA (a)
 
87,600
341,071
Energisa SA unit
 
36,200
303,372
Eneva SA (a)
 
163,300
371,598
ENGIE Brasil Energia SA
 
30,350
250,878
Equatorial Energia SA
 
108,900
596,922
Hapvida Participacoes e Investimentos SA (a)(c)
 
576,000
318,730
Hypera SA
 
51,000
380,879
Klabin SA unit
 
104,400
400,411
Localiza Rent a Car SA
 
96,927
1,127,298
Localiza Rent a Car SA rights 5/11/23 (a)
 
433
1,490
Lojas Renner SA
 
126,740
402,494
Magazine Luiza SA
 
368,980
247,082
Multiplan Empreendimentos Imobiliarios SA
 
32,400
168,243
Natura & Co. Holding SA
 
101,488
225,041
Nu Holdings Ltd. (a)
 
288,607
1,489,212
PagSeguro Digital Ltd. (a)
 
23,879
234,969
Petro Rio SA (a)
 
87,300
608,219
Petroleo Brasileiro SA - Petrobras (ON)
 
468,900
2,507,230
Raia Drogasil SA
 
134,500
708,661
Rede D'Oregon Sao Luiz SA (c)
 
108,305
496,599
Rumo SA
 
141,900
560,454
Sendas Distribuidora SA
 
150,100
369,848
StoneCo Ltd. Class A (a)
 
32,973
406,227
Suzano Papel e Celulose SA
 
98,053
782,411
Telefonica Brasil SA
 
52,700
434,465
TIM SA
 
103,400
290,228
Totvs SA
 
54,500
280,378
Transmissora Alianca de Energia Eletrica SA
 
26,600
194,495
Ultrapar Participacoes SA
 
87,500
253,318
Vale SA
 
488,343
7,088,503
Vibra Energia SA
 
151,100
399,880
Weg SA
 
186,700
1,539,176
Wheaton Precious Metals Corp.
 
57,027
2,813,784
XP, Inc. (depository receipt) (a)
 
32,774
476,254
Yara International ASA
 
21,013
845,485
TOTAL BRAZIL
 
 
38,052,292
Cameroon - 0.0%
 
 
 
Golar LNG Ltd. (a)
 
11,938
270,993
Canada - 7.0%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
62,089
3,522,280
Air Canada (a)
 
42,106
589,238
Alamos Gold, Inc.
 
49,184
635,651
Algonquin Power & Utilities Corp.
 
86,733
737,472
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
96,830
4,832,745
AltaGas Ltd.
 
35,413
619,469
ARC Resources Ltd.
 
79,913
992,682
ATCO Ltd. Class I (non-vtg.)
 
9,336
308,501
B2Gold Corp.
 
135,715
533,905
Bank of Montreal
 
88,864
8,010,452
Bank of Nova Scotia
 
150,494
7,512,204
Barrick Gold Corp. (Canada)
 
222,636
4,233,017
BCE, Inc.
 
37,909
1,822,072
BlackBerry Ltd. (a)
 
62,713
244,399
Bombardier, Inc. Class B (sub. vtg.) (a)
 
10,771
465,232
Brookfield Asset Management Ltd. Class A
 
45,321
1,519,341
Brookfield Corp. (Canada) Class A
 
180,614
5,860,273
Brookfield Infrastructure Corp. Class A
 
12,357
526,530
CAE, Inc. (a)
 
39,581
890,744
Cameco Corp.
 
54,508
1,498,633
Canadian Imperial Bank of Commerce
 
114,724
4,809,627
Canadian National Railway Co.
 
76,503
9,119,264
Canadian Natural Resources Ltd.
 
140,051
8,534,237
Canadian Pacific Kansas City Ltd.
 
117,305
9,246,909
Canadian Tire Ltd. Class A (non-vtg.)
 
6,909
905,715
Canadian Utilities Ltd. Class A (non-vtg.)
 
14,920
431,351
CCL Industries, Inc. Class B
 
18,819
884,938
Cenovus Energy, Inc. (Canada)
 
174,544
2,929,572
CGI, Inc. Class A (sub. vtg.) (a)
 
26,864
2,726,552
Constellation Software, Inc.
 
2,490
4,873,626
Descartes Systems Group, Inc. (Canada) (a)
 
10,620
841,542
Dollarama, Inc.
 
35,963
2,227,564
Element Fleet Management Corp.
 
49,868
652,221
Emera, Inc.
 
34,228
1,456,430
Empire Co. Ltd. Class A (non-vtg.)
 
20,608
553,359
Enbridge, Inc.
 
255,647
10,164,744
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
2,865
2,002,127
Finning International, Inc.
 
19,399
502,712
FirstService Corp.
 
4,972
747,901
Fortis, Inc.
 
60,880
2,673,175
Franco-Nevada Corp.
 
24,190
3,670,502
George Weston Ltd.
 
8,337
1,119,435
GFL Environmental, Inc.
 
21,769
790,680
Gibson Energy, Inc.
 
18,772
318,536
Gildan Activewear, Inc.
 
22,552
734,394
Great-West Lifeco, Inc.
 
34,346
976,498
Hydro One Ltd. (c)
 
40,919
1,198,410
iA Financial Corp., Inc.
 
13,231
887,796
Imperial Oil Ltd.
 
21,943
1,118,488
Intact Financial Corp.
 
22,246
3,365,018
Ivanhoe Mines Ltd. (a)
 
73,708
639,236
Keyera Corp.
 
27,534
647,883
Kinross Gold Corp.
 
156,889
790,901
Loblaw Companies Ltd.
 
19,384
1,823,156
Magna International, Inc. Class A (sub. vtg.)
 
33,533
1,748,364
Manulife Financial Corp.
 
234,669
4,633,277
MEG Energy Corp. (a)
 
33,701
561,165
Methanex Corp.
 
8,561
383,234
Metro, Inc.
 
30,254
1,724,334
National Bank of Canada
 
42,417
3,162,999
Northland Power, Inc.
 
32,703
802,821
Nutrien Ltd.
 
65,727
4,559,679
Nuvei Corp. (Canada) (a)(c)
 
8,402
341,202
Onex Corp. (sub. vtg.)
 
8,905
410,070
Open Text Corp.
 
34,481
1,305,842
Pan American Silver Corp.
 
46,210
822,663
Parkland Corp.
 
22,207
523,684
Pembina Pipeline Corp.
 
70,532
2,321,827
Power Corp. of Canada (sub. vtg.)
 
71,870
1,925,056
Quebecor, Inc. Class B (sub. vtg.)
 
19,387
500,397
Restaurant Brands International, Inc.
 
38,592
2,705,442
RioCan (REIT)
 
17,929
277,633
Ritchie Bros. Auctioneers, Inc.
 
22,933
1,312,150
Rogers Communications, Inc. Class B (non-vtg.)
 
44,271
2,187,328
Royal Bank of Canada
 
174,630
17,337,330
Saputo, Inc.
 
30,356
785,983
Shopify, Inc. Class A (a)
 
150,790
7,305,499
SNC-Lavalin Group, Inc.
 
21,877
503,792
SSR Mining, Inc.
 
25,118
359,663
Stantec, Inc.
 
14,200
853,562
Sun Life Financial, Inc.
 
73,978
3,628,872
Suncor Energy, Inc.
 
170,782
5,347,140
TC Energy Corp.
 
128,778
5,352,245
Teck Resources Ltd. Class B (sub. vtg.)
 
56,646
2,638,616
TELUS Corp.
 
60,060
1,273,147
TFI International, Inc. (Canada)
 
9,763
1,052,215
The Toronto-Dominion Bank
 
229,680
13,912,859
Thomson Reuters Corp.
 
19,835
2,608,262
TMX Group Ltd.
 
6,834
692,152
Toromont Industries Ltd.
 
10,169
821,716
Tourmaline Oil Corp.
 
40,278
1,809,589
Tricon Residential, Inc.
 
34,473
276,323
West Fraser Timber Co. Ltd.
 
7,545
545,750
Whitecap Resources, Inc.
 
77,828
613,502
WSP Global, Inc.
 
15,854
2,092,375
TOTAL CANADA
 
 
231,739,098
Chile - 0.1%
 
 
 
Antofagasta PLC
 
42,902
787,459
Banco de Chile
 
5,439,649
579,174
Banco de Credito e Inversiones
 
7,332
221,163
Banco Santander Chile
 
8,126,276
388,571
Cencosud SA
 
158,349
322,681
Compania Cervecerias Unidas SA
 
17,327
141,449
Compania Sud Americana de Vapores SA
 
1,996,558
204,021
Empresas CMPC SA
 
136,957
214,618
Empresas COPEC SA
 
43,828
304,964
Enel Americas SA
 
2,503,236
341,104
Enel Chile SA
 
2,994,578
170,642
Falabella SA
 
91,374
195,935
Lundin Mining Corp.
 
82,997
634,033
Parque Arauco SA
 
91,986
130,359
TOTAL CHILE
 
 
4,636,173
China - 6.7%
 
 
 
AAC Technology Holdings, Inc.
 
88,000
186,048
Agricultural Bank of China Ltd. (H Shares)
 
3,852,000
1,489,310
Airtac International Group
 
17,650
640,150
Akeso, Inc. (a)(c)
 
56,000
307,563
Alibaba Group Holding Ltd. sponsored ADR (a)
 
245,680
20,806,639
Alibaba Health Information Technology Ltd. (a)
 
546,000
393,562
Aluminum Corp. of China Ltd. (H Shares)
 
518,000
307,723
Anhui Conch Cement Co. Ltd. (H Shares)
 
144,000
454,683
Anta Sports Products Ltd.
 
137,400
1,707,364
Autohome, Inc. ADR Class A
 
7,066
209,507
Baidu, Inc. sponsored ADR (a)
 
35,141
4,238,356
Bank of China Ltd. (H Shares)
 
9,775,000
3,903,726
Bank of Communications Co. Ltd. (H Shares)
 
2,686,000
1,734,888
BeiGene Ltd. ADR (a)
 
8,351
2,129,171
Bilibili, Inc. ADR (a)
 
28,595
582,194
BOC Hong Kong (Holdings) Ltd.
 
453,500
1,431,574
BYD Co. Ltd. (H Shares)
 
109,707
3,327,002
BYD Electronic International Co. Ltd.
 
93,500
283,561
CGN Power Co. Ltd. (H Shares) (c)
 
1,444,000
381,307
China CITIC Bank Corp. Ltd. (H Shares)
 
1,155,000
624,815
China Coal Energy Co. Ltd. (H Shares)
 
267,000
229,409
China Conch Venture Holdings Ltd.
 
198,500
316,712
China Construction Bank Corp. (H Shares)
 
12,437,000
8,314,463
China Everbright International Ltd.
 
470,000
199,527
China Evergrande New Energy Vehicle Group Ltd. (a)(b)(d)
 
366,500
112,056
China Feihe Ltd. (c)
 
429,000
289,699
China Galaxy Securities Co. Ltd. (H Shares)
 
465,500
252,837
China Gas Holdings Ltd.
 
389,200
500,694
China Hongqiao Group Ltd.
 
238,000
234,425
China International Capital Corp. Ltd. (H Shares) (c)
 
191,200
401,762
China Life Insurance Co. Ltd. (H Shares)
 
945,000
1,815,492
China Literature Ltd. (a)(c)
 
51,200
236,548
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
419,000
439,726
China Medical System Holdings Ltd.
 
160,000
265,619
China Mengniu Dairy Co. Ltd.
 
386,000
1,558,117
China Merchants Bank Co. Ltd. (H Shares)
 
420,500
2,029,807
China Merchants Holdings International Co. Ltd.
 
162,346
240,893
China Minsheng Banking Corp. Ltd. (H Shares)
 
789,500
290,019
China National Building Materials Co. Ltd. (H Shares)
 
584,000
438,181
China Overseas Land and Investment Ltd.
 
467,500
1,185,647
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
297,600
888,941
China Petroleum & Chemical Corp. (H Shares)
 
3,122,000
2,046,208
China Power International Development Ltd.
 
601,000
228,139
China Railway Group Ltd. (H Shares)
 
536,000
412,098
China Resource Gas Group Ltd.
 
113,900
359,507
China Resources Beer Holdings Co. Ltd.
 
196,000
1,514,057
China Resources Land Ltd.
 
360,000
1,676,432
China Resources Mixc Lifestyle Services Ltd. (c)
 
74,755
396,322
China Resources Power Holdings Co. Ltd.
 
224,000
487,699
China Shenhua Energy Co. Ltd. (H Shares)
 
430,500
1,429,927
China State Construction International Holdings Ltd.
 
212,000
263,580
China Taiping Insurance Group Ltd.
 
174,800
200,785
China Tower Corp. Ltd. (H Shares) (c)
 
5,866,000
748,639
China Vanke Co. Ltd. (H Shares)
 
280,200
438,035
ChinaSoft International Ltd.
 
322,000
214,659
Chow Tai Fook Jewellery Group Ltd.
 
274,600
551,455
CIFI Holdings Group Co. Ltd. (d)
 
507,495
49,135
CITIC Pacific Ltd.
 
793,000
995,446
CITIC Securities Co. Ltd. (H Shares)
 
170,875
359,795
Cmoc Group Ltd. (H Shares)
 
450,000
275,860
COSCO SHIPPING Holdings Co. Ltd. (H Shares)
 
408,000
473,900
Country Garden Holdings Co. Ltd.
 
1,343,120
345,988
Country Garden Services Holdings Co. Ltd.
 
238,000
374,029
CRRC Corp. Ltd. (H Shares)
 
538,000
348,141
CSPC Pharmaceutical Group Ltd.
 
1,074,160
1,093,814
Daqo New Energy Corp. ADR (a)
 
7,573
347,752
ENN Energy Holdings Ltd.
 
97,100
1,331,397
ESR Group Ltd. (c)
 
308,800
482,699
Far East Horizon Ltd.
 
225,000
202,415
Far East Horizon Ltd. rights (a)
 
1,890
0
Full Truck Alliance Co. Ltd. ADR (a)
 
81,592
522,189
Fuyao Glass Industries Group Co. Ltd. (H Shares) (c)
 
75,200
305,935
Ganfeng Lithium Group Co. Ltd. (H Shares) (c)
 
48,720
321,443
GCL Technology Holdings Ltd.
 
2,403,000
603,372
Geely Automobile Holdings Ltd.
 
611,000
758,522
Genscript Biotech Corp. (a)
 
130,000
343,639
GF Securities Co. Ltd. (H Shares)
 
145,000
208,227
Great Wall Motor Co. Ltd. (H Shares)
 
318,000
385,917
Guangdong Investment Ltd.
 
366,000
349,887
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
338,000
210,952
H World Group Ltd. ADR
 
18,164
851,892
Haidilao International Holding Ltd. (c)
 
148,000
361,846
Haier Smart Home Co. Ltd.
 
289,000
942,020
Haitong Securities Co. Ltd. (H Shares)
 
365,600
242,834
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
128,000
233,511
Hengan International Group Co. Ltd.
 
82,000
366,250
Hua Hong Semiconductor Ltd. (a)(c)
 
72,000
295,856
Huatai Securities Co. Ltd. (H Shares) (c)
 
191,600
247,474
Hygeia Healthcare Holdings Co. (c)
 
43,400
319,823
Industrial & Commercial Bank of China Ltd. (H Shares)
 
8,957,000
4,818,904
Innovent Biologics, Inc. (a)(c)
 
146,000
701,979
iQIYI, Inc. ADR (a)
 
57,684
351,872
JD Health International, Inc. (a)(c)
 
134,100
967,682
JD Logistics, Inc. (a)(c)
 
243,100
379,873
JD.com, Inc. sponsored ADR
 
151,013
5,394,184
JinkoSolar Holdings Co. Ltd. ADR (a)(b)
 
5,049
250,481
Kanzhun Ltd. ADR (a)
 
25,882
478,558
KE Holdings, Inc. ADR (a)
 
84,852
1,331,328
Kingboard Chemical Holdings Ltd.
 
77,500
237,362
Kingdee International Software Group Co. Ltd. (a)
 
345,000
530,494
Kingsoft Corp. Ltd.
 
120,000
527,487
Kuaishou Technology Class B (a)(c)
 
249,000
1,648,415
Kunlun Energy Co. Ltd.
 
508,000
470,920
Lenovo Group Ltd.
 
930,000
951,461
Li Auto, Inc. ADR (a)
 
71,966
1,691,201
Li Ning Co. Ltd.
 
298,500
2,134,758
Longfor Properties Co. Ltd. (c)
 
211,500
578,769
Meituan Class B (a)(c)
 
596,090
10,187,451
Microport Scientific Corp. (a)
 
89,900
199,478
Minth Group Ltd.
 
88,000
254,812
NetEase, Inc. ADR
 
46,714
4,163,619
New China Life Insurance Co. Ltd. (H Shares)
 
108,800
311,554
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
19,174
874,143
NIO, Inc. sponsored ADR (a)(b)
 
178,552
1,405,204
Nongfu Spring Co. Ltd. (H Shares) (c)
 
225,600
1,224,050
PDD Holdings, Inc. ADR (a)
 
68,624
4,676,726
People's Insurance Co. of China Group Ltd. (H Shares)
 
996,000
391,727
PetroChina Co. Ltd. (H Shares)
 
2,664,000
1,850,507
PICC Property & Casualty Co. Ltd. (H Shares)
 
882,000
1,066,742
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
780,000
5,690,506
Pop Mart International Group Ltd. (c)
 
87,800
212,986
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
998,000
650,689
Prosus NV
 
146,723
10,979,800
Qifu Technology, Inc. ADR
 
18,219
321,383
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
319,600
545,363
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares)
 
55,500
158,652
Shenzhou International Group Holdings Ltd.
 
100,100
961,477
Silergy Corp.
 
41,000
646,705
Sinopharm Group Co. Ltd. (H Shares)
 
164,400
582,351
SITC International Holdings Co. Ltd.
 
170,000
314,446
Smoore International Holdings Ltd. (c)
 
225,000
263,029
Sunny Optical Technology Group Co. Ltd.
 
89,500
945,774
TAL Education Group ADR (a)
 
64,280
376,681
Tencent Holdings Ltd.
 
760,600
33,782,898
Tencent Music Entertainment Group ADR (a)
 
81,494
603,871
Tingyi (Cayman Islands) Holding Corp.
 
248,000
433,393
Tongcheng Travel Holdings Ltd. (a)
 
131,200
279,089
Topsports International Holdings Ltd. (c)
 
337,000
300,415
Trip.com Group Ltd. ADR (a)
 
67,946
2,412,762
Tsingtao Brewery Co. Ltd. (H Shares)
 
68,000
727,983
Vipshop Holdings Ltd. ADR (a)
 
43,266
679,276
Want Want China Holdings Ltd.
 
650,000
414,541
Weichai Power Co. Ltd. (H Shares)
 
260,000
384,317
Wharf Holdings Ltd.
 
160,000
365,858
Wilmar International Ltd.
 
387,300
1,143,975
WuXi AppTec Co. Ltd. (H Shares) (c)
 
49,784
437,847
Wuxi Biologics (Cayman), Inc. (a)(c)
 
451,000
2,689,241
Xiaomi Corp. Class B (a)(c)
 
1,822,800
2,587,291
Xinyi Solar Holdings Ltd.
 
589,097
633,337
XPeng, Inc. ADR (a)
 
67,707
643,217
Yadea Group Holdings Ltd. (c)
 
146,000
341,352
Yangzijiang Shipbuilding Holdings Ltd.
 
327,900
305,780
Yankuang Energy Group Co. Ltd. (H Shares)
 
180,000
617,504
Yum China Holdings, Inc.
 
52,896
3,236,177
Zai Lab Ltd. ADR (a)
 
10,048
351,479
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
171,000
272,211
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)
 
79,200
246,552
Zhongsheng Group Holdings Ltd. Class H
 
73,500
313,956
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
65,500
264,358
Zijin Mining Group Co. Ltd. (H Shares)
 
714,000
1,208,842
ZTE Corp. (H Shares)
 
96,000
309,195
ZTO Express, Inc. sponsored ADR
 
52,289
1,447,360
TOTAL CHINA
 
 
221,034,879
Colombia - 0.0%
 
 
 
Bancolombia SA
 
36,729
281,448
Czech Republic - 0.0%
 
 
 
CEZ A/S
 
20,156
1,082,674
Komercni Banka A/S
 
9,158
295,280
MONETA Money Bank A/S (c)
 
43,726
160,336
TOTAL CZECH REPUBLIC
 
 
1,538,290
Denmark - 1.9%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
383
682,260
 Series B
 
696
1,258,057
Ascendis Pharma A/S sponsored ADR (a)
 
6,399
447,674
Carlsberg A/S Series B
 
12,489
2,063,191
Chr. Hansen Holding A/S
 
13,128
1,020,431
Coloplast A/S Series B
 
15,102
2,172,259
Danske Bank A/S (a)
 
86,380
1,820,307
Demant A/S (a)
 
11,988
512,873
DSV A/S
 
22,665
4,256,912
Genmab A/S (a)
 
8,334
3,424,980
Novo Nordisk A/S Series B
 
206,749
34,393,626
Novozymes A/S Series B
 
26,723
1,388,198
ORSTED A/S (c)
 
23,764
2,131,014
Pandora A/S
 
12,233
1,128,811
SimCorp A/S
 
4,849
524,362
Tryg A/S
 
45,004
1,061,148
Vestas Wind Systems A/S
 
127,362
3,524,182
TOTAL DENMARK
 
 
61,810,285
Egypt - 0.0%
 
 
 
Abou Kir Fertilizers & Chemical Industries
 
42,838
69,858
Commercial International Bank SAE
 
301,283
520,664
EFG-Hermes Holding SAE
 
103,844
61,332
Talaat Moustafa Group Holding
 
179,895
55,540
TOTAL EGYPT
 
 
707,394
Finland - 0.8%
 
 
 
Elisa Corp. (A Shares)
 
18,769
1,164,786
Fortum Corp.
 
55,515
827,657
Huhtamaki Oyj
 
11,778
423,608
Kesko Oyj
 
33,973
707,706
Kone OYJ (B Shares)
 
50,780
2,892,847
Metso Outotec Oyj
 
88,571
975,964
Neste OYJ
 
54,759
2,651,293
Nokia Corp.
 
676,546
2,862,568
Nordea Bank ABP
 
404,769
4,492,500
Orion Oyj (B Shares)
 
13,504
634,188
Sampo Oyj (A Shares)
 
60,728
3,075,468
Stora Enso Oyj (R Shares)
 
77,628
983,690
UPM-Kymmene Corp.
 
67,917
2,162,811
Valmet Corp.
 
20,880
704,495
Wartsila Corp.
 
59,865
692,635
TOTAL FINLAND
 
 
25,252,216
France - 6.3%
 
 
 
Accor SA
 
20,941
741,165
Adevinta ASA Class B (a)
 
32,470
249,838
Air Liquide SA
 
66,111
11,892,723
Airbus Group NV
 
77,713
10,882,511
Alstom SA
 
38,601
970,220
Arkema SA
 
8,033
793,277
AXA SA
 
251,482
8,208,415
BNP Paribas SA
 
143,509
9,272,603
Bouygues SA
 
26,303
962,245
Bureau Veritas SA
 
35,961
1,035,809
Capgemini SA
 
20,044
3,642,061
Carrefour SA
 
73,914
1,537,456
Compagnie de Saint-Gobain
 
65,214
3,775,546
Compagnie Generale des Etablissements Michelin SCA Series B
 
90,986
2,897,685
Credit Agricole SA
 
173,824
2,124,742
Danone SA
 
80,245
5,310,908
Dassault Systemes SA
 
87,648
3,541,564
Edenred SA
 
31,826
2,066,270
Eiffage SA
 
9,686
1,151,617
Engie SA
 
233,310
3,731,836
EssilorLuxottica SA
 
38,465
7,603,794
Gecina SA
 
6,719
747,030
Getlink SE
 
50,116
936,579
Hermes International SCA
 
4,393
9,520,584
Kering SA
 
9,102
5,814,098
L'Oreal SA
 
31,763
15,146,098
Legrand SA
 
33,729
3,185,125
LVMH Moet Hennessy Louis Vuitton SE
 
32,954
31,697,837
Orange SA
 
239,869
3,122,115
Pernod Ricard SA
 
25,762
5,944,269
Publicis Groupe SA
 
29,902
2,444,700
Renault SA
 
26,627
986,714
Safran SA
 
44,338
6,895,435
Sartorius Stedim Biotech
 
3,057
816,863
Societe Generale Series A
 
95,434
2,317,927
Sodexo SA
 
10,563
1,131,347
Teleperformance
 
7,533
1,500,751
Thales SA
 
13,489
2,057,112
TotalEnergies SE
 
295,629
18,890,676
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
13,345
713,774
Veolia Environnement SA
 
84,111
2,663,370
VINCI SA
 
66,940
8,276,005
Vivendi SA
 
100,922
1,106,944
Worldline SA (a)(c)
 
31,625
1,372,298
TOTAL FRANCE
 
 
209,679,936
Germany - 4.9%
 
 
 
adidas AG
 
22,592
3,978,586
Allianz SE
 
50,903
12,782,092
BASF AG
 
116,167
5,997,007
Bayer AG
 
124,150
8,193,437
Bayerische Motoren Werke AG (BMW)
 
40,221
4,495,772
Beiersdorf AG
 
12,476
1,740,409
BioNTech SE ADR
 
11,571
1,321,871
Brenntag SE
 
19,823
1,611,574
Carl Zeiss Meditec AG
 
4,613
619,117
Commerzbank AG
 
134,099
1,487,242
Continental AG
 
13,518
944,672
Covestro AG (c)
 
24,454
1,072,808
Daimler Truck Holding AG
 
65,958
2,176,013
Deutsche Bank AG
 
260,546
2,854,592
Deutsche Borse AG
 
23,946
4,566,709
Deutsche Lufthansa AG (a)
 
76,132
816,248
Deutsche Post AG
 
125,356
6,029,573
Deutsche Telekom AG
 
440,469
10,620,485
E.ON SE
 
284,480
3,763,189
Evonik Industries AG
 
26,036
566,896
Fresenius Medical Care AG & Co. KGaA
 
24,861
1,206,354
Fresenius SE & Co. KGaA
 
51,655
1,492,407
GEA Group AG
 
20,512
961,496
Hannover Reuck SE
 
7,642
1,630,251
HeidelbergCement AG
 
18,372
1,387,936
HelloFresh AG (a)
 
21,666
578,461
Henkel AG & Co. KGaA
 
12,384
914,277
Infineon Technologies AG
 
164,903
6,005,235
K+S AG
 
23,916
476,727
Knorr-Bremse AG
 
8,242
576,153
LEG Immobilien AG
 
9,244
574,285
Mercedes-Benz Group AG (Germany)
 
98,621
7,691,060
Merck KGaA
 
16,292
2,918,123
MTU Aero Engines AG
 
6,841
1,791,806
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
17,650
6,622,226
Nemetschek SE
 
6,855
533,128
Puma AG
 
12,795
746,673
Rheinmetall AG
 
5,474
1,601,443
RWE AG
 
85,306
3,999,644
SAP SE
 
138,120
18,689,873
Scout24 AG (c)
 
10,135
630,978
Siemens AG
 
94,468
15,571,372
Siemens Energy AG (a)
 
50,336
1,230,219
Siemens Healthineers AG (c)
 
35,832
2,227,647
Symrise AG
 
16,799
2,029,698
Vonovia SE
 
100,595
2,181,756
Zalando SE (a)(c)
 
28,177
1,154,063
TOTAL GERMANY
 
 
161,061,583
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
243,901
305,036
Eurobank Ergasias Services and Holdings SA (a)
 
311,590
439,477
Hellenic Telecommunications Organization SA
 
25,813
376,874
Jumbo SA
 
13,273
305,673
Motor Oil (HELLAS) Corinth Refineries SA
 
7,803
185,720
Mytilineos SA
 
13,078
379,000
National Bank of Greece SA (a)
 
69,388
362,414
OPAP SA
 
24,258
413,244
Piraeus Financial Holdings SA (a)
 
77,461
182,658
Public Power Corp. of Greece (a)
 
26,500
228,347
Star Bulk Carriers Corp. (b)
 
9,697
204,704
Terna Energy SA
 
6,405
141,718
TOTAL GREECE
 
 
3,524,865
Guatemala - 0.0%
 
 
 
Millicom International Cellular SA (depository receipt) (a)
 
21,737
389,272
Hong Kong - 1.6%
 
 
 
AIA Group Ltd.
 
1,475,600
16,064,969
ASMPT Ltd.
 
39,900
313,700
CK Asset Holdings Ltd.
 
248,829
1,471,357
CK Infrastructure Holdings Ltd.
 
76,000
432,697
CLP Holdings Ltd.
 
213,000
1,585,940
Futu Holdings Ltd. ADR (a)(b)
 
9,174
406,133
Hang Lung Properties Ltd.
 
231,000
422,251
Hang Seng Bank Ltd.
 
91,700
1,359,256
Henderson Land Development Co. Ltd.
 
160,500
571,497
HKT Trust/HKT Ltd. unit
 
451,000
592,737
Hong Kong & China Gas Co. Ltd.
 
1,357,393
1,205,272
Hong Kong Exchanges and Clearing Ltd.
 
150,553
6,250,494
Hongkong Land Holdings Ltd.
 
131,339
584,516
Hysan Development Co. Ltd.
 
76,000
214,779
Jardine Matheson Holdings Ltd.
 
31,161
1,506,378
Link (REIT)
 
320,734
2,097,886
MTR Corp. Ltd.
 
192,613
962,396
New World Development Co. Ltd.
 
173,000
461,370
Orient Overseas International Ltd.
 
16,000
325,075
Power Assets Holdings Ltd.
 
169,500
968,574
Prudential PLC
 
347,256
5,313,378
Sino Biopharmaceutical Ltd.
 
1,230,500
683,052
Sino Land Ltd.
 
415,062
559,326
Sun Hung Kai Properties Ltd.
 
192,000
2,673,272
Swire Pacific Ltd. (A Shares)
 
55,500
440,566
Swire Properties Ltd.
 
132,800
356,931
Techtronic Industries Co. Ltd.
 
231,000
2,499,071
WH Group Ltd. (c)
 
988,000
550,058
Wharf Real Estate Investment Co. Ltd.
 
193,000
1,112,977
Xinyi Glass Holdings Ltd.
 
334,000
611,067
TOTAL HONG KONG
 
 
52,596,975
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
62,979
510,080
OTP Bank PLC
 
27,878
848,152
Richter Gedeon PLC
 
16,682
402,574
TOTAL HUNGARY
 
 
1,760,806
India - 2.8%
 
 
 
Adani Enterprises Ltd.
 
34,922
826,489
Adani Ports & Special Economic Zone Ltd.
 
92,491
774,013
Asian Paints Ltd.
 
57,444
2,046,496
Axis Bank Ltd.
 
289,187
3,055,853
Bajaj Finance Ltd.
 
33,619
2,595,877
Bajaj Finserv Ltd.
 
47,307
787,843
Bharti Airtel Ltd.
 
309,538
3,033,372
HCL Technologies Ltd.
 
135,149
1,768,808
HDFC Bank Ltd.
 
519,834
10,759,018
Hindalco Industries Ltd.
 
181,902
977,015
Hindustan Unilever Ltd.
 
112,463
3,388,673
Housing Development Finance Corp. Ltd.
 
231,095
7,882,143
ICICI Bank Ltd.
 
651,597
7,358,478
IndusInd Bank Ltd.
 
72,392
1,026,211
Infosys Ltd.
 
456,620
7,052,701
ITC Ltd.
 
379,913
1,983,246
Kotak Mahindra Bank Ltd.
 
138,387
3,297,095
Larsen & Toubro Ltd.
 
86,539
2,511,628
Mahindra & Mahindra Ltd.
 
122,276
1,841,664
Maruti Suzuki India Ltd.
 
16,882
1,779,906
NTPC Ltd.
 
606,775
1,281,142
Oil & Natural Gas Corp. Ltd.
 
502,583
981,197
Reliance Industries Ltd.
 
435,650
12,951,218
State Bank of India
 
227,164
1,614,893
Tata Consultancy Services Ltd.
 
129,176
5,112,579
Tata Motors Ltd. (a)
 
222,253
1,327,461
Tata Power Co. Ltd./The
 
207,037
511,928
Tata Steel Ltd.
 
1,019,040
1,352,437
Tech Mahindra Ltd.
 
78,668
990,939
Titan Co. Ltd.
 
52,620
1,706,650
Vedanta Ltd.
 
144,901
497,593
Wipro Ltd.
 
185,952
881,433
TOTAL INDIA
 
 
93,955,999
Indonesia - 0.6%
 
 
 
Indofood Sukses Makmur Tbk PT
 
584,200
257,149
PT Adaro Energy Indonesia Tbk
 
1,717,300
367,612
PT Aneka Tambang Tbk
 
1,042,100
149,911
PT Astra International Tbk
 
2,516,400
1,160,737
PT Bank Central Asia Tbk
 
7,020,300
4,344,523
PT Bank Mandiri (Persero) Tbk
 
5,644,100
1,995,190
PT Bank Negara Indonesia (Persero) Tbk
 
939,100
605,202
PT Bank Rakyat Indonesia (Persero) Tbk
 
9,028,753
3,146,333
PT Barito Pacific Tbk
 
3,300,680
188,221
PT Bukit Asam Tbk
 
455,700
128,883
PT Bumi Resources Minerals Tbk (a)
 
10,447,200
115,626
PT Bumi Resources Tbk (a)
 
21,880,300
180,848
PT Chandra Asri Petrochemical Tbk
 
3,042,800
490,397
PT Charoen Pokphand Indonesia Tbk
 
872,600
273,190
PT Elang Mahkota Teknologi Tbk
 
4,792,600
231,363
PT GoTo Gojek Tokopedia Tbk
 
115,950,296
827,927
PT Indah Kiat Pulp & Paper Tbk
 
309,300
164,354
PT Indo Tambangraya Megah Tbk
 
53,600
121,940
PT Indocement Tunggal Prakarsa Tbk
 
222,800
165,007
PT Indofood CBP Sukses Makmur Tbk
 
261,200
188,596
PT Kalbe Farma Tbk
 
2,388,000
345,744
PT Merdeka Copper Gold Tbk (a)
 
1,807,910
487,700
PT Mitra Keluarga Karyasehat Tbk
 
652,600
129,334
PT Perusahaan Gas Negara Tbk Series B
 
1,266,800
123,923
PT Sarana Menara Nusantara Tbk
 
2,660,500
186,322
PT Semen Indonesia (Persero) Tbk
 
400,160
162,755
PT Sumber Alfaria Trijaya Tbk
 
2,487,400
491,839
PT Telkom Indonesia Persero Tbk
 
6,038,000
1,748,900
PT United Tractors Tbk
 
182,000
359,282
PT Vale Indonesia Tbk (a)
 
240,100
114,759
TOTAL INDONESIA
 
 
19,253,567
Ireland - 0.4%
 
 
 
Bank of Ireland Group PLC
 
127,927
1,320,821
CRH PLC
 
94,080
4,539,734
Kerry Group PLC Class A
 
19,637
2,065,132
Kingspan Group PLC (Ireland)
 
19,337
1,335,977
Ryanair Holdings PLC sponsored ADR (a)
 
11,735
1,121,749
Smurfit Kappa Group PLC
 
32,988
1,219,161
TOTAL IRELAND
 
 
11,602,574
Israel - 0.5%
 
 
 
Airport City Ltd. (a)
 
8,600
109,569
Alony Hetz Properties & Investments Ltd.
 
19,190
149,899
Amot Investments Ltd.
 
26,702
140,965
Azrieli Group
 
4,387
253,839
Bank Hapoalim BM (Reg.)
 
157,738
1,346,011
Bank Leumi le-Israel BM
 
197,010
1,545,964
Bezeq The Israel Telecommunication Corp. Ltd.
 
248,225
336,292
Big Shopping Centers Ltd. (a)
 
1,755
148,452
Check Point Software Technologies Ltd. (a)
 
12,897
1,642,562
Clal Insurance Enterprises Holdings Ltd. (a)
 
7,526
115,067
Delek Group Ltd.
 
1,012
108,663
Elbit Systems Ltd. (Israel)
 
3,107
571,944
Electra Israel Ltd.
 
265
113,175
Enlight Renewable Energy Ltd. (a)
 
13,217
216,972
First International Bank of Israel
 
6,350
228,851
Global-e Online Ltd. (a)
 
10,871
303,083
Harel Insurance Investments and Financial Services Ltd.
 
16,348
145,627
Icl Group Ltd.
 
90,426
554,363
Isracard Ltd.
 
23,224
94,128
Israel Corp. Ltd. (Class A)
 
529
153,044
Israel Discount Bank Ltd. (Class A)
 
155,188
763,251
JFrog Ltd. (a)
 
7,118
132,181
Kornit Digital Ltd. (a)
 
6,035
110,199
Melisron Ltd.
 
2,779
184,228
Mivne Real Estate KD Ltd.
 
72,617
202,083
Mizrahi Tefahot Bank Ltd.
 
18,791
610,946
NICE Ltd. (a)
 
8,062
1,655,338
Nova Ltd. (a)
 
3,487
319,170
OPC Energy Ltd. (a)
 
12,463
88,424
Paz Oil Co. Ltd. (a)
 
1,269
119,230
Perion Network Ltd. (a)
 
5,708
199,951
Plus500 Ltd.
 
12,784
267,504
Radware Ltd. (a)
 
4,785
96,418
Reit 1 Ltd.
 
25,237
107,781
Shapir Engineering and Industry Ltd.
 
17,410
123,619
Shufersal Ltd.
 
34,256
173,576
Strauss Group Ltd.
 
6,955
154,398
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
140,246
1,224,348
The Phoenix Holdings Ltd.
 
20,884
222,400
Tower Semiconductor Ltd. (a)
 
13,879
610,326
Wix.com Ltd. (a)
 
7,122
621,252
ZIM Integrated Shipping Services Ltd. (b)
 
9,587
163,650
TOTAL ISRAEL
 
 
16,428,743
Italy - 1.4%
 
 
 
A2A SpA
 
193,743
341,577
Amplifon SpA
 
12,052
441,962
Assicurazioni Generali SpA
 
150,687
3,134,873
Azimut Holding SpA
 
14,654
326,820
Banco BPM SpA
 
188,293
764,564
Brunello Cucinelli SpA
 
4,171
398,475
Davide Campari Milano NV
 
67,462
868,249
DiaSorin SpA
 
3,306
358,751
Enel SpA
 
978,691
6,686,530
Eni SpA
 
316,163
4,776,405
Ferrari NV (Italy)
 
16,154
4,490,963
FinecoBank SpA
 
78,343
1,185,258
Hera SpA
 
97,238
302,582
Infrastrutture Wireless Italiane SpA (c)
 
45,157
626,708
Interpump Group SpA
 
10,326
574,373
Intesa Sanpaolo SpA
 
2,157,563
5,673,077
Italgas SpA
 
59,580
389,312
Leonardo SpA
 
50,647
603,005
Mediobanca SpA
 
81,893
878,015
Moncler SpA
 
26,523
1,962,798
Nexi SpA (a)(c)
 
105,761
874,735
Poste Italiane SpA (c)
 
57,203
594,140
Prada SpA
 
61,900
455,750
Prysmian SpA
 
33,652
1,374,598
Recordati SpA
 
12,645
581,446
Reply SpA
 
2,772
322,246
Snam SpA
 
261,100
1,450,039
Telecom Italia SpA (a)
 
1,251,068
367,935
Telecom Italia SpA (Risparmio Shares) (a)
 
775,827
223,980
Terna - Rete Elettrica Nazionale
 
180,758
1,565,533
UniCredit SpA
 
244,253
4,839,990
Unipol Gruppo SpA
 
52,826
296,633
TOTAL ITALY
 
 
47,731,322
Japan - 15.4%
 
 
 
Activia Properties, Inc.
 
92
268,075
Adeka Corp.
 
13,800
233,047
Advance Residence Investment Corp.
 
173
448,867
Advantest Corp.
 
23,200
1,808,020
AEON Co. Ltd.
 
111,300
2,268,517
AGC, Inc.
 
29,300
1,092,447
Aica Kogyo Co. Ltd.
 
8,200
186,425
Air Water, Inc.
 
28,400
358,856
Aisin Seiki Co. Ltd.
 
22,400
657,473
Ajinomoto Co., Inc.
 
67,700
2,434,787
Alfresa Holdings Corp.
 
24,500
354,748
Alps Alpine Co. Ltd.
 
26,400
241,034
Amada Co. Ltd.
 
49,200
459,380
Ana Holdings, Inc. (a)
 
19,300
420,992
Aozora Bank Ltd.
 
14,300
256,528
Asahi Group Holdings
 
64,100
2,476,446
ASAHI INTECC Co. Ltd.
 
28,900
522,982
Asahi Kasei Corp.
 
179,000
1,264,306
Asics Corp.
 
24,500
684,808
Astellas Pharma, Inc.
 
232,400
3,501,005
Azbil Corp.
 
16,600
464,248
Bandai Namco Holdings, Inc.
 
85,000
1,930,811
Bank of Kyoto Ltd.
 
9,300
457,583
BayCurrent Consulting, Inc.
 
17,200
597,872
Bic Camera, Inc.
 
19,500
163,146
Biprogy, Inc.
 
10,000
241,096
Bridgestone Corp.
 
77,400
3,108,257
Brother Industries Ltd.
 
31,800
499,427
Calbee, Inc.
 
13,700
296,259
Canon, Inc.
 
132,300
3,151,037
Capcom Co. Ltd.
 
19,800
744,037
Casio Computer Co. Ltd.
 
28,000
266,415
Central Japan Railway Co.
 
26,200
3,243,528
Chiba Bank Ltd.
 
95,000
620,353
Chubu Electric Power Co., Inc.
 
97,900
1,091,816
Chugai Pharmaceutical Co. Ltd.
 
81,400
2,100,581
Chugoku Electric Power Co., Inc.
 
39,500
207,995
Coca-Cola West Co. Ltd.
 
19,100
205,826
COMSYS Holdings Corp.
 
14,900
285,129
Concordia Financial Group Ltd.
 
150,600
571,430
Cosmo Energy Holdings Co. Ltd.
 
10,700
342,069
Cosmos Pharmaceutical Corp.
 
2,700
265,559
Credit Saison Co. Ltd.
 
19,800
274,327
CyberAgent, Inc.
 
51,300
447,675
Dai Nippon Printing Co. Ltd.
 
33,800
971,619
Dai-ichi Mutual Life Insurance Co.
 
129,900
2,416,241
Daicel Chemical Industries Ltd.
 
33,900
267,263
Daifuku Co. Ltd.
 
48,000
884,390
Daiichi Sankyo Kabushiki Kaisha
 
245,800
8,434,532
Daikin Industries Ltd.
 
37,000
6,720,350
Daito Trust Construction Co. Ltd.
 
8,700
824,566
Daiwa House Industry Co. Ltd.
 
86,000
2,192,009
Daiwa House REIT Investment Corp.
 
283
602,130
Daiwa Office Investment Corp.
 
35
152,138
Daiwa Securities Group, Inc.
 
185,800
862,985
Denka Co. Ltd.
 
10,900
218,299
DENSO Corp.
 
63,800
3,851,198
Dentsu Group, Inc.
 
29,000
1,045,011
Dic Corp.
 
10,100
186,582
Disco Corp.
 
11,100
1,263,793
Dowa Holdings Co. Ltd.
 
7,000
228,693
East Japan Railway Co.
 
48,100
2,752,361
Ebara Corp.
 
9,600
420,013
Eisai Co. Ltd.
 
37,800
2,181,185
Electric Power Development Co. Ltd.
 
22,200
354,972
ENEOS Holdings, Inc.
 
411,700
1,464,633
Exeo Group, Inc.
 
14,100
261,627
Ezaki Glico Co. Ltd.
 
7,000
180,045
Fancl Corp.
 
10,400
179,979
FANUC Corp.
 
121,500
4,103,202
Fast Retailing Co. Ltd.
 
23,700
5,612,199
Food & Life Companies Ltd.
 
14,800
356,476
Frontier Real Estate Investment Corp.
 
63
227,617
Fuji Electric Co. Ltd.
 
19,000
766,945
FUJIFILM Holdings Corp.
 
50,700
2,642,483
Fujitsu Ltd.
 
23,000
3,065,378
Fukuoka Financial Group, Inc.
 
24,100
453,926
GLP J-REIT
 
590
674,120
GMO Payment Gateway, Inc.
 
5,800
453,629
GOLDWIN, Inc.
 
4,900
445,224
Hakuhodo DY Holdings, Inc.
 
39,100
460,728
Hamamatsu Photonics K.K.
 
18,500
980,756
Hankyu Hanshin Holdings, Inc.
 
31,500
983,471
Harmonic Drive Systems, Inc.
 
6,900
210,962
Haseko Corp.
 
28,400
346,716
Hikari Tsushin, Inc.
 
2,500
341,113
Hirose Electric Co. Ltd.
 
4,000
539,836
Hisamitsu Pharmaceutical Co., Inc.
 
9,600
265,532
Hitachi Construction Machinery Co. Ltd.
 
13,100
322,809
Hitachi Ltd.
 
118,600
6,560,316
Honda Motor Co. Ltd.
 
214,900
5,699,799
Horiba Ltd.
 
5,500
303,010
Hoshizaki Corp.
 
14,600
514,229
House Foods Group, Inc.
 
9,500
208,887
Hoya Corp.
 
45,100
4,728,962
Hulic Co. Ltd.
 
74,700
643,171
Ibiden Co. Ltd.
 
17,600
692,494
Idemitsu Kosan Co. Ltd.
 
27,957
595,290
IHI Corp.
 
19,400
488,843
Iida Group Holdings Co. Ltd.
 
22,100
392,922
Industrial & Infrastructure Fund Investment Corp.
 
254
291,088
INPEX Corp.
 
133,700
1,463,086
Internet Initiative Japan, Inc.
 
17,000
351,802
Invincible Investment Corp.
 
772
333,317
Isetan Mitsukoshi Holdings Ltd.
 
50,000
552,038
Isuzu Motors Ltd.
 
78,800
930,551
ITO EN Ltd.
 
7,900
244,365
Itochu Corp.
 
186,500
6,187,111
ITOCHU Techno-Solutions Corp.
 
11,800
305,568
Iwatani Corp.
 
6,500
307,728
J. Front Retailing Co. Ltd.
 
33,200
349,173
Japan Airlines Co. Ltd.
 
17,500
333,840
Japan Airport Terminal Co. Ltd.
 
11,700
573,335
Japan Exchange Group, Inc.
 
66,900
1,086,308
Japan Hotel REIT Investment Corp.
 
566
319,786
Japan Logistics Fund, Inc.
 
115
273,107
Japan Post Bank Co. Ltd.
 
174,600
1,394,280
Japan Post Holdings Co. Ltd.
 
306,300
2,521,439
Japan Post Insurance Co. Ltd.
 
25,100
407,601
Japan Prime Realty Investment Corp.
 
125
325,021
Japan Real Estate Investment Corp.
 
172
681,533
Japan Retail Fund Investment Corp.
 
871
637,760
Japan Steel Works Ltd.
 
8,700
158,061
Japan Tobacco, Inc.
 
139,700
3,005,909
JEOL Ltd.
 
6,100
177,977
JFE Holdings, Inc.
 
72,700
860,063
JGC Holdings Corp.
 
32,900
411,588
JSR Corp.
 
26,100
605,610
JTEKT Corp.
 
31,800
262,604
K's Holdings Corp.
 
21,600
191,446
Kadokawa Corp.
 
14,000
298,575
Kagome Co. Ltd.
 
10,900
264,749
Kajima Corp.
 
58,800
777,956
Kakaku.com, Inc.
 
14,700
202,253
Kamigumi Co. Ltd.
 
13,300
291,481
Kaneka Corp.
 
8,700
231,452
Kansai Electric Power Co., Inc.
 
102,600
1,107,538
Kansai Paint Co. Ltd.
 
31,700
446,906
Kao Corp.
 
58,900
2,380,061
Kawasaki Heavy Industries Ltd.
 
20,400
443,787
Kawasaki Kisen Kaisha Ltd.
 
29,900
712,527
KDDI Corp.
 
198,300
6,190,556
Keihan Electric Railway Co., Ltd.
 
13,800
379,863
Keikyu Corp.
 
33,600
326,591
Keio Corp.
 
15,200
564,527
Keisei Electric Railway Co.
 
21,900
772,828
Kenedix Office Investment Corp.
 
106
234,348
Kewpie Corp.
 
14,700
246,773
Keyence Corp.
 
25,200
11,364,099
Kikkoman Corp.
 
24,700
1,463,073
Kinden Corp.
 
16,900
230,426
Kintetsu Group Holdings Co. Ltd.
 
25,000
843,932
Kirin Holdings Co. Ltd.
 
106,700
1,733,375
Kobayashi Pharmaceutical Co. Ltd.
 
7,200
449,295
Kobe Bussan Co. Ltd.
 
17,800
497,838
Kobe Steel Ltd.
 
50,500
376,268
Koei Tecmo Holdings Co. Ltd.
 
15,080
277,318
Koito Manufacturing Co. Ltd.
 
31,600
611,253
Kokuyo Co. Ltd.
 
13,300
190,067
Komatsu Ltd.
 
123,600
3,073,916
Konami Group Corp.
 
12,500
615,050
Konica Minolta, Inc.
 
60,200
251,116
Kose Corp.
 
4,500
525,129
Kubota Corp.
 
144,000
2,182,032
Kuraray Co. Ltd.
 
44,400
415,212
Kurita Water Industries Ltd.
 
13,900
582,533
Kyocera Corp.
 
44,100
2,314,701
Kyowa Hakko Kirin Co., Ltd.
 
31,700
705,369
Kyushu Electric Power Co., Inc.
 
61,600
358,690
Kyushu Financial Group, Inc.
 
55,800
201,145
Kyushu Railway Co.
 
19,300
438,280
LaSalle Logiport REIT
 
217
257,797
Lasertec Corp.
 
9,700
1,319,647
Lawson, Inc.
 
6,000
272,530
Lion Corp.
 
34,800
379,384
LIXIL Group Corp.
 
35,200
554,085
M3, Inc.
 
54,200
1,330,392
Mabuchi Motor Co. Ltd.
 
7,100
200,378
Makita Corp.
 
34,900
984,554
Marubeni Corp.
 
216,400
3,071,408
Marui Group Co. Ltd.
 
26,600
423,808
Maruichi Steel Tube Ltd.
 
9,800
221,687
MatsukiyoCocokara & Co.
 
17,900
958,543
Mazda Motor Corp.
 
75,100
679,617
McDonald's Holdings Co. (Japan) Ltd.
 
10,600
441,599
Mebuki Financial Group, Inc.
 
137,900
353,252
Medipal Holdings Corp.
 
26,700
407,921
Meiji Holdings Co. Ltd.
 
35,900
866,257
Mercari, Inc. (a)
 
13,700
235,595
Minebea Mitsumi, Inc.
 
50,800
940,747
Misumi Group, Inc.
 
35,700
900,611
Mitsubishi Chemical Holdings Corp.
 
177,700
1,042,503
Mitsubishi Corp.
 
186,100
6,899,820
Mitsubishi Electric Corp.
 
272,500
3,378,695
Mitsubishi Estate Co. Ltd.
 
160,300
1,975,586
Mitsubishi Gas Chemical Co., Inc.
 
25,500
371,241
Mitsubishi Heavy Industries Ltd.
 
42,600
1,615,403
Mitsubishi Logistics Corp.
 
9,200
227,969
Mitsubishi Materials Corp.
 
16,500
270,181
Mitsubishi Motors Corp. of Japan (a)
 
87,100
334,781
Mitsubishi UFJ Financial Group, Inc.
 
1,543,500
9,661,592
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
97,300
505,059
Mitsui & Co. Ltd.
 
200,900
6,271,839
Mitsui Chemicals, Inc.
 
24,300
614,814
Mitsui Fudosan Co. Ltd.
 
120,700
2,397,346
Mitsui Fudosan Logistics Park, Inc.
 
71
266,788
Mitsui High-Tec, Inc.
 
2,900
174,888
Mitsui OSK Lines Ltd.
 
45,500
1,127,973
Miura Co. Ltd.
 
14,400
383,577
Mizuho Financial Group, Inc.
 
320,140
4,640,695
MonotaRO Co. Ltd.
 
30,600
462,944
Mori Hills REIT Investment Corp.
 
199
224,909
Morinaga & Co. Ltd.
 
5,600
165,959
MS&AD Insurance Group Holdings, Inc.
 
56,300
1,847,897
Murata Manufacturing Co. Ltd.
 
81,200
4,606,977
Nabtesco Corp.
 
15,100
363,963
Nagase & Co. Ltd.
 
15,700
247,356
Nagoya Railroad Co. Ltd.
 
24,700
398,464
Nankai Electric Railway Co. Ltd.
 
14,100
328,941
NEC Corp.
 
34,700
1,334,400
Net One Systems Co. Ltd.
 
10,100
238,142
Nexon Co. Ltd.
 
56,300
1,271,837
NGK Insulators Ltd.
 
33,400
419,231
NH Foods Ltd.
 
13,000
379,379
NHK Spring Co. Ltd.
 
27,400
203,147
Nichirei Corp.
 
16,900
346,705
Nidec Corp.
 
67,100
3,320,248
Nifco, Inc.
 
11,200
322,117
Nihon Kohden Corp.
 
10,400
287,753
Nihon M&A Center Holdings, Inc.
 
36,000
275,178
Nikon Corp.
 
43,600
450,696
Nintendo Co. Ltd.
 
147,900
6,252,826
Nippon Accommodations Fund, Inc.
 
62
301,383
Nippon Building Fund, Inc.
 
211
884,769
Nippon Express Holdings, Inc.
 
10,500
616,161
Nippon Kayaku Co. Ltd.
 
22,000
199,578
Nippon Paint Holdings Co. Ltd.
 
136,100
1,227,927
Nippon Sanso Holdings Corp.
 
26,000
469,110
Nippon Shinyaku Co. Ltd.
 
7,500
342,965
Nippon Shokubai Co. Ltd.
 
4,300
172,394
Nippon Steel & Sumitomo Metal Corp.
 
120,000
2,562,891
Nippon Telegraph & Telephone Corp.
 
149,800
4,570,994
Nippon Yusen KK
 
64,900
1,534,165
Nishi-Nippon Railroad Co. Ltd.
 
9,900
181,569
Nissan Chemical Corp.
 
17,700
786,624
Nissan Motor Co. Ltd.
 
294,000
1,072,052
Nisshin Seifun Group, Inc.
 
32,400
392,735
Nissin Food Holdings Co. Ltd.
 
10,200
983,403
Niterra Co. Ltd.
 
21,600
452,733
Nitori Holdings Co. Ltd.
 
11,000
1,400,695
Nitto Denko Corp.
 
19,000
1,228,316
NOF Corp.
 
10,100
461,484
Nomura Holdings, Inc.
 
385,900
1,383,414
Nomura Real Estate Holdings, Inc.
 
14,400
358,834
Nomura Real Estate Master Fund, Inc.
 
622
727,806
Nomura Research Institute Ltd.
 
57,200
1,439,126
NSK Ltd.
 
66,000
372,631
NTT Data Corp.
 
81,100
1,101,593
Obayashi Corp.
 
95,400
795,328
OBIC Co. Ltd.
 
8,400
1,294,232
Odakyu Electric Railway Co. Ltd.
 
43,800
611,813
Oji Holdings Corp.
 
124,500
489,248
Olympus Corp.
 
162,000
2,836,040
OMRON Corp.
 
26,100
1,531,004
Ono Pharmaceutical Co. Ltd.
 
60,400
1,216,160
Open House Group Co. Ltd.
 
9,000
359,755
Oracle Corp. Japan
 
4,100
294,252
Oriental Land Co. Ltd.
 
147,200
5,209,288
ORIX Corp.
 
149,200
2,538,268
ORIX JREIT, Inc.
 
347
448,564
Osaka Gas Co. Ltd.
 
51,800
856,835
Otsuka Corp.
 
14,400
524,146
Otsuka Holdings Co. Ltd.
 
70,800
2,408,670
Pan Pacific International Holdings Ltd.
 
68,300
1,276,317
Panasonic Holdings Corp.
 
294,400
2,772,890
Park24 Co. Ltd. (a)
 
15,900
245,768
Penta-Ocean Construction Co. Ltd.
 
36,300
176,479
PeptiDream, Inc. (a)
 
11,800
159,429
Persol Holdings Co. Ltd.
 
