N-CSR 1 filing7129.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, Massachusetts 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:

October 31, 2023







Item 1.

Reports to Stockholders







Fidelity® SAI Japan Stock Index Fund
 
 
Annual Report
October 31, 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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI Japan Stock Index Fund
18.18%
-4.05%
 
A   From May 27, 2021
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI Japan Stock Index Fund, on May 27, 2021, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Japan Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolstered non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 18.18%, versus 16.94% for the benchmark MSCI Japan Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Japan gained 17% and contributed most, followed by the United States (+12%). By sector, financials gained 50% and contributed most, driven by the banks industry (+68%). Industrials, which gained 19%, also helped, benefiting from the capital goods industry (+25%), as did consumer discretionary, which advanced 20% and was lifted by the automobiles & components industry (+24%). The information technology sector rose 15%, boosted by the semiconductors & semiconductor equipment industry (+50%); materials gained roughly 28%; and consumer staples advanced 11%. Other notable contributors included the utilities (+41%), communication services (+3%), real estate (+8%) and energy (+27%) sectors. Conversely, health care returned -10% and detracted most. This group was hampered by the health care equipment & services industry (-17%). Turning to individual stocks, the biggest contributor was Mitsubishi UFJ Financial Group (+82%), from the banks industry. Also in banks, Sumitomo Mitsui Financial (+76%) helped. Toyota Motor, within the automobiles & components industry, gained 27% and boosted the fund. Lastly, Mitsubishi (+75%) and Mitsui & Co. (+66%), within the capital goods group, also lifted the fund. In contrast, the biggest individual detractor was Daiichi Sankyo (-19%), from the pharmaceuticals, biotechnology & life sciences industry. In health care equipment & services, Olympus (-37%) and M3 (-48%) detracted. In capital goods, Nidec returned roughly -35% and lastly, in commercial & professional services, Recruit Holdings returned roughly -7%.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Toyota Motor Corp.  (Automobiles)
5.6
 
Sony Group Corp.  (Household Durables)
3.2
 
Mitsubishi UFJ Financial Group, Inc.  (Banks)
2.9
 
Keyence Corp.  (Electronic Equipment, Instruments & Components)
2.3
 
Tokyo Electron Ltd.  (Semiconductors & Semiconductor Equipment)
1.9
 
Sumitomo Mitsui Financial Group, Inc.  (Banks)
1.9
 
Hitachi Ltd.  (Industrial Conglomerates)
1.8
 
Shin-Etsu Chemical Co. Ltd.  (Chemicals)
1.7
 
Mitsubishi Corp.  (Trading Companies & Distributors)
1.6
 
Daiichi Sankyo Kabushiki Kaisha  (Pharmaceuticals)
1.4
 
 
24.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.9
 
Consumer Discretionary
19.2
 
Information Technology
13.4
 
Financials
13.1
 
Health Care
8.2
 
Communication Services
7.2
 
Consumer Staples
6.1
 
Materials
4.6
 
Real Estate
3.2
 
Utilities
1.2
 
Energy
0.9
 
 
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 - 99.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.2%
 
 
 
Diversified Telecommunication Services - 1.0%
 
 
 
Nippon Telegraph & Telephone Corp.
 
6,576,900
7,739,536
Entertainment - 2.1%
 
 
 
Capcom Co. Ltd.
 
38,300
1,232,851
Koei Tecmo Holdings Co. Ltd.
 
25,800
336,888
Konami Group Corp.
 
22,200
1,150,006
Nexon Co. Ltd.
 
75,500
1,385,368
Nintendo Co. Ltd.
 
229,200
9,469,273
Square Enix Holdings Co. Ltd.
 
18,900
627,892
Toho Co. Ltd.
 
24,500
836,996
 
 
 
15,039,274
Interactive Media & Services - 0.2%
 
 
 
LY Corp.
 
589,600
1,503,177
Media - 0.3%
 
 
 
CyberAgent, Inc.
 
94,800
497,648
Dentsu Group, Inc.
 
44,700
1,298,356
Hakuhodo DY Holdings, Inc.
 
48,000
389,529
 
 
 
2,185,533
Wireless Telecommunication Services - 3.6%
 
 
 
KDDI Corp.
 
329,600
9,859,899
SoftBank Corp.
 
630,300
7,126,719
SoftBank Group Corp.
 
226,900
9,292,479
 
 
 
26,279,097
TOTAL COMMUNICATION SERVICES
 
 
52,746,617
CONSUMER DISCRETIONARY - 19.2%
 
 
 
Automobile Components - 1.9%
 
 
 
Aisin Seiki Co. Ltd.
 
32,500
1,132,134
Bridgestone Corp.
 
125,200
4,738,220
DENSO Corp.
 
382,800
5,652,553
Koito Manufacturing Co. Ltd.
 
45,800
686,209
Sumitomo Electric Industries Ltd.
 
156,800
1,646,123
 
 
 
13,855,239
Automobiles - 8.7%
 
 
 
Honda Motor Co. Ltd.
 
1,019,000
10,443,500
Isuzu Motors Ltd.
 
128,700
1,435,089
Mazda Motor Corp.
 
123,700
1,195,683
Nissan Motor Co. Ltd.
 
508,700
1,957,470
Subaru Corp.
 
135,800
2,350,739
Suzuki Motor Corp.
 
81,100
3,147,654
Toyota Motor Corp.
 
2,336,300
40,870,647
Yamaha Motor Co. Ltd.
 
65,500
1,600,614
 
 
 
63,001,396
Broadline Retail - 0.4%
 
 
 
Pan Pacific International Holdings Ltd.
 
84,200
1,630,606
Rakuten Group, Inc.
 
329,600
1,219,164
 
 
 
2,849,770
Hotels, Restaurants & Leisure - 1.3%
 
 
 
McDonald's Holdings Co. (Japan) Ltd. (a)
 
19,000
739,248
Oriental Land Co. Ltd.
 
240,900
7,791,999
Zensho Holdings Co. Ltd.
 
20,600
1,082,774
 
 
 
9,614,021
Household Durables - 4.5%
 
 
 
Iida Group Holdings Co. Ltd.
 
35,600
552,768
Open House Group Co. Ltd.
 
17,500
576,806
Panasonic Holdings Corp.
 
486,900
4,271,813
Sekisui Chemical Co. Ltd.
 
84,400
1,156,016
Sekisui House Ltd.
 
130,900
2,563,382
Sharp Corp. (b)
 
57,300
358,252
Sony Group Corp.
 
277,900
23,104,297
 
 
 
32,583,334
Leisure Products - 0.8%
 
 
 
Bandai Namco Holdings, Inc.
 
132,300
2,741,060
SHIMANO, Inc.
 
17,000
2,446,404
Yamaha Corp.
 
31,200
833,350
 
 
 
6,020,814
Specialty Retail - 1.6%
 
 
 
Fast Retailing Co. Ltd.
 
38,600
8,545,901
Nitori Holdings Co. Ltd.
 
17,600
1,905,989
USS Co. Ltd.
 
45,100
788,298
ZOZO, Inc.
 
30,800
585,654
 
 
 
11,825,842
TOTAL CONSUMER DISCRETIONARY
 
 
139,750,416
CONSUMER STAPLES - 6.1%
 
 
 
Beverages - 1.0%
 
 
 
Asahi Group Holdings
 
106,200
3,841,298
Kirin Holdings Co. Ltd.
 
170,400
2,394,686
Suntory Beverage & Food Ltd.
 
30,500
917,838
 
 
 
7,153,822
Consumer Staples Distribution & Retail - 1.6%
 
 
 
AEON Co. Ltd.
 
144,000
3,029,707
Kobe Bussan Co. Ltd.
 
33,000
816,686
MatsukiyoCocokara & Co.
 
75,900
1,331,422
Seven & i Holdings Co. Ltd.
 
166,500
6,100,345
Welcia Holdings Co. Ltd.
 
20,700
343,119
 
 
 
11,621,279
Food Products - 1.3%
 
 
 
Ajinomoto Co., Inc.
 
99,300
3,626,703
Kikkoman Corp.
 
29,900
1,701,154
Meiji Holdings Co. Ltd.
 
51,500
1,267,622
Nissin Food Holdings Co. Ltd.
 
13,500
1,174,617
Yakult Honsha Co. Ltd.
 
56,200
1,324,350
 
 
 
9,094,446
Household Products - 0.4%
 
 
 
Unicharm Corp.
 
89,000
3,024,120
Personal Care Products - 1.0%
 
 
 
Kao Corp.
 
102,300
3,732,303
Kobayashi Pharmaceutical Co. Ltd.
 
11,100
458,244
Kose Corp.
 
7,400
490,257
Shiseido Co. Ltd.
 
88,500
2,806,819
 
 
 
7,487,623
Tobacco - 0.8%
 
 
 
Japan Tobacco, Inc.
 
263,600
6,136,311
TOTAL CONSUMER STAPLES
 
 
44,517,601
ENERGY - 0.9%
 
 
 
Oil, Gas & Consumable Fuels - 0.9%
 
 
 
ENEOS Holdings, Inc.
 
632,200
2,342,565
Idemitsu Kosan Co. Ltd.
 
42,500
964,967
INPEX Corp.
 
214,600
3,114,034
 
 
 
6,421,566
FINANCIALS - 13.1%
 
 
 
Banks - 7.5%
 
 
 
Chiba Bank Ltd.
 
117,000
871,480
Concordia Financial Group Ltd.
 
234,600
1,090,045
Japan Post Bank Co. Ltd.
 
317,500
2,942,973
Mitsubishi UFJ Financial Group, Inc.
 
2,515,100
21,099,544
Mizuho Financial Group, Inc.
 
532,200
9,035,898
Resona Holdings, Inc.
 
472,900
2,526,857
Shizuoka Financial Group
 
102,700
873,336
Sumitomo Mitsui Financial Group, Inc.
 
280,200
13,507,876
Sumitomo Mitsui Trust Holdings, Inc.
 
72,200
2,707,269
 
 
 
54,655,278
Capital Markets - 1.0%
 
 
 
Daiwa Securities Group, Inc.
 
294,100
1,695,919
Japan Exchange Group, Inc.
 
110,200
2,179,183
Nomura Holdings, Inc.
 
662,400
2,559,122
SBI Holdings, Inc. Japan
 
53,900
1,159,655
 
 
 
7,593,879
Financial Services - 0.9%
 
 
 
GMO Payment Gateway, Inc.
 
9,300
371,435
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
177,000
1,166,825
ORIX Corp.
 
259,300
4,715,721
 
 
 
6,253,981
Insurance - 3.7%
 
 
 
Dai-ichi Mutual Life Insurance Co.
 
207,500
4,383,444
Japan Post Holdings Co. Ltd.
 
495,900
4,389,312
Japan Post Insurance Co. Ltd.
 
42,700
822,235
MS&AD Insurance Group Holdings, Inc.
 
94,600
3,466,195
Sompo Holdings, Inc.
 
65,100
2,820,130
T&D Holdings, Inc.
 
110,800
1,976,586
Tokio Marine Holdings, Inc.
 
397,400
8,890,727
 
 
 
26,748,629
TOTAL FINANCIALS
 
 
95,251,767
HEALTH CARE - 8.2%
 
 
 
Health Care Equipment & Supplies - 2.5%
 
 
 
ASAHI INTECC Co. Ltd.
 
48,300
811,567
Hoya Corp.
 
78,000
7,508,952
Olympus Corp.
 
279,000
3,726,143
Sysmex Corp.
 
37,100
1,777,194
Terumo Corp.
 
148,700
4,068,163
 
 
 
17,892,019
Health Care Technology - 0.2%
 
 
 
M3, Inc.
 
97,700
1,504,697
Pharmaceuticals - 5.5%
 
 
 
Astellas Pharma, Inc.
 
399,500
5,053,625
Chugai Pharmaceutical Co. Ltd.
 
148,600
4,406,966
Daiichi Sankyo Kabushiki Kaisha
 
407,700
10,512,216
Eisai Co. Ltd.
 
55,600
2,945,597
Kyowa Hakko Kirin Co., Ltd.
 
59,200
928,510
Ono Pharmaceutical Co. Ltd.
 
85,100
1,469,634
Otsuka Holdings Co. Ltd.
 
86,000
2,893,553
Shionogi & Co. Ltd.
 
57,300
2,668,153
Takeda Pharmaceutical Co. Ltd.
 
348,500
9,459,945
 
 
 
40,338,199
TOTAL HEALTH CARE
 
 
59,734,915
INDUSTRIALS - 21.9%
 
 
 
Air Freight & Logistics - 0.4%
 
 
 
Nippon Express Holdings, Inc.
 
15,900
817,187
SG Holdings Co. Ltd.
 
70,700
1,002,145
Yamato Holdings Co. Ltd.
 
58,300
971,046
 
 
 
2,790,378
Building Products - 1.5%
 
 
 
AGC, Inc.
 
42,400
1,442,410
Daikin Industries Ltd.
 
58,100
8,376,796
LIXIL Group Corp.
 
63,000
690,799
Toto Ltd.
 
29,100
701,648
 
 
 
11,211,653
Commercial Services & Supplies - 0.8%
 
 
 
Dai Nippon Printing Co. Ltd.
 
48,100
1,254,797
Secom Co. Ltd.
 
46,100
3,201,868
Toppan Holdings, Inc.
 
54,500
1,256,981
 
 
 
5,713,646
Construction & Engineering - 0.7%
 
 
 
Kajima Corp.
 
93,900
1,551,923
Obayashi Corp.
 
144,000
1,233,476
SHIMIZU Corp.
 
123,000
875,328
Taisei Corp.
 
37,500
1,271,726
 
 
 
4,932,453
Electrical Equipment - 1.3%
 
 
 
Fuji Electric Co. Ltd.
 
28,000
1,066,090
Mitsubishi Electric Corp.
 
426,000
4,884,734
Nidec Corp.
 
92,100
3,378,324
 
 
 
9,329,148
Ground Transportation - 2.3%
 
 
 
Central Japan Railway Co.
 
158,000
3,556,329
East Japan Railway Co.
 
66,300
3,443,445
Hankyu Hanshin Holdings, Inc.
 
50,200
1,579,473
Keio Corp.
 
22,600
670,643
Keisei Electric Railway Co.
 
28,600
1,077,352
Kintetsu Group Holdings Co. Ltd.
 
39,700
1,117,030
Odakyu Electric Railway Co. Ltd.
 
68,900
980,883
Tobu Railway Co. Ltd.
 
41,400
996,475
Tokyu Corp.
 
109,700
1,238,407
West Japan Railway Co.
 
48,200
1,837,121
 
 
 
16,497,158
Industrial Conglomerates - 1.9%
 
 
 
Hikari Tsushin, Inc.
 
4,400
634,801
Hitachi Ltd.
 
205,800
13,044,968
Toshiba Corp.
 
19,100
580,653
 
 
 
14,260,422
Machinery - 4.6%
 
 
 
Daifuku Co. Ltd.
 
67,100
1,108,687
FANUC Corp.
 
210,100
5,213,929
Hitachi Construction Machinery Co. Ltd.
 
23,700
612,307
Hoshizaki Corp.
 
23,800
768,613
Komatsu Ltd.
 
204,100
4,689,483
Kubota Corp.
 
223,500
3,005,907
Kurita Water Industries Ltd.
 
23,000
698,819
Makita Corp.
 
49,500
1,279,419
Minebea Mitsumi, Inc.
 
80,200
1,257,480
Misumi Group, Inc.
 
63,100
955,250
Mitsubishi Heavy Industries Ltd.
 
70,700
3,641,381
NGK Insulators Ltd.
 
51,300
626,797
SMC Corp.
 
12,600
5,818,215
Toyota Industries Corp.
 
32,200
2,386,494
Yaskawa Electric Corp.
 
52,800
1,728,309
 
 
 
33,791,090
Marine Transportation - 0.8%
 
 
 
Kawasaki Kisen Kaisha Ltd.
 
30,600
1,049,274
Mitsui OSK Lines Ltd.
 
75,600
1,951,789
Nippon Yusen KK
 
107,200
2,622,889
 
 
 
5,623,952
Passenger Airlines - 0.2%
 
 
 
Ana Holdings, Inc. (b)
 
35,100
689,079
Japan Airlines Co. Ltd.
 
31,600
580,928
 
 
 
1,270,007
Professional Services - 1.4%
 
 
 
BayCurrent Consulting, Inc.
 
28,900
725,585
Persol Holdings Co. Ltd.
 
417,000
625,256
Recruit Holdings Co. Ltd.
 
317,400
9,100,718
 
 
 
10,451,559
Trading Companies & Distributors - 6.0%
 
 
 
Itochu Corp.
 
262,100
9,441,112
Marubeni Corp.
 
317,400
4,640,952
Mitsubishi Corp.
 
253,300
11,807,721
Mitsui & Co. Ltd.
 
288,900
10,499,833
MonotaRO Co. Ltd.
 
55,300
441,957
Sumitomo Corp.
 
231,200
4,544,854
Toyota Tsusho Corp.
 
46,700
2,486,135
 
 
 
43,862,564
TOTAL INDUSTRIALS
 
 
159,734,030
INFORMATION TECHNOLOGY - 13.4%
 
 
 
Electronic Equipment, Instruments & Components - 5.1%
 
 
 
Azbil Corp.
 
25,500
753,491
Hamamatsu Photonics K.K.
 
30,800
1,144,005
Hirose Electric Co. Ltd.
 
6,800
770,434
Ibiden Co. Ltd.
 
24,800
1,057,384
Keyence Corp.
 
42,900
16,607,393
Kyocera Corp.
 
70,400
3,470,115
Murata Manufacturing Co. Ltd.
 
380,100
6,510,877
OMRON Corp.
 
38,600
1,382,932
Shimadzu Corp.
 
52,000
1,229,607
TDK Corp.
 
85,600
3,202,743
Yokogawa Electric Corp.
 
50,100
909,577
 
 
 
37,038,558
IT Services - 2.3%
 
 
 
Fujitsu Ltd.
 
38,800
5,026,445
NEC Corp.
 
54,000
2,600,134
Nomura Research Institute Ltd.
 
85,200
2,236,496
NTT Data Corp.
 
139,000
1,713,858
OBIC Co. Ltd.
 
15,300
2,261,590
Otsuka Corp.
 
25,000
1,002,366
SCSK Corp.
 
34,300
585,510
TIS, Inc.
 
48,400
1,036,479
 
 
 
16,462,878
Semiconductors & Semiconductor Equipment - 4.1%
 
 
 
Advantest Corp.
 
168,600
4,342,906
Disco Corp.
 
20,300
3,584,961
Lasertec Corp.
 
16,600
2,741,992
Renesas Electronics Corp. (b)
 
280,000
3,677,974
ROHM Co. Ltd.
 
76,800
1,230,487
Sumco Corp.
 
76,800
992,421
Tokyo Electron Ltd.
 
103,900
13,729,106
 
 
 
30,299,847
Software - 0.2%
 
 
 
Oracle Corp. Japan
 
8,500
602,987
Trend Micro, Inc.
 
29,500
1,111,696
 
 
 
1,714,683
Technology Hardware, Storage & Peripherals - 1.7%
 
 
 
Brother Industries Ltd.
 
50,900
794,053
Canon, Inc.
 
219,800
5,196,225
FUJIFILM Holdings Corp.
 
82,100
4,490,690
Ricoh Co. Ltd.
 
121,400
983,960
Seiko Epson Corp.
 
63,600
882,970
 
 
 
12,347,898
TOTAL INFORMATION TECHNOLOGY
 
 
97,863,864
MATERIALS - 4.6%
 
 
 
Chemicals - 3.5%
 
 
 
Asahi Kasei Corp.
 
275,200
1,691,871
JSR Corp.
 
38,900
1,041,195
Mitsubishi Chemical Holdings Corp.
 
280,900
1,589,502
Mitsui Chemicals, Inc.
 
37,700
950,209
Nippon Paint Holdings Co. Ltd.
 
209,600
1,409,164
Nippon Sanso Holdings Corp.
 
38,400
968,391
Nissan Chemical Corp.
 
27,800
1,133,828
Nitto Denko Corp.
 
31,300
2,025,291
Shin-Etsu Chemical Co. Ltd.
 
401,900
12,018,168
Sumitomo Chemical Co. Ltd.
 
308,800
784,896
Toray Industries, Inc.
 
304,300
1,472,155
Tosoh Corp.
 
57,000
697,921
 
 
 
25,782,591
Metals & Mining - 1.0%
 
 
 
JFE Holdings, Inc.
 
107,900
1,503,357
Nippon Steel & Sumitomo Metal Corp.
 
188,900
4,074,358
Sumitomo Metal Mining Co. Ltd.
 
54,800
1,539,439
 
 
 
7,117,154
Paper & Forest Products - 0.1%
 
 
 
Oji Holdings Corp.
 
189,100
808,758
TOTAL MATERIALS
 
 
33,708,503
REAL ESTATE - 3.2%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.1%
 
 
 
Daiwa House REIT Investment Corp.
 
483
854,788
GLP J-REIT
 
1,026
918,945
Japan Real Estate Investment Corp.
 
281
1,043,724
Japan Retail Fund Investment Corp.
 
1,533
989,317
KDX Realty Investment Corp.
 
912
951,206
Nippon Building Fund, Inc.
 
336
1,350,026
Nippon Prologis REIT, Inc.
 
498
886,129
Nomura Real Estate Master Fund, Inc.
 
931
1,027,320
 
 
 
8,021,455
Real Estate Management & Development - 2.1%
 
 
 
Daito Trust Construction Co. Ltd.
 
13,600
1,458,823
Daiwa House Industry Co. Ltd.
 
130,700
3,594,992
Hulic Co. Ltd.
 
84,200
771,957
Mitsubishi Estate Co. Ltd.
 
247,700
3,170,639
Mitsui Fudosan Co. Ltd.
 
196,800
4,265,613
Nomura Real Estate Holdings, Inc.
 
24,600
574,560
Sumitomo Realty & Development Co. Ltd.
 
63,500
1,593,465
 
 
 
15,430,049
TOTAL REAL ESTATE
 
 
23,451,504
UTILITIES - 1.2%
 
 
 
Electric Utilities - 0.7%
 
 
 
Chubu Electric Power Co., Inc.
 
142,500
1,721,992
Kansai Electric Power Co., Inc.
 
156,100
1,998,680
Tokyo Electric Power Co., Inc. (b)
 
338,000
1,430,328
 
 
 
5,151,000
Gas Utilities - 0.5%
 
 
 
Osaka Gas Co. Ltd.
 
82,300
1,551,996
Tokyo Gas Co. Ltd.
 