24,900
513,423
Pigeon Corp.
 
15,000
233,574
Rakuten Group, Inc.
 
116,600
581,595
Recruit Holdings Co. Ltd.
 
214,400
6,014,693
Relo Group, Inc.
 
14,400
223,868
Renesas Electronics Corp. (a)
 
179,000
2,332,808
Rengo Co. Ltd.
 
31,300
204,132
Resona Holdings, Inc.
 
300,800
1,499,176
Resonac Holdings Corp.
 
23,900
378,463
Ricoh Co. Ltd.
 
76,800
635,883
Rinnai Corp.
 
15,000
362,553
ROHM Co. Ltd.
 
10,900
820,641
Rohto Pharmaceutical Co. Ltd.
 
27,200
564,321
Ryohin Keikaku Co. Ltd.
 
35,600
374,631
Sankyu, Inc.
 
7,400
260,996
Sanrio Co. Ltd.
 
8,500
393,396
Santen Pharmaceutical Co. Ltd.
 
49,100
413,109
Sanwa Holdings Corp.
 
28,500
312,165
Sapporo Holdings Ltd.
 
10,300
287,351
SBI Holdings, Inc. Japan
 
33,900
662,093
Screen Holdings Co. Ltd.
 
5,700
463,634
SCSK Corp.
 
18,600
280,819
Secom Co. Ltd.
 
27,400
1,754,531
Sega Sammy Holdings, Inc.
 
20,800
388,784
Seibu Holdings, Inc.
 
33,400
373,826
Seiko Epson Corp.
 
40,000
611,750
Seino Holdings Co. Ltd.
 
22,400
248,685
Sekisui Chemical Co. Ltd.
 
54,400
774,245
Sekisui House (REIT), Inc.
 
529
299,858
Sekisui House Ltd.
 
88,500
1,819,441
Seven & i Holdings Co. Ltd.
 
101,100
4,581,594
Seven Bank Ltd.
 
93,400
191,189
SG Holdings Co. Ltd.
 
61,100
879,218
Sharp Corp.
 
28,300
201,694
SHIFT, Inc. (a)
 
1,600
297,860
Shimadzu Corp.
 
34,700
1,085,304
Shimamura Co. Ltd.
 
3,000
275,413
SHIMANO, Inc.
 
10,600
1,639,316
SHIMIZU Corp.
 
82,700
505,050
Shin-Etsu Chemical Co. Ltd.
 
255,600
7,293,756
Shinko Electric Industries Co. Ltd.
 
8,300
246,440
Shionogi & Co. Ltd.
 
35,700
1,598,094
Ship Healthcare Holdings, Inc.
 
10,700
188,746
Shiseido Co. Ltd.
 
50,500
2,531,353
Shizuoka Financial Group
 
71,300
537,434
SHO-BOND Holdings Co. Ltd.
 
5,800
247,869
Skylark Holdings Co. Ltd. (a)
 
27,500
368,975
SMC Corp.
 
7,700
3,840,335
SoftBank Corp.
 
348,800
3,927,074
SoftBank Group Corp.
 
150,300
5,636,614
Sohgo Security Services Co., Ltd.
 
10,900
304,429
Sojitz Corp.
 
26,040
548,442
Sompo Holdings, Inc.
 
44,400
1,852,794
Sony Group Corp.
 
159,300
14,412,468
Sotetsu Holdings, Inc.
 
12,500
238,009
Square Enix Holdings Co. Ltd.
 
11,100
546,221
Stanley Electric Co. Ltd.
 
18,900
426,344
Subaru Corp.
 
79,000
1,289,424
Sugi Holdings Co. Ltd.
 
4,500
190,912
Sumco Corp.
 
44,000
605,953
Sumitomo Chemical Co. Ltd.
 
205,900
695,782
Sumitomo Corp.
 
159,300
2,855,112
Sumitomo Electric Industries Ltd.
 
102,500
1,308,132
Sumitomo Forestry Co. Ltd.
 
24,200
522,822
Sumitomo Heavy Industries Ltd.
 
15,500
374,511
Sumitomo Metal Mining Co. Ltd.
 
34,300
1,265,969
Sumitomo Mitsui Financial Group, Inc.
 
173,600
7,095,664
Sumitomo Mitsui Trust Holdings, Inc.
 
46,600
1,679,824
Sumitomo Realty & Development Co. Ltd.
 
60,600
1,414,964
Sumitomo Rubber Industries Ltd.
 
23,200
212,789
Sundrug Co. Ltd.
 
8,100
223,257
Suntory Beverage & Food Ltd.
 
16,400
617,385
Suzuken Co. Ltd.
 
9,600
273,223
Suzuki Motor Corp.
 
62,700
2,186,254
Sysmex Corp.
 
21,700
1,395,814
T&D Holdings, Inc.
 
75,800
928,273
Taiheiyo Cement Corp.
 
14,800
265,381
Taisei Corp.
 
24,900
846,872
Taisho Pharmaceutical Holdings Co. Ltd.
 
7,300
315,257
Taiyo Yuden Co. Ltd.
 
16,700
511,331
Takara Holdings, Inc.
 
24,300
191,489
Takashimaya Co. Ltd.
 
21,500
317,605
Takeda Pharmaceutical Co. Ltd.
 
199,684
6,621,355
TDK Corp.
 
49,100
1,688,005
TechnoPro Holdings, Inc.
 
13,100
357,416
Teijin Ltd.
 
25,500
284,808
Terumo Corp.
 
94,700
2,835,867
The Hachijuni Bank Ltd.
 
62,800
281,351
THK Co. Ltd.
 
15,200
341,011
TIS, Inc.
 
28,600
785,348
Tobu Railway Co. Ltd.
 
26,300
671,328
Toho Co. Ltd.
 
16,100
639,597
Toho Gas Co. Ltd.
 
12,100
226,396
Tohoku Electric Power Co., Inc.
 
61,400
315,690
Tokai Carbon Co. Ltd.
 
28,700
260,817
Tokio Marine Holdings, Inc.
 
257,300
5,173,540
Tokyo Century Corp.
 
5,600
192,652
Tokyo Electric Power Co., Inc. (a)
 
97,300
348,861
Tokyo Electron Ltd.
 
59,600
6,824,528
Tokyo Gas Co. Ltd.
 
52,100
1,067,166
Tokyo Ohka Kogyo Co. Ltd.
 
4,900
255,796
Tokyo Tatemono Co. Ltd.
 
26,000
329,290
Tokyu Corp.
 
81,100
1,144,810
Tokyu Fudosan Holdings Corp.
 
74,400
377,565
Toppan, Inc.
 
43,300
920,504
Toray Industries, Inc.
 
205,900
1,166,897
Toshiba Corp.
 
54,700
1,762,422
Tosoh Corp.
 
39,900
533,076
Toto Ltd.
 
20,500
701,136
Toyo Seikan Group Holdings Ltd.
 
18,900
266,980
Toyo Suisan Kaisha Ltd.
 
12,800
571,481
Toyo Tire Corp.
 
13,800
164,413
Toyota Industries Corp.
 
26,200
1,522,689
Toyota Motor Corp.
 
1,585,900
21,774,464
Toyota Tsusho Corp.
 
30,400
1,263,646
Trend Micro, Inc.
 
17,400
850,225
Tsumura & Co.
 
9,300
188,710
Tsuruha Holdings, Inc.
 
5,100
334,028
Ube Corp.
 
11,100
176,084
Ulvac, Inc.
 
5,700
226,281
Unicharm Corp.
 
56,100
2,264,754
United Urban Investment Corp.
 
379
420,811
Ushio, Inc.
 
16,300
202,765
USS Co. Ltd.
 
26,200
440,265
Welcia Holdings Co. Ltd.
 
12,700
265,901
West Japan Railway Co.
 
30,900
1,339,260
Yakult Honsha Co. Ltd.
 
20,400
1,534,365
Yamada Holdings Co. Ltd.
 
87,900
306,308
Yamaguchi Financial Group, Inc.
 
30,300
186,307
Yamaha Corp.
 
21,600
851,248
Yamaha Motor Co. Ltd.
 
44,800
1,161,720
Yamato Holdings Co. Ltd.
 
41,600
714,588
Yamazaki Baking Co. Ltd.
 
21,400
286,742
Yaskawa Electric Corp.
 
33,600
1,368,382
Yokogawa Electric Corp.
 
31,100
505,089
Yokohama Rubber Co. Ltd.
 
16,700
363,068
Z Holdings Corp.
 
335,000
917,646
Zenkoku Hosho Co. Ltd.
 
6,700
246,253
Zensho Holdings Co. Ltd.
 
11,100
352,679
Zeon Corp.
 
22,400
231,120
ZOZO, Inc.
 
14,100
296,725
TOTAL JAPAN
 
 
511,381,037
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
22,249
514,770
Korea (South) - 3.4%
 
 
 
Advanced Nano Products Co. Ltd.
 
1,013
113,608
AfreecaTV Co. Ltd.
 
925
53,944
Alteogen, Inc.
 
4,510
147,733
AMOREPACIFIC Corp.
 
3,755
347,556
AMOREPACIFIC Group, Inc.
 
3,556
97,533
BGF Retail Co. Ltd.
 
1,057
147,524
Bioneer Corp. (a)
 
2,875
125,553
BNK Financial Group, Inc.
 
37,089
184,588
Celltrion Healthcare Co. Ltd.
 
13,649
711,753
Celltrion Pharm, Inc.
 
2,177
133,501
Celltrion, Inc.
 
13,623
1,642,079
Cheil Worldwide, Inc.
 
9,535
131,999
Chunbo Co. Ltd.
 
655
95,443
CJ CheilJedang Corp.
 
989
229,112
CJ Corp.
 
2,025
138,708
CJ ENM Co. Ltd.
 
1,525
91,089
CJ Logistics Corp.
 
1,224
70,725
Cosmax, Inc.
 
979
56,676
Cosmo AM&T Co. Ltd. (a)
 
2,880
378,057
Cosmochemical Co. Ltd.
 
3,256
142,683
Coupang, Inc. Class A (a)
 
129,122
2,164,085
Coway Co. Ltd.
 
7,069
259,651
CS Wind Corp.
 
3,609
204,401
Daeduck Electronics Co. Ltd.
 
4,174
67,705
Daejoo Electronic Materials Co. Ltd.
 
1,573
116,306
Daewoo Engineering & Construction Co. Ltd. (a)
 
31,772
100,509
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)
 
4,730
95,726
DB HiTek Co. Ltd.
 
5,044
229,744
Db Insurance Co. Ltd.
 
5,983
376,250
Delivery Hero AG (a)(c)
 
24,037
956,953
DGB Financial Group Co. Ltd.
 
23,590
121,020
DL E&C Co. Ltd.
 
4,223
111,626
Dongjin Semichem Co. Ltd.
 
4,032
89,402
Dongkuk Steel Mill Co. Ltd.
 
7,689
68,944
Doosan Bobcat, Inc.
 
6,706
257,388
Doosan Co. Ltd.
 
1,402
98,081
Doosan Fuel Cell Co. Ltd. (a)
 
4,950
111,238
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
51,578
646,527
Douzone Bizon Co. Ltd.
 
3,311
75,642
E-Mart, Inc.
 
2,429
177,721
Ecopro BM Co. Ltd.
 
6,728
1,351,582
Ecopro Co. Ltd.
 
2,364
1,298,881
EO Technics Co. Ltd.
 
1,095
71,715
F&F Co. Ltd.
 
2,125
224,935
Fila Holdings Corp.
 
5,651
155,275
Foosung Co. Ltd.
 
6,152
62,414
Green Cross Corp.
 
736
68,223
GS Engineering & Construction Corp.
 
9,228
149,809
GS Holdings Corp.
 
11,248
334,328
GS Retail Co. Ltd.
 
5,350
106,611
Hana Financial Group, Inc.
 
37,092
1,166,028
Hana Tour Service, Inc. (a)
 
1,756
72,578
HanAll BioPharma Co. Ltd. (a)
 
4,391
67,564
Hanjin Kal Corp.
 
2,444
72,391
Hankook Tire Co. Ltd.
 
9,248
238,942
Hanmi Pharm Co. Ltd.
 
778
188,245
Hanmi Science Co. Ltd.
 
3,953
129,858
Hanmi Semiconductor Co. Ltd.
 
6,639
102,800
Hanon Systems
 
20,525
141,148
Hansol Chemical Co. Ltd.
 
1,281
213,604
Hanwha Aerospace Co. Ltd.
 
4,125
317,550
Hanwha Corp.
 
6,192
125,803
Hanwha Life Insurance Co. Ltd. (a)
 
28,247
52,505
Hanwha Solutions Corp. (a)
 
13,979
503,205
Hanwha Systems Co. Ltd.
 
9,598
101,798
HD Hyundai Co. Ltd.
 
5,626
249,575
HD Hyundai Heavy Industries Co. Ltd. (a)
 
2,345
193,009
Hd Hyundai Infracore Co. Ltd.
 
13,373
98,983
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
5,554
353,398
Hite Jinro Co. Ltd.
 
4,195
69,970
HL Mando Co. Ltd.
 
4,182
145,344
HLB Life Science Co. Ltd.
 
423
3,407
HLB, Inc.
 
14,481
385,003
HMM Co. Ltd.
 
45,576
698,377
Hotel Shilla Co.
 
4,099
250,527
HUGEL, Inc. (a)
 
785
66,840
HYBE Co. Ltd. (a)
 
2,241
453,349
Hyosung Advanced Materials Co.
 
303
88,413
Hyosung TNC Co. Ltd.
 
344
97,290
Hyundai Bioscience Co. Ltd. (a)
 
4,540
68,982
Hyundai Department Store Co. Ltd.
 
1,691
65,501
Hyundai Elevator Co. Ltd.
 
3,570
89,657
Hyundai Engineering & Construction Co. Ltd.
 
9,603
295,579
Hyundai Fire & Marine Insurance Co. Ltd.
 
6,711
188,613
Hyundai Glovis Co. Ltd.
 
2,794
342,877
Hyundai Mipo Dockyard Co. Ltd. (a)
 
2,787
153,473
Hyundai Mobis
 
8,342
1,359,119
Hyundai Motor Co. Ltd.
 
17,541
2,599,366
Hyundai Rotem Co. Ltd. (a)
 
8,691
214,411
Hyundai Steel Co.
 
11,266
308,164
Hyundai Wia Corp.
 
2,121
89,214
Industrial Bank of Korea
 
34,013
256,246
JB Financial Group Co. Ltd.
 
12,995
81,342
JYP Entertainment Corp.
 
3,286
222,379
Kakao Corp.
 
39,649
1,736,900
Kakao Games Corp. (a)
 
6,188
188,105
Kakao Pay Corp. (a)
 
3,126
128,512
KakaoBank Corp.
 
39,447
653,325
Kangwon Land, Inc.
 
14,150
200,520
KB Financial Group, Inc.
 
48,606
1,804,786
KCC Corp.
 
541
90,214
KEPCO E&C
 
1,496
78,873
KEPCO Plant Service & Engineering Co. Ltd.
 
3,214
86,007
Kia Corp.
 
34,007
2,154,630
Kiwoom Securities Co. Ltd.
 
1,898
133,438
Koh Young Technology, Inc.
 
5,425
53,942
Kolon Industries, Inc.
 
1,827
58,657
Korea Aerospace Industries Ltd.
 
8,794
361,364
Korea Electric Power Corp. (a)
 
32,743
457,320
Korea Gas Corp.
 
2,871
57,624
Korea Investment Holdings Co. Ltd.
 
4,968
205,403
Korea Petro Chemical Industries Co. Ltd.
 
536
58,369
Korea Zinc Co. Ltd.
 
1,640
630,597
Korean Air Lines Co. Ltd.
 
25,116
431,002
Korean Reinsurance Co.
 
13,195
74,706
KRAFTON, Inc. (a)
 
4,553
657,966
KT&G Corp.
 
13,740
880,828
Kum Yang Co. Ltd. (a)
 
4,561
229,257
Kumho Petro Chemical Co. Ltd.
 
2,195
224,546
L&F Co. Ltd.
 
2,968
592,684
Leeno Industrial, Inc.
 
1,102
110,720
LegoChem Biosciences, Inc. (a)
 
2,651
76,135
LG Chemical Ltd.
 
5,933
3,296,989
LG Corp.
 
16,490
1,079,724
LG Display Co. Ltd.
 
27,880
310,924
LG Electronics, Inc.
 
12,682
1,041,832
LG Energy Solution (a)
 
5,317
2,318,256
LG H & H Co. Ltd.
 
1,096
511,976
LG Innotek Co. Ltd.
 
1,774
353,221
LG Uplus Corp.
 
27,331
225,525
Lotte Chemical Corp.
 
2,502
315,469
Lotte Confectionery Co. Ltd.
 
4,679
98,193
Lotte Energy Materials Corp.
 
2,500
113,147
Lotte Fine Chemical Co. Ltd.
 
1,855
85,227
Lotte Shopping Co. Ltd.
 
1,410
84,335
LS Corp.
 
3,609
242,507
LS Electric Co. Ltd.
 
2,064
97,842
LX International Corp.
 
3,292
72,217
Lx Semicon Co. Ltd.
 
1,275
100,844
Medytox, Inc.
 
520
92,097
Meritz Financial Holdings Co.
 
13,944
480,163
Mirae Asset Securities Co. Ltd.
 
29,893
155,383
Naturecell Co. Ltd. (a)
 
6,871
54,318
NAVER Corp.
 
18,948
2,746,186
NCSOFT Corp.
 
1,986
562,206
Netmarble Corp. (c)
 
3,202
155,974
NH Investment & Securities Co. Ltd.
 
18,838
131,944
NongShim Co. Ltd.
 
539
159,756
Oci Co. Ltd. (d)
 
2,576
230,669
Orion Corp./Republic of Korea
 
2,986
323,858
Pan Ocean Co., Ltd. (Korea)
 
32,842
134,082
Paradise Co. Ltd. (a)
 
7,399
85,231
Pearl Abyss Corp. (a)
 
4,446
144,044
People & Technology, Inc.
 
2,248
91,117
POSCO
 
9,317
2,637,799
POSCO Chemtech Co. Ltd.
 
3,893
980,325
Posco International Corp.
 
5,545
111,526
S-Oil Corp.
 
5,295
296,679
S.M. Entertainment Co. Ltd.
 
1,590
128,168
S1 Corp.
 
1,857
81,134
Sam Chun Dang Pharm Co. Ltd. (a)
 
1,826
103,069
Samsung Biologics Co. Ltd. (a)(c)
 
2,532
1,481,448
Samsung C&T Corp.
 
11,222
921,963
Samsung Card Co. Ltd.
 
2,798
62,357
Samsung Electro-Mechanics Co. Ltd.
 
7,208
779,819
Samsung Electronics Co. Ltd.
 
647,022
31,848,744
Samsung Engineering Co. Ltd. (a)
 
17,056
372,430
Samsung Fire & Marine Insurance Co. Ltd.
 
4,099
689,832
Samsung Heavy Industries Co. Ltd. (a)
 
95,669
407,693
Samsung Life Insurance Co. Ltd.
 
11,783
584,385
Samsung SDI Co. Ltd.
 
6,949
3,607,766
Samsung SDS Co. Ltd.
 
5,560
489,077
Samsung Securities Co. Ltd.
 
7,855
199,476
SD Biosensor, Inc.
 
5,624
87,742
Seegene, Inc.
 
5,148
93,853
Shinhan Financial Group Co. Ltd.
 
64,784
1,696,744
Shinsegae Co. Ltd.
 
915
141,317
SK Biopharmaceuticals Co. Ltd. (a)
 
3,478
179,923
SK Bioscience Co. Ltd. (a)
 
3,218
170,129
SK Chemicals Co. Ltd.
 
1,309
69,945
SK Hynix, Inc.
 
68,161
4,587,927
SK IE Technology Co. Ltd. (a)(c)
 
3,387
196,996
SK Innovation Co., Ltd.
 
6,614
861,145
SK Square Co. Ltd. (a)
 
12,988
414,082
SK, Inc.
 
4,846
591,203
SKC Co. Ltd.
 
2,474
184,851
SOLUM Co. Ltd. (a)
 
4,821
88,330
Solus Advanced Materials Co. Lt
 
1,728
52,390
Soulbrain Co. Ltd.
 
578
95,145
Ssangyong Cement Industrial Co. Ltd.
 
17,076
74,799
ST Pharm Co. Ltd.
 
1,103
65,382
Studio Dragon Corp. (a)
 
1,551
77,005
Taihan Electric Wire Co. Ltd. (a)
 
88,814
99,046
WeMade Entertainment Co. Ltd.
 
2,139
89,677
WONIK IPS Co. Ltd.
 
4,458
102,136
Woori Financial Group, Inc.
 
81,331
715,610
Youngone Corp.
 
2,607
86,317
Yuhan Corp.
 
6,483
279,655
TOTAL KOREA (SOUTH)
 
 
113,371,708
Kuwait - 0.2%
 
 
 
Agility Public Warehousing Co. KSC
 
193,037
388,027
Boubyan Bank KSC
 
158,640
348,910
Burgan Bank SAK
 
7,807
5,503
Gulf Bank
 
258,651
237,171
Kuwait Finance House KSCP
 
1,090,925
2,648,550
Mabanee Co. SAKC
 
76,951
190,839
Mobile Telecommunication Co.
 
270,406
502,075
National Bank of Kuwait
 
1,002,057
3,279,697
National Industries Group Holding SAK
 
270,492
190,655
TOTAL KUWAIT
 
 
7,791,427
Luxembourg - 0.1%
 
 
 
Aperam SA
 
5,806
214,641
ArcelorMittal SA (Netherlands)
 
72,738
2,060,657
Eurofins Scientific SA
 
16,159
1,126,382
RTL Group SA
 
4,681
219,112
SES SA (France) (depositary receipt)
 
46,717
289,046
TOTAL LUXEMBOURG
 
 
3,909,838
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
256,000
1,822,028
Sands China Ltd. (a)
 
309,600
1,108,808
TOTAL MACAU
 
 
2,930,836
Malaysia - 0.4%
 
 
 
AMMB Holdings Bhd
 
254,800
206,637
Axiata Group Bhd
 
589,328
395,975
CelcomDigi Bhd
 
430,800
425,469
CIMB Group Holdings Bhd
 
909,496
1,033,298
Dialog Group Bhd
 
511,400
263,287
Gamuda Bhd
 
299,392
278,886
Genting Bhd
 
267,800
282,857
Genting Malaysia Bhd
 
385,300
234,668
Hong Leong Bank Bhd
 
95,700
432,500
IHH Healthcare Bhd
 
405,200
521,438
Inari Amertron Bhd
 
294,400
152,838
IOI Corp. Bhd
 
380,500
326,830
Kuala Lumpur Kepong Bhd
 
70,920
342,549
Malayan Banking Bhd
 
905,595
1,759,825
Malaysia Airports Holdings Bhd
 
122,700
194,197
Maxis Bhd
 
285,400
281,937
MISC Bhd
 
169,700
278,102
MR DIY Group M Sdn Bhd (c)
 
353,300
125,444
Nestle (Malaysia) Bhd
 
7,800
238,368
Petronas Chemicals Group Bhd
 
360,400
573,522
Petronas Dagangan Bhd
 
42,800
217,494
Petronas Gas Bhd
 
94,400
357,807
PPB Group Bhd
 
89,900
327,766
Press Metal Aluminium Holdings
 
467,500
541,729
Public Bank Bhd
 
1,922,700
1,678,997
QL Resources Bhd
 
154,700
196,022
RHB Bank Bhd
 
484,210
595,611
Sime Darby Bhd
 
378,000
184,185
Sime Darby Plantation Bhd
 
424,167
408,254
Telekom Malaysia Bhd
 
224,630
250,267
Tenaga Nasional Bhd
 
356,000
711,052
Top Glove Corp. Bhd (a)
 
635,100
140,055
V.S. Industry Bhd warrants 6/14/24 (a)
 
38,200
172
TOTAL MALAYSIA
 
 
13,958,038
Malta - 0.0%
 
 
 
Kindred Group PLC (depository receipt)
 
28,542
350,128
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
402,300
255,304
America Movil S.A.B. de CV Series L
 
2,491,100
2,686,528
Arca Continental S.A.B. de CV
 
59,500
566,225
Banco del Bajio SA (c)
 
93,500
307,602
Borr Drilling Ltd. (a)
 
24,646
170,211
CEMEX S.A.B. de CV unit (a)
 
1,897,400
1,139,738
Coca-Cola FEMSA S.A.B. de CV unit
 
64,050
528,766
Fibra Uno Administracion SA de CV
 
357,600
494,051
Fomento Economico Mexicano S.A.B. de CV unit
 
232,800
2,264,878
Gruma S.A.B. de CV Series B
 
22,140
346,554
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
45,500
809,533
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
23,815
683,541
Grupo Aeroportuario Norte S.A.B. de CV
 
34,600
380,341
Grupo Bimbo S.A.B. de CV Series A
 
171,500
918,571
Grupo Carso SA de CV Series A1
 
62,600
353,362
Grupo Elektra SA de CV
 
7,170
459,571
Grupo Financiero Banorte S.A.B. de CV Series O
 
312,800
2,704,978
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
247,700
602,873
Grupo Mexico SA de CV Series B
 
397,100
1,952,647
Grupo Televisa SA de CV
 
310,600
315,100
Industrias Penoles SA de CV (a)
 
24,290
373,263
Kimberly-Clark de Mexico SA de CV Series A
 
173,500
393,522
Orbia Advance Corp. S.A.B. de CV
 
123,300
284,051
Promotora y Operadora de Infraestructura S.A.B. de CV
 
24,525
255,092
Ternium SA sponsored ADR
 
6,535
283,292
Wal-Mart de Mexico SA de CV Series V
 
644,400
2,598,101
TOTAL MEXICO
 
 
22,127,695
Netherlands - 3.1%
 
 
 
Adyen BV (a)(c)
 
3,916
6,292,431
Akzo Nobel NV
 
22,238
1,841,234
Argenx SE (a)
 
6,995
2,698,309
ASM International NV (Netherlands)
 
5,843
2,112,118
ASML Holding NV (Netherlands)
 
50,893
32,161,305
Euronext NV (c)
 
12,523
994,915
EXOR NV
 
14,430
1,184,263
Heineken Holding NV
 
13,752
1,317,582
Heineken NV (Bearer)
 
29,702
3,405,414
IMCD NV
 
7,228
1,084,769
ING Groep NV (Certificaten Van Aandelen)
 
470,693
5,808,954
Koninklijke Ahold Delhaize NV
 
125,303
4,310,588
Koninklijke KPN NV
 
405,870
1,480,161
Koninklijke Philips Electronics NV
 
112,099
2,366,636
NN Group NV
 
37,705
1,403,047
Randstad NV
 
16,073
871,727
Shell PLC (London)
 
897,874
27,590,027
Universal Music Group NV
 
95,662
2,088,171
Wolters Kluwer NV
 
32,594
4,315,227
TOTAL NETHERLANDS
 
 
103,326,878
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd. (a)
 
152,612
835,605
Chorus Ltd.
 
55,328
295,838
Contact Energy Ltd.
 
96,779
469,382
Fisher & Paykel Healthcare Corp.
 
73,202
1,255,628
Fletcher Building Ltd.
 
97,165
270,927
Infratil Ltd.
 
91,367
540,271
Mainfreight Ltd.
 
10,979
487,610
Mercury Nz Ltd.
 
82,533
324,183
Meridian Energy Ltd.
 
149,261
505,501
Spark New Zealand Ltd.
 
239,896
777,300
The a2 Milk Co. Ltd. (a)
 
90,356
330,014
Xero Ltd. (a)
 
17,829
1,112,989
TOTAL NEW ZEALAND
 
 
7,205,248
Norway - 0.5%
 
 
 
Aker ASA (A Shares)
 
2,908
177,366
Aker BP ASA
 
39,214
936,466
AutoStore Holdings Ltd. (a)(c)
 
119,593
256,197
DNB Bank ASA
 
113,530
1,994,249
Entra ASA (c)
 
14,988
152,172
Equinor ASA
 
132,178
3,805,541
Europris ASA (c)
 
19,987
143,005
Frontline PLC
 
16,708
259,375
Gjensidige Forsikring ASA
 
23,214
403,635
Kongsberg Gruppen ASA
 
11,253
504,519
Leroy Seafood Group ASA
 
37,516
197,313
Mowi ASA
 
58,509
1,115,053
Nordic VLSI ASA (a)
 
22,241
240,315
Norsk Hydro ASA
 
170,757
1,256,612
Orkla ASA
 
97,906
703,722
Salmar ASA
 
8,484
376,154
Schibsted ASA:
 
 
 
 (A Shares)
 
8,552
151,507
 (B Shares)
 
13,570
219,778
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
23,883
279,459
Sparebanken Midt-Norge
 
17,252
223,075
Storebrand ASA (A Shares)
 
63,319
487,442
Telenor ASA
 
80,504
1,004,312
TGS ASA
 
15,898
248,829
Tomra Systems ASA
 
28,470
435,450
TOTAL NORWAY
 
 
15,571,546
Pakistan - 0.0%
 
 
 
Pakistan Petroleum Ltd.
 
127,006
29,801
TRG Pakistan Ltd. (a)
 
46,000
17,756
TOTAL PAKISTAN
 
 
47,557
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
28,982
204,903
Credicorp Ltd. (United States)
 
8,648
1,171,631
TOTAL PERU
 
 
1,376,534
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
273,430
270,272
ACEN Corp.
 
971,170
105,543
Ayala Corp.
 
31,300
361,910
Ayala Land, Inc.
 
744,400
359,153
Bank of the Philippine Islands (BPI)
 
246,391
478,432
BDO Unibank, Inc.
 
263,910
686,716
Globe Telecom, Inc.
 
4,158
127,722
International Container Terminal Services, Inc.
 
102,760
402,302
JG Summit Holdings, Inc.
 
378,845
347,179
Jollibee Food Corp.
 
55,130
223,811
Manila Electric Co.
 
34,630
212,049
Metropolitan Bank & Trust Co.
 
220,914
233,618
Monde Nissin Corp. (c)
 
879,200
148,397
PLDT, Inc.
 
11,420
248,082
SM Investments Corp.
 
61,710
998,262
SM Prime Holdings, Inc.
 
1,439,800
882,935
Universal Robina Corp.
 
105,690
280,776
TOTAL PHILIPPINES
 
 
6,367,159
Poland - 0.2%
 
 
 
Allegro.eu SA (a)(c)
 
53,018
416,733
Bank Polska Kasa Opieki SA
 
22,206
512,081
CD Projekt RED SA
 
8,680
236,286
Dino Polska SA (a)(c)
 
6,021
612,501
Grupa Kety SA
 
1,236
168,379
InPost SA (a)
 
26,435
282,840
KGHM Polska Miedz SA (Bearer)
 
17,048
489,064
Kruk SA
 
2,263
204,002
LPP SA
 
131
377,694
Orange Polska SA
 
82,276
143,278
PGE Polska Grupa Energetyczna SA (a)
 
98,991
163,586
Polski Koncern Naftowy Orlen SA
 
66,790
1,017,713
Powszechna Kasa Oszczednosci Bank SA
 
107,980
832,012
Powszechny Zaklad Ubezpieczen SA
 
71,240
655,557
Santander Bank Polska SA
 
4,109
333,885
TOTAL POLAND
 
 
6,445,611
Portugal - 0.1%
 
 
 
Banco Comercial Portugues SA (Reg.)
 
1,039,738
266,945
Energias de Portugal SA
 
373,464
2,057,600
Galp Energia SGPS SA Class B
 
56,775
687,538
Jeronimo Martins SGPS SA
 
35,405
893,392
NOS SGPS
 
28,646
125,881
REN - Redes Energeticas Nacionais SGPS SA
 
45,779
132,920
TOTAL PORTUGAL
 
 
4,164,276
Qatar - 0.2%
 
 
 
Barwa Real Estate Co. (a)
 
279,620
192,047
Industries Qatar QSC (a)
 
251,832
882,796
Masraf al Rayan
 
782,600
548,250
Mesaieed Petrochemical Holding Co. (a)
 
529,234
287,880
Qatar Electricity & Water Co. (a)
 
69,678
321,017
Qatar Fuel Co. (a)
 
81,753
371,482
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
337,132
366,770
Qatar International Islamic Bank QSC (a)
 
153,574
417,266
Qatar Islamic Bank
 
206,214
1,014,074
Qatar National Bank SAQ (a)
 
560,812
2,366,503
The Commercial Bank of Qatar (a)
 
416,487
670,727
TOTAL QATAR
 
 
7,438,812
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
60,404
365,016
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (a)(d)
 
280,800
54,352
Gazprom OAO (d)
 
1,373,390
167,205
LUKOIL PJSC (d)
 
41,065
14,788
Magnit OJSC (a)(d)
 
8,984
215
MMC Norilsk Nickel PJSC (d)
 
6,814
52,725
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
50,085
49,884
Novatek PJSC (d)
 
110,726
3,598
Polyus PJSC (a)(d)
 
3,653
9,995
Sberbank of Russia (d)
 
1,236,820
8,848
Severstal PAO (a)(d)
 
21,400
556
Surgutneftegas OJSC (d)
 
1,002,400
14,271
Tatneft PAO (d)
 
175,192
25,352
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
12,713
25,426
Yandex NV Series A (a)(d)
 
37,320
283,632
TOTAL RUSSIA
 
 
710,847
Saudi Arabia - 0.9%
 
 
 
Abdullah Al Othaim Markets Co.
 
5,262
200,620
ACWA Power Co.
 
16,676
696,260
Advanced Polypropylene Co.
 
17,298
219,528
Al Rajhi Bank
 
248,181
5,081,798
Alinma Bank
 
123,093
1,038,711
Almarai Co. Ltd.
 
30,369
476,907
Arabian Internet and Communications Services Co. Ltd.
 
2,977
221,447
Bank Al-Jazira
 
55,380
286,741
Bank Albilad
 
62,587
689,997
Banque Saudi Fransi
 
73,909
760,628
Dar Al Arkan Real Estate Development Co. (a)
 
64,624
277,056
Dr Sulaiman Al Habib Medical Services Group Co.
 
10,501
803,527
Elm Co.
 
3,333
393,665
Emaar The Economic City (a)
 
77,086
198,948
Etihad Etisalat Co.
 
47,529
582,914
Jarir Marketing Co.
 
7,702
335,128
Mobile Telecommunications Co. Saudi Arabia (a)
 
53,784
214,522
Mouwasat Medical Services Co.
 
5,688
374,276
Nahdi Medical Co.
 
4,916
234,875
National Industrialization Co. (a)
 
42,531
154,671
Riyad Bank
 
185,729
1,485,555
Sabic Agriculture-Nutrients Co.
 
29,040
1,034,405
Sahara International Petrochemical Co.
 
45,946
474,074
Saudi Arabian Mining Co.
 
102,103
1,889,234
Saudi Basic Industries Corp.
 
114,248
2,811,499
Saudi Cement Co.
 
8,721
130,674
Saudi Electricity Co.
 
97,090
626,437
Saudi Industrial Investment Group
 
47,905
325,055
Saudi Investment Bank/The
 
64,193
280,343
Saudi Kayan Petrochemical Co. (a)
 
94,153
317,801
Saudi Research & Marketing Group (a)
 
4,260
239,424
Saudi Tadawul Group Holding Co.
 
6,174
275,227
Saudi Telecom Co.
 
228,215
2,738,069
The Co. for Cooperative Insurance (a)
 
7,288
200,140
The Saudi British Bank
 
45,680
440,273
The Saudi National Bank
 
277,828
3,622,201
The Savola Group
 
32,260
273,944
Yanbu National Petrochemical Co.
 
33,570
400,080
TOTAL SAUDI ARABIA
 
 
30,806,654
Singapore - 1.1%
 
 
 
CapitaLand Ascendas REIT
 
437,897
942,322
Capitaland Ascott Trust unit (e)
 
17,512
14,218
CapitaLand Investment Ltd.
 
307,173
859,846
CapitaMall Trust
 
628,938
960,350
City Developments Ltd.
 
64,500
337,418
ComfortDelgro Corp. Ltd.
 
264,900
237,131
DBS Group Holdings Ltd.
 
231,557
5,721,765
Frasers Logistics & Industrial Trust
 
366,900
372,382
Genting Singapore Ltd.
 
710,600
604,526
Grab Holdings Ltd. (a)(b)
 
240,523
699,922
Jardine Cycle & Carriage Ltd.
 
12,500
318,359
Keppel Corp. Ltd.
 
172,600
801,448
Keppel DC (REIT)
 
164,500
265,974
Mapletree Industrial (REIT)
 
254,554
455,045
Mapletree Logistics Trust (REIT)
 
411,892
539,030
Mapletree Pan Asia Commercial Trust
 
293,018
388,146
NetLink NBN Trust
 
366,700
240,723
Oversea-Chinese Banking Corp. Ltd.
 
512,722
4,850,807
SATS Ltd. (a)
 
119,523
228,323
Sea Ltd. ADR (a)
 
45,716
3,482,188
Seatrium Ltd. (a)
 
5,251,676
489,788
Sembcorp Industries Ltd.
 
113,900
366,490
Singapore Airlines Ltd.
 
165,050
725,937
Singapore Exchange Ltd.
 
101,800
732,617
Singapore Technologies Engineering Ltd.
 
194,000
528,131
Singapore Telecommunications Ltd.
 
909,500
1,742,923
STMicroelectronics NV (Italy)
 
82,792
3,539,029
Suntec (REIT)
 
286,500
290,421
United Overseas Bank Ltd.
 
195,500
4,152,021
UOL Group Ltd.
 
58,600
305,709
Venture Corp. Ltd.
 
33,400
426,710
TOTAL SINGAPORE
 
 
35,619,699
South Africa - 1.0%
 
 
 
Absa Group Ltd.
 
107,117
1,040,222
Anglo American Platinum Ltd.
 
7,354
435,483
Anglo American PLC (United Kingdom)
 
169,056
5,209,322
Aspen Pharmacare Holdings Ltd.
 
50,382
503,476
Bid Corp. Ltd.
 
42,200
960,386
Bidvest Group Ltd./The
 
42,770
585,815
Capitec Bank Holdings Ltd.
 
12,349
1,075,323
Clicks Group Ltd.
 
30,563
446,670
Discovery Ltd. (a)
 
61,024
479,618
Exxaro Resources Ltd.
 
30,371
318,478
FirstRand Ltd.
 
710,738
2,500,648
Foschini Group Ltd./The
 
44,590
230,769
Gold Fields Ltd.
 
112,261
1,749,400
Growthpoint Properties Ltd.
 
455,584
317,047
Harmony Gold Mining Co. Ltd.
 
71,669
335,730
Impala Platinum Holdings Ltd.
 
107,746
1,048,994
Life Healthcare Group Holdings Ltd.
 
182,235
206,618
Mr Price Group Ltd.
 
31,073
255,515
MTN Group Ltd.
 
111,956
785,360
MultiChoice Group Ltd.
 
57,615
360,604
Naspers Ltd. Class N
 
27,460
4,895,588
Nedbank Group Ltd.
 
60,391
696,762
Northam Platinum Holdings Ltd. (a)
 
36,149
353,813
Old Mutual Ltd.
 
585,250
371,770
OUTsurance Group Ltd.
 
105,041
199,832
Remgro Ltd.
 
64,549
494,126
Sanlam Ltd.
 
229,604
708,299
Sappi Ltd.
 
68,849
156,460
Sasol Ltd.
 
73,049
951,251
Shoprite Holdings Ltd.
 
60,706
739,888
Sibanye-Stillwater Ltd.
 
350,708
775,357
Spar Group Ltd./The
 
23,310
178,911
Standard Bank Group Ltd.
 
171,461
1,605,552
Thungela Resources Ltd.
 
17,378
162,679
Tiger Brands Ltd.
 
19,823
214,772
Vodacom Group Ltd.
 
104,571
715,890
Woolworths Holdings Ltd.
 
129,384
460,103
TOTAL SOUTH AFRICA
 
 
32,526,531
Spain - 1.6%
 
 
 
Acciona SA
 
3,104
574,610
ACS Actividades de Construccion y Servicios SA
 
28,261
971,593
Aena SME SA (c)
 
9,458
1,593,489
Amadeus IT Holding SA Class A (a)
 
56,991
4,005,614
Banco Bilbao Vizcaya Argentaria SA
 
760,220
5,565,562
Banco de Sabadell SA
 
720,339
749,927
Banco Santander SA (Spain)
 
2,122,367
7,452,064
Bankinter SA
 
80,580
476,098
CaixaBank SA
 
512,449
1,896,885
Cellnex Telecom SA (c)
 
75,052
3,159,989
EDP Renovaveis SA
 
26,095
579,682
Enagas SA
 
31,286
625,876
Endesa SA
 
39,682
890,690
Ferrovial SA
 
62,560
1,959,818
Grifols SA (a)
 
28,312
290,756
Grifols SA ADR (a)
 
14,415
107,536
Iberdrola SA
 
736,651
9,545,598
Industria de Diseno Textil SA
 
141,669
4,864,234
Merlin Properties Socimi SA
 
41,108
362,828
Naturgy Energy Group SA
 
22,820
711,614
Red Electrica Corporacion SA
 
54,702
994,858
Repsol SA
 
168,736
2,481,238
Telefonica SA
 
736,120
3,343,596
TOTAL SPAIN
 
 
53,204,155
Sweden - 2.2%
 
 
 
AAK AB
 
23,185
466,637
AddTech AB (B Shares)
 
32,038
640,444
AFRY AB (B Shares)
 
11,041
207,253
Alfa Laval AB
 
36,747
1,345,532
ASSA ABLOY AB (B Shares)
 
126,313
3,004,153
Atlas Copco AB:
 
 
 
 (A Shares)
 
321,022
4,636,092
 (B Shares)
 
198,552
2,542,150
Avanza Bank Holding AB (b)
 
15,457
328,130
Axfood AB
 
13,568
336,321
Beijer Ref AB (B Shares)
 
42,008
685,725
Billerud AB
 
27,137
260,281
Boliden AB
 
34,978
1,249,038
Bravida Holding AB (c)
 
24,441
296,723
Castellum AB (b)
 
36,094
437,490
Dometic Group AB (c)
 
38,483
274,990
Electrolux AB (B Shares)
 
27,606
416,040
Elekta AB (B Shares)
 
45,067
378,201
Embracer Group AB (a)
 
104,904
546,357
Epiroc AB:
 
 
 
 (A Shares)
 
77,665
1,555,869
 (B Shares)
 
51,351
881,801
EQT AB
 
41,602
891,670
Ericsson (B Shares)
 
387,072
2,131,101
Essity AB (B Shares)
 
76,143
2,306,925
Evolution AB (c)
 
24,181
3,219,559
Fabege AB
 
32,794
262,543
Fastighets AB Balder (a)
 
79,569
369,251
Fortnox AB
 
61,523
423,070
Getinge AB (B Shares)
 
28,021
710,153
H&M Hennes & Mauritz AB (B Shares)
 
90,902
1,332,695
Hexagon AB (B Shares)
 
269,128
3,081,438
HEXPOL AB (B Shares)
 
32,145
378,341
Holmen AB (B Shares)
 
11,507
434,582
Hufvudstaden AB (A Shares)
 
15,232
217,005
Husqvarna AB (B Shares)
 
54,760
471,505
Industrivarden AB:
 
 
 
 (A Shares)
 
22,135
631,994
 (C Shares)
 
22,065
628,919
Indutrade AB
 
33,964
813,741
Investment AB Latour (B Shares)
 
16,608
358,718
Investor AB:
 
 
 
 (A Shares)
 
70,738
1,547,882
 (B Shares)
 
230,778
4,946,344
Kinnevik AB (B Shares) (a)
 
30,675
502,074
L E Lundbergforetagen AB
 
7,765
371,704
Lagercrantz Group AB (B Shares)
 
25,301
325,174
Lifco AB
 
27,262
620,736
Loomis AB (B Shares)
 
9,917
317,188
Nibe Industrier AB (B Shares)
 
193,035
2,155,280
Nordnet AB
 
19,444
304,883
Saab AB (B Shares)
 
10,501
589,405
Sagax AB
 
23,683
579,659
Sandvik AB
 
138,048
2,806,716
Securitas AB (B Shares)
 
66,368
594,106
Sinch AB (a)(b)(c)
 
82,939
218,770
Skandinaviska Enskilda Banken AB (A Shares)
 
215,942
2,453,157
Skanska AB (B Shares)
 
50,548
825,129
SKF AB (B Shares)
 
47,042
850,009
SSAB AB (B Shares)
 
81,343
548,259
Svenska Cellulosa AB SCA (B Shares)
 
75,975
1,040,530
Svenska Handelsbanken AB (A Shares)
 
195,599
1,729,053
Sweco AB (B Shares)
 
25,140
336,342
Swedbank AB (A Shares)
 
116,461
2,021,449
Swedish Orphan Biovitrum AB (a)
 
25,619
623,047
Tele2 AB (B Shares)
 
67,929
721,680
Telia Co. AB
 
301,650
839,845
Thule Group AB (c)
 
12,582
362,797
Trelleborg AB (B Shares)
 
30,732
771,368
Viaplay Group AB (B Shares) (a)
 
9,403
239,498
Vitrolife AB
 
9,506
213,571
Volvo AB:
 
 
 
 (A Shares)
 
24,831
525,432
 (B Shares)
 
200,814
4,127,878
Volvo Car AB (a)
 
65,853
270,731
Wallenstam AB (B Shares)
 
52,192
206,731
Wihlborgs Fastigheter AB
 
35,244
284,219
TOTAL SWEDEN
 
 
74,023,083
Switzerland - 3.6%
 
 
 
ABB Ltd. (Reg.)
 
215,718
7,781,734
Adecco SA (Reg.)
 
21,858
746,574
Alcon, Inc. (Switzerland)
 
63,047
4,572,027
Baloise Holdings AG
 
5,637
940,288
Compagnie Financiere Richemont SA Series A
 
65,923
10,897,129
DSM-Firmenich AG
 
22,336
2,922,926
Geberit AG (Reg.)
 
4,533
2,570,145
Givaudan SA
 
1,007
3,517,205
Julius Baer Group Ltd.
 
26,931
1,919,834
Kuehne & Nagel International AG
 
7,171
2,117,164
Lindt & Spruengli AG
 
13
1,596,912
Lindt & Spruengli AG (participation certificate)
 
137
1,689,031
Logitech International SA (Reg.)
 
21,786
1,280,081
Lonza Group AG
 
9,400
5,862,218
Mediclinic International PLC
 
47,169
295,610
Novartis AG
 
303,525
31,048,753
Partners Group Holding AG
 
2,867
2,768,691
Schindler Holding AG (participation certificate)
 
5,210
1,158,166
SGS SA (Reg.)
 
19,181
1,728,726
Sika AG
 
19,439
5,369,499
Sonova Holding AG
 
6,517
2,054,585
Straumann Holding AG
 
14,659
2,205,456
Swatch Group AG (Bearer)
 
3,627
1,235,984
Swiss Life Holding AG
 
3,893
2,555,700
Swisscom AG
 
3,204
2,197,295
UBS Group AG
 
445,367
9,001,012
VAT Group AG (c)
 
3,415
1,196,979
Zurich Insurance Group Ltd.
 
18,978
9,167,870
TOTAL SWITZERLAND
 
 
120,397,594
Taiwan - 3.8%
 
 
 
Accton Technology Corp.
 
63,000
615,011
Acer, Inc.
 
375,000
369,647
Acer, Inc. rights 6/16/23 (a)(d)
 
167
0
Advantech Co. Ltd.
 
57,696
698,089
Alchip Technologies Ltd.
 
9,000
349,270
AP Memory Technology Corp.
 
17,000
155,557
ASE Technology Holding Co. Ltd.
 
431,000
1,415,944
Asia Cement Corp.
 
326,000
466,594
Asia Vital Components Co. Ltd.
 
41,000
210,811
ASMedia Technology, Inc.
 
4,000
148,651
ASPEED Tech, Inc.
 
3,300
282,384
ASUSTeK Computer, Inc.
 
91,000
838,158
AUO Corp.
 
901,000
500,063
BizLink Holding, Inc.
 
18,000
154,487
BizLink Holding, Inc. rights 5/8/23 (a)
 
383
411
Catcher Technology Co. Ltd.
 
88,000
518,760
Cathay Financial Holding Co. Ltd.
 
1,199,923
1,661,189
Chailease Holding Co. Ltd.
 
191,096
1,390,804
Chang Hwa Commercial Bank
 
831,156
481,661
Cheng Shin Rubber Industry Co. Ltd.
 
264,000
325,123
Chicony Electronics Co. Ltd.
 
80,000
252,590
China Airlines Ltd.
 
382,000
236,811
China Development Financial Ho
 
2,103,000
898,624
China Petrochemical Development Corp.
 
442,277
145,557
China Steel Corp.
 
1,589,000
1,506,010
Chipbond Technology Corp.
 
80,000
171,663
Chroma ATE, Inc.
 
49,000
303,965
Chung Hsin Electric & Machinery Manufacturing Corp.
 
52,000
172,279
Chung Hung Steel Co. Ltd.
 
97,000
77,526
Chunghwa Telecom Co. Ltd.
 
485,000
2,005,449
Compal Electronics, Inc.
 
508,000
396,165
Compeq Manufacturing Co. Ltd.
 
128,000
180,188
CTBC Financial Holding Co. Ltd.
 
2,476,000
1,823,880
Delta Electronics, Inc.
 
244,000
2,388,546
E Ink Holdings, Inc.
 
110,000
684,834
E.SUN Financial Holdings Co. Ltd.
 
1,898,213
1,542,646
ECLAT Textile Co. Ltd.
 
25,000
397,848
Elan Microelectronics Corp.
 
33,000
101,574
Elite Material Co. Ltd.
 
37,000
197,771
Elite Semiconductor Memory Technology, Inc.
 
31,000
82,149
eMemory Technology, Inc.
 
7,000
418,250
ENNOSTAR, Inc.
 
85,500
139,341
EVA Airways Corp.
 
315,619
276,573
Evergreen Marine Corp. (Taiwan)
 
125,657
663,196
Far Eastern International Bank
 
477,740
174,201
Far Eastern New Century Corp.
 
493,000
512,106
Far EasTone Telecommunications Co. Ltd.
 
202,000
518,649
Faraday Technology Corp.
 
29,000
155,897
Feng Tay Enterprise Co. Ltd.
 
69,480
431,954
First Financial Holding Co. Ltd.
 
1,385,217
1,222,685
Fitipower Integrated Technology, Inc.
 
20,000
103,432
FLEXium Interconnect, Inc.
 
42,000
129,373
Formosa Chemicals & Fibre Corp.
 
503,000
1,128,040
Formosa Petrochemical Corp.
 
213,000
602,216
Formosa Plastics Corp.
 
553,000
1,690,510
Foxconn Technology Co. Ltd.
 
128,000
224,912
Fubon Financial Holding Co. Ltd.
 
1,008,129
1,940,199
Genius Electronic Optical Co. Ltd.
 
12,000
145,518
Giant Manufacturing Co. Ltd.
 
38,341
229,825
Gigabyte Technology Co. Ltd.
 
63,000
269,582
Global Unichip Corp.
 
10,000
326,019
GlobalWafers Co. Ltd.
 
27,000
424,042
Great Wall Enterprise Co. Ltd.
 
111,977
187,129
HannStar Display Corp.
 
323,000
128,692
Highwealth Construction Corp.
 
171,342
234,504
Himax Technologies, Inc. sponsored ADR (b)
 
14,808
98,325
HIWIN Technologies Corp.
 
36,192
277,804
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
1,525,800
5,195,606
Hotai Motor Co. Ltd.
 
45,000
969,326
HTC Corp. (a)
 
99,000
183,615
Hua Nan Financial Holdings Co. Ltd.
 
1,273,755
908,946
IBF Financial Holdings Co. Ltd.
 
348,946
140,138
Innolux Corp.
 
1,195,435
523,331
International Games Systems Co. Ltd.
 
16,000
279,236
Inventec Corp.
 
384,000
413,910
King Yuan Electronics Co. Ltd.
 
153,000
234,653
King's Town Bank Co. Ltd.
 
132,000
151,427
Kinsus Interconnect Technology Corp.
 
34,000
122,976
Largan Precision Co. Ltd.
 
12,000
787,396
Lien Hwa Industrial Corp.
 
118,067
234,727
Lite-On Technology Corp.
 
274,000
655,914
Lotes Co. Ltd.
 
11,398
326,602
Macronix International Co. Ltd.
 
225,340
236,794
Makalot Industrial Co. Ltd.
 
22,459
163,000
MediaTek, Inc.
 
202,000
4,389,187
Mega Financial Holding Co. Ltd.
 
1,397,675
1,549,548
Merida Industry Co. Ltd.
 
26,000
145,497
Micro-Star International Co. Ltd.
 
91,000
432,222
momo.com, Inc.
 
9,440
255,608
Nan Ya Plastics Corp.
 
720,000
1,828,656
Nan Ya Printed Circuit Board Corp.
 
28,000
251,907
Nanya Technology Corp.
 
152,000
336,642
Nien Made Enterprise Co. Ltd.
 
24,000
264,059
Novatek Microelectronics Corp.
 
72,000
983,633
Oneness Biotech Co. Ltd. (a)
 
31,000
243,724
Pegatron Corp.
 
266,000
606,629
PharmaEssentia Corp. (a)
 
32,000
385,772
Phison Electronics Corp.
 
20,000
253,691
Polaris Group (a)
 
39,001
120,805
Pou Chen Corp.
 
317,000
328,149
Powerchip Semiconductor Manufacturing Corp.
 
348,000
337,876
Powertech Technology, Inc.
 
86,000
257,335
Poya International Co. Ltd.
 
9,221
172,469
President Chain Store Corp.
 
70,000
616,262
Primax Electronics Ltd.
 
46,000
89,959
Qisda Corp.
 
219,000
246,936
Quanta Computer, Inc.
 
343,000
959,747
Radiant Opto-Electronics Corp.
 
60,000
220,928
Realtek Semiconductor Corp.
 
61,000
714,845
Ruentex Development Co. Ltd.
 
269,620
314,836
Ruentex Industries Ltd.
 
102,790
193,621
Shin Kong Financial Holding Co. Ltd.
 
1,947,432
531,872
Silicon Motion Tech Corp. sponsored ADR
 
4,184
266,270
Simplo Technology Co. Ltd.
 
23,000
230,726
SINBON Electronics Co. Ltd.
 
27,000
299,149
Sino-American Silicon Products, Inc.
 
73,000
351,587
Sinopac Financial Holdings Co.
 
1,544,094
839,709
Synnex Technology International Corp.
 
154,000
310,537
Ta Chen Stainless Pipe Co. Ltd.
 
198,959
288,343
Taichung Commercial Bank Co. Ltd.
 
444,775
204,100
Taishin Financial Holdings Co. Ltd.
 
1,472,654
830,255
Taiwan Business Bank
 
731,256
332,133
Taiwan Cement Corp.
 
830,600
1,047,075
Taiwan Cooperative Financial Holding Co. Ltd.
 
1,252,922
1,091,369
Taiwan Fertilizer Co. Ltd.
 
95,000
182,796
Taiwan High Speed Rail Corp.
 
293,000
296,093
Taiwan Mobile Co. Ltd.
 
216,000
727,288
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,390,000
39,110,316
Tatung Co. Ltd. (a)
 
242,000
256,868
TECO Electric & Machinery Co. Ltd.
 
192,000
276,214
The Shanghai Commercial & Savings Bank Ltd.
 
614,218
928,287
Tong Hsing Electronics Industries Ltd.
 
16,200
89,801
Tripod Technology Corp.
 
57,000
213,524
Tung Ho Steel Enterprise Corp.
 
60,300
113,323
Uni-President Enterprises Corp.
 
605,000
1,449,388
Unimicron Technology Corp.
 
158,000
750,188
United Integrated Services Co.
 
23,000
162,425
United Microelectronics Corp.
 
1,474,000
2,369,062
United Renewable Energy Co. Ltd. (a)
 
172,004
116,393
Vanguard International Semiconductor Corp.
 
99,000
280,381
Voltronic Power Technology Corp.
 
9,250
531,504
Walsin Lihwa Corp.
 
316,374
513,417
Walsin Technology Corp.
 
48,000
149,526
Wan Hai Lines Ltd.
 
181,000
384,549
Win Semiconductors Corp.
 
45,000
240,090
Winbond Electronics Corp.
 
345,000
292,567
Wisdom Marine Lines Co. Ltd.
 