86,100
1,933,562
 
 
 
3,485,558
TOTAL UTILITIES
 
 
8,636,558
 
TOTAL COMMON STOCKS
 (Cost $811,845,476)
 
 
 
721,817,341
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (d)
 
 (Cost $393,350)
 
 
400,000
393,327
 
 
 
 
Money Market Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
540,736
540,844
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)
 
768,598
768,675
 
TOTAL MONEY MARKET FUNDS
 (Cost $1,309,519)
 
 
1,309,519
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
 (Cost $813,548,345)
 
 
 
723,520,187
NET OTHER ASSETS (LIABILITIES) - 0.8%  
5,677,792
NET ASSETS - 100.0%
729,197,979
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME Yen Denominated Nikkei Contracts (Japan)
70
Dec 2023
7,240,145
(161,849)
(161,849)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.0%
 
 
 
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 $354,977.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
2,200,319
8,265,353
9,924,828
31,356
-
-
540,844
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
-
79,365,494
78,596,819
41,270
-
-
768,675
0.0%
Total
2,200,319
87,630,847
88,521,647
72,626
-
-
1,309,519
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
52,746,617
-
52,746,617
-
Consumer Discretionary
139,750,416
-
139,750,416
-
Consumer Staples
44,517,601
-
44,517,601
-
Energy
6,421,566
-
6,421,566
-
Financials
95,251,767
-
95,251,767
-
Health Care
59,734,915
-
59,734,915
-
Industrials
159,734,030
-
159,734,030
-
Information Technology
97,863,864
-
97,863,864
-
Materials
33,708,503
-
33,708,503
-
Real Estate
23,451,504
-
23,451,504
-
Utilities
8,636,558
-
8,636,558
-
 Government Obligations
393,327
-
393,327
-
  Money Market Funds
1,309,519
1,309,519
-
-
 Total Investments in Securities:
723,520,187
1,309,519
722,210,668
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(161,849)
(161,849)
-
-
  Total Liabilities
(161,849)
(161,849)
-
-
 Total Derivative Instruments:
(161,849)
(161,849)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(161,849)
Total Equity Risk
0
(161,849)
Total Value of Derivatives
0
(161,849)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $731,235) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $812,238,826)
$
722,210,668
 
 
Fidelity Central Funds (cost $1,309,519)
1,309,519
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $813,548,345)
 
 
$
723,520,187
Cash
 
 
6,351
Foreign currency held at value (cost $77,297)
 
 
77,297
Dividends receivable
 
 
6,317,943
Distributions receivable from Fidelity Central Funds
 
 
3,365
Receivable for daily variation margin on futures contracts
 
 
174,336
Prepaid expenses
 
 
1,063
  Total assets
 
 
730,100,542
Liabilities
 
 
 
 
Accrued management fee
$
61,359
 
 
Audit fee payable
57,447
 
 
Other payables and accrued expenses
15,082
 
 
Collateral on securities loaned
768,675
 
 
  Total Liabilities
 
 
 
902,563
Net Assets  
 
 
$
729,197,979
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
972,942,688
Total accumulated earnings (loss)
 
 
 
(243,744,709)
Net Assets
 
 
$
729,197,979
Net Asset Value, offering price and redemption price per share ($729,197,979 ÷ 83,197,897 shares)
 
 
$
8.76
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
21,452,252
Interest  
 
 
9,927
Income from Fidelity Central Funds (including $41,270 from security lending)
 
 
72,626
 Income before foreign taxes withheld
 
 
$
21,534,805
Less foreign taxes withheld
 
 
(2,143,971)
 Total Income
 
 
 
19,390,834
Expenses
 
 
 
 
Management fee
$
863,616
 
 
Custodian fees and expenses
55,209
 
 
Independent trustees' fees and expenses
5,336
 
 
Registration fees
19,886
 
 
Audit
64,948
 
 
Legal
913
 
 
Interest
74,560
 
 
Miscellaneous
4,538
 
 
 Total expenses before reductions
 
1,089,006
 
 
 Expense reductions
 
(33)
 
 
 Total expenses after reductions
 
 
 
1,088,973
Net Investment income (loss)
 
 
 
18,301,861
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(83,116,349)
 
 
 Foreign currency transactions
 
(51,391)
 
 
 Futures contracts
 
1,571,387
 
 
Total net realized gain (loss)
 
 
 
(81,596,353)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
229,641,863
 
 
 Assets and liabilities in foreign currencies
 
225,736
 
 
 Futures contracts
 
(738,129)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
229,129,470
Net gain (loss)
 
 
 
147,533,117
Net increase (decrease) in net assets resulting from operations
 
 
$
165,834,978
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
18,301,861
$
26,601,539
Net realized gain (loss)
 
(81,596,353)
 
 
(87,686,440)
 
Change in net unrealized appreciation (depreciation)
 
229,129,470
 
(289,849,636)
 
Net increase (decrease) in net assets resulting from operations
 
165,834,978
 
 
(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
 
(405,000,000)
 
(439,000,000)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(383,970,370)
 
 
(384,612,970)
 
Total increase (decrease) in net assets
 
(239,165,022)
 
 
(751,934,537)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
968,363,001
 
1,720,297,538
 
End of period
$
729,197,979
$
968,363,001
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
-
 
4,919,261
  Issued in reinvestment of distributions
 
2,567,720
 
 
1,622,478
 
Redeemed
 
(47,194,026)
 
(47,655,992)
Net increase (decrease)
 
(44,626,306)
 
(41,114,253)
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI Japan Stock Index Fund
 
Years ended October 31,
 
2023  
 
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
 
.19
 
.19
 
.10
     Net realized and unrealized gain (loss)
 
1.18
 
(2.69)
 
.08
  Total from investment operations
 
1.37  
 
(2.50)  
 
.18  
  Distributions from net investment income
 
(.19)
 
(.10)
 
-
     Total distributions
 
(.19)
 
(.10)
 
-
  Net asset value, end of period
$
8.76
$
7.58
$
10.18
 Total Return D,E
 
18.18%
 
(24.83)%
 
1.80%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.13%
 
.11%
 
.14% H,I
    Expenses net of fee waivers, if any
 
.13%
 
.11%
 
.14% H,I
    Expenses net of all reductions
 
.13%
 
.11%
 
.14% H,I
    Net investment income (loss)
 
2.12%
 
2.12%
 
2.27% H,I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
729,198
$
968,363
$
1,720,298
    Portfolio turnover rate J
 
5%
 
8%
 
-% K,L
 
AFor the period May 27, 2021 (commencement of operations) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet 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.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees 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.
 
GExpense 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.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KAmount represents less than 1%.
 
LAmount not annualized.
 
For the period ended October 31, 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 RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), 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
$51,874,560
Gross unrealized depreciation
(153,271,624)
Net unrealized appreciation (depreciation)
$(101,397,064)
Tax Cost
$824,917,251
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$22,333,128
Capital loss carryforward
$(164,579,672)
Net unrealized appreciation (depreciation) on securities and other investments
$(101,498,165)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(78,838,138)
Long-term
(85,741,534)
Total capital loss carryforward
$(164,579,672)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$21,029,630
$16,387,030
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Japan Stock Index Fund
42,425,349
420,505,601
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
$18,854,333
4.47%
$56,240
 
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
$1,618
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
$4,367
$-
$-
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
$21,325,000
5.15%
$18,320
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 $33.
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 International Fund
Fidelity SAI Japan Stock Index Fund
99%
 
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.
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity SAI Japan Stock Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Japan Stock Index Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2023 and for the period May 27, 2021 (commencement of operations) through October 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the two years in the period ended October 31, 2023 and for the period May 27, 2021 (commencement of operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 12, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Japan Stock Index Fund
 
 
 
.13%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,004.60
 
$ .66
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.55
 
$ .66
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 98.18% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2121 and $0.0271 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Japan Stock Index Fund
Each year, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the fund over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.15% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9901432.102
JSI-ANN-1223
Fidelity® Series International Index Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Series International Index Fund
15.30%
4.32%
2.98%
 
A   From August 17, 2018
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Index Fund, on August 17, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 15.30%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, Europe ex the U.K. gained 17% and contributed most, followed by Japan (+17%). By sector, financials gained about 21% and contributed most, driven by the banks industry (+24%). Industrials, which gained approximately 17%, also helped, benefitting from the capital goods industry (+22%), as did consumer discretionary, which advanced 20%. The information technology sector rose about 19%, boosted by the semiconductors & semiconductor equipment industry (+33%), materials gained roughly 17%, and energy advanced 18%. Other notable contributors included the health care (+6%), consumer staples (+7%), utilities (+17%), communication services (+6%) and real estate (+2%) sectors. Turning to individual stocks, the top contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences industry. Also in pharmaceuticals, biotechnology & life sciences, Novartis (+26%) helped. Another notable contributor was ASML Holding (+27%), a stock in the semiconductors & semiconductor equipment group. Lastly, HSBC (+48%) and Mitsubishi UFJ Financial Group (+81%), within the banks category, also lifted the fund. Conversely, the biggest individual detractor was Roche Holding (-21%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, CSL (-17%) and Lonza (-32%) hurt. Another notable detractor was Adyen (-53%), a stock in the financial services category. Lastly, another notable detractor was British American Tobacco (-18%), a stock in the food, beverage & tobacco category.
 
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.1
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.9
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.6
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
1.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.3
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.3
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.3
 
Toyota Motor Corp.  (Japan, Automobiles)
1.2
 
Roche Holding AG (participation certificate)  (United States of America, Pharmaceuticals)
1.2
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.0
 
 
14.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
18.0
 
Industrials
15.2
 
Health Care
12.6
 
Consumer Discretionary
11.3
 
Consumer Staples
9.3
 
Information Technology
7.5
 
Materials
7.1
 
Energy
4.6
 
Communication Services
3.7
 
Utilities
3.8
 
Real Estate
1.7
 
 
Asset Allocation (% of Fund's net assets)
Futures - 5.1%
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 - 94.4%
 
 
Shares
Value ($)
 
Australia - 7.3%
 
 
 
Ampol Ltd.
 
5,191
105,262
ANZ Group Holdings Ltd.
 
65,463
1,032,285
APA Group unit
 
27,417
143,718
Aristocrat Leisure Ltd.
 
12,816
315,019
ASX Ltd.
 
4,215
150,592
Aurizon Holdings Ltd.
 
40,082
87,303
BHP Group Ltd.
 
110,346
3,123,617
BlueScope Steel Ltd.
 
9,924
118,964
Brambles Ltd.
 
30,265
252,584
Cochlear Ltd.
 
1,431
219,335
Coles Group Ltd.
 
29,145
282,872
Commonwealth Bank of Australia
 
36,512
2,246,069
Computershare Ltd.
 
12,493
197,164
DEXUS Property Group unit
 
23,415
96,708
EBOS Group Ltd.
 
3,337
68,122
Endeavour Group Ltd.
 
31,189
97,979
Flutter Entertainment PLC (Ireland) (a)
 
3,846
602,076
Fortescue Metals Group Ltd.
 
36,886
524,734
Glencore PLC
 
229,417
1,215,183
Goodman Group unit
 
36,931
488,668
IDP Education Ltd.
 
5,455
75,368
IGO Ltd.
 
14,844
89,886
Insurance Australia Group Ltd.
 
53,158
191,770
Lendlease Group unit
 
14,997
59,396
Macquarie Group Ltd.
 
7,997
822,011
Medibank Private Ltd.
 
59,980
130,893
Mineral Resources Ltd.
 
3,812
140,500
Mirvac Group unit
 
85,936
99,708
National Australia Bank Ltd.
 
68,386
1,225,084
Northern Star Resources Ltd.
 
25,054
183,465
Orica Ltd.
 
9,918
92,673
Origin Energy Ltd.
 
37,536
217,741
Pilbara Minerals Ltd.
 
58,771
138,053
Qantas Airways Ltd. (a)
 
18,577
58,200
QBE Insurance Group Ltd.
 
32,500
322,273
Ramsay Health Care Ltd.
 
4,011
124,197
REA Group Ltd.
 
1,150
105,575
Reece Ltd.
 
4,935
55,024
Rio Tinto Ltd.
 
8,086
604,009
Rio Tinto PLC
 
24,524
1,564,644
Santos Ltd.
 
70,731
345,129
Scentre Group unit
 
113,041
175,122
SEEK Ltd.
 
7,754
102,296
Sonic Healthcare Ltd.
 
9,740
178,350
South32 Ltd.
 
98,995
211,788
Stockland Corp. Ltd. unit
 
51,993
117,345
Suncorp Group Ltd.
 
27,592
234,853
Telstra Group Ltd.
 
88,072
213,564
The GPT Group
 
41,712
96,264
The Lottery Corp. Ltd.
 
48,479
139,938
Transurban Group unit
 
67,096
505,132
Treasury Wine Estates Ltd.
 
15,719
120,653
Vicinity Centres unit
 
84,236
91,239
Washington H. Soul Pattinson & Co. Ltd.
 
5,112
108,905
Wesfarmers Ltd.
 
24,713
795,112
Westpac Banking Corp.
 
76,435
1,003,728
WiseTech Global Ltd.
 
3,615
134,591
Woodside Energy Group Ltd.
 
41,358
900,769
Woolworths Group Ltd.
 
26,543
594,159
TOTAL AUSTRALIA
 
 
23,737,661
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
7,490
267,474
Mondi PLC
 
10,573
170,789
OMV AG
 
3,208
140,392
Verbund AG
 
1,483
128,671
Voestalpine AG
 
2,529
63,045
TOTAL AUSTRIA
 
 
770,371
Belgium - 0.8%
 
 
 
Ageas
 
3,476
133,363
Anheuser-Busch InBev SA NV
 
18,919
1,076,454
D'ieteren Group
 
471
69,821
Elia Group SA/NV
 
639
60,615
Groupe Bruxelles Lambert SA
 
2,075
151,493
KBC Group NV
 
5,451
299,344
Lotus Bakeries SA
 
9
66,660
Sofina SA
 
335
63,449
Solvay SA Class A
 
1,614
170,333
UCB SA
 
2,753
201,168
Umicore SA
 
4,555
108,376
Warehouses de Pauw
 
3,608
89,027
TOTAL BELGIUM
 
 
2,490,103
Brazil - 0.0%
 
 
 
Yara International ASA
 
3,603
117,725
Burkina Faso - 0.0%
 
 
 
Endeavour Mining PLC
 
4,038
83,436
Chile - 0.1%
 
 
 
Antofagasta PLC
 
8,589
140,411
China - 0.4%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
80,710
213,441
Budweiser Brewing Co. APAC Ltd. (b)
 
37,480
71,225
ESR Group Ltd. (b)
 
47,823
61,448
Prosus NV
 
33,295
931,114
SITC International Holdings Co. Ltd.
 
29,000
44,672
Wilmar International Ltd.
 
41,822
108,728
TOTAL CHINA
 
 
1,430,628
Denmark - 3.2%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
66
107,602
 Series B
 
106
176,620
Carlsberg A/S Series B
 
2,145
255,627
Chr. Hansen Holding A/S
 
2,297
156,471
Coloplast A/S Series B
 
2,977
310,203
Danske Bank A/S
 
15,024
351,971
Demant A/S (a)
 
2,196
83,653
DSV A/S
 
4,055
604,765
Genmab A/S (a)
 
1,438
406,498
Novo Nordisk A/S Series B
 
71,082
6,857,715
Novozymes A/S Series B
 
4,453
199,868
ORSTED A/S (b)
 
4,120
199,075
Pandora A/S
 
1,842
208,440
Rockwool International A/S Series B
 
202
44,903
Tryg A/S
 
7,603
148,368
Vestas Wind Systems A/S (a)
 
21,994
476,715
TOTAL DENMARK
 
 
10,588,494
Finland - 1.0%
 
 
 
Elisa Corp. (A Shares)
 
3,097
131,340
Fortum Corp.
 
9,771
115,793
Kesko Oyj
 
5,947
100,460
Kone OYJ (B Shares)
 
7,403
320,296
Metso Corp.
 
14,444
126,942
Neste OYJ
 
9,215
309,185
Nokia Corp.
 
116,554
388,204
Nordea Bank Abp
 
70,169
737,367
Orion Oyj (B Shares)
 
2,345
93,146
Sampo Oyj (A Shares)
 
10,017
393,328
Stora Enso Oyj (R Shares)
 
12,669
151,812
UPM-Kymmene Corp.
 
11,625
390,784
Wartsila Corp.
 
10,312
122,641
TOTAL FINLAND
 
 
3,381,298
France - 9.9%
 
 
 
Accor SA
 
4,040
128,541
Adevinta ASA Class B (a)
 
6,464
56,736
Aeroports de Paris SA
 
646
72,318
Air Liquide SA
 
11,409
1,954,958
Airbus Group NV
 
12,913
1,731,326
Alstom SA
 
6,314
85,507
Amundi SA (b)
 
1,332
69,370
Arkema SA
 
1,307
122,224
AXA SA
 
39,975
1,184,476
bioMerieux SA
 
903
86,470
BNP Paribas SA
 
22,854
1,314,197
Bollore SA
 
16,064
87,536
Bouygues SA
 
4,152
145,899
Bureau Veritas SA
 
6,424
146,073
Capgemini SA
 
3,592
634,810
Carrefour SA
 
13,010
228,084
Compagnie de St.-Gobain
 
10,074
548,370
Compagnie Generale des Etablissements Michelin SCA Series B
 
14,778
439,032
Covivio
 
1,080
46,167
Credit Agricole SA
 
26,366
318,367
Danone SA
 
14,025
834,354
Dassault Aviation SA
 
449
89,079
Dassault Systemes SA
 
14,595
601,217
Edenred SA
 
5,437
289,025
Eiffage SA
 
1,601
145,177
Engie SA
 
39,785
632,776
EssilorLuxottica SA
 
6,423
1,159,700
Eurazeo SA
 
956
53,764
Gecina SA
 
1,001
98,078
Getlink SE
 
7,785
125,495
Hermes International SCA
 
690
1,284,665
Ipsen SA
 
821
96,860
Kering SA
 
1,621
659,263
Klepierre SA
 
4,686
113,544
L'Oreal SA
 
5,253
2,207,997
La Francaise des Jeux SAEM (b)
 
2,287
73,613
Legrand SA
 
5,812
502,775
LVMH Moet Hennessy Louis Vuitton SE
 
6,015
4,306,322
Orange SA
 
40,558
477,045
Pernod Ricard SA
 
4,454
789,390
Publicis Groupe SA
 
4,985
378,296
Remy Cointreau SA
 
498
56,461
Renault SA
 
4,185
146,350
Safran SA
 
7,446
1,163,211
Sartorius Stedim Biotech
 
602
112,458
SEB SA
 
546
53,815
Societe Generale Series A
 
15,844
356,043
Sodexo SA
 
1,927
203,651
Teleperformance
 
1,288
147,390
Thales SA
 
2,289
337,020
TotalEnergies SE
 
48,976
3,274,412
Unibail-Rodamco-Westfield NV (a)
 
2,573
127,031
Valeo SA
 
4,506
59,311
Veolia Environnement SA
 
14,804
405,636
VINCI SA
 
11,577
1,280,120
Vivendi SA
 
14,744
131,919
Wendel SA
 
587
43,850
Worldline SA (a)(b)
 
5,230
66,296
TOTAL FRANCE
 
 
32,283,870
Germany - 7.4%
 
 
 
adidas AG
 
3,529
624,331
Allianz SE
 
8,785
2,057,821
BASF AG
 
19,469
899,607
Bayer AG
 
21,399
924,620
Bayerische Motoren Werke AG (BMW)
 
6,550
607,325
Bechtle AG
 
1,785
79,477
Beiersdorf AG
 
2,194
287,979
Brenntag SE
 
3,197
237,198
Carl Zeiss Meditec AG
 
877
75,851
Commerzbank AG
 
23,185
249,000
Continental AG
 
2,396
156,432
Covestro AG (a)(b)
 
4,208
212,384
Daimler Truck Holding AG
 
10,755
337,072
Deutsche Bank AG
 
42,215
462,579
Deutsche Borse AG
 
4,138
681,100
Deutsche Lufthansa AG (a)
 
13,008
90,896
Deutsche Telekom AG
 
70,600
1,532,279
DHL Group
 
21,591
839,798
E.ON SE
 
48,905
580,594
Evonik Industries AG
 
4,562
83,798
Fresenius Medical Care AG & Co. KGaA
 
4,474
148,654
Fresenius SE & Co. KGaA
 
9,201
235,990
GEA Group AG
 
3,340
113,903
Hannover Reuck SE
 
1,314
289,609
HeidelbergCement AG
 
3,154
228,535
HelloFresh AG (a)
 
3,379
73,509
Henkel AG & Co. KGaA
 
2,272
143,591
Infineon Technologies AG
 
28,445
830,885
Knorr-Bremse AG
 
1,580
87,836
LEG Immobilien AG (a)
 
1,614
100,485
Mercedes-Benz Group AG (Germany)
 
17,477
1,028,247
Merck KGaA
 
2,815
423,997
MTU Aero Engines AG
 
1,172
219,497
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
2,973
1,190,659
Nemetschek SE
 
1,258
93,709
Puma AG
 
2,299
129,656
Rational AG
 
111
63,129
Rheinmetall AG
 
949
271,519
RWE AG
 
13,769
526,377
SAP SE
 
22,747
3,051,108
Scout24 AG (b)
 
1,633
100,251
Siemens AG
 
16,554
2,196,697
Siemens Energy AG (a)
 
11,315
100,209
Siemens Healthineers AG (b)
 
6,143
301,076
Symrise AG
 
2,892
295,531
Talanx AG
 
1,380
86,808
Telefonica Deutschland Holding AG
 
20,056
34,028
Volkswagen AG
 
637
73,637
Vonovia SE
 
15,967
367,594
Wacker Chemie AG
 
400
48,884
Zalando SE (a)(b)
 
4,880
113,546
TOTAL GERMANY
 
 
23,989,297
Hong Kong - 2.1%
 
 
 
AIA Group Ltd.
 
251,645
2,185,237
CK Asset Holdings Ltd.
 
43,226
216,058
CK Infrastructure Holdings Ltd.
 
13,581
62,948
CLP Holdings Ltd.
 
35,736
261,544
Futu Holdings Ltd. ADR (a)
 
1,203
66,706
Hang Lung Properties Ltd.
 
39,400
51,790
Hang Seng Bank Ltd.
 
16,676
190,658
Henderson Land Development Co. Ltd.
 
32,140
84,093
HKT Trust/HKT Ltd. unit
 
82,292
85,237
Hong Kong & China Gas Co. Ltd.
 
243,697
169,640
Hong Kong Exchanges and Clearing Ltd.
 
26,267
918,889
Hongkong Land Holdings Ltd.
 
24,130
76,534
Jardine Matheson Holdings Ltd.
 
3,475
140,811
Link (REIT)
 
55,044
252,605
MTR Corp. Ltd.
 
33,937
126,863
New World Development Co. Ltd.
 
33,305
61,125
Power Assets Holdings Ltd.
 
30,303
144,873
Prudential PLC
 
59,969
627,059
Sino Land Ltd.
 
79,904
79,770
Sun Hung Kai Properties Ltd.
 
31,680
325,313
Swire Pacific Ltd. (A Shares)
 
9,356
59,765
Swire Properties Ltd.
 
25,765
49,886
Techtronic Industries Co. Ltd.
 
29,792
271,987
WH Group Ltd. (b)
 
181,577
108,444
Wharf Real Estate Investment Co. Ltd.
 
36,814
128,777
Xinyi Glass Holdings Ltd.
 
36,595
42,048
TOTAL HONG KONG
 
 
6,788,660
Ireland - 0.4%
 
 
 
AerCap Holdings NV (a)
 
3,803
236,242
AIB Group PLC
 
31,377
135,921
Bank of Ireland Group PLC
 
23,014
205,767
Kerry Group PLC Class A
 
3,471
267,664
Kingspan Group PLC (Ireland)
 
3,368
226,222
Smurfit Kappa Group PLC
 
5,666
184,292
TOTAL IRELAND
 
 
1,256,108
Israel - 0.5%
 
 
 
Azrieli Group
 
938
40,309
Bank Hapoalim BM (Reg.)
 
27,660
197,562
Bank Leumi le-Israel BM
 
33,420
214,890
Check Point Software Technologies Ltd. (a)
 
2,039
273,736
Elbit Systems Ltd. (Israel)
 
579
107,477
Global-e Online Ltd. (a)
 
1,967
69,061
Icl Group Ltd.
 
16,836
81,639
Israel Discount Bank Ltd. (Class A)
 
26,924
118,234
Mizrahi Tefahot Bank Ltd.
 
3,360
103,909
NICE Ltd. (a)
 
1,378
212,939
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
24,401
209,361
Wix.com Ltd. (a)
 
1,176
93,962
TOTAL ISRAEL
 
 
1,723,079
Italy - 2.2%
 
 
 
Amplifon SpA
 
2,712
76,445
Assicurazioni Generali SpA
 
22,082
437,976
Coca-Cola HBC AG
 
4,814
124,747
Davide Campari Milano NV
 
11,388
125,678
DiaSorin SpA
 
479
42,827
Enel SpA
 
177,173
1,124,620
Eni SpA
 
51,479
841,561
Ferrari NV (Italy)
 
2,746
829,532
FinecoBank SpA
 
13,299
156,407
Infrastrutture Wireless Italiane SpA (b)
 
7,318
79,910
Intesa Sanpaolo SpA
 
338,512
882,091
Mediobanca SpA
 
12,031
143,467
Moncler SpA
 
4,486
232,300
Nexi SpA (a)(b)
 
12,855
74,484
Poste Italiane SpA (b)
 
11,391
112,573
Prysmian SpA
 
5,719
213,549
Recordati SpA
 
2,277
105,045
Snam SpA
 
43,928
201,434
Telecom Italia SpA (a)
 
217,067
56,065
Terna - Rete Elettrica Nazionale
 
30,652
234,360
UniCredit SpA
 
40,163
1,006,871
TOTAL ITALY
 
 
7,101,942
Japan - 21.8%
 
 
 
Advantest Corp.
 
16,532
425,842
AEON Co. Ltd.
 
14,191
298,573
AGC, Inc.
 
4,194
142,676
Aisin Seiki Co. Ltd.
 
3,174
110,566
Ajinomoto Co., Inc.
 
9,783
357,301
Ana Holdings, Inc. (a)
 
3,463
67,985
Asahi Group Holdings
 
10,462
378,415
ASAHI INTECC Co. Ltd.
 
4,726
79,409
Asahi Kasei Corp.
 
27,293
167,792
Astellas Pharma, Inc.
 
39,413
498,570
Azbil Corp.
 
2,507
74,079
Bandai Namco Holdings, Inc.
 
13,011
269,569
BayCurrent Consulting, Inc.
 
2,900
72,810
Bridgestone Corp.
 
12,484
472,460
Brother Industries Ltd.
 
5,074
79,156
Canon, Inc.
 
21,771
514,682
Capcom Co. Ltd.
 
3,794
122,126
Central Japan Railway Co.
 
15,700
353,382
Chiba Bank Ltd.
 
11,505
85,696
Chubu Electric Power Co., Inc.
 
13,995
169,118
Chugai Pharmaceutical Co. Ltd.
 
14,622
433,638
Concordia Financial Group Ltd.
 
23,126
107,453
CyberAgent, Inc.
 
9,472
49,723
Dai Nippon Printing Co. Ltd.
 
4,805
125,349
Dai-ichi Mutual Life Insurance Co.
 
20,511
433,296
Daifuku Co. Ltd.
 
6,610
109,216
Daiichi Sankyo Kabushiki Kaisha
 
40,246
1,037,711
Daikin Industries Ltd.
 
5,717
824,271
Daito Trust Construction Co. Ltd.
 
1,309
140,412
Daiwa House Industry Co. Ltd.
 
12,950
356,198
Daiwa House REIT Investment Corp.
 
48
84,948
Daiwa Securities Group, Inc.
 
29,056
167,551
DENSO Corp.
 
37,688
556,514
Dentsu Group, Inc.
 
4,363
126,728
Disco Corp.
 
2,044
360,968
East Japan Railway Co.
 
6,602
342,890
Eisai Co. Ltd.
 
5,521
292,494
ENEOS Holdings, Inc.
 
62,714
232,382
FANUC Corp.
 
20,705
513,824
Fast Retailing Co. Ltd.
 
3,791
839,314
Fuji Electric Co. Ltd.
 
2,811
107,028
FUJIFILM Holdings Corp.
 
8,100
443,052
Fujitsu Ltd.
 
3,828
495,908
GLP J-REIT
 
102
91,357
GMO Payment Gateway, Inc.
 
869
34,707
Hakuhodo DY Holdings, Inc.
 
4,580
37,168
Hamamatsu Photonics K.K.
 
3,041
112,952
Hankyu Hanshin Holdings, Inc.
 
4,975
156,531
Hikari Tsushin, Inc.
 
490
70,694
Hirose Electric Co. Ltd.
 
653
73,984
Hitachi Construction Machinery Co. Ltd.
 
2,383
61,567
Hitachi Ltd.
 
20,425
1,294,672
Honda Motor Co. Ltd.
 
100,614
1,031,170
Hoshizaki Corp.
 
2,368
76,474
Hoya Corp.
 
7,728
743,964
Hulic Co. Ltd.
 
8,400
77,012
Ibiden Co. Ltd.
 
2,477
105,610
Idemitsu Kosan Co. Ltd.
 
4,207
95,520
Iida Group Holdings Co. Ltd.
 
3,437
53,367
INPEX Corp.
 
21,110
306,325
Isuzu Motors Ltd.
 
12,726
141,903
Itochu Corp.
 
25,850
931,144
Japan Airlines Co. Ltd.
 
3,137
57,670
Japan Exchange Group, Inc.
 
10,963
216,791
Japan Post Bank Co. Ltd.
 
31,562
292,555
Japan Post Holdings Co. Ltd.
 
49,003
433,736
Japan Post Insurance Co. Ltd.
 
4,167
80,240
Japan Real Estate Investment Corp.
 
28
104,001
Japan Retail Fund Investment Corp.
 
152
98,093
Japan Tobacco, Inc.
 
26,108
607,765
JFE Holdings, Inc.
 
10,720
149,360
JSR Corp.
 
3,841
102,808
Kajima Corp.
 
9,254
152,945
Kansai Electric Power Co., Inc.
 
15,380
196,923
Kao Corp.
 
10,106
368,706
Kawasaki Kisen Kaisha Ltd.
 
3,000
102,870
KDDI Corp.
 
32,600
975,221
KDX Realty Investment Corp.
 
90
93,869
Keio Corp.
 
2,273
67,450
Keisei Electric Railway Co.
 
2,819
106,191
Keyence Corp.
 
4,205
1,627,834
Kikkoman Corp.
 
2,942
167,384
Kintetsu Group Holdings Co. Ltd.
 
3,987
112,181
Kirin Holdings Co. Ltd.
 
16,874
237,136
Kobayashi Pharmaceutical Co. Ltd.
 
1,081
44,627
Kobe Bussan Co. Ltd.
 
3,305
81,792
Koei Tecmo Holdings Co. Ltd.
 
2,496
32,592
Koito Manufacturing Co. Ltd.
 
4,544
68,082
Komatsu Ltd.
 
20,168
463,388
Konami Group Corp.
 
2,155
111,634
Kose Corp.
 
756
50,086
Kubota Corp.
 
22,043
296,462
Kurita Water Industries Ltd.
 
2,265
68,818
Kyocera Corp.
 
7,038
346,913
Kyowa Hakko Kirin Co., Ltd.
 
5,847
91,706
Lasertec Corp.
 
1,625
268,418
LIXIL Group Corp.
 
6,243
68,455
LY Corp.
 
58,217
148,423
M3, Inc.
 
9,638
148,437
Makita Corp.
 
4,873
125,952
Marubeni Corp.
 
31,472
460,177
MatsukiyoCocokara & Co.
 
7,500
131,563
Mazda Motor Corp.
 
12,372
119,588
McDonald's Holdings Co. (Japan) Ltd.
 
1,914
74,470
Meiji Holdings Co. Ltd.
 
5,082
125,088
Minebea Mitsumi, Inc.
 
7,911
124,039
Misumi Group, Inc.
 
6,167
93,360
Mitsubishi Chemical Holdings Corp.
 
27,847
157,575
Mitsubishi Corp.
 
25,035
1,167,021
Mitsubishi Electric Corp.
 
42,056
482,236
Mitsubishi Estate Co. Ltd.
 
24,484
313,403
Mitsubishi Heavy Industries Ltd.
 
7,012
361,151
Mitsubishi UFJ Financial Group, Inc.
 
248,721
2,086,557
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
17,578
115,878
Mitsui & Co. Ltd.
 
28,629
1,040,497
Mitsui Chemicals, Inc.
 
3,710
93,509
Mitsui Fudosan Co. Ltd.
 
19,341
419,214
Mitsui OSK Lines Ltd.
 
7,500
193,630
Mizuho Financial Group, Inc.
 
52,499
891,348
MonotaRO Co. Ltd.
 
5,422
43,333
MS&AD Insurance Group Holdings, Inc.
 
9,343
342,333
Murata Manufacturing Co. Ltd.
 
37,683
645,486
NEC Corp.
 
5,335
256,884
Nexon Co. Ltd.
 
7,414
136,041
NGK Insulators Ltd.
 
5,141
62,814
Nidec Corp.
 
9,049
331,927
Nintendo Co. Ltd.
 
22,670
936,599
Nippon Building Fund, Inc.
 
34
136,610
Nippon Express Holdings, Inc.
 
1,623
83,415
Nippon Paint Holdings Co. Ltd.
 
20,605
138,530
Nippon Prologis REIT, Inc.
 
49
87,189
Nippon Sanso Holdings Corp.
 
3,750
94,569
Nippon Steel & Sumitomo Metal Corp.
 
18,682
402,949
Nippon Telegraph & Telephone Corp.
 
650,825
765,875
Nippon Yusen KK
 
10,565
258,497
Nissan Chemical Corp.
 
2,707
110,406
Nissan Motor Co. Ltd.
 
50,564
194,569
Nissin Food Holdings Co. Ltd.
 
1,306
113,633
Nitori Holdings Co. Ltd.
 
1,735
187,892
Nitto Denko Corp.
 
3,063
198,194
Nomura Holdings, Inc.
 
65,485
252,995
Nomura Real Estate Holdings, Inc.
 
2,393
55,891
Nomura Real Estate Master Fund, Inc.
 
92
101,518
Nomura Research Institute Ltd.
 
8,439
221,523
NTT Data Corp.
 
13,745
169,475
Obayashi Corp.
 
14,193
121,575
OBIC Co. Ltd.
 
1,516
224,090
Odakyu Electric Railway Co. Ltd.
 
6,793
96,707
Oji Holdings Corp.
 
18,755
80,213
Olympus Corp.
 
27,553
367,980
OMRON Corp.
 
3,811
136,538
Ono Pharmaceutical Co. Ltd.
 
8,421
145,426
Open House Group Co. Ltd.
 
1,700
56,033
Oracle Corp. Japan
 
864
61,292
Oriental Land Co. Ltd.
 
23,770
768,849
ORIX Corp.
 
25,504
463,825
Osaka Gas Co. Ltd.
 
8,236
155,313
Otsuka Corp.
 
2,475
99,234
Otsuka Holdings Co. Ltd.
 
8,554
287,808
Pan Pacific International Holdings Ltd.
 
8,294
160,620
Panasonic Holdings Corp.
 
48,109
422,084
Persol Holdings Co. Ltd.
 
41,000
61,476
Rakuten Group, Inc.
 
32,546
120,385
Recruit Holdings Co. Ltd.
 
31,373
899,549
Renesas Electronics Corp. (a)
 
27,703
363,896
Resona Holdings, Inc.
 
46,577
248,876
Ricoh Co. Ltd.
 
11,925
96,653
ROHM Co. Ltd.
 
7,784
124,715
SBI Holdings, Inc. Japan
 
5,297
113,965
SCSK Corp.
 
3,458
59,029
Secom Co. Ltd.
 
4,549
315,950
Seiko Epson Corp.
 
6,244
86,687
Sekisui Chemical Co. Ltd.
 
8,398
115,026
Sekisui House Ltd.
 
13,034
255,242
Seven & i Holdings Co. Ltd.
 
16,459
603,037
SG Holdings Co. Ltd.
 
6,937
98,329
Sharp Corp. (a)
 
5,560
34,762
Shimadzu Corp.
 
5,174
122,346
SHIMANO, Inc.
 
1,624
233,704
SHIMIZU Corp.
 
12,123
86,273
Shin-Etsu Chemical Co. Ltd.
 
39,670
1,186,267
Shionogi & Co. Ltd.
 
5,641
262,671
Shiseido Co. Ltd.
 
8,669
274,941
Shizuoka Financial Group
 
10,199
86,730
SMC Corp.
 
1,296
598,445
SoftBank Corp.
 
62,613
707,957
SoftBank Group Corp.
 
22,424
918,354
Sompo Holdings, Inc.
 
6,459
279,804
Sony Group Corp.
 
27,513
2,287,400
Square Enix Holdings Co. Ltd.
 
1,855
61,626
Subaru Corp.
 
13,428
232,443
Sumco Corp.
 
7,649
98,842
Sumitomo Chemical Co. Ltd.
 
30,626
77,844
Sumitomo Corp.
 
22,775
447,704
Sumitomo Electric Industries Ltd.
 
15,544
163,185
Sumitomo Metal Mining Co. Ltd.
 
5,386
151,303
Sumitomo Mitsui Financial Group, Inc.
 
27,687
1,334,734
Sumitomo Mitsui Trust Holdings, Inc.
 
7,155
268,290
Sumitomo Realty & Development Co. Ltd.
 
6,222
156,135
Suntory Beverage & Food Ltd.
 
3,032
91,242
Suzuki Motor Corp.
 
8,018
311,195
Sysmex Corp.
 
3,680
176,282
T&D Holdings, Inc.
 
10,896
194,376
Taisei Corp.
 
3,716
126,020
Takeda Pharmaceutical Co. Ltd.
 
34,478
935,897
TDK Corp.
 
8,451
316,196
Terumo Corp.
 
14,680
401,618
TIS, Inc.
 
4,772
102,192
Tobu Railway Co. Ltd.
 
4,115
99,046
Toho Co. Ltd.
 
2,490
85,066
Tokio Marine Holdings, Inc.
 
39,268
878,513
Tokyo Electric Power Co., Inc. (a)
 
33,225
140,600
Tokyo Electron Ltd.
 
10,250
1,354,411
Tokyo Gas Co. Ltd.
 
8,515
191,223
Tokyu Corp.
 
10,917
123,242
Toppan Holdings, Inc.
 
5,338
123,115
Toray Industries, Inc.
 
30,202
146,112
Tosoh Corp.
 
5,627
68,898
Toto Ltd.
 
2,935
70,768
Toyota Industries Corp.
 
3,241
240,206
Toyota Motor Corp.
 
230,990
4,040,881
Toyota Tsusho Corp.
 
4,657
247,921
Trend Micro, Inc.
 
2,920
110,039
Unicharm Corp.
 
8,774
298,131
USS Co. Ltd.
 
4,468
78,096
Welcia Holdings Co. Ltd.
 
2,055
34,063
West Japan Railway Co.
 
4,770
181,806
Yakult Honsha Co. Ltd.
 
5,628
132,624
Yamaha Corp.
 
3,023
80,744
Yamaha Motor Co. Ltd.
 
6,472
158,155
Yamato Holdings Co. Ltd.
 
5,812
96,805
Yaskawa Electric Corp.
 
5,198
170,147
Yokogawa Electric Corp.
 
4,979
90,395
Zensho Holdings Co. Ltd.
 
2,000
105,124
ZOZO, Inc.
 
3,082
58,603
TOTAL JAPAN
 
 
71,306,075
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
3,611
83,457
Korea (South) - 0.0%
 
 
 
Delivery Hero AG (a)(b)
 
3,815
96,759
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
11,146
246,250
Eurofins Scientific SA
 
2,940
148,790
TOTAL LUXEMBOURG
 
 
395,040
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
47,635
267,779
Sands China Ltd. (a)
 
52,862
142,307
TOTAL MACAU
 
 
410,086
Netherlands - 5.6%
 
 
 
ABN AMRO Bank NV GDR (Bearer) (b)
 
8,796
118,060
Adyen BV (a)(b)
 
473
319,032
AEGON NV
 
36,751
178,254
Akzo Nobel NV
 
3,716
248,732
Argenx SE (a)
 
1,219
573,395
ASM International NV (Netherlands)
 
1,023
420,527
ASML Holding NV (Netherlands)
 
8,781
5,278,438
ASR Nederland NV
 
3,481
129,650
BE Semiconductor Industries NV
 
1,679
172,858
Euronext NV (b)
 
1,866
129,916
EXOR NV
 
2,363
202,374
Heineken Holding NV
 
2,823
214,468
Heineken NV (Bearer)
 
6,273
563,588
IMCD NV
 
1,241
149,037
ING Groep NV (Certificaten Van Aandelen)
 
78,841
1,010,783
JDE Peet's BV
 
2,736
75,964
Koninklijke Ahold Delhaize NV
 
21,154
626,725
Koninklijke KPN NV
 
70,346
236,446
Koninklijke Philips Electronics NV
 
20,229
384,806
NN Group NV
 
5,461
175,147
OCI NV
 
2,310
53,797
Randstad NV
 
2,404
124,233
Shell PLC (London)
 
146,037
4,706,313
Stellantis NV (Italy)
 
48,188
897,384
Universal Music Group NV
 
17,846
437,028
Wolters Kluwer NV
 
5,609
718,714
TOTAL NETHERLANDS
 
 
18,145,669
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd.
 
27,402
117,206
Fisher & Paykel Healthcare Corp.
 
12,620
153,076
Mercury Nz Ltd.
 
15,613
53,708
Meridian Energy Ltd.
 
28,098
79,134
Spark New Zealand Ltd.
 
40,132
116,508
Xero Ltd. (a)
 
3,133
214,195
TOTAL NEW ZEALAND
 
 
733,827
Norway - 0.6%
 
 
 
Aker BP ASA
 
6,878
197,703
DNB Bank ASA
 
20,156
363,210
Equinor ASA
 
19,622
657,793
Gjensidige Forsikring ASA
 
4,360
65,297
Kongsberg Gruppen ASA
 
1,919
78,334
Mowi ASA
 
9,569
155,301
Norsk Hydro ASA
 
28,887
164,734
Orkla ASA
 
16,347
112,590
Salmar ASA
 
1,580
74,793
Telenor ASA
 
15,232
155,648
TOTAL NORWAY
 
 
2,025,403
Portugal - 0.2%
 
 
 
Energias de Portugal SA
 
68,340
287,073
Galp Energia SGPS SA Class B
 
10,721
161,197
Jeronimo Martins SGPS SA
 
6,166
142,098
TOTAL PORTUGAL
 
 
590,368
Singapore - 1.5%
 
 
 
CapitaLand Ascendas REIT
 
81,251
154,381
CapitaLand Investment Ltd.
 
56,553
121,430
CapitaMall Trust
 
115,823
148,858
City Developments Ltd.
 
10,968
50,626
DBS Group Holdings Ltd.
 
39,498
948,874
Genting Singapore Ltd.
 
131,594
82,675
Grab Holdings Ltd. (a)
 
40,804
125,268
Jardine Cycle & Carriage Ltd.
 
2,200
45,320
Keppel (REIT) (c)
 
6,343
3,683
Keppel Corp. Ltd.
 
31,716
143,970
Mapletree Logistics Trust (REIT)
 
75,268
80,827
Mapletree Pan Asia Commercial Trust
 
51,677
50,225
Oversea-Chinese Banking Corp. Ltd.
 
73,728
683,541
Sea Ltd. ADR (a)
 
7,947
331,390
Seatrium Ltd. (a)
 
965,707
79,091
Sembcorp Industries Ltd.
 
19,600
65,756
Singapore Airlines Ltd.
 
32,362
144,505
Singapore Exchange Ltd.
 
18,689
129,396
Singapore Technologies Engineering Ltd.
 
33,993
93,320
Singapore Telecommunications Ltd.
 
179,762
312,368
STMicroelectronics NV (France)
 
14,887
567,494
United Overseas Bank Ltd.
 
27,566
543,731
UOL Group Ltd.
 