55,000
115,045
Wistron Corp.
 
382,000
578,600
Wiwynn Corp.
 
12,000
456,360
WPG Holding Co. Ltd.
 
173,040
281,814
Yageo Corp.
 
42,775
692,939
Yang Ming Marine Transport Corp.
 
231,000
476,217
YFY, Inc.
 
159,000
159,581
Yuanta Financial Holding Co. Ltd.
 
1,561,934
1,148,948
Yulon Finance Corp.
 
31,818
191,462
Yulon Motor Co. Ltd.
 
78,000
204,945
Zhen Ding Technology Holding Ltd.
 
77,000
280,314
TOTAL TAIWAN
 
 
125,473,153
Thailand - 0.6%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
29,300
183,983
Advanced Information Service PCL NVDR
 
105,200
660,581
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
335,700
721,298
 NVDR (a)
 
214,100
460,023
Asset World Corp. PCL NVDR
 
943,300
146,898
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
11,600
13,228
 NVDR
 
104,400
119,053
Bangkok Bank PCL:
 
 
 
 (For. Reg.)
 
11,400
52,578
 NVDR
 
60,400
278,569
Bangkok Chain Hospital PCL NVDR
 
193,600
123,317
Bangkok Commercial Asset Management PCL:
 
 
 
 (For. Reg.)
 
98,700
38,285
 NVDR
 
94,100
36,500
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
172,600
148,297
 NVDR
 
340,400
292,471
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
573,400
148,889
 NVDR
 
375,700
97,554
Banpu PCL NVDR
 
472,000
126,234
Berli Jucker PCL:
 
 
 
 (For. Reg.)
 
39,000
44,681
 NVDR
 
91,600
104,943
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
313,800
71,194
 NVDR
 
559,900
126,544
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
26,700
186,489
 NVDR
 
22,200
155,058
Carabao Group PCL:
 
 
 
 (For. Reg.)
 
16,700
35,110
 NVDR
 
38,100
80,102
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
91,900
183,675
 NVDR
 
77,500
154,895
Central Plaza Hotel PCL NVDR (a)
 
62,200
99,953
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
176,708
232,512
 NVDR
 
233,500
307,239
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
251,200
149,559
 NVDR
 
165,000
98,238
Chularat Hospital PCL NVDR unit
 
606,600
62,222
Com7 PCL NVDR
 
96,400
71,669
CP ALL PCL:
 
 
 
 (For. Reg.)
 
203,100
386,013
 NVDR
 
344,600
654,949
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
274,000
586,523
 NVDR
 
297,000
635,803
Electricity Generating PCL NVDR
 
27,700
127,236
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
126,300
251,474
 NVDR
 
104,100
207,272
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
44,294
83,333
 NVDR
 
47,200
88,801
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
311,100
464,068
 NVDR
 
378,800
565,057
Gunkul Engineering PCL NVDR
 
477,300
53,054
Hana Microelectronics PCL NVDR
 
70,400
86,140
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
164,700
67,777
 NVDR
 
299,300
123,168
Indorama Ventures PCL NVDR
 
239,100
238,883
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
45,100
99,318
 NVDR
 
105,100
231,448
IRPC PCL:
 
 
 
 (For. Reg.)
 
672,700
46,654
 NVDR
 
474,800
32,929
Jaymart Group Holdings PCL NVDR
 
66,500
38,805
JMT Network Services PCL:
 
 
 
 NVDR
 
81,422
94,636
 warrants (a)
 
3,605
300
Kasikornbank PCL:
 
 
 
 (For. Reg.)
 
58,200
213,705
 NVDR
 
91,600
336,347
KCE Electronics PCL NVDR
 
83,800
93,897
Kiatnakin Bank PCL (For. Reg.)
 
51,800
91,266
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
210,200
111,142
 NVDR
 
189,700
100,303
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
54,000
83,697
 NVDR
 
74,700
115,781
Land & House PCL:
 
 
 
 (For. Reg.)
 
205,900
59,199
 NVDR
 
248,400
71,419
Minor International PCL:
 
 
 
 warrants 2/15/24 (a)
 
1,584
144
 (For. Reg.)
 
233,456
216,265
 NVDR unit
 
104,248
96,572
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
29,100
29,136
 NVDR
 
52,900
52,965
Ngern Tid Lor PCL NVDR
 
153,432
95,611
Osotspa PCL:
 
 
 
 (For. Reg.)
 
72,200
62,516
 NVDR
 
94,600
81,912
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
102,600
446,483
 NVDR
 
78,200
340,302
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
9,000
10,984
 NVDR
 
217,000
264,825
PTT Oil & Retail Business PCL NVDR
 
399,200
259,969
PTT PCL:
 
 
 
 (For. Reg.)
 
346,200
315,196
 NVDR
 
711,700
647,964
Ratch Group PCL NVDR unit
 
92,500
102,462
SCB X PCL:
 
 
 
 (For. Reg.)
 
6,250
19,014
 NVDR
 
109,600
333,434
SCG Packaging PCL NVDR
 
148,900
192,465
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
5,500
50,686
 NVDR
 
31,900
293,980
Siam Global House PCL NVDR
 
247,466
124,285
Sri Trang Agro-Industry PCL NVDR
 
89,000
51,444
Sri Trang Gloves Thailand PCL NVDR
 
136,100
36,338
Srisawad Corp. PCL:
 
 
 
 (For. Reg.)
 
26,600
43,499
 NVDR
 
68,500
111,946
Thai Beverage PCL
 
1,071,000
514,679
Thai Life Insurance PCL
 
361,200
131,373
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
77,575
106,205
 NVDR
 
29,077
39,808
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
86,400
34,969
 NVDR
 
196,700
79,611
Thanachart Capital PCL:
 
 
 
 (For. Reg.)
 
28,000
35,682
 NVDR
 
47,900
60,784
Thonburi Healthcare Group PCL NVDR
 
39,100
76,800
TISCO Financial Group PCL:
 
 
 
 (For. Reg.)
 
8,600
22,758
 NVDR
 
38,300
101,354
TMBThanachart Bank PCL:
 
 
 
 (For. Reg.)
 
1,955,587
83,323
 NVDR
 
3,712,571
158,184
True Corp. PCL
 
617,650
144,681
True Corp. PCL NVDR
 
1,118,549
262,014
VGI PCL:
 
 
 
 (For. Reg.)
 
192,660
19,020
 NVDR
 
303,240
29,937
 warrants (For. Reg.) (a)
 
116,340
514
WHA Corp. PCL:
 
 
 
 (For. Reg.)
 
369,000
47,693
 NVDR
 
705,800
91,225
TOTAL THAILAND
 
 
18,573,249
Turkey - 0.2%
 
 
 
AG Anadolu Grubu Holding A/S
 
15,168
74,080
Akbank TAS
 
369,703
305,053
Aksa Akrilik Kimya Sanayii
 
12,254
41,358
Aksa Enerji Uretim A/S
 
35,272
50,737
Alarko Holding AS
 
19,695
59,637
Anadolu Efes Biracilik Ve Malt Sanayii A/S
 
27,409
88,702
Arcelik A/S
 
22,898
114,010
Aselsan A/S
 
72,972
167,766
Bera Holding A/S
 
78,276
40,885
Bim Birlesik Magazalar A/S JSC
 
57,985
465,633
Coca-Cola Icecek Sanayi A/S
 
9,888
119,714
Dogan Sirketler Grubu Holding A/S
 
131,776
57,991
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S
 
236,463
73,061
Enerjisa Enerji A/S (c)
 
34,232
48,995
Enka Insaat ve Sanayi A/S
 
225,571
317,051
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
168,487
287,055
Ford Otomotiv Sanayi A/S
 
9,074
250,694
Haci Omer Sabanci Holding A/S
 
169,977
333,811
Hektas Ticaret A/S (a)
 
131,394
181,978
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D
 
95,920
73,870
Koc Holding A/S
 
141,653
550,911
Kontrolmatik Enerji Ve Muhendislik A/S
 
8,767
59,629
Koza Altin Isletmeleri A/S
 
108,507
105,319
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
 
23,901
43,498
Migros Turk Ticaret A/S
 
11,400
102,211
Nuh Cimento Sanayi A/S
 
7,790
51,702
Otokar Otomotiv ve Savunma Sanayi A.S.
 
1,273
54,974
Oyak Cimento Fabrikalari A/S (a)
 
40,831
63,393
Pegasus Hava Tasimaciligi A/S (a)
 
4,300
98,085
Petkim Petrokimya Holding A/S (a)
 
147,466
98,556
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S
 
42,682
63,766
Sasa Polyester Sanayi A/S
 
53,786
275,407
Sok Marketler Ticaret A/S (a)
 
43,806
74,859
TAV Havalimanlari Holding A/S (a)
 
23,832
86,315
Tekfen Holding A/S
 
22,549
33,386
Tofas Turk Otomobil Fabrikasi A/S
 
14,762
145,711
Turk Hava Yollari AO (a)
 
89,611
588,761
Turk Traktor ve Ziraat Makinalari A/S
 
1,831
52,525
Turkcell Iletisim Hizmet A/S
 
145,334
247,310
Turkiye Is Bankasi A/S Series C
 
428,264
238,444
Turkiye Petrol Rafinerileri A/S
 
118,811
404,965
Turkiye Sise ve Cam Fabrikalari A/S
 
161,647
306,316
Yapi ve Kredi Bankasi A/S
 
331,164
161,228
TOTAL TURKEY
 
 
7,059,352
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
365,782
878,522
Abu Dhabi Islamic Bank
 
178,265
551,450
Abu Dhabi National Oil Co. for Distribution PJSC
 
365,415
436,830
ADNOC Drilling Co. PJSC
 
325,703
380,488
Aldar Properties PJSC
 
460,911
677,755
Dubai Electricity & Water Authority PJSC
 
1,128,100
761,835
Dubai Islamic Bank Pakistan Ltd. (a)
 
359,664
544,545
Emaar Properties PJSC
 
774,842
1,251,209
Emirates NBD Bank PJSC (a)
 
315,960
1,213,146
Emirates Telecommunications Corp.
 
441,584
2,885,934
First Abu Dhabi Bank PJSC
 
559,611
2,160,849
Multiply Group
 
424,603
388,494
TOTAL UNITED ARAB EMIRATES
 
 
12,131,057
United Kingdom - 7.7%
 
 
 
3i Group PLC
 
122,645
2,728,733
Abrdn PLC
 
257,503
688,333
Admiral Group PLC
 
34,181
992,736
Ashtead Group PLC
 
56,650
3,258,590
Associated British Foods PLC
 
45,552
1,119,761
AstraZeneca PLC (United Kingdom)
 
195,636
28,790,378
Auto Trader Group PLC (c)
 
123,459
987,299
Aviva PLC
 
356,192
1,893,535
B&M European Value Retail SA
 
110,764
667,755
BAE Systems PLC
 
386,407
4,922,819
Barclays PLC
 
1,901,218
3,829,837
Barratt Developments PLC
 
124,513
782,409
Beazley PLC
 
84,574
632,947
Bellway PLC
 
16,201
491,098
Berkeley Group Holdings PLC
 
13,981
781,366
BP PLC
 
2,307,821
15,483,160
British American Tobacco PLC (United Kingdom)
 
282,475
10,436,262
British Land Co. PLC
 
114,649
576,629
BT Group PLC
 
877,292
1,751,380
Bunzl PLC
 
43,293
1,721,484
Burberry Group PLC
 
50,961
1,659,412
Centrica PLC
 
754,184
1,085,255
CK Hutchison Holdings Ltd.
 
341,500
2,283,075
CNH Industrial NV
 
126,669
1,778,903
Coca-Cola European Partners PLC
 
25,536
1,646,306
Compass Group PLC
 
225,217
5,941,441
ConvaTec Group PLC (c)
 
201,472
556,533
Croda International PLC
 
18,069
1,585,033
DCC PLC (United Kingdom)
 
12,726
790,714
Dechra Pharmaceuticals PLC
 
14,372
673,713
Derwent London PLC
 
13,777
415,888
Diageo PLC
 
294,494
13,433,671
Diploma PLC
 
15,679
529,265
Dowlais Group PLC
 
168,157
280,225
DS Smith PLC
 
171,132
666,933
Entain PLC
 
73,974
1,342,441
Games Workshop Group PLC
 
4,108
512,143
Halma PLC
 
47,813
1,386,854
Hargreaves Lansdown PLC
 
46,131
465,540
Hiscox Ltd.
 
44,888
666,802
Howden Joinery Group PLC
 
73,545
632,760
HSBC Holdings PLC (United Kingdom)
 
2,521,081
18,170,312
IG Group Holdings PLC
 
51,406
473,874
IMI PLC
 
34,772
697,010
Imperial Brands PLC
 
121,483
3,007,202
Inchcape PLC
 
52,099
529,369
Informa PLC
 
181,660
1,649,705
InterContinental Hotel Group PLC
 
23,776
1,634,759
Intermediate Capital Group PLC
 
37,444
612,457
International Consolidated Airlines Group SA CDI (a)
 
318,564
609,141
Intertek Group PLC
 
20,962
1,094,856
ITV PLC
 
445,924
452,703
J Sainsbury PLC
 
218,706
759,710
JD Sports Fashion PLC
 
308,703
624,814
Johnson Matthey PLC
 
24,846
613,107
Kingfisher PLC
 
243,475
789,126
Land Securities Group PLC
 
98,119
831,363
Legal & General Group PLC
 
760,810
2,238,342
Lloyds Banking Group PLC
 
8,485,325
5,155,020
London Stock Exchange Group PLC
 
47,876
5,026,658
M&G PLC
 
296,916
765,329
Man Group PLC
 
173,439
495,227
Marks & Spencer Group PLC (a)
 
245,664
507,411
Melrose Industries PLC
 
265,157
1,362,935
National Grid PLC
 
489,686
7,021,081
NatWest Group PLC
 
641,733
2,113,932
Next PLC
 
16,223
1,374,168
Nomad Foods Ltd. (a)
 
19,340
363,592
Ocado Group PLC (a)
 
89,881
570,664
Pearson PLC
 
91,077
1,013,303
Pennon Group PLC
 
31,885
344,615
Persimmon PLC
 
39,710
655,759
Phoenix Group Holdings PLC
 
105,539
784,941
Reckitt Benckiser Group PLC
 
92,996
7,514,990
RELX PLC (London Stock Exchange)
 
250,719
8,337,311
Rentokil Initial PLC
 
319,637
2,544,712
Rightmove PLC
 
109,447
789,798
Rolls-Royce Holdings PLC (a)
 
1,050,752
2,012,893
RS GROUP PLC
 
58,741
680,203
Sage Group PLC
 
139,279
1,432,868
Schroders PLC
 
116,313
709,979
Segro PLC
 
154,670
1,622,697
Severn Trent PLC
 
32,127
1,183,813
Smith & Nephew PLC
 
112,610
1,854,660
Smiths Group PLC
 
43,851
926,395
Spectris PLC
 
13,928
657,976
Spirax-Sarco Engineering PLC
 
9,266
1,291,436
SSE PLC
 
132,844
3,065,132
St. James's Place PLC
 
68,036
1,031,609
Standard Chartered PLC (United Kingdom)
 
308,583
2,437,009
Subsea 7 SA
 
29,032
331,400
Tate & Lyle PLC
 
48,908
500,941
Taylor Wimpey PLC
 
452,470
728,999
Tesco PLC
 
938,546
3,318,185
The Weir Group PLC
 
32,543
752,531
Tritax Big Box REIT PLC
 
236,339
460,677
Unilever PLC
 
331,787
18,474,608
Unite Group PLC
 
49,112
591,909
United Utilities Group PLC
 
87,467
1,189,379
Vodafone Group PLC
 
3,391,800
4,073,980
Whitbread PLC
 
25,659
1,047,058
WPP PLC
 
137,189
1,598,858
TOTAL UNITED KINGDOM
 
 
254,373,909
United States of America - 4.9%
 
 
 
Bausch Health Cos., Inc. (Canada) (a)
 
34,747
255,694
Brookfield Renewable Corp.
 
15,757
526,493
CSL Ltd.
 
60,898
12,157,480
CyberArk Software Ltd. (a)(b)
 
5,111
636,831
DHT Holdings, Inc.
 
17,072
162,013
Experian PLC
 
122,484
4,336,532
Fiverr International Ltd. (a)(b)
 
3,958
144,546
Flex Ltd. (a)
 
57,503
1,182,837
Globant SA (a)
 
5,220
818,861
GSK PLC
 
506,257
9,129,416
Haleon PLC
 
640,986
2,818,222
Holcim AG
 
71,769
4,722,775
IBEX Ltd. (a)
 
1,261
25,813
ICON PLC (a)
 
10,383
2,000,700
InMode Ltd. (a)
 
8,315
309,817
James Hardie Industries PLC CDI
 
55,615
1,241,055
JBS SA
 
89,600
321,553
Legend Biotech Corp. ADR (a)
 
7,233
496,979
Monday.com Ltd. (a)
 
2,242
273,345
Nestle SA (Reg. S)
 
347,167
44,537,876
Parade Technologies Ltd.
 
9,000
275,455
QIAGEN NV (Germany) (a)
 
29,301
1,307,937
Reliance Worldwide Corp. Ltd.
 
97,751
266,580
Roche Holding AG:
 
 
 
 (Bearer)
 
3,251
1,099,852
 (participation certificate)
 
88,839
27,819,063
Sanofi SA
 
144,911
15,616,806
Schneider Electric SA
 
72,145
12,581,503
Spotify Technology SA (a)
 
17,828
2,381,821
Stellantis NV (Italy)
 
272,819
4,509,289
Stratasys Ltd. (a)
 
7,106
102,042
Swiss Re Ltd.
 
36,619
3,675,624
Tenaris SA
 
58,750
840,435
Waste Connections, Inc. (Canada)
 
32,384
4,504,623
TOTAL UNITED STATES OF AMERICA
 
 
161,079,868
Zambia - 0.1%
 
 
 
First Quantum Minerals Ltd.
 
71,448
1,736,036
 
TOTAL COMMON STOCKS
  (Cost $3,026,925,422)
 
 
 
3,156,329,995
 
 
 
 
Nonconvertible Preferred Stocks - 0.8%
 
 
Shares
Value ($)
 
Brazil - 0.3%
 
 
 
Banco Bradesco SA (PN)
 
665,179
1,847,053
Bradespar SA (PN)
 
34,209
162,547
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
36,729
268,115
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
188,134
465,828
Gerdau SA
 
136,500
689,095
Itau Unibanco Holding SA
 
611,650
3,178,549
Itausa-Investimentos Itau SA (PN)
 
651,505
1,133,779
Metalurgica Gerdau SA (PN)
 
84,400
197,302
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
580,900
2,760,201
TOTAL BRAZIL
 
 
10,702,469
Chile - 0.1%
 
 
 
Embotelladora Andina SA Class B
 
47,189
118,211
Sociedad Quimica y Minera de Chile SA (PN-B)
 
18,066
1,223,050
TOTAL CHILE
 
 
1,341,261
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
53,249
329,831
Germany - 0.2%
 
 
 
Henkel AG & Co. KGaA
 
22,590
1,826,368
Porsche Automobil Holding SE (Germany)
 
19,822
1,104,030
Sartorius AG (non-vtg.)
 
3,434
1,330,428
Volkswagen AG
 
23,139
3,159,625
TOTAL GERMANY
 
 
7,420,451
Korea (South) - 0.2%
 
 
 
Hyundai Motor Co. Ltd.
 
3,352
266,151
Hyundai Motor Co. Ltd. Series 2
 
4,973
412,684
LG Chemical Ltd.
 
1,072
313,834
Samsung Electronics Co. Ltd.
 
106,044
4,434,913
TOTAL KOREA (SOUTH)
 
 
5,427,582
Russia - 0.0%
 
 
 
AK Transneft OAO (d)
 
168
56,718
Sberbank of Russia (Russia) (d)
 
109,390
788
Surgutneftegas OJSC (d)
 
841,000
17,024
TOTAL RUSSIA
 
 
74,530
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $30,583,769)
 
 
 
25,296,124
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (g)
  (Cost $3,473,829)
 
3,500,000
3,471,814
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (h)
 
102,004,560
102,024,961
Fidelity Securities Lending Cash Central Fund 4.88% (h)(i)
 
22,327,451
22,329,684
 
TOTAL MONEY MARKET FUNDS
  (Cost $124,354,456)
 
 
124,354,645
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $3,185,337,476)
 
 
 
3,309,452,578
NET OTHER ASSETS (LIABILITIES) - 0.2%  
8,210,544
NET ASSETS - 100.0%
3,317,663,122
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
826
Jun 2023
88,778,480
3,624,011
3,624,011
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
747
Jun 2023
36,759,870
373,782
373,782
TME S&P/TSX 60 Index Contracts (Canada)
56
Jun 2023
10,320,847
339,450
339,450
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
4,337,243
The notional amount of futures purchased as a percentage of Net Assets is 4.1%
 
 
 
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 $67,163,112 or 2.0% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,471,814.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
60,028,940
208,239,829
166,243,807
1,639,273
-
(1)
102,024,961
0.3%
Fidelity Securities Lending Cash Central Fund 4.88%
8,407,556
51,145,235
37,223,107
107,716
-
-
22,329,684
0.1%
Total
68,436,496
259,385,064
203,466,914
1,746,989
-
(1)
124,354,645
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
184,339,394
53,772,698
130,207,754
358,942
Consumer Discretionary
374,633,875
129,819,418
244,814,457
-
Consumer Staples
276,642,594
82,547,901
194,094,478
215
Energy
174,027,370
63,089,454
110,638,960
298,956
Financials
656,156,374
280,944,263
375,202,475
9,636
Health Care
306,459,604
49,746,557
256,600,991
112,056
Industrials
438,627,654
174,932,838
263,694,816
-
Information Technology
333,421,415
76,274,210
257,147,205
-
Materials
259,104,536
100,973,563
157,782,676
348,297
Real Estate
75,459,462
19,510,481
55,899,846
49,135
Utilities
102,753,841
48,312,589
54,441,252
-
 Government Obligations
3,471,814
-
3,471,814
-
  Money Market Funds
124,354,645
124,354,645
-
-
 Total Investments in Securities:
3,309,452,578
1,204,278,617
2,103,996,724
1,177,237
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
4,337,243
4,337,243
-
-
  Total Assets
4,337,243
4,337,243
-
-
 Total Derivative Instruments:
4,337,243
4,337,243
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
4,337,243
0
Total Equity Risk
4,337,243
0
Total Value of Derivatives
4,337,243
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity ZERO® International Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $21,225,025) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,060,983,020)
$
3,185,097,933
 
 
Fidelity Central Funds (cost $124,354,456)
124,354,645
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,185,337,476)
 
 
$
3,309,452,578
Segregated cash with brokers for derivative instruments
 
 
759,951
Cash
 
 
16,805
Foreign currency held at value (cost $9,476,133)
 
 
9,386,847
Receivable for investments sold
 
 
328,795
Receivable for fund shares sold
 
 
4,966,946
Dividends receivable
 
 
12,715,776
Reclaims receivable
 
 
5,815,469
Interest receivable
 
 
137
Distributions receivable from Fidelity Central Funds
 
 
352,919
Receivable for daily variation margin on futures contracts
 
 
145,363
Other receivables
 
 
43,955
  Total assets
 
 
3,343,985,541
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
65,448
 
 
Delayed delivery
35,708
 
 
Payable for fund shares redeemed
1,710,029
 
 
Deferred taxes
2,180,250
 
 
Other payables and accrued expenses
1,203
 
 
Collateral on securities loaned
22,329,781
 
 
  Total Liabilities
 
 
 
26,322,419
Net Assets  
 
 
$
3,317,663,122
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,284,446,702
Total accumulated earnings (loss)
 
 
 
33,216,420
Net Assets
 
 
$
3,317,663,122
Net Asset Value , offering price and redemption price per share ($3,317,663,122 ÷ 310,407,520 shares)
 
 
$
10.69
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
47,878,929
Non-Cash dividends
 
 
2,423,769
Interest  
 
 
68,412
Income from Fidelity Central Funds (including $107,716 from security lending)
 
 
1,746,989
 Income before foreign taxes withheld
 
 
$
52,118,099
Less foreign taxes withheld
 
 
(4,724,259)
 Total Income
 
 
 
47,393,840
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
9,356
 
 
 Total expenses before reductions
 
9,356
 
 
 Expense reductions
 
(9,999)
 
 
 Total expenses after reductions
 
 
 
(643)
Net Investment income (loss)
 
 
 
47,394,483
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $261,573)
 
(40,859,617)
 
 
 Foreign currency transactions
 
195,817
 
 
 Futures contracts
 
4,395,412
 
 
Total net realized gain (loss)
 
 
 
(36,268,388)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $588,044)  
 
531,684,122
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
744,798
 
 
 Futures contracts
 
7,135,031
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
539,563,950
Net gain (loss)
 
 
 
503,295,562
Net increase (decrease) in net assets resulting from operations
 
 
$
550,690,045
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
47,394,483
$
91,993,550
Net realized gain (loss)
 
(36,268,388)
 
 
(75,638,610)
 
Change in net unrealized appreciation (depreciation)
 
539,563,950
 
(855,127,261)
 
Net increase (decrease) in net assets resulting from operations
 
550,690,045
 
 
(838,772,321)
 
Distributions to shareholders
 
(77,147,029)
 
 
(81,189,445)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
365,467,671
 
833,661,261
  Reinvestment of distributions
 
68,275,410
 
 
73,597,486
 
Cost of shares redeemed
 
(210,894,749)
 
(505,121,413)
  Net increase (decrease) in net assets resulting from share transactions
 
222,848,332
 
 
402,137,334
 
Total increase (decrease) in net assets
 
696,391,348
 
 
(517,824,432)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,621,271,774
 
3,139,096,206
 
End of period
$
3,317,663,122
$
2,621,271,774
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
35,534,091
 
76,476,551
  Issued in reinvestment of distributions
 
7,009,796
 
 
6,356,146
 
Redeemed
 
(20,674,477)
 
(47,407,223)
Net increase (decrease)
 
21,869,410
 
35,425,474
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® International Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.08
$
12.40
$
9.67
$
10.14
$
9.13
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
.33
 
.30
 
.23
 
.32
 
.06
     Net realized and unrealized gain (loss)
 
1.72
 
(3.34)
 
2.62
 
(.45)
 
.75
 
(.93)
  Total from investment operations
 
1.88  
 
(3.01)  
 
2.92  
 
(.22)  
 
1.07
 
(.87)
  Distributions from net investment income
 
(.27)
 
(.31)
 
(.19)
 
(.25)
 
(.06)
 
-
     Total distributions
 
(.27)
 
(.31)
 
(.19)
 
(.25)
 
(.06)
 
-
  Net asset value, end of period
$
10.69
$
9.08
$
12.40
$
9.67
$
10.14
$
9.13
 Total Return   D,E
 
20.95%
 
(24.79)%
 
30.39%
 
(2.34)%
 
11.79%
 
(8.70)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Expenses net of fee waivers, if any H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Expenses net of all reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Net investment income (loss)
 
3.09% I
 
3.11%
 
2.50%
 
2.39%
 
3.34%
 
2.42% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,317,663
$
2,621,272
$
3,139,096
$
1,651,017
$
1,260,503
$
393,972
    Portfolio turnover rate J
 
8% I
 
6%
 
8%
 
8%
 
4%
 
-% K,L
 
A For the period August 2, 2018 (commencement of operations) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount represents less than .005%.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Amount not annualized.
 
L Amount represents less than 1%.
 
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
7.1
 
Microsoft Corp.
6.4
 
Amazon.com, Inc.
2.6
 
NVIDIA Corp.
1.9
 
Alphabet, Inc. Class A
1.8
 
Berkshire Hathaway, Inc. Class B
1.7
 
Alphabet, Inc. Class C
1.6
 
Meta Platforms, Inc. Class A
1.5
 
Exxon Mobil Corp.
1.4
 
UnitedHealth Group, Inc.
1.3
 
 
27.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.3
 
Health Care
14.4
 
Financials
13.2
 
Consumer Discretionary
9.8
 
Industrials
8.4
 
Communication Services
8.3
 
Consumer Staples
7.2
 
Energy
4.6
 
Utilities
2.7
 
Materials
2.5
 
Real Estate
2.5
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.1%
 
Fidelity ZERO® Large Cap Index Fund
Showing Percentage of Net Assets
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.3%
 
 
 
Diversified Telecommunication Services - 0.8%
 
 
 
AT&T, Inc.
 
1,186,104
20,958,458
Verizon Communications, Inc.
 
698,866
27,136,967
 
 
 
48,095,425
Entertainment - 1.4%
 
 
 
Activision Blizzard, Inc.
 
118,507
9,209,179
Electronic Arts, Inc.
 
43,350
5,517,588
Liberty Media Corp. Liberty Braves:
 
 
 
 Class A (a)(b)
 
2,207
86,448
 Class C (a)
 
5,792
220,212
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
4,048
262,229
 Series C (a)
 
34,460
2,487,667
Netflix, Inc. (a)
 
74,106
24,449,793
Roblox Corp. (a)
 
60,343
2,148,211
Take-Two Interactive Software, Inc. (a)
 
26,382
3,279,019
The Walt Disney Co. (a)
 
303,984
31,158,360
Warner Bros Discovery, Inc.
 
367,710
5,004,533
 
 
 
83,823,239
Interactive Media & Services - 5.0%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
991,407
106,417,627
 Class C (a)
 
863,659
93,465,177
Match Group, Inc. (a)
 
46,546
1,717,547
Meta Platforms, Inc. Class A (a)
 
370,370
89,007,318
Pinterest, Inc. Class A (a)
 
98,918
2,275,114
Snap, Inc. Class A (a)
 
163,626
1,425,182
 
 
 
294,307,965
Media - 0.9%
 
 
 
Charter Communications, Inc. Class A (a)
 
17,526
6,461,836
Comcast Corp. Class A
 
699,988
28,958,504
Fox Corp.:
 
 
 
 Class A
 
49,464
1,645,173
 Class B
 
22,860
698,144
Interpublic Group of Companies, Inc.
 
64,643
2,309,694
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
2,674
226,033
 Class C (a)
 
19,887
1,686,020
Liberty Media Corp. Liberty SiriusXM:
 
 
 
 Series A (a)
 
12,287
345,265
 Series C (a)
 
25,512
712,805
Omnicom Group, Inc.
 
33,730
3,054,926
Paramount Global:
 
 
 
 Class A (b)
 
1,389
36,753
 Class B
 
84,131
1,962,776
The Trade Desk, Inc. (a)
 
74,095
4,767,272
 
 
 
52,865,201
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile U.S., Inc. (a)
 
98,560
14,182,784
TOTAL COMMUNICATION SERVICES
 
 
493,274,614
CONSUMER DISCRETIONARY - 9.8%
 
 
 
Automobile Components - 0.1%
 
 
 
Aptiv PLC (a)
 
45,084
4,637,340
Automobiles - 1.5%
 
 
 
Ford Motor Co.
 
651,476
7,739,535
General Motors Co.
 
232,054
7,667,064
Tesla, Inc. (a)
 
447,535
73,534,476
 
 
 
88,941,075
Broadline Retail - 2.7%
 
 
 
Amazon.com, Inc. (a)
 
1,483,493
156,434,337
eBay, Inc.
 
90,296
4,192,443
Etsy, Inc. (a)
 
20,913
2,112,840
 
 
 
162,739,620
Distributors - 0.2%
 
 
 
Genuine Parts Co.
 
23,455
3,947,711
LKQ Corp.
 
42,234
2,438,169
Pool Corp.
 
6,497
2,282,526
 
 
 
8,668,406
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Airbnb, Inc. Class A (a)
 
66,267
7,930,172
Booking Holdings, Inc. (a)
 
6,455
17,340,131
Caesars Entertainment, Inc. (a)
 
35,762
1,619,661
Carnival Corp. (a)(b)
 
166,324
1,531,844
Chipotle Mexican Grill, Inc. (a)
 
4,596
9,502,782
Darden Restaurants, Inc.
 
20,249
3,076,431
Domino's Pizza, Inc.
 
5,892
1,870,533
Doordash, Inc. (a)
 
43,737
2,676,267
Expedia, Inc. (a)
 
24,594
2,310,852
Hilton Worldwide Holdings, Inc.
 
44,336
6,385,271
Las Vegas Sands Corp. (a)
 
54,686
3,491,701
Marriott International, Inc. Class A
 
44,771
7,581,521
McDonald's Corp.
 
121,878
36,045,419
MGM Resorts International
 
52,352
2,351,652
Royal Caribbean Cruises Ltd. (a)
 
36,579
2,393,364
Starbucks Corp.
 
191,247
21,857,620
Yum! Brands, Inc.
 
46,592
6,549,903
 
 
 
134,515,124
Household Durables - 0.3%
 
 
 
D.R. Horton, Inc.
 
51,997
5,710,311
Garmin Ltd.
 
25,510
2,504,317
Lennar Corp.:
 
 
 
 Class A
 
42,190
4,759,454
 Class B
 
2,404
235,159
NVR, Inc. (a)
 
504
2,943,360
PulteGroup, Inc.
 
37,536
2,520,542
 
 
 
18,673,143
Specialty Retail - 2.1%
 
 
 
AutoZone, Inc. (a)
 
3,123
8,317,517
Best Buy Co., Inc.
 
32,764
2,441,573
Burlington Stores, Inc. (a)
 
10,848
2,091,603
CarMax, Inc. (a)(b)
 
26,349
1,845,220
Lowe's Companies, Inc.
 
100,623
20,912,478
O'Reilly Automotive, Inc. (a)
 
10,375
9,517,091
Ross Stores, Inc.
 
57,303
6,115,949
The Home Depot, Inc.
 
169,594
50,969,781
TJX Companies, Inc.
 
192,279
15,155,431
Tractor Supply Co.
 
18,380
4,381,792
Ulta Beauty, Inc. (a)
 
8,466
4,668,406
 
 
 
126,416,841
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
lululemon athletica, Inc. (a)
 
19,308
7,335,688
NIKE, Inc. Class B
 
207,281
26,266,648
 
 
 
33,602,336
TOTAL CONSUMER DISCRETIONARY
 
 
578,193,885
CONSUMER STAPLES - 7.2%
 
 
 
Beverages - 1.8%
 
 
 
Brown-Forman Corp. Class B (non-vtg.)
 
30,428
1,980,559
Constellation Brands, Inc. Class A (sub. vtg.)
 
27,015
6,199,132
Keurig Dr. Pepper, Inc.
 
141,397
4,623,682
Monster Beverage Corp.
 
126,756
7,098,336
PepsiCo, Inc.
 
229,181
43,748,361
The Coca-Cola Co.
 
647,661
41,547,453
 
 
 
105,197,523
Consumer Staples Distribution & Retail - 1.9%
 
 
 
Costco Wholesale Corp.
 
73,838
37,156,758
Dollar General Corp.
 
37,203
8,238,976
Dollar Tree, Inc. (a)
 
34,596
5,317,751
Kroger Co.
 
108,391
5,271,054
Sysco Corp.
 
84,465
6,481,844
Target Corp.
 
76,596
12,083,019
Walgreens Boots Alliance, Inc.
 
119,120
4,198,980
Walmart, Inc.
 
233,357
35,229,906
 
 
 
113,978,288
Food Products - 1.1%
 
 
 
Archer Daniels Midland Co.
 
91,033
7,107,857
Bunge Ltd.
 
24,925
2,332,980
Conagra Brands, Inc.
 
79,305
3,010,418
General Mills, Inc.
 
98,113
8,695,755
Hormel Foods Corp.
 
48,190
1,948,804
Kellogg Co.
 
42,593
2,971,714
Lamb Weston Holdings, Inc.
 
23,940
2,676,731
McCormick & Co., Inc. (non-vtg.)
 
41,720
3,665,102
Mondelez International, Inc.
 
226,865
17,405,083
The Hershey Co.
 
24,456
6,677,955
The J.M. Smucker Co.
 
17,743
2,739,697
The Kraft Heinz Co.
 
132,496
5,203,118
Tyson Foods, Inc. Class A
 
47,522
2,969,650
 
 
 
67,404,864
Household Products - 1.5%
 
 
 
Church & Dwight Co., Inc.
 
40,579
3,941,032
Colgate-Palmolive Co.
 
138,980
11,090,604
Kimberly-Clark Corp.
 
56,164
8,137,602
Procter & Gamble Co.
 
392,573
61,390,566
The Clorox Co.
 
20,552
3,403,822
 
 
 
87,963,626
Personal Care Products - 0.2%
 
 
 
Estee Lauder Companies, Inc. Class A
 
38,551
9,511,303
Tobacco - 0.7%
 
 
 
Altria Group, Inc.
 
297,111
14,115,744
Philip Morris International, Inc.
 
257,962
25,788,461
 
 
 
39,904,205
TOTAL CONSUMER STAPLES
 
 
423,959,809
ENERGY - 4.6%
 
 
 
Energy Equipment & Services - 0.3%
 
 
 
Baker Hughes Co. Class A
 
167,400
4,894,776
Halliburton Co.
 
150,433
4,926,681
Schlumberger Ltd.
 
236,322
11,662,491
 
 
 
21,483,948
Oil, Gas & Consumable Fuels - 4.3%
 
 
 
Cheniere Energy, Inc.
 
41,376
6,330,528
Chevron Corp.
 
296,022
49,903,389
ConocoPhillips Co.
 
203,650
20,953,549
Coterra Energy, Inc.
 
131,191
3,358,490
Devon Energy Corp.
 
108,773
5,811,741
Diamondback Energy, Inc.
 
30,579
4,348,334
EOG Resources, Inc.
 
97,741
11,677,117
Exxon Mobil Corp.
 
685,244
81,091,775
Hess Corp.
 
46,172
6,697,710
Kinder Morgan, Inc.
 
329,175
5,645,351
Marathon Oil Corp.
 
105,654
2,552,601
Marathon Petroleum Corp.
 
75,544
9,216,368
Occidental Petroleum Corp.
 
120,991
7,444,576
ONEOK, Inc.
 
74,371
4,864,607
Ovintiv, Inc.
 
40,961
1,477,873
Phillips 66 Co.
 
77,541
7,676,559
Pioneer Natural Resources Co.
 
39,536
8,601,057
Targa Resources Corp.
 
37,665
2,844,837
The Williams Companies, Inc.
 
202,670
6,132,794
Valero Energy Corp.
 
64,149
7,355,966
 
 
 
253,985,222
TOTAL ENERGY
 
 
275,469,170
FINANCIALS - 13.2%
 
 
 
Banks - 3.1%
 
 
 
Bank of America Corp.
 
1,161,399
34,005,763
Citigroup, Inc.
 
322,294
15,170,379
Citizens Financial Group, Inc.
 
81,927
2,534,821
Fifth Third Bancorp
 
113,704
2,979,045
Huntington Bancshares, Inc.
 
240,106
2,689,187
JPMorgan Chase & Co.
 
488,094
67,474,115
KeyCorp
 
155,473
1,750,626
M&T Bank Corp.
 
28,167
3,543,409
PNC Financial Services Group, Inc.
 
66,724
8,690,801
Regions Financial Corp.
 
155,391
2,837,440
Truist Financial Corp.
 
220,780
7,193,012
U.S. Bancorp
 
231,821
7,946,824
Wells Fargo & Co.
 
634,070
25,204,283
 
 
 
182,019,705
Capital Markets - 3.0%
 
 
 
Ameriprise Financial, Inc.
 
17,522
5,346,313
Bank of New York Mellon Corp.
 
122,387
5,212,462
BlackRock, Inc. Class A
 
24,920
16,726,304
Blackstone, Inc.
 
118,190
10,557,913
Cboe Global Markets, Inc.
 
17,651
2,465,845
Charles Schwab Corp.
 
253,810
13,259,034
CME Group, Inc.
 
59,859
11,120,006
FactSet Research Systems, Inc.
 
6,365
2,620,407
Goldman Sachs Group, Inc.
 
56,349
19,352,501
Intercontinental Exchange, Inc.
 
92,995
10,129,945
KKR & Co. LP
 
96,002
5,094,826
LPL Financial
 
13,186
2,753,764
MarketAxess Holdings, Inc.
 
6,264
1,994,270
Moody's Corp.
 
26,217
8,209,067
Morgan Stanley
 
217,404
19,559,838
MSCI, Inc.
 
13,305
6,418,997
NASDAQ, Inc.
 
56,404
3,123,089
Northern Trust Corp.
 
34,679
2,710,511
Raymond James Financial, Inc.
 
32,249
2,919,502
S&P Global, Inc.
 
54,780
19,862,132
State Street Corp.
 
58,075
4,196,500
T. Rowe Price Group, Inc.
 
37,323
4,192,493
 
 
 
177,825,719
Consumer Finance - 0.5%
 
 
 
American Express Co.
 
99,067
15,983,470
Capital One Financial Corp.
 
63,446
6,173,296
Discover Financial Services
 
44,426
4,596,758
Synchrony Financial
 
72,722
2,146,026
 
 
 
28,899,550
Financial Services - 4.5%
 
 
 
Apollo Global Management, Inc.
 
72,371
4,587,598
Berkshire Hathaway, Inc. Class B (a)
 
299,810
98,502,576
Block, Inc. Class A (a)
 
89,425
5,436,146
Fidelity National Information Services, Inc.
 
98,736
5,797,778
Fiserv, Inc. (a)
 
105,669
12,904,298
FleetCor Technologies, Inc. (a)
 
12,270
2,624,798
Global Payments, Inc.
 
43,775
4,933,880
Jack Henry & Associates, Inc.
 
12,151
1,984,744
MasterCard, Inc. Class A
 
140,398
53,355,452
PayPal Holdings, Inc. (a)
 
188,259
14,307,684
Visa, Inc. Class A
 
270,397
62,929,494
 
 
 
267,364,448
Insurance - 2.1%
 
 
 
AFLAC, Inc.
 
93,169
6,507,855
Allstate Corp.
 
43,761
5,065,773
American International Group, Inc.
 
123,626
6,557,123
Aon PLC
 
34,180
11,114,652
Arch Capital Group Ltd. (a)
 
61,548
4,620,408
Arthur J. Gallagher & Co.
 
35,294
7,343,270
Brown & Brown, Inc.
 
39,112
2,518,422
Chubb Ltd.
 
69,065
13,920,741
Cincinnati Financial Corp.
 
26,154
2,783,832
Everest Re Group Ltd.
 
6,517
2,463,426
Fidelity National Financial, Inc.
 
45,351
1,609,507
Hartford Financial Services Group, Inc.
 
52,426
3,721,722
Markel Corp. (a)
 
2,234
3,057,296
Marsh & McLennan Companies, Inc.
 
82,371
14,842,430
MetLife, Inc.
 
109,664
6,725,693
Principal Financial Group, Inc.
 
37,862
2,827,913
Progressive Corp.
 
97,328
13,275,539
Prudential Financial, Inc.
 
61,232
5,327,184
The Travelers Companies, Inc.
 
38,454
6,965,558
W.R. Berkley Corp.
 
33,908
1,997,859
Willis Towers Watson PLC
 
17,764
4,114,142
 
 
 
127,360,345
TOTAL FINANCIALS
 
 
783,469,767
HEALTH CARE - 14.4%
 
 
 
Biotechnology - 2.5%
 
 
 
AbbVie, Inc.
 
294,278
44,471,291
Alnylam Pharmaceuticals, Inc. (a)
 
20,471
4,077,823
Amgen, Inc.
 
88,854
21,301,858
Biogen, Inc. (a)
 
23,961
7,289,655
BioMarin Pharmaceutical, Inc. (a)
 
30,924
2,969,941
Exact Sciences Corp. (a)
 
29,578
1,895,062
Gilead Sciences, Inc.
 
207,502
17,058,739
Horizon Therapeutics PLC (a)
 
37,710
4,191,844
Incyte Corp. (a)
 
30,790
2,291,084
Moderna, Inc. (a)
 
54,977
7,305,894
Regeneron Pharmaceuticals, Inc. (a)
 
17,889
14,343,221
Seagen, Inc. (a)
 
22,862
4,572,400
Vertex Pharmaceuticals, Inc. (a)
 
42,780
14,576,429
 
 
 
146,345,241
Health Care Equipment & Supplies - 2.9%
 
 
 
Abbott Laboratories
 
290,134
32,051,103
Align Technology, Inc. (a)
 
12,088
3,932,226
Baxter International, Inc.
 
83,972
4,003,785
Becton, Dickinson & Co.
 
47,242
12,486,533
Boston Scientific Corp. (a)
 
238,340
12,422,281
DexCom, Inc. (a)
 
64,299
7,802,041
Edwards Lifesciences Corp. (a)
 
102,878
9,051,206
GE Healthcare Holding LLC
 
60,421
4,914,644
Hologic, Inc. (a)
 
41,027
3,528,732
IDEXX Laboratories, Inc. (a)
 
13,781
6,782,457
Insulet Corp. (a)
 
11,556
3,675,270
Intuitive Surgical, Inc. (a)
 
58,305
17,562,632
Medtronic PLC
 
221,343
20,131,146
ResMed, Inc.
 
24,446
5,890,508
STERIS PLC
 
16,520
3,114,846
Stryker Corp.
 
56,104
16,811,564
Teleflex, Inc.
 
7,805
2,127,019
The Cooper Companies, Inc.
 
8,212
3,132,467
Zimmer Biomet Holdings, Inc.
 
34,921
4,834,463
 
 
 
174,254,923
Health Care Providers & Services - 3.0%
 
 
 
AmerisourceBergen Corp.
 
26,926
4,492,603
Cardinal Health, Inc.
 
42,871
3,519,709
Centene Corp. (a)
 
91,644
6,317,021
Cigna Group
 
49,700
12,588,513
CVS Health Corp.
 
213,678
15,664,734
Elevance Health, Inc.
 
39,741
18,624,620
HCA Holdings, Inc.
 
35,284
10,138,152
Humana, Inc.
 
20,796
11,032,070
Laboratory Corp. of America Holdings
 
14,743
3,342,386
McKesson Corp.
 
22,787
8,299,937
Molina Healthcare, Inc. (a)
 
9,717
2,894,597
Quest Diagnostics, Inc.
 
18,470
2,563,821
UnitedHealth Group, Inc.
 
155,477
76,508,677
 
 
 
175,986,840
Health Care Technology - 0.1%
 
 
 
Veeva Systems, Inc. Class A (a)
 
23,449
4,199,247
Life Sciences Tools & Services - 1.7%
 
 
 
Agilent Technologies, Inc.
 
49,229
6,667,083
Avantor, Inc. (a)
 
112,165
2,184,974
Bio-Techne Corp.
 
26,168
2,090,300
Charles River Laboratories International, Inc. (a)
 
8,486
1,613,358
Danaher Corp.
 
109,071
25,840,011
Illumina, Inc. (a)
 
26,174
5,380,327
IQVIA Holdings, Inc. (a)
 
30,898
5,815,931
Mettler-Toledo International, Inc. (a)
 
3,678
5,485,737
PerkinElmer, Inc.
 
21,016
2,742,378
Thermo Fisher Scientific, Inc.
 
65,262
36,213,884
Waters Corp. (a)
 
9,884
2,968,758
West Pharmaceutical Services, Inc.
 
12,319
4,450,116
 
 
 
101,452,857
Pharmaceuticals - 4.2%
 
 
 
Bristol-Myers Squibb Co.
 
353,793
23,622,759
Catalent, Inc. (a)
 
30,049
1,506,056
Eli Lilly & Co.
 
131,232
51,949,500
Johnson & Johnson
 
435,053
71,218,176
Merck & Co., Inc.
 
421,894
48,716,100
Pfizer, Inc.
 
934,063
36,325,710
Royalty Pharma PLC
 
61,651
2,167,033
Viatris, Inc.
 
201,777
1,882,579
Zoetis, Inc. Class A
 
77,554
13,632,442
 
 
 
251,020,355
TOTAL HEALTH CARE
 
 
853,259,463
INDUSTRIALS - 8.4%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
Axon Enterprise, Inc. (a)
 
11,250
2,370,488
General Dynamics Corp.
 
37,447
8,176,178
HEICO Corp. (b)
 
6,650
1,121,456
HEICO Corp. Class A
 
11,591
1,555,860
Howmet Aerospace, Inc.
 
61,264
2,713,383
L3Harris Technologies, Inc.
 
31,683
6,182,937
Lockheed Martin Corp.
 
37,809
17,560,390
Northrop Grumman Corp.
 
23,940
11,042,804
Raytheon Technologies Corp.
 
243,776
24,353,222
Textron, Inc.
 
34,735
2,325,161
The Boeing Co. (a)
 
93,575
19,349,439
TransDigm Group, Inc.
 
8,631
6,602,715
 
 
 
103,354,033
Air Freight & Logistics - 0.6%
 
 
 
C.H. Robinson Worldwide, Inc.
 
19,625
1,979,574
Expeditors International of Washington, Inc.
 
26,477
3,014,142
FedEx Corp.
 
38,638
8,800,964
United Parcel Service, Inc. Class B
 
121,442
21,836,486
 
 
 
35,631,166
Building Products - 0.4%
 
 
 
Carrier Global Corp.
 
138,804
5,804,783
Johnson Controls International PLC
 
114,354
6,842,943
Masco Corp.
 
37,488
2,005,983
Trane Technologies PLC
 
38,117
7,082,520
 
 
 
21,736,229
Commercial Services & Supplies - 0.5%
 
 
 
Cintas Corp.
 
14,374
6,551,238
Copart, Inc. (a)
 
71,335
5,639,032
Republic Services, Inc.
 
34,180
4,943,112
Waste Management, Inc.
 
61,806
10,262,886
 
 
 
27,396,268
Construction & Engineering - 0.1%
 
 
 
Quanta Services, Inc.
 
23,779
4,033,870
Electrical Equipment - 0.5%
 
 
 
AMETEK, Inc.
 
38,215
5,270,995
Eaton Corp. PLC
 
66,177
11,059,500
Emerson Electric Co.
 
95,080
7,916,361
Rockwell Automation, Inc.
 
19,099
5,412,848
 
 
 
29,659,704
Ground Transportation - 0.9%
 
 
 
CSX Corp.
 
349,837
10,719,006
J.B. Hunt Transport Services, Inc.
 
13,809
2,420,580
Norfolk Southern Corp.
 
37,902
7,695,243
Old Dominion Freight Lines, Inc.
 
15,075
4,829,879
Uber Technologies, Inc. (a)
 
331,867
10,304,470
Union Pacific Corp.
 
101,816
19,925,391
 
 
 
55,894,569
Industrial Conglomerates - 0.8%
 
 
 
3M Co.
 
91,602
9,729,964
General Electric Co.
 
181,260
17,939,302
Honeywell International, Inc.
 
111,180
22,218,211
 
 
 
49,887,477
Machinery - 1.6%
 
 
 
Caterpillar, Inc.
 
86,596
18,947,205
Cummins, Inc.
 
23,512
5,526,260
Deere & Co.
 
44,997
17,009,766
Dover Corp.
 
23,246
3,397,635
Fortive Corp.
 
58,717
3,704,456
IDEX Corp.
 
12,550
2,589,316
Illinois Tool Works, Inc.
 
46,196
11,176,660
Ingersoll Rand, Inc.
 
67,377
3,841,837
Otis Worldwide Corp.
 
69,033
5,888,515
PACCAR, Inc.
 
86,861
6,487,648
Parker Hannifin Corp.
 
21,343
6,933,914
Stanley Black & Decker, Inc.
 
24,669
2,129,921
Westinghouse Air Brake Tech Co.
 
30,262
2,955,690
Xylem, Inc.
 
29,994
3,114,577
 
 
 
93,703,400
Passenger Airlines - 0.2%
 
 
 
Delta Air Lines, Inc. (a)
 
106,689
3,660,500
Southwest Airlines Co.
 
98,883
2,995,166
United Airlines Holdings, Inc. (a)
 
54,396
2,382,545
 
 
 
9,038,211
Professional Services - 0.8%
 
 
 
Automatic Data Processing, Inc.
 
68,950
15,169,000
Broadridge Financial Solutions, Inc.
 
19,583
2,847,564
CoStar Group, Inc. (a)
 
67,672
5,207,360
Equifax, Inc.
 
20,383
4,247,410
Jacobs Solutions, Inc.
 
21,083
2,434,243
Leidos Holdings, Inc.
 
22,747
2,121,385
Paychex, Inc.
 
53,382
5,864,547
SS&C Technologies Holdings, Inc.
 
36,473
2,135,129
TransUnion Holding Co., Inc.
 
32,070
2,206,737
Verisk Analytics, Inc.
 
26,023
5,051,325
 
 
 
47,284,700
Trading Companies & Distributors - 0.3%
 
 
 
Fastenal Co.
 
94,985
5,113,992
Ferguson PLC
 
34,378
4,841,110
United Rentals, Inc.
 
11,541
4,167,571
W.W. Grainger, Inc.
 
7,483
5,204,950
 
 
 
19,327,623
TOTAL INDUSTRIALS
 
 
496,947,250
INFORMATION TECHNOLOGY - 26.3%
 
 
 
Communications Equipment - 0.8%
 
 
 
Arista Networks, Inc. (a)
 
41,186
6,596,350
Cisco Systems, Inc.
 
683,600
32,300,100
F5, Inc. (a)
 
9,991
1,342,391
Motorola Solutions, Inc.
 
27,824
8,107,914
 
 
 
48,346,755
Electronic Equipment, Instruments & Components - 0.6%
 
 
 
Amphenol Corp. Class A
 
98,944
7,467,304
CDW Corp.
 
22,528
3,820,524
Corning, Inc.
 
126,663
4,207,745
Keysight Technologies, Inc. (a)
 
29,676
4,292,337
TE Connectivity Ltd.
 
52,659
6,443,882
Teledyne Technologies, Inc. (a)
 
7,799
3,231,906
Trimble, Inc. (a)
 
41,032
1,932,607
Zebra Technologies Corp. Class A (a)
 
8,591
2,474,466
 
 
 
33,870,771
IT Services - 1.4%
 
 
 
Accenture PLC Class A
 
104,789
29,371,309
Akamai Technologies, Inc. (a)
 
26,161
2,144,417
Cloudflare, Inc. (a)
 
47,682
2,243,438
Cognizant Technology Solutions Corp. Class A
 
84,693
5,057,019
EPAM Systems, Inc. (a)
 
9,569
2,702,668
Gartner, Inc. (a)
 
13,148
3,976,744
GoDaddy, Inc. (a)
 
25,808
1,953,149
IBM Corp.
 
150,446
19,017,879
MongoDB, Inc. Class A (a)
 
11,529
2,766,499
Okta, Inc. (a)
 
25,466
1,745,185
Snowflake, Inc. (a)
 
47,627
7,052,606
Twilio, Inc. Class A (a)
 
29,085
1,530,162
VeriSign, Inc. (a)
 
15,243
3,380,897
 
 
 
82,941,972
Semiconductors & Semiconductor Equipment - 6.0%
 
 
 
Advanced Micro Devices, Inc. (a)
 
268,296
23,977,614
Analog Devices, Inc.
 
84,342
15,171,439
Applied Materials, Inc.
 
140,288
15,856,753
Broadcom, Inc.
 
69,537
43,564,931
Enphase Energy, Inc. (a)
 
22,618
3,713,876
Entegris, Inc.
 
24,796
1,857,716
First Solar, Inc. (a)
 
16,497
3,012,022
Intel Corp.
 
688,399
21,381,673
KLA Corp.
 
23,043
8,907,041
Lam Research Corp.
 
22,453
11,767,168
Marvell Technology, Inc.
 
141,967
5,604,857
Microchip Technology, Inc.
 
91,151
6,653,111
Micron Technology, Inc.
 
181,568
11,685,716
Monolithic Power Systems, Inc.
 
7,446
3,439,829
NVIDIA Corp.
 
409,349
113,590,254
NXP Semiconductors NV
 
43,119
7,060,305
onsemi (a)
 
71,877
5,172,269
Qorvo, Inc. (a)
 
16,655
1,533,592
Qualcomm, Inc.
 
185,537
21,670,722
Skyworks Solutions, Inc.
 
26,451
2,801,161
SolarEdge Technologies, Inc. (a)
 
9,301
2,656,645
Teradyne, Inc.
 
25,914
2,368,021
Texas Instruments, Inc.
 