10,244
44,119
TOTAL SINGAPORE
 
 
4,950,848
South Africa - 0.2%
 
 
 
Anglo American PLC (United Kingdom)
 
27,677
705,199
Spain - 2.4%
 
 
 
Acciona SA
 
537
67,616
ACS Actividades de Construccion y Servicios SA
 
4,773
172,569
Aena SME SA (b)
 
1,634
236,432
Amadeus IT Holding SA Class A
 
9,813
558,820
Banco Bilbao Vizcaya Argentaria SA
 
129,943
1,022,292
Banco Santander SA (Spain)
 
352,517
1,292,812
CaixaBank SA
 
89,866
365,354
Cellnex Telecom SA (b)
 
12,309
361,837
Corp. ACCIONA Energias Renovables SA
 
1,471
39,814
EDP Renovaveis SA
 
6,683
107,413
Enagas SA
 
5,417
90,533
Endesa SA
 
6,917
130,020
Grifols SA (a)
 
6,495
72,744
Iberdrola SA
 
132,608
1,474,869
Industria de Diseno Textil SA
 
23,760
818,322
Naturgy Energy Group SA
 
2,743
77,493
Redeia Corp. SA
 
8,830
137,389
Repsol SA
 
27,822
406,987
Telefonica SA
 
112,718
435,389
TOTAL SPAIN
 
 
7,868,705
Sweden - 2.7%
 
 
 
Alfa Laval AB
 
6,300
203,520
ASSA ABLOY AB (B Shares)
 
21,825
465,202
Atlas Copco AB:
 
 
 
 (A Shares)
 
58,720
760,367
 (B Shares)
 
33,746
378,048
Beijer Ref AB (B Shares)
 
8,379
79,343
Boliden AB
 
5,956
152,469
Epiroc AB:
 
 
 
 (A Shares)
 
14,357
236,528
 (B Shares)
 
8,488
117,635
EQT AB
 
7,742
140,726
Ericsson (B Shares)
 
63,779
285,713
Essity AB (B Shares)
 
13,266
302,223
Evolution AB (b)
 
3,991
354,642
Fastighets AB Balder (a)
 
14,203
60,044
Getinge AB (B Shares)
 
4,982
89,442
H&M Hennes & Mauritz AB (B Shares)
 
14,067
188,149
Hexagon AB (B Shares)
 
45,218
368,510
Holmen AB (B Shares)
 
2,041
76,923
Husqvarna AB (B Shares)
 
7,713
49,819
Industrivarden AB:
 
 
 
 (A Shares)
 
2,860
73,842
 (C Shares)
 
3,333
85,755
Indutrade AB
 
5,947
105,035
Investment AB Latour (B Shares)
 
3,245
56,034
Investor AB (B Shares)
 
37,698
690,303
L E Lundbergforetagen AB
 
1,657
67,498
Lifco AB
 
5,071
92,585
Nibe Industrier AB (B Shares)
 
32,994
189,703
Saab AB (B Shares)
 
1,744
89,368
Sagax AB
 
4,299
77,604
Sandvik AB
 
23,221
395,524
Securitas AB (B Shares)
 
10,705
85,602
Skandinaviska Enskilda Banken AB (A Shares)
 
34,562
384,867
Skanska AB (B Shares)
 
7,406
111,032
SKF AB (B Shares)
 
7,418
119,685
Svenska Cellulosa AB SCA (B Shares)
 
13,192
180,759
Svenska Handelsbanken AB (A Shares)
 
31,765
270,819
Swedbank AB (A Shares)
 
18,491
302,732
Swedish Orphan Biovitrum AB (a)
 
4,779
98,213
Tele2 AB (B Shares)
 
11,628
82,441
Telia Co. AB
 
51,326
108,808
Volvo AB:
 
 
 
 (A Shares)
 
4,336
86,779
 (B Shares)
 
32,893
650,938
Volvo Car AB (a)
 
13,189
45,265
TOTAL SWEDEN
 
 
8,760,494
Switzerland - 5.9%
 
 
 
ABB Ltd. (Reg.)
 
34,845
1,170,713
Adecco SA (Reg.)
 
3,485
131,178
Alcon, Inc. (Switzerland)
 
10,885
775,645
Avolta AG (a)
 
2,100
73,205
Bachem Holding AG (B Shares)
 
735
53,005
Baloise Holdings AG
 
998
142,846
Banque Cantonale Vaudoise
 
656
73,991
Barry Callebaut AG
 
78
117,902
BKW AG
 
460
77,168
Clariant AG (Reg.)
 
4,697
66,455
Compagnie Financiere Richemont SA Series A
 
11,370
1,341,382
DSM-Firmenich AG
 
4,050
366,779
Ems-Chemie Holding AG
 
153
104,282
Geberit AG (Reg.)
 
728
337,570
Givaudan SA
 
201
667,312
Helvetia Holding AG (Reg.)
 
809
108,323
Julius Baer Group Ltd.
 
4,487
265,907
Kuehne & Nagel International AG
 
1,184
318,241
Lindt & Spruengli AG
 
2
217,666
Lindt & Spruengli AG (participation certificate)
 
24
265,157
Logitech International SA (Reg.)
 
3,582
280,212
Lonza Group AG
 
1,622
568,031
Novartis AG
 
44,648
4,179,926
Partners Group Holding AG
 
494
519,606
Sandoz Group AG
 
8,929
232,145
Schindler Holding AG:
 
 
 
 (participation certificate)
 
884
178,034
 (Reg.)
 
514
99,732
SGS SA (Reg.)
 
3,265
265,536
Sig Group AG
 
6,661
146,379
Sika AG
 
3,188
760,157
Sonova Holding AG
 
1,133
267,167
Straumann Holding AG
 
2,432
285,937
Swatch Group AG (Bearer)
 
629
160,560
Swatch Group AG (Bearer) (Reg.)
 
1,150
55,499
Swiss Life Holding AG
 
643
411,254
Swiss Prime Site AG
 
1,669
154,855
Swisscom AG
 
564
337,290
Temenos Group AG
 
1,390
99,538
UBS Group AG
 
71,642
1,671,240
VAT Group AG (b)
 
588
207,301
Zurich Insurance Group Ltd.
 
3,278
1,551,703
TOTAL SWITZERLAND
 
 
19,106,829
United Arab Emirates - 0.0%
 
 
 
NMC Health PLC (a)(d)
 
941
0
United Kingdom - 10.8%
 
 
 
3i Group PLC
 
21,204
499,939
Abrdn PLC
 
42,413
80,754
Admiral Group PLC
 
4,624
137,302
Ashtead Group PLC
 
9,545
545,733
Associated British Foods PLC
 
7,576
186,559
AstraZeneca PLC (United Kingdom)
 
33,760
4,226,879
Auto Trader Group PLC (b)
 
19,996
151,255
Aviva PLC
 
59,648
288,909
BAE Systems PLC
 
66,402
892,867
Barclays PLC
 
338,827
543,834
Barratt Developments PLC
 
21,221
106,757
Berkeley Group Holdings PLC
 
2,318
113,711
BP PLC
 
377,968
2,307,880
British American Tobacco PLC (United Kingdom)
 
46,277
1,382,407
BT Group PLC
 
140,622
192,711
Bunzl PLC
 
7,361
262,324
Burberry Group PLC
 
8,215
168,945
Centrica PLC
 
121,225
231,770
CK Hutchison Holdings Ltd.
 
58,556
296,427
CNH Industrial NV
 
22,289
246,806
Coca-Cola European Partners PLC
 
4,498
263,178
Compass Group PLC
 
37,763
952,058
Croda International PLC
 
3,041
161,819
DCC PLC (United Kingdom)
 
2,150
119,293
Diageo PLC
 
48,946
1,850,943
Entain PLC
 
13,911
157,313
Halma PLC
 
8,270
185,455
Hargreaves Lansdown PLC
 
7,743
66,500
HSBC Holdings PLC (United Kingdom)
 
430,587
3,109,021
Imperial Brands PLC
 
18,807
400,668
Informa PLC
 
30,484
263,660
InterContinental Hotel Group PLC
 
3,668
259,924
Intertek Group PLC
 
3,516
163,377
J Sainsbury PLC
 
36,076
112,822
JD Sports Fashion PLC
 
56,426
87,443
Johnson Matthey PLC
 
3,994
72,526
Kingfisher PLC
 
41,452
105,848
Land Securities Group PLC
 
15,338
106,076
Legal & General Group PLC
 
130,195
334,531
Lloyds Banking Group PLC
 
1,402,796
682,741
London Stock Exchange Group PLC
 
9,251
933,381
M&G PLC
 
48,836
117,647
Melrose Industries PLC
 
29,441
167,112
National Grid PLC
 
80,205
956,282
NatWest Group PLC
 
126,591
275,439
Next PLC
 
2,624
219,554
Ocado Group PLC (a)
 
12,612
71,327
Pearson PLC
 
14,039
162,512
Persimmon PLC
 
6,953
85,862
Phoenix Group Holdings PLC
 
16,348
90,171
Reckitt Benckiser Group PLC
 
15,630
1,045,756
RELX PLC (London Stock Exchange)
 
41,251
1,440,803
Rentokil Initial PLC
 
54,892
279,537
Rolls-Royce Holdings PLC (a)
 
183,339
482,590
Sage Group PLC
 
22,352
263,690
Schroders PLC
 
17,542
78,740
Segro PLC
 
25,337
219,513
Severn Trent PLC
 
5,856
189,045
Smith & Nephew PLC
 
19,029
212,956
Smiths Group PLC
 
7,614
149,320
Spirax-Sarco Engineering PLC
 
1,607
160,008
SSE PLC
 
23,750
471,397
St. James's Place PLC
 
11,947
92,876
Standard Chartered PLC (United Kingdom)
 
51,666
395,624
Taylor Wimpey PLC
 
76,911
103,577
Tesco PLC
 
156,141
512,386
Unilever PLC
 
54,780
2,594,418
United Utilities Group PLC
 
14,852
192,089
Vodafone Group PLC
 
500,822
461,026
Whitbread PLC
 
4,312
174,421
Wise PLC (a)
 
13,391
108,334
WPP PLC
 
23,406
201,554
TOTAL UNITED KINGDOM
 
 
35,227,912
United States of America - 6.8%
 
 
 
CRH PLC
 
15,806
849,336
CSL Ltd.
 
10,507
1,552,852
CyberArk Software Ltd. (a)
 
910
148,912
Experian PLC
 
20,041
606,779
Ferrovial SE
 
11,092
333,785
Ferrovial SE rights (a)(c)
 
11,092
5,019
GSK PLC
 
89,201
1,590,166
Haleon PLC
 
120,673
483,668
Holcim AG
 
11,353
699,913
James Hardie Industries PLC CDI (a)
 
9,587
239,190
Monday.com Ltd. (a)
 
473
61,485
Nestle SA (Reg. S)
 
58,159
6,271,796
QIAGEN NV (Germany) (a)
 
4,967
184,576
Roche Holding AG:
 
 
 
 (Bearer)
 
697
189,412
 (participation certificate)
 
15,303
3,943,731
Sanofi SA
 
24,748
2,247,272
Schneider Electric SA
 
11,854
1,823,824
Swiss Re Ltd.
 
6,570
715,900
Tenaris SA
 
10,286
161,513
TOTAL UNITED STATES OF AMERICA
 
 
22,109,129
 
TOTAL COMMON STOCKS
 (Cost $301,996,776)
 
 
 
308,398,883
 
 
 
 
Nonconvertible Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Germany - 0.4%
 
 
 
Bayerische Motoren Werke AG (BMW) (non-vtg.)
 
1,265
107,280
Dr. Ing. h.c. F. Porsche AG Series F (b)
 
2,480
216,592
Henkel AG & Co. KGaA
 
3,680
265,090
Porsche Automobil Holding SE (Germany)
 
3,332
149,134
Sartorius AG (non-vtg.)
 
571
142,706
Volkswagen AG
 
4,497
476,910
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $1,744,130)
 
 
 
1,357,712
 
 
 
 
Government Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $491,687)
 
500,000
491,658
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
 (Cost $12,736,920)
 
 
12,734,373
12,736,920
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.9%
 (Cost $316,969,513)
 
 
 
322,985,173
NET OTHER ASSETS (LIABILITIES) - 1.1%  
3,537,959
NET ASSETS - 100.0%
326,523,132
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
169
Dec 2023
16,681,145
(739,074)
(739,074)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 5.1%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,835,521 or 1.2% of net assets.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $471,992.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
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 5.40%
3,870,962
114,627,335
105,761,377
463,649
-
-
12,736,920
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
2,022,594
16,812,533
18,835,127
29,971
-
-
-
0.0%
Total
5,893,556
131,439,868
124,596,504
493,620
-
-
12,736,920
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
12,972,569
2,419,221
10,553,348
-
Consumer Discretionary
36,888,102
11,157,208
25,730,894
-
Consumer Staples
30,728,315
5,096,411
25,631,904
-
Energy
15,150,323
1,376,977
13,773,346
-
Financials
59,120,753
18,237,651
40,883,102
-
Health Care
40,701,681
6,237,489
34,464,192
-
Industrials
48,588,007
13,991,989
34,596,018
-
Information Technology
24,410,986
2,386,500
22,024,486
-
Materials
23,161,758
7,460,318
15,701,440
-
Real Estate
7,241,940
1,232,733
6,009,207
-
Utilities
10,792,161
3,553,141
7,239,020
-
 Government Obligations
491,658
-
491,658
-
  Money Market Funds
12,736,920
12,736,920
-
-
 Total Investments in Securities:
322,985,173
85,886,558
237,098,615
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(739,074)
(739,074)
-
-
  Total Liabilities
(739,074)
(739,074)
-
-
 Total Derivative Instruments:
(739,074)
(739,074)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(739,074)
Total Equity Risk
0
(739,074)
Total Value of Derivatives
0
(739,074)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $304,232,593)
$
310,248,253
 
 
Fidelity Central Funds (cost $12,736,920)
12,736,920
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $316,969,513)
 
 
$
322,985,173
Foreign currency held at value (cost $188,159)
 
 
187,482
Receivable for fund shares sold
 
 
2,740,135
Dividends receivable
 
 
775,549
Reclaims receivable
 
 
882,181
Distributions receivable from Fidelity Central Funds
 
 
52,746
Receivable for daily variation margin on futures contracts
 
 
44,711
Receivable from investment adviser for expense reductions
 
 
16,767
Other receivables
 
 
2
  Total assets
 
 
327,684,746
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
8,725
 
 
Payable for fund shares redeemed
1,100,197
 
 
Other payables and accrued expenses
52,692
 
 
  Total Liabilities
 
 
 
1,161,614
Net Assets  
 
 
$
326,523,132
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
332,046,725
Total accumulated earnings (loss)
 
 
 
(5,523,593)
Net Assets
 
 
$
326,523,132
Net Asset Value, offering price and redemption price per share ($326,523,132 ÷ 30,844,349 shares)
 
 
$
10.59
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
10,962,389
Interest  
 
 
22,093
Income from Fidelity Central Funds (including $29,971 from security lending)
 
 
493,620
 Income before foreign taxes withheld
 
 
$
11,478,102
Less foreign taxes withheld
 
 
(1,006,130)
 Total Income
 
 
 
10,471,972
Expenses
 
 
 
 
Custodian fees and expenses
$
161,256
 
 
Independent trustees' fees and expenses
1,814
 
 
Interest
964
 
 
 Total expenses before reductions
 
164,034
 
 
 Expense reductions
 
(122,748)
 
 
 Total expenses after reductions
 
 
 
41,286
Net Investment income (loss)
 
 
 
10,430,686
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(12,211,822)
 
 
 Foreign currency transactions
 
(189,471)
 
 
 Futures contracts
 
1,692,530
 
 
Total net realized gain (loss)
 
 
 
(10,708,763)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
45,275,355
 
 
 Assets and liabilities in foreign currencies
 
55,631
 
 
 Futures contracts
 
(983,687)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
44,347,299
Net gain (loss)
 
 
 
33,638,536
Net increase (decrease) in net assets resulting from operations
 
 
$
44,069,222
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
10,430,686
$
8,925,976
Net realized gain (loss)
 
(10,708,763)
 
 
(6,635,095)
 
Change in net unrealized appreciation (depreciation)
 
44,347,299
 
(75,895,662)
 
Net increase (decrease) in net assets resulting from operations
 
44,069,222
 
 
(73,604,781)
 
Distributions to shareholders
 
(7,730,928)
 
 
(7,139,987)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
83,236,802
 
120,516,467
  Reinvestment of distributions
 
7,730,928
 
 
7,139,987
 
Cost of shares redeemed
 
(84,194,891)
 
(37,152,820)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
6,772,839
 
 
90,503,634
 
Total increase (decrease) in net assets
 
43,111,133
 
 
9,758,866
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
283,411,999
 
273,653,133
 
End of period
$
326,523,132
$
283,411,999
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
7,565,430
 
11,145,325
  Issued in reinvestment of distributions
 
744,791
 
 
592,530
 
Redeemed
 
(7,565,907)
 
(3,449,396)
Net increase (decrease)
 
744,314
 
8,288,459
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.42
$
12.55
$
9.54
$
10.41
$
9.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.34
 
.33
 
.24
 
.33
     Net realized and unrealized gain (loss)
 
1.10
 
(3.17)
 
2.90
 
(.90)
 
.71
  Total from investment operations
 
1.44  
 
(2.83)  
 
3.23  
 
(.66)  
 
1.04
  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
$
10.59
$
9.42
$
12.55
$
9.54
$
10.41
 Total Return C
 
15.30%
 
(23.05)%
 
34.15%
 
(6.52)%
 
11.06%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.05%
 
.05%
 
.06%
 
.11%
 
.24%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.02%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.02%
 
.01%
    Net investment income (loss)
 
3.13%
 
3.14%
 
2.73%
 
2.47%
 
3.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
326,523
$
283,412
$
273,653
$
129,230
$
102,589
    Portfolio turnover rate F
 
18%
 
5%
 
6% G
 
3%
 
2%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees 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.
 
EExpense 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.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
GPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 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 RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), 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
$39,811,495
Gross unrealized depreciation
(35,819,463)
Net unrealized appreciation (depreciation)
$3,992,032
Tax Cost
$318,993,141
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$9,470,309
Capital loss carryforward
$(18,961,735)
Net unrealized appreciation (depreciation) on securities and other investments
$3,967,834
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(4,738,530)
 Long-term
(14,223,205)
Total capital loss carryforward
$(18,961,735)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$7,730,928
$ 7,139,987
 
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
56,241,439
58,574,447
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
$3,118
$-
$-
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, 2027. 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 $117,879.
 
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 $4,869.
 
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.
 
 
 
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Series International Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series International Index Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Index Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 926.50
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $ $102,914 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 89.62% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $ 0.2911 and $0.0251 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series International Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers.  The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR and the sub-advisory agreement, without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts.  The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2026.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity and Geode in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9891249.105
IIF-ANN-1223
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
 
 
Annual Report
October 31, 2023

Contents

Fidelity ZERO® Extended Market Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity ZERO® International Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity ZERO® Large Cap Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity ZERO® Total Market Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity ZERO® Extended Market Index Fund
-4.23%
5.44%
3.13%
 
A   From September 13, 2018
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity ZERO® Extended Market Index Fund on September 13, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Extended Investable Market Index℠ and S&P 500® Index performed over the same period.
 
Fidelity ZERO® Extended Market Index Fund
Market Recap:
U.S. equities gained 10.14% for the 12 months ending October 31, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of 25 basis points, followed by the decision to hold rates in September at a 22-year high so the Fed can observe the pause's effect on inflation and the economy. The year-to-date equity rally sputtered in August and continued to lose steam through October amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The S&P 500® closed at its 2023 high on July 31 before returning -3.27% in Q3 and -2.10% in October. Still, U.S. stocks ended October up 10.69% year to date. By sector for the full 12 months, communications services (+36%) and tech (+33%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-8%) and real estate (-7%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund returned -4.23%, versus -4.44% for the benchmark Fidelity U.S. Extended Investable Market Index TR. By sector, industrials gained 5% and contributed most, driven by the capital goods industry (+9%). Information technology stocks also helped, gaining about 6% and benefitting from the software & services industry (+7%). The energy sector rose roughly 3%. Other notable contributors included the consumer staples (0.27%) and materials (-1%) sectors. Conversely, health care returned -19% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-19%). Financials (-10%), hampered by the banks industry (-28%), and real estate (-9%), especially in the equity real estate investment trusts (REITs) industry (-9%), also hurt. Other notable detractors included the communication services (-17%), utilities (-10%) and consumer discretionary (-2%) sectors. Turning to individual stocks, the top individual contributor was Jabil (+92%), from the technology hardware & equipment industry. Vertiv Holdings (+175%) and Builders FirstSource (+76%), within the capital goods category, also boosted the fund. In semiconductors & semiconductor equipment, First Solar gained 49% and helped. Lastly, another notable contributor was First Citizens Bancshares (+68%), a stock in the banks group. In contrast, the biggest detractor was Rivian Automotive (-54%), from the automobiles & components category. Advance Auto Parts, within the consumer discretionary distribution & retail industry, returned approximately -72% and hurt the fund. First Horizon (-54%), from the banks industry, also hurt. Lumen Technologies, within the telecommunication services industry, returned -80% and hindered the fund. Lastly, in food, beverage & tobacco, Darling Ingredients returned approximately -44% and detracted.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity ZERO® Extended Market Index Fund
Top Holdings (% of Fund's net assets)
 
First Citizens Bancshares, Inc.
0.4
 
Ares Management Corp.
0.4
 
Jabil, Inc.
0.4
 
Booz Allen Hamilton Holding Corp. Class A
0.3
 
Deckers Outdoor Corp.
0.3
 
EQT Corp.
0.3
 
Hubbell, Inc. Class B
0.3
 
Vertiv Holdings Co.
0.3
 
Snap-On, Inc.
0.3
 
Builders FirstSource, Inc.
0.3
 
 
3.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
20.0
 
Financials
16.5
 
Consumer Discretionary
13.1
 
Information Technology
11.8
 
Health Care
11.0
 
Real Estate
6.9
 
Energy
5.9
 
Materials
4.9
 
Consumer Staples
3.9
 
Communication Services
2.9
 
Utilities
2.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.3%
 
Fidelity ZERO® Extended Market Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.9%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
Anterix, Inc. (a)
 
5,194
158,365
AST SpaceMobile, Inc. (a)(b)
 
24,112
79,811
ATN International, Inc.
 
2,886
89,322
Bandwidth, Inc. (a)
 
5,855
62,122
Cogent Communications Group, Inc.
 
11,622
755,198
Consolidated Communications Holdings, Inc. (a)
 
20,101
83,821
EchoStar Holding Corp. Class A (a)
 
9,035
125,225
Frontier Communications Parent, Inc. (a)(b)
 
59,374
1,063,982
GCI Liberty, Inc. Class A (c)
 
14,201
0
Globalstar, Inc. (a)(b)
 
189,616
267,359
IDT Corp. Class B (a)
 
5,390
151,190
Iridium Communications, Inc.
 
33,569
1,243,731
Liberty Global PLC:
 
 
 
 Class A (a)
 
45,004
700,262
 Class C (a)
 
59,480
1,008,781
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
4,512
30,817
 Class C (a)(b)
 
39,980
273,863
Lumen Technologies, Inc. (a)(b)
 
270,593
395,066
 
 
 
6,488,915
Entertainment - 0.9%
 
 
 
AMC Entertainment Holdings, Inc. Class A (b)
 
13,949
148,975
Cinemark Holdings, Inc. (a)(b)
 
28,988
478,012
Endeavor Group Holdings, Inc.
 
50,585
1,151,315
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)(b)
 
20,616
162,042
 Class B (a)
 
30,766
229,514
Live Nation Entertainment, Inc. (a)
 
38,055
3,045,161
Madison Square Garden Entertainment Corp.
 
11,426
348,264
Madison Square Garden Sports Corp.
 
4,466
750,913
Marcus Corp. (b)
 
6,390
99,301
Playtika Holding Corp. (a)
 
18,593
156,181
Roku, Inc. Class A (a)
 
33,315
1,984,575
Skillz, Inc. (a)(b)
 
3,917
20,055
Sphere Entertainment Co. (a)
 
7,113
234,089
TKO Group Holdings, Inc.
 
14,068
1,153,295
Vivid Seats, Inc. Class A (a)
 
9,834
57,824
Warner Music Group Corp. Class A
 
37,123
1,161,950
 
 
 
11,181,466
Interactive Media & Services - 0.5%
 
 
 
Angi, Inc. (a)(b)
 
19,753
31,802
Bumble, Inc. (a)
 
26,781
359,937
CarGurus, Inc. Class A (a)
 
23,296
401,390
Cars.com, Inc. (a)
 
16,538
251,874
Eventbrite, Inc. (a)(b)
 
22,582
186,979
EverQuote, Inc. Class A (a)
 
5,850
50,252
fuboTV, Inc. (a)(b)
 
78,980
191,132
IAC, Inc. (a)
 
18,662
794,068
MediaAlpha, Inc. Class A (a)
 
5,417
55,687
Nextdoor Holdings, Inc. (a)
 
40,839
74,327
QuinStreet, Inc. (a)
 
13,960
157,888
Rumble, Inc. (a)(b)
 
20,388
91,542
Shutterstock, Inc.
 
6,534
265,803
TripAdvisor, Inc. (a)
 
28,786
424,881
Vimeo, Inc. (a)
 
43,902
135,218
Yelp, Inc. (a)
 
18,424
777,309
Ziff Davis, Inc. (a)
 
12,456
753,090
ZipRecruiter, Inc. (a)
 
19,720
210,018
Zoominfo Technologies, Inc. (a)
 
81,936
1,061,891
 
 
 
6,275,088
Media - 0.9%
 
 
 
Altice U.S.A., Inc. Class A (a)
 
61,732
178,405
AMC Networks, Inc. Class A (a)
 
8,156
96,241
Boston Omaha Corp. (a)
 
5,599
79,674
Cable One, Inc.
 
1,222
671,941
Cardlytics, Inc. (a)
 
10,131
125,523
Clear Channel Outdoor Holdings, Inc. (a)
 
94,693
104,162
DISH Network Corp. Class A (a)(b)
 
66,614
326,409
E.W. Scripps Co. Class A (a)
 
15,460
84,566
Entravision Communication Corp. Class A
 
16,325
58,444
Gannett Co., Inc. (a)
 
40,017
93,640
Gray Television, Inc.
 
21,400
139,528
iHeartMedia, Inc. (a)
 
28,196
66,261
Integral Ad Science Holding Corp. (a)
 
14,726
169,054
John Wiley & Sons, Inc. Class A
 
11,521
348,741
Magnite, Inc. (a)
 
32,525
215,966
News Corp.:
 
 
 
 Class A
 
102,211
2,113,723
 Class B (b)
 
31,012
664,897
Nexstar Broadcasting Group, Inc. Class A
 
8,948
1,253,436
PubMatic, Inc. (a)
 
11,591
130,631
Scholastic Corp.
 
7,483
276,123
Sinclair, Inc. Class A (b)
 
10,005
108,754
Sirius XM Holdings, Inc.
 
175,354
750,515
Stagwell, Inc. (a)
 
26,866
110,688
TechTarget, Inc. (a)
 
6,804
171,325
TEGNA, Inc.
 
54,011
783,700
The New York Times Co. Class A
 
43,896
1,769,448
Thryv Holdings, Inc. (a)
 
8,262
144,007
WideOpenWest, Inc. (a)
 
12,777
89,950
 
 
 
11,125,752
Wireless Telecommunication Services - 0.1%
 
 
 
Gogo, Inc. (a)
 
16,560
173,880
NII Holdings, Inc. (a)(b)(c)
 
10,174
0
Shenandoah Telecommunications Co.
 
13,459
318,440
Spok Holdings, Inc.
 
5,402
80,544
Telephone & Data Systems, Inc.
 
26,285
478,124
U.S. Cellular Corp. (a)
 
3,774
158,621
 
 
 
1,209,609
TOTAL COMMUNICATION SERVICES
 
 
36,280,830
CONSUMER DISCRETIONARY - 13.1%
 
 
 
Automobile Components - 1.4%
 
 
 
Adient PLC (a)
 
25,110
845,956
American Axle & Manufacturing Holdings, Inc. (a)
 
31,285
211,174
Autoliv, Inc.
 
20,379
1,867,735
BorgWarner, Inc.
 
63,069
2,327,246
Dana, Inc.
 
34,624
397,484
Dorman Products, Inc. (a)
 
7,593
472,133
Fox Factory Holding Corp. (a)
 
11,377
926,884
Garrett Motion, Inc. (a)(b)
 
40,116
283,219
Gentex Corp.
 
62,562
1,794,278
Gentherm, Inc. (a)(b)
 
8,848
355,867
Holley, Inc. (a)(b)
 
13,801
58,654
LCI Industries
 
6,793
736,973
Lear Corp.
 
15,747
2,043,331
Luminar Technologies, Inc. (a)(b)
 
70,057
222,081
Mobileye Global, Inc. (b)
 
20,466
730,022
Modine Manufacturing Co. (a)
 
14,112
557,424
Motorcar Parts of America, Inc. (a)
 
4,397
31,746
Patrick Industries, Inc.
 
5,580
419,337
Phinia, Inc.
 
12,769
330,462
QuantumScape Corp. Class A (a)(b)
 
91,363
476,915
Solid Power, Inc. (a)(b)
 
33,246
43,885
Standard Motor Products, Inc.
 
4,976
173,812
Stoneridge, Inc. (a)
 
7,528
122,481
The Goodyear Tire & Rubber Co. (a)
 
76,066
905,185
Visteon Corp. (a)
 
7,565
870,958
XPEL, Inc. (a)
 
5,717
264,697
 
 
 
17,469,939
Automobiles - 0.5%
 
 
 
Canoo, Inc. (a)(b)
 
115,800
31,741
Faraday Future Intelligent Electric, Inc. (a)(b)
 
3,063
3,247
Fisker, Inc. (a)(b)
 
51,502
231,759
Harley-Davidson, Inc.
 
34,560
927,936
Lucid Group, Inc. Class A (a)(b)
 
238,000
980,560
Mullen Automotive, Inc. (a)(b)
 
131,276
35,077
Rivian Automotive, Inc. (a)(b)
 
179,232
2,907,143
Thor Industries, Inc.
 
14,305
1,257,839
Winnebago Industries, Inc.
 
8,101
469,453
Workhorse Group, Inc. (a)(b)
 
56,911
23,738
 
 
 
6,868,493
Broadline Retail - 0.3%
 
 
 
Big Lots, Inc.
 
7,827
35,691
ContextLogic, Inc. (a)(b)
 
5,243
20,553
Dillard's, Inc. Class A (b)
 
940
291,823
Groupon, Inc. (a)(b)
 
5,279
67,518
Kohl's Corp. (b)
 
29,662
668,878
Macy's, Inc. (b)
 
73,084
890,163
Nordstrom, Inc. (b)
 
25,984
363,256
Ollie's Bargain Outlet Holdings, Inc. (a)
 
16,583
1,280,871
Qurate Retail, Inc. Series A (a)
 
93,065
41,014
 
 
 
3,659,767
Diversified Consumer Services - 1.0%
 
 
 
2U, Inc. (a)
 
20,888
44,283
ADT, Inc.
 
60,529
342,594
Adtalem Global Education, Inc. (a)
 
11,139
577,000
American Public Education, Inc. (a)
 
4,432
18,481
Bright Horizons Family Solutions, Inc. (a)
 
15,513
1,148,893
Carriage Services, Inc.
 
3,523
76,097
Chegg, Inc. (a)
 
31,027
233,633
Coursera, Inc. (a)
 
27,736
480,942
Duolingo, Inc. (a)
 
9,499
1,387,329
European Wax Center, Inc. (a)(b)
 
9,498
140,285
Frontdoor, Inc. (a)
 
21,560
623,731
Graham Holdings Co.
 
986
570,618
Grand Canyon Education, Inc. (a)
 
8,009
947,705
H&R Block, Inc.
 
40,885
1,678,329
Laureate Education, Inc. Class A
 
36,382
514,441
Mister Car Wash, Inc. (a)(b)
 
24,403
126,896
Nerdy, Inc. Class A (a)
 
16,771
51,655
OneSpaWorld Holdings Ltd. (a)
 
23,529
246,584
Perdoceo Education Corp.
 
17,613
318,619
Rover Group, Inc. Class A (a)
 
30,474
196,557
Service Corp. International
 
40,524
2,205,316
Strategic Education, Inc.
 
5,909
486,370
Stride, Inc. (a)
 
10,860
597,083
Udemy, Inc. (a)
 
23,059
205,917
WW International, Inc. (a)
 
21,192
165,721
 
 
 
13,385,079
Hotels, Restaurants & Leisure - 3.0%
 
 
 
Accel Entertainment, Inc. (a)
 
15,264
150,350
ARAMARK Holdings Corp.
 
70,043
1,886,258
Bally's Corp. (a)
 
7,814
71,264
BJ's Restaurants, Inc. (a)(b)
 
6,310
162,293
Bloomin' Brands, Inc.
 
23,370
545,456
Bluegreen Vacations Holding Corp. Class A
 
2,528
84,713
Bowlero Corp. Class A (a)(b)
 
12,394
125,055
Boyd Gaming Corp.
 
19,043
1,052,126
Brinker International, Inc. (a)
 
11,987
406,599
Choice Hotels International, Inc. (b)
 
6,762
747,201
Churchill Downs, Inc.
 
18,289
2,008,864
Chuy's Holdings, Inc. (a)
 
4,821
162,275
Cracker Barrel Old Country Store, Inc. (b)
 
5,942
394,311
Dave & Buster's Entertainment, Inc. (a)(b)
 
9,214
321,937
Denny's Corp. (a)
 
14,837
127,895
Dine Brands Global, Inc.
 
4,262
210,074
Draftkings Holdings, Inc. (a)
 
124,554
3,440,181
Dutch Bros, Inc. (a)(b)
 
13,980
340,273
El Pollo Loco Holdings, Inc.
 
7,148
59,686
Everi Holdings, Inc. (a)
 
24,163
260,719
First Watch Restaurant Group, Inc. (a)
 
6,412
107,145
Golden Entertainment, Inc.
 
5,956
186,780
Hilton Grand Vacations, Inc. (a)
 
19,502
701,097
Hyatt Hotels Corp. Class A (b)
 
12,318
1,261,856
Inspired Entertainment, Inc. (a)
 
6,655
66,417
Jack in the Box, Inc.
 
5,376
339,656
Krispy Kreme, Inc. (b)
 
22,565
291,765
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
1,496
85,481
Life Time Group Holdings, Inc. (a)(b)
 
15,496
183,163
Light & Wonder, Inc. Class A (a)
 
24,440
1,786,808
Lindblad Expeditions Holdings (a)
 
9,863
61,348
Marriott Vacations Worldwide Corp.
 
9,106
818,265
Monarch Casino & Resort, Inc.
 
3,693
222,282
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
114,163
1,552,617
Papa John's International, Inc.
 
8,775
570,551
Penn Entertainment, Inc. (a)
 
40,550
800,052
Planet Fitness, Inc. (a)
 
22,695
1,254,353
Playa Hotels & Resorts NV (a)
 
30,791
222,619
PlayAGS, Inc. (a)
 
10,172
72,628
Portillo's, Inc. (a)(b)
 
12,868
192,377
RCI Hospitality Holdings, Inc.
 
2,345
127,826
Red Robin Gourmet Burgers, Inc. (a)(b)
 
4,411
35,685
Red Rock Resorts, Inc.
 
13,031
515,376
Rush Street Interactive, Inc. (a)
 
15,943
56,917
Sabre Corp. (a)
 
90,312
316,092
SeaWorld Entertainment, Inc. (a)
 
9,599
413,525
Shake Shack, Inc. Class A (a)
 
10,058
563,650
Six Flags Entertainment Corp. (a)
 
19,207
382,219
Soho House & Co., Inc. Class A (a)(b)
 
10,251
73,807
Sonder Holdings, Inc. (a)(b)
 
1,913
14,424
Sweetgreen, Inc. Class A (a)
 
24,404
252,093
Target Hospitality Corp. (a)(b)
 
7,063
96,975
Texas Roadhouse, Inc. Class A
 
17,918
1,819,394
The Cheesecake Factory, Inc.
 
12,634
392,538
Travel+Leisure Co.
 
19,794
673,590
Vail Resorts, Inc.
 
10,348
2,196,363
Wendy's Co.
 
45,609
867,483
Wingstop, Inc.
 
8,044
1,470,202
Wyndham Hotels & Resorts, Inc.
 
22,611
1,637,036
Wynn Resorts Ltd.
 
25,969
2,279,559
Xponential Fitness, Inc. (a)(b)
 
6,941
99,048
 
 
 
37,618,592
Household Durables - 1.7%
 
 
 
Beazer Homes U.S.A., Inc. (a)
 
7,964
192,649
Cavco Industries, Inc. (a)
 
2,170
541,437
Century Communities, Inc.
 
7,639
469,799
Dream Finders Homes, Inc. (a)(b)
 
6,094
119,991
Ethan Allen Interiors, Inc.
 
6,131
161,000
GoPro, Inc. Class A (a)
 
34,671
87,024
Green Brick Partners, Inc. (a)
 
6,826
264,166
Helen of Troy Ltd. (a)(b)
 
6,512
640,260
Hovnanian Enterprises, Inc. Class A (a)
 
1,264
87,823
Installed Building Products, Inc.
 
6,336
707,541
iRobot Corp. (a)
 
7,419
244,308
KB Home
 
20,838
921,040
La-Z-Boy, Inc.
 
11,591
338,921
Leggett & Platt, Inc.
 
35,690
836,217
LGI Homes, Inc. (a)
 
5,501
519,900
Lovesac (a)(b)
 
4,049
66,647
M.D.C. Holdings, Inc.
 
15,949
605,265
M/I Homes, Inc. (a)
 
7,451
611,504
Meritage Homes Corp.
 
9,867
1,125,035
Mohawk Industries, Inc. (a)
 
14,182
1,139,949
Newell Brands, Inc.
 
102,368
687,913
Purple Innovation, Inc.
 
16,686
16,185
Skyline Champion Corp. (a)
 
14,288
837,705
Sonos, Inc. (a)
 
34,481
371,705
Taylor Morrison Home Corp. (a)
 
29,361
1,125,114
Tempur Sealy International, Inc.
 
46,205
1,844,966
Toll Brothers, Inc.
 
29,336
2,074,349
TopBuild Corp. (a)
 
8,528
1,950,865
Traeger, Inc. (a)(b)
 
18,285
48,090
TRI Pointe Homes, Inc. (a)
 
26,548
665,293
Tupperware Brands Corp. (a)(b)
 
10,826
22,085
Universal Electronics, Inc. (a)(b)
 
3,035
23,825
Vizio Holding Corp. (a)
 
26,815
136,488
Whirlpool Corp.
 
14,695
1,536,509
ZAGG, Inc. rights (a)(c)
 
4,373
0
 
 
 
21,021,568
Leisure Products - 0.8%
 
 
 
Acushnet Holdings Corp. (b)
 
8,191
417,413
AMMO, Inc. (a)(b)
 
24,261
70,600
Brunswick Corp.
 
18,714
1,300,062
Clarus Corp.
 
8,423
48,769
Funko, Inc. (a)(b)
 
9,303
71,726
Hasbro, Inc.
 
34,991
1,579,844
JAKKS Pacific, Inc. (a)
 
1,973
33,087
Johnson Outdoors, Inc. Class A
 
1,733
82,404
Latham Group, Inc. (a)
 
11,499
26,333
Malibu Boats, Inc. Class A (a)
 
5,631
245,624
MasterCraft Boat Holdings, Inc. (a)
 
4,062
83,027
Mattel, Inc. (a)
 
94,999
1,812,581
Peloton Interactive, Inc. Class A (a)(b)
 
90,741
431,927
Polaris, Inc.
 
14,277
1,233,818
Smith & Wesson Brands, Inc.
 
12,513
184,316
Solo Brands, Inc. Class A (a)
 
7,272
27,997
Sturm, Ruger & Co., Inc.
 
4,772
264,130
Topgolf Callaway Brands Corp. (a)
 
38,155
466,254
Vista Outdoor, Inc. (a)
 
15,497
389,285
YETI Holdings, Inc. (a)(b)
 
23,286
990,121
 
 
 
9,759,318
Specialty Retail - 2.9%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)
 
7,506
56,370
Abercrombie & Fitch Co. Class A (a)
 
13,428
816,691
Academy Sports & Outdoors, Inc.
 
20,523
920,251
Advance Auto Parts, Inc. (b)
 
15,958
830,295
America's Car Mart, Inc. (a)
 
1,573
105,360
American Eagle Outfitters, Inc.
 
49,765
869,395
Arhaus, Inc. (a)(b)
 
11,024
95,027
Arko Corp.
 
19,806
149,535
Asbury Automotive Group, Inc. (a)
 
5,520
1,056,362
AutoNation, Inc. (a)
 
7,207
937,487
BARK, Inc. (a)
 
28,514
30,510
Bath & Body Works, Inc.
 
61,417
1,821,014
Beyond, Inc. (a)(b)
 
12,415
193,674
Big 5 Sporting Goods Corp. (b)
 
6,180
43,631
Boot Barn Holdings, Inc. (a)
 
8,124
564,618
Build-A-Bear Workshop, Inc.
 
3,485
86,428
Caleres, Inc.
 
9,145
233,929
Camping World Holdings, Inc. (b)
 
11,454
191,855
CarParts.com, Inc. (a)
 
14,020
39,677
Carvana Co. Class A (a)
 
25,742
695,034
Chewy, Inc. (a)(b)
 
31,262
604,294
Chico's FAS, Inc. (a)
 
33,090
247,513
Citi Trends, Inc. (a)(b)
 
2,295
55,310
Designer Brands, Inc. Class A (b)
 
13,203
133,482
Destination XL Group, Inc. (a)
 
15,458
64,305
Dick's Sporting Goods, Inc.
 
16,820
1,798,899
EVgo, Inc. Class A (a)(b)
 
25,945
53,576
Five Below, Inc. (a)
 
14,941
2,599,435
Floor & Decor Holdings, Inc. Class A (a)(b)
 
28,574
2,354,498
Foot Locker, Inc. (b)
 
21,913
459,954
GameStop Corp. Class A (a)(b)
 
72,003
991,481
Gap, Inc. (b)
 
57,246
732,749
Genesco, Inc. (a)
 
3,254
89,192
Group 1 Automotive, Inc.
 
3,766
950,275
GrowGeneration Corp. (a)(b)
 
16,164
32,975
Guess?, Inc. (b)
 
7,304
157,036
Haverty Furniture Companies, Inc.
 
3,628
94,509
Hibbett, Inc.
 
3,519
162,120
Lands' End, Inc. (a)
 
3,720
23,362
Lazydays Holdings, Inc. (a)(b)
 
3,069
19,365
Lazydays Holdings, Inc. rights 11/14/23 (a)
 
3,069
0
Leslie's, Inc. (a)
 
49,378
243,927
Lithia Motors, Inc. Class A (sub. vtg.)
 
7,397
1,791,627
LL Flooring Holdings, Inc. (a)(b)
 
7,543
24,439
MarineMax, Inc. (a)
 
5,342
146,264
Monro, Inc.
 
8,522
211,516
Murphy U.S.A., Inc.
 
5,238
1,899,770
National Vision Holdings, Inc. (a)
 
20,972
325,905
OneWater Marine, Inc. Class A (a)(b)
 
2,957
66,917
Penske Automotive Group, Inc.
 
5,233
748,738
Petco Health & Wellness Co., Inc. (a)(b)
 
21,921
75,847
PetMed Express, Inc. (b)
 
5,850
40,307
Rent the Runway, Inc. Class A (a)(b)
 
10,597
5,690
Revolve Group, Inc. (a)(b)
 
11,002
151,278
RH (a)
 
4,148
904,098
Sally Beauty Holdings, Inc. (a)
 
29,154
247,809
Shoe Carnival, Inc. (b)
 
4,815
110,167
Signet Jewelers Ltd.
 
12,192
851,367
Sleep Number Corp. (a)
 
5,662
92,121
Sonic Automotive, Inc. Class A (sub. vtg.)
 
4,295
205,516
Sportsman's Warehouse Holdings, Inc. (a)
 
9,678
49,261
Stitch Fix, Inc. (a)
 
23,701
77,739
The Aaron's Co., Inc.
 
8,360
61,948
The Buckle, Inc.
 
7,948
268,404
The Cato Corp. Class A (sub. vtg.)
 
4,118
29,361
The Children's Place, Inc. (a)
 
3,469
94,947
The Container Store Group, Inc. (a)(b)
 
8,196
15,163
The ODP Corp. (a)
 
9,057
406,840
The RealReal, Inc. (a)(b)
 
24,065
32,969
thredUP, Inc. (a)
 
19,232
61,927
Tilly's, Inc. (a)(b)
 
5,945
48,155
Upbound Group, Inc.
 
12,281
320,043
Urban Outfitters, Inc. (a)(b)
 
15,143
524,251
Valvoline, Inc.
 
37,179
1,103,101
Victoria's Secret & Co. (a)
 
20,715
370,384
Vroom, Inc. (a)(b)
 
36,777
29,789
Warby Parker, Inc. (a)
 
20,088
260,742
Wayfair LLC Class A (a)(b)
 
24,230
1,032,440
Williams-Sonoma, Inc. (b)
 
17,239
2,589,987
Winmark Corp.
 
757
305,313
Zumiez, Inc. (a)
 
4,248
69,795
 
 
 
37,257,335
Textiles, Apparel & Luxury Goods - 1.5%
 
 
 
Allbirds, Inc. Class A (a)
 
24,306
21,020
Capri Holdings Ltd. (a)
 
31,150
1,594,257
Carter's, Inc. (b)
 
9,984
670,525
Columbia Sportswear Co.
 
9,382
692,392
Crocs, Inc. (a)
 
16,553
1,478,514
Deckers Outdoor Corp. (a)
 
7,017
4,189,570
Figs, Inc. Class A (a)(b)
 
32,840
180,948
Fossil Group, Inc. (a)
 
13,066
20,383
G-III Apparel Group Ltd. (a)
 
10,865
277,601
Hanesbrands, Inc. (b)
 
94,578
396,282
Kontoor Brands, Inc.
 
13,405
622,662
Levi Strauss & Co. Class A
 
26,690
364,852
Movado Group, Inc.
 
4,138
115,285
Oxford Industries, Inc.
 
4,008
338,275
PVH Corp.
 
16,828
1,251,162
Ralph Lauren Corp.
 
10,829
1,218,587
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
36,065
1,739,054
Steven Madden Ltd.
 
19,003
623,108
Tapestry, Inc.
 