150,795
25,212,924
 
 
 
358,659,639
Software - 10.2%
 
 
 
Adobe, Inc. (a)
 
76,178
28,761,766
ANSYS, Inc. (a)
 
14,495
4,550,270
Atlassian Corp. PLC (a)
 
24,977
3,688,104
Autodesk, Inc. (a)
 
35,903
6,993,545
Cadence Design Systems, Inc. (a)
 
45,646
9,560,555
Crowdstrike Holdings, Inc. (a)
 
36,321
4,360,336
Datadog, Inc. Class A (a)
 
41,304
2,783,064
DocuSign, Inc. (a)
 
33,498
1,656,141
Fair Isaac Corp. (a)
 
4,186
3,047,199
Fortinet, Inc. (a)
 
107,897
6,802,906
Gen Digital, Inc.
 
94,772
1,674,621
HubSpot, Inc. (a)
 
8,083
3,402,539
Intuit, Inc.
 
46,746
20,752,887
Microsoft Corp.
 
1,238,662
380,591,286
Oracle Corp.
 
255,738
24,223,503
Palantir Technologies, Inc. (a)(b)
 
293,108
2,271,587
Palo Alto Networks, Inc. (a)(b)
 
50,312
9,179,928
Paycom Software, Inc. (a)
 
8,022
2,329,348
PTC, Inc. (a)
 
17,710
2,227,741
Roper Technologies, Inc.
 
17,647
8,025,503
Salesforce, Inc. (a)
 
166,401
33,008,966
ServiceNow, Inc. (a)
 
33,779
15,518,748
Splunk, Inc. (a)
 
25,058
2,161,002
Synopsys, Inc. (a)
 
25,362
9,417,418
Tyler Technologies, Inc. (a)
 
6,928
2,625,920
VMware, Inc. Class A (a)
 
34,687
4,336,916
Workday, Inc. Class A (a)
 
33,612
6,256,538
Zoom Video Communications, Inc. Class A (a)
 
35,965
2,209,330
Zscaler, Inc. (a)
 
14,120
1,272,212
 
 
 
603,689,879
Technology Hardware, Storage & Peripherals - 7.3%
 
 
 
Apple, Inc.
 
2,474,831
419,929,317
Dell Technologies, Inc.
 
40,367
1,755,561
Hewlett Packard Enterprise Co.
 
213,264
3,053,940
HP, Inc.
 
143,802
4,272,357
NetApp, Inc.
 
35,866
2,255,613
Seagate Technology Holdings PLC
 
31,980
1,879,465
Western Digital Corp. (a)
 
53,125
1,829,625
 
 
 
434,975,878
TOTAL INFORMATION TECHNOLOGY
 
 
1,562,484,894
MATERIALS - 2.5%
 
 
 
Chemicals - 1.8%
 
 
 
Air Products & Chemicals, Inc.
 
36,955
10,878,074
Albemarle Corp.
 
19,493
3,615,172
Celanese Corp. Class A
 
16,597
1,763,265
CF Industries Holdings, Inc.
 
32,642
2,336,514
Corteva, Inc.
 
118,613
7,249,627
Dow, Inc.
 
117,290
6,380,576
DuPont de Nemours, Inc.
 
76,230
5,314,756
Eastman Chemical Co.
 
19,800
1,668,546
Ecolab, Inc.
 
41,234
6,920,715
FMC Corp.
 
20,959
2,590,113
International Flavors & Fragrances, Inc.
 
42,424
4,113,431
Linde PLC
 
81,958
30,279,383
LyondellBasell Industries NV Class A
 
42,262
3,998,408
PPG Industries, Inc.
 
39,108
5,485,288
Sherwin-Williams Co.
 
39,240
9,321,070
The Mosaic Co.
 
56,650
2,427,453
 
 
 
104,342,391
Construction Materials - 0.1%
 
 
 
Martin Marietta Materials, Inc.
 
10,331
3,752,219
Vulcan Materials Co.
 
22,114
3,872,604
 
 
 
7,624,823
Containers & Packaging - 0.2%
 
 
 
Amcor PLC
 
247,205
2,711,839
Avery Dennison Corp.
 
13,473
2,350,769
Ball Corp.
 
52,230
2,777,591
International Paper Co.
 
59,183
1,959,549
Packaging Corp. of America
 
15,397
2,082,598
 
 
 
11,882,346
Metals & Mining - 0.4%
 
 
 
Freeport-McMoRan, Inc.
 
237,841
9,016,552
Newmont Corp.
 
132,078
6,260,497
Nucor Corp.
 
42,099
6,238,230
Reliance Steel & Aluminum Co.
 
9,766
2,420,015
Steel Dynamics, Inc.
 
27,754
2,885,028
 
 
 
26,820,322
TOTAL MATERIALS
 
 
150,669,882
REAL ESTATE - 2.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.4%
 
 
 
Alexandria Real Estate Equities, Inc.
 
26,207
3,254,385
American Tower Corp.
 
77,477
15,835,524
AvalonBay Communities, Inc.
 
23,277
4,198,472
Crown Castle International Corp.
 
72,050
8,868,635
Digital Realty Trust, Inc.
 
47,840
4,743,336
Equinix, Inc.
 
15,399
11,150,108
Equity Residential (SBI)
 
56,670
3,584,378
Essex Property Trust, Inc.
 
10,749
2,361,878
Extra Space Storage, Inc.
 
22,282
3,387,755
Gaming & Leisure Properties
 
42,857
2,228,564
Healthpeak Properties, Inc.
 
91,039
2,000,127
Host Hotels & Resorts, Inc.
 
119,033
1,924,764
Invitation Homes, Inc.
 
96,651
3,225,244
Iron Mountain, Inc.
 
48,373
2,672,125
Mid-America Apartment Communities, Inc.
 
19,214
2,955,113
Prologis (REIT), Inc.
 
153,602
19,238,651
Public Storage
 
26,303
7,754,913
Realty Income Corp.
 
104,359
6,557,920
SBA Communications Corp. Class A
 
17,964
4,686,628
Simon Property Group, Inc.
 
54,403
6,164,948
Sun Communities, Inc.
 
20,614
2,863,903
UDR, Inc.
 
51,464
2,127,007
Ventas, Inc.
 
66,555
3,197,968
VICI Properties, Inc.
 
167,023
5,668,761
Welltower, Inc.
 
78,628
6,228,910
Weyerhaeuser Co.
 
121,933
3,647,016
WP Carey, Inc.
 
35,044
2,600,265
 
 
 
143,127,298
Real Estate Management & Development - 0.1%
 
 
 
CBRE Group, Inc. (a)
 
52,571
4,030,093
TOTAL REAL ESTATE
 
 
147,157,391
UTILITIES - 2.7%
 
 
 
Electric Utilities - 1.8%
 
 
 
Alliant Energy Corp.
 
41,766
2,302,977
American Electric Power Co., Inc.
 
85,508
7,902,649
Constellation Energy Corp.
 
54,416
4,211,798
Duke Energy Corp.
 
128,131
12,669,593
Edison International
 
63,544
4,676,838
Entergy Corp.
 
33,859
3,642,551
Evergy, Inc.
 
38,194
2,372,229
Eversource Energy
 
57,957
4,498,043
Exelon Corp.
 
165,361
7,017,921
FirstEnergy Corp.
 
90,377
3,597,005
NextEra Energy, Inc.
 
330,671
25,339,319
PG&E Corp. (a)
 
267,918
4,584,077
PPL Corp.
 
122,520
3,518,774
Southern Co.
 
181,161
13,324,392
Xcel Energy, Inc.
 
91,064
6,366,284
 
 
 
106,024,450
Gas Utilities - 0.0%
 
 
 
Atmos Energy Corp.
 
23,823
2,719,157
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
The AES Corp.
 
111,139
2,629,549
Multi-Utilities - 0.8%
 
 
 
Ameren Corp.
 
43,019
3,827,400
CenterPoint Energy, Inc.
 
104,758
3,191,976
CMS Energy Corp.
 
48,460
3,017,120
Consolidated Edison, Inc.
 
59,053
5,814,949
Dominion Energy, Inc.
 
138,656
7,922,804
DTE Energy Co.
 
32,238
3,623,874
Public Service Enterprise Group, Inc.
 
83,027
5,247,306
Sempra Energy
 
52,307
8,133,215
WEC Energy Group, Inc.
 
52,491
5,048,059
 
 
 
45,826,703
Water Utilities - 0.1%
 
 
 
American Water Works Co., Inc.
 
32,112
4,760,604
TOTAL UTILITIES
 
 
161,960,463
 
TOTAL COMMON STOCKS
  (Cost $5,088,726,330)
 
 
 
5,926,846,588
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (d)
 
  (Cost $794,018)
 
 
800,000
793,558
 
 
 
 
Money Market Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
3,449,375
3,450,065
Fidelity Securities Lending Cash Central Fund 4.88% (e)(f)
 
10,411,652
10,412,693
 
TOTAL MONEY MARKET FUNDS
  (Cost $13,862,758)
 
 
13,862,758
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $5,103,383,106)
 
 
 
5,941,502,904
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(7,537,176)
NET ASSETS - 100.0%
5,933,965,728
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
39
Jun 2023
8,167,575
579,190
579,190
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $515,812.
 
(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 are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
13,176,399
244,032,273
253,758,607
340,280
-
-
3,450,065
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
15,566,668
115,854,203
121,008,178
57,919
-
-
10,412,693
0.0%
Total
28,743,067
359,886,476
374,766,785
398,199
-
-
13,862,758
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
493,274,614
493,274,614
-
-
Consumer Discretionary
578,193,885
578,193,885
-
-
Consumer Staples
423,959,809
423,959,809
-
-
Energy
275,469,170
275,469,170
-
-
Financials
783,469,767
783,469,767
-
-
Health Care
853,259,463
853,259,463
-
-
Industrials
496,947,250
496,947,250
-
-
Information Technology
1,562,484,894
1,562,484,894
-
-
Materials
150,669,882
150,669,882
-
-
Real Estate
147,157,391
147,157,391
-
-
Utilities
161,960,463
161,960,463
-
-
 U.S. Government and Government Agency Obligations
793,558
-
793,558
-
  Money Market Funds
13,862,758
13,862,758
-
-
 Total Investments in Securities:
5,941,502,904
5,940,709,346
793,558
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
579,190
579,190
-
-
  Total Assets
579,190
579,190
-
-
 Total Derivative Instruments:
579,190
579,190
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
579,190
0
Total Equity Risk
579,190
0
Total Value of Derivatives
579,190
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity ZERO® Large Cap Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,128,943) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,089,520,348)
$
5,927,640,146
 
 
Fidelity Central Funds (cost $13,862,758)
13,862,758
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,103,383,106)
 
 
$
5,941,502,904
Receivable for fund shares sold
 
 
4,248,554
Dividends receivable
 
 
4,633,999
Distributions receivable from Fidelity Central Funds
 
 
85,734
Receivable for daily variation margin on futures contracts
 
 
67,135
Other receivables
 
 
2
  Total assets
 
 
5,950,538,328
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
6,159,675
 
 
Collateral on securities loaned
10,412,925
 
 
  Total Liabilities
 
 
 
16,572,600
Net Assets  
 
 
$
5,933,965,728
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,175,731,943
Total accumulated earnings (loss)
 
 
 
758,233,785
Net Assets
 
 
$
5,933,965,728
Net Asset Value , offering price and redemption price per share ($5,933,965,728 ÷ 405,141,948 shares)
 
 
$
14.65
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
46,787,217
Interest  
 
 
19,069
Income from Fidelity Central Funds (including $57,919 from security lending)
 
 
398,199
 Total Income
 
 
 
47,204,485
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
17,086
 
 
 Total expenses before reductions
 
17,086
 
 
 Expense reductions
 
(1,407)
 
 
 Total expenses after reductions
 
 
 
15,679
Net Investment income (loss)
 
 
 
47,188,806
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(43,889,386)
 
 
 Futures contracts
 
2,233,057
 
 
Total net realized gain (loss)
 
 
 
(41,656,329)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
456,284,711
 
 
 Futures contracts
 
(344,411)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
455,940,300
Net gain (loss)
 
 
 
414,283,971
Net increase (decrease) in net assets resulting from operations
 
 
$
461,472,777
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
47,188,806
$
78,962,281
Net realized gain (loss)
 
(41,656,329)
 
 
(52,165,460)
 
Change in net unrealized appreciation (depreciation)
 
455,940,300
 
(995,680,128)
 
Net increase (decrease) in net assets resulting from operations
 
461,472,777
 
 
(968,883,307)
 
Distributions to shareholders
 
(80,225,687)
 
 
(51,573,510)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
612,452,722
 
2,092,922,018
  Reinvestment of distributions
 
71,732,498
 
 
48,118,514
 
Cost of shares redeemed
 
(437,740,286)
 
(917,366,545)
  Net increase (decrease) in net assets resulting from share transactions
 
246,444,934
 
 
1,223,673,987
 
Total increase (decrease) in net assets
 
627,692,024
 
 
203,217,170
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,306,273,704
 
5,103,056,534
 
End of period
$
5,933,965,728
$
5,306,273,704
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
43,716,680
 
137,692,315
  Issued in reinvestment of distributions
 
5,333,271
 
 
2,992,445
 
Redeemed
 
(31,269,540)
 
(61,684,064)
Net increase (decrease)
 
17,780,411
 
79,000,696
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® Large Cap Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.70
$
16.55
$
11.73
$
10.65
$
9.35
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.22
 
.20
 
.20
 
.19
 
.02
     Net realized and unrealized gain (loss)
 
1.04
 
(2.91)
 
4.78
 
1.01
 
1.16
 
(.67)
  Total from investment operations
 
1.16  
 
(2.69)  
 
4.98  
 
1.21  
 
1.35
 
(.65)
  Distributions from net investment income
 
(.21)
 
(.16)
 
(.16)
 
(.13)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.01)
 
-
     Total distributions
 
(.21)
 
(.16)
 
(.16)
 
(.13)
 
(.05)
 
-
  Net asset value, end of period
$
14.65
$
13.70
$
16.55
$
11.73
$
10.65
$
9.35
 Total Return   D,E
 
8.56%
 
(16.39)%
 
42.81%
 
11.45%
 
14.50%
 
(6.50)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Expenses net of fee waivers, if any H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Expenses net of all reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Net investment income (loss)
 
1.69% I
 
1.48%
 
1.36%
 
1.80%
 
1.91%
 
1.29% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,933,966
$
5,306,274
$
5,103,057
$
2,375,916
$
1,162,779
$
105,175
    Portfolio turnover rate J
 
3% I
 
3%
 
5% K
 
5%
 
3%
 
1% L
 
A For the period September 13, 2018 (commencement of operations) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount represents less than .005%.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
L Amount not annualized.
 
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
6.2
 
Microsoft Corp.
5.6
 
Amazon.com, Inc.
2.3
 
NVIDIA Corp.
1.7
 
Alphabet, Inc. Class A
1.6
 
Berkshire Hathaway, Inc. Class B
1.5
 
Alphabet, Inc. Class C
1.4
 
Meta Platforms, Inc. Class A
1.3
 
Exxon Mobil Corp.
1.2
 
UnitedHealth Group, Inc.
1.1
 
 
23.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
24.4
 
Health Care
14.2
 
Financials
13.5
 
Consumer Discretionary
10.2
 
Industrials
9.7
 
Communication Services
7.6
 
Consumer Staples
6.7
 
Energy
4.6
 
Real Estate
3.1
 
Materials
2.8
 
Utilities
2.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.3%
 
Fidelity ZERO® Total Market Index Fund
Showing Percentage of Net Assets
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.6%
 
 
 
Diversified Telecommunication Services - 0.8%
 
 
 
Anterix, Inc. (a)
 
6,937
219,070
AST SpaceMobile, Inc. (a)(b)
 
16,420
87,190
AT&T, Inc.
 
2,436,391
43,051,029
ATN International, Inc.
 
4,408
159,437
Bandwidth, Inc. (a)
 
6,856
83,438
Cogent Communications Group, Inc.
 
14,126
975,259
Consolidated Communications Holdings, Inc. (a)
 
21,557
83,426
EchoStar Holding Corp. Class A (a)(b)
 
11,187
190,962
Frontier Communications Parent, Inc. (a)(b)
 
77,622
1,749,600
Globalstar, Inc. (a)(b)
 
243,175
220,317
IDT Corp. Class B (a)
 
7,292
242,167
Iridium Communications, Inc.
 
42,599
2,703,759
Liberty Global PLC:
 
 
 
 Class A (a)
 
50,034
976,163
 Class C (a)
 
95,852
1,949,630
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
15,780
139,969
 Class C (a)
 
45,576
404,715
Lumen Technologies, Inc. (b)
 
331,320
785,228
Radius Global Infrastructure, Inc. (a)
 
26,048
382,645
Verizon Communications, Inc.
 
1,435,397
55,736,466
 
 
 
110,140,470
Entertainment - 1.3%
 
 
 
Activision Blizzard, Inc.
 
243,472
18,920,209
AMC Entertainment Holdings, Inc. Class A (a)(b)
 
174,481
959,646
Cinemark Holdings, Inc. (a)(b)
 
36,069
608,845
Electronic Arts, Inc.
 
89,064
11,336,066
Endeavor Group Holdings, Inc. (a)
 
60,062
1,548,398
Genius Brands International, Inc. (a)(b)
 
9,511
24,538
Liberty Media Corp. Liberty Braves:
 
 
 
 Class A (a)(b)
 
5,111
200,198
 Class C (a)
 
12,813
487,150
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
12,484
808,714
 Series C (a)
 
67,280
4,856,943
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)
 
27,040
310,960
 Class B (a)
 
34,385
366,888
Live Nation Entertainment, Inc. (a)
 
49,031
3,323,321
Madison Square Garden Entertainment Corp. (b)
 
8,912
287,590
Madison Square Garden Sports Corp.
 
5,959
1,194,780
Marcus Corp. (b)
 
7,363
129,000
Netflix, Inc. (a)
 
152,201
50,215,676
Playtika Holding Corp. (a)
 
31,781
317,810
Roblox Corp. (a)
 
123,648
4,401,869
Roku, Inc. Class A (a)
 
41,778
2,348,341
Sciplay Corp. (A Shares) (a)
 
7,334
125,265
Skillz, Inc. (a)(b)
 
80,282
49,992
Sphere Entertainment Co. (a)(b)
 
8,912
250,784
Take-Two Interactive Software, Inc. (a)
 
54,269
6,745,094
The Walt Disney Co. (a)
 
624,374
63,998,335
Vivid Seats, Inc. Class A (a)(b)
 
7,498
53,836
Warner Bros Discovery, Inc.
 
756,026
10,289,514
Warner Music Group Corp. Class A
 
40,466
1,232,999
World Wrestling Entertainment, Inc. Class A (b)
 
14,853
1,591,796
 
 
 
186,984,557
Interactive Media & Services - 4.4%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
2,041,828
219,169,818
 Class C (a)
 
1,767,880
191,319,974
Angi, Inc. (a)
 
24,318
55,931
Bumble, Inc. (a)
 
32,369
589,439
CarGurus, Inc. Class A (a)
 
33,070
543,671
Cars.com, Inc. (a)
 
21,357
417,956
Eventbrite, Inc. (a)
 
30,281
220,143
EverQuote, Inc. Class A (a)
 
6,308
43,967
fuboTV, Inc. (a)(b)
 
64,568
73,608
IAC, Inc. (a)
 
27,075
1,401,673
Match Group, Inc. (a)
 
96,192
3,549,485
MediaAlpha, Inc. Class A (a)
 
8,046
59,540
Meta Platforms, Inc. Class A (a)
 
760,628
182,794,121
Nextdoor Holdings, Inc. (a)(b)
 
40,427
85,301
Pinterest, Inc. Class A (a)
 
203,731
4,685,813
QuinStreet, Inc. (a)
 
18,108
201,180
Rumble, Inc. (a)(b)
 
27,579
219,529
Shutterstock, Inc.
 
8,105
543,035
Snap, Inc. Class A (a)
 
335,080
2,918,547
TripAdvisor, Inc. (a)
 
34,916
619,061
Vimeo, Inc. (a)
 
47,609
156,634
Yelp, Inc. (a)
 
24,487
732,651
Ziff Davis, Inc. (a)
 
16,399
1,199,423
ZipRecruiter, Inc. (a)
 
17,931
303,751
Zoominfo Technologies, Inc. (a)
 
92,794
2,033,117
 
 
 
613,937,368
Media - 0.9%
 
 
 
Altice U.S.A., Inc. Class A (a)
 
70,109
245,382
AMC Networks, Inc. Class A (a)
 
9,034
159,811
Boston Omaha Corp. (a)
 
7,072
144,693
Cable One, Inc. (b)
 
1,619
1,227,866
Cardlytics, Inc. (a)(b)
 
10,525
68,307
Charter Communications, Inc. Class A (a)
 
36,038
13,287,211
Clear Channel Outdoor Holdings, Inc. (a)
 
165,279
209,904
Comcast Corp. Class A
 
1,437,954
59,488,157
DISH Network Corp. Class A (a)
 
83,785
629,225
E.W. Scripps Co. Class A (a)
 
20,708
174,568
Entravision Communication Corp. Class A
 
19,868
124,175
Fox Corp.:
 
 
 
 Class A
 
93,781
3,119,156
 Class B
 
55,647
1,699,459
Gannett Co., Inc. (a)(b)
 
44,880
85,272
Gray Television, Inc.
 
27,213
209,812
iHeartMedia, Inc. (a)
 
33,631
116,700
Integral Ad Science Holding Corp. (a)
 
12,922
203,263
Interpublic Group of Companies, Inc.
 
132,470
4,733,153
John Wiley & Sons, Inc. Class A
 
15,371
592,859
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
6,220
525,777
 Class C (a)
 
40,170
3,405,613
Liberty Media Corp. Liberty SiriusXM:
 
 
 
 Series A (a)
 
22,889
643,181
 Series C (a)
 
55,817
1,559,527
Magnite, Inc. (a)
 
38,120
358,328
News Corp.:
 
 
 
 Class A
 
121,826
2,145,356
 Class B
 
48,202
855,586
Nexstar Broadcasting Group, Inc. Class A
 
12,980
2,251,381
Omnicom Group, Inc.
 
69,123
6,260,470
Paramount Global:
 
 
 
 Class A (b)
 
10,576
279,841
 Class B
 
165,159
3,853,159
PubMatic, Inc. (a)
 
13,445
183,659
Quotient Technology, Inc. (a)
 
31,851
89,820
Scholastic Corp.
 
9,988
384,238
Sinclair Broadcast Group, Inc. Class A (b)
 
14,082
280,091
Sirius XM Holdings, Inc.
 
234,376
890,629
Stagwell, Inc. (a)
 
34,282
213,234
TechTarget, Inc. (a)
 
9,370
319,423
TEGNA, Inc.
 
75,575
1,292,333
The New York Times Co. Class A
 
56,726
2,254,859
The Trade Desk, Inc. (a)
 
152,305
9,799,304
Thryv Holdings, Inc. (a)
 
10,550
236,953
WideOpenWest, Inc. (a)
 
16,462
188,161
 
 
 
124,789,896
Wireless Telecommunication Services - 0.2%
 
 
 
Gogo, Inc. (a)
 
21,012
281,771
NII Holdings, Inc. (a)(c)
 
11,652
0
Shenandoah Telecommunications Co.
 
17,297
359,951
Spok Holdings, Inc.
 
6,975
85,304
T-Mobile U.S., Inc. (a)
 
202,384
29,123,058
Telephone & Data Systems, Inc.
 
34,420
344,200
U.S. Cellular Corp. (a)
 
4,421
93,902
 
 
 
30,288,186
TOTAL COMMUNICATION SERVICES
 
 
1,066,140,477
CONSUMER DISCRETIONARY - 10.2%
 
 
 
Automobile Components - 0.3%
 
 
 
Adient PLC (a)
 
32,559
1,202,729
American Axle & Manufacturing Holdings, Inc. (a)
 
39,688
283,769
Aptiv PLC (a)
 
92,782
9,543,557
Autoliv, Inc.
 
26,771
2,297,220
BorgWarner, Inc.
 
80,706
3,884,380
Dana, Inc.
 
42,087
622,467
Dorman Products, Inc. (a)
 
9,433
812,747
Fox Factory Holding Corp. (a)
 
14,444
1,601,406
Garrett Motion, Inc. (a)(b)
 
17,747
146,590
Gentex Corp.
 
80,363
2,217,215
Gentherm, Inc. (a)
 
11,396
679,771
Holley, Inc. (a)(b)
 
16,401
39,526
LCI Industries
 
8,640
975,974
Lear Corp.
 
20,149
2,572,221
Luminar Technologies, Inc. (a)(b)
 
79,028
475,749
Mobileye Global, Inc. (b)
 
16,076
605,101
Modine Manufacturing Co. (a)
 
17,038
356,265
Motorcar Parts of America, Inc. (a)
 
5,514
26,853
Patrick Industries, Inc.
 
7,205
494,479
QuantumScape Corp. Class A (a)(b)
 
93,476
654,332
Solid Power, Inc. (a)(b)
 
40,168
91,181
Standard Motor Products, Inc.
 
5,903
212,567
Stoneridge, Inc. (a)
 
9,537
179,582
The Goodyear Tire & Rubber Co. (a)
 
99,867
1,065,581
Visteon Corp. (a)
 
9,632
1,352,236
XPEL, Inc. (a)
 
6,930
506,306
 
 
 
32,899,804
Automobiles - 1.4%
 
 
 
Canoo, Inc. (a)(b)
 
115,694
87,349
Faraday Future Intelligent Electric, Inc. (a)(b)
 
193,616
33,012
Fisker, Inc. (a)(b)
 
53,176
342,453
Ford Motor Co.
 
1,335,889
15,870,361
General Motors Co.
 
475,827
15,721,324
Harley-Davidson, Inc.
 
46,136
1,711,646
Lordstown Motors Corp. Class A (a)(b)
 
68,544
35,849
Lucid Group, Inc. Class A (a)(b)
 
219,371
1,741,806
Mullen Automotive, Inc. (a)(b)
 
833,333
64,083
Rivian Automotive, Inc. (a)(b)
 
186,271
2,387,994
Tesla, Inc. (a)
 
919,161
151,027,344
Thor Industries, Inc. (b)
 
18,208
1,438,796
Winnebago Industries, Inc.
 
10,148
590,005
Workhorse Group, Inc. (a)(b)
 
46,078
43,415
 
 
 
191,095,437
Broadline Retail - 2.4%
 
 
 
Amazon.com, Inc. (a)
 
3,046,613
321,265,341
Big Lots, Inc. (b)
 
8,969
80,631
ContextLogic, Inc. (a)(b)
 
5,840
42,106
Dillard's, Inc. Class A (b)
 
1,127
336,286
eBay, Inc.
 
185,734
8,623,630
Etsy, Inc. (a)
 
43,049
4,349,240
Groupon, Inc. (a)(b)
 
6,540
23,413
Kohl's Corp. (b)
 
38,335
844,520
Macy's, Inc.
 
92,580
1,512,757
Nordstrom, Inc. (b)
 
37,293
576,550
Ollie's Bargain Outlet Holdings, Inc. (a)
 
20,027
1,306,762
Qurate Retail, Inc. Series A (a)(b)
 
107,271
85,452
 
 
 
339,046,688
Distributors - 0.1%
 
 
 
Funko, Inc. (a)(b)
 
10,992
108,381
Genuine Parts Co.
 
48,204
8,113,215
LKQ Corp.
 
86,982
5,021,471
Pool Corp.
 
13,294
4,670,448
 
 
 
17,913,515
Diversified Consumer Services - 0.1%
 
 
 
2U, Inc. (a)
 
26,426
146,400
ADT, Inc.
 
71,088
476,290
Adtalem Global Education, Inc. (a)
 
15,270
619,504
American Public Education, Inc. (a)
 
5,877
33,499
Bright Horizons Family Solutions, Inc. (a)
 
19,880
1,513,266
Carriage Services, Inc.
 
4,464
128,161
Chegg, Inc. (a)
 
43,613
784,162
Coursera, Inc. (a)
 
29,757
370,177
Duolingo, Inc. (a)
 
8,698
1,184,320
European Wax Center, Inc. (b)
 
9,848
185,536
Frontdoor, Inc. (a)
 
27,738
758,912
Graham Holdings Co.
 
1,276
734,427
Grand Canyon Education, Inc. (a)
 
10,661
1,265,461
H&R Block, Inc.
 
51,244
1,737,684
Laureate Education, Inc. Class A
 
45,304
561,317
Mister Car Wash, Inc. (a)
 
28,432
250,770
Nerdy, Inc. Class A (a)(b)
 
20,463
81,238
OneSpaWorld Holdings Ltd. (a)
 
20,157
241,884
Perdoceo Education Corp. (a)
 
25,281
328,147
Rover Group, Inc. Class A (a)
 
34,944
158,296
Service Corp. International
 
52,693
3,698,522
Strategic Education, Inc.
 
7,405
651,640
Stride, Inc. (a)
 
14,016
602,127
Udemy, Inc. (a)
 
22,946
208,579
WW International, Inc. (a)(b)
 
15,891
132,690
 
 
 
16,853,009
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Accel Entertainment, Inc. (a)
 
17,172
151,972
Airbnb, Inc. Class A (a)
 
136,181
16,296,780
ARAMARK Holdings Corp.
 
89,758
3,114,603
Bally's Corp. (a)
 
8,473
145,736
BJ's Restaurants, Inc. (a)
 
8,081
262,956
Bloomin' Brands, Inc.
 
29,904
740,722
Bluegreen Vacations Holding Corp. Class A
 
3,011
86,687
Booking Holdings, Inc. (a)
 
13,256
35,609,725
Bowlero Corp. Class A (a)
 
12,059
176,423
Boyd Gaming Corp.
 
27,209
1,888,305
Brinker International, Inc. (a)
 
14,549
580,796
Caesars Entertainment, Inc. (a)
 
73,789
3,341,904
Carnival Corp. (a)(b)
 
344,070
3,168,885
Chipotle Mexican Grill, Inc. (a)
 
9,441
19,520,400
Choice Hotels International, Inc. (b)
 
9,603
1,224,575
Churchill Downs, Inc.
 
11,169
3,267,268
Chuy's Holdings, Inc. (a)
 
6,350
221,488
Cracker Barrel Old Country Store, Inc.
 
7,450
790,892
Darden Restaurants, Inc.
 
41,705
6,336,241
Dave & Buster's Entertainment, Inc. (a)
 
15,464
548,353
Denny's Corp. (a)
 
20,084
225,142
Dine Brands Global, Inc.
 
5,192
337,117
Domino's Pizza, Inc.
 
12,131
3,851,229
Doordash, Inc. (a)
 
90,032
5,509,058
Draftkings Holdings, Inc.
 
152,798
3,347,804
Dutch Bros, Inc. (a)(b)
 
9,997
311,407
El Pollo Loco Holdings, Inc.
 
6,707
62,509
Everi Holdings, Inc. (a)
 
29,457
447,746
Expedia, Inc. (a)
 
50,613
4,755,597
First Watch Restaurant Group, Inc. (a)
 
3,215
51,697
Golden Entertainment, Inc. (a)
 
7,270
306,503
Hilton Grand Vacations, Inc. (a)
 
27,036
1,157,141
Hilton Worldwide Holdings, Inc.
 
90,825
13,080,617
Hyatt Hotels Corp. Class A (a)
 
16,380
1,872,234
Inspired Entertainment, Inc. (a)
 
8,914
114,099
Jack in the Box, Inc.
 
6,947
643,917
Krispy Kreme, Inc. (b)
 
23,494
361,338
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
1,424
98,142
Las Vegas Sands Corp. (a)
 
112,275
7,168,759
Life Time Group Holdings, Inc. (a)(b)
 
19,354
402,370
Light & Wonder, Inc. Class A (a)
 
31,553
1,902,330
Lindblad Expeditions Holdings (a)
 
11,546
130,585
Marriott International, Inc. Class A
 
92,005
15,580,127
Marriott Vacations Worldwide Corp.
 
13,255
1,783,593
McDonald's Corp.
 
250,203
73,997,537
MGM Resorts International
 
107,819
4,843,229
Monarch Casino & Resort, Inc.
 
4,629
321,067
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
142,717
1,905,272
Papa John's International, Inc.
 
11,472
857,991
Penn Entertainment, Inc. (a)
 
53,537
1,594,867
Planet Fitness, Inc. (a)
 
28,456
2,365,832
Playa Hotels & Resorts NV (a)
 
45,053
419,443
PlayAGS, Inc. (a)
 
8,714
46,010
Portillo's, Inc. (a)(b)
 
15,792
341,423
RCI Hospitality Holdings, Inc.
 
2,850
213,465
Red Robin Gourmet Burgers, Inc. (a)(b)
 
5,267
68,840
Red Rock Resorts, Inc.
 
16,095
785,436
Royal Caribbean Cruises Ltd. (a)
 
74,822
4,895,603
Rush Street Interactive, Inc. (a)
 
17,386
54,070
Ruth's Hospitality Group, Inc.
 
12,382
200,093
Sabre Corp. (a)(b)
 
107,740
430,960
SeaWorld Entertainment, Inc. (a)
 
13,129
704,502
Shake Shack, Inc. Class A (a)
 
12,901
707,104
Six Flags Entertainment Corp. (a)(b)
 
25,223
612,162
Soho House & Co., Inc. Class A (a)(b)
 
16,622
108,542
Sonder Holdings, Inc. (a)
 
55,444
22,738
Starbucks Corp.
 
392,621
44,872,654
Sweetgreen, Inc. Class A (a)(b)
 
27,132
215,428
Target Hospitality Corp. (a)
 
8,371
105,558
Texas Roadhouse, Inc. Class A
 
22,754
2,517,047
The Cheesecake Factory, Inc. (b)
 
15,739
530,247
Travel+Leisure Co.
 
27,308
1,045,077
Vail Resorts, Inc.
 
13,719
3,299,694
Wendy's Co.
 
58,307
1,288,585
Wingstop, Inc.
 
10,097
2,020,511
Wyndham Hotels & Resorts, Inc.
 
30,257
2,064,133
Wynn Resorts Ltd. (a)
 
35,374
4,042,541
Xponential Fitness, Inc. (a)
 
8,322
275,292
Yum! Brands, Inc.
 
95,643
13,445,493
 
 
 
332,194,218
Household Durables - 0.5%
 
 
 
Beazer Homes U.S.A., Inc. (a)
 
11,980
255,294
Cavco Industries, Inc. (a)
 
2,856
857,428
Century Communities, Inc.
 
9,918
667,878
D.R. Horton, Inc.
 
106,788
11,727,458
Dream Finders Homes, Inc. (a)(b)
 
7,913
120,673
Ethan Allen Interiors, Inc.
 
7,805
217,994
Garmin Ltd.
 
52,187
5,123,198
GoPro, Inc. Class A (a)
 
39,914
170,832
Green Brick Partners, Inc. (a)
 
9,015
335,989
Helen of Troy Ltd. (a)
 
7,992
801,917
Hovnanian Enterprises, Inc. Class A (a)
 
1,785
131,679
Installed Building Products, Inc.
 
8,167
1,014,913
iRobot Corp. (a)(b)
 
9,392
369,387
KB Home
 
27,839
1,219,905
La-Z-Boy, Inc.
 
14,765
424,198
Leggett & Platt, Inc.
 
46,029
1,487,197
Lennar Corp.:
 
 
 
 Class A
 
84,579
9,541,357
 Class B
 
7,307
714,771
LGI Homes, Inc. (a)
 
7,275
864,270
Lovesac (a)(b)
 
5,816
152,903
M.D.C. Holdings, Inc.
 
20,173
826,488
M/I Homes, Inc. (a)
 
9,349
632,366
Meritage Homes Corp.
 
12,467
1,596,399
Mohawk Industries, Inc. (a)
 
18,100
1,916,790
Newell Brands, Inc.
 
128,051
1,555,820
NVR, Inc. (a)
 
1,033
6,032,720
PulteGroup, Inc.
 
77,171
5,182,033
Purple Innovation, Inc.
 
23,698
70,383
Skyline Champion Corp. (a)
 
18,021
1,336,618
Sonos, Inc. (a)(b)
 
42,281
893,820
Taylor Morrison Home Corp. (a)
 
37,285
1,606,611
Tempur Sealy International, Inc.
 
58,644
2,197,391
Toll Brothers, Inc.
 
34,697
2,217,485
TopBuild Corp. (a)
 
10,869
2,450,742
Traeger, Inc. (a)(b)
 
20,534
62,423
TRI Pointe Homes, Inc. (a)
 
35,358
1,014,067
Tupperware Brands Corp. (a)
 
14,787
18,484
Universal Electronics, Inc. (a)
 
4,159
41,798
Vizio Holding Corp. (a)(b)
 
18,362
157,362
Vuzix Corp. (a)(b)
 
22,555
90,671
Whirlpool Corp.
 
18,808
2,625,409
ZAGG, Inc. rights (a)(c)
 
5,004
0
 
 
 
68,725,121
Leisure Products - 0.1%
 
 
 
Acushnet Holdings Corp. (b)
 
10,772
540,000
AMMO, Inc. (a)(b)
 
26,348
51,906
Brunswick Corp.
 
24,395
2,068,452
Clarus Corp.
 
8,300
80,759
Hasbro, Inc.
 
44,946
2,661,702
JAKKS Pacific, Inc. (a)
 
2,987
66,909
Johnson Outdoors, Inc. Class A
 
2,012
116,696
Latham Group, Inc. (a)
 
10,095
24,329
Malibu Boats, Inc. Class A (a)
 
7,061
400,712
MasterCraft Boat Holdings, Inc. (a)
 
5,946
174,039
Mattel, Inc. (a)
 
121,969
2,195,442
Peloton Interactive, Inc. Class A (a)
 
114,969
1,020,925
Polaris, Inc.
 
18,674
2,028,930
Smith & Wesson Brands, Inc.
 
14,706
176,766
Solo Brands, Inc. Class A (a)
 
5,239
41,860
Sturm, Ruger & Co., Inc.
 
6,079
349,907
Topgolf Callaway Brands Corp. (a)(b)
 
48,658
1,078,748
Vista Outdoor, Inc. (a)
 
18,523
446,404
YETI Holdings, Inc. (a)
 
29,886
1,179,003
 
 
 
14,703,489
Specialty Retail - 2.2%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)
 
9,976
91,879
Abercrombie & Fitch Co. Class A (a)
 
16,815
395,825
Academy Sports & Outdoors, Inc. (b)
 
26,869
1,706,719
Advance Auto Parts, Inc.
 
20,396
2,560,310
America's Car Mart, Inc. (a)
 
1,873
150,570
American Eagle Outfitters, Inc.
 
61,371
821,758
Arhaus, Inc. (a)(b)
 
9,191
73,712
Arko Corp.
 
23,456
196,092
Asbury Automotive Group, Inc. (a)
 
7,473
1,445,727
AutoNation, Inc. (a)
 
11,553
1,521,530
AutoZone, Inc. (a)
 
6,415
17,085,134
BARK, Inc. (a)
 
37,811
41,592
Bath & Body Works, Inc.
 
78,629
2,759,878
Best Buy Co., Inc.
 
67,032
4,995,225
Big 5 Sporting Goods Corp. (b)
 
6,167
48,596
Boot Barn Holdings, Inc. (a)
 
9,902
717,598
Build-A-Bear Workshop, Inc.
 
4,847
112,450
Burlington Stores, Inc. (a)
 
22,348
4,308,918
Caleres, Inc.
 
11,884
270,955
Camping World Holdings, Inc.
 
13,785
308,646
CarMax, Inc. (a)(b)
 
54,282
3,801,368
CarParts.com, Inc. (a)
 
14,327
67,910
Carvana Co. Class A (a)(b)
 
33,095
229,679
Chewy, Inc. (a)(b)
 
31,785
985,653
Chico's FAS, Inc. (a)
 
41,102
207,154
Citi Trends, Inc. (a)
 
2,626
45,325
Designer Brands, Inc. Class A
 
18,042
147,764
Destination XL Group, Inc. (a)
 
15,979
70,148
Dick's Sporting Goods, Inc.
 
20,388
2,956,464
EVgo, Inc. Class A (a)(b)
 
24,760
148,312
Five Below, Inc. (a)
 
19,049
3,759,511
Floor & Decor Holdings, Inc. Class A (a)(b)
 
36,094
3,585,578
Foot Locker, Inc.
 
27,745
1,165,013
Franchise Group, Inc.
 
9,030
264,128
GameStop Corp. Class A (b)
 
86,804
1,674,449
Gap, Inc.
 
69,960
671,616
Genesco, Inc. (a)
 
3,965
137,427
Group 1 Automotive, Inc.
 
5,071
1,138,338
GrowGeneration Corp. (a)(b)
 
21,926
74,987
Guess?, Inc. (b)
 
10,656
200,866
Haverty Furniture Companies, Inc.
 
4,330
130,506
Hibbett, Inc.
 
4,391
238,563
Lands' End, Inc. (a)(b)
 
4,138
29,669
Lazydays Holdings, Inc. (a)(b)
 
2,780
32,943
Leslie's, Inc. (a)(b)
 
50,834
551,549
Lithia Motors, Inc. Class A (sub. vtg.)
 
9,269
2,047,429
LL Flooring Holdings, Inc. (a)
 
8,215
27,027
Lowe's Companies, Inc.
 
206,657
42,949,524
MarineMax, Inc. (a)
 
7,632
222,244
Monro, Inc. (b)
 
10,621
519,154
Murphy U.S.A., Inc.
 
6,841
1,882,848
National Vision Holdings, Inc. (a)
 
25,889
544,705
O'Reilly Automotive, Inc. (a)
 
21,309
19,546,959
OneWater Marine, Inc. Class A (a)(b)
 
3,554
93,826
Overstock.com, Inc. (a)
 
14,993
305,257
Penske Automotive Group, Inc. (b)
 
8,690
1,204,260
Petco Health & Wellness Co., Inc. (a)(b)
 
28,457
283,432
PetMed Express, Inc. (b)
 
6,573
101,027
Rent the Runway, Inc. Class A (a)(b)
 
16,188
42,251
Revolve Group, Inc. (a)(b)
 
14,429
297,959
RH (a)
 
6,461
1,648,395
Ross Stores, Inc.
 
117,713
12,563,508
Sally Beauty Holdings, Inc. (a)
 
36,645
521,458
Shoe Carnival, Inc. (b)
 
5,117
118,970
Signet Jewelers Ltd. (b)
 
15,491
1,139,828
Sleep Number Corp. (a)(b)
 
7,577
170,861
Sonic Automotive, Inc. Class A (sub. vtg.) (b)
 
5,687
253,185
Sportsman's Warehouse Holdings, Inc. (a)
 
12,954
80,574
Stitch Fix, Inc. (a)(b)
 
25,015
85,301
The Aaron's Co., Inc.
 
10,942
146,076
The Buckle, Inc.
 
9,866
330,807
The Cato Corp. Class A (sub. vtg.)
 
5,869
48,419
The Children's Place, Inc. (a)(b)
 
4,166
123,480
The Container Store Group, Inc. (a)
 
10,974
33,910
The Home Depot, Inc.
 
348,275
104,670,569
The ODP Corp. (a)
 
13,403
579,144
The RealReal, Inc. (a)(b)
 
23,604
26,436
thredUP, Inc. (a)
 
25,010
66,026
Tilly's, Inc. (a)(b)
 
6,975
52,382
TJX Companies, Inc.
 
394,681
31,108,756
Tractor Supply Co.
 
37,794
9,010,090
TravelCenters of America LLC (a)
 
4,081
351,497
Ulta Beauty, Inc. (a)
 
17,402
9,595,985
Upbound Group, Inc.
 
16,763
446,902
Urban Outfitters, Inc. (a)(b)
 
21,835
590,855
Victoria's Secret & Co. (a)
 
27,578
855,194
Vroom, Inc. (a)(b)
 
38,425
31,082
Warby Parker, Inc. (a)
 
22,586
237,831
Wayfair LLC Class A (a)(b)
 
26,597
926,374
Williams-Sonoma, Inc. (b)
 
22,795
2,759,107
Winmark Corp.
 
941
314,219
Zumiez, Inc. (a)(b)
 
5,577
97,514
 
 
 
310,980,671
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
Allbirds, Inc. Class A (a)(b)
 
30,067
37,584
Capri Holdings Ltd. (a)
 
42,494
1,763,501
Carter's, Inc. (b)
 
13,358
931,988
Columbia Sportswear Co.
 
11,964
999,473
Crocs, Inc. (a)
 
21,002
2,597,317
Deckers Outdoor Corp. (a)
 
9,022
4,324,605
Fossil Group, Inc. (a)
 
13,488
45,320
G-III Apparel Group Ltd. (a)
 
13,833
217,178
Hanesbrands, Inc. (b)
 
115,594
605,713
Kontoor Brands, Inc. (b)
 
16,644
751,809
Levi Strauss & Co. Class A
 
31,729
458,801
lululemon athletica, Inc. (a)
 
39,678
15,074,863
Movado Group, Inc.
 
4,961
127,101
NIKE, Inc. Class B
 
425,702
53,944,957
Oxford Industries, Inc.
 
5,127
529,055
PVH Corp.
 
21,817
1,872,117
Ralph Lauren Corp.
 
14,207
1,630,822
Samsonite International SA (a)(d)
 
486,000
1,540,059
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
45,906
2,441,740
Steven Madden Ltd.
 
25,209
883,323
Tapestry, Inc.
 
80,500
3,285,205
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
66,210
587,283
 Class C (non-vtg.) (a)
 
65,421
525,985
Unifi, Inc. (a)
 
3,888
34,137
VF Corp.
 
112,939
2,655,196
Wolverine World Wide, Inc.
 
26,576
444,882
 
 
 
98,310,014
TOTAL CONSUMER DISCRETIONARY
 
 
1,422,721,966
CONSUMER STAPLES - 6.7%
 
 
 
Beverages - 1.6%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
3,156
1,002,062
Brown-Forman Corp. Class B (non-vtg.)
 
62,768
4,085,569
Celsius Holdings, Inc. (a)(b)
 
13,910
1,329,379
Coca-Cola Bottling Co. Consolidated
 
1,551
914,252
Constellation Brands, Inc. Class A (sub. vtg.)
 
55,589
12,756,008
Duckhorn Portfolio, Inc. (a)
 
14,458
218,316
Keurig Dr. Pepper, Inc.
 
290,241
9,490,881
MGP Ingredients, Inc.
 
5,479
540,668
Molson Coors Beverage Co. Class B
 
63,664
3,786,735
Monster Beverage Corp.
 
260,464
14,585,984
National Beverage Corp. (a)(b)
 
8,393
417,132
PepsiCo, Inc.
 
470,453
89,804,773
The Coca-Cola Co.
 
1,329,331
85,276,584
The Vita Coco Co., Inc. (a)
 
8,443
182,791
 
 
 
224,391,134
Consumer Staples Distribution & Retail - 1.8%
 
 
 
Albertsons Companies, Inc.
 
55,259
1,154,913
Andersons, Inc.
 
10,423
465,908
BJ's Wholesale Club Holdings, Inc. (a)
 
46,000
3,513,020
Blue Apron Holdings, Inc.:
 
 
 
 warrants 11/4/28 (a)
 
2,361
1
 warrants 11/4/28 (a)
 
2,361
0
 warrants 11/4/28 (a)
 
2,361
0
Casey's General Stores, Inc.
 
12,750
2,917,455
Chefs' Warehouse Holdings (a)
 
11,657
387,712
Costco Wholesale Corp.
 
151,611
76,293,687
Dollar General Corp.
 
76,415
16,922,866
Dollar Tree, Inc. (a)
 
71,107
10,929,857
Grocery Outlet Holding Corp. (a)
 
30,924
920,917
Ingles Markets, Inc. Class A
 
4,724
434,797
Kroger Co.
 
222,591
10,824,600
Performance Food Group Co. (a)
 
53,530
3,355,796
PriceSmart, Inc.
 
8,507
626,796
Rite Aid Corp. (a)(b)
 
19,545
41,045
SpartanNash Co.
 
12,270
300,860
Sprouts Farmers Market LLC (a)
 
36,017
1,248,349
Sysco Corp.
 
173,609
13,322,755
Target Corp.
 
157,347
24,821,489
U.S. Foods Holding Corp. (a)
 
69,472
2,667,725
United Natural Foods, Inc. (a)
 
19,569
533,647
Walgreens Boots Alliance, Inc.
 
244,445
8,616,686
Walmart, Inc.
 
478,956
72,307,987
Weis Markets, Inc.
 
5,396
445,116
 
 
 
253,053,984
Food Products - 1.2%
 
 
 
Alico, Inc.
 
1,302
30,675
Archer Daniels Midland Co.
 
187,042
14,604,239
B&G Foods, Inc. Class A
 
24,534
393,525
Benson Hill, Inc. (a)
 
41,028
43,490
Beyond Meat, Inc. (a)(b)
 
20,790
281,497
BRC, Inc. Class A (a)(b)
 
15,528
80,901
Bunge Ltd.
 
51,342
4,805,611
Cal-Maine Foods, Inc.
 
13,003
617,643
Calavo Growers, Inc.
 
5,790
185,048
Campbell Soup Co.
 
68,855
3,738,827
Conagra Brands, Inc.
 
162,987
6,186,987
Darling Ingredients, Inc. (a)
 
54,959
3,273,908
Flowers Foods, Inc. (b)
 
65,865
1,811,946
Fresh Del Monte Produce, Inc.
 
10,215
293,273
Freshpet, Inc. (a)(b)
 
16,853
1,162,351
General Mills, Inc.
 
201,458
17,855,223
Hormel Foods Corp.
 
98,483
3,982,653
Hostess Brands, Inc. Class A (a)
 
45,647
1,175,867
Ingredion, Inc.
 
22,577
2,397,000
J&J Snack Foods Corp.
 
5,119
784,231
John B. Sanfilippo & Son, Inc.
 
3,286
341,580
Kellogg Co.
 
87,471
6,102,852
Lamb Weston Holdings, Inc.
 
49,166
5,497,250
Lancaster Colony Corp.
 
6,790
1,419,925
Lifecore Biomedical (a)(b)
 
7,264
30,872
McCormick & Co., Inc. (non-vtg.)
 
85,743
7,532,523
Mission Produce, Inc. (a)
 
15,823
180,224
Mondelez International, Inc.
 
465,557
35,717,533
Pilgrim's Pride Corp. (a)
 
14,928
340,508
Post Holdings, Inc. (a)
 
18,621
1,685,014
Seaboard Corp.
 
89
350,755
Seneca Foods Corp. Class A (a)
 
1,775
84,490
Sovos Brands, Inc. (a)
 
12,978
222,573
The Hain Celestial Group, Inc. (a)
 
30,169
540,930
The Hershey Co.
 
50,203
13,708,431
The J.M. Smucker Co.
 
36,577
5,647,855
The Kraft Heinz Co.
 
272,003
10,681,558
The Simply Good Foods Co. (a)
 
29,484
1,072,333
Tootsie Roll Industries, Inc.
 
5,987
244,749
TreeHouse Foods, Inc. (a)
 
17,234
917,711
Tyson Foods, Inc. Class A
 
97,199
6,073,966
Utz Brands, Inc. Class A
 
23,065
436,159
Vital Farms, Inc. (a)
 
9,921
127,782
Westrock Coffee Holdings
 
6,229
76,181
Whole Earth Brands, Inc. Class A (a)
 
12,713
30,511
 
 
 
162,769,160
Household Products - 1.3%
 
 
 
Central Garden & Pet Co. (a)
 
4,368
160,917
Central Garden & Pet Co. Class A (non-vtg.) (a)
 
12,892
455,474
Church & Dwight Co., Inc.
 
83,221
8,082,424
Colgate-Palmolive Co.
 
285,412
22,775,878
Energizer Holdings, Inc.
 
21,770
727,771
Kimberly-Clark Corp.
 
115,239
16,696,979
Procter & Gamble Co.
 
805,761
126,004,905
Reynolds Consumer Products, Inc.
 
18,341
514,098
Spectrum Brands Holdings, Inc.
 
13,778
916,237
The Clorox Co.
 
42,134
6,978,233
WD-40 Co. (b)
 
4,751
904,590
 
 
 
184,217,506
Personal Care Products - 0.2%
 
 
 
BellRing Brands, Inc. (a)
 
45,432
1,635,098
Coty, Inc. Class A (a)
 
126,990
1,507,371
Edgewell Personal Care Co.
 
16,989
741,910
elf Beauty, Inc. (a)
 
17,353
1,609,664
Estee Lauder Companies, Inc. Class A
 
79,219
19,544,912
Herbalife Ltd. (a)
 
32,772
486,992
Inter Parfums, Inc.
 
6,148
933,205
MediFast, Inc. (b)
 
3,546
324,991
Nu Skin Enterprises, Inc. Class A
 
16,670
657,798
The Beauty Health Co. (a)(b)
 
34,495
395,313
The Honest Co., Inc. (a)
 
21,936
36,414
USANA Health Sciences, Inc. (a)
 
3,430
227,649
 
 
 
28,101,317
Tobacco - 0.6%
 
 
 
22nd Century Group, Inc. (a)(b)
 
68,027
48,326
Altria Group, Inc.
 
610,557
29,007,563
Philip Morris International, Inc.
 
529,772
52,961,307
Turning Point Brands, Inc.
 
5,451
129,679
Universal Corp.
 
8,422
462,284
Vector Group Ltd.
 
45,212
576,001
 
 
 
83,185,160
TOTAL CONSUMER STAPLES
 
 
935,718,261
ENERGY - 4.6%
 
 
 
Energy Equipment & Services - 0.4%
 
 
 
Archrock, Inc.
 
44,133
454,129
Baker Hughes Co. Class A
 
344,687
10,078,648
Bristow Group, Inc. (a)
 
7,165
160,281
Cactus, Inc.
 
23,052
933,145
Championx Corp.
 
67,740
1,834,399
Core Laboratories NV
 
16,556
372,676
Diamond Offshore Drilling, Inc. (a)
 
36,311
417,213
DMC Global, Inc. (a)
 
5,938
112,466
Dril-Quip, Inc. (a)
 
11,687
318,821
Expro Group Holdings NV (a)
 
22,418
445,894
Halliburton Co.
 
310,106
10,155,972
Helix Energy Solutions Group, Inc. (a)
 
47,807
346,601
Helmerich & Payne, Inc.
 
34,853
1,155,725
Liberty Oilfield Services, Inc. Class A
 
50,365
645,176
Nabors Industries Ltd. (a)
 
3,076
306,800
Newpark Resources, Inc. (a)
 
30,303
121,212
Nextier Oilfield Solutions, Inc. (a)
 
54,901
443,600
Noble Corp. PLC
 
33,103
1,272,810
NOV, Inc.
 
133,306
2,232,876
Oceaneering International, Inc. (a)
 
33,728
597,997
Oil States International, Inc. (a)
 
23,608
166,200
Patterson-UTI Energy, Inc.
 
72,323
809,294
ProFrac Holding Corp.
 
11,964
133,997
ProPetro Holding Corp. (a)
 
33,424
231,963
RPC, Inc.
 
27,485
203,114
Schlumberger Ltd.
 
485,659
23,967,272
Select Energy Services, Inc. Class A
 
25,456
189,138
Solaris Oilfield Infrastructure, Inc. Class A
 
9,618
73,866
TechnipFMC PLC (a)
 
153,829
2,105,919
TETRA Technologies, Inc. (a)
 
39,064
111,332
Tidewater, Inc. (a)
 
16,689
751,506
Transocean Ltd. (United States) (a)(b)
 
227,560
1,342,604
U.S. Silica Holdings, Inc. (a)
 
26,630
347,522
Valaris Ltd. (a)
 
20,795
1,247,700
Weatherford International PLC (a)
 
21,582
1,394,845
 
 
 
65,482,713
Oil, Gas & Consumable Fuels - 4.2%
 
 
 
Alto Ingredients, Inc. (a)
 
22,163
29,034
Amplify Energy Corp. (a)(b)
 
12,160
84,026
Antero Midstream GP LP
 
117,983
1,269,497
Antero Resources Corp. (a)
 
94,201
2,165,681
APA Corp.
 
109,569
4,037,618
Arch Resources, Inc.
 
6,131
749,515
Ardmore Shipping Corp.
 
12,594
185,006
Berry Corp.
 
22,204
169,639
California Resources Corp.
 
25,653
1,038,947
Callon Petroleum Co. (a)
 
18,134
600,961
Centrus Energy Corp. Class A (a)
 
4,365
127,895
Cheniere Energy, Inc.
 
85,013
13,006,989
Chesapeake Energy Corp.
 
36,602
3,026,253
Chevron Corp.
 
607,762
102,456,518
Chord Energy Corp.
 