62,221
1,714,811
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
48,982
335,527
 Class C (non-vtg.) (a)
 
55,320
355,708
Unifi, Inc. (a)
 
3,471
23,325
VF Corp.
 
88,735
1,307,067
Wolverine World Wide, Inc.
 
21,711
174,774
 
 
 
19,705,689
TOTAL CONSUMER DISCRETIONARY
 
 
166,745,780
CONSUMER STAPLES - 3.9%
 
 
 
Beverages - 0.6%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
2,543
849,235
Celsius Holdings, Inc. (a)(b)
 
13,211
2,009,261
Coca-Cola Bottling Co. Consolidated
 
1,259
801,240
Duckhorn Portfolio, Inc. (a)
 
11,660
121,614
MGP Ingredients, Inc.
 
4,205
398,045
Molson Coors Beverage Co. Class B
 
49,786
2,876,137
National Beverage Corp. (a)(b)
 
6,325
293,354
The Vita Coco Co., Inc. (a)
 
8,179
221,651
 
 
 
7,570,537
Consumer Staples Distribution & Retail - 1.3%
 
 
 
Albertsons Companies, Inc.
 
107,867
2,340,714
Andersons, Inc.
 
8,550
428,612
BJ's Wholesale Club Holdings, Inc. (a)
 
36,070
2,457,088
Blue Apron Holdings, Inc.:
 
 
 
 warrants 11/4/28 (a)(b)
 
2,335
83
 warrants 11/4/28 (a)(b)
 
2,335
29
 warrants 11/4/28 (a)(b)
 
2,335
11
Casey's General Stores, Inc.
 
10,036
2,728,889
Chefs' Warehouse Holdings (a)
 
9,515
181,070
Grocery Outlet Holding Corp. (a)
 
26,491
733,006
Ingles Markets, Inc. Class A
 
3,882
311,414
Performance Food Group Co. (a)
 
41,917
2,421,126
PriceSmart, Inc.
 
6,888
430,431
SpartanNash Co.
 
9,274
208,572
Sprouts Farmers Market LLC (a)
 
27,353
1,149,373
U.S. Foods Holding Corp. (a)
 
60,925
2,372,420
United Natural Foods, Inc. (a)
 
16,035
233,790
Weis Markets, Inc.
 
4,485
291,974
 
 
 
16,288,602
Food Products - 1.3%
 
 
 
Alico, Inc.
 
1,465
35,805
B&G Foods, Inc. Class A (b)
 
19,507
157,421
Benson Hill, Inc. (a)
 
32,203
4,959
Beyond Meat, Inc. (a)(b)
 
17,261
103,048
BRC, Inc. Class A (a)(b)
 
11,260
32,654
Cal-Maine Foods, Inc.
 
10,915
494,559
Calavo Growers, Inc.
 
4,746
120,264
Campbell Soup Co.
 
52,792
2,133,325
Darling Ingredients, Inc. (a)
 
42,830
1,896,941
Flowers Foods, Inc.
 
51,571
1,130,952
Fresh Del Monte Produce, Inc.
 
8,960
224,000
Freshpet, Inc. (a)(b)
 
13,032
748,037
Hostess Brands, Inc. Class A (a)
 
35,657
1,190,944
Ingredion, Inc.
 
17,727
1,658,893
J&J Snack Foods Corp.
 
4,135
647,582
John B. Sanfilippo & Son, Inc.
 
2,433
248,799
Lancaster Colony Corp.
 
5,466
924,683
Lifecore Biomedical (a)(b)
 
6,797
47,715
Mission Produce, Inc. (a)
 
11,132
104,752
Pilgrim's Pride Corp. (a)
 
10,773
274,712
Post Holdings, Inc. (a)(b)
 
13,600
1,091,808
Seaboard Corp.
 
59
206,910
Seneca Foods Corp. Class A (a)
 
1,452
79,352
Sovos Brands, Inc. (a)
 
16,801
364,750
The Hain Celestial Group, Inc. (a)
 
23,963
264,791
The Simply Good Foods Co. (a)
 
24,327
907,154
Tootsie Roll Industries, Inc.
 
4,820
149,950
TreeHouse Foods, Inc. (a)
 
13,762
573,738
Utz Brands, Inc. Class A
 
18,319
223,309
Vital Farms, Inc. (a)
 
7,309
80,838
Westrock Coffee Holdings (a)(b)
 
7,714
63,563
Whole Earth Brands, Inc. Class A (a)
 
9,100
32,214
 
 
 
16,218,422
Household Products - 0.2%
 
 
 
Central Garden & Pet Co. (a)
 
2,319
101,178
Central Garden & Pet Co. Class A (non-vtg.) (a)
 
11,254
446,671
Energizer Holdings, Inc.
 
17,791
561,840
Reynolds Consumer Products, Inc.
 
14,735
374,711
Spectrum Brands Holdings, Inc.
 
9,508
716,143
WD-40 Co.
 
3,637
768,862
 
 
 
2,969,405
Personal Care Products - 0.5%
 
 
 
BellRing Brands, Inc. (a)
 
35,196
1,539,121
Coty, Inc. Class A (a)
 
96,174
901,150
Edgewell Personal Care Co.
 
13,597
474,535
elf Beauty, Inc. (a)
 
14,620
1,354,251
Herbalife Ltd. (a)
 
26,547
378,295
Inter Parfums, Inc.
 
4,802
610,382
MediFast, Inc.
 
3,001
207,549
Nu Skin Enterprises, Inc. Class A
 
13,393
254,333
The Beauty Health Co. (a)(b)
 
22,147
89,695
The Honest Co., Inc. (a)
 
14,318
16,609
USANA Health Sciences, Inc. (a)
 
3,007
136,969
 
 
 
5,962,889
Tobacco - 0.0%
 
 
 
Turning Point Brands, Inc.
 
4,659
93,413
Universal Corp.
 
6,557
295,065
Vector Group Ltd.
 
35,386
363,768
 
 
 
752,246
TOTAL CONSUMER STAPLES
 
 
49,762,101
ENERGY - 5.9%
 
 
 
Energy Equipment & Services - 1.7%
 
 
 
Archrock, Inc.
 
36,358
460,656
Bristow Group, Inc. (a)
 
6,387
166,956
Cactus, Inc.
 
17,354
814,597
Championx Corp.
 
52,798
1,626,178
Core Laboratories, Inc.
 
12,658
271,134
Diamond Offshore Drilling, Inc. (a)
 
27,741
344,266
DMC Global, Inc. (a)
 
5,156
97,706
Dril-Quip, Inc. (a)
 
9,173
198,687
Expro Group Holdings NV (a)
 
22,798
359,069
Helix Energy Solutions Group, Inc. (a)
 
37,896
371,381
Helmerich & Payne, Inc.
 
26,675
1,055,530
Liberty Oilfield Services, Inc. Class A
 
41,635
820,210
Nabors Industries Ltd. (a)
 
2,405
234,824
Newpark Resources, Inc. (a)
 
20,523
142,019
Noble Corp. PLC
 
29,070
1,357,278
NOV, Inc.
 
105,726
2,110,291
Oceaneering International, Inc. (a)
 
27,039
594,588
Oil States International, Inc. (a)
 
17,300
125,598
Patterson-UTI Energy, Inc.
 
86,062
1,092,987
ProFrac Holding Corp. (a)(b)
 
5,721
53,892
ProPetro Holding Corp. (a)
 
23,269
243,859
RPC, Inc.
 
22,675
188,656
Select Water Solutions, Inc. Class A
 
21,832
162,430
Solaris Oilfield Infrastructure, Inc. Class A
 
7,768
71,776
TechnipFMC PLC
 
117,548
2,529,633
TETRA Technologies, Inc. (a)
 
31,491
149,267
Tidewater, Inc. (a)
 
13,005
888,892
Transocean Ltd. (United States) (a)(b)
 
180,953
1,197,909
U.S. Silica Holdings, Inc. (a)
 
20,891
252,154
Valaris Ltd. (a)
 
17,081
1,128,029
Weatherford International PLC (a)
 
19,325
1,798,964
 
 
 
20,909,416
Oil, Gas & Consumable Fuels - 4.2%
 
 
 
Amplify Energy Corp. (a)
 
9,847
68,437
Antero Midstream GP LP
 
91,062
1,123,705
Antero Resources Corp. (a)
 
75,804
2,231,670
APA Corp.
 
82,469
3,275,669
Ardmore Shipping Corp.
 
11,065
147,054
Berry Corp.
 
17,902
149,482
California Resources Corp.
 
17,377
913,856
Callon Petroleum Co. (a)(b)
 
15,002
560,325
Centrus Energy Corp. Class A (a)
 
3,472
184,259
Chesapeake Energy Corp.
 
30,189
2,598,669
Chord Energy Corp.
 
11,143
1,842,161
Civitas Resources, Inc.
 
22,919
1,728,780
Clean Energy Fuels Corp. (a)(b)
 
47,811
166,860
CNX Resources Corp. (a)
 
43,198
938,261
Comstock Resources, Inc. (b)
 
24,702
311,245
CONSOL Energy, Inc.
 
7,727
710,034
Crescent Energy, Inc. Class A (b)
 
19,090
232,516
CVR Energy, Inc.
 
7,865
257,579
Delek U.S. Holdings, Inc.
 
16,168
426,027
Denbury, Inc. (a)
 
13,662
1,214,415
Dorian LPG Ltd.
 
9,079
290,256
DT Midstream, Inc.
 
25,972
1,401,709
Enviva, Inc. (b)
 
8,556
30,973
EQT Corp.
 
97,088
4,114,589
Equitrans Midstream Corp.
 
116,223
1,030,898
Evolution Petroleum Corp.
 
7,865
50,572
Excelerate Energy, Inc.
 
4,771
67,844
Gevo, Inc. (a)(b)
 
63,829
68,297
Green Plains, Inc. (a)
 
16,041
471,285
Gulfport Energy Corp. (a)
 
2,652
327,814
Hallador Energy Co. (a)
 
6,635
92,757
HF Sinclair Corp.
 
39,050
2,162,589
International Seaways, Inc.
 
10,101
485,757
Kinetik Holdings, Inc.
 
4,069
144,205
Kosmos Energy Ltd. (a)
 
123,543
894,451
Magnolia Oil & Gas Corp. Class A
 
50,452
1,132,647
Matador Resources Co.
 
29,757
1,835,709
Murphy Oil Corp.
 
39,800
1,785,826
New Fortress Energy, Inc.
 
17,636
534,371
Nextdecade Corp. (a)(b)
 
20,093
88,208
Northern Oil & Gas, Inc. (b)
 
22,460
861,116
Overseas Shipholding Group, Inc. (a)
 
14,885
72,788
Par Pacific Holdings, Inc. (a)
 
15,074
494,729
PBF Energy, Inc. Class A
 
29,530
1,403,561
Peabody Energy Corp.
 
29,927
705,978
Permian Resource Corp. Class A
 
74,510
1,085,611
Range Resources Corp.
 
64,794
2,322,217
Rex American Resources Corp. (a)
 
4,132
157,057
Riley Exploration Permian, Inc.
 
1,030
32,600
Ring Energy, Inc. (a)(b)
 
11,484
19,982
SandRidge Energy, Inc.
 
8,395
133,061
Scorpio Tankers, Inc.
 
12,871
722,707
SilverBow Resources, Inc. (a)
 
3,336
113,758
Sitio Royalties Corp.
 
21,920
541,862
SM Energy Co.
 
31,860
1,284,595
Southwestern Energy Co. (a)
 
295,683
2,108,220
Talos Energy, Inc. (a)
 
26,982
418,221
Teekay Corp. (a)
 
16,303
114,610
Teekay Tankers Ltd.
 
6,543
325,187
Tellurian, Inc. (a)(b)
 
156,605
108,057
Texas Pacific Land Corp.
 
1,672
3,086,428
Uranium Energy Corp. (a)(b)
 
102,255
608,417
VAALCO Energy, Inc.
 
28,291
126,461
Vertex Energy, Inc. (a)(b)
 
22,040
94,992
Vital Energy, Inc. (a)
 
4,491
224,730
Vitesse Energy, Inc. (b)
 
6,156
145,836
W&T Offshore, Inc. (a)(b)
 
25,534
105,966
World Kinect Corp.
 
16,110
298,035
 
 
 
53,808,543
TOTAL ENERGY
 
 
74,717,959
FINANCIALS - 16.5%
 
 
 
Banks - 5.7%
 
 
 
1st Source Corp.
 
4,573
208,620
Amalgamated Financial Corp.
 
4,650
84,816
Amerant Bancorp, Inc. Class A
 
6,970
127,063
Ameris Bancorp
 
17,613
656,965
Associated Banc-Corp.
 
40,700
659,747
Atlantic Union Bankshares Corp.
 
20,229
582,797
Axos Financial, Inc. (a)
 
14,086
507,519
Banc of California, Inc.
 
14,449
161,973
BancFirst Corp.
 
3,889
315,437
Bancorp, Inc., Delaware (a)
 
14,569
519,385
Bank First National Corp. (b)
 
2,272
179,420
Bank of Hawaii Corp.
 
10,666
526,794
Bank of Marin Bancorp
 
3,851
64,697
Bank OZK
 
28,231
1,010,952
BankUnited, Inc.
 
19,951
435,131
Banner Corp.
 
9,202
388,416
Berkshire Hills Bancorp, Inc.
 
11,877
232,908
BOK Financial Corp.
 
7,466
489,172
Bridgewater Bancshares, Inc. (a)
 
5,426
52,252
Brookline Bancorp, Inc., Delaware
 
23,554
191,730
Business First Bancshares, Inc.
 
6,435
125,740
Byline Bancorp, Inc.
 
7,683
145,747
Cadence Bank
 
49,026
1,038,371
Cambridge Bancorp
 
2,001
107,474
Camden National Corp.
 
3,816
111,275
Capitol Federal Financial, Inc.
 
33,825
175,890
Cathay General Bancorp
 
19,448
659,482
Central Pacific Financial Corp.
 
7,200
113,616
City Holding Co.
 
4,077
370,110
CNB Financial Corp., Pennsylvania
 
5,259
95,609
Coastal Financial Corp. of Washington (a)
 
3,045
113,183
Columbia Banking Systems, Inc.
 
56,003
1,101,579
Columbia Financial, Inc. (a)(b)
 
7,630
122,843
Comerica, Inc.
 
35,369
1,393,539
Commerce Bancshares, Inc.
 
30,441
1,335,142
Community Bank System, Inc.
 
14,355
573,482
Community Trust Bancorp, Inc.
 
4,031
151,404
ConnectOne Bancorp, Inc.
 
9,478
154,397
CrossFirst Bankshares, Inc. (a)
 
11,242
118,940
Cullen/Frost Bankers, Inc.
 
17,213
1,566,211
Customers Bancorp, Inc. (a)
 
7,555
303,787
CVB Financial Corp.
 
35,344
552,073
Dime Community Bancshares, Inc.
 
9,386
172,609
Eagle Bancorp, Inc.
 
8,179
159,327
East West Bancorp, Inc.
 
37,984
2,036,702
Eastern Bankshares, Inc.
 
42,140
463,961
Enterprise Financial Services Corp.
 
10,188
354,237
Equity Bancshares, Inc.
 
3,773
91,307
Esquire Financial Holdings, Inc.
 
1,793
82,119
Farmers National Banc Corp.
 
9,127
103,044
FB Financial Corp.
 
9,413
276,460
First Bancorp, North Carolina
 
11,108
322,354
First Bancorp, Puerto Rico
 
47,817
638,357
First Bancshares, Inc.
 
7,505
181,771
First Busey Corp.
 
13,989
277,822
First Citizens Bancshares, Inc.
 
3,193
4,408,665
First Commonwealth Financial Corp.
 
27,453
334,378
First Financial Bancorp, Ohio
 
25,463
471,066
First Financial Bankshares, Inc.
 
34,499
829,701
First Financial Corp., Indiana
 
2,916
100,340
First Foundation, Inc.
 
13,935
63,265
First Hawaiian, Inc.
 
34,421
617,169
First Horizon National Corp.
 
149,976
1,612,242
First Interstate Bancsystem, Inc.
 
22,278
513,953
First Merchants Corp.
 
16,212
442,750
First of Long Island Corp.
 
5,690
61,111
Flushing Financial Corp.
 
7,503
92,587
FNB Corp., Pennsylvania
 
96,113
1,027,448
Fulton Financial Corp.
 
43,965
571,105
German American Bancorp, Inc.
 
7,900
215,907
Glacier Bancorp, Inc.
 
29,763
898,545
Great Southern Bancorp, Inc.
 
2,440
121,317
Hancock Whitney Corp.
 
23,116
795,884
Hanmi Financial Corp.
 
8,024
117,792
HarborOne Bancorp, Inc.
 
10,867
106,931
Heartland Financial U.S.A., Inc.
 
10,386
284,576
Heritage Commerce Corp.
 
16,271
133,097
Heritage Financial Corp., Washington
 
9,350
152,125
Hilltop Holdings, Inc.
 
12,570
347,183
Hingham Institution for Savings (b)
 
483
71,764
Home Bancshares, Inc.
 
50,512
1,032,970
HomeStreet, Inc.
 
4,828
23,319
HomeTrust Bancshares, Inc.
 
4,123
84,975
Hope Bancorp, Inc.
 
32,087
281,082
Horizon Bancorp, Inc. Indiana
 
10,419
98,876
Independent Bank Corp.
 
5,648
112,678
Independent Bank Corp.
 
11,920
581,696
Independent Bank Group, Inc.
 
9,617
339,961
International Bancshares Corp.
 
14,264
625,191
Kearny Financial Corp.
 
17,484
121,339
Lakeland Bancorp, Inc.
 
17,496
197,355
Lakeland Financial Corp.
 
6,821
335,934
Live Oak Bancshares, Inc.
 
8,825
254,601
Mercantile Bank Corp.
 
3,919
129,092
Metropolitan Bank Holding Corp. (a)
 
3,010
97,554
Midland States Bancorp, Inc.
 
5,966
130,178
National Bank Holdings Corp.
 
10,299
321,123
NBT Bancorp, Inc.
 
12,638
422,994
New York Community Bancorp, Inc.
 
193,890
1,838,077
Nicolet Bankshares, Inc.
 
3,435
250,137
Northfield Bancorp, Inc.
 
10,838
93,207
Northwest Bancshares, Inc.
 
34,442
358,886
OceanFirst Financial Corp.
 
15,887
201,129
OFG Bancorp
 
12,626
373,982
Old National Bancorp, Indiana
 
78,517
1,075,683
Old Second Bancorp, Inc.
 
10,731
145,512
Origin Bancorp, Inc.
 
7,763
229,707
Pacific Premier Bancorp, Inc.
 
25,929
492,651
PacWest Bancorp
 
32,350
229,038
Park National Corp.
 
3,907
396,131
Pathward Financial, Inc.
 
7,030
318,389
Peapack-Gladstone Financial Corp.
 
4,281
100,047
Peoples Bancorp, Inc.
 
8,842
243,862
Pinnacle Financial Partners, Inc.
 
20,606
1,284,990
Popular, Inc.
 
19,348
1,258,394
Preferred Bank, Los Angeles
 
3,490
207,899
Premier Financial Corp.
 
9,490
164,652
Prosperity Bancshares, Inc.
 
25,145
1,371,408
Provident Bancorp, Inc. (a)
 
4,673
45,328
Provident Financial Services, Inc.
 
20,201
283,824
QCR Holdings, Inc.
 
4,473
212,244
Renasant Corp.
 
15,186
370,387
S&T Bancorp, Inc.
 
10,199
262,726
Sandy Spring Bancorp, Inc.
 
12,214
249,776
Seacoast Banking Corp., Florida
 
22,812
461,031
ServisFirst Bancshares, Inc.
 
13,150
620,154
Simmons First National Corp. Class A
 
33,825
480,653
Southern Missouri Bancorp, Inc.
 
2,481
100,356
Southside Bancshares, Inc.
 
7,961
212,559
Southstate Corp.
 
20,412
1,349,233
Stellar Bancorp, Inc.
 
12,487
271,467
Stock Yards Bancorp, Inc.
 
7,248
283,469
Synovus Financial Corp.
 
39,231
1,022,752
Texas Capital Bancshares, Inc. (a)
 
12,872
708,732
Tompkins Financial Corp.
 
3,404
170,472
TowneBank
 
18,571
444,590
Trico Bancshares
 
9,007
291,376
Triumph Bancorp, Inc. (a)
 
5,806
361,424
Trustco Bank Corp., New York
 
4,990
127,395
Trustmark Corp.
 
16,536
332,539
UMB Financial Corp.
 
11,720
735,078
United Bankshares, Inc., West Virginia
 
36,199
1,029,500
United Community Bank, Inc.
 
31,919
705,091
Univest Corp. of Pennsylvania
 
7,844
130,681
Valley National Bancorp
 
114,668
892,117
Veritex Holdings, Inc.
 
14,695
253,048
WaFd, Inc.
 
17,337
427,877
Washington Trust Bancorp, Inc.
 
4,590
106,442
Webster Financial Corp.
 
46,513
1,766,099
WesBanco, Inc.
 
16,029
390,947
Westamerica Bancorp.
 
7,130
336,821
Western Alliance Bancorp.
 
29,395
1,208,135
Wintrust Financial Corp.
 
16,419
1,226,335
WSFS Financial Corp.
 
16,388
580,135
Zions Bancorp NA
 
39,766
1,226,781
 
 
 
72,878,932
Capital Markets - 3.3%
 
 
 
Affiliated Managers Group, Inc.
 
9,409
1,155,049
Ares Management Corp.
 
44,308
4,368,326
Artisan Partners Asset Management, Inc.
 
18,371
606,243
Assetmark Financial Holdings, Inc. (a)
 
5,745
137,363
Avantax, Inc. (a)
 
9,868
254,693
B. Riley Financial, Inc.
 
4,437
160,664
Bakkt Holdings, Inc. Class A (a)(b)
 
18,370
18,554
BGC Group, Inc. Class A
 
104,770
615,000
Blue Owl Capital, Inc. Class A (b)
 
108,586
1,338,865
Bridge Investment Group Holdings, Inc.
 
7,923
57,679
BrightSphere Investment Group, Inc.
 
8,669
135,757
Carlyle Group LP
 
58,013
1,597,678
Cohen & Steers, Inc.
 
6,790
354,710
Coinbase Global, Inc. (a)(b)
 
45,387
3,500,245
Diamond Hill Investment Group, Inc.
 
797
125,209
Donnelley Financial Solutions, Inc. (a)
 
6,689
364,082
Evercore, Inc. Class A
 
9,362
1,218,745
Federated Hermes, Inc.
 
23,698
751,227
Franklin Resources, Inc.
 
76,363
1,740,313
GCM Grosvenor, Inc. Class A (b)
 
11,384
91,641
Hamilton Lane, Inc. Class A
 
9,873
830,517
Houlihan Lokey
 
13,816
1,388,784
Interactive Brokers Group, Inc.
 