14,340
2,041,012
Civitas Resources, Inc. (b)
 
18,063
1,247,250
Clean Energy Fuels Corp. (a)
 
60,881
259,962
CNX Resources Corp. (a)(b)
 
60,366
937,484
Comstock Resources, Inc. (b)
 
31,412
361,238
ConocoPhillips Co.
 
418,283
43,037,138
CONSOL Energy, Inc.
 
11,070
656,894
Coterra Energy, Inc.
 
270,072
6,913,843
Crescent Energy, Inc. Class A (b)
 
13,409
155,813
CVR Energy, Inc.
 
10,015
263,795
Delek U.S. Holdings, Inc.
 
23,062
501,599
Denbury, Inc. (a)
 
16,866
1,574,947
Devon Energy Corp.
 
223,567
11,945,185
Diamondback Energy, Inc.
 
62,803
8,930,587
Dorian LPG Ltd.
 
11,167
248,131
DT Midstream, Inc.
 
32,523
1,602,408
Earthstone Energy, Inc. (a)(b)
 
12,328
167,168
Enviva, Inc.
 
11,290
242,735
EOG Resources, Inc.
 
200,812
23,991,010
EQT Corp.
 
125,023
4,355,801
Equitrans Midstream Corp.
 
145,705
750,381
Evolution Petroleum Corp.
 
13,086
86,237
Excelerate Energy, Inc.
 
6,772
145,598
Exxon Mobil Corp.
 
1,407,056
166,511,007
Gevo, Inc. (a)(b)
 
84,644
98,187
Green Plains, Inc. (a)(b)
 
20,419
697,717
Gulfport Energy Corp. (a)(b)
 
4,072
368,353
Hallador Energy Co. (a)
 
8,781
70,599
Hess Corp.
 
94,856
13,759,811
HF Sinclair Corp.
 
45,776
2,019,179
International Seaways, Inc.
 
13,976
556,524
Kinder Morgan, Inc.
 
676,193
11,596,710
Kinetik Holdings, Inc.
 
8,069
248,525
Kosmos Energy Ltd. (a)
 
156,975
1,004,640
Magnolia Oil & Gas Corp. Class A
 
55,664
1,175,624
Marathon Oil Corp.
 
218,129
5,269,997
Marathon Petroleum Corp.
 
155,225
18,937,450
Matador Resources Co.
 
38,470
1,886,184
Murphy Oil Corp.
 
49,575
1,819,898
National Energy Services Reunited Corp. (a)
 
18,740
57,157
New Fortress Energy, Inc.
 
16,237
491,819
Nextdecade Corp. (a)(b)
 
20,951
130,525
Northern Oil & Gas, Inc.
 
26,051
864,112
Occidental Petroleum Corp.
 
248,666
15,300,419
ONEOK, Inc.
 
152,870
9,999,227
Overseas Shipholding Group, Inc. (a)
 
24,314
93,366
Ovintiv, Inc.
 
84,399
3,045,116
Par Pacific Holdings, Inc. (a)
 
19,127
448,146
PBF Energy, Inc. Class A
 
38,613
1,346,049
PDC Energy, Inc.
 
31,411
2,043,286
Peabody Energy Corp. (b)
 
39,387
946,076
Permian Resource Corp. Class A
 
80,982
846,262
Phillips 66 Co.
 
159,339
15,774,561
Pioneer Natural Resources Co.
 
81,236
17,672,892
Range Resources Corp.
 
81,815
2,164,007
Ranger Oil Corp.
 
6,464
266,317
Rex American Resources Corp. (a)
 
4,956
140,205
Riley Exploration Permian, Inc.
 
1,673
70,283
Ring Energy, Inc. (a)(b)
 
25,461
46,084
SandRidge Energy, Inc. (a)
 
9,484
134,388
Scorpio Tankers, Inc.
 
18,693
976,709
SilverBow Resources, Inc. (a)
 
4,422
105,465
Sitio Royalties Corp.
 
24,759
628,631
SM Energy Co.
 
42,568
1,195,309
Southwestern Energy Co. (a)
 
373,609
1,939,031
Talos Energy, Inc. (a)
 
21,056
286,993
Targa Resources Corp.
 
77,560
5,858,107
Teekay Corp. (a)
 
20,995
118,622
Teekay Tankers Ltd. (a)
 
7,900
319,871
Tellurian, Inc. (a)(b)
 
165,080
234,414
Texas Pacific Land Corp. (b)
 
2,094
3,094,199
The Williams Companies, Inc.
 
416,472
12,602,443
Uranium Energy Corp. (a)(b)
 
121,674
317,569
VAALCO Energy, Inc.
 
36,392
155,758
Valero Energy Corp.
 
131,860
15,120,386
Vertex Energy, Inc. (a)(b)
 
19,857
156,870
Vital Energy, Inc. (a)
 
5,512
256,473
Vitesse Energy, Inc. (b)
 
7,198
132,443
W&T Offshore, Inc. (a)
 
29,817
130,300
World Fuel Services Corp.
 
20,795
491,594
 
 
 
581,385,684
TOTAL ENERGY
 
 
646,868,397
FINANCIALS - 13.5%
 
 
 
Banks - 3.4%
 
 
 
1st Source Corp.
 
5,470
227,990
Amalgamated Financial Corp.
 
6,379
103,850
Amerant Bancorp, Inc. Class A
 
9,784
181,982
Ameris Bancorp
 
22,854
765,609
Associated Banc-Corp.
 
49,984
891,215
Atlantic Union Bankshares Corp.
 
24,742
708,116
Axos Financial, Inc. (a)
 
18,628
757,601
Banc of California, Inc.
 
19,045
216,161
BancFirst Corp.
 
6,144
490,844
Bancorp, Inc., Delaware (a)
 
19,373
618,192
Bank First National Corp.
 
2,399
164,068
Bank of America Corp.
 
2,385,864
69,858,098
Bank of Hawaii Corp. (b)
 
13,866
671,530
Bank of Marin Bancorp
 
4,967
87,568
Bank OZK
 
38,533
1,376,399
BankUnited, Inc.
 
24,709
557,188
Banner Corp.
 
11,573
577,724
Berkshire Hills Bancorp, Inc.
 
15,438
328,366
BOK Financial Corp.
 
9,542
800,288
Bridgewater Bancshares, Inc. (a)
 
8,206
81,650
Brookline Bancorp, Inc., Delaware
 
30,536
291,313
Business First Bancshares, Inc.
 
8,718
134,432
Byline Bancorp, Inc.
 
6,930
134,096
Cadence Bank
 
63,484
1,283,646
Cambridge Bancorp
 
2,836
146,479
Camden National Corp.
 
4,374
139,749
Capitol Federal Financial, Inc.
 
42,319
262,378
Cathay General Bancorp
 
24,881
792,957
Central Pacific Financial Corp.
 
9,557
151,765
Citigroup, Inc.
 
662,519
31,184,769
Citizens Financial Group, Inc.
 
169,995
5,259,645
City Holding Co.
 
4,799
437,621
CNB Financial Corp., Pennsylvania
 
7,368
138,224
Coastal Financial Corp. of Washington (a)
 
3,953
143,296
Columbia Banking Systems, Inc.
 
71,563
1,528,586
Columbia Financial, Inc. (a)(b)
 
10,687
179,328
Comerica, Inc.
 
44,767
1,941,545
Commerce Bancshares, Inc.
 
38,802
2,167,092
Community Bank System, Inc.
 
17,903
894,434
Community Trust Bancorp, Inc.
 
5,035
181,310
ConnectOne Bancorp, Inc.
 
13,416
211,704
CrossFirst Bankshares, Inc. (a)
 
14,822
148,665
Cullen/Frost Bankers, Inc.
 
22,177
2,445,014
Customers Bancorp, Inc. (a)
 
10,786
235,566
CVB Financial Corp.
 
43,443
650,342
Dime Community Bancshares, Inc.
 
11,420
235,252
Eagle Bancorp, Inc.
 
10,161
255,041
East West Bancorp, Inc.
 
48,614
2,512,858
Eastern Bankshares, Inc.
 
54,125
630,556
Enterprise Financial Services Corp.
 
12,316
526,632
Equity Bancshares, Inc.
 
4,827
113,676
Esquire Financial Holdings, Inc.
 
2,566
99,202
Farmers National Banc Corp.
 
12,826
149,936
FB Financial Corp.
 
11,234
330,617
Fifth Third Bancorp
 
232,786
6,098,993
First Bancorp, North Carolina
 
14,078
433,321
First Bancorp, Puerto Rico
 
61,891
727,219
First Bancshares, Inc.
 
11,322
284,182
First Busey Corp.
 
16,212
294,734
First Citizens Bancshares, Inc.
 
4,071
4,100,230
First Commonwealth Financial Corp.
 
33,124
413,388
First Financial Bancorp, Ohio
 
31,433
650,663
First Financial Bankshares, Inc.
 
45,259
1,324,278
First Financial Corp., Indiana
 
3,822
132,050
First Foundation, Inc.
 
18,004
113,245
First Hawaiian, Inc.
 
42,349
809,289
First Horizon National Corp.
 
182,471
3,202,366
First Interstate Bancsystem, Inc.
 
31,539
807,083
First Merchants Corp.
 
19,580
571,344
First of Long Island Corp.
 
8,378
98,023
First Republic Bank (b)
 
63,917
224,349
Flushing Financial Corp.
 
9,636
115,921
FNB Corp., Pennsylvania
 
123,784
1,421,040
Fulton Financial Corp.
 
56,164
670,037
German American Bancorp, Inc.
 
8,547
248,461
Glacier Bancorp, Inc.
 
38,709
1,286,300
Great Southern Bancorp, Inc.
 
2,889
146,992
Hancock Whitney Corp.
 
28,405
1,037,351
Hanmi Financial Corp.
 
9,825
158,772
HarborOne Bancorp, Inc.
 
14,039
150,919
Heartland Financial U.S.A., Inc.
 
12,456
405,567
Heritage Commerce Corp.
 
20,271
172,304
Heritage Financial Corp., Washington
 
11,047
194,538
Hilltop Holdings, Inc.
 
15,230
472,435
Hingham Institution for Savings
 
463
90,081
Home Bancshares, Inc.
 
63,608
1,384,746
HomeStreet, Inc.
 
5,686
55,495
HomeTrust Bancshares, Inc.
 
4,770
99,550
Hope Bancorp, Inc.
 
40,908
372,263
Horizon Bancorp, Inc. Indiana
 
13,085
137,785
Huntington Bancshares, Inc.
 
495,122
5,545,366
Independent Bank Corp.
 
15,954
893,424
Independent Bank Corp.
 
6,402
114,084
Independent Bank Group, Inc.
 
11,959
435,068
International Bancshares Corp.
 
17,480
745,872
JPMorgan Chase & Co.
 
1,002,376
138,568,458
Kearny Financial Corp.
 
21,286
165,818
KeyCorp
 
320,111
3,604,450
Lakeland Bancorp, Inc.
 
20,553
294,730
Lakeland Financial Corp.
 
9,248
468,596
Live Oak Bancshares, Inc.
 
11,585
272,943
M&T Bank Corp.
 
57,736
7,263,189
Mercantile Bank Corp.
 
4,125
115,748
Metropolitan Bank Holding Corp. (a)
 
3,963
127,173
Midland States Bancorp, Inc.
 
7,092
141,840
National Bank Holdings Corp.
 
12,793
406,817
NBT Bancorp, Inc.
 
14,848
478,700
New York Community Bancorp, Inc.
 
234,832
2,510,354
Nicolet Bankshares, Inc. (a)
 
4,705
269,644
Northfield Bancorp, Inc.
 
14,808
154,299
Northwest Bancshares, Inc.
 
41,873
489,495
OceanFirst Financial Corp.
 
20,744
331,904
OFG Bancorp
 
17,950
458,982
Old National Bancorp, Indiana
 
102,920
1,380,157
Old Second Bancorp, Inc.
 
12,454
153,060
Origin Bancorp, Inc.
 
9,626
283,293
Pacific Premier Bancorp, Inc.
 
32,049
712,770
PacWest Bancorp
 
40,455
410,618
Park National Corp.
 
5,025
544,308
Pathward Financial, Inc.
 
9,805
436,617
Peapack-Gladstone Financial Corp.
 
5,283
140,316
Peoples Bancorp, Inc.
 
9,081
236,651
Pinnacle Financial Partners, Inc.
 
26,808
1,453,798
PNC Financial Services Group, Inc.
 
137,320
17,885,930
Popular, Inc.
 
24,176
1,450,802
Preferred Bank, Los Angeles
 
5,456
262,324
Premier Financial Corp.
 
12,807
212,724
Prosperity Bancshares, Inc.
 
30,646
1,919,053
Provident Bancorp, Inc.
 
10,149
69,318
Provident Financial Services, Inc.
 
24,202
423,051
QCR Holdings, Inc.
 
5,670
234,738
Regions Financial Corp.
 
317,737
5,801,878
Renasant Corp.
 
18,864
530,456
S&T Bancorp, Inc.
 
12,474
343,409
Sandy Spring Bancorp, Inc.
 
15,119
339,875
Seacoast Banking Corp., Florida
 
28,981
643,088
ServisFirst Bancshares, Inc.
 
16,394
827,897
Simmons First National Corp. Class A
 
42,337
707,451
Southern Missouri Bancorp, Inc.
 
4,448
161,373
Southside Bancshares, Inc.
 
9,669
306,797
Southstate Corp.
 
26,316
1,815,278
Stellar Bancorp, Inc.
 
14,404
330,428
Stock Yards Bancorp, Inc.
 
10,270
499,122
Synovus Financial Corp.
 
48,928
1,506,982
Texas Capital Bancshares, Inc. (a)
 
16,586
833,447
Tompkins Financial Corp.
 
4,354
255,231
TowneBank
 
24,833
588,294
Trico Bancshares
 
12,100
433,301
Triumph Bancorp, Inc. (a)
 
7,387
383,829
Truist Financial Corp.
 
453,933
14,789,137
Trustco Bank Corp., New York
 
5,797
172,982
Trustmark Corp.
 
20,680
494,045
U.S. Bancorp
 
476,977
16,350,772
UMB Financial Corp.
 
14,771
939,583
United Bankshares, Inc., West Virginia
 
45,033
1,491,943
United Community Bank, Inc.
 
39,479
983,027
Univest Corp. of Pennsylvania
 
9,112
183,333
Valley National Bancorp
 
147,218
1,380,905
Veritex Holdings, Inc.
 
18,400
316,664
Washington Federal, Inc.
 
23,203
650,612
Washington Trust Bancorp, Inc.
 
5,190
145,891
Webster Financial Corp.
 
58,875
2,196,038
Wells Fargo & Co.
 
1,302,683
51,781,649
WesBanco, Inc.
 
19,177
510,492
Westamerica Bancorp.
 
8,997
364,468
Western Alliance Bancorp.
 
36,740
1,363,789
Wintrust Financial Corp.
 
21,305
1,456,623
WSFS Financial Corp.
 
20,579
723,763
Zions Bancorp NA
 
50,487
1,406,568
 
 
 
470,384,381
Capital Markets - 3.0%
 
 
 
Affiliated Managers Group, Inc.
 
12,867
1,857,737
Ameriprise Financial, Inc.
 
36,018
10,989,812
Ares Management Corp.
 
53,118
4,652,606
Artisan Partners Asset Management, Inc.
 
22,340
774,528
Assetmark Financial Holdings, Inc. (a)
 
6,807
208,839
Avantax, Inc. (a)
 
12,997
329,734
B. Riley Financial, Inc.
 
5,016
158,004
Bakkt Holdings, Inc. Class A (a)(b)
 
54,745
73,906
Bank of New York Mellon Corp.
 
251,782
10,723,395
BGC Partners, Inc. Class A
 
108,738
492,583
BlackRock, Inc. Class A
 
51,171
34,345,975
Blackstone, Inc.
 
242,800
21,689,324
Blue Owl Capital, Inc. Class A (b)
 
122,851
1,383,302
Bridge Investment Group Holdings, Inc.
 
7,750
77,423
BrightSphere Investment Group, Inc.
 
10,420
235,284
Carlyle Group LP
 
73,980
2,243,813
Cboe Global Markets, Inc.
 
36,089
5,041,633
Charles Schwab Corp.
 
521,412
27,238,563
CME Group, Inc.
 
122,944
22,839,307
Cohen & Steers, Inc.
 
8,414
505,345
Coinbase Global, Inc. (a)(b)
 
54,622
2,938,117
Diamond Hill Investment Group, Inc.
 
931
150,934
Donnelley Financial Solutions, Inc. (a)
 
8,310
359,408
Evercore, Inc. Class A
 
12,182
1,389,601
FactSet Research Systems, Inc.
 
13,061
5,377,083
Federated Hermes, Inc.
 
29,047
1,202,255
Focus Financial Partners, Inc. Class A (a)
 
19,712
1,023,841
Franklin Resources, Inc.
 
97,879
2,630,988
Galaxy Digital Holdings Ltd. (a)(b)
 
35,773
132,018
GCM Grosvenor, Inc. Class A
 
16,110
130,008
Goldman Sachs Group, Inc.
 
115,729
39,745,968
Hamilton Lane, Inc. Class A
 
12,018
885,486
Houlihan Lokey
 
17,415
1,591,383
Interactive Brokers Group, Inc.
 
35,056
2,729,110
Intercontinental Exchange, Inc.
 
190,959
20,801,164
Invesco Ltd.
 
155,652
2,666,319
Janus Henderson Group PLC
 
45,092
1,170,137
Jefferies Financial Group, Inc.
 
61,685
1,975,771
KKR & Co. LP
 
197,393
10,475,647
Lazard Ltd. Class A
 
39,080
1,223,204
LPL Financial
 
27,049
5,648,913
MarketAxess Holdings, Inc.
 
12,891
4,104,108
Moelis & Co. Class A
 
22,010
833,739
Moody's Corp.
 
53,835
16,856,815
Morgan Stanley
 
446,448
40,166,927
Morningstar, Inc.
 
8,665
1,545,056
MSCI, Inc.
 
27,328
13,184,394
NASDAQ, Inc.
 
115,708
6,406,752
Northern Trust Corp.
 
71,030
5,551,705
Open Lending Corp. (a)
 
36,951
259,766
Oppenheimer Holdings, Inc. Class A (non-vtg.)
 
2,865
107,122
P10, Inc.
 
11,448
118,258
Perella Weinberg Partners Class A
 
13,243
104,620
Piper Jaffray Companies
 
4,849
656,749
PJT Partners, Inc.
 
8,518
585,783
Raymond James Financial, Inc.
 
66,229
5,995,711
Robinhood Markets, Inc. (a)(b)
 
175,405
1,552,334
S&P Global, Inc.
 
112,463
40,776,835
SEI Investments Co.
 
35,116
2,068,684
State Street Corp.
 
119,036
8,601,541
StepStone Group, Inc. Class A
 
16,848
371,161
Stifel Financial Corp.
 
35,738
2,143,208
StoneX Group, Inc. (a)
 
5,794
568,218
T. Rowe Price Group, Inc.
 
76,759
8,622,338
TPG, Inc. (b)
 
17,655
511,465
Tradeweb Markets, Inc. Class A
 
37,960
2,672,764
Victory Capital Holdings, Inc.
 
9,230
281,884
Virtu Financial, Inc. Class A
 
30,502
611,565
Virtus Investment Partners, Inc.
 
2,356
429,287
WisdomTree Investments, Inc.
 
40,093
250,180
 
 
 
416,047,437
Consumer Finance - 0.5%
 
 
 
Ally Financial, Inc.
 
101,883
2,687,674
American Express Co.
 
203,570
32,843,984
Bread Financial Holdings, Inc.
 
16,619
458,684
Capital One Financial Corp.
 
130,157
12,664,276
Credit Acceptance Corp. (a)(b)
 
2,051
1,003,965
Discover Financial Services
 
90,986
9,414,321
Encore Capital Group, Inc. (a)
 
7,568
388,844
Enova International, Inc. (a)
 
10,729
471,218
EZCORP, Inc. (non-vtg.) Class A (a)(b)
 
16,438
141,531
FirstCash Holdings, Inc.
 
12,593
1,297,457
Green Dot Corp. Class A (a)
 
15,779
271,241
LendingClub Corp. (a)
 
36,247
260,253
LendingTree, Inc. (a)
 
3,451
82,237
Navient Corp.
 
35,478
586,806
Nelnet, Inc. Class A
 
6,199
596,964
NerdWallet, Inc. (a)
 
10,953
148,632
OneMain Holdings, Inc.
 
41,865
1,606,360
Oportun Financial Corp. (a)(b)
 
11,808
48,059
PRA Group, Inc. (a)
 
13,070
474,049
PROG Holdings, Inc. (a)
 
17,054
515,542
SLM Corp.
 
83,452
1,253,449
SoFi Technologies, Inc. (a)(b)
 
280,099
1,745,017
Synchrony Financial
 
149,338
4,406,964
Upstart Holdings, Inc. (a)(b)
 
24,639
342,482
World Acceptance Corp. (a)(b)
 
1,251
126,226
 
 
 
73,836,235
Financial Services - 4.2%
 
 
 
A-Mark Precious Metals, Inc.
 
6,118
219,024
Affirm Holdings, Inc. (a)(b)
 
72,617
716,004
Apollo Global Management, Inc.
 
148,861
9,436,299
AvidXchange Holdings, Inc. (a)
 
46,984
349,091
Berkshire Hathaway, Inc. Class B (a)
 
615,642
202,269,179
Block, Inc. Class A (a)
 
183,822
11,174,539
Cannae Holdings, Inc. (a)
 
24,549
447,774
Cantaloupe, Inc. (a)
 
18,248
100,546
Cass Information Systems, Inc.
 
4,361
159,525
Enact Holdings, Inc.
 
10,244
247,290
Equitable Holdings, Inc.
 
116,472
3,027,107
Essent Group Ltd.
 
36,847
1,564,892
Euronet Worldwide, Inc. (a)
 
15,936
1,764,753
EVERTEC, Inc.
 
23,593
818,441
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
3,144
419,064
Fidelity National Information Services, Inc.
 
203,009
11,920,688
Fiserv, Inc. (a)
 
217,069
26,508,466
FleetCor Technologies, Inc. (a)
 
25,104
5,370,248
Flywire Corp. (a)
 
21,719
633,543
Global Payments, Inc.
 
89,744
10,115,046
i3 Verticals, Inc. Class A (a)
 
6,939
161,332
International Money Express, Inc. (a)
 
10,855
279,842
Jack Henry & Associates, Inc.
 
25,078
4,096,241
Jackson Financial, Inc.
 
19,987
719,732
Marqeta, Inc. Class A (a)
 
146,915
595,006
MasterCard, Inc. Class A
 
288,223
109,533,387
Merchants Bancorp
 
7,797
180,890
MGIC Investment Corp.
 
98,168
1,459,758
MoneyGram International, Inc. (a)
 
31,985
324,968
Mr. Cooper Group, Inc. (a)
 
23,287
1,078,188
NMI Holdings, Inc. (a)
 
27,757
649,514
Paymentus Holdings, Inc. (a)(b)
 
4,048
33,315
Payoneer Global, Inc. (a)
 
69,018
376,838
PayPal Holdings, Inc. (a)
 
386,829
29,399,004
PennyMac Financial Services, Inc.
 
10,009
625,462
Radian Group, Inc. (b)
 
54,998
1,334,801
Remitly Global, Inc. (a)
 
33,373
560,666
Repay Holdings Corp. (a)
 
23,598
147,959
Rocket Companies, Inc. (a)(b)
 
41,228
367,341
Shift4 Payments, Inc. (a)
 
17,887
1,212,202
TFS Financial Corp. (b)
 
16,063
193,399
The Western Union Co.
 
131,171
1,433,699
Toast, Inc. (a)
 
106,901
1,945,598
UWM Holdings Corp. Class A (b)
 
27,849
167,094
Visa, Inc. Class A
 
555,154
129,200,990
Voya Financial, Inc. (b)
 
33,262
2,543,878
Walker & Dunlop, Inc.
 
10,088
679,023
WEX, Inc. (a)
 
15,038
2,666,989
 
 
 
579,228,635
Insurance - 2.3%
 
 
 
AFLAC, Inc.
 
191,286
13,361,327
Allstate Corp.
 
89,716
10,385,524
AMBAC Financial Group, Inc. (a)
 
14,439
230,302
American Equity Investment Life Holding Co.
 
23,719
914,130
American Financial Group, Inc.
 
24,070
2,954,111
American International Group, Inc.
 
254,379
13,492,262
Amerisafe, Inc.
 
6,369
354,435
Aon PLC
 
70,125
22,803,248
Arch Capital Group Ltd. (a)
 
126,404
9,489,148
Argo Group International Holdings, Ltd.
 
12,035
353,949
Arthur J. Gallagher & Co.
 
72,415
15,066,665
Assurant, Inc.
 
17,861
2,199,225
Assured Guaranty Ltd.
 
20,224
1,089,467
Axis Capital Holdings Ltd.
 
25,851
1,461,616
Brighthouse Financial, Inc. (a)
 
23,155
1,023,451
Brown & Brown, Inc.
 
80,442
5,179,660
BRP Group, Inc. (a)
 
20,822
524,506
Chubb Ltd.
 
141,840
28,589,270
Cincinnati Financial Corp.
 
53,694
5,715,189
CNO Financial Group, Inc.
 
38,828
871,300
eHealth, Inc. (a)
 
7,677
46,062
Employers Holdings, Inc.
 
8,870
351,163
Enstar Group Ltd. (a)
 
4,644
1,117,346
Erie Indemnity Co. Class A
 
8,451
1,836,656
Everest Re Group Ltd.
 
13,371
5,054,238
Fidelity National Financial, Inc.
 
93,544
3,319,877
First American Financial Corp.
 
35,564
2,048,842
Genworth Financial, Inc. Class A (a)
 
172,246
1,000,749
Globe Life, Inc.
 
31,227
3,388,754
Goosehead Insurance (a)(b)
 
7,257
417,278
Hagerty, Inc. Class A (a)
 
11,741
117,527
Hanover Insurance Group, Inc.
 
12,312
1,472,023
Hartford Financial Services Group, Inc.
 
108,164
7,678,562
HCI Group, Inc. (b)
 
2,402
121,685
Hippo Holdings, Inc. (a)(b)
 
4,637
84,579
Horace Mann Educators Corp.
 
15,103
472,422
James River Group Holdings Ltd.
 
12,925
251,650
Kemper Corp.
 
21,435
1,042,813
Kinsale Capital Group, Inc.
 
7,431
2,427,782
Lemonade, Inc. (a)(b)
 
14,797
160,399
Lincoln National Corp.
 
52,127
1,132,720
Loews Corp.
 
66,552
3,831,399
Markel Corp. (a)
 
4,590
6,281,553
Marsh & McLennan Companies, Inc.
 
169,006
30,453,191
MBIA, Inc. (a)
 
14,633
147,208
Mercury General Corp.
 
8,997
273,599
MetLife, Inc.
 
225,559
13,833,533
National Western Life Group, Inc.
 
831
211,888
Old Republic International Corp.
 
93,691
2,367,572
Oscar Health, Inc. (a)
 
37,831
254,603
Palomar Holdings, Inc. (a)
 
8,493
426,858
Primerica, Inc.
 
12,667
2,311,854
Principal Financial Group, Inc.
 
77,906
5,818,799
ProAssurance Corp.
 
18,561
333,356
Progressive Corp.
 
199,892
27,265,269
Prudential Financial, Inc.
 
126,067
10,967,829
Reinsurance Group of America, Inc.
 
22,881
3,256,424
RenaissanceRe Holdings Ltd.
 
14,978
3,226,411
RLI Corp.
 
13,758
1,913,050
Ryan Specialty Group Holdings, Inc. (a)(b)
 
28,489
1,164,061
Safety Insurance Group, Inc.
 
5,152
376,560
Selective Insurance Group, Inc.
 
20,888
2,012,141
Selectquote, Inc. (a)
 
39,346
41,707
Siriuspoint Ltd. (a)
 
30,921
268,703
Stewart Information Services Corp.
 
9,323
388,303
The Travelers Companies, Inc.
 
79,041
14,317,487
Trupanion, Inc. (a)(b)
 
11,963
420,021
United Fire Group, Inc.
 
7,455
200,540
Universal Insurance Holdings, Inc.
 
9,249
142,620
Unum Group
 
63,990
2,700,378
W.R. Berkley Corp.
 
69,909
4,119,038
White Mountains Insurance Group Ltd.
 
881
1,261,715
Willis Towers Watson PLC
 
36,500
8,453,400
 
 
 
318,642,982
Mortgage Real Estate Investment Trusts - 0.1%
 
 
 
AGNC Investment Corp.
 
197,684
1,959,048
Annaly Capital Management, Inc.
 
161,648
3,229,727
Apollo Commercial Real Estate Finance, Inc.
 
42,824
433,379
Arbor Realty Trust, Inc.
 
57,778
662,714
Ares Commercial Real Estate Corp.
 
18,967
163,306
Armour Residential REIT, Inc.
 
60,805
310,106
Blackstone Mortgage Trust, Inc. (b)
 
61,126
1,114,938
BrightSpire Capital, Inc.
 
46,901
267,336
Broadmark Realty Capital, Inc.
 
46,267
227,171
Cherry Hill Mortgage Investment Corp. (b)
 
4,889
27,036
Chimera Investment Corp.
 
79,963
454,190
Claros Mortgage Trust, Inc.
 
42,483
508,097
Dynex Capital, Inc.
 
21,837
258,987
Ellington Financial LLC
 
23,986
306,301
Franklin BSP Realty Trust, Inc.
 
27,470
346,946
Granite Point Mortgage Trust, Inc.
 
16,503
73,768
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
 
30,248
858,438
Invesco Mortgage Capital, Inc.
 
12,126
128,657
KKR Real Estate Finance Trust, Inc.
 
19,207
206,283
Ladder Capital Corp. Class A
 
37,512
350,737
MFA Financial, Inc.
 
30,817
329,434
New York Mortgage Trust, Inc.
 
32,033
329,299
Orchid Island Capital, Inc. (b)
 
10,997
117,668
PennyMac Mortgage Investment Trust
 
30,599
380,346
Ready Capital Corp.
 
33,658
361,150
Redwood Trust, Inc.
 
39,381
247,313
Rithm Capital Corp.
 
166,589
1,359,366
Starwood Property Trust, Inc.
 
106,658
1,908,112
TPG RE Finance Trust, Inc.
 
23,761
169,416
Two Harbors Investment Corp.
 
34,746
484,012
 
 
 
17,573,281
TOTAL FINANCIALS
 
 
1,875,712,951
HEALTH CARE - 14.2%
 
 
 
Biotechnology - 2.7%
 
 
 
2seventy bio, Inc. (a)(b)
 
12,594
119,769
4D Molecular Therapeutics, Inc. (a)
 
9,072
163,387
Aadi Bioscience, Inc. (a)
 
9,036
70,119
AbbVie, Inc.
 
604,282
91,319,096
ACADIA Pharmaceuticals, Inc. (a)
 
40,567
865,294
Actinium Pharmaceuticals, Inc. (a)(b)
 
9,174
80,731
Adicet Bio, Inc. (a)
 
10,318
60,257
ADMA Biologics, Inc. (a)
 
79,016
264,704
Aerovate Therapeutics, Inc. (a)
 
4,130
86,606
Agenus, Inc. (a)
 
93,183
140,706
Agios Pharmaceuticals, Inc. (a)(b)
 
17,727
405,416
Akero Therapeutics, Inc. (a)
 
10,481
468,920
Aldeyra Therapeutics, Inc. (a)
 
17,662
168,319
Alector, Inc. (a)
 
19,221
126,859
Alkermes PLC (a)
 
54,983
1,569,765
Allakos, Inc. (a)
 
23,765
101,001
Allogene Therapeutics, Inc. (a)(b)
 
29,903
162,373
Allovir, Inc. (a)
 
15,355
52,821
Alnylam Pharmaceuticals, Inc. (a)
 
42,100
8,386,320
Altimmune, Inc. (a)(b)
 
13,978
70,589
ALX Oncology Holdings, Inc. (a)(b)
 
6,045
35,907
Amgen, Inc.
 
182,468
43,744,878
Amicus Therapeutics, Inc. (a)
 
87,798
1,013,189
AnaptysBio, Inc. (a)(b)
 
6,176
128,584
Anavex Life Sciences Corp. (a)(b)
 
26,175
213,065
Anika Therapeutics, Inc. (a)
 
6,166
158,220
Annexon, Inc. (a)
 
14,628
77,602
Apellis Pharmaceuticals, Inc. (a)
 
32,125
2,680,189
Arbutus Biopharma Corp. (a)(b)
 
46,823
117,526
Arcellx, Inc. (a)
 
9,310
397,351
Arcturus Therapeutics Holdings, Inc. (a)
 
8,899
236,891
Arcus Biosciences, Inc. (a)
 
17,162
306,342
Arcutis Biotherapeutics, Inc. (a)
 
13,101
181,318
Ardelyx, Inc. (a)
 
68,536
305,671
Arrowhead Pharmaceuticals, Inc. (a)
 
38,233
1,353,831
Ars Pharmaceuticals, Inc. (a)
 
12,721
82,687
Atara Biotherapeutics, Inc. (a)
 
34,659
93,926
Avid Bioservices, Inc. (a)
 
22,024
397,533
Avidity Biosciences, Inc. (a)
 
22,106
274,114
Beam Therapeutics, Inc. (a)(b)
 
20,007
614,415
BioAtla, Inc. (a)(b)
 
11,502
38,762
BioCryst Pharmaceuticals, Inc. (a)
 
64,155
488,220
Biogen, Inc. (a)
 
49,231
14,977,547
Biohaven Ltd.
 
21,367
279,480
BioMarin Pharmaceutical, Inc. (a)
 
63,594
6,107,568
Biomea Fusion, Inc. (a)
 
7,596
223,854
BioXcel Therapeutics, Inc. (a)(b)
 
6,995
144,237
bluebird bio, Inc. (a)
 
28,762
125,115
Blueprint Medicines Corp. (a)
 
20,748
1,059,185
BridgeBio Pharma, Inc. (a)(b)
 
40,313
585,345
C4 Therapeutics, Inc. (a)
 
13,378
40,402
CareDx, Inc. (a)
 
18,423
149,042
Caribou Biosciences, Inc. (a)
 
18,255
78,497
Carisma Therapeutics, Inc. rights (a)(c)
 
58,324
1
Catalyst Pharmaceutical Partners, Inc. (a)
 
32,604
519,056
Celldex Therapeutics, Inc. (a)
 
15,732
494,614
Cerevel Therapeutics Holdings (a)
 
21,990
638,590
Chimerix, Inc. (a)
 
24,476
28,392
Chinook Therapeutics, Inc. (a)
 
15,350
307,154
Cogent Biosciences, Inc. (a)
 
21,286
229,037
Coherus BioSciences, Inc. (a)
 
22,210
160,578
Crinetics Pharmaceuticals, Inc. (a)
 
13,926
272,114
CRISPR Therapeutics AG (a)(b)
 
26,627
1,303,125
CTI BioPharma Corp. (a)(b)
 
36,399
176,899
Cullinan Oncology, Inc. (a)
 
12,040
117,149
Cytokinetics, Inc. (a)
 
31,991
1,196,463
CytomX Therapeutics, Inc. (a)
 
16,848
27,462
Day One Biopharmaceuticals, Inc. (a)
 
9,072
112,493
Deciphera Pharmaceuticals, Inc. (a)
 
19,474
276,726
Denali Therapeutics, Inc. (a)
 
38,845
964,910
DermTech, Inc. (a)(b)
 
6,917
20,993
Design Therapeutics, Inc. (a)(b)
 
10,115
65,242
Dynavax Technologies Corp. (a)(b)
 
41,747
434,586
Dyne Therapeutics, Inc. (a)
 
7,475
77,441
Eagle Pharmaceuticals, Inc. (a)
 
3,834
107,659
Editas Medicine, Inc. (a)(b)
 
21,325
174,012
Emergent BioSolutions, Inc. (a)
 
13,974
123,390
Enanta Pharmaceuticals, Inc. (a)
 
5,861
208,359
EQRx, Inc. (a)
 
81,584
137,061
Erasca, Inc. (a)(b)
 
20,892
57,662
Exact Sciences Corp. (a)
 
60,804
3,895,712
Exelixis, Inc. (a)
 
112,029
2,050,131
Fate Therapeutics, Inc. (a)(b)
 
25,577
155,252
FibroGen, Inc. (a)
 
29,509
505,194
G1 Therapeutics, Inc. (a)
 
10,843
31,119
Generation Bio Co. (a)
 
17,114
84,201
Geron Corp. (a)
 
138,755
341,337
Gilead Sciences, Inc.
 
426,104
35,030,010
Gossamer Bio, Inc. (a)(b)
 
25,036
32,296
Gritstone Bio, Inc. (a)
 
26,754
63,675
Halozyme Therapeutics, Inc. (a)
 
45,845
1,473,000
Heron Therapeutics, Inc. (a)(b)
 
31,910
76,265
HilleVax, Inc.
 
5,527
77,378
Horizon Therapeutics PLC (a)
 
77,430
8,607,119
Icosavax, Inc. (a)(b)
 
7,220
39,782
Ideaya Biosciences, Inc. (a)
 
13,934
254,435
IGM Biosciences, Inc. (a)(b)
 
2,824
30,584
ImmunityBio, Inc. (a)(b)
 
34,946
97,849
ImmunoGen, Inc. (a)
 
66,040
355,956
Immunovant, Inc. (a)
 
18,386
296,750
Incyte Corp. (a)
 
63,560
4,729,500
Inhibrx, Inc. (a)(b)
 
10,176
213,696
Inovio Pharmaceuticals, Inc. (a)(b)
 
91,783
70,902
Inozyme Pharma, Inc. (a)
 
12,500
68,875
Insmed, Inc. (a)
 
45,045
878,378
Intellia Therapeutics, Inc. (a)
 
27,995
1,056,811
Intercept Pharmaceuticals, Inc. (a)
 
12,365
214,162
Ionis Pharmaceuticals, Inc. (a)
 
47,605
1,683,789
Iovance Biotherapeutics, Inc. (a)
 
47,583
268,368
Ironwood Pharmaceuticals, Inc. Class A (a)
 
44,448
462,704
iTeos Therapeutics, Inc. (a)
 
8,517
117,024
Iveric Bio, Inc. (a)
 
43,750
1,438,938
Janux Therapeutics, Inc. (a)(b)
 
6,701
102,659
Kalvista Pharmaceuticals, Inc. (a)
 
8,523
72,701
Karuna Therapeutics, Inc. (a)
 
10,217
2,027,461
Karyopharm Therapeutics, Inc. (a)(b)
 
39,592
141,739
Keros Therapeutics, Inc. (a)
 
5,452
241,823
Kezar Life Sciences, Inc. (a)
 
15,863
38,547
Kiniksa Pharmaceuticals Ltd. (a)
 
9,303
100,007
Kodiak Sciences, Inc. (a)
 
9,832
43,064
Krystal Biotech, Inc. (a)
 
7,279
611,436
Kura Oncology, Inc. (a)
 
20,016
194,956
Kymera Therapeutics, Inc. (a)(b)
 
12,873
406,014
Lyell Immunopharma, Inc. (a)(b)
 
52,428
106,429
Macrogenics, Inc. (a)
 
19,378
133,514
Madrigal Pharmaceuticals, Inc. (a)(b)
 
4,103
1,280,136
MannKind Corp. (a)(b)
 
89,792
345,699
Mersana Therapeutics, Inc. (a)
 
30,006
131,426
MiMedx Group, Inc. (a)
 
40,065
153,449
MiNK Therapeutics, Inc. (a)
 
1,360
2,434
Mirati Therapeutics, Inc. (a)
 
18,002
797,669
Mirum Pharmaceuticals, Inc. (a)(b)
 
8,094
217,324
Moderna, Inc. (a)
 
112,934
15,007,799
Morphic Holding, Inc. (a)
 
10,248
484,320
Myriad Genetics, Inc. (a)
 
27,848
592,884
Natera, Inc. (a)
 
37,700
1,912,144
NeoImmuneTech, Inc. (depository receipt) unit (a)
 
18,440
44,068
Neurocrine Biosciences, Inc. (a)
 
33,037
3,338,058
Nkarta, Inc. (a)(b)
 
9,727
48,149
Novavax, Inc. (a)(b)
 
33,297
255,388
Nurix Therapeutics, Inc. (a)
 
13,272
127,809
Nuvalent, Inc. Class A (a)(b)
 
8,749
309,627
Ocugen, Inc. (a)(b)
 
64,873
46,293
Omniab, Inc. (c)
 
2,111
5,066
Omniab, Inc. (c)
 
2,111
4,750
Organogenesis Holdings, Inc. Class A (a)
 
19,995
40,990
ORIC Pharmaceuticals, Inc. (a)(b)
 
8,946
46,251
PDL BioPharma, Inc. (a)(c)
 
20,940
26,384
PDS Biotechnology Corp. (a)
 
9,991
60,745
PMV Pharmaceuticals, Inc. (a)(b)
 
10,036
46,266
Point Biopharma Global, Inc. (a)(b)
 
27,108
209,816
Poseida Therapeutics, Inc. (a)
 
27,985
73,880
Precigen, Inc. (a)
 
54,612
66,081
ProKidney Corp. (a)(b)
 
6,143
57,990
Prometheus Biosciences, Inc. (a)
 
11,655
2,260,487
Protagonist Therapeutics, Inc. (a)
 
16,191
365,917
Prothena Corp. PLC (a)
 
14,119
742,942
PTC Therapeutics, Inc. (a)
 
24,786
1,366,700
Puma Biotechnology, Inc. (a)
 
11,360
30,445
RAPT Therapeutics, Inc. (a)
 
8,799
160,142
Recursion Pharmaceuticals, Inc. (a)(b)
 
43,844
209,136
Regeneron Pharmaceuticals, Inc. (a)
 
36,741
29,458,566
REGENXBIO, Inc. (a)
 
13,428
259,966
Relay Therapeutics, Inc. (a)
 
30,178
343,124
Repligen Corp. (a)
 
17,611
2,670,356
Replimune Group, Inc. (a)
 
14,947
250,063
Revolution Medicines, Inc. (a)
 
30,654
720,062
Rhythm Pharmaceuticals, Inc. (a)
 
14,763
297,770
Rigel Pharmaceuticals, Inc. (a)
 
51,477
58,169
Rocket Pharmaceuticals, Inc. (a)
 
19,543
350,211
Sage Therapeutics, Inc. (a)
 
18,405
899,084
Sana Biotechnology, Inc. (a)(b)
 
25,993
137,503
Sangamo Therapeutics, Inc. (a)(b)
 
39,552
58,141
Sarepta Therapeutics, Inc. (a)
 
29,974
3,679,908
Scholar Rock Holding Corp. (a)
 
12,532
80,205
Seagen, Inc. (a)
 
46,914
9,382,800
Selecta Biosciences, Inc. (a)(b)
 
43,098
51,287
Seres Therapeutics, Inc. (a)
 
30,797
150,135
SpringWorks Therapeutics, Inc. (a)
 
14,951
349,554
Stoke Therapeutics, Inc. (a)
 
6,673
59,323
Sutro Biopharma, Inc. (a)
 
18,800
80,088
Syndax Pharmaceuticals, Inc. (a)
 
21,316
438,044
Tango Therapeutics, Inc. (a)
 
20,718
70,441
TG Therapeutics, Inc. (a)
 
47,333
1,175,278
Travere Therapeutics, Inc. (a)
 
22,596
487,396
Twist Bioscience Corp. (a)
 
19,242
240,140
Ultragenyx Pharmaceutical, Inc. (a)
 
24,268
1,059,784
uniQure B.V. (a)
 
13,598
263,937
United Therapeutics Corp. (a)
 
15,646
3,600,614
Vanda Pharmaceuticals, Inc. (a)
 
19,438
119,349
Vaxart, Inc. (a)(b)
 
41,382
33,664
Vaxcyte, Inc. (a)
 
21,988
941,746
Vera Therapeutics, Inc. (a)
 
11,503
76,495
Veracyte, Inc. (a)(b)
 
24,322
550,650
Vericel Corp. (a)
 
15,829
498,772
Vertex Pharmaceuticals, Inc. (a)
 
87,852
29,933,812
Verve Therapeutics, Inc. (a)(b)
 
14,646
233,311
Viking Therapeutics, Inc. (a)
 
29,450
627,580
Vir Biotechnology, Inc. (a)
 
25,411
639,087
Viridian Therapeutics, Inc. (a)
 
13,210
370,276
Voyager Therapeutics, Inc. (a)
 
10,924
79,199
X4 Pharmaceuticals, Inc. (a)
 
53,571
78,749
Xencor, Inc. (a)
 
20,514
542,390
Y-mAbs Therapeutics, Inc. (a)
 
10,575
63,344
Zentalis Pharmaceuticals, Inc. (a)
 
15,016
330,802
 
 
 
381,206,094
Health Care Equipment & Supplies - 3.0%
 
 
 
Abbott Laboratories
 
595,861
65,824,765
Align Technology, Inc. (a)
 
24,827
8,076,223
Alphatec Holdings, Inc. (a)
 
23,486
339,138
Angiodynamics, Inc. (a)
 
13,521
112,495
Artivion, Inc. (a)
 
13,796
191,351
Atricure, Inc. (a)
 
15,969
702,476
Atrion Corp.
 
466
286,730
Avanos Medical, Inc. (a)
 
15,805
466,880
AxoGen, Inc. (a)
 
13,463
121,436
Axonics Modulation Technologies, Inc. (a)
 
17,027
978,371
Baxter International, Inc.
 
172,024
8,202,104
Becton, Dickinson & Co.
 
97,041
25,648,907
Beyond Air, Inc. (a)(b)
 
8,539
49,782
Boston Scientific Corp. (a)
 
489,538
25,514,721
Butterfly Network, Inc. Class A (a)(b)
 
45,823
98,978
Cerus Corp. (a)
 
53,786
124,246
CONMED Corp.
 
10,172
1,277,298
Cutera, Inc. (a)(b)
 
6,066
138,305
CVRx, Inc. (a)
 
4,183
48,690
Dentsply Sirona, Inc.
 
73,693
3,089,947
DexCom, Inc. (a)
 
132,088
16,027,558
Edwards Lifesciences Corp. (a)
 
211,398
18,598,796
Embecta Corp.
 
19,393
538,156
Enovis Corp. (a)
 
16,198
943,534
Envista Holdings Corp. (a)
 
56,564
2,177,148
Figs, Inc. Class A (a)
 
41,820
301,104
GE Healthcare Holding LLC
 
124,067
10,091,610
Glaukos Corp. (a)
 
16,036
761,870
Globus Medical, Inc. (a)(b)
 
26,875
1,562,513
Haemonetics Corp. (a)
 
17,228
1,442,156
Heska Corp. (a)
 
3,328
389,908
Hologic, Inc. (a)
 
84,326
7,252,879
ICU Medical, Inc. (a)(b)
 
6,816
1,289,178
IDEXX Laboratories, Inc. (a)
 
28,316
13,936,003
Inari Medical, Inc. (a)
 
16,658
1,106,424
Inogen, Inc. (a)
 
8,109
107,931
Inspire Medical Systems, Inc. (a)
 
9,961
2,665,862
Insulet Corp. (a)
 
23,723
7,544,863
Integer Holdings Corp. (a)
 
11,446
942,578
Integra LifeSciences Holdings Corp. (a)
 
24,456
1,352,906
Intuitive Surgical, Inc. (a)
 
119,755
36,072,601
iRhythm Technologies, Inc. (a)
 
10,136
1,331,870
Lantheus Holdings, Inc. (a)
 
23,743
2,028,839
LeMaitre Vascular, Inc.
 
6,572
354,888
LivaNova PLC (a)
 
17,833
854,201
Masimo Corp. (a)
 
16,551
3,130,456
Medtronic PLC
 
454,704
41,355,329
Merit Medical Systems, Inc. (a)
 
19,692
1,600,763
Mesa Laboratories, Inc.
 
1,737
289,228
Neogen Corp. (a)
 
75,524
1,300,523
Nevro Corp. (a)
 
11,889
347,991
Novocure Ltd. (a)(b)
 
30,910
2,036,969
NuVasive, Inc. (a)
 
17,366
747,433
Omnicell, Inc. (a)
 
14,975
910,031
OraSure Technologies, Inc. (a)
 
29,028
197,390
Orthofix International NV (a)
 
11,495
216,451
OrthoPediatrics Corp. (a)
 
5,597
282,313
Outset Medical, Inc. (a)
 
15,945
286,851
Paragon 28, Inc. (a)
 
9,141
168,377
Penumbra, Inc. (a)
 
12,999
3,693,276
PROCEPT BioRobotics Corp. (a)
 
11,022
334,959
Pulmonx Corp. (a)
 
11,674
137,170
QuidelOrtho Corp.
 
18,162
1,633,672
ResMed, Inc.
 
50,229
12,103,180
RxSight, Inc. (a)
 
6,091
109,029
Semler Scientific, Inc. (a)
 
2,238
62,843
Senseonics Holdings, Inc. (a)(b)
 
147,041
87,504
Shockwave Medical, Inc. (a)
 
12,362
3,586,958
SI-BONE, Inc. (a)
 
9,534
210,701
Sight Sciences, Inc. (a)(b)
 
9,593
92,764
Silk Road Medical, Inc. (a)(b)
 
12,605
554,872
Staar Surgical Co. (a)(b)
 
16,609
1,170,436
STERIS PLC
 
33,850
6,382,418
Stryker Corp.
 
115,205
34,521,178
SurModics, Inc. (a)
 
4,498
103,634
Tactile Systems Technology, Inc. (a)(b)
 
5,822
106,135
Tandem Diabetes Care, Inc. (a)
 
22,144
876,460
Teleflex, Inc.
 
15,967
4,351,327
The Cooper Companies, Inc.
 
16,908
6,449,557
TransMedics Group, Inc. (a)
 
10,959
866,857
Treace Medical Concepts, Inc. (a)
 
12,168
297,994
UFP Technologies, Inc. (a)
 
2,376
327,508
Varex Imaging Corp. (a)
 
14,066
249,531
ViewRay, Inc. (a)
 
48,669
57,429
Zimmer Biomet Holdings, Inc.
 
71,758
9,934,178
Zimvie, Inc. (a)
 
6,376
52,474
Zomedica Corp. (a)(b)
 
318,952
63,918
Zynex, Inc. (a)(b)
 
6,904
78,982
 
 
 
412,335,268
Health Care Providers & Services - 2.9%
 
 
 
23andMe Holding Co. Class A (a)(b)
 
101,077
199,122
Acadia Healthcare Co., Inc. (a)
 
31,096
2,247,930
Accolade, Inc. (a)
 
21,972
297,281
AdaptHealth Corp. (a)(b)
 
24,801
294,636
Addus HomeCare Corp. (a)
 
5,306
433,712
Agiliti, Inc. (a)(b)
 
11,454
191,511
agilon health, Inc. (a)(b)
 
67,461
1,637,278
Alignment Healthcare, Inc. (a)
 
29,412
185,001
Amedisys, Inc. (a)
 
10,828
869,488
AmerisourceBergen Corp.
 
55,266
9,221,132
AMN Healthcare Services, Inc. (a)
 
14,715
1,270,640
Apollo Medical Holdings, Inc. (a)(b)
 
13,653
484,545
Brookdale Senior Living, Inc. (a)
 
63,823
273,801
Cano Health, Inc. (a)
 
60,882
70,623
Cardinal Health, Inc.
 
87,750
7,204,275
CareMax, Inc. Class A (a)
 
20,985
52,882
Castle Biosciences, Inc. (a)
 
8,490
192,129
Centene Corp. (a)
 
188,539
12,996,021
Chemed Corp.
 
5,042
2,779,403
Cigna Group
 
102,135
25,869,774
Clover Health Investments Corp. (a)(b)
 
116,900
86,342
Community Health Systems, Inc. (a)
 
43,017
272,728
Corvel Corp. (a)
 
2,993
604,676
Cross Country Healthcare, Inc. (a)
 
12,452
273,695
CVS Health Corp.
 
439,025
32,184,923
DaVita HealthCare Partners, Inc. (a)
 
19,019
1,718,557
DocGo, Inc. Class A (a)
 
26,272
223,312
Elevance Health, Inc.
 
81,639
38,260,117
Encompass Health Corp.
 
33,815
2,169,232
Enhabit Home Health & Hospice
 
17,436
213,591
Fulgent Genetics, Inc. (a)
 
7,885
233,159
GeneDx Holdings Corp. Class A (a)
 
206,794
56,579
Guardant Health, Inc. (a)
 
35,268
795,646
HCA Holdings, Inc.
 
72,454
20,818,208
HealthEquity, Inc. (a)
 
28,548
1,525,891
Henry Schein, Inc. (a)
 
46,060
3,722,109
Hims & Hers Health, Inc. (a)
 
42,483
492,378
Humana, Inc.
 
42,736
22,671,021
Invitae Corp. (a)(b)
 
70,425
95,778
Laboratory Corp. of America Holdings
 
30,364
6,883,822
LifeStance Health Group, Inc. (a)
 
32,473
264,655
McKesson Corp.
 
46,829
17,056,995
Modivcare, Inc. (a)
 
4,347
276,469
Molina Healthcare, Inc. (a)
 
19,984
5,953,034
National Healthcare Corp.
 
5,149
298,179
National Research Corp. Class A
 
5,245
228,315
NeoGenomics, Inc. (a)
 
42,721
624,581
Oak Street Health, Inc. (a)
 
39,891
1,554,552
Opko Health, Inc. (a)
 
148,765
218,685
Option Care Health, Inc. (a)
 
57,103
1,835,861
Owens & Minor, Inc. (a)
 
24,735
384,382
Patterson Companies, Inc.
 
29,184
791,178
Pediatrix Medical Group, Inc. (a)
 
29,934
428,954
Pennant Group, Inc. (a)
 
9,642
133,735
PetIQ, Inc. Class A (a)
 
7,858
92,646
Premier, Inc.
 
41,553
1,384,961
Privia Health Group, Inc. (a)
 
16,936
467,942
Progyny, Inc. (a)
 
25,300
840,972
Quest Diagnostics, Inc.
 
37,814
5,248,961
R1 Rcm, Inc.
 
46,238
720,850
RadNet, Inc. (a)
 
16,293
450,664
Select Medical Holdings Corp.
 
34,738
1,059,509
Surgery Partners, Inc. (a)
 
23,240
921,698
Tenet Healthcare Corp. (a)
 
36,918
2,706,828
The Ensign Group, Inc.
 
19,188
1,862,963
The Joint Corp. (a)
 
4,563
72,050
U.S. Physical Therapy, Inc.
 
4,215
448,729
UnitedHealth Group, Inc.
 
319,296
157,122,369
Universal Health Services, Inc. Class B
 
21,859
3,286,501
 
 
 
406,810,166
Health Care Technology - 0.1%
 
 
 
American Well Corp. (a)
 
80,468
176,225
Certara, Inc. (a)
 
35,666
862,047
Computer Programs & Systems, Inc. (a)
 
5,009
129,633
Definitive Healthcare Corp. (a)(b)
 
12,689
135,772
Doximity, Inc. (a)(b)
 
41,147
1,512,152
Evolent Health, Inc. (a)(b)
 
31,835
1,159,112
GoodRx Holdings, Inc. (a)
 
30,202
141,043
Health Catalyst, Inc. (a)
 
17,674
222,692
HealthStream, Inc.
 
8,543
210,500
MultiPlan Corp. Class A (a)(b)
 
73,944
72,339
Nextgen Healthcare, Inc. (a)
 
16,793
281,115
OptimizeRx Corp. (a)
 
6,580
98,897
Phreesia, Inc. (a)
 
17,282
546,802
Schrodinger, Inc. (a)
 
18,235
538,297
Sharecare, Inc. Class A (a)
 
100,938
155,445
Simulations Plus, Inc.
 
4,935
206,036
Teladoc Health, Inc. (a)(b)
 
54,272
1,439,836
Veeva Systems, Inc. Class A (a)
 
48,265
8,643,296
Veradigm, Inc. (a)(b)
 
36,080
450,639
 
 
 
16,981,878
Life Sciences Tools & Services - 1.6%
 
 
 
10X Genomics, Inc. (a)(b)
 
32,617
1,710,109
Adaptive Biotechnologies Corp. (a)
 
37,298
266,308
Agilent Technologies, Inc.
 