28,733
2,300,651
Invesco Ltd.
 
120,427
1,561,938
Janus Henderson Group PLC
 
35,595
821,177
Jefferies Financial Group, Inc.
 
47,401
1,525,364
Lazard Ltd. Class A
 
30,285
841,014
Moelis & Co. Class A
 
17,887
744,815
Morningstar, Inc.
 
6,986
1,769,135
Open Lending Corp. (a)
 
27,111
162,395
Oppenheimer Holdings, Inc. Class A (non-vtg.)
 
1,847
64,774
P10, Inc.
 
11,735
110,544
Perella Weinberg Partners Class A
 
11,168
109,558
Piper Jaffray Companies
 
4,065
568,490
PJT Partners, Inc. (b)
 
5,993
469,611
Robinhood Markets, Inc. (a)
 
147,428
1,347,492
SEI Investments Co.
 
27,040
1,450,966
StepStone Group, Inc. Class A
 
13,674
386,974
Stifel Financial Corp.
 
28,068
1,599,876
StoneX Group, Inc. (a)
 
4,801
457,631
TPG, Inc. (b)
 
16,348
451,859
Tradeweb Markets, Inc. Class A
 
30,785
2,770,958
Victory Capital Holdings, Inc.
 
9,886
291,242
Virtu Financial, Inc. Class A
 
25,225
466,410
Virtus Investment Partners, Inc.
 
1,854
341,562
WisdomTree Investments, Inc.
 
30,715
190,433
 
 
 
41,616,213
Consumer Finance - 0.8%
 
 
 
Ally Financial, Inc.
 
72,899
1,763,427
Bread Financial Holdings, Inc.
 
13,554
366,365
Credit Acceptance Corp. (a)(b)
 
1,722
692,984
Encore Capital Group, Inc. (a)(b)
 
6,288
236,932
Enova International, Inc. (a)
 
8,243
328,731
EZCORP, Inc. (non-vtg.) Class A (a)(b)
 
14,164
116,145
FirstCash Holdings, Inc.
 
9,927
1,081,249
Green Dot Corp. Class A (a)
 
12,113
135,423
LendingClub Corp. (a)
 
29,336
152,254
LendingTree, Inc. (a)
 
2,977
39,386
Navient Corp.
 
23,298
370,671
Nelnet, Inc. Class A
 
4,758
403,526
NerdWallet, Inc. (a)
 
10,757
115,960
OneMain Holdings, Inc.
 
32,282
1,159,892
Oportun Financial Corp. (a)
 
7,705
45,074
PRA Group, Inc. (a)
 
10,580
130,240
PROG Holdings, Inc. (a)
 
12,259
335,774
SLM Corp.
 
60,744
789,672
SoFi Technologies, Inc. (a)(b)
 
255,065
1,925,741
Upstart Holdings, Inc. (a)(b)
 
19,403
466,254
World Acceptance Corp. (a)(b)
 
915
90,237
 
 
 
10,745,937
Financial Services - 2.0%
 
 
 
A-Mark Precious Metals, Inc. (b)
 
4,780
129,442
Affirm Holdings, Inc. (a)(b)
 
57,619
1,014,671
AvidXchange Holdings, Inc. (a)
 
45,628
394,226
Cannae Holdings, Inc. (a)
 
18,242
298,257
Cantaloupe, Inc. (a)
 
15,278
100,529
Cass Information Systems, Inc.
 
3,312
125,227
Enact Holdings, Inc.
 
8,136
224,228
Equitable Holdings, Inc.
 
87,713
2,330,534
Essent Group Ltd.
 
28,714
1,356,449
Euronet Worldwide, Inc. (a)
 
12,664
973,102
EVERTEC, Inc.
 
17,367
551,923
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
2,482
368,726
Flywire Corp. (a)
 
28,294
760,826
i3 Verticals, Inc. Class A (a)
 
6,172
115,725
International Money Express, Inc. (a)
 
9,557
152,530
Jackson Financial, Inc.
 
19,596
719,369
Marqeta, Inc. Class A (a)
 
116,417
601,876
Merchants Bancorp
 
6,922
206,899
MGIC Investment Corp.
 
75,720
1,275,125
Mr. Cooper Group, Inc. (a)
 
17,920
1,013,018
NCR Atleos Corp.
 
17,638
389,094
NMI Holdings, Inc. (a)
 
22,093
604,244
Paymentus Holdings, Inc. (a)(b)
 
4,630
67,413
Payoneer Global, Inc. (a)
 
69,508
402,451
PennyMac Financial Services, Inc.
 
7,764
521,741
Radian Group, Inc.
 
42,444
1,075,531
Remitly Global, Inc. (a)
 
35,517
956,473
Repay Holdings Corp. (a)
 
20,341
121,843
Rocket Companies, Inc. (a)(b)
 
32,760
242,096
Shift4 Payments, Inc. (a)
 
15,175
675,591
TFS Financial Corp.
 
13,563
160,857
The Western Union Co.
 
100,525
1,134,927
Toast, Inc. (a)(b)
 
97,097
1,552,581
UWM Holdings Corp. Class A (b)
 
24,610
119,359
Voya Financial, Inc.
 
28,406
1,896,669
Walker & Dunlop, Inc.
 
8,964
580,867
WEX, Inc. (a)
 
11,536
1,920,513
 
 
 
25,134,932
Insurance - 3.7%
 
 
 
AMBAC Financial Group, Inc. (a)
 
11,932
144,735
American Equity Investment Life Holding Co.
 
16,583
878,236
American Financial Group, Inc.
 
17,768
1,943,108
Amerisafe, Inc.
 
5,114
260,661
Argo Group International Holdings, Ltd.
 
9,101
271,574
Assurant, Inc.
 
14,230
2,118,847
Assured Guaranty Ltd.
 
14,884
928,762
Axis Capital Holdings Ltd.
 
20,808
1,188,137
Brighthouse Financial, Inc. (a)
 
17,580
796,374
BRP Group, Inc. (a)
 
17,199
359,975
CNO Financial Group, Inc.
 
30,270
701,659
eHealth, Inc. (a)
 
7,751
66,504
Employers Holdings, Inc.
 
6,928
263,264
Enstar Group Ltd. (a)
 
3,557
842,902
Erie Indemnity Co. Class A
 
6,696
1,849,368
First American Financial Corp.
 
27,667
1,423,190
Genworth Financial, Inc. Class A (a)
 
124,171
743,784
Globe Life, Inc.
 
23,304
2,711,653
Goosehead Insurance (a)
 
6,381
413,935
Hagerty, Inc. Class A (a)(b)
 
6,436
49,686
Hanover Insurance Group, Inc.
 
9,591
1,124,161
HCI Group, Inc.
 
1,609
94,883
Hippo Holdings, Inc. (a)(b)
 
4,148
29,866
Horace Mann Educators Corp.
 
11,045
350,458
James River Group Holdings Ltd.
 
10,409
143,124
Kemper Corp.
 
16,155
644,261
Kinsale Capital Group, Inc.
 
5,913
1,974,410
Lemonade, Inc. (a)(b)
 
16,660
182,260
Lincoln National Corp.
 
45,535
991,297
Loews Corp.
 
49,488
3,167,727
MBIA, Inc. (a)
 
12,043
82,856
Mercury General Corp.
 
7,285
224,961
National Western Life Group, Inc.
 
598
286,382
Old Republic International Corp.
 
70,902
1,941,297
Oscar Health, Inc. (a)
 
37,573
192,374
Palomar Holdings, Inc. (a)
 
6,658
333,433
Primerica, Inc.
 
9,590
1,833,224
ProAssurance Corp.
 
13,952
237,184
Reinsurance Group of America, Inc.
 
17,768
2,655,783
RenaissanceRe Holdings Ltd.
 
13,737
3,016,508
RLI Corp.
 
10,781
1,436,460
Ryan Specialty Group Holdings, Inc. (a)(b)
 
26,901
1,162,123
Safety Insurance Group, Inc.
 
3,946
296,621
Selective Insurance Group, Inc.
 
16,256
1,692,412
Selectquote, Inc. (a)
 
34,646
45,733
Siriuspoint Ltd. (a)
 
23,686
233,307
Stewart Information Services Corp.
 
7,386
322,547
Trupanion, Inc. (a)(b)
 
9,656
198,914
United Fire Group, Inc.
 
5,906
118,947
Universal Insurance Holdings, Inc.
 
7,607
119,126
Unum Group
 
49,325
2,411,993
White Mountains Insurance Group Ltd.
 
677
968,618
 
 
 
46,469,604
Mortgage Real Estate Investment Trusts - 1.0%
 
 
 
AGNC Investment Corp.
 
162,625
1,200,173
Annaly Capital Management, Inc.
 
132,717
2,071,712
Apollo Commercial Real Estate Finance, Inc.
 
35,606
354,636
Arbor Realty Trust, Inc. (b)
 
50,173
632,682
Ares Commercial Real Estate Corp.
 
14,873
136,385
Armour Residential REIT, Inc.
 
12,277
178,876
Blackstone Mortgage Trust, Inc. (b)
 
46,370
925,082
BrightSpire Capital, Inc.
 
36,223
205,022
Cherry Hill Mortgage Investment Corp. (b)
 
7,533
22,373
Chimera Investment Corp.
 
60,862
292,138
Claros Mortgage Trust, Inc. (b)
 
32,479
338,756
Dynex Capital, Inc.
 
14,842
149,014
Ellington Financial LLC
 
18,253
219,584
Franklin BSP Realty Trust, Inc.
 
22,290
281,077
Granite Point Mortgage Trust, Inc.
 
14,561
61,156
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)
 
28,597
490,153
Invesco Mortgage Capital, Inc. (b)
 
11,261
76,913
KKR Real Estate Finance Trust, Inc.
 
15,992
166,956
Ladder Capital Corp. Class A
 
30,577
309,133
MFA Financial, Inc.
 
27,308
242,768
New York Mortgage Trust, Inc.
 
24,777
193,013
Orchid Island Capital, Inc.
 
11,602
72,861
PennyMac Mortgage Investment Trust
 
23,325
295,061
Ready Capital Corp.
 
42,778
403,397
Redwood Trust, Inc.
 
30,847
193,719
Rithm Capital Corp.
 
130,056
1,213,422
Starwood Property Trust, Inc. (b)
 
80,072
1,421,278
TPG RE Finance Trust, Inc.
 
17,226
94,915
Two Harbors Investment Corp.
 
26,491
307,561
 
 
 
12,549,816
TOTAL FINANCIALS
 
 
209,395,434
HEALTH CARE - 11.0%
 
 
 
Biotechnology - 4.2%
 
 
 
2seventy bio, Inc. (a)(b)
 
13,418
32,740
4D Molecular Therapeutics, Inc. (a)
 
7,998
85,899
Aadi Bioscience, Inc. (a)
 
5,599
24,524
ACADIA Pharmaceuticals, Inc. (a)
 
32,084
724,136
Acelyrin, Inc.
 
8,369
85,238
Actinium Pharmaceuticals, Inc. (a)(b)
 
6,651
37,113
Adicet Bio, Inc. (a)
 
8,378
11,059
ADMA Biologics, Inc. (a)
 
56,678
191,572
Aerovate Therapeutics, Inc. (a)
 
3,622
38,429
Agenus, Inc. (a)
 
91,784
73,427
Agios Pharmaceuticals, Inc. (a)
 
14,918
313,427
Akero Therapeutics, Inc. (a)
 
14,928
177,942
Aldeyra Therapeutics, Inc. (a)
 
12,349
21,117
Alector, Inc. (a)
 
16,586
86,247
Alkermes PLC (a)
 
44,696
1,081,196
Allakos, Inc. (a)
 
19,379
37,014
Allogene Therapeutics, Inc. (a)(b)
 
30,670
86,489
Allovir, Inc. (a)
 
16,523
24,785
Altimmune, Inc. (a)(b)
 
14,059
33,882
ALX Oncology Holdings, Inc. (a)
 
4,964
35,741
Amicus Therapeutics, Inc. (a)
 
68,584
752,366
AnaptysBio, Inc. (a)(b)
 
5,017
81,827
Anavex Life Sciences Corp. (a)(b)
 
21,664
120,885
Anika Therapeutics, Inc. (a)
 
3,877
75,602
Annexon, Inc. (a)
 
12,059
27,374
Apellis Pharmaceuticals, Inc. (a)(b)
 
27,183
1,322,725
Arbutus Biopharma Corp. (a)(b)
 
32,398
59,288
Arcellx, Inc. (a)
 
8,486
299,132
Arcturus Therapeutics Holdings, Inc. (a)(b)
 
6,494
124,035
Arcus Biosciences, Inc. (a)
 
14,360
225,596
Arcutis Biotherapeutics, Inc. (a)
 
13,756
30,951
Ardelyx, Inc. (a)(b)
 
57,939
228,859
Arrowhead Pharmaceuticals, Inc. (a)
 
28,781
707,725
Ars Pharmaceuticals, Inc. (a)(b)
 
13,591
48,520
Atara Biotherapeutics, Inc. (a)
 
26,508
34,195
Avid Bioservices, Inc. (a)
 
16,816
103,418
Avidity Biosciences, Inc. (a)
 
17,159
88,369
Beam Therapeutics, Inc. (a)(b)
 
18,322
387,327
BioAtla, Inc. (a)(b)
 
9,537
14,019
BioCryst Pharmaceuticals, Inc. (a)(b)
 
51,065
280,347
Biohaven Ltd.
 
17,498
463,872
Biomea Fusion, Inc. (a)
 
6,017
61,494
BioXcel Therapeutics, Inc. (a)(b)
 
5,117
20,545
bluebird bio, Inc. (a)(b)
 
29,804
87,922
Blueprint Medicines Corp. (a)
 
16,282
958,359
BridgeBio Pharma, Inc. (a)
 
32,262
840,102
C4 Therapeutics, Inc. (a)
 
12,046
17,949
CareDx, Inc. (a)
 
14,316
77,450
Caribou Biosciences, Inc. (a)
 
20,163
73,192
Carisma Therapeutics, Inc. rights (a)(c)
 
47,241
0
Catalyst Pharmaceutical Partners, Inc. (a)
 
26,826
332,911
Celldex Therapeutics, Inc. (a)
 
12,824
301,620
Cerevel Therapeutics Holdings (a)
 
18,588
439,606
Chimerix, Inc. (a)
 
21,254
20,019
Cogent Biosciences, Inc. (a)
 
19,906
162,433
Coherus BioSciences, Inc. (a)
 
24,274
81,318
Crinetics Pharmaceuticals, Inc. (a)(b)
 
15,448
452,472
CRISPR Therapeutics AG (a)(b)
 
21,386
832,557
Cullinan Oncology, Inc. (a)
 
9,082
84,735
Cytokinetics, Inc. (a)
 
25,762
898,063
CytomX Therapeutics, Inc. (a)(b)
 
17,554
19,309
Day One Biopharmaceuticals, Inc. (a)
 
14,924
176,551
Deciphera Pharmaceuticals, Inc. (a)
 
15,076
180,761
Denali Therapeutics, Inc. (a)
 
33,198
625,118
DermTech, Inc. (a)(b)
 
6,481
8,814
Design Therapeutics, Inc. (a)
 
7,887
16,089
Dynavax Technologies Corp. (a)(b)
 
34,628
492,064
Dyne Therapeutics, Inc. (a)(b)
 
10,324
72,784
Eagle Pharmaceuticals, Inc. (a)
 
2,756
37,840
Editas Medicine, Inc. (a)(b)
 
21,916
146,399
Emergent BioSolutions, Inc. (a)
 
11,987
25,053
Enanta Pharmaceuticals, Inc. (a)
 
5,299
47,797
EQRx, Inc. (a)
 
74,532
162,480
Erasca, Inc. (a)
 
22,616
52,243
Exelixis, Inc. (a)
 
85,423
1,758,860
Fate Therapeutics, Inc. (a)(b)
 
21,935
39,702
FibroGen, Inc. (a)
 
22,852
12,363
G1 Therapeutics, Inc. (a)
 
11,916
19,661
Generation Bio Co. (a)
 
14,013
13,148
Geron Corp. (a)(b)
 
123,619
234,876
Gossamer Bio, Inc. (a)
 
53,796
26,898
Gritstone Bio, Inc. (a)
 
21,615
41,069
Halozyme Therapeutics, Inc. (a)
 
35,430
1,200,014
Heron Therapeutics, Inc. (a)(b)
 
37,981
24,190
HilleVax, Inc. (a)(b)
 
4,524
49,764
Icosavax, Inc. (a)
 
9,502
58,437
Ideaya Biosciences, Inc. (a)
 
15,463
420,130
IGM Biosciences, Inc. (a)
 
4,160
16,390
ImmunityBio, Inc. (a)(b)
 
37,029
116,271
ImmunoGen, Inc. (a)
 
60,812
903,666
Immunovant, Inc. (a)
 
14,915
492,941
Inhibrx, Inc. (a)
 
6,559
101,468
Inovio Pharmaceuticals, Inc. (a)(b)
 
71,571
26,073
Inozyme Pharma, Inc. (a)
 
11,653
34,609
Insmed, Inc. (a)
 
38,573
966,639
Intellia Therapeutics, Inc. (a)
 
23,810
596,441
Intercept Pharmaceuticals, Inc. (a)
 
9,964
188,619
Ionis Pharmaceuticals, Inc. (a)
 
38,450
1,702,182
Iovance Biotherapeutics, Inc. (a)
 
57,146
218,298
Ironwood Pharmaceuticals, Inc. Class A (a)
 
37,085
332,652
iTeos Therapeutics, Inc. (a)
 
6,668
67,080
Janux Therapeutics, Inc. (a)(b)
 
4,670
29,981
Kalvista Pharmaceuticals, Inc. (a)
 
6,539
55,516
Karuna Therapeutics, Inc. (a)
 
9,610
1,601,122
Karyopharm Therapeutics, Inc. (a)(b)
 
27,065
23,547
Keros Therapeutics, Inc. (a)
 
6,131
174,979
Kezar Life Sciences, Inc. (a)
 
14,913
10,754
Kiniksa Pharmaceuticals Ltd. (a)
 
8,352
127,368
Kodiak Sciences, Inc. (a)
 
8,149
11,816
Krystal Biotech, Inc. (a)
 
6,427
751,123
Kura Oncology, Inc. (a)
 
19,891
168,079
Kymera Therapeutics, Inc. (a)
 
10,583
123,504
Lyell Immunopharma, Inc. (a)(b)
 
42,984
71,139
Macrogenics, Inc. (a)
 
16,640
86,861
Madrigal Pharmaceuticals, Inc. (a)
 
4,181
549,300
MannKind Corp. (a)
 
71,028
304,710
Mersana Therapeutics, Inc. (a)
 
27,478
32,699
MiMedx Group, Inc. (a)
 
31,178
204,528
Mirati Therapeutics, Inc. (a)
 
16,797
932,737
Mirum Pharmaceuticals, Inc. (a)(b)
 
8,225
225,612
Morphic Holding, Inc. (a)
 
10,562
210,712
Myriad Genetics, Inc. (a)
 
22,315
347,668
Natera, Inc. (a)
 
28,924
1,141,630
Neurocrine Biosciences, Inc. (a)
 
26,222
2,909,069
Novavax, Inc. (a)(b)
 
25,392
169,111
Nurix Therapeutics, Inc. (a)(b)
 
12,085
67,555
Nuvalent, Inc. Class A (a)
 
7,082
368,901
Ocugen, Inc. (a)(b)
 
63,277
23,280
Omniab, Inc. (c)
 
1,470
5,895
Omniab, Inc. (c)
 
1,470
5,586
Organogenesis Holdings, Inc. Class A (a)(b)
 
19,329
43,297
ORIC Pharmaceuticals, Inc. (a)(b)
 
10,675
71,523
PDL BioPharma, Inc. (a)(c)
 
15,583
2,533
PDS Biotechnology Corp. (a)(b)
 
8,470
35,320
PMV Pharmaceuticals, Inc. (a)
 
8,548
12,907
Point Biopharma Global, Inc. (a)
 
24,133
305,524
Poseida Therapeutics, Inc. (a)
 
18,427
37,223
Precigen, Inc. (a)
 
39,770
44,940
ProKidney Corp. (a)(b)
 
8,112
13,223
Protagonist Therapeutics, Inc. (a)
 
15,413
224,105
Prothena Corp. PLC (a)
 
10,503
382,939
PTC Therapeutics, Inc. (a)
 
20,027
375,506
Puma Biotechnology, Inc. (a)
 
11,035
27,146
RAPT Therapeutics, Inc. (a)
 
7,874
103,543
Recursion Pharmaceuticals, Inc. (a)(b)
 
41,671
220,023
REGENXBIO, Inc. (a)
 
10,835
139,663
Relay Therapeutics, Inc. (a)
 
24,244
160,010
Repligen Corp. (a)
 
13,934
1,874,959
Replimune Group, Inc. (a)
 
13,923
202,858
Revolution Medicines, Inc. (a)
 
26,373
522,185
Rhythm Pharmaceuticals, Inc. (a)
 
12,995
300,314
Rigel Pharmaceuticals, Inc. (a)
 
48,386
39,062
Rocket Pharmaceuticals, Inc. (a)
 
16,253
294,179
Sage Therapeutics, Inc. (a)
 
14,051
263,175
Sana Biotechnology, Inc. (a)(b)
 
25,928
76,747
Sangamo Therapeutics, Inc. (a)
 
38,523
24,277
Sarepta Therapeutics, Inc. (a)
 
25,039
1,685,375
Scholar Rock Holding Corp. (a)(b)
 
10,262
120,681
Selecta Biosciences, Inc. (a)
 
31,759
39,699
Seres Therapeutics, Inc. (a)
 
25,215
38,579
SpringWorks Therapeutics, Inc. (a)(b)
 
14,270
326,783
Stoke Therapeutics, Inc. (a)(b)
 
7,339
27,962
Sutro Biopharma, Inc. (a)
 
15,112
41,558
Syndax Pharmaceuticals, Inc. (a)
 
17,588
247,639
Tango Therapeutics, Inc. (a)(b)
 
13,109
110,116
TG Therapeutics, Inc. (a)(b)
 
38,580
298,223
Travere Therapeutics, Inc. (a)
 
17,982
116,523
Twist Bioscience Corp. (a)(b)
 
15,462
243,681
Ultragenyx Pharmaceutical, Inc. (a)
 
19,275
682,335
uniQure B.V. (a)
 
11,441
65,214
United Therapeutics Corp. (a)
 
12,599
2,807,813
Vanda Pharmaceuticals, Inc. (a)
 
15,130
66,269
Vaxart, Inc. (a)(b)
 
33,405
22,067
Vaxcyte, Inc. (a)
 
22,914
1,102,163
Vera Therapeutics, Inc. (a)
 
9,513
99,125
Veracyte, Inc. (a)(b)
 
19,634
406,816
Vericel Corp. (a)
 
12,892
453,541
Verve Therapeutics, Inc. (a)(b)
 
12,490
150,380
Viking Therapeutics, Inc. (a)(b)
 
26,844
263,340
Vir Biotechnology, Inc. (a)
 
23,147
183,556
Viridian Therapeutics, Inc. (a)
 
10,638
132,975
Voyager Therapeutics, Inc. (a)
 
8,338
54,781
X4 Pharmaceuticals, Inc. (a)
 
36,105
28,902
Xencor, Inc. (a)
 
16,292
282,666
Y-mAbs Therapeutics, Inc. (a)
 
7,876
42,058
Zentalis Pharmaceuticals, Inc. (a)
 
15,429
252,418
 
 
 
53,072,100
Health Care Equipment & Supplies - 2.3%
 
 
 
Alphatec Holdings, Inc. (a)(b)
 
21,399
196,443
Angiodynamics, Inc. (a)
 
10,768
66,762
Artivion, Inc. (a)
 
10,404
132,547
Atricure, Inc. (a)
 
12,709
440,240
Atrion Corp.
 