101,173
13,701,859
Akoya Biosciences, Inc. (a)
 
10,121
70,442
Avantor, Inc. (a)
 
229,679
4,474,147
Azenta, Inc. (a)
 
23,647
1,028,408
Bio-Rad Laboratories, Inc. Class A (a)
 
7,342
3,309,700
Bio-Techne Corp.
 
53,495
4,273,181
BioLife Solutions, Inc. (a)(b)
 
11,899
208,946
BioNano Genomics, Inc. (a)(b)
 
91,524
62,959
Bruker Corp.
 
34,203
2,706,483
Charles River Laboratories International, Inc. (a)
 
17,376
3,303,525
Codexis, Inc. (a)
 
23,624
92,606
CryoPort, Inc. (a)
 
16,758
352,588
Cytek Biosciences, Inc. (a)
 
27,783
318,949
Danaher Corp.
 
223,947
53,055,284
Illumina, Inc. (a)
 
53,795
11,058,100
IQVIA Holdings, Inc. (a)
 
63,590
11,969,546
Maravai LifeSciences Holdings, Inc. (a)
 
36,379
501,666
MaxCyte, Inc. (a)
 
32,479
162,395
Medpace Holdings, Inc. (a)
 
8,731
1,747,422
Mettler-Toledo International, Inc. (a)
 
7,560
11,275,740
Nanostring Technologies, Inc. (a)
 
13,993
137,131
OmniAb, Inc. (a)
 
35,944
125,085
Pacific Biosciences of California, Inc. (a)(b)
 
78,420
831,252
PerkinElmer, Inc.
 
43,008
5,612,114
Quanterix Corp. (a)
 
11,742
148,419
Quantum-Si, Inc. (a)
 
26,118
38,393
Seer, Inc. (a)
 
11,062
36,947
SomaLogic, Inc. Class A (a)
 
51,802
145,046
Sotera Health Co. (a)
 
33,004
553,477
Syneos Health, Inc. (a)
 
34,638
1,359,888
Thermo Fisher Scientific, Inc.
 
133,993
74,352,716
Waters Corp. (a)
 
20,380
6,121,337
West Pharmaceutical Services, Inc.
 
25,296
9,137,927
 
 
 
224,250,095
Pharmaceuticals - 3.9%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
16,091
143,049
Amneal Pharmaceuticals, Inc. (a)
 
31,218
60,251
Amphastar Pharmaceuticals, Inc. (a)
 
12,297
439,864
Amylyx Pharmaceuticals, Inc. (a)
 
13,688
388,739
ANI Pharmaceuticals, Inc. (a)
 
4,131
155,821
Arvinas Holding Co. LLC (a)
 
16,490
432,203
Assertio Holdings, Inc. (a)(b)
 
17,139
94,436
Atea Pharmaceuticals, Inc. (a)
 
26,579
86,913
Axsome Therapeutics, Inc. (a)(b)
 
11,814
845,055
Bristol-Myers Squibb Co.
 
726,589
48,514,348
Cara Therapeutics, Inc. (a)
 
16,619
69,800
Cassava Sciences, Inc. (a)(b)
 
12,955
300,815
Catalent, Inc. (a)
 
61,416
3,078,170
Collegium Pharmaceutical, Inc. (a)(b)
 
11,744
273,283
Corcept Therapeutics, Inc. (a)
 
30,397
684,844
CymaBay Therapeutics, Inc. (a)(b)
 
30,440
327,534
DICE Therapeutics, Inc. (a)
 
11,286
366,795
Edgewise Therapeutics, Inc. (a)
 
14,107
123,718
Elanco Animal Health, Inc. (a)
 
155,773
1,475,170
Eli Lilly & Co.
 
269,482
106,677,145
Esperion Therapeutics, Inc. (a)
 
22,866
30,183
Evolus, Inc. (a)(b)
 
13,557
118,488
Fulcrum Therapeutics, Inc. (a)
 
14,364
35,910
Harmony Biosciences Holdings, Inc. (a)
 
9,597
309,407
Harrow Health, Inc. (a)
 
9,427
237,843
Innoviva, Inc. (a)
 
23,415
274,658
Intra-Cellular Therapies, Inc. (a)
 
30,228
1,878,670
Jazz Pharmaceuticals PLC (a)
 
21,361
3,000,580
Johnson & Johnson
 
893,366
146,244,014
Ligand Pharmaceuticals, Inc. Class B (a)
 
5,568
425,117
Liquidia Corp. (a)
 
15,713
105,434
Marinus Pharmaceuticals, Inc. (a)(b)
 
15,509
141,132
Merck & Co., Inc.
 
866,342
100,036,511
Mind Medicine (MindMed), Inc. (a)(b)
 
19,685
75,197
Nektar Therapeutics (a)
 
56,169
42,256
NGM Biopharmaceuticals, Inc. (a)
 
12,159
54,837
Nuvation Bio, Inc. (a)
 
44,595
71,798
Ocular Therapeutix, Inc. (a)
 
26,407
163,723
Omeros Corp. (a)(b)
 
19,278
111,812
Organon & Co.
 
86,584
2,132,564
Pacira Biosciences, Inc. (a)
 
15,973
723,737
Perrigo Co. PLC
 
46,561
1,731,604
Pfizer, Inc.
 
1,918,213
74,599,304
Phathom Pharmaceuticals, Inc. (a)(b)
 
6,609
70,716
Phibro Animal Health Corp. Class A
 
6,283
97,763
Pliant Therapeutics, Inc. (a)
 
14,463
408,580
Prestige Brands Holdings, Inc. (a)
 
17,157
1,055,670
Reata Pharmaceuticals, Inc. (a)
 
9,370
926,318
Revance Therapeutics, Inc. (a)
 
27,676
880,927
Royalty Pharma PLC
 
127,354
4,476,493
Scilex Holding Co.
 
17,231
112,277
SIGA Technologies, Inc. (b)
 
11,599
67,622
Supernus Pharmaceuticals, Inc. (a)
 
18,119
667,866
Tarsus Pharmaceuticals, Inc. (a)
 
7,299
108,901
Theravance Biopharma, Inc. (a)(b)
 
22,741
246,285
Theseus Pharmaceuticals, Inc. (a)
 
5,875
60,160
Ventyx Biosciences, Inc. (a)
 
9,333
350,921
Viatris, Inc.
 
413,452
3,857,507
WAVE Life Sciences (a)
 
22,119
88,255
Xeris Biopharma Holdings, Inc. (a)(b)
 
50,093
113,210
Xeris Biopharma Holdings, Inc. rights (a)(c)
 
8,992
0
Zoetis, Inc. Class A
 
159,290
27,999,996
 
 
 
538,672,199
TOTAL HEALTH CARE
 
 
1,980,255,700
INDUSTRIALS - 9.7%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
AAR Corp. (a)
 
11,188
590,503
Aerojet Rocketdyne Holdings, Inc. (a)
 
26,411
1,489,845
AeroVironment, Inc. (a)
 
8,725
878,520
AerSale Corp. (a)
 
5,099
82,502
Archer Aviation, Inc. Class A (a)(b)
 
44,165
87,447
Astronics Corp. (a)
 
9,891
145,793
Axon Enterprise, Inc. (a)
 
23,019
4,850,333
BWX Technologies, Inc.
 
31,201
2,014,961
Cadre Holdings, Inc.
 
5,048
106,311
Curtiss-Wright Corp.
 
13,125
2,229,019
Ducommun, Inc. (a)
 
3,558
177,900
General Dynamics Corp.
 
77,021
16,816,765
HEICO Corp.
 
13,684
2,307,670
HEICO Corp. Class A
 
23,909
3,209,305
Hexcel Corp.
 
28,797
2,075,688
Howmet Aerospace, Inc.
 
125,128
5,541,919
Huntington Ingalls Industries, Inc.
 
13,537
2,729,871
Kaman Corp.
 
9,644
212,843
Kratos Defense & Security Solutions, Inc. (a)
 
43,837
565,497
L3Harris Technologies, Inc.
 
65,137
12,711,486
Lockheed Martin Corp.
 
77,654
36,066,400
Maxar Technologies, Inc.
 
25,602
1,349,737
Mercury Systems, Inc. (a)
 
19,405
925,036
Moog, Inc. Class A
 
9,560
861,452
National Presto Industries, Inc.
 
1,477
100,466
Northrop Grumman Corp.
 
49,183
22,686,642
Park Aerospace Corp.
 
7,178
93,888
Parsons Corp. (a)
 
10,782
469,017
Raytheon Technologies Corp.
 
500,674
50,017,333
Rocket Lab U.S.A., Inc. Class A (a)(b)
 
71,578
280,586
Spirit AeroSystems Holdings, Inc. Class A
 
35,641
1,060,676
Terran Orbital Corp. Class A (a)(b)
 
38,660
68,815
Textron, Inc.
 
70,983
4,751,602
The Boeing Co. (a)
 
192,218
39,746,838
TransDigm Group, Inc.
 
17,696
13,537,440
Triumph Group, Inc. (a)
 
22,251
240,533
V2X, Inc. (a)
 
3,976
171,763
Virgin Galactic Holdings, Inc. (a)(b)
 
82,509
300,333
Woodward, Inc.
 
20,373
1,956,215
 
 
 
233,508,950
Air Freight & Logistics - 0.6%
 
 
 
Air Transport Services Group, Inc. (a)
 
18,749
380,792
C.H. Robinson Worldwide, Inc.
 
40,446
4,079,788
Expeditors International of Washington, Inc.
 
54,301
6,181,626
FedEx Corp.
 
79,367
18,078,215
Forward Air Corp.
 
8,870
935,874
GXO Logistics, Inc. (a)
 
40,757
2,165,419
Hub Group, Inc. Class A (a)
 
10,924
823,670
United Parcel Service, Inc. Class B
 
249,238
44,815,485
 
 
 
77,460,869
Building Products - 0.6%
 
 
 
A.O. Smith Corp. (b)
 
43,045
2,939,543
AAON, Inc.
 
14,342
1,405,516
Advanced Drain Systems, Inc. (b)
 
21,552
1,847,437
Allegion PLC
 
29,710
3,282,361
American Woodmark Corp. (a)
 
5,774
291,702
Apogee Enterprises, Inc.
 
7,502
319,285
Armstrong World Industries, Inc.
 
15,347
1,053,725
AZZ, Inc.
 
8,538
322,139
Builders FirstSource, Inc. (a)
 
50,398
4,776,218
Carlisle Companies, Inc.
 
17,578
3,794,211
Carrier Global Corp.
 
284,762
11,908,747
CSW Industrials, Inc.
 
5,456
734,760
Fortune Brands Home & Security, Inc.
 
43,790
2,832,775
Gibraltar Industries, Inc. (a)
 
10,470
523,919
Griffon Corp.
 
17,083
486,011
Hayward Holdings, Inc. (a)(b)
 
40,354
485,862
Insteel Industries, Inc.
 
6,015
165,593
Janus International Group, Inc. (a)
 
25,835
232,515
Jeld-Wen Holding, Inc. (a)
 
27,474
351,118
Johnson Controls International PLC
 
234,993
14,061,981
Lennox International, Inc.
 
11,025
3,108,058
Masco Corp.
 
76,879
4,113,795
Masonite International Corp. (a)
 
7,583
693,162
MasterBrand, Inc.
 
42,698
344,573
Owens Corning
 
31,882
3,405,316
PGT Innovations, Inc. (a)
 
21,255
545,403
Quanex Building Products Corp.
 
11,580
221,178
Resideo Technologies, Inc. (a)
 
49,150
874,870
Simpson Manufacturing Co. Ltd.
 
14,800
1,861,544
Tecnoglass, Inc.
 
6,528
286,253
The AZEK Co., Inc. (a)
 
38,036
1,032,297
Trane Technologies PLC
 
78,311
14,550,967
Trex Co., Inc. (a)
 
37,062
2,025,809
UFP Industries, Inc.
 
21,282
1,671,063
Zurn Elkay Water Solutions Cor
 
51,315
1,105,838
 
 
 
87,655,544
Commercial Services & Supplies - 0.6%
 
 
 
ABM Industries, Inc.
 
22,588
961,797
ACCO Brands Corp.
 
28,567
130,837
ACV Auctions, Inc. Class A (a)
 
39,379
513,108
Aris Water Solution, Inc. Class A (b)
 
9,119
66,295
Aurora Innovation, Inc. (a)
 
119,581
171,001
Brady Corp. Class A
 
16,148
824,032
BrightView Holdings, Inc. (a)
 
13,371
73,942
Casella Waste Systems, Inc. Class A (a)
 
17,511
1,558,479
CECO Environmental Corp. (a)
 
9,474
109,993
Cimpress PLC (a)
 
6,683
347,182
Cintas Corp.
 
29,498
13,444,303
Clean Harbors, Inc. (a)
 
17,153
2,489,929
Copart, Inc. (a)
 
146,332
11,567,545
CoreCivic, Inc. (a)
 
37,462
329,291
Deluxe Corp.
 
16,054
243,218
Driven Brands Holdings, Inc. (a)
 
19,691
604,514
Ennis, Inc.
 
8,567
166,457
Harsco Corp. (a)
 
28,444
195,410
Healthcare Services Group, Inc.
 
23,931
373,563
Heritage-Crystal Clean, Inc. (a)
 
5,026
175,709
HNI Corp.
 
13,029
338,493
Interface, Inc.
 
18,084
141,779
KAR Auction Services, Inc. (a)
 
37,020
501,251
Kimball International, Inc. Class B
 
13,170
162,123
Liquidity Services, Inc. (a)
 
8,300
108,481
Matthews International Corp. Class A
 
10,641
402,975
Millerknoll, Inc.
 
25,184
428,380
Montrose Environmental Group, Inc. (a)
 
9,305
283,430
MSA Safety, Inc.
 
12,606
1,635,629
Pitney Bowes, Inc.
 
57,041
200,214
Republic Services, Inc.
 
70,161
10,146,684
Rollins, Inc.
 
78,964
3,336,229
SP Plus Corp. (a)
 
6,961
237,857
Steelcase, Inc. Class A
 
34,345
274,760
Stericycle, Inc. (a)
 
31,811
1,452,172
Tetra Tech, Inc.
 
18,198
2,518,057
The Brink's Co.
 
16,192
1,017,667
The GEO Group, Inc. (a)
 
41,516
312,615
UniFirst Corp.
 
5,325
871,596
Viad Corp. (a)
 
7,392
140,670
VSE Corp.
 
3,357
141,968
Waste Management, Inc.
 
126,865
21,065,933
 
 
 
80,065,568
Construction & Engineering - 0.2%
 
 
 
AECOM
 
47,737
3,964,558
Ameresco, Inc. Class A (a)(b)
 
11,319
470,870
API Group Corp. (a)
 
69,142
1,573,672
Arcosa, Inc.
 
16,605
1,121,502
Argan, Inc.
 
4,635
186,466
Comfort Systems U.S.A., Inc.
 
12,223
1,827,216
Construction Partners, Inc. Class A (a)
 
14,060
364,716
Dycom Industries, Inc. (a)
 
10,083
933,887
EMCOR Group, Inc.
 
16,208
2,771,568
Fluor Corp. (a)
 
48,326
1,404,354
Granite Construction, Inc.
 
14,656
558,833
Great Lakes Dredge & Dock Corp. (a)
 
20,417
116,989
MasTec, Inc. (a)
 
20,205
1,794,406
MDU Resources Group, Inc.
 
69,864
2,041,426
MYR Group, Inc. (a)
 
5,498
703,689
Northwest Pipe Co. (a)
 
3,168
87,247
Primoris Services Corp.
 
17,943
453,958
Quanta Services, Inc.
 
48,761
8,271,816
Sterling Construction Co., Inc. (a)
 
10,313
380,756
Tutor Perini Corp. (a)
 
13,797
73,124
Valmont Industries, Inc.
 
7,283
2,116,148
Willscot Mobile Mini Holdings (a)
 
71,879
3,263,307
 
 
 
34,480,508
Electrical Equipment - 0.7%
 
 
 
Acuity Brands, Inc.
 
10,874
1,711,350
Allied Motion Technologies, Inc.
 
4,829
166,214
AMETEK, Inc.
 
78,599
10,841,160
Array Technologies, Inc. (a)
 
47,391
969,146
Atkore, Inc. (a)
 
13,503
1,705,834
Babcock & Wilcox Enterprises, Inc. (a)
 
24,589
152,944
Beam Global (a)(b)
 
2,551
22,755
Blink Charging Co. (a)(b)
 
18,377
131,028
Bloom Energy Corp. Class A (a)(b)
 
60,762
1,011,687
ChargePoint Holdings, Inc. Class A (a)(b)
 
91,947
797,180
Eaton Corp. PLC
 
135,989
22,726,482
Emerson Electric Co.
 
195,429
16,271,419
Encore Wire Corp.
 
6,371
995,978
Energy Vault Holdings, Inc. Class A (a)(b)
 
46,584
78,727
EnerSys
 
13,639
1,131,628
Enovix Corp. (a)(b)
 
37,993
411,084
Eos Energy Enterprises, Inc. (a)(b)
 
28,431
48,048
Fluence Energy, Inc. (a)(b)
 
12,474
225,280
FTC Solar, Inc. (a)
 
7,623
20,811
FuelCell Energy, Inc. (a)(b)
 
139,857
262,931
Generac Holdings, Inc. (a)
 
21,408
2,188,326
GrafTech International Ltd.
 
66,525
313,333
Hubbell, Inc. Class B
 
18,439
4,965,991
LSI Industries, Inc.
 
9,599
121,811
NuScale Power Corp. (a)(b)
 
8,475
75,173
nVent Electric PLC
 
56,681
2,376,634
Plug Power, Inc. (a)(b)
 
177,754
1,605,119
Powell Industries, Inc.
 
3,022
121,061
Regal Rexnord Corp.
 
22,685
2,952,680
Rockwell Automation, Inc.
 
39,279
11,132,061
Sensata Technologies, Inc. PLC
 
51,748
2,248,451
SES AI Corp. Class A (a)(b)
 
53,245
86,789
Shoals Technologies Group, Inc. (a)
 
54,739
1,143,498
Stem, Inc. (a)(b)
 
49,904
211,094
SunPower Corp. (a)(b)
 
28,907
382,151
Sunrun, Inc. (a)(b)
 
71,992
1,514,712
Thermon Group Holdings, Inc. (a)
 
10,840
225,255
TPI Composites, Inc. (a)(b)
 
14,195
175,450
Vertiv Holdings Co.
 
103,579
1,545,399
Vicor Corp. (a)
 
8,066
346,596
 
 
 
93,413,270
Ground Transportation - 1.0%
 
 
 
ArcBest Corp.
 
8,231
777,006
Avis Budget Group, Inc. (a)
 
8,640
1,526,429
Covenant Transport Group, Inc. Class A
 
2,964
116,752
CSX Corp.
 
718,927
22,027,923
Daseke, Inc. (a)
 
18,230
149,121
FTAI Infrastructure LLC
 
35,993
111,578
Heartland Express, Inc.
 
15,804
228,842
Hertz Global Holdings, Inc. (a)
 
55,892
932,279
J.B. Hunt Transport Services, Inc.
 
28,455
4,987,877
Knight-Swift Transportation Holdings, Inc. Class A
 
54,925
3,093,376
Landstar System, Inc.
 
12,264
2,158,832
Lyft, Inc. (a)
 
107,900
1,105,975
Marten Transport Ltd.
 
19,313
389,929
Norfolk Southern Corp.
 
77,927
15,821,519
Old Dominion Freight Lines, Inc.
 
30,976
9,924,401
RXO, Inc.
 
40,297
728,973
Ryder System, Inc.
 
16,840
1,333,054
Saia, Inc. (a)
 
8,998
2,679,334
Schneider National, Inc. Class B
 
12,811
335,264
TuSimple Holdings, Inc. (a)
 
45,069
54,533
U-Haul Holding Co. (b)
 
3,986
243,385
U-Haul Holding Co. (non-vtg.)
 
29,842
1,614,452
Uber Technologies, Inc. (a)
 
681,892
21,172,747
Union Pacific Corp.
 
209,125
40,925,763
Universal Logistics Holdings, Inc.
 
2,569
65,766
Werner Enterprises, Inc.
 
19,572
884,067
XPO, Inc. (a)
 
39,125
1,728,543
 
 
 
135,117,720
Industrial Conglomerates - 0.7%
 
 
 
3M Co.
 
188,296
20,000,801
General Electric Co.
 
372,212
36,837,822
Honeywell International, Inc.
 
228,286
45,620,674
 
 
 
102,459,297
Machinery - 1.9%
 
 
 
3D Systems Corp. (a)
 
44,401
406,713
AGCO Corp.
 
21,322
2,642,649
Alamo Group, Inc.
 
3,444
608,658
Albany International Corp. Class A
 
10,686
974,670
Allison Transmission Holdings, Inc.
 
31,401
1,532,055
Astec Industries, Inc.
 
7,823
322,933
Barnes Group, Inc.
 
16,606
697,950
Blue Bird Corp. (a)
 
5,917
110,648
Caterpillar, Inc.
 
177,872
38,918,394
Chart Industries, Inc. (a)
 
14,670
1,952,577
CIRCOR International, Inc. (a)
 
7,035
195,854
Columbus McKinnon Corp. (NY Shares)
 
8,981
311,731
Crane Co.
 
16,424
1,183,678
Crane Nxt Co.
 
16,424
777,841
Cummins, Inc.
 
48,352
11,364,654
Deere & Co.
 
92,424
34,938,120
Desktop Metal, Inc. (a)(b)
 
76,434
168,155
Donaldson Co., Inc.
 
41,753
2,653,403
Douglas Dynamics, Inc.
 
8,555
250,747
Dover Corp.
 
47,713
6,973,732
Energy Recovery, Inc. (a)
 
20,176
454,565
Enerpac Tool Group Corp. Class A
 
20,582
489,028
EnPro Industries, Inc.
 
7,013
661,116
ESAB Corp.
 
17,982
1,049,430
ESCO Technologies, Inc.
 
8,471
792,631
Evoqua Water Technologies Corp. (a)
 
41,879
2,070,917
Federal Signal Corp.
 
20,226
1,039,212
Flowserve Corp.
 
45,509
1,519,546
Fortive Corp.
 
120,169
7,581,462
Franklin Electric Co., Inc.
 
13,275
1,187,714
Gates Industrial Corp. PLC (a)
 
34,744
468,002
Gorman-Rupp Co.
 
6,895
169,272
Graco, Inc.
 
57,647
4,570,831
Helios Technologies, Inc.
 
11,383
684,574
Hillenbrand, Inc.
 
23,222
1,059,388
Hillman Solutions Corp. Class A (a)
 
51,300
430,920
Hyliion Holdings Corp. Class A (a)(b)
 
47,409
64,950
Hyster-Yale Materials Handling, Inc. Class A
 
3,494
183,994
IDEX Corp.
 
25,683
5,298,917
Illinois Tool Works, Inc.
 
94,819
22,940,509
Ingersoll Rand, Inc.
 
138,016
7,869,672
ITT, Inc.
 
27,819
2,349,036
John Bean Technologies Corp.
 
11,076
1,204,072
Kadant, Inc.
 
4,124
766,363
Kennametal, Inc.
 
26,855
697,156
Lincoln Electric Holdings, Inc.
 
19,754
3,314,721
Lindsay Corp.
 
3,979
480,424
Luxfer Holdings PLC sponsored
 
8,629
131,592
Manitowoc Co., Inc. (a)
 
13,155
201,140
Microvast Holdings, Inc. (a)(b)
 
73,042
76,694
Middleby Corp. (a)
 
18,243
2,570,074
Mueller Industries, Inc.
 
19,734
1,417,888
Mueller Water Products, Inc. Class A
 
50,985
683,199
Nikola Corp. (a)(b)
 
114,728
101,592
Nordson Corp.
 
18,284
3,955,012
Omega Flex, Inc.
 
971
106,820
Oshkosh Corp.
 
22,192
1,698,132
Otis Worldwide Corp.
 
141,844
12,099,293
PACCAR, Inc.
 
178,442
13,327,833
Parker Hannifin Corp.
 
43,870
14,252,486
Pentair PLC
 
55,723
3,236,392
Proterra, Inc. Class A (a)(b)
 
61,403
71,842
Proto Labs, Inc. (a)
 
9,482
272,797
RBC Bearings, Inc. (a)(b)
 
9,840
2,233,778
REV Group, Inc.
 
9,672
103,781
Shyft Group, Inc. (The)
 
11,292
283,203
Snap-On, Inc.
 
18,206
4,722,818
SPX Technologies, Inc. (a)
 
15,131
963,542
Standex International Corp.
 
4,171
512,241
Stanley Black & Decker, Inc.
 
50,759
4,382,532
Tennant Co.
 
6,402
489,241
Terex Corp.
 
23,461
1,046,126
The Greenbrier Companies, Inc.
 
10,943
289,442
Timken Co.
 
23,018
1,768,933
Titan International, Inc. (a)
 
18,182
177,456
Toro Co.
 
35,599
3,711,552
Trinity Industries, Inc.
 
28,913
692,466
Velo3D, Inc. (a)(b)
 
18,700
43,758
Wabash National Corp.
 
16,252
417,189
Watts Water Technologies, Inc. Class A
 
9,495
1,535,626
Westinghouse Air Brake Tech Co.
 
62,333
6,088,064
Xylem, Inc.
 
61,478
6,383,876
 
 
 
266,431,994
Marine Transportation - 0.0%
 
 
 
Eagle Bulk Shipping, Inc. (b)
 
3,118
139,437
Eneti, Inc.
 
7,119
61,010
Genco Shipping & Trading Ltd.
 
13,104
201,933
Kirby Corp. (a)
 
20,894
1,501,025
Matson, Inc.
 
13,323
906,364
 
 
 
2,809,769
Passenger Airlines - 0.2%
 
 
 
Alaska Air Group, Inc. (a)
 
44,312
1,925,800
Allegiant Travel Co. (a)
 
5,409
562,049
American Airlines Group, Inc. (a)
 
221,720
3,024,261
Blade Air Mobility, Inc. (a)
 
14,338
37,566
Delta Air Lines, Inc. (a)
 
219,201
7,520,786
Frontier Group Holdings, Inc. (a)
 
13,322
126,426
Hawaiian Holdings, Inc. (a)
 
15,617
130,090
JetBlue Airways Corp. (a)
 
107,951
770,770
Joby Aviation, Inc. (a)(b)
 
100,001
433,004
SkyWest, Inc. (a)
 
17,295
489,449
Southwest Airlines Co.
 
203,693
6,169,861
Spirit Airlines, Inc.
 
38,249
654,058
Sun Country Airlines Holdings, Inc. (a)
 
12,035
237,451
United Airlines Holdings, Inc. (a)
 
112,048
4,907,702
Wheels Up Experience, Inc. Class A (a)
 
53,485
24,737
 
 
 
27,014,010
Professional Services - 1.0%
 
 
 
Alight, Inc. Class A (a)
 
107,858
997,687
ASGN, Inc. (a)
 
16,832
1,205,003
Automatic Data Processing, Inc.
 
141,579
31,147,380
Barrett Business Services, Inc.
 
2,204
184,276
Booz Allen Hamilton Holding Corp. Class A
 
45,317
4,337,743
Broadridge Financial Solutions, Inc.
 
40,334
5,864,967
CACI International, Inc. Class A (a)
 
8,085
2,533,192
CBIZ, Inc. (a)
 
16,764
883,295
Clarivate Analytics PLC (a)(b)
 
145,929
1,292,931
Concentrix Corp.
 
14,869
1,435,007
Conduent, Inc. (a)
 
50,082
175,788
CoStar Group, Inc. (a)
 
139,018
10,697,435
CRA International, Inc.
 
2,273
238,983
CSG Systems International, Inc.
 
10,032
528,486
Dun & Bradstreet Holdings, Inc.
 
77,061
860,771
Equifax, Inc.
 
41,891
8,729,247
ExlService Holdings, Inc. (a)
 
11,308
2,017,121
Exponent, Inc.
 
17,625
1,622,381
First Advantage Corp. (a)
 
19,879
255,644
FiscalNote Holdings, Inc. Class A (a)(b)
 
34,404
62,271
Forrester Research, Inc. (a)
 
4,794
148,326
Franklin Covey Co. (a)
 
3,875
142,290
FTI Consulting, Inc. (a)
 
11,790
2,128,095
Genpact Ltd.
 
57,249
2,550,443
Heidrick & Struggles International, Inc.
 
6,800
170,748
HireRight Holdings Corp. (a)
 
6,894
73,076
Huron Consulting Group, Inc. (a)
 
6,620
561,310
ICF International, Inc.
 
5,690
648,660
Insperity, Inc.
 
12,220
1,496,461
Jacobs Solutions, Inc.
 
43,114
4,977,942
KBR, Inc.
 
46,510
2,638,512
Kelly Services, Inc. Class A (non-vtg.)
 
10,915
179,115
Kforce, Inc.
 
6,685
395,351
Korn Ferry
 
17,744
852,067
LegalZoom.com, Inc. (a)
 
33,450
313,761
Leidos Holdings, Inc.
 
46,594
4,345,356
Manpower, Inc.
 
17,109
1,295,322
Maximus, Inc.
 
20,780
1,738,247
NV5 Global, Inc. (a)
 
4,184
396,350
Paychex, Inc.
 
109,817
12,064,496
Planet Labs PBC Class A (a)
 
67,946
277,220
RCM Technologies, Inc. (a)
 
3,329
37,418
Resources Connection, Inc.
 
12,066
176,043
Robert Half International, Inc.
 
36,863
2,690,999
Science Applications International Corp.
 
18,576
1,895,309
SS&C Technologies Holdings, Inc.
 
74,560
4,364,742
Sterling Check Corp. (a)
 
8,445
94,922
TaskUs, Inc. (a)(b)
 
8,249
111,032
TransUnion Holding Co., Inc.
 
66,250
4,558,663
TriNet Group, Inc. (a)
 
12,363
1,147,039
TrueBlue, Inc. (a)
 
10,238
155,106
Ttec Holdings, Inc.
 
6,434
219,206
Upwork, Inc. (a)
 
39,258
375,699
Verisk Analytics, Inc.
 
53,483
10,381,585
Verra Mobility Corp. (a)
 
47,058
797,633
 
 
 
139,468,152
Trading Companies & Distributors - 0.5%
 
 
 
Air Lease Corp. Class A
 
34,814
1,400,219
Alta Equipment Group, Inc.
 
9,113
128,858
Applied Industrial Technologies, Inc.
 
13,073
1,773,483
Beacon Roofing Supply, Inc. (a)
 
17,194
1,034,735
BlueLinx Corp. (a)
 
2,966
207,798
Boise Cascade Co.
 
13,188
900,872
Core & Main, Inc. (a)(b)
 
25,793
672,166
Custom Truck One Source, Inc. Class A (a)
 
22,081
138,669
DXP Enterprises, Inc. (a)
 
5,268
132,754
Fastenal Co.
 
195,155
10,507,145
Ferguson PLC
 
70,663
9,950,764
GATX Corp.
 
12,391
1,411,459
Global Industrial Co.
 
4,930
131,385
GMS, Inc. (a)
 
14,225
825,904
H&E Equipment Services, Inc.
 
11,325
413,363
Herc Holdings, Inc.
 
8,767
876,875
Hudson Technologies, Inc. (a)
 
11,729
90,665
McGrath RentCorp.
 
8,061
716,462
MRC Global, Inc. (a)
 
27,268
265,590
MSC Industrial Direct Co., Inc. Class A
 
16,187
1,468,647
NOW, Inc. (a)
 
38,338
409,066
Rush Enterprises, Inc. Class A
 
15,099
801,908
SiteOne Landscape Supply, Inc. (a)(b)
 
15,229
2,249,932
Textainer Group Holdings Ltd.
 
13,671
479,852
Titan Machinery, Inc. (a)
 
7,020
220,077
Transcat, Inc. (a)
 
2,429
185,308
Triton International Ltd.
 
20,245
1,673,654
United Rentals, Inc.
 
23,756
8,578,529
Univar Solutions, Inc. (a)
 
55,975
1,987,113
Veritiv Corp.
 
4,711
541,153
W.W. Grainger, Inc.
 
15,379
10,697,171
Watsco, Inc. (b)
 
11,326
3,923,100
WESCO International, Inc.
 
15,409
2,218,896
Xometry, Inc. (a)(b)
 
9,451
131,274
 
 
 
67,144,846
TOTAL INDUSTRIALS
 
 
1,347,030,497
INFORMATION TECHNOLOGY - 24.4%
 
 
 
Communications Equipment - 0.8%
 
 
 
ADTRAN Holdings, Inc.
 
22,701
207,033
Arista Networks, Inc. (a)
 
84,612
13,551,458
Aviat Networks, Inc. (a)
 
3,371
110,603
Calix, Inc. (a)
 
19,564
894,075
Cambium Networks Corp. (a)
 
3,883
58,789
Ciena Corp. (a)
 
50,347
2,317,976
Cisco Systems, Inc.
 
1,403,840
66,331,440
Clearfield, Inc. (a)(b)
 
4,496
196,385
CommScope Holding Co., Inc. (a)
 
69,390
342,093
Comtech Telecommunications Corp.
 
10,348
107,102
Digi International, Inc. (a)
 
11,591
349,585
DZS, Inc. (a)
 
5,113
34,768
Extreme Networks, Inc. (a)
 
43,774
778,302
F5, Inc. (a)
 
20,872
2,804,362
Harmonic, Inc. (a)
 
38,273
539,267
Infinera Corp. (a)(b)
 
62,395
394,960
Juniper Networks, Inc.
 
110,926
3,344,419
Lumentum Holdings, Inc. (a)
 
23,577
1,137,590
Motorola Solutions, Inc.
 
57,114
16,643,020
NETGEAR, Inc. (a)
 
8,661
122,380
NetScout Systems, Inc. (a)
 
23,233
632,170
Ribbon Communications, Inc. (a)
 
27,276
69,827
ViaSat, Inc. (a)(b)
 
26,315
921,814
Viavi Solutions, Inc. (a)
 
78,602
704,274
 
 
 
112,593,692
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
908 Devices, Inc. (a)(b)
 
7,790
52,660
Advanced Energy Industries, Inc.
 
13,157
1,138,081
Aeva Technologies, Inc. (a)
 
30,397
30,151
Akoustis Technologies, Inc. (a)(b)
 
21,349
60,845
Amphenol Corp. Class A
 
203,080
15,326,448
Arlo Technologies, Inc. (a)
 
32,247
207,671
Arrow Electronics, Inc. (a)
 
19,962
2,284,252
Avnet, Inc.
 
32,245
1,330,429
Badger Meter, Inc.
 
10,255
1,357,044
Bel Fuse, Inc. Class B (non-vtg.)
 
3,654
148,462
Belden, Inc.
 
14,294
1,127,654
Benchmark Electronics, Inc.
 
12,076
257,823
CDW Corp.
 
46,190
7,833,362
Cognex Corp.
 
58,859
2,806,986
Coherent Corp. (a)
 
47,045
1,606,116
Corning, Inc.
 
260,365
8,649,325
CTS Corp.
 
10,928
428,487
ePlus, Inc. (a)
 
9,140
397,956
Evolv Technologies Holdings, Inc. (a)
 
22,160
79,776
Fabrinet (a)
 
12,561
1,192,667
FARO Technologies, Inc. (a)
 
5,897
137,695
Insight Enterprises, Inc. (a)
 
10,534
1,274,087
IPG Photonics Corp. (a)
 
11,168
1,284,097
Itron, Inc. (a)
 
15,081
805,325
Jabil, Inc.
 
45,631
3,566,063
Keysight Technologies, Inc. (a)
 
60,866
8,803,658
Kimball Electronics, Inc. (a)
 
7,465
150,270
Knowles Corp. (a)
 
30,169
509,253
Lightwave Logic, Inc. (a)(b)
 
37,120
167,040
Littelfuse, Inc.
 
8,368
2,027,064
Luna Innovations, Inc. (a)(b)
 
11,952
75,059
Methode Electronics, Inc. Class A
 
11,924
488,765
MicroVision, Inc. (a)(b)
 
50,687
101,374
Mirion Technologies, Inc. Class A (a)(b)
 
39,912
323,287
Napco Security Technologies, Inc. (a)
 
10,503
325,593
National Instruments Corp.
 
44,629
2,598,747
nLIGHT, Inc. (a)
 
13,783
120,877
Novanta, Inc. (a)
 
12,276
1,876,264
OSI Systems, Inc. (a)
 
5,213
588,860
Ouster, Inc. (a)(b)
 
11,130
39,400
Par Technology Corp. (a)(b)
 
9,382
286,995
PC Connection, Inc.
 
4,502
181,296
Plexus Corp. (a)
 
9,361
818,807
Richardson Electronics Ltd.
 
4,744
73,200
Rogers Corp. (a)
 
6,467
1,040,864
Sanmina Corp. (a)
 
20,600
1,076,556
ScanSource, Inc. (a)
 
9,121
249,459
Smartrent, Inc. (a)(b)
 
45,646
117,767
TD SYNNEX Corp.
 
14,660
1,305,326
TE Connectivity Ltd.
 
108,161
13,235,662
Teledyne Technologies, Inc. (a)
 
16,025
6,640,760
Trimble, Inc. (a)
 
84,275
3,969,353
TTM Technologies, Inc. (a)
 
34,955
412,819
Vishay Intertechnology, Inc.
 
45,050
959,115
Vishay Precision Group, Inc. (a)
 
3,850
144,529
Vontier Corp.
 
53,912
1,462,633
Zebra Technologies Corp. Class A (a)
 
17,685
5,093,811
 
 
 
108,647,925
IT Services - 1.3%
 
 
 
Accenture PLC Class A
 
215,218
60,323,453
Akamai Technologies, Inc. (a)
 
53,827
4,412,199
Amdocs Ltd.
 
41,517
3,788,426
BigCommerce Holdings, Inc. (a)
 
21,862
161,560
Cloudflare, Inc. (a)
 
98,215
4,621,016
Cognizant Technology Solutions Corp. Class A
 
174,229
10,403,214
Digitalocean Holdings, Inc. (a)(b)
 
20,760
654,770
DXC Technology Co. (a)
 
77,605
1,850,879
Edgio, Inc. (a)
 
41,575
27,481
EPAM Systems, Inc. (a)
 
19,713
5,567,740
Fastly, Inc. Class A (a)
 
38,103
563,162
Gartner, Inc. (a)
 
27,028
8,174,889
GoDaddy, Inc. (a)
 
52,691
3,987,655
Grid Dynamics Holdings, Inc. (a)
 
18,042
196,117
Hackett Group, Inc.
 
8,463
157,073
IBM Corp.
 
308,984
39,058,667
Kyndryl Holdings, Inc. (a)
 
69,882
1,010,494
MongoDB, Inc. Class A (a)
 
23,758
5,700,970
Okta, Inc. (a)
 
52,175
3,575,553
Perficient, Inc. (a)
 
11,380
738,790
Rackspace Technology, Inc. (a)(b)
 
19,323
28,212
Snowflake, Inc. (a)
 
97,868
14,492,293
Squarespace, Inc. Class A (a)
 
13,791
428,900
Thoughtworks Holding, Inc. (a)
 
24,216
150,866
Tucows, Inc. (a)(b)
 
3,265
73,103
Twilio, Inc. Class A (a)
 
59,439
3,127,086
Unisys Corp. (a)
 
20,443
65,622
VeriSign, Inc. (a)
 
31,364
6,956,535
 
 
 
180,296,725
Semiconductors & Semiconductor Equipment - 5.5%
 
 
 
ACM Research, Inc. (a)
 
12,759
119,297
Advanced Micro Devices, Inc. (a)
 
551,074
49,249,483
AEHR Test Systems (a)(b)
 
8,117
200,896
Allegro MicroSystems LLC (a)
 
21,908
783,649
Alpha & Omega Semiconductor Ltd. (a)
 
8,034
191,852
Ambarella, Inc. (a)
 
12,728
788,881
Amkor Technology, Inc.
 
34,869
780,020
Analog Devices, Inc.
 
173,145
31,145,323
Applied Materials, Inc.
 
288,140
32,568,464
Axcelis Technologies, Inc. (a)
 
11,015
1,303,075
Broadcom, Inc.
 
142,769
89,444,779
CEVA, Inc. (a)
 
8,420
211,595
Cirrus Logic, Inc. (a)
 
18,755
1,608,991
Cohu, Inc. (a)
 
16,016
541,981
Credo Technology Group Holding Ltd. (a)
 
31,677
256,900
Diodes, Inc. (a)
 
15,376
1,225,467
Enphase Energy, Inc. (a)
 
46,465
7,629,553
Entegris, Inc.
 
50,637
3,793,724
First Solar, Inc. (a)
 
33,866
6,183,254
FormFactor, Inc. (a)
 
26,089
712,491
Ichor Holdings Ltd. (a)
 
9,911
276,021
Impinj, Inc. (a)
 
7,166
633,546
indie Semiconductor, Inc. (a)(b)
 
24,314
184,057
Intel Corp.
 
1,413,982
43,918,281
KLA Corp.
 
47,325
18,293,006
Kulicke & Soffa Industries, Inc. (b)
 
19,807
944,002
Lam Research Corp.
 
46,122
24,171,618
Lattice Semiconductor Corp. (a)
 
46,984
3,744,625
MACOM Technology Solutions Holdings, Inc. (a)
 
17,829
1,040,144
Marvell Technology, Inc.
 
291,951
11,526,225
MaxLinear, Inc. Class A (a)
 
24,293
586,190
Meta Materials, Inc. (a)(b)
 
114,171
21,030
Microchip Technology, Inc.
 
187,270
13,668,837
Micron Technology, Inc.
 
373,116
24,013,746
MKS Instruments, Inc.
 
19,347
1,622,633
Monolithic Power Systems, Inc.
 
15,314
7,074,609
Navitas Semiconductor Corp. (a)(b)
 
23,886
127,312
NVE Corp.
 
1,538
115,981
NVIDIA Corp.
 
840,675
233,278,906
NXP Semiconductors NV
 
88,551
14,499,341
onsemi (a)
 
147,718
10,629,787
Onto Innovation, Inc. (a)
 
16,969
1,374,150
PDF Solutions, Inc. (a)
 
9,947
358,589
Photronics, Inc. (a)
 
19,548
282,664
Power Integrations, Inc.
 
19,553
1,423,067
Qorvo, Inc. (a)
 
34,359
3,163,777
Qualcomm, Inc.
 
380,998
44,500,566
Rambus, Inc. (a)
 
36,470
1,617,080
Semtech Corp. (a)
 
21,007
409,426
Silicon Laboratories, Inc. (a)
 
10,779
1,501,515
SiTime Corp. (a)
 
5,386
584,219
SkyWater Technology, Inc. (a)
 
3,119
28,196
Skyworks Solutions, Inc.
 
54,451
5,766,361
SMART Global Holdings, Inc. (a)
 
16,970
261,677
SolarEdge Technologies, Inc. (a)
 
19,149
5,469,529
Synaptics, Inc. (a)
 
13,820
1,223,899
Teradyne, Inc.
 
53,324
4,872,747
Texas Instruments, Inc.
 
309,526
51,752,747
Ultra Clean Holdings, Inc. (a)
 
15,342
437,861
Universal Display Corp.
 
15,003
2,002,300
Veeco Instruments, Inc. (a)(b)
 
17,807
328,005
Wolfspeed, Inc. (a)(b)
 
42,905
1,997,228
 
 
 
768,465,175
Software - 9.6%
 
 
 
8x8, Inc. (a)(b)
 
34,699
99,586
A10 Networks, Inc.
 
21,334
301,663
ACI Worldwide, Inc. (a)
 
38,773
982,120
Adeia, Inc.
 
35,658
272,427
Adobe, Inc. (a)
 
156,468
59,076,058
Agilysys, Inc. (a)
 
6,875
536,525
Alarm.com Holdings, Inc. (a)
 
16,729
797,806
Alkami Technology, Inc. (a)
 
13,323
159,743
Altair Engineering, Inc. Class A (a)(b)
 
17,578
1,213,761
Alteryx, Inc. Class A (a)
 
20,735
852,831
American Software, Inc. Class A
 
9,792
116,916
Amplitude, Inc. (a)
 
17,331
196,707
ANSYS, Inc. (a)
 
29,799
9,354,502
AppFolio, Inc. (a)
 
6,574
917,862
Appian Corp. Class A (a)(b)
 
14,468
543,273
AppLovin Corp. (a)(b)
 
42,657
725,169
Asana, Inc. (a)(b)
 
26,189
423,738
Aspen Technology, Inc.
 
9,995
1,769,115
Atlassian Corp. PLC (a)
 
51,171
7,555,910
Autodesk, Inc. (a)
 
73,804
14,376,281
AvePoint, Inc. (a)(b)
 
27,937
121,247
Bentley Systems, Inc. Class B
 
66,405
2,826,197
Bill Holdings, Inc. (a)
 
32,832
2,521,826
Black Knight, Inc. (a)
 
53,124
2,902,695
Blackbaud, Inc. (a)
 
15,380
1,066,680
BlackLine, Inc. (a)
 
18,421
1,026,234
Blend Labs, Inc. (a)(b)
 
92,593
54,824
Box, Inc. Class A (a)
 
48,006
1,270,239
Braze, Inc. (a)(b)
 
12,514
367,912
C3.ai, Inc. (a)(b)
 
28,361
505,393
Cadence Design Systems, Inc. (a)
 
93,740
19,633,843
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
37,050
321,594
Cerence, Inc. (a)
 
13,679
349,498
Ceridian HCM Holding, Inc. (a)
 
52,379
3,325,019
Cleanspark, Inc. (a)(b)
 
27,873
108,983
Clear Secure, Inc. (b)
 
27,810
672,724
Clearwater Analytics Holdings, Inc. (a)
 
22,787
351,148
CommVault Systems, Inc. (a)
 
15,384
896,426
Confluent, Inc. (a)
 
52,727
1,159,994
Consensus Cloud Solutions, Inc. (a)
 
5,763
215,133
Couchbase, Inc. (a)(b)
 
8,685
133,402
Crowdstrike Holdings, Inc. (a)
 
74,455
8,938,323
CS Disco, Inc. (a)
 
3,718
21,862
Datadog, Inc. Class A (a)
 
85,065
5,731,680
Digimarc Corp. (a)(b)
 
4,248
72,386
Digital Turbine, Inc. (a)
 
30,025
352,193
DocuSign, Inc. (a)
 
68,938
3,408,295
Dolby Laboratories, Inc. Class A
 
20,754
1,736,902
Domo, Inc. Class B (a)
 
10,352
164,390
DoubleVerify Holdings, Inc. (a)
 
29,918
880,188
Dropbox, Inc. Class A (a)
 
92,573
1,882,935
Dynatrace, Inc. (a)
 
74,088
3,132,441
E2open Parent Holdings, Inc. (a)(b)
 
58,642
368,858
Ebix, Inc.
 
7,181
116,763
Elastic NV (a)
 
26,628
1,524,453
Enfusion, Inc. Class A (a)
 
4,691
39,311
EngageSmart, Inc. (a)
 
10,672
183,238
Envestnet, Inc. (a)(b)
 
19,139
1,213,030
Everbridge, Inc. (a)
 
13,599
357,382
Expensify, Inc. (a)
 
16,217
123,087
Fair Isaac Corp. (a)
 
8,604
6,263,282
Five9, Inc. (a)
 
23,853
1,546,629
ForgeRock, Inc. (a)
 
11,806
236,474
Fortinet, Inc. (a)
 
221,661
13,975,726
Freshworks, Inc. (a)
 
53,870
719,703
Gen Digital, Inc.
 
192,961
3,409,621
GitLab, Inc. (a)(b)
 
21,701
658,842
Guidewire Software, Inc. (a)
 
28,243
2,151,834
HashiCorp, Inc. (a)
 
28,316
759,152
HubSpot, Inc. (a)
 
16,574
6,976,825
Informatica, Inc. (a)
 
14,295
221,001
Intapp, Inc. (a)
 
5,143
207,366
InterDigital, Inc.
 
8,996
609,389
Intuit, Inc.
 
96,018
42,627,191
Jamf Holding Corp. (a)
 
14,680
277,746
Life360, Inc. CDI (a)(d)
 
65,317
223,445
LivePerson, Inc. (a)
 
22,811
105,615
Liveramp Holdings, Inc. (a)
 
22,680
546,361
Manhattan Associates, Inc. (a)
 
21,396
3,544,889
Marathon Digital Holdings, Inc. (a)(b)
 
36,031
362,832
Matterport, Inc. (a)(b)
 
80,570
187,728
MeridianLink, Inc. (a)(b)
 
6,917
103,340
Microsoft Corp.
 
2,543,801
781,608,295
MicroStrategy, Inc. Class A (a)(b)
 
3,209
1,053,771
Mitek Systems, Inc. (a)
 
14,079
126,993
Model N, Inc. (a)
 
10,887
335,320
Momentive Global, Inc. (a)
 
45,057
423,085
N-able, Inc. (a)
 
22,738
289,910
nCino, Inc. (a)(b)
 
26,445
653,985
NCR Corp. (a)
 
45,774
1,020,302
New Relic, Inc. (a)
 
19,873
1,420,323
Nutanix, Inc. Class A (a)
 
78,852
1,890,871
Olo, Inc. (a)(b)
 
34,451
235,989
ON24, Inc. (a)
 
15,209
132,318
Onespan, Inc. (a)
 
12,190
179,681
Oracle Corp.
 
525,062
49,733,873
Pagerduty, Inc. (a)(b)
 
28,371
852,832
Palantir Technologies, Inc. (a)(b)
 
599,323
4,644,753
Palo Alto Networks, Inc. (a)
 
103,359
18,858,883
Paycom Software, Inc. (a)
 
16,476
4,784,136
Paycor HCM, Inc. (a)(b)
 
15,384
361,524
Paylocity Holding Corp. (a)
 
14,062
2,718,044
Pegasystems, Inc.
 
14,156
645,797
Porch Group, Inc. Class A (a)(b)
 
24,453
22,255
PowerSchool Holdings, Inc. (a)
 
14,227
297,060
Procore Technologies, Inc. (a)
 
23,724
1,267,099
Progress Software Corp.
 
14,281
783,741
PROS Holdings, Inc. (a)
 
13,766
390,541
PTC, Inc. (a)
 
36,462
4,586,555
Q2 Holdings, Inc. (a)
 
21,108
519,679
Qualtrics International, Inc. (a)
 
37,985
681,071
Qualys, Inc. (a)
 
11,697
1,321,059
Rapid7, Inc. (a)
 
20,404
991,838
Rimini Street, Inc. (a)
 
14,699
54,974
RingCentral, Inc. (a)
 
26,229
722,871
Riot Platforms, Inc. (a)(b)
 
55,728
666,507
Roper Technologies, Inc.
 
36,246
16,483,956
Salesforce, Inc. (a)
 
341,762
67,795,328
Samsara, Inc. (a)
 
38,764
699,690
Semrush Holdings, Inc. (a)
 
13,782
133,134
SentinelOne, Inc. (a)
 
75,457
1,212,594
ServiceNow, Inc. (a)
 
69,385
31,876,857
Smartsheet, Inc. (a)
 
45,073
1,842,134
SolarWinds, Inc. (a)
 
20,443
176,219
SoundHound AI, Inc. (b)
 
40,615
108,036
SoundThinking, Inc. (a)
 
2,852
84,847
Splunk, Inc. (a)
 
51,690
4,457,746
Sprinklr, Inc. (a)
 
23,801
284,660
Sprout Social, Inc. (a)
 
16,061
791,165
SPS Commerce, Inc. (a)
 
12,132
1,787,044
Sumo Logic, Inc. (a)
 
38,298
459,576
Synopsys, Inc. (a)
 
52,095
19,343,915
Telos Corp. (a)
 
15,883
27,001
Tenable Holdings, Inc. (a)
 
39,052
1,444,533
Teradata Corp. (a)
 
34,449
1,333,521
Tyler Technologies, Inc. (a)
 
14,162
5,367,823
UiPath, Inc. Class A (a)
 
121,348
1,708,580
Unity Software, Inc. (a)(b)
 
83,392
2,249,082
Upland Software, Inc. (a)
 
8,204
30,109
Varonis Systems, Inc. (a)
 
38,001
880,103
Verint Systems, Inc. (a)
 
22,491
820,697
Veritone, Inc. (a)(b)
 
10,561
50,270
Vertex, Inc. Class A (a)
 
11,931
246,375
VMware, Inc. Class A (a)
 
71,294
8,913,889
Vobile Group Ltd. (a)(b)
 
565,000
220,488
Workday, Inc. Class A (a)
 
69,093
12,860,971
Workiva, Inc. (a)
 
15,498
1,447,823
Xperi, Inc.
 
14,399
136,647
Yext, Inc. (a)
 
36,994
324,807
Zeta Global Holdings Corp. (a)
 
43,742
424,735
Zoom Video Communications, Inc. Class A (a)
 
73,969
4,543,916
Zscaler, Inc. (a)
 
28,992
2,612,179
Zuora, Inc. (a)
 
42,953
334,604
 
 
 
1,333,856,701
Technology Hardware, Storage & Peripherals - 6.4%
 
 
 
Apple, Inc.
 
5,082,391
862,380,074
Avid Technology, Inc. (a)
 
10,844
320,006
Corsair Gaming, Inc. (a)(b)
 
14,012
244,089
Dell Technologies, Inc.
 
83,128
3,615,237
Eastman Kodak Co. (a)
 
21,668
71,288
Hewlett Packard Enterprise Co.
 
439,531
6,294,084
HP, Inc.
 
295,040
8,765,638
Immersion Corp.
 
9,873
65,063
IonQ, Inc. (a)(b)
 
49,756
274,156
NetApp, Inc.
 
73,521
4,623,736
Pure Storage, Inc. Class A (a)
 
96,208
2,196,429
Seagate Technology Holdings PLC
 
65,517
3,850,434
Super Micro Computer, Inc. (a)
 
15,914
1,677,813
Turtle Beach Corp. (a)(b)
 
4,485
48,752
Western Digital Corp. (a)
 
109,681
3,777,414
Xerox Holdings Corp.
 
40,475
634,243
 
 
 
898,838,456
TOTAL INFORMATION TECHNOLOGY
 
 
3,402,698,674
MATERIALS - 2.8%
 
 
 
Chemicals - 1.8%
 
 
 
AdvanSix, Inc.
 
8,785
331,019
Air Products & Chemicals, Inc.
 
75,894
22,340,158
Albemarle Corp.
 
39,961
7,411,167
American Vanguard Corp.
 
9,142
175,984
Amyris, Inc. (a)(b)
 
75,824
61,994
Ashland, Inc.
 
16,957
1,723,001
Aspen Aerogels, Inc. (a)
 
19,359
121,187
Avient Corp.
 
28,853
1,111,129
Axalta Coating Systems Ltd. (a)
 
76,240
2,406,897
Balchem Corp.
 
10,887
1,430,552
Cabot Corp.
 
19,041
1,366,382
Celanese Corp. Class A
 
34,256
3,639,357
CF Industries Holdings, Inc.
 
67,268
4,815,043
Chase Corp.
 
2,527
276,277
Corteva, Inc.
 
243,774
14,899,467
Danimer Scientific, Inc. (a)(b)
 
32,312
102,106
Diversey Holdings Ltd. (a)
 
27,105
220,364
Dow, Inc.
 
241,238
13,123,347
DuPont de Nemours, Inc.
 
156,798
10,931,957
Eastman Chemical Co.
 
40,711
3,430,716
Ecolab, Inc.
 
84,727
14,220,580
Ecovyst, Inc. (a)
 
23,218
263,524
Element Solutions, Inc.
 
79,005
1,433,941
FMC Corp.
 
43,064
5,321,849
FutureFuel Corp.
 
8,155
61,163
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
353,252
430,967
H.B. Fuller Co.
 
18,239
1,206,875
Hawkins, Inc.
 
6,316
254,787
Huntsman Corp.
 
61,340
1,643,299
Ingevity Corp. (a)
 
11,693
838,856
Innospec, Inc.
 
8,255
838,956
International Flavors & Fragrances, Inc.
 
86,918
8,427,569
Intrepid Potash, Inc. (a)
 
3,029
78,088
Koppers Holdings, Inc.
 
6,905
226,553
Kronos Worldwide, Inc. (b)
 
6,321
58,785
Linde PLC
 
168,272
62,168,090
Livent Corp. (a)(b)
 
60,680
1,325,858
LSB Industries, Inc. (a)
 
17,106
152,757
LyondellBasell Industries NV Class A
 
86,845
8,216,405
Mativ, Inc.
 
18,733
362,858
Minerals Technologies, Inc.
 
10,948
648,778
NewMarket Corp.
 
2,357
941,857
Olin Corp.
 
42,111
2,332,949
Origin Materials, Inc. Class A (a)(b)
 
46,549
183,869
Orion Engineered Carbons SA
 
20,678
500,614
Perimeter Solutions SA (a)
 
50,517
377,867
PPG Industries, Inc.
 
80,429
11,280,972
PureCycle Technologies, Inc. (a)(b)
 
43,234
284,047
Quaker Houghton
 
4,801
896,011
Rayonier Advanced Materials, Inc. (a)
 
19,903
108,272
RPM International, Inc.
 
44,325
3,635,980
Sensient Technologies Corp.
 
14,024
1,044,227
Sherwin-Williams Co.
 
80,610
19,148,099
Stepan Co.
 
6,919
637,932
The Chemours Co. LLC
 
50,787
1,476,378
The Mosaic Co.
 
116,333
4,984,869
The Scotts Miracle-Gro Co. Class A (b)
 
14,107
942,489
Trinseo PLC
 
11,617
210,500
Tronox Holdings PLC
 
38,261
523,793
Valvoline, Inc.
 
58,595
2,024,457
Westlake Corp.
 
11,890
1,352,844
 
 
 
250,986,668
Construction Materials - 0.1%
 
 
 
Eagle Materials, Inc.
 
12,435
1,842,991
Martin Marietta Materials, Inc.
 
21,285
7,730,712
Summit Materials, Inc.
 
39,560
1,084,340
Vulcan Materials Co.
 
45,590
7,983,721
 
 
 
18,641,764
Containers & Packaging - 0.3%
 
 
 
Amcor PLC
 
506,251
5,553,573
Aptargroup, Inc.
 
22,292
2,641,825
Ardagh Metal Packaging SA (b)
 
52,791
215,387
Avery Dennison Corp.
 
27,600
4,815,648
Ball Corp.
 
107,722
5,728,656
Berry Global Group, Inc.
 
41,427
2,394,895
Crown Holdings, Inc.
 
41,317
3,544,172
Graphic Packaging Holding Co.
 
104,291
2,571,816
Greif, Inc.:
 
 
 
 Class A
 
8,441
530,010
 Class B
 
2,073
163,228
International Paper Co.
 
121,698
4,029,421
Myers Industries, Inc.
 
13,001
246,369
O-I Glass, Inc. (a)
 
54,116
1,215,987
Packaging Corp. of America
 
31,752
4,294,776
Pactiv Evergreen, Inc.
 
12,875
101,713
Ranpak Holdings Corp. (A Shares) (a)
 
12,353
50,400
Sealed Air Corp.
 
49,643
2,382,368
Silgan Holdings, Inc.
 
28,556
1,406,669
Sonoco Products Co.
 
33,175
2,011,069
TriMas Corp.
 
13,768
349,845
WestRock Co.
 
87,251
2,611,422
 
 
 
46,859,249
Metals & Mining - 0.6%
 
 
 
5E Advanced Materials, Inc. (a)(b)
 
14,313
60,401
Alcoa Corp.
 
60,232
2,237,016
Alpha Metallurgical Resources
 
4,903
718,584
Arconic Corp. (a)
 
33,907
839,198
ATI, Inc. (a)
 
44,954
1,736,123
Carpenter Technology Corp.
 
16,086
848,376
Century Aluminum Co. (a)
 
17,978
154,431
Cleveland-Cliffs, Inc. (a)
 
175,352
2,696,914
Coeur d'Alene Mines Corp. (a)
 
91,652
311,617
Commercial Metals Co.
 
39,619
1,849,811
Compass Minerals International, Inc.
 
11,625
380,486
Freeport-McMoRan, Inc.
 
488,765
18,529,081
Gatos Silver, Inc. (a)
 
14,059
83,932
Haynes International, Inc.
 
4,363
205,105
Hecla Mining Co.
 
191,678
1,159,652
Kaiser Aluminum Corp.
 
5,328
350,156
Materion Corp.
 
7,087
767,593
McEwen Mining, Inc. (a)(b)
 
11,178
91,660
MP Materials Corp. (a)(b)
 
31,301
678,293
Newmont Corp.
 
271,481
12,868,199
Nucor Corp.
 
86,525
12,821,275
Olympic Steel, Inc.
 
3,261
151,865
Piedmont Lithium, Inc. (a)(b)
 
5,288
304,060
Ramaco Resources, Inc.
 
9,760
79,349
Reliance Steel & Aluminum Co.
 
20,136
4,989,701
Royal Gold, Inc.
 
22,522
2,982,814
Ryerson Holding Corp.
 
6,804
256,987
Schnitzer Steel Industries, Inc. Class A
 
8,955
258,710
Steel Dynamics, Inc.
 
57,111
5,936,688
SunCoke Energy, Inc.
 
29,168
226,927
TimkenSteel Corp. (a)
 
12,754
213,502
Tredegar Corp.
 
7,362
69,056
United States Steel Corp.
 
78,166
1,788,438
Warrior Metropolitan Coal, Inc.
 
17,362
600,204
Worthington Industries, Inc.
 
10,286
610,886
 
 
 
77,857,090
Paper & Forest Products - 0.0%
 
 
 
Clearwater Paper Corp. (a)
 
5,158
186,204
Glatfelter Corp.
 
13,046
58,968
Louisiana-Pacific Corp.
 
24,409
1,458,194
Mercer International, Inc. (SBI)
 
12,114
117,869
Sylvamo Corp.
 
10,832
496,322
 
 
 
2,317,557
TOTAL MATERIALS
 
 
396,662,328
REAL ESTATE - 3.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.9%
 
 
 
Acadia Realty Trust (SBI)
 
30,677
414,446
Agree Realty Corp.
 
30,797
2,093,888
Alexander & Baldwin, Inc.
 
26,088
501,672
Alexanders, Inc.
 
649
120,759
Alexandria Real Estate Equities, Inc.
 
53,762
6,676,165
Alpine Income Property Trust, Inc.
 
5,164
83,037
American Assets Trust, Inc.
 
18,071
328,892
American Homes 4 Rent Class A
 
105,464
3,507,733
American Tower Corp.
 
159,181
32,535,005
Americold Realty Trust
 
91,795
2,716,214
Apartment Income (REIT) Corp.
 
50,418
1,864,458
Apartment Investment & Management Co. Class A
 
49,316
386,144
Apple Hospitality (REIT), Inc.
 
71,110
1,058,828
Armada Hoffler Properties, Inc.
 
24,117
282,651
Ashford Hospitality Trust, Inc. (a)
 
11,762
39,991
AvalonBay Communities, Inc.
 
47,717
8,606,715
Boston Properties, Inc.
 
49,301
2,630,701
Braemar Hotels & Resorts, Inc.
 
20,281
77,068
Brandywine Realty Trust (SBI)
 
56,550
222,242
Brixmor Property Group, Inc.
 
104,955
2,238,690
Broadstone Net Lease, Inc.
 
60,772
982,683
Camden Property Trust (SBI)
 
37,702
4,149,105
CareTrust (REIT), Inc.
 
35,841
698,541
CBL & Associates Properties, Inc.
 
7,779
179,928
Centerspace
 
4,710
265,550
Chatham Lodging Trust
 
17,031
174,397
City Office REIT, Inc.
 
14,477
84,256
Community Healthcare Trust, Inc.
 
7,436
266,134
Corporate Office Properties Trust (SBI)
 
38,829
888,796
Cousins Properties, Inc.
 
50,958
1,111,394
Crown Castle International Corp.
 
148,161
18,237,137
CTO Realty Growth, Inc.
 
9,635
162,253
CubeSmart
 
77,201
3,511,873
DiamondRock Hospitality Co.
 
69,978
567,522
Digital Realty Trust, Inc.
 
98,506
9,766,870
Diversified Healthcare Trust (SBI)
 
83,647
76,403
Douglas Emmett, Inc.
 
59,591
767,532
Easterly Government Properties, Inc.
 
31,042
436,761
EastGroup Properties, Inc.
 
15,037
2,504,563
Elme Communities (SBI)
 
32,050
552,222
Empire State Realty Trust, Inc.
 
45,839
280,076
EPR Properties
 
25,108
1,053,532
Equinix, Inc.
 
31,633
22,904,823
Equity Commonwealth
 
39,526
818,979
Equity Lifestyle Properties, Inc.
 
60,092
4,140,339
Equity Residential (SBI)
 
116,545
7,371,471
Essential Properties Realty Trust, Inc.
 
50,327
1,245,593
Essex Property Trust, Inc.
 
22,268
4,892,948
Extra Space Storage, Inc.
 
45,872
6,974,379
Farmland Partners, Inc.
 
16,344
170,631
Federal Realty Investment Trust (SBI)
 
24,923
2,464,635
First Industrial Realty Trust, Inc.
 
45,833
2,404,858
Four Corners Property Trust, Inc.
 
29,856
761,627
Franklin Street Properties Corp.
 
29,114
33,772
Gaming & Leisure Properties
 
88,360
4,594,720
Getty Realty Corp.
 
14,462
482,018
Gladstone Commercial Corp.
 
13,900
165,966
Gladstone Land Corp.
 
11,779
189,760
Global Medical REIT, Inc.
 
23,218
215,463
Global Net Lease, Inc.
 
34,908
393,064
Healthcare Trust of America, Inc.
 
130,353
2,578,382
Healthpeak Properties, Inc.
 
189,631
4,166,193
Hersha Hospitality Trust
 
11,210
70,623
Highwoods Properties, Inc. (SBI)
 
34,600
793,032
Host Hotels & Resorts, Inc.
 
245,658
3,972,290
Hudson Pacific Properties, Inc.
 
43,037
239,286
Independence Realty Trust, Inc.
 
75,417
1,255,693
Indus Realty Trust, Inc.
 
1,774
118,095
Industrial Logistics Properties Trust
 
19,849
40,889
InvenTrust Properties Corp.
 
22,191
500,407
Invitation Homes, Inc.
 
198,307
6,617,505
Iron Mountain, Inc.
 
99,411
5,491,464
JBG SMITH Properties
 
32,937
470,011
Kilroy Realty Corp.
 
35,133
1,027,289
Kimco Realty Corp.
 
212,027
4,068,798
Kite Realty Group Trust
 
74,688
1,547,535
Lamar Advertising Co. Class A
 
29,721
3,140,915
Life Storage, Inc.
 
29,020
3,899,708
LTC Properties, Inc.
 
13,101
438,228
LXP Industrial Trust (REIT)
 
91,891
863,775
Medical Properties Trust, Inc. (b)
 
206,045
1,807,015
Mid-America Apartment Communities, Inc.
 
39,538
6,080,944
National Health Investors, Inc.
 
14,604
726,841
National Retail Properties, Inc.
 
62,131
2,702,699
National Storage Affiliates Trust
 
28,464
1,097,287
Necessity Retail (REIT), Inc./The
 
46,453
255,956
NETSTREIT Corp.
 
18,878
343,957
NexPoint Diversified Real Estate Trust
 
12,344
131,587
NexPoint Residential Trust, Inc.
 
8,722
374,435
Office Properties Income Trust
 
16,838
109,784
Omega Healthcare Investors, Inc.
 
80,329
2,149,604
One Liberty Properties, Inc.
 
4,766
104,947
Orion Office (REIT), Inc.
 
17,166
105,399
Outfront Media, Inc.
 
48,995
816,257
Paramount Group, Inc.
 
54,657
236,665
Park Hotels & Resorts, Inc.
 
75,632
911,366
Pebblebrook Hotel Trust
 
44,343
631,001
Phillips Edison & Co., Inc.
 
40,786
1,286,390
Physicians Realty Trust
 
81,945
1,181,647
Piedmont Office Realty Trust, Inc. Class A
 
43,743
284,767
Plymouth Industrial REIT, Inc.
 
13,371
270,629
Postal Realty Trust, Inc.
 
6,481
99,613
Potlatch Corp.
 
28,109
1,299,479
Prologis (REIT), Inc.
 
315,561
39,524,015
Public Storage
 
54,065
15,939,984
Rayonier, Inc.
 
50,669
1,588,980
Realty Income Corp.
 
214,650
13,488,606
Regency Centers Corp.
 
53,080
3,260,704
Retail Opportunity Investments Corp.
 
40,771
531,246
Rexford Industrial Realty, Inc.
 
64,701
3,608,375
RLJ Lodging Trust
 
52,688
532,149
RPT Realty
 
29,667
275,903
Ryman Hospitality Properties, Inc.
 
19,215
1,722,817
Sabra Health Care REIT, Inc.
 
77,557
884,150
Safehold, Inc. (b)
 
14,502
401,995
Saul Centers, Inc.
 
4,575
164,837
SBA Communications Corp. Class A
 
36,992
9,650,843
Service Properties Trust
 
56,380
494,453
Simon Property Group, Inc.
 
111,942
12,685,267
SITE Centers Corp.
 
61,876
763,550
SL Green Realty Corp. (b)
 
21,640
512,219
Spirit Realty Capital, Inc.
 
48,585
1,868,579
Stag Industrial, Inc.
 
60,672
2,054,961
Star Holdings
 
4,914
79,312
Summit Hotel Properties, Inc.
 
34,176
220,093
Sun Communities, Inc.
 
42,320
5,879,518
Sunstone Hotel Investors, Inc.
 
69,696
664,203
Tanger Factory Outlet Centers, Inc.
 
35,588
697,881
Terreno Realty Corp.
 
24,835
1,529,588
The Macerich Co.
 
73,520
734,465
UDR, Inc.
 
105,468
4,358,992
UMH Properties, Inc.
 
18,869
286,809
Uniti Group, Inc.
 
80,152
274,120
Universal Health Realty Income Trust (SBI)
 
3,938
171,303
Urban Edge Properties
 
40,141
588,868
Urstadt Biddle Properties, Inc. Class A
 
9,182
158,114
Ventas, Inc.
 
136,775
6,572,039
Veris Residential, Inc. (a)
 
26,657
435,842
VICI Properties, Inc.
 
343,092
11,644,542
Vornado Realty Trust
 
53,330
800,483
Welltower, Inc.
 
161,360
12,782,939
Weyerhaeuser Co.
 
251,365
7,518,327
Whitestone REIT Class B
 
14,298
127,967
WP Carey, Inc.
 
72,380
5,370,596
Xenia Hotels & Resorts, Inc.
 
39,119
495,247
 
 
 
408,981,141
Real Estate Management & Development - 0.2%
 
 
 
Anywhere Real Estate, Inc. (a)
 
38,656
246,239
CBRE Group, Inc. (a)
 
107,893
8,271,077
Compass, Inc. (a)
 
88,260
206,528
Cushman & Wakefield PLC (a)
 
53,870
530,620
Digitalbridge Group, Inc.
 
47,909
595,509
Douglas Elliman, Inc.
 
21,205
67,644
eXp World Holdings, Inc.
 
24,883
290,882
Forestar Group, Inc. (a)
 
5,366
103,778
Howard Hughes Corp. (a)
 
12,134
938,808
Jones Lang LaSalle, Inc. (a)
 
16,228
2,256,341
Kennedy-Wilson Holdings, Inc.
 
38,507
646,147
Marcus & Millichap, Inc.
 
8,525
268,282
Newmark Group, Inc.
 
42,645
270,369
Opendoor Technologies, Inc. (a)(b)
 
163,574
225,732
RE/MAX Holdings, Inc.
 
5,463
105,491
Redfin Corp. (a)(b)
 
37,670
280,642
Seritage Growth Properties (a)
 
12,369
92,644
The RMR Group, Inc.
 
4,552
108,110
The St. Joe Co.
 
11,364
467,060
WeWork, Inc. (a)(b)
 
80,275
33,836
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
17,820
762,340
 Class C (a)
 
57,711
2,512,737
 
 
 
19,280,816
TOTAL REAL ESTATE
 
 
428,261,957
UTILITIES - 2.8%
 
 
 
Electric Utilities - 1.7%
 
 
 
Allete, Inc.
 
19,484
1,215,412
Alliant Energy Corp.
 
86,131
4,749,263
American Electric Power Co., Inc.
 
175,697
16,237,917
Avangrid, Inc. (b)
 
24,530
987,578
Constellation Energy Corp.
 
111,734
8,648,212
Duke Energy Corp.
 
263,165
26,021,755
Edison International
 
130,115
9,576,464
Entergy Corp.
 
69,657
7,493,700
Evergy, Inc.
 
78,681
4,886,877
Eversource Energy
 
119,303
9,259,106
Exelon Corp.
 
339,744
14,418,735
FirstEnergy Corp.
 
185,529
7,384,054
Hawaiian Electric Industries, Inc.
 
37,063
1,453,240
IDACORP, Inc.
 
16,985
1,887,373
MGE Energy, Inc.
 
12,313
943,299
NextEra Energy, Inc.
 
678,924
52,025,946
NRG Energy, Inc.
 
78,184
2,671,547
OGE Energy Corp.
 
69,007
2,590,523
Otter Tail Corp.
 
14,040
1,010,178
PG&E Corp. (a)
 
549,885
9,408,532
Pinnacle West Capital Corp.
 
38,504
3,021,024
PNM Resources, Inc.
 
29,148
1,402,893
Portland General Electric Co.
 
31,172
1,577,927
PPL Corp.
 
251,087
7,211,219
Southern Co.
 
371,903
27,353,466
Xcel Energy, Inc.
 
186,848
13,062,544
 
 
 
236,498,784
Gas Utilities - 0.1%
 
 
 
Atmos Energy Corp.
 
48,980
5,590,577
Chesapeake Utilities Corp.
 
5,958
735,813
National Fuel Gas Co.
 
31,605
1,766,720
New Jersey Resources Corp.
 
32,800
1,693,792
Northwest Natural Holding Co.
 
11,935
560,468
ONE Gas, Inc.
 
18,511
1,424,421
Southwest Gas Holdings, Inc.
 
22,512
1,260,672
Spire, Inc.
 
18,170
1,230,654
UGI Corp.
 
72,177
2,445,357
 
 
 
16,708,474
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Altus Power, Inc. Class A (a)(b)
 
16,593
75,332
Clearway Energy, Inc.:
 
 
 
 Class A
 
13,535
392,244
 Class C
 
27,014
820,415
Montauk Renewables, Inc. (a)
 
22,432
149,173
Ormat Technologies, Inc.
 
17,937
1,539,174
Sunnova Energy International, Inc. (a)(b)
 
32,594
585,388
The AES Corp.
 
226,807
5,366,254
Vistra Corp.
 
127,861
3,050,763
 
 
 
11,978,743
Multi-Utilities - 0.8%
 
 
 
Ameren Corp.
 
88,302
7,856,229
Avista Corp.
 
25,503
1,123,917
Black Hills Corp.
 
22,434
1,464,716
CenterPoint Energy, Inc.
 
215,134
6,555,133
CMS Energy Corp.
 
99,879
6,218,467
Consolidated Edison, Inc.
 
121,100
11,924,717
Dominion Energy, Inc.
 
284,862
16,277,015
DTE Energy Co.
 
66,256
7,447,837
NiSource, Inc.
 
139,532
3,971,081
NorthWestern Energy Corp.
 
19,135
1,121,694
Public Service Enterprise Group, Inc.
 
170,486
10,774,715
Sempra Energy
 
107,307
16,685,165
Unitil Corp.
 
6,178
343,435
WEC Energy Group, Inc.
 
107,695
10,357,028
 
 
 
102,121,149
Water Utilities - 0.1%
 
 
 
American States Water Co.
 
12,403
1,100,766
American Water Works Co., Inc.
 
65,913
9,771,602
Artesian Resources Corp. Class A
 
2,810
153,932
California Water Service Group
 
18,351
1,029,124
Consolidated Water Co., Inc.
 
4,952
83,689
Essential Utilities, Inc.
 
81,816
3,493,543
Middlesex Water Co.
 
6,307
460,285
SJW Group
 
9,183
697,173
York Water Co.
 
4,485
188,549
 
 
 
16,978,663
TOTAL UTILITIES
 
 
384,285,813
 
TOTAL COMMON STOCKS
  (Cost $11,886,313,430)
 
 
 
13,886,357,021
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (e)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (f)
 
  (Cost $1,786,541)
 
 
1,800,000
1,785,504
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
34,180,153
34,186,989
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
156,531,333
156,546,986
 
TOTAL MONEY MARKET FUNDS
  (Cost $190,733,975)
 
 
190,733,975
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
  (Cost $12,078,833,946)
 
 
 
14,078,876,500
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(139,450,393)
NET ASSETS - 100.0%
13,939,426,107
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
50
Jun 2023
4,437,000
59,984
59,984
CME E-mini S&P 500 Index Contracts (United States)
221
Jun 2023
46,282,925
2,070,695
2,070,695
CME E-mini S&P MidCap 400 Index Contracts (United States)
9
Jun 2023
2,250,540
70,439
70,439
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
2,201,118
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,763,504 or 0.0% of net assets.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,785,504.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
44,219,120
742,729,277
752,761,408
903,071
-
-
34,186,989
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
177,970,692
236,938,869
258,362,575
1,366,530
-
-
156,546,986
0.5%
Total
222,189,812
979,668,146
1,011,123,983
2,269,601
-
-
190,733,975
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,066,140,477
1,066,140,477
-
-
Consumer Discretionary
1,422,721,966
1,421,181,907
1,540,059
-
Consumer Staples
935,718,261
935,718,260
1
-
Energy
646,868,397
646,868,397
-
-
Financials
1,875,712,951
1,875,712,951
-
-
Health Care
1,980,255,700
1,980,063,154
156,345
36,201
Industrials
1,347,030,497
1,347,030,497
-
-
Information Technology
3,402,698,674
3,402,254,741
443,933
-
Materials
396,662,328
396,662,328
-
-
Real Estate
428,261,957
428,261,957
-
-
Utilities
384,285,813
384,285,813
-
-
 U.S. Government and Government Agency Obligations
1,785,504
-
1,785,504
-
  Money Market Funds
190,733,975
190,733,975
-
-
 Total Investments in Securities:
14,078,876,500
14,074,914,457
3,925,842
36,201
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
2,201,118
2,201,118
-
-
  Total Assets
2,201,118
2,201,118
-
-
 Total Derivative Instruments:
2,201,118
2,201,118
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
2,201,118
0
Total Equity Risk
2,201,118
0
Total Value of Derivatives
2,201,118
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity ZERO® Total Market Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $151,651,383) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $11,888,099,971)
$
13,888,142,525
 
 
Fidelity Central Funds (cost $190,733,975)
190,733,975
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $12,078,833,946)
 
 
$
14,078,876,500
Segregated cash with brokers for derivative instruments
 
 
1,145,109
Cash
 
 
952,683
Receivable for investments sold
 
 
63,574
Receivable for fund shares sold
 
 
10,418,409
Dividends receivable
 
 
10,225,738
Distributions receivable from Fidelity Central Funds
 
 
457,797
Receivable for daily variation margin on futures contracts
 
 
384,927
Other receivables
 
 
18,385
  Total assets
 
 
14,102,543,122
Liabilities
 
 
 
 
Payable to custodian bank
$
18,935
 
 
Payable for fund shares redeemed
6,552,152
 
 
Other payables and accrued expenses
374
 
 
Collateral on securities loaned
156,545,554
 
 
  Total Liabilities
 
 
 
163,117,015
Net Assets  
 
 
$
13,939,426,107
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
12,000,034,776
Total accumulated earnings (loss)
 
 
 
1,939,391,331
Net Assets
 
 
$
13,939,426,107
Net Asset Value , offering price and redemption price per share ($13,939,426,107 ÷ 963,474,602 shares)
 
 
$
14.47
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
108,132,003
Interest  
 
 
51,788
Income from Fidelity Central Funds (including $1,366,530 from security lending)
 
 
2,269,601
 Total Income
 
 
 
110,453,392
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
39,677
 
 
 Total expenses before reductions
 
39,677
 
 
 Expense reductions
 
(7,125)
 
 
 Total expenses after reductions
 
 
 
32,552
Net Investment income (loss)
 
 
 
110,420,840
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(43,867,613)
 
 
 Foreign currency transactions
 
4,121
 
 
 Futures contracts
 
2,755,130
 
 
Total net realized gain (loss)
 
 
 
(41,108,362)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
868,230,720
 
 
 Assets and liabilities in foreign currencies
 
(123)
 
 
 Futures contracts
 
(451,510)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
867,779,087
Net gain (loss)
 
 
 
826,670,725
Net increase (decrease) in net assets resulting from operations
 
 
$
937,091,565
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
110,420,840
$
186,251,470
Net realized gain (loss)
 
(41,108,362)
 
 
(45,093,139)
 
Change in net unrealized appreciation (depreciation)
 
867,779,087
 
(2,406,552,025)
 
Net increase (decrease) in net assets resulting from operations
 
937,091,565
 
 
(2,265,393,694)
 
Distributions to shareholders
 
(189,994,752)
 
 
(159,713,565)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,583,197,283
 
3,946,563,316
  Reinvestment of distributions
 
170,606,494
 
 
148,391,780
 
Cost of shares redeemed
 
(789,242,411)
 
(1,739,585,103)
  Net increase (decrease) in net assets resulting from share transactions
 
964,561,366
 
 
2,355,369,993
 
Total increase (decrease) in net assets
 
1,711,658,179
 
 
(69,737,266)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,227,767,928
 
12,297,505,194
 
End of period
$
13,939,426,107
$
12,227,767,928
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
113,335,675
 
260,748,573
  Issued in reinvestment of distributions
 
12,741,337
 
 
9,274,532
 
Redeemed
 
(56,663,466)
 
(117,256,805)
Net increase (decrease)
 
69,413,546
 
152,766,300
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® Total Market Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.68
$
16.59
$
11.67
$
10.78
$
9.56
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.22
 
.20
 
.20
 
.19
 
.04
     Net realized and unrealized gain (loss)
 
.88
 
(2.92)
 
4.89
 
.86
 
1.10
 
(.48)
  Total from investment operations
 
1.00  
 
(2.70)  
 
5.09  
 
1.06  
 
1.29
 
(.44)
  Distributions from net investment income
 
(.21)
 
(.18)
 
(.17)
 
(.16)
 
(.06)
 
-
  Distributions from net realized gain
 
-
 
(.03)
 
-
 
(.01)
 
(.01)
 
-
     Total distributions
 
(.21)
 
(.21)
 
(.17)
 
(.17)
 
(.07)
 
-
  Net asset value, end of period
$
14.47
$
13.68
$
16.59
$
11.67
$
10.78
$
9.56
 Total Return   D,E
 
7.43%
 
(16.46)%
 
44.00%
 
9.92%
 
13.57%
 
(4.40)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Expenses net of fee waivers, if any H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Expenses net of all reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-% I
    Net investment income (loss)
 
1.70% I
 
1.50%
 
1.37%
 
1.79%
 
1.91%
 
1.61% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,939,426
$
12,227,768
$
12,297,505
$
6,053,570
$
4,168,884
$
1,364,146
    Portfolio turnover rate J
 
2% I
 
3%
 
4% K
 
6%
 
3%
 
-% L,M
 
A For the period August 2, 2018 (commencement of operations) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount represents less than .005%.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
L Amount not annualized.
 
M Amount represents less than 1%.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity ZERO Extended Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund and Fidelity ZERO Total Market Index Fund are funds of Fidelity Concord Street Trust (the Trust). 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 is authorized to issue an unlimited number of shares. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, 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. 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 ZERO International 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 or Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity ZERO Extended Market Index Fund  
$1,517,071,741
$209,608,190
$   (289,336,792)
$   (79,728,602)
Fidelity ZERO International Index Fund
3,205,296,945
494,904,958
  (386,412,082)
108,492,876
Fidelity ZERO Large Cap Index Fund
5,140,397,733
1,274,305,674
  (472,621,313)
801,684,361
Fidelity ZERO Total Market Index Fund
12,170,250,752
3,239,218,973
  (1,328,392,107)
1,910,826,866
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity ZERO Extended Market Index Fund  
$(7,367,005)
$-
$(7,367,005)
Fidelity ZERO International Index Fund
(28,666,838)
(41,247,980)
(69,914,818)
Fidelity ZERO Large Cap Index Fund
(11,000,641)
(20,093,388)
(31,094,029)
Fidelity ZERO Total Market Index Fund
(4,350,413)
-
(4,350,413)
 
 
 
 
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity ZERO Extended Market Index Fund
158,687,345
46,841,856
Fidelity ZERO International Index Fund
259,642,463
113,692,433
Fidelity ZERO Large Cap Index Fund
310,272,072
84,107,297
Fidelity ZERO Total Market Index Fund
1,058,283,631
140,781,910
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity ZERO Extended Market Index Fund
4,587,156
20,340,688
49,724,771
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity ZERO Extended Market Index Fund
4,184,100
26,774,624
50,502,092
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except fees and expenses of the independent Trustees.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity ZERO Extended Market Index Fund
$104,202
$23,038
$440,194
Fidelity ZERO International Index Fund
$11,340
$11
$-
Fidelity ZERO Large Cap Index Fund
$6,155
$1,854
$-
Fidelity ZERO Total Market Index Fund
$148,877
$29,529
$598,483
 
9. Expense Reductions.
 
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Fidelity ZERO Extended Market Index Fund  
$2,958
Fidelity ZERO International Index Fund  
9,999
Fidelity ZERO Large Cap Index Fund .
1,407
Fidelity ZERO Total Market Index Fund  
7,125
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® Extended Market Index Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,003.40
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.79
 
$- E
 
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® International Index Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,209.50
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.79
 
$- E
 
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® Large Cap Index Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,085.60
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.79
 
$- E
 
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® Total Market Index Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,074.30
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.79
 
$- E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9891447.104
EML-SANN-0623
Fidelity® SAI Japan Stock Index Fund
 
 
Semi-Annual Report
April 30, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Toyota Motor Corp.  (Automobiles)
4.3
 
Sony Group Corp.  (Household Durables)
3.4
 
Keyence Corp.  (Electronic Equipment, Instruments & Components)
2.6
 
Mitsubishi UFJ Financial Group, Inc.  (Banks)
2.2
 
Daiichi Sankyo Kabushiki Kaisha  (Pharmaceuticals)
1.8
 
Hitachi Ltd.  (Industrial Conglomerates)
1.6
 
Sumitomo Mitsui Financial Group, Inc.  (Banks)
1.6
 
Shin-Etsu Chemical Co. Ltd.  (Chemicals)
1.6
 
Tokyo Electron Ltd.  (Semiconductors & Semiconductor Equipment)
1.5
 
KDDI Corp.  (Wireless Telecommunication Services)
1.5
 
 
22.1
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.4
 
Consumer Discretionary
18.1
 
Information Technology
13.4
 
Financials
11.2
 
Health Care
9.3
 
Communication Services
7.9
 
Consumer Staples
6.9
 
Materials
4.6
 
Real Estate
3.1
 
Utilities
1.0
 
Energy
0.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.3%
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.9%
 
 
 
Diversified Telecommunication Services - 1.1%
 
 
 
Nippon Telegraph & Telephone Corp.
 
330,600
10,087,921
Entertainment - 2.4%
 
 
 
Capcom Co. Ltd.
 
47,900
1,799,968
Koei Tecmo Holdings Co. Ltd.
 
32,500
597,668
Konami Group Corp.
 
25,800
1,269,463
Nexon Co. Ltd.
 
131,800
2,977,409
Nintendo Co. Ltd.
 
305,300
12,907,287
Square Enix Holdings Co. Ltd.
 
23,700
1,166,257
Toho Co. Ltd.
 
30,900
1,227,550
 
 
 
21,945,602
Interactive Media & Services - 0.2%
 
 
 
Z Holdings Corp.
 
739,100
2,024,573
Media - 0.4%
 
 
 
CyberAgent, Inc.
 
118,900
1,037,593
Dentsu Group, Inc.
 
56,000
2,017,951
Hakuhodo DY Holdings, Inc.
 
64,600
761,204
 
 
 
3,816,748
Wireless Telecommunication Services - 3.8%
 
 
 
KDDI Corp.
 
445,800
13,917,044
SoftBank Corp.
 
794,400
8,944,000
SoftBank Group Corp.
 
333,600
12,510,808
 
 
 
35,371,852
TOTAL COMMUNICATION SERVICES
 
 
73,246,696
CONSUMER DISCRETIONARY - 18.1%
 
 
 
Automobile Components - 2.0%
 
 
 
Aisin Seiki Co. Ltd.
 
40,700
1,194,605
Bridgestone Corp.
 
157,900
6,341,004
DENSO Corp.
 
119,900
7,237,597
Koito Manufacturing Co. Ltd.
 
57,800
1,118,052
Sumitomo Electric Industries Ltd.
 
197,600
2,521,823
 
 
 
18,413,081
Automobiles - 7.1%
 
 
 
Honda Motor Co. Ltd.
 
450,900
11,959,234
Isuzu Motors Ltd.
 
161,300
1,904,795
Mazda Motor Corp.
 
157,300
1,423,485
Nissan Motor Co. Ltd.
 
642,000
2,341,012
Subaru Corp.
 
170,200
2,777,973
Suzuki Motor Corp.
 
101,900
3,553,098
Toyota Motor Corp.
 
2,933,000
40,270,192
Yamaha Motor Co. Ltd.
 
82,300
2,134,141
 
 
 
66,363,930
Broadline Retail - 0.3%
 
 
 
Pan Pacific International Holdings Ltd.
 
105,300
1,967,734
Rakuten Group, Inc.
 
241,800
1,206,087
 
 
 
3,173,821
Hotels, Restaurants & Leisure - 1.2%
 
 
 
McDonald's Holdings Co. (Japan) Ltd.
 
23,900
995,680
Oriental Land Co. Ltd.
 
276,600
9,788,649
 
 
 
10,784,329
Household Durables - 4.8%
 
 
 
Iida Group Holdings Co. Ltd.
 
39,900
709,394
Open House Group Co. Ltd.
 
21,700
867,409
Panasonic Holdings Corp.
 
610,900
5,753,934
Sekisui Chemical Co. Ltd.
 
101,000
1,437,478
Sekisui House Ltd.
 
170,400
3,503,196
Sharp Corp.
 
63,000
449,001
Sony Group Corp.
 
348,800
31,557,243
 
 
 
44,277,655
Leisure Products - 0.9%
 
 
 
Bandai Namco Holdings, Inc.
 
165,800
3,766,217
SHIMANO, Inc.
 
20,200
3,123,980
Yamaha Corp.
 
38,900
1,533,035
 
 
 
8,423,232
Specialty Retail - 1.8%
 
 
 
Fast Retailing Co. Ltd.
 
48,400
11,461,199
Hikari Tsushin, Inc.
 
5,600
764,092
Nitori Holdings Co. Ltd.
 
22,200
2,826,857
USS Co. Ltd.
 
56,900
956,147
ZOZO, Inc.
 
34,500
726,030
 
 
 
16,734,325
TOTAL CONSUMER DISCRETIONARY
 
 
168,170,373
CONSUMER STAPLES - 6.9%
 
 
 
Beverages - 1.1%
 
 
 
Asahi Group Holdings
 
126,200
4,875,623
Kirin Holdings Co. Ltd.
 
227,500
3,695,809
Suntory Beverage & Food Ltd.
 
38,500
1,449,348
 
 
 
10,020,780
Consumer Staples Distribution & Retail - 1.8%
 
 
 
AEON Co. Ltd.
 
180,900
3,687,104
Kobe Bussan Co. Ltd.
 
41,600
1,163,486
MatsukiyoCocokara & Co.
 
31,600
1,692,176
Seven & i Holdings Co. Ltd.
 
208,400
9,444,157
Welcia Holdings Co. Ltd.
 
26,100
546,457
 
 
 
16,533,380
Food Products - 1.4%
 
 
 
Ajinomoto Co., Inc.
 
126,200
4,538,703
Kikkoman Corp.
 
40,200
2,381,196
Meiji Holdings Co. Ltd.
 
61,600
1,486,390
Nisshin Seifun Group, Inc.
 
54,700
663,043
Nissin Food Holdings Co. Ltd.
 
17,100
1,648,647
Yakult Honsha Co. Ltd.
 
35,500
2,670,097
 
 
 
13,388,076
Household Products - 0.5%
 
 
 
Unicharm Corp.
 
111,600
4,505,286
Personal Care Products - 1.3%
 
 
 
Kao Corp.
 
128,900
5,208,656
Kobayashi Pharmaceutical Co. Ltd.
 
14,000
873,628
Kose Corp.
 
9,200
1,073,596
Shiseido Co. Ltd.
 
110,600
5,543,913
 
 
 
12,699,793
Tobacco - 0.8%
 
 
 
Japan Tobacco, Inc.
 
331,900
7,141,456
TOTAL CONSUMER STAPLES
 
 
64,288,771
ENERGY - 0.8%
 
 
 
Oil, Gas & Consumable Fuels - 0.8%
 
 
 
ENEOS Holdings, Inc.
 
848,700
3,019,272
Idemitsu Kosan Co. Ltd.
 
57,700
1,228,609
INPEX Corp.
 
287,600
3,147,222
 
 
 
7,395,103
FINANCIALS - 11.2%
 
 
 
Banks - 6.2%
 
 
 
Chiba Bank Ltd.
 
146,600
957,303
Concordia Financial Group Ltd.
 
301,100
1,142,482
Japan Post Bank Co. Ltd.
 
408,200
3,259,710
Mitsubishi UFJ Financial Group, Inc.
 
3,306,100
20,694,648
Mizuho Financial Group, Inc.
 
667,200
9,671,617
Resona Holdings, Inc.
 
597,600
2,978,416
Shizuoka Financial Group
 
123,400
930,146
Sumitomo Mitsui Financial Group, Inc.
 
361,200
14,763,558
Sumitomo Mitsui Trust Holdings, Inc.
 
91,600
3,301,972
 
 
 
57,699,852
Capital Markets - 0.9%
 
 
 
Daiwa Securities Group, Inc.
 
368,900
1,713,428
Japan Exchange Group, Inc.
 
138,900
2,255,428
Nomura Holdings, Inc.
 
804,900
2,885,488
SBI Holdings, Inc. Japan
 
67,800
1,324,186
 
 
 
8,178,530
Financial Services - 0.8%
 
 
 
GMO Payment Gateway, Inc.
 
11,600
907,257
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
182,600
947,828
ORIX Corp.
 
330,600
5,624,340
 
 
 
7,479,425
Insurance - 3.3%
 
 
 
Dai-ichi Mutual Life Insurance Co.
 
271,000
5,040,811
Japan Post Holdings Co. Ltd.
 
657,600
5,413,314
Japan Post Insurance Co. Ltd.
 
55,300
898,022
MS&AD Insurance Group Holdings, Inc.
 
118,600
3,892,728
Sompo Holdings, Inc.
 
86,500
3,609,610
T&D Holdings, Inc.
 
146,600
1,795,315
Tokio Marine Holdings, Inc.
 
507,800
10,210,352
 
 
 
30,860,152
TOTAL FINANCIALS
 
 
104,217,959
HEALTH CARE - 9.3%
 
 
 
Health Care Equipment & Supplies - 2.8%
 
 
 
ASAHI INTECC Co. Ltd.
 
60,100
1,087,585
Hoya Corp.
 
98,700
10,349,193
Olympus Corp.
 
337,900
5,915,418
Sysmex Corp.
 
46,400
2,984,598
Terumo Corp.
 
178,600
5,348,319
 
 
 
25,685,113
Health Care Technology - 0.3%
 
 
 
M3, Inc.
 
122,100
2,997,064
Pharmaceuticals - 6.2%
 
 
 
Astellas Pharma, Inc.
 
507,700
7,648,279
Chugai Pharmaceutical Co. Ltd.
 
185,800
4,794,692
Daiichi Sankyo Kabushiki Kaisha
 
484,600
16,628,863
Eisai Co. Ltd.
 
69,700
4,021,921
Kyowa Hakko Kirin Co., Ltd.
 
74,700
1,662,179
Nippon Shinyaku Co. Ltd.
 
13,600
621,910
Ono Pharmaceutical Co. Ltd.
 
100,200
2,017,537
Otsuka Holdings Co. Ltd.
 
108,000
3,674,243
Shionogi & Co. Ltd.
 
73,300
3,281,241
Takeda Pharmaceutical Co. Ltd.
 
415,700
13,784,265
 
 
 
58,135,130
TOTAL HEALTH CARE
 
 
86,817,307
INDUSTRIALS - 22.4%
 
 
 
Air Freight & Logistics - 0.4%
 
 
 
Nippon Express Holdings, Inc.
 
21,300
1,249,926
SG Holdings Co. Ltd.
 
79,700
1,146,869
Yamato Holdings Co. Ltd.
 
78,800
1,353,594
 
 
 
3,750,389
Building Products - 1.8%
 
 
 
AGC, Inc.
 
53,500
1,994,740
Daikin Industries Ltd.
 
68,900
12,514,381
LIXIL Group Corp.
 
79,400
1,249,839
Toto Ltd.
 
39,200
1,340,709
 
 
 
17,099,669
Commercial Services & Supplies - 0.8%
 
 
 
Dai Nippon Printing Co. Ltd.
 
61,400
1,765,012
Secom Co. Ltd.
 
58,100
3,720,375
Toppan, Inc.
 
72,500
1,541,260
 
 
 
7,026,647
Construction & Engineering - 0.6%
 
 
 
Kajima Corp.
 
117,000
1,547,973
Obayashi Corp.
 
179,600
1,497,284
SHIMIZU Corp.
 
152,700
932,540
Taisei Corp.
 
50,000
1,700,545
 
 
 
5,678,342
Electrical Equipment - 1.5%
 
 
 
Fuji Electric Co. Ltd.
 
35,100
1,416,830
Mitsubishi Electric Corp.
 
534,500
6,627,202
Nidec Corp.
 
123,700
6,120,933
 
 
 
14,164,965
Ground Transportation - 2.5%
 
 
 
Central Japan Railway Co.
 
39,900
4,939,571
East Japan Railway Co.
 
83,600
4,783,730
Hankyu Hanshin Holdings, Inc.
 
63,300
1,976,309
Keio Corp.
 
28,400
1,054,775
Keisei Electric Railway Co.
 
35,800
1,263,344
Kintetsu Group Holdings Co. Ltd.
 
47,500
1,603,471
Odakyu Electric Railway Co. Ltd.
 
81,500
1,138,418
Tobu Railway Co. Ltd.
 
52,200
1,332,447
Tokyu Corp.
 
146,900
2,073,644
West Japan Railway Co.
 
60,700
2,630,845
 
 
 
22,796,554
Industrial Conglomerates - 2.0%
 
 
 
Hitachi Ltd.
 
267,900
14,818,791
Toshiba Corp.
 
107,800
3,473,292
 
 
 
18,292,083
Machinery - 5.0%
 
 
 
Daifuku Co. Ltd.
 
84,000
1,547,682
FANUC Corp.
 
265,300
8,959,503
Hitachi Construction Machinery Co. Ltd.
 
29,700
731,864
Hoshizaki Corp.
 
30,000
1,056,635
Komatsu Ltd.
 
255,800
6,361,713
Kubota Corp.
 
280,000
4,242,840
Kurita Water Industries Ltd.
 
28,900
1,211,166
Makita Corp.
 
62,000
1,749,064
Minebea Mitsumi, Inc.
 
100,400
1,859,271
Misumi Group, Inc.
 
78,700
1,985,381
Mitsubishi Heavy Industries Ltd.
 
88,600
3,359,734
NGK Insulators Ltd.
 
65,800
825,910
SMC Corp.
 
15,800
7,880,168
Toyota Industries Corp.
 
40,600
2,359,587
Yaskawa Electric Corp.
 
66,400
2,704,183
 
 
 
46,834,701
Marine Transportation - 0.6%
 
 
 
Mitsui OSK Lines Ltd. (a)
 
95,100
2,357,588
Nippon Yusen KK
 
134,000
3,167,614
 
 
 
5,525,202
Passenger Airlines - 0.2%
 
 
 
Ana Holdings, Inc. (b)
 
44,200
964,137
Japan Airlines Co. Ltd.
 
39,900
761,156
 
 
 
1,725,293
Professional Services - 1.5%
 
 
 
BayCurrent Consulting, Inc.
 
36,500
1,268,740
Nihon M&A Center Holdings, Inc.
 
83,800
640,554
Persol Holdings Co. Ltd.
 
49,100
1,012,413
Recruit Holdings Co. Ltd.
 
398,700
11,184,973
 
 
 
14,106,680
Trading Companies & Distributors - 5.5%
 
 
 
Itochu Corp.
 
328,800
10,907,894
Marubeni Corp.
 
427,700
6,070,431
Mitsubishi Corp.
 
346,600
12,850,498
Mitsui & Co. Ltd.
 
396,400
12,375,097
MonotaRO Co. Ltd.
 
69,300
1,048,433
Sumitomo Corp.
 
311,500
5,582,973
Toyota Tsusho Corp.
 
58,800
2,444,158
 
 
 
51,279,484
TOTAL INDUSTRIALS
 
 
208,280,009
INFORMATION TECHNOLOGY - 13.4%
 
 
 
Electronic Equipment, Instruments & Components - 5.7%
 
 
 
Azbil Corp.
 
31,800
889,343
Hamamatsu Photonics K.K.
 
38,800
2,056,938
Hirose Electric Co. Ltd.
 
8,200
1,106,663
Ibiden Co. Ltd.
 
31,200
1,227,603
Keyence Corp.
 
53,800
24,261,449
Kyocera Corp.
 
88,800
4,660,895
Murata Manufacturing Co. Ltd.
 
158,900
9,015,378
OMRON Corp.
 
51,300
3,009,215
Shimadzu Corp.
 
65,500
2,048,629
TDK Corp.
 
107,500
3,695,735
Yokogawa Electric Corp.
 
63,200
1,026,418
 
 
 
52,998,266
IT Services - 2.4%
 
 
 
Fujitsu Ltd.
 
54,400
7,250,286
ITOCHU Techno-Solutions Corp.
 
26,600
688,823
NEC Corp.
 
67,900
2,611,116
Nomura Research Institute Ltd.
 
109,900
2,765,034
NTT Data Corp.
 
174,600
2,371,618
OBIC Co. Ltd.
 
19,300
2,973,652
Otsuka Corp.
 
31,500
1,146,570
SCSK Corp.
 
43,200
652,226
TIS, Inc.
 
62,500
1,716,233
 
 
 
22,175,558
Semiconductors & Semiconductor Equipment - 3.4%
 
 
 
Advantest Corp.
 
50,300
3,919,975
Disco Corp.
 
24,000
2,732,526
Lasertec Corp.
 
20,900
2,843,362
Renesas Electronics Corp. (b)
 
325,000
4,235,546
ROHM Co. Ltd.
 
24,200
1,821,974
Sumco Corp.
 
96,800
1,333,096
Tokyo Electron Ltd.
 
123,900
14,187,232
 
 
 
31,073,711
Software - 0.3%
 
 
 
Oracle Corp. Japan
 
10,600
760,749
Trend Micro, Inc.
 
37,000
1,807,949
 
 
 
2,568,698
Technology Hardware, Storage & Peripherals - 1.6%
 
 
 
Brother Industries Ltd.
 
64,200
1,008,277
Canon, Inc.
 
276,700
6,590,263
FUJIFILM Holdings Corp.
 
99,600
5,191,149
Ricoh Co. Ltd.
 
151,700
1,256,035
Seiko Epson Corp.
 
77,400
1,183,735
 
 
 
15,229,459
TOTAL INFORMATION TECHNOLOGY
 
 
124,045,692
MATERIALS - 4.6%
 
 
 
Chemicals - 3.6%
 
 
 
Asahi Kasei Corp.
 
347,000
2,450,917
JSR Corp.
 
49,000
1,136,969
Mitsubishi Chemical Holdings Corp.
 
354,100
2,077,379
Mitsui Chemicals, Inc.
 
51,000
1,290,351
Nippon Paint Holdings Co. Ltd.
 
229,500
2,070,605
Nippon Sanso Holdings Corp.
 
47,900
864,245
Nissan Chemical Corp.
 
35,200
1,564,360
Nitto Denko Corp.
 
39,300
2,540,676
Shin-Etsu Chemical Co. Ltd.
 
511,500
14,596,073
Sumitomo Chemical Co. Ltd.
 
412,200
1,392,916
Toray Industries, Inc.
 
383,500
2,173,410
Tosoh Corp.
 
71,900
960,605
 
 
 
33,118,506
Metals & Mining - 0.9%
 
 
 
JFE Holdings, Inc.
 
135,900
1,607,738
Nippon Steel & Sumitomo Metal Corp.
 
223,400
4,771,248
Sumitomo Metal Mining Co. Ltd.
 
68,400
2,524,556
 
 
 
8,903,542
Paper & Forest Products - 0.1%
 
 
 
Oji Holdings Corp.
 
224,400
881,825
TOTAL MATERIALS
 
 
42,903,873
REAL ESTATE - 3.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.1%
 
 
 
Daiwa House REIT Investment Corp.
 
610
1,297,878
GLP J-REIT
 
1,238
1,414,509
Japan Real Estate Investment Corp.
 
345
1,367,029
Japan Retail Fund Investment Corp.
 
1,933
1,415,372
Nippon Building Fund, Inc.
 
423
1,773,730
Nippon Prologis REIT, Inc.
 
591
1,346,341
Nomura Real Estate Master Fund, Inc.
 
1,174
1,373,705
 
 
 
9,988,564
Real Estate Management & Development - 2.0%
 
 
 
Daito Trust Construction Co. Ltd.
 
17,200
1,630,176
Daiwa House Industry Co. Ltd.
 
165,900
4,228,538
Hulic Co. Ltd.
 
106,200
914,388
Mitsubishi Estate Co. Ltd.
 
311,300
3,836,556
Mitsui Fudosan Co. Ltd.
 
250,600
4,977,422
Nomura Real Estate Holdings, Inc.
 
32,900
819,836
Sumitomo Realty & Development Co. Ltd.
 
85,600
1,998,694
 
 
 
18,405,610
TOTAL REAL ESTATE
 
 
28,394,174
UTILITIES - 1.0%
 
 
 
Electric Utilities - 0.6%
 
 
 
Chubu Electric Power Co., Inc.
 
178,200
1,987,351
Kansai Electric Power Co., Inc.
 
194,700
2,101,731
Tokyo Electric Power Co., Inc. (b)
 
422,200
1,513,762
 
 
 
5,602,844
Gas Utilities - 0.4%
 
 
 
Osaka Gas Co. Ltd.
 
103,700
1,715,323
Tokyo Gas Co. Ltd.
 
108,200
2,216,264
 
 
 
3,931,587
TOTAL UTILITIES
 
 
9,534,431
 
TOTAL COMMON STOCKS
  (Cost $1,044,690,239)
 
 
 
917,294,388
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (d)
 
  (Cost $397,009)
 
 
400,000
396,779
 
 
 
 
Money Market Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
875,120
875,295
Fidelity Securities Lending Cash Central Fund 4.88% (e)(f)
 
927,407
927,500
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,802,795)
 
 
1,802,795
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.9%
  (Cost $1,046,890,043)
 
 
 
919,493,962
NET OTHER ASSETS (LIABILITIES) - 1.1%  
9,798,625
NET ASSETS - 100.0%
929,292,587
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME Yen Denominated Nikkei 225 Contracts (United States)
112
Jun 2023
11,946,420
467,618
467,618
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.3%
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $396,779.
 
(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 are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
2,200,319
3,564,742
4,889,766
5,257
-
-
875,295
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
-
76,054,021
75,126,521
38,175
-
-
927,500
0.0%
Total
2,200,319
79,618,763
80,016,287
43,432
-
-
1,802,795
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
73,246,696
-
73,246,696
-
Consumer Discretionary
168,170,373
-
168,170,373
-
Consumer Staples
64,288,771
-
64,288,771
-
Energy
7,395,103
-
7,395,103
-
Financials
104,217,959
-
104,217,959
-
Health Care
86,817,307
-
86,817,307
-
Industrials
208,280,009
-
208,280,009
-
Information Technology
124,045,692
-
124,045,692
-
Materials
42,903,873
-
42,903,873
-
Real Estate
28,394,174
-
28,394,174
-
Utilities
9,534,431
-
9,534,431
-
 Government Obligations
396,779
-
396,779
-
  Money Market Funds
1,802,795
1,802,795
-
-
 Total Investments in Securities:
919,493,962
1,802,795
917,691,167
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
467,618
467,618
-
-
  Total Assets
467,618
467,618
-
-
 Total Derivative Instruments:
467,618
467,618
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
467,618
0
Total Equity Risk
467,618
0
Total Value of Derivatives
467,618
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $876,794) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,045,087,248)
$
917,691,167
 
 
Fidelity Central Funds (cost $1,802,795)
1,802,795
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,046,890,043)
 
 
$
919,493,962
Segregated cash with brokers for derivative instruments
 
 
202,510
Foreign currency held at value (cost $851,538)
 
 
835,028
Dividends receivable
 
 
9,659,741
Distributions receivable from Fidelity Central Funds
 
 
8,921
Receivable for daily variation margin on futures contracts
 
 
145,195
Prepaid expenses
 
 
396
  Total assets
 
 
930,345,753
Liabilities
 
 
 
 
Accrued management fee
$
77,536
 
 
Other payables and accrued expenses
48,130
 
 
Collateral on securities loaned
927,500
 
 
  Total Liabilities
 
 
 
1,053,166
Net Assets  
 
 
$
929,292,587
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,181,662,005
Total accumulated earnings (loss)
 
 
 
(252,369,418)
Net Assets
 
 
$
929,292,587
Net Asset Value , offering price and redemption price per share ($929,292,587 ÷ 106,608,596 shares)
 
 
$
8.72
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
12,836,136
Interest  
 
 
1,463
Income from Fidelity Central Funds (including $38,175 from security lending)
 
 
43,432
 Income before foreign taxes withheld
 
 
$
12,881,031
Less foreign taxes withheld
 
 
(1,282,898)
 Total Income
 
 
 
11,598,133
Expenses
 
 
 
 
Management fee
$
469,853
 
 
Custodian fees and expenses
30,609
 
 
Independent trustees' fees and expenses
3,273
 
 
Registration fees
5,595
 
 
Audit
31,449
 
 
Legal
718
 
 
Interest
43,538
 
 
Miscellaneous
2,125
 
 
 Total expenses before reductions
 
587,160
 
 
 Expense reductions
 
(14)
 
 
 Total expenses after reductions
 
 
 
587,146
Net Investment income (loss)
 
 
 
11,010,987
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(49,631,945)
 
 
 Foreign currency transactions
 
819,562
 
 
 Futures contracts
 
511,088
 
 
Total net realized gain (loss)
 
 
 
(48,301,295)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
192,273,940
 
 
 Assets and liabilities in foreign currencies
 
54,616
 
 
 Futures contracts
 
(108,662)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
192,219,894
Net gain (loss)
 
 
 
143,918,599
Net increase (decrease) in net assets resulting from operations
 
 
$
154,929,586
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,010,987
$
26,601,539
Net realized gain (loss)
 
(48,301,295)
 
 
(87,686,440)
 
Change in net unrealized appreciation (depreciation)
 
192,219,894
 
(289,849,636)
 
Net increase (decrease) in net assets resulting from operations
 
154,929,586
 
 
(350,934,537)
 
Distributions to shareholders
 
(21,029,630)
 
 
(16,387,030)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
-
 
38,000,000
  Reinvestment of distributions
 
21,029,630
 
 
16,387,030
 
Cost of shares redeemed
 
(194,000,000)
 
(439,000,000)
  Net increase (decrease) in net assets resulting from share transactions
 
(172,970,370)
 
 
(384,612,970)
 
Total increase (decrease) in net assets
 
(39,070,414)
 
 
(751,934,537)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
968,363,001
 
1,720,297,538
 
End of period
$
929,292,587
$
968,363,001
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
-
 
4,919,261
  Issued in reinvestment of distributions
 
2,567,720
 
 
1,622,478
 
Redeemed
 
(23,783,327)
 
(47,655,992)
Net increase (decrease)
 
(21,215,607)
 
(41,114,253)
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Japan Stock Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.58
$
10.18
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.19
 
.10
     Net realized and unrealized gain (loss)
 
1.23
 
(2.69)
 
.08
  Total from investment operations
 
1.33  
 
(2.50)  
 
.18  
  Distributions from net investment income
 
(.19)
 
(.10)
 
-
     Total distributions
 
(.19)
 
(.10)
 
-
  Net asset value, end of period
$
8.72
$
7.58
$
10.18
 Total Return   D,E
 
17.64%
 
(24.83)%
 
1.80%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.12% H
 
.11%
 
.14% H,I
    Expenses net of fee waivers, if any
 
.12% H
 
.11%
 
.14% H,I
    Expenses net of all reductions
 
.12% H
 
.11%
 
.14% H,I
    Net investment income (loss)
 
2.34% H
 
2.12%
 
2.27% H,I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
929,293
$
968,363
$
1,720,298
    Portfolio turnover rate J
 
3% H
 
8%
 
-% K,L
 
A For the period May 27, 2021 (commencement of operations) through October 31, 2021.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Annualized.
 
I Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Amount not annualized.
 
L Amount represents less than 1%.
 
For the period ended April 30, 2023
 
1.   Organization.
Fidelity SAI Japan Stock Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2.   Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.   Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$43,078,483
Gross unrealized depreciation
(172,609,973)
Net unrealized appreciation (depreciation)
$(129,531,490)
Tax cost
$1,049,493,070
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(78,820,716)
Long-term
(2,238,510)
Total capital loss carryforward
$(81,059,226)
4.   Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5.   Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Japan Stock Index Fund
14,056,063
192,775,031
6.   Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Japan Stock Index Fund
  Borrower
$15,044,364
4.17%
$38,298
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7.   Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI Japan Stock Index Fund
$934
8.   Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity SAI Japan Stock Index Fund
$4,043
$-
$-
9.   Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity SAI Japan Stock Index Fund
$8,713,600
4.33%
$5,240
10.   Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $14.
11.   Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity SAI Japan Stock Index Fund
10%
90%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI Japan Stock Index Fund
100%
12.   Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Japan Stock Index Fund
 
 
 
.12%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,176.40
 
$ .65
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.20
 
$ .60
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9901433.101
JSI-SANN-0623
Fidelity® Series International Index Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.2
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.7
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.6
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.6
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.4
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.4
 
Roche Holding AG (participation certificate)  (United States of America, Pharmaceuticals)
1.3
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
1.3
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.0
 
BHP Group Ltd.  (Australia, Metals & Mining)
0.9
 
 
14.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
17.6
 
Industrials
15.2
 
Health Care
13.1
 
Consumer Discretionary
11.4
 
Consumer Staples
10.3
 
Materials
7.3
 
Information Technology
7.2
 
Energy
4.4
 
Communication Services
4.3
 
Utilities
3.5
 
Real Estate
1.5
 
 
Asset Allocation (% of Fund's net assets)
Futures - 4.5%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.1%
 
 
Shares
Value ($)
 
Australia - 7.4%
 
 
 
Ampol Ltd.
 
5,015
100,063
ANZ Group Holdings Ltd.
 
62,901
1,021,402
APA Group unit
 
24,826
169,498
Aristocrat Leisure Ltd.
 
12,490
315,940
ASX Ltd.
 
4,074
185,406
Aurizon Holdings Ltd.
 
38,740
88,081
BHP Group Ltd.
 
106,744
3,167,895
BlueScope Steel Ltd.
 
9,703
128,970
Brambles Ltd.
 
29,176
276,379
Cochlear Ltd.
 
1,384
226,931
Coles Group Ltd.
 
28,112
339,598
Commonwealth Bank of Australia
 
35,710
2,363,149
Computershare Ltd.
 
11,428
170,115
DEXUS Property Group unit
 
22,636
117,322
EBOS Group Ltd.
 
3,496
95,941
Endeavour Group Ltd.
 
30,147
135,879
Flutter Entertainment PLC (Ireland) (a)
 
3,514
701,233
Fortescue Metals Group Ltd.
 
35,626
498,466
Glencore PLC
 
216,957
1,280,618
Goodman Group unit
 
35,609
459,058
IDP Education Ltd.
 
4,390
82,474
IGO Ltd.
 
14,340
132,055
Insurance Australia Group Ltd.
 
51,865
171,833
Lendlease Group unit
 
14,505
72,037
Macquarie Group Ltd.
 
7,725
942,387
Medibank Private Ltd.
 
57,940
137,119
Mineral Resources Ltd.
 
3,586
176,900
Mirvac Group unit
 
83,033
133,303
National Australia Bank Ltd.
 
66,502
1,280,241
Newcrest Mining Ltd.
 
18,790
358,793
Northern Star Resources Ltd.
 
24,513
218,651
Orica Ltd.
 
9,455
102,056
Origin Energy Ltd.
 
36,244
200,955
Pilbara Minerals Ltd.
 
53,378
151,925
Qantas Airways Ltd. (a)
 
19,425
85,663
QBE Insurance Group Ltd.
 
31,206
319,106
Ramsay Health Care Ltd.
 
3,882
166,931
REA Group Ltd.
 
1,111
104,488
Reece Ltd.
 
4,674
56,937
Rio Tinto Ltd.
 
7,810
585,786
Rio Tinto PLC
 
23,691
1,506,094
Santos Ltd.
 
66,536
315,187
Scentre Group unit
 
109,212
209,588
SEEK Ltd.
 
7,088
115,650
Sonic Healthcare Ltd.
 
9,597
226,230
South32 Ltd.
 
96,564
272,963
Stockland Corp. Ltd. unit
 
50,234
148,913
Suncorp Group Ltd.
 
26,566
221,189
Telstra Group Ltd.
 
85,054
246,760
The GPT Group unit
 
40,314
118,544
The Lottery Corp. Ltd.
 
46,823
156,997
Transurban Group unit
 
64,679
645,063
Treasury Wine Estates Ltd.
 
15,194
140,744
Vicinity Centres unit
 
81,416
113,817
Washington H. Soul Pattinson & Co. Ltd.
 
4,557
95,394
Wesfarmers Ltd.
 
23,859
825,364
Westpac Banking Corp.
 
73,653
1,102,525
WiseTech Global Ltd.
 
3,090
141,540
Woodside Energy Group Ltd.
 
39,946
906,388
Woolworths Group Ltd.
 
25,703
663,056
TOTAL AUSTRALIA
 
 
25,493,590
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
7,234
262,330
Mondi PLC
 
10,215
162,397
OMV AG
 
3,099
146,290
Verbund AG
 
1,433
127,743
Voestalpine AG
 
2,442
84,439
TOTAL AUSTRIA
 
 
783,199
Belgium - 0.8%
 
 
 
Ageas
 
3,393
151,008
Anheuser-Busch InBev SA NV
 
18,274
1,188,165
D'ieteren Group
 
524
98,446
Elia Group SA/NV
 
696
95,405
Groupe Bruxelles Lambert SA
 
2,092
187,411
KBC Group NV
 
5,262
375,607
Sofina SA
 
324
74,188
Solvay SA Class A
 
1,559
186,989
UCB SA
 
2,660
247,440
Umicore SA
 
4,407
144,517
Warehouses de Pauw
 
3,400
101,604
Warehouses de Pauw rights 5/12/23 (a)(b)
 
3,400
3,746
TOTAL BELGIUM
 
 
2,854,526
Brazil - 0.0%
 
 
 
Yara International ASA
 
3,483
140,143
Chile - 0.1%
 
 
 
Antofagasta PLC
 
8,296
152,272
China - 0.5%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
77,710
245,309
Budweiser Brewing Co. APAC Ltd. (c)
 
36,280
104,821
ESR Group Ltd. (c)
 
42,223
66,001
Prosus NV
 
16,882
1,263,340
SITC International Holdings Co. Ltd.
 
28,000
51,791
Wilmar International Ltd.
 
40,422
119,395
TOTAL CHINA
 
 
1,850,657
Denmark - 3.0%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
68
121,132
 Series B
 
104
187,985
Carlsberg A/S Series B
 
2,049
338,496
Chr. Hansen Holding A/S
 
2,219
172,481
Coloplast A/S Series B
 
2,500
359,598
Danske Bank A/S (a)
 
14,512
305,815
Demant A/S (a)
 
1,911
81,757
DSV A/S
 
3,939
739,818
Genmab A/S (a)
 
1,385
569,186
Novo Nordisk A/S Series B
 
34,855
5,798,286
Novozymes A/S Series B
 
4,304
223,583
ORSTED A/S (c)
 
3,980
356,903
Pandora A/S
 
1,909
176,155
Rockwool International A/S Series B
 
195
47,060
Tryg A/S
 
7,579
178,705
Vestas Wind Systems A/S
 
21,247
587,917
TOTAL DENMARK
 
 
10,244,877
Finland - 1.1%
 
 
 
Elisa Corp. (A Shares)
 
2,991
185,618
Fortum Corp.
 
9,512
141,812
Kesko Oyj
 
5,746
119,697
Kone OYJ (B Shares)
 
7,150
407,323
Metso Outotec Oyj
 
14,066
154,993
Neste OYJ
 
8,901
430,964
Nokia Corp.
 
113,835
481,653
Nordea Bank ABP
 
69,735
773,983
Orion Oyj (B Shares)
 
2,244
105,385
Sampo Oyj (A Shares)
 
10,093
511,143
Stora Enso Oyj (R Shares)
 
11,597
146,955
UPM-Kymmene Corp.
 
11,229
357,586
Wartsila Corp.
 
9,960
115,237
TOTAL FINLAND
 
 
3,932,349
France - 10.5%
 
 
 
Accor SA
 
3,596
127,273
Adevinta ASA Class B (a)
 
6,044
46,505
Aeroports de Paris SA
 
625
99,240
Air Liquide SA
 
11,030
1,984,189
Airbus Group NV
 
12,456
1,744,271
Alstom SA
 
6,727
169,080
Amundi SA (c)
 
1,288
84,232
Arkema SA
 
1,287
127,094
AXA SA
 
39,634
1,293,661
bioMerieux SA
 
881
92,126
BNP Paribas SA
 
23,370
1,510,015
Bollore SA
 
18,584
125,324
Bouygues SA
 
4,754
173,916
Bureau Veritas SA
 
6,181
178,035
Capgemini SA
 
3,445
625,968
Carrefour SA
 
12,489
259,779
Compagnie de Saint-Gobain
 
10,349
599,152
Compagnie Generale des Etablissements Michelin SCA Series B
 
14,273
454,561
Covivio
 
997
56,578
Covivio rights (a)(b)
 
997
4,120
Credit Agricole SA
 
25,697
314,108
Danone SA
 
13,505
893,810
Dassault Aviation SA
 
527
102,958
Dassault Systemes SA
 
14,021
566,542
Edenred SA
 
5,249
340,786
Eiffage SA
 
1,753
208,423
Engie SA
 
38,424
614,599
EssilorLuxottica SA
 
6,118
1,209,412
Eurazeo SA
 
916
65,254
Gecina SA
 
967
107,513
Getlink SE
 
9,255
172,960
Hermes International SCA
 
667
1,445,534
Ipsen SA
 
794
96,240
Kering SA
 
1,575
1,006,065
Klepierre SA
 
4,527
114,531
L'Oreal SA
 
5,087
2,425,722
La Francaise des Jeux SAEM (c)
 
2,207
94,212
Legrand SA
 
5,614
530,146
LVMH Moet Hennessy Louis Vuitton SE
 
5,829
5,606,806
Orange SA
 
41,953
546,057
Pernod Ricard SA
 
4,341
1,001,633
Publicis Groupe SA
 
4,806
392,925
Remy Cointreau SA
 
488
84,343
Renault SA
 
4,045
149,895
Safran SA
 
7,190
1,118,187
Sartorius Stedim Biotech
 
582
155,517
SEB SA
 
534
61,077
Societe Generale Series A
 
16,985
412,536
Sodexo SA
 
1,861
199,322
Teleperformance
 
1,244
247,834
Thales SA
 
2,245
342,369
TotalEnergies SE
 
52,408
3,348,868
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)
 
2,482
132,753
Valeo SA
 
4,339
84,459
Veolia Environnement SA
 
14,002
443,373
VINCI SA
 
11,342
1,402,248
Vivendi SA
 
15,145
166,115
Wendel SA
 
571
63,925
Worldline SA (a)(c)
 
5,031
218,309
TOTAL FRANCE
 
 
36,242,485
Germany - 7.7%
 
 
 
adidas AG
 
3,415
601,402
Allianz SE
 
8,497
2,133,655
Aroundtown SA (d)
 
20,703
28,071
BASF AG
 
19,322
997,479
Bayer AG
 
20,668
1,364,011
Bayerische Motoren Werke AG (BMW)
 
6,967
778,749
Bechtle AG
 
1,722
79,789
Beiersdorf AG
 
2,120
295,741
Brenntag SE
 
3,250
264,219
Carl Zeiss Meditec AG
 
847
113,677
Commerzbank AG
 
22,395
248,375
Continental AG
 
2,314
161,708
Covestro AG (c)
 
4,064
178,289
Daimler Truck Holding AG
 
9,521
314,106
Deutsche Bank AG
 
43,480
476,375
Deutsche Borse AG
 
3,997
762,262
Deutsche Lufthansa AG (a)
 
12,564
134,705
Deutsche Post AG
 
20,853
1,003,021
Deutsche Telekom AG
 
68,290
1,646,592
E.ON SE
 
47,232
624,800
Evonik Industries AG
 
4,410
96,021
Fresenius Medical Care AG & Co. KGaA
 
4,322
209,721
Fresenius SE & Co. KGaA
 
8,888
256,790
GEA Group AG
 
3,184
149,249
Hannover Reuck SE
 
1,268
270,500
HeidelbergCement AG
 
3,047
230,189
HelloFresh AG (a)
 
3,477
92,833
Henkel AG & Co. KGaA
 
2,202
162,568
Infineon Technologies AG
 
27,472
1,000,442
Knorr-Bremse AG
 
1,526
106,674
LEG Immobilien AG
 
1,560
96,915
Mercedes-Benz Group AG (Germany)
 
16,881
1,316,482
Merck KGaA
 
2,719
487,011
MTU Aero Engines AG
 
1,124
294,400
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
2,947
1,105,705
Nemetschek SE
 
1,215
94,493
Puma AG
 
2,221
129,610
Rational AG
 
108
77,948
Rheinmetall AG
 
916
267,980
RWE AG
 
13,515
633,662
SAP SE
 
22,001
2,977,092
Scout24 AG (c)
 
1,686
104,966
Siemens AG
 
16,114
2,656,107
Siemens Energy AG (a)
 
10,939
267,351
Siemens Healthineers AG (c)
 
5,933
368,850
Symrise AG
 
2,793
337,457
Telefonica Deutschland Holding AG
 
21,574
72,862
United Internet AG
 
1,818
31,171
Volkswagen AG
 
623
104,597
Vonovia SE
 
15,071
326,868
Zalando SE (a)(c)
 
4,711
192,951
TOTAL GERMANY
 
 
26,726,491
Hong Kong - 2.4%
 
 
 
AIA Group Ltd.
 
248,845
2,709,194
CK Asset Holdings Ltd.
 
41,726
246,731
CK Infrastructure Holdings Ltd.
 
13,081
74,475
CLP Holdings Ltd.
 
34,736
258,635
Futu Holdings Ltd. ADR (a)(d)
 
1,236
54,718
Hang Lung Properties Ltd.
 
42,400
77,504
Hang Seng Bank Ltd.
 
16,076
238,292
Henderson Land Development Co. Ltd.
 
31,140
110,881
HKT Trust/HKT Ltd. unit
 
80,292
105,526
Hong Kong & China Gas Co. Ltd.
 
235,697
209,283
Hong Kong Exchanges and Clearing Ltd.
 
25,367
1,053,159
Hongkong Land Holdings Ltd.
 
23,530
104,719
Jardine Matheson Holdings Ltd.
 
3,375
163,154
Link (REIT)
 
53,344
348,917
MTR Corp. Ltd.
 
32,611
162,942
New World Development Co. Ltd.
 
31,305
83,487
Power Assets Holdings Ltd.
 
29,303
167,446
Prudential PLC
 
57,839
884,997
Sino Land Ltd.
 
73,904
99,591
Sun Hung Kai Properties Ltd.
 
30,680
427,167
Swire Pacific Ltd. (A Shares)
 
9,856
78,238
Swire Properties Ltd.
 
24,165
64,949
Techtronic Industries Co. Ltd.
 
29,292
316,895
WH Group Ltd. (c)
 
175,577
97,751
Wharf Real Estate Investment Co. Ltd.
 
34,814
200,763
Xinyi Glass Holdings Ltd.
 
39,050
71,444
TOTAL HONG KONG
 
 
8,410,858
Ireland - 0.6%
 
 
 
AerCap Holdings NV (a)
 
3,493
196,865
AIB Group PLC
 
22,497
96,629
Bank of Ireland Group PLC
 
22,517
232,484
CRH PLC
 
15,773
761,110
Kerry Group PLC Class A
 
3,350
352,304
Kingspan Group PLC (Ireland)
 
3,249
224,471
Smurfit Kappa Group PLC
 
5,200
192,180
TOTAL IRELAND
 
 
2,056,043
Israel - 0.6%
 
 
 
Azrieli Group
 
881
50,976
Bank Hapoalim BM (Reg.)
 
26,740
228,178
Bank Leumi le-Israel BM
 
32,501
255,040
Bezeq The Israel Telecommunication Corp. Ltd.
 
43,741
59,260
Check Point Software Technologies Ltd. (a)
 
2,111
268,857
Elbit Systems Ltd. (Israel)
 
560
103,086
First International Bank of Israel
 
1,209
43,572
Icl Group Ltd.
 
14,908
91,395
Israel Discount Bank Ltd. (Class A)
 
26,056
128,150
Mizrahi Tefahot Bank Ltd.
 
3,251
105,699
NICE Ltd. (a)
 
1,337
274,521
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
23,370
204,020
Tower Semiconductor Ltd. (a)
 
2,301
101,186
Wix.com Ltd. (a)
 
1,204
105,025
TOTAL ISRAEL
 
 
2,018,965
Italy - 2.1%
 
 
 
Amplifon SpA
 
2,620
96,079
Assicurazioni Generali SpA
 
23,358
485,937
Coca-Cola HBC AG
 
4,242
129,227
Davide Campari Milano NV
 
11,000
141,572
DiaSorin SpA
 
530
57,513
Enel SpA
 
171,105
1,169,009
Eni SpA
 
52,592
794,529
Ferrari NV (Italy)
 
2,652
737,281
FinecoBank SpA
 
12,833
194,152
Infrastrutture Wireless Italiane SpA (c)
 
7,059
97,968
Intesa Sanpaolo SpA
 
340,325
894,848
Mediobanca SpA
 
12,489
133,901
Moncler SpA
 
4,318
319,548
Nexi SpA (a)(c)
 
12,410
102,641
Poste Italiane SpA (c)
 
10,984
114,085
Prysmian SpA
 
5,359
218,901
Recordati SpA
 
2,200
101,161
Snam SpA
 
42,405
235,499
Telecom Italia SpA (a)
 
213,146
62,686
Terna - Rete Elettrica Nazionale
 
29,603
256,390
UniCredit SpA
 
40,415
800,843
TOTAL ITALY
 
 
7,143,770
Japan - 20.2%
 
 
 
Advantest Corp.
 
3,833
298,713
AEON Co. Ltd.
 
13,791
281,088
AGC, Inc.
 
4,094
152,644
Aisin Seiki Co. Ltd.
 
3,074
90,226
Ajinomoto Co., Inc.
 
9,583
344,647
Ana Holdings, Inc. (a)
 
3,363
73,357
Asahi Group Holdings
 
9,662
373,283
ASAHI INTECC Co. Ltd.
 
4,526
81,904
Asahi Kasei Corp.
 
26,393
186,418
Astellas Pharma, Inc.
 
38,613
581,688
Azbil Corp.
 
2,407
67,316
Bandai Namco Holdings, Inc.
 
12,711
288,736
BayCurrent Consulting, Inc.
 
2,800
97,328
Bridgestone Corp.
 
12,084
485,274
Brother Industries Ltd.
 
4,874
76,547
Canon, Inc.
 
21,071
501,856
Capcom Co. Ltd.
 
3,694
138,812
Central Japan Railway Co.
 
3,040
376,348
Chiba Bank Ltd.
 
11,105
72,516
Chubu Electric Power Co., Inc.
 
13,595
151,616
Chugai Pharmaceutical Co. Ltd.
 
14,122
364,428
Concordia Financial Group Ltd.
 
22,926
86,989
CyberAgent, Inc.
 
9,072
79,168
Dai Nippon Printing Co. Ltd.
 
4,705
135,251
Dai-ichi Mutual Life Insurance Co.
 
20,611
383,381
Daifuku Co. Ltd.
 
6,510
119,945
Daiichi Sankyo Kabushiki Kaisha
 
36,946
1,267,788
Daikin Industries Ltd.
 
5,217
947,569
Daito Trust Construction Co. Ltd.
 
1,309
124,064
Daiwa House Industry Co. Ltd.
 
12,650
322,429
Daiwa House REIT Investment Corp.
 
46
97,873
Daiwa Securities Group, Inc.
 
28,056
130,312
DENSO Corp.
 
9,122
550,637
Dentsu Group, Inc.
 
4,263
153,617
Disco Corp.
 
1,944
221,335
East Japan Railway Co.
 
6,402
366,333
Eisai Co. Ltd.
 
5,321
307,039
ENEOS Holdings, Inc.
 
64,514
229,510
FANUC Corp.
 
20,105
678,970
Fast Retailing Co. Ltd.
 
3,591
850,355
Fuji Electric Co. Ltd.
 
2,611
105,394
FUJIFILM Holdings Corp.
 
7,600
396,112
Fujitsu Ltd.
 
4,128
550,169
GLP J-REIT
 
96
109,687
GMO Payment Gateway, Inc.
 
869
67,966
Hakuhodo DY Holdings, Inc.
 
4,980
58,681
Hamamatsu Photonics K.K.
 
2,941
155,914
Hankyu Hanshin Holdings, Inc.
 
4,775
149,082
Hikari Tsushin, Inc.
 
390
53,214
Hirose Electric Co. Ltd.
 
653
88,128
Hitachi Construction Machinery Co. Ltd.
 
2,283
56,257
Hitachi Ltd.
 
20,425
1,129,801
Honda Motor Co. Ltd.
 
34,338
910,748
Hoshizaki Corp.
 
2,268
79,882
Hoya Corp.
 
7,528
789,349
Hulic Co. Ltd.
 
8,100
69,741
Ibiden Co. Ltd.
 
2,377
93,526
Idemitsu Kosan Co. Ltd.
 
4,407
93,838
Iida Group Holdings Co. Ltd.
 
3,037
53,996
INPEX Corp.
 
21,910
239,762
Isuzu Motors Ltd.
 
12,226
144,377
Itochu Corp.
 
25,050
831,030
ITOCHU Techno-Solutions Corp.
 
2,065
53,474
Japan Airlines Co. Ltd.
 
3,037
57,936
Japan Exchange Group, Inc.
 
10,563
171,520
Japan Post Bank Co. Ltd.
 
31,162
248,846
Japan Post Holdings Co. Ltd.
 
50,003
411,621
Japan Post Insurance Co. Ltd.
 
4,167
67,668
Japan Real Estate Investment Corp.
 
26
103,022
Japan Retail Fund Investment Corp.
 
147
107,636
Japan Tobacco, Inc.
 
25,208
542,398
JFE Holdings, Inc.
 
10,320
122,089
JSR Corp.
 
3,741
86,804
Kajima Corp.
 
8,854
117,143
Kansai Electric Power Co., Inc.
 
14,780
159,546
Kao Corp.
 
9,806
396,246
KDDI Corp.
 
33,900
1,058,295
Keio Corp.
 
2,173
80,705
Keisei Electric Railway Co.
 
2,719
95,951
Keyence Corp.
 
4,105
1,851,176
Kikkoman Corp.
 
3,042
180,189
Kintetsu Group Holdings Co. Ltd.
 
3,587
121,087
Kirin Holdings Co. Ltd.
 
17,274
280,622
Kobayashi Pharmaceutical Co. Ltd.
 
1,081
67,457
Kobe Bussan Co. Ltd.
 
3,205
89,639
Koei Tecmo Holdings Co. Ltd.
 
2,496
45,901
Koito Manufacturing Co. Ltd.
 
4,344
84,028
Komatsu Ltd.
 
19,468
484,167
Konami Group Corp.
 
1,955
96,194
Kose Corp.
 
756
88,222
Kubota Corp.
 
21,243
321,895
Kurita Water Industries Ltd.
 
2,165
90,733
Kyocera Corp.
 
6,738
353,661
Kyowa Hakko Kirin Co., Ltd.
 
5,647
125,654
Lasertec Corp.
 
1,625
221,075
LIXIL Group Corp.
 
6,043
95,123
M3, Inc.
 
9,338
229,210
Makita Corp.
 
4,673
131,829
Marubeni Corp.
 
32,572
462,301
MatsukiyoCocokara & Co.
 
2,400
128,520
Mazda Motor Corp.
 
11,972
108,340
McDonald's Holdings Co. (Japan) Ltd.
 
1,814
75,572
Meiji Holdings Co. Ltd.
 
4,582
110,562
Minebea Mitsumi, Inc.
 
7,611
140,945
Misumi Group, Inc.
 
5,967
150,531
Mitsubishi Chemical Holdings Corp.
 
26,947
158,088
Mitsubishi Corp.
 
26,435
980,101
Mitsubishi Electric Corp.
 
40,656
504,089
Mitsubishi Estate Co. Ltd.
 
23,784
293,121
Mitsubishi Heavy Industries Ltd.
 
6,812
258,313
Mitsubishi UFJ Financial Group, Inc.
 
251,521
1,574,404
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
13,878
72,037
Mitsui & Co. Ltd.
 
30,229
943,710
Mitsui Chemicals, Inc.
 
3,910
98,927
Mitsui Fudosan Co. Ltd.
 
19,041
378,193
Mitsui OSK Lines Ltd.
 
7,200
178,492
Mizuho Financial Group, Inc.
 
50,899
737,823
MonotaRO Co. Ltd.
 
5,322
80,516
MS&AD Insurance Group Holdings, Inc.
 
9,043
296,812
Murata Manufacturing Co. Ltd.
 
12,161
689,969
NEC Corp.
 
5,135
197,468
Nexon Co. Ltd.
 
10,014
226,220
NGK Insulators Ltd.
 
5,041
63,274
Nidec Corp.
 
9,449
467,556
Nihon M&A Center Holdings, Inc.
 
6,396
48,890
Nintendo Co. Ltd.
 
23,270
983,795
Nippon Building Fund, Inc.
 
32
134,183
Nippon Express Holdings, Inc.
 
1,623
95,241
Nippon Paint Holdings Co. Ltd.
 
17,405
157,032
Nippon Prologis REIT, Inc.
 
45
102,513
Nippon Sanso Holdings Corp.
 
3,650
65,856
Nippon Shinyaku Co. Ltd.
 
975
44,585
Nippon Steel & Sumitomo Metal Corp.
 
16,982
362,692
Nippon Telegraph & Telephone Corp.
 
25,145
767,274
Nippon Yusen KK
 
10,165
240,290
Nissan Chemical Corp.
 
2,607
115,860
Nissan Motor Co. Ltd.
 
48,864
178,179
Nisshin Seifun Group, Inc.
 
4,120
49,940
Nissin Food Holdings Co. Ltd.
 
1,306
125,914
Nitori Holdings Co. Ltd.
 
1,735
220,928
Nitto Denko Corp.
 
3,063
198,018
Nomura Holdings, Inc.
 
61,185
219,342
Nomura Real Estate Holdings, Inc.
 
2,493
62,123
Nomura Real Estate Master Fund, Inc.
 
89
104,139
Nomura Research Institute Ltd.
 
8,339
209,805
NTT Data Corp.
 
13,245
179,909
Obayashi Corp.
 
13,693
114,155
OBIC Co. Ltd.
 
1,516
233,578
Odakyu Electric Railway Co. Ltd.
 
6,193
86,506
Oji Holdings Corp.
 
17,055
67,021
Olympus Corp.
 
25,653
449,092
OMRON Corp.
 
3,911
229,416
Ono Pharmaceutical Co. Ltd.
 
7,621
153,450
Open House Group Co. Ltd.
 
1,600
63,956
Oracle Corp. Japan
 
864
62,008
Oriental Land Co. Ltd.
 
21,170
749,189
ORIX Corp.
 
25,104
427,082
Osaka Gas Co. Ltd.
 
7,936
131,271
Otsuka Corp.
 
2,375
86,448
Otsuka Holdings Co. Ltd.
 
8,254
280,807
Pan Pacific International Holdings Ltd.
 
7,994
149,383
Panasonic Holdings Corp.
 
46,409
437,116
Persol Holdings Co. Ltd.
 
3,700
76,292
Rakuten Group, Inc.
 
18,346
91,509
Recruit Holdings Co. Ltd.
 
30,373
852,072
Renesas Electronics Corp. (a)
 
24,703
321,941
Resona Holdings, Inc.
 
45,477
226,656
Ricoh Co. Ltd.
 
11,625
96,252
ROHM Co. Ltd.
 
1,846
138,982
SBI Holdings, Inc. Japan
 
5,197
101,501
SCSK Corp.
 
3,358
50,698
Secom Co. Ltd.
 
4,449
284,887
Seiko Epson Corp.
 
5,844
89,377
Sekisui Chemical Co. Ltd.
 
7,598
108,138
Sekisui House Ltd.
 
12,934
265,906
Seven & i Holdings Co. Ltd.
 
15,859
718,689
SG Holdings Co. Ltd.
 
6,137
88,310
Sharp Corp.
 
4,760
33,925
Shimadzu Corp.
 
4,974
155,571
SHIMANO, Inc.
 
1,524
235,690
SHIMIZU Corp.
 
11,423
69,760
Shin-Etsu Chemical Co. Ltd.
 
38,970
1,112,041
Shionogi & Co. Ltd.
 
5,641
252,517
Shiseido Co. Ltd.
 
8,469
424,515
Shizuoka Financial Group
 
9,399
70,846
SMC Corp.
 
1,196
596,499
SoftBank Corp.
 
60,413
680,179
SoftBank Group Corp.
 
25,424
953,462
Sompo Holdings, Inc.
 
6,559
273,704
Sony Group Corp.
 
26,513
2,398,730
Square Enix Holdings Co. Ltd.
 
1,755
86,362
Subaru Corp.
 
12,928
211,008
Sumco Corp.
 
7,349
101,208
Sumitomo Chemical Co. Ltd.
 
31,326
105,858
Sumitomo Corp.
 
23,675
424,324
Sumitomo Electric Industries Ltd.
 
15,044
191,996
Sumitomo Metal Mining Co. Ltd.
 
5,186
191,409
Sumitomo Mitsui Financial Group, Inc.
 
27,487
1,123,494
Sumitomo Mitsui Trust Holdings, Inc.
 
6,955
250,712
Sumitomo Realty & Development Co. Ltd.
 
6,522
152,284
Suntory Beverage & Food Ltd.
 
2,932
110,376
Suzuki Motor Corp.
 
7,818
272,602
Sysmex Corp.
 
3,580
230,277
T&D Holdings, Inc.
 
11,196
137,110
Taisei Corp.
 
3,816
129,786
Takeda Pharmaceutical Co. Ltd.
 
31,678
1,050,416
TDK Corp.
 
8,151
280,223
Terumo Corp.
 
13,580
406,664
TIS, Inc.
 
4,772
131,038
Tobu Railway Co. Ltd.
 
4,015
102,486
Toho Co. Ltd.
 
2,390
94,946
Tokio Marine Holdings, Inc.
 
38,668
777,499
Tokyo Electric Power Co., Inc. (a)
 
32,125
115,181
Tokyo Electron Ltd.
 
9,450
1,082,077
Tokyo Gas Co. Ltd.
 
8,215
168,268
Tokyu Corp.
 
11,217
158,339
Toppan, Inc.
 
5,538
117,731
Toray Industries, Inc.
 
29,202
165,497
Toshiba Corp.
 
8,244
265,620
Tosoh Corp.
 
5,427
72,506
Toto Ltd.
 
2,935
100,382
Toyota Industries Corp.
 
3,141
182,548
Toyota Motor Corp.
 
223,390
3,067,153
Toyota Tsusho Corp.
 
4,457
185,265
Trend Micro, Inc.
 
2,820
137,795
Unicharm Corp.
 
8,474
342,095
USS Co. Ltd.
 
4,368
73,400
Welcia Holdings Co. Ltd.
 
1,955
40,932
West Japan Railway Co.
 
4,570
198,072
Yakult Honsha Co. Ltd.
 
2,714
204,131
Yamaha Corp.
 
3,023
119,135
Yamaha Motor Co. Ltd.
 
6,272
162,641
Yamato Holdings Co. Ltd.
 
6,012
103,272
Yaskawa Electric Corp.
 
4,998
203,547
Yokogawa Electric Corp.
 
4,779
77,615
Z Holdings Corp.
 
56,117
153,718
ZOZO, Inc.
 
2,582
54,337
TOTAL JAPAN
 
 
69,847,580
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
3,474
80,377
Korea (South) - 0.0%
 
 
 
Delivery Hero AG (a)(c)
 
3,638
144,835
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
11,080
313,895
Eurofins Scientific SA
 
2,835
197,617
TOTAL LUXEMBOURG
 
 
511,512
Macau - 0.2%
 
 
 
Galaxy Entertainment Group Ltd.
 
45,635
324,798
Sands China Ltd. (a)
 
51,262
183,591
TOTAL MACAU
 
 
508,389
Netherlands - 5.0%
 
 
 
ABN AMRO Bank NV:
 
 
 
 GDR (Bearer) (c)
 
8,498
135,918
 rights (a)(b)
 
8,498
6,274
Adyen BV (a)(c)
 
456
732,724
AEGON NV
 
37,590
171,513
Akzo Nobel NV
 
3,821
316,366
Argenx SE (a)
 
1,166
449,782
ASM International NV (Netherlands)
 
985
356,056
ASML Holding NV (Netherlands)
 
8,489
5,364,536
Euronext NV (c)
 
1,803
143,243
EXOR NV
 
2,281
187,201
Heineken Holding NV
 
2,434
233,202
Heineken NV (Bearer)
 
5,453
625,201
IMCD NV
 
1,199
179,944
ING Groep NV (Certificaten Van Aandelen)
 
78,485
968,605
JDE Peet's BV
 
2,115
64,322
Koninklijke Ahold Delhaize NV
 
21,998
756,760
Koninklijke KPN NV
 
69,469
253,345
Koninklijke Philips Electronics NV
 
18,710
395,006
NN Group NV
 
5,869
218,392
OCI NV
 
2,217
58,361
Randstad NV
 
2,515
136,402
Shell PLC (London)
 
148,600
4,566,206
Universal Music Group NV
 
15,258
333,061
Wolters Kluwer NV
 
5,432
719,160
TOTAL NETHERLANDS
 
 
17,371,580
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd. (a)
 
26,367
144,369
Fisher & Paykel Healthcare Corp.
 
12,151
208,425
Mercury Nz Ltd.
 
14,328
56,279
Meridian Energy Ltd.
 
27,172
92,023
Spark New Zealand Ltd.
 
39,402
127,669
Xero Ltd. (a)
 
2,841
177,352
TOTAL NEW ZEALAND
 
 
806,117
Norway - 0.6%
 
 
 
Aker BP ASA
 
6,649
158,784
DNB Bank ASA
 
19,567
343,711
Equinor ASA
 
20,042
577,030
Gjensidige Forsikring ASA
 
4,206
73,132
Kongsberg Gruppen ASA
 
1,864
83,571
Mowi ASA
 
8,702
165,841
Norsk Hydro ASA
 
28,292
208,203
Orkla ASA
 
15,792
113,509
Salmar ASA
 
1,401
62,116
Telenor ASA
 
14,719
183,624
TOTAL NORWAY
 
 
1,969,521
Portugal - 0.2%
 
 
 
Energias de Portugal SA
 
61,653
339,677
Galp Energia SGPS SA Class B
 
10,546
127,711
Jeronimo Martins SGPS SA
 
5,956
150,291
TOTAL PORTUGAL
 
 
617,679
Singapore - 1.5%
 
 
 
CapitaLand Ascendas REIT
 
70,751
152,251
Capitaland Ascott Trust unit (b)
 
3,127
2,539
CapitaLand Investment Ltd.
 
54,853
153,546
CapitaMall Trust
 
111,723
170,594
City Developments Ltd.
 
8,468
44,299
DBS Group Holdings Ltd.
 
38,098
941,400
Genting Singapore Ltd.
 
127,194
108,207
Grab Holdings Ltd. (a)(d)
 
27,321
79,504
Jardine Cycle & Carriage Ltd.
 
2,100
53,484
Keppel Corp. Ltd.
 
30,616
142,162
Mapletree Logistics Trust (REIT)
 
70,768
92,612
Mapletree Pan Asia Commercial Trust
 
49,577
65,672
Oversea-Chinese Banking Corp. Ltd.
 
71,228
673,880
Sea Ltd. ADR (a)
 
7,602
579,044
Seatrium Ltd. (a)
 
974,407
90,876
Singapore Airlines Ltd.
 
28,162
123,865
Singapore Exchange Ltd.
 
18,089
130,180
Singapore Technologies Engineering Ltd.
 
32,893
89,545
Singapore Telecommunications Ltd.
 
173,762
332,989
STMicroelectronics NV (France)
 
14,378
615,049
United Overseas Bank Ltd.
 
24,866
528,103
UOL Group Ltd.
 
9,644
50,312
Venture Corp. Ltd.
 
5,857
74,828
TOTAL SINGAPORE
 
 
5,294,941
South Africa - 0.2%
 
 
 
Anglo American PLC (United Kingdom)
 
26,732
823,725
Spain - 2.5%
 
 
 
Acciona SA
 
520
96,262
ACS Actividades de Construccion y Servicios SA
 
4,609
158,454
Aena SME SA (c)
 
1,578
265,862
Amadeus IT Holding SA Class A (a)
 
9,476
666,021
Banco Bilbao Vizcaya Argentaria SA (d)
 
127,134
930,747
Banco Santander SA (Spain) (d)
 
353,313
1,240,554
CaixaBank SA
 
93,266
345,234
Cellnex Telecom SA (c)
 
11,925
502,090
Corp. ACCIONA Energias Renovables SA
 
1,365
48,973
EDP Renovaveis SA
 
5,323
118,247
Enagas SA
 
5,236
104,746
Endesa SA
 
6,684
150,027
Ferrovial SA
 
10,268
321,666
Grifols SA (a)
 
6,277
64,463
Iberdrola SA
 
129,270
1,675,094
Industria de Diseno Textil SA (d)
 
22,947
787,890
Naturgy Energy Group SA
 
3,059
95,391
Red Electrica Corporacion SA
 
8,542
155,352
Repsol SA
 
29,029
426,867
Telefonica SA
 
109,329
496,593
TOTAL SPAIN
 
 
8,650,533
Sweden - 3.0%
 
 
 
Alfa Laval AB
 
6,095
223,175
ASSA ABLOY AB (B Shares)
 
21,087
501,521
Atlas Copco AB:
 
 
 
 (A Shares)
 
56,508
816,070
 (B Shares)
 
32,837
420,427
Boliden AB
 
5,754
205,471
Electrolux AB (B Shares)
 
4,625
69,702
Embracer Group AB (a)
 
13,676
71,227
Epiroc AB:
 
 
 
 (A Shares)
 
13,853
277,518
 (B Shares)
 
8,218
141,120
EQT AB (d)
 
7,534
161,479
Ericsson (B Shares)
 
61,403
338,066
Essity AB (B Shares)
 
12,814
388,229
Evolution AB (c)
 
3,847
512,206
Fastighets AB Balder (a)
 
13,286
61,656
Getinge AB (B Shares)
 
4,815
122,029
H&M Hennes & Mauritz AB (B Shares)
 
15,367
225,292
Hexagon AB (B Shares)
 
40,944
468,797
Holmen AB (B Shares)
 
1,974
74,552
Husqvarna AB (B Shares)
 
8,831
76,038
Industrivarden AB:
 
 
 
 (A Shares)
 
2,783
79,460
 (C Shares)
 
3,203
91,295
Indutrade AB
 
5,750
137,764
Investment AB Latour (B Shares)
 
3,070
66,309
Investor AB:
 
 
 
 (A Shares)
 
10,595
231,839
 (B Shares)
 
38,578
826,855
Kinnevik AB (B Shares) (a)
 
5,107
83,589
L E Lundbergforetagen AB
 
1,601
76,638
Lifco AB
 
4,907
111,729
Nibe Industrier AB (B Shares)
 
31,885
356,003
Sagax AB
 
4,015
98,270
Sandvik AB
 
22,432
456,075
Securitas AB (B Shares)
 
10,355
92,695
Skandinaviska Enskilda Banken AB (A Shares)
 
33,998
386,226
Skanska AB (B Shares)
 
7,161
116,894
SKF AB (B Shares)
 
8,066
145,746
Svenska Cellulosa AB SCA (B Shares)
 
12,750
174,620
Svenska Handelsbanken AB (A Shares)
 
30,687
271,267
Swedbank AB (A Shares)
 
19,054
330,726
Swedish Orphan Biovitrum AB (a)
 
3,555
86,457
Tele2 AB (B Shares)
 
11,990
127,382
Telia Co. AB
 
55,923
155,699
Volvo AB:
 
 
 
 (A Shares)
 
4,207
89,021
 (B Shares)
 
31,754
652,727
Volvo Car AB (a)
 
12,356
50,797
TOTAL SWEDEN
 
 
10,450,658
Switzerland - 6.0%
 
 
 
ABB Ltd. (Reg.)
 
33,070
1,192,955
Adecco SA (Reg.)
 
3,367
115,002
Alcon, Inc. (Switzerland)
 
10,513
762,379
Bachem Holding AG (B Shares)
 
688
74,738
Baloise Holdings AG
 
964
160,801
Banque Cantonale Vaudoise
 
624
65,552
Barry Callebaut AG
 
75
159,758
BKW AG
 
445
76,171
Clariant AG (Reg.)
 
4,540
75,476
Compagnie Financiere Richemont SA Series A
 
10,982
1,815,334
Credit Suisse Group AG
 
75,780
68,190
DSM-Firmenich AG
 
3,677
481,178
Ems-Chemie Holding AG
 
148
121,119
Geberit AG (Reg.)
 
755
428,074
Givaudan SA
 
194
677,595
Julius Baer Group Ltd.
 
4,499
320,721
Kuehne & Nagel International AG
 
1,144
337,754
Lindt & Spruengli AG
 
2
245,679
Lindt & Spruengli AG (participation certificate)
 
23
283,560
Logitech International SA (Reg.)
 
3,642
213,993
Lonza Group AG
 
1,567
977,244
Novartis AG
 
45,560
4,660,510
Partners Group Holding AG
 
478
461,609
Schindler Holding AG:
 
 
 
 (participation certificate)
 
856
190,286
 (Reg.)
 
495
105,164
SGS SA (Reg.)
 
3,350
301,925
Sig Group AG
 
6,435
171,629
Sika AG
 
3,073
848,833
Sonova Holding AG
 
1,105
348,368
Straumann Holding AG
 
2,349
353,409
Swatch Group AG (Bearer)
 
608
207,190
Swatch Group AG (Bearer) (Reg.)
 
1,109
69,727
Swiss Life Holding AG
 
649
426,059
Swiss Prime Site AG
 
1,616
146,169
Swisscom AG
 
545
373,760
Temenos Group AG
 
1,338
111,788
UBS Group AG
 
70,446
1,423,737
VAT Group AG (c)
 
568
199,088
Zurich Insurance Group Ltd.
 
3,165
1,528,944
TOTAL SWITZERLAND
 
 
20,581,468
United Arab Emirates - 0.0%
 
 
 
NMC Health PLC (a)
 
941
2
United Kingdom - 11.2%
 
 
 
3i Group PLC
 
20,477
455,593
Abrdn PLC
 
43,053
115,085
Admiral Group PLC
 
3,790
110,075
Ashtead Group PLC
 
9,233
531,096
Associated British Foods PLC
 
7,495
184,242
AstraZeneca PLC (United Kingdom)
 
32,622
4,800,751
Auto Trader Group PLC (c)
 
19,458
155,605
Aviva PLC
 
58,960
313,434
BAE Systems PLC
 
65,095
829,309
Barclays PLC
 
334,138
673,092
Barratt Developments PLC
 
21,048
132,260
Berkeley Group Holdings PLC
 
2,296
128,318
BP PLC
 
382,130
2,563,708
British American Tobacco PLC (United Kingdom)
 
44,785
1,654,617
British Land Co. PLC
 
18,531
93,202
BT Group PLC
 
146,215
291,896
Bunzl PLC
 
7,102
282,401
Burberry Group PLC
 
8,123
264,504
CK Hutchison Holdings Ltd.
 
56,556
378,101
CNH Industrial NV
 
21,525
302,291
Coca-Cola European Partners PLC
 
4,325
278,833
Compass Group PLC
 
37,009
976,333
Croda International PLC
 
2,938
257,725
DCC PLC (United Kingdom)
 
2,076
128,990
Diageo PLC
 
47,845
2,182,503
Entain PLC
 
12,386
224,775
Halma PLC
 
7,985
231,611
Hargreaves Lansdown PLC
 
7,486
75,546
HSBC Holdings PLC (United Kingdom)
 
420,403
3,029,991
Imperial Brands PLC
 
18,860
466,862
Informa PLC
 
30,120
273,528
InterContinental Hotel Group PLC
 
3,713
255,294
Intertek Group PLC
 
3,395
177,323
J Sainsbury PLC
 
36,986
128,477
JD Sports Fashion PLC
 
54,264
109,830
Johnson Matthey PLC
 
3,852
95,053
Just Eat Takeaway.com NV (a)(c)
 
3,844
67,408
Kingfisher PLC
 
41,395
134,165
Land Securities Group PLC
 
14,883
126,104
Legal & General Group PLC
 
125,651
369,672
Lloyds Banking Group PLC
 
1,417,138
860,942
London Stock Exchange Group PLC
 
7,957
835,431
M&G PLC
 
47,426
122,245
National Grid PLC
 
77,002
1,104,049
NatWest Group PLC
 
111,805
368,297
Next PLC
 
2,719
230,313
Ocado Group PLC (a)
 
12,147
77,123
Pearson PLC
 
13,641
151,767
Persimmon PLC
 
6,716
110,906
Phoenix Group Holdings PLC
 
15,777
117,341
Reckitt Benckiser Group PLC
 
15,054
1,216,511
RELX PLC (London Stock Exchange)
 
40,299
1,340,087
Rentokil Initial PLC
 
53,202
423,555
Rolls-Royce Holdings PLC (a)
 
176,037
337,229
Sage Group PLC
 
21,427
220,436
Schroders PLC
 
18,956
115,708
Segro PLC
 
25,440
266,900
Severn Trent PLC
 
5,291
194,962
Smith & Nephew PLC
 
18,317
301,677
Smiths Group PLC
 
7,502
158,487
Spirax-Sarco Engineering PLC
 
1,548
215,750
SSE PLC
 
23,186
534,974
St. James's Place PLC
 
11,448
173,582
Standard Chartered PLC (United Kingdom)
 
51,837
409,378
Taylor Wimpey PLC
 
74,271
119,662
Tesco PLC
 
155,733
550,587
Unilever PLC
 
53,350
2,970,642
United Utilities Group PLC
 
14,350
195,132
Vodafone Group PLC
 
549,772
660,346
Whitbread PLC
 
4,250
173,428
WPP PLC
 
22,689
264,427
TOTAL UNITED KINGDOM
 
 
38,671,477
United States of America - 7.1%
 
 
 
CSL Ltd.
 
10,163
2,028,909
CyberArk Software Ltd. (a)
 
857
106,782
Experian PLC
 
19,367
685,686
GSK PLC
 
85,566
1,543,026
Haleon PLC
 
106,849
469,783
Holcim AG
 
11,663
767,486
James Hardie Industries PLC CDI
 
9,377
209,249
Nestle SA (Reg. S)
 
57,907
7,428,861
QIAGEN NV (Germany) (a)
 
4,791
213,861
Roche Holding AG:
 
 
 
 (Bearer)
 
561
189,793
 (participation certificate)
 
14,795
4,632,909
Sanofi SA
 
24,024
2,589,025
Schneider Electric SA
 
11,446
1,996,090
Stellantis NV (Italy)
 
47,473
784,657
Swiss Re Ltd.
 
6,346
636,978
Tenaris SA
 
9,933
142,094
TOTAL UNITED STATES OF AMERICA
 
 
24,425,189
 
TOTAL COMMON STOCKS
  (Cost $300,535,029)
 
 
 
328,805,808
 
 
 
 
Nonconvertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Germany - 0.5%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
1,249
132,466
Dr. Ing. h.c. F. Porsche AG Series F (c)
 
2,396
299,393
Henkel AG & Co. KGaA
 
3,766
304,476
Porsche Automobil Holding SE (Germany)
 
3,222
179,456
Sartorius AG (non-vtg.)
 
512
198,363
Volkswagen AG
 
3,902
532,817
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $1,709,511)
 
 
 
1,646,971
 
 
 
 
Government Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.65% 6/29/23 (f)
  (Cost $496,261)
 
500,000
495,973
 
 
 
 
Money Market Funds - 5.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
15,842,279
15,845,447
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
3,277,976
3,278,304
 
TOTAL MONEY MARKET FUNDS
  (Cost $19,123,751)
 
 
19,123,751
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
  (Cost $321,864,552)
 
 
 
350,072,503
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(4,374,944)
NET ASSETS - 100.0%
345,697,559
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
144
Jun 2023
15,477,120
927,704
927,704
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 4.5%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 $5,340,351 or 1.5% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $495,973.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
3,870,962
48,316,107
36,341,622
214,442
-
-
15,845,447
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
2,022,594
10,950,152
9,694,442
19,626
-
-
3,278,304
0.0%
Total
5,893,556
59,266,259
46,036,064
234,068
-
-
19,123,751
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
14,869,382
3,185,997
11,683,385
-
Consumer Discretionary
40,145,247
11,016,377
29,128,870
-
Consumer Staples
35,148,584
9,061,279
26,087,305
-
Energy
15,263,193
1,290,616
13,972,577
-
Financials
60,344,102
20,394,167
39,949,935
-
Health Care
44,583,801
6,371,023
38,212,778
-
Industrials
51,594,032
18,825,242
32,768,790
-
Information Technology
24,476,782
8,721,583
15,755,199
-
Materials
24,494,589
7,296,246
17,198,343
-
Real Estate
7,990,339
1,481,242
6,509,097
-
Utilities
11,542,728
4,661,753
6,880,975
-
 Government Obligations
495,973
-
495,973
-
  Money Market Funds
19,123,751
19,123,751
-
-
 Total Investments in Securities:
350,072,503
111,429,276
238,643,227
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
927,704
927,704
-
-
  Total Assets
927,704
927,704
-
-
 Total Derivative Instruments:
927,704
927,704
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
927,704
0
Total Equity Risk
927,704
0
Total Value of Derivatives
927,704
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,983,918) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $302,740,801)
$
330,948,752
 
 
Fidelity Central Funds (cost $19,123,751)
19,123,751
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $321,864,552)
 
 
$
350,072,503
Segregated cash with brokers for derivative instruments
 
 
125,104
Foreign currency held at value (cost $1,050,129)
 
 
1,053,006
Receivable for fund shares sold
 
 
5,848
Dividends receivable
 
 
1,525,552
Reclaims receivable
 
 
888,822
Interest receivable
 
 
8
Distributions receivable from Fidelity Central Funds
 
 
63,247
Receivable from investment adviser for expense reductions
 
 
6,490
  Total assets
 
 
353,740,580
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
16,694
 
 
Payable for fund shares redeemed
4,695,526
 
 
Payable for daily variation margin on futures contracts
18,993
 
 
Other payables and accrued expenses
33,504
 
 
Collateral on securities loaned
3,278,304
 
 
  Total Liabilities
 
 
 
8,043,021
Net Assets  
 
 
$
345,697,559
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
326,154,664
Total accumulated earnings (loss)
 
 
 
19,542,895
Net Assets
 
 
$
345,697,559
Net Asset Value , offering price and redemption price per share ($345,697,559 ÷ 30,237,790 shares)
 
 
$
11.43
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,475,336
Interest  
 
 
8,544
Income from Fidelity Central Funds (including $19,626 from security lending)
 
 
234,068
 Income before foreign taxes withheld
 
 
$
5,717,948
Less foreign taxes withheld
 
 
(552,136)
 Total Income
 
 
 
5,165,812
Expenses
 
 
 
 
Custodian fees and expenses
$
73,808
 
 
Independent trustees' fees and expenses
954
 
 
Interest
964
 
 
 Total expenses before reductions
 
75,726
 
 
 Expense reductions
 
(54,709)
 
 
 Total expenses after reductions
 
 
 
21,017
Net Investment income (loss)
 
 
 
5,144,795
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(6,040,041)
 
 
 Foreign currency transactions
 
(47,701)
 
 
 Futures contracts
 
1,048,372
 
 
Total net realized gain (loss)
 
 
 
(5,039,370)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
67,467,646
 
 
 Assets and liabilities in foreign currencies
 
73,517
 
 
 Futures contracts
 
683,091
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
68,224,254
Net gain (loss)
 
 
 
63,184,884
Net increase (decrease) in net assets resulting from operations
 
 
$
68,329,679
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,144,795
$
8,925,976
Net realized gain (loss)
 
(5,039,370)
 
 
(6,635,095)
 
Change in net unrealized appreciation (depreciation)
 
68,224,254
 
(75,895,662)
 
Net increase (decrease) in net assets resulting from operations
 
68,329,679
 
 
(73,604,781)
 
Distributions to shareholders
 
(7,730,928)
 
 
(7,139,987)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
37,859,557
 
120,516,467
  Reinvestment of distributions
 
7,730,928
 
 
7,139,987
 
Cost of shares redeemed
 
(43,903,676)
 
(37,152,820)
  Net increase (decrease) in net assets resulting from share transactions
 
1,686,809
 
 
90,503,634
 
Total increase (decrease) in net assets
 
62,285,560
 
 
9,758,866
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
283,411,999
 
273,653,133
 
End of period
$
345,697,559
$
283,411,999
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,496,296
 
11,145,325
  Issued in reinvestment of distributions
 
744,791
 
 
592,530
 
Redeemed
 
(4,103,332)
 
(3,449,396)
Net increase (decrease)
 
137,755
 
8,288,459
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Index Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.42
$
12.55
$
9.54
$
10.41
$
9.43
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.34
 
.33
 
.24
 
.33
 
.05
     Net realized and unrealized gain (loss)
 
2.11
 
(3.17)
 
2.90
 
(.90)
 
.71
 
(.62)
  Total from investment operations
 
2.28  
 
(2.83)  
 
3.23  
 
(.66)  
 
1.04
 
(.57)
  Distributions from net investment income
 
(.27)
 
(.30)
 
(.22)
 
(.20)
 
(.06)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.01)
 
-
 
-
     Total distributions
 
(.27)
 
(.30)
 
(.22)
 
(.21)
 
(.06)
 
-
  Net asset value, end of period
$
11.43
$
9.42
$
12.55
$
9.54
$
10.41
$
9.43
 Total Return   D,E
 
24.45%
 
(23.05)%
 
34.15%
 
(6.52)%
 
11.06%
 
(5.70)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.05% H
 
.05%
 
.06%
 
.11%
 
.24%
 
1.18% H
    Expenses net of fee waivers, if any
 
.01% H
 
.01%
 
.01%
 
.02%
 
.01%
 
.01% H
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.02%
 
.01%
 
.01% H
    Net investment income (loss)
 
3.20% H
 
3.14%
 
2.73%
 
2.47%
 
3.33%
 
2.29% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
345,698
$
283,412
$
273,653
$
129,230
$
102,589
$
9,630
    Portfolio turnover rate I
 
10% H
 
5%
 
6% J
 
3%
 
2%
 
1% K
 
A For the period August 17, 2018 (commencement of operations) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
J Portfolio turnover rate excludes securities received or delivered in-kind.
 
K Amount not annualized.
 
For the period ended April 30, 2023
 
1.   Organization.
Fidelity Series International Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2.   Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.   Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in   foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$52,335,653
Gross unrealized depreciation
(24,581,894)
Net unrealized appreciation (depreciation)
$27,753,759
Tax cost
$323,246,448
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(2,121,022)
Long-term
(3,328,921)
Total capital loss carryforward
$(5,449,943)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4.   Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5.   Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series International Index Fund
15,339,051
25,299,414
6.   Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series International Index Fund
  Borrower
$8,538,000
4.07%
$964
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7.   Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8.   Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series International Index Fund
$2,098
$-
$-
9.   Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $52,906.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,803.
10.   Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11.   Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Index Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,244.50
 
$ .06
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9891250.104
IIF-SANN-0623

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


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 Fidelity Concord Street 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 Fidelity Concord Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(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 Concord Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 22, 2023


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 22, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

June 22, 2023