359
122,771
Avanos Medical, Inc. (a)
 
12,758
234,237
AxoGen, Inc. (a)
 
11,370
42,751
Axonics Modulation Technologies, Inc. (a)(b)
 
13,555
694,152
Beyond Air, Inc. (a)(b)
 
6,077
14,159
Butterfly Network, Inc. Class A (a)(b)
 
38,752
32,819
Cerus Corp. (a)
 
51,556
72,178
CONMED Corp.
 
8,296
808,528
Cutera, Inc. (a)(b)
 
4,821
14,993
CVRx, Inc. (a)
 
2,854
38,187
Dentsply Sirona, Inc.
 
56,721
1,724,886
Embecta Corp.
 
15,660
236,779
Enovis Corp. (a)
 
13,250
608,175
Envista Holdings Corp. (a)
 
43,935
1,022,367
Glaukos Corp. (a)
 
13,054
890,283
Globus Medical, Inc. (a)
 
31,507
1,440,185
Haemonetics Corp. (a)
 
13,600
1,159,128
ICU Medical, Inc. (a)(b)
 
5,438
533,250
Inari Medical, Inc. (a)
 
13,708
832,213
Inogen, Inc. (a)
 
6,294
28,134
Inspire Medical Systems, Inc. (a)
 
7,879
1,159,474
Integer Holdings Corp. (a)
 
8,907
722,981
Integra LifeSciences Holdings Corp. (a)
 
18,985
682,701
iRhythm Technologies, Inc. (a)
 
8,208
644,492
Lantheus Holdings, Inc. (a)
 
18,369
1,186,637
LeMaitre Vascular, Inc.
 
5,324
258,640
LivaNova PLC (a)
 
14,441
708,331
Masimo Corp. (a)(b)
 
11,912
966,421
Merit Medical Systems, Inc. (a)
 
15,461
1,062,789
Neogen Corp. (a)(b)
 
52,800
786,192
Nevro Corp. (a)
 
9,700
139,971
Novocure Ltd. (a)
 
26,050
346,465
Omnicell, Inc. (a)
 
12,135
431,278
OraSure Technologies, Inc. (a)
 
19,647
101,379
Orthofix International NV (a)
 
9,840
108,634
OrthoPediatrics Corp. (a)
 
4,368
106,841
Outset Medical, Inc. (a)
 
13,088
46,332
Paragon 28, Inc. (a)
 
9,947
85,843
Penumbra, Inc. (a)
 
10,317
1,972,095
PROCEPT BioRobotics Corp. (a)(b)
 
11,769
315,292
Pulmonx Corp. (a)
 
10,174
89,429
QuidelOrtho Corp. (a)
 
13,275
810,837
RxSight, Inc. (a)
 
6,005
132,951
Semler Scientific, Inc. (a)
 
1,322
38,563
Senseonics Holdings, Inc. (a)(b)
 
134,762
66,572
Shockwave Medical, Inc. (a)
 
9,873
2,036,405
SI-BONE, Inc. (a)
 
9,797
166,647
Sight Sciences, Inc. (a)(b)
 
6,905
10,944
Silk Road Medical, Inc. (a)
 
10,400
78,104
Staar Surgical Co. (a)(b)
 
13,080
547,006
SurModics, Inc. (a)
 
3,793
111,742
Tactile Systems Technology, Inc. (a)
 
6,180
67,486
Tandem Diabetes Care, Inc. (a)
 
17,445
301,799
TransMedics Group, Inc. (a)(b)
 
8,881
332,860
Treace Medical Concepts, Inc. (a)
 
11,577
116,117
UFP Technologies, Inc. (a)
 
1,908
297,495
Varex Imaging Corp. (a)
 
10,925
197,196
Zimvie, Inc. (a)(b)
 
7,056
49,815
Zomedica Corp. (a)(b)
 
274,634
46,139
Zynex, Inc. (a)(b)
 
5,885
52,259
 
 
 
28,769,321
Health Care Providers & Services - 2.4%
 
 
 
23andMe Holding Co. Class A (a)
 
81,068
68,673
Acadia Healthcare Co., Inc. (a)
 
24,741
1,818,711
Accolade, Inc. (a)
 
18,480
120,120
AdaptHealth Corp. (a)
 
21,974
161,069
Addus HomeCare Corp. (a)
 
4,410
347,949
Agiliti, Inc. (a)(b)
 
9,064
51,030
agilon health, Inc. (a)(b)
 
80,571
1,450,278
Alignment Healthcare, Inc. (a)
 
26,302
180,958
Amedisys, Inc. (a)
 
8,742
799,806
AMN Healthcare Services, Inc. (a)
 
10,205
774,151
Apollo Medical Holdings, Inc. (a)(b)
 
11,302
352,735
Brookdale Senior Living, Inc. (a)
 
50,433
197,193
Cano Health, Inc. (a)
 
55,775
7,334
CareMax, Inc. Class A (a)(b)
 
17,717
35,434
Castle Biosciences, Inc. (a)
 
6,856
107,091
Chemed Corp.
 
4,047
2,277,045
Clover Health Investments Corp. (a)(b)
 
91,113
86,858
Community Health Systems, Inc. (a)
 
34,524
73,881
Corvel Corp. (a)
 
2,436
472,438
Cross Country Healthcare, Inc. (a)
 
9,262
214,508
DaVita HealthCare Partners, Inc. (a)
 
14,455
1,116,360
DocGo, Inc. Class A (a)(b)
 
23,772
141,206
Encompass Health Corp.
 
26,865
1,680,674
Enhabit Home Health & Hospice (a)(b)
 
13,587
100,136
Fulgent Genetics, Inc. (a)
 
5,456
130,617
GeneDx Holdings Corp. Class A (a)(b)
 
4,595
8,547
Guardant Health, Inc. (a)
 
31,592
817,601
HealthEquity, Inc. (a)
 
22,939
1,644,268
Henry Schein, Inc. (a)
 
35,042
2,277,029
Hims & Hers Health, Inc. (a)
 
39,072
233,651
Invitae Corp. (a)(b)
 
67,711
41,013
LifeStance Health Group, Inc. (a)
 
24,399
142,246
Modivcare, Inc. (a)
 
3,314
139,983
National Healthcare Corp.
 
3,642
245,325
National Research Corp. Class A
 
3,885
164,180
NeoGenomics, Inc. (a)
 
34,388
482,120
Opko Health, Inc. (a)
 
118,361
147,951
Option Care Health, Inc. (a)
 
48,295
1,339,220
Owens & Minor, Inc. (a)
 
20,607
295,298
Patterson Companies, Inc.
 
22,827
695,310
Pediatrix Medical Group, Inc. (a)
 
22,079
253,025
Pennant Group, Inc. (a)
 
7,966
86,590
PetIQ, Inc. Class A (a)
 
6,818
127,974
Premier, Inc.
 
31,964
614,348
Privia Health Group, Inc. (a)
 
27,424
576,452
Progyny, Inc. (a)
 
22,337
689,320
R1 RCM, Inc. (a)
 
52,870
623,337
RadNet, Inc. (a)
 
16,163
435,754
Select Medical Holdings Corp.
 
27,934
634,940
Surgery Partners, Inc. (a)
 
17,669
408,684
Tenet Healthcare Corp. (a)
 
27,259
1,463,808
The Ensign Group, Inc.
 
15,079
1,456,631
The Joint Corp. (a)
 
4,120
32,177
U.S. Physical Therapy, Inc.
 
4,055
341,066
Universal Health Services, Inc. Class B
 
16,672
2,098,838
 
 
 
31,282,941
Health Care Technology - 0.4%
 
 
 
American Well Corp. (a)
 
65,347
76,456
Certara, Inc. (a)
 
28,487
347,257
Computer Programs & Systems, Inc. (a)
 
3,798
53,514
Definitive Healthcare Corp. (a)(b)
 
12,531
72,179
Doximity, Inc. (a)
 
33,746
689,431
Evolent Health, Inc. (a)
 
30,004
732,998
GoodRx Holdings, Inc. (a)(b)
 
20,267
99,916
Health Catalyst, Inc. (a)
 
15,955
119,503
HealthStream, Inc.
 
6,582
167,183
MultiPlan Corp. Class A (a)
 
73,212
123,728
Nextgen Healthcare, Inc. (a)
 
14,751
352,844
OptimizeRx Corp. (a)
 
4,492
36,206
Phreesia, Inc. (a)
 
13,740
187,688
Schrodinger, Inc. (a)(b)
 
14,577
316,321
Sharecare, Inc. Class A (a)
 
82,484
86,608
Simulations Plus, Inc.
 
4,387
154,729
Teladoc Health, Inc. (a)(b)
 
44,280
732,391
Veradigm, Inc. (a)
 
29,337
386,955
 
 
 
4,735,907
Life Sciences Tools & Services - 0.6%
 
 
 
10X Genomics, Inc. (a)(b)
 
27,766
979,584
Adaptive Biotechnologies Corp. (a)
 
30,461
135,247
Akoya Biosciences, Inc. (a)
 
4,547
15,915
Azenta, Inc. (a)
 
16,145
733,790
Bio-Rad Laboratories, Inc. Class A (a)
 
5,607
1,543,495
BioLife Solutions, Inc. (a)
 
9,550
96,455
BioNano Genomics, Inc. (a)(b)
 
8,134
11,225
Bruker Corp.
 
26,439
1,507,023
Codexis, Inc. (a)
 
19,322
32,075
CryoPort, Inc. (a)
 
13,150
127,555
Cytek Biosciences, Inc. (a)
 
26,880
113,165
Maravai LifeSciences Holdings, Inc. (a)
 
29,650
203,399
MaxCyte, Inc. (a)
 
27,893
82,563
Medpace Holdings, Inc. (a)
 
6,245
1,515,474
Mesa Laboratories, Inc.
 
1,364
127,984
Nanostring Technologies, Inc. (a)(b)
 
11,369
15,689
OmniAb, Inc. (a)
 
25,583
116,403
Pacific Biosciences of California, Inc. (a)
 
62,589
386,800
Quanterix Corp. (a)
 
9,183
199,455
Quantum-Si, Inc. (a)(b)
 
23,236
27,883
Seer, Inc. (a)
 
10,451
17,140
SomaLogic, Inc. Class A (a)
 
42,283
94,291
Sotera Health Co. (a)
 
26,540
335,996
 
 
 
8,418,606
Pharmaceuticals - 1.1%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
14,509
72,255
Amneal Pharmaceuticals, Inc. (a)
 
28,906
111,866
Amphastar Pharmaceuticals, Inc. (a)
 
10,246
463,836
Amylyx Pharmaceuticals, Inc. (a)
 
10,933
178,317
ANI Pharmaceuticals, Inc. (a)
 
4,290
264,865
Arvinas Holding Co. LLC (a)
 
14,389
231,951
Assertio Holdings, Inc. (a)(b)
 
24,977
53,701
Atea Pharmaceuticals, Inc. (a)
 
20,337
66,095
Axsome Therapeutics, Inc. (a)(b)
 
10,385
646,778
Cara Therapeutics, Inc. (a)
 
12,129
15,646
Cassava Sciences, Inc. (a)(b)
 
10,878
219,192
Collegium Pharmaceutical, Inc. (a)(b)
 
9,207
200,344
Corcept Therapeutics, Inc. (a)
 
24,243
680,743
CymaBay Therapeutics, Inc. (a)
 
28,214
462,145
Edgewise Therapeutics, Inc. (a)(b)
 
10,754
68,826
Elanco Animal Health, Inc. (a)
 
132,256
1,165,175
Esperion Therapeutics, Inc. (a)
 
22,882
18,965
Evolus, Inc. (a)
 
11,801
89,688
Fulcrum Therapeutics, Inc. (a)
 
14,475
52,689
Harmony Biosciences Holdings, Inc. (a)
 
9,082
213,790
Harrow, Inc. (a)(b)
 
8,274
118,608
Innoviva, Inc. (a)(b)
 
15,295
189,811
Intra-Cellular Therapies, Inc. (a)
 
24,007
1,194,588
Jazz Pharmaceuticals PLC (a)
 
16,931
2,150,576
Ligand Pharmaceuticals, Inc. Class B (a)
 
4,439
232,115
Liquidia Corp. (a)(b)
 
12,586
81,935
Marinus Pharmaceuticals, Inc. (a)(b)
 
13,612
94,467
Mind Medicine (MindMed), Inc. (a)(b)
 
8,658
22,164
Nektar Therapeutics (a)
 
51,101
23,966
NGM Biopharmaceuticals, Inc. (a)
 
10,747
9,134
Nuvation Bio, Inc. (a)
 
37,113
35,762
Ocular Therapeutix, Inc. (a)(b)
 
20,813
59,317
Omeros Corp. (a)(b)
 
16,529
19,670
Organon & Co.
 
68,555
1,013,928
Pacira Biosciences, Inc. (a)
 
12,568
355,172
Perrigo Co. PLC
 
36,304
1,003,443
Phathom Pharmaceuticals, Inc. (a)(b)
 
8,652
80,464
Phibro Animal Health Corp. Class A
 
5,513
60,202
Pliant Therapeutics, Inc. (a)(b)
 
13,990
205,233
Prestige Brands Holdings, Inc. (a)
 
13,274
787,945
Revance Therapeutics, Inc. (a)
 
23,654
186,630
Scilex Holding Co. (b)
 
12,947
23,000
SIGA Technologies, Inc. (b)
 
10,982
56,008
Supernus Pharmaceuticals, Inc. (a)
 
14,674
349,975
Tarsus Pharmaceuticals, Inc. (a)(b)
 
6,996
99,623
Theravance Biopharma, Inc. (a)(b)
 
9,771
92,238
Ventyx Biosciences, Inc. (a)
 
12,655
182,485
WAVE Life Sciences (a)
 
17,417
93,703
Xeris Biopharma Holdings, Inc. (a)(b)
 
37,022
67,750
Xeris Biopharma Holdings, Inc. rights (a)(c)
 
12,393
0
 
 
 
14,166,779
TOTAL HEALTH CARE
 
 
140,445,654
INDUSTRIALS - 20.0%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
AAR Corp. (a)
 
9,011
534,893
AeroVironment, Inc. (a)
 
7,035
806,633
AerSale Corp. (a)(b)
 
7,635
116,739
Archer Aviation, Inc. Class A (a)(b)
 
39,865
189,359
Astronics Corp. (a)
 
7,073
108,429
BWX Technologies, Inc.
 
24,551
1,823,648
Cadre Holdings, Inc.
 
4,838
135,706
Curtiss-Wright Corp.
 
10,282
2,044,164
Ducommun, Inc. (a)
 
3,635
173,898
Hexcel Corp.
 
22,662
1,403,231
Huntington Ingalls Industries, Inc.
 
10,703
2,352,733
Kaman Corp.
 
7,522
139,984
Kratos Defense & Security Solutions, Inc. (a)
 
34,372
586,043
Mercury Systems, Inc. (a)(b)
 
13,749
494,689
Moog, Inc. Class A
 
7,710
894,746
National Presto Industries, Inc.
 
1,360
101,660
Park Aerospace Corp.
 
4,941
72,534
Rocket Lab U.S.A., Inc. Class A (a)(b)
 
70,007
296,130
Spirit AeroSystems Holdings, Inc. Class A (b)
 
28,256
638,586
Terran Orbital Corp. Class A (a)(b)
 
24,894
19,888
Triumph Group, Inc. (a)
 
20,570
153,452
V2X, Inc. (a)
 
3,020
154,231
Virgin Galactic Holdings, Inc. (a)(b)
 
87,821
129,975
Woodward, Inc.
 
16,218
2,022,385
 
 
 
15,393,736
Air Freight & Logistics - 0.2%
 
 
 
Air Transport Services Group, Inc. (a)
 
15,061
294,744
Forward Air Corp.
 
6,900
444,429
GXO Logistics, Inc. (a)
 
31,923
1,612,431
Hub Group, Inc. Class A (a)
 
8,428
579,425
 
 
 
2,931,029
Building Products - 2.8%
 
 
 
A.O. Smith Corp.
 
33,427
2,331,868
AAON, Inc.
 
18,198
991,427
Advanced Drain Systems, Inc.
 
18,597
1,986,718
Allegion PLC
 
23,558
2,317,165
American Woodmark Corp. (a)
 
4,382
294,602
Apogee Enterprises, Inc.
 
5,903
253,357
Armstrong World Industries, Inc.
 
11,985
909,542
AZZ, Inc.
 
6,785
320,727
Builders FirstSource, Inc. (a)
 
33,571
3,643,125
Carlisle Companies, Inc.
 
13,402
3,405,314
CSW Industrials, Inc.
 
4,168
738,820
Fortune Brands Home & Security, Inc.
 
34,043
1,899,599
Gibraltar Industries, Inc. (a)
 
8,165
496,922
Griffon Corp.
 
10,922
436,225
Hayward Holdings, Inc. (a)
 
33,746
354,333
Insteel Industries, Inc.
 
5,243
146,332
Janus International Group, Inc. (a)
 
24,526
229,563
Jeld-Wen Holding, Inc. (a)
 
23,151
262,301
Lennox International, Inc.
 
8,575
3,177,381
Masonite International Corp. (a)
 
5,896
466,609
MasterBrand, Inc.
 
34,239
380,395
Owens Corning
 
24,108
2,733,124
PGT Innovations, Inc. (a)
 
15,659
468,830
Quanex Building Products Corp.
 
9,054
243,100
Resideo Technologies, Inc. (a)
 
40,003
579,243
Simpson Manufacturing Co. Ltd.
 
11,454
1,525,444
Tecnoglass, Inc.
 
5,408
176,733
The AZEK Co., Inc. (a)
 
40,097
1,050,541
Trex Co., Inc. (a)
 
29,152
1,638,634
UFP Industries, Inc.
 
16,616
1,581,345
Zurn Elkay Water Solutions Cor
 
37,989
1,005,189
 
 
 
36,044,508
Commercial Services & Supplies - 1.6%
 
 
 
ABM Industries, Inc.
 
17,743
698,010
ACCO Brands Corp.
 
25,923
131,170
ACV Auctions, Inc. Class A (a)
 
36,275
483,546
Aris Water Solution, Inc. Class A
 
6,705
55,987
Brady Corp. Class A
 
12,307
633,318
BrightView Holdings, Inc. (a)
 
10,051
67,744
Casella Waste Systems, Inc. Class A (a)
 
15,250
1,150,613
CECO Environmental Corp. (a)
 
8,061
130,427
Cimpress PLC (a)
 
4,723
281,821
Clean Harbors, Inc. (a)
 
13,515
2,076,850
CoreCivic, Inc. (a)
 
30,689
389,750
Deluxe Corp. (b)
 
11,935
203,492
Driven Brands Holdings, Inc. (a)
 
16,690
189,932
Ennis, Inc.
 
7,147
152,660
Enviri Corp. (a)
 
21,756
124,879
Healthcare Services Group, Inc.
 
19,857
188,642
HNI Corp.
 
12,477
432,827
Interface, Inc.
 
15,666
139,271
Liquidity Services, Inc. (a)
 
6,034
116,275
Matthews International Corp. Class A
 
8,289
293,762
Millerknoll, Inc.
 
20,522
482,267
Montrose Environmental Group, Inc. (a)
 
7,463
172,545
MSA Safety, Inc.
 
9,913
1,565,064
OpenLane, Inc. (a)
 
29,426
395,191
Pitney Bowes, Inc.
 
41,066
132,643
Rollins, Inc.
 
75,400
2,835,794
SP Plus Corp. (a)
 
5,257
265,636
Steelcase, Inc. Class A
 
25,437
277,518
Stericycle, Inc. (a)
 
24,838
1,024,319
Tetra Tech, Inc.
 
14,292
2,156,806
The Brink's Co.
 
12,462
833,209
The GEO Group, Inc. (a)
 
34,035
297,466
UniFirst Corp.
 
4,051
666,106
Vestis Corp.
 
35,364
540,716
Viad Corp. (a)
 
5,631
136,439
VSE Corp.
 
3,501
188,354
 
 
 
19,911,049
Construction & Engineering - 1.6%
 
 
 
AECOM
 
37,218
2,849,038
Ameresco, Inc. Class A (a)(b)
 
8,641
225,962
API Group Corp. (a)
 
54,860
1,419,228
Arcosa, Inc.
 
13,087
903,919
Argan, Inc.
 
3,369
154,098
Comfort Systems U.S.A., Inc.
 
9,602
1,746,124
Construction Partners, Inc. Class A (a)
 
11,730
451,019
Dycom Industries, Inc. (a)
 
7,869
670,281
EMCOR Group, Inc.
 
12,651
2,614,329
Eneti, Inc.
 
5,577
56,607
Fluor Corp. (a)
 
38,486
1,281,199
Granite Construction, Inc.
 
11,761
476,085
Great Lakes Dredge & Dock Corp. (a)
 
18,198
138,305
MasTec, Inc. (a)
 
16,220
964,117
MDU Resources Group, Inc.
 
54,503
1,014,301
MYR Group, Inc. (a)
 
4,481
519,034
Northwest Pipe Co. (a)
 
2,724
74,256
Primoris Services Corp.
 
14,357
431,571
Sterling Construction Co., Inc. (a)
 
8,333
607,059
Tutor Perini Corp. (a)
 
11,765
84,826
Valmont Industries, Inc.
 
5,642
1,110,966
Willscot Mobile Mini Holdings (a)
 
52,972
2,087,627
 
 
 
19,879,951
Electrical Equipment - 1.9%
 
 
 
Acuity Brands, Inc.
 
8,372
1,356,013
Allient, Inc.
 
3,751
103,528
Array Technologies, Inc. (a)
 
38,003
658,592
Atkore, Inc. (a)
 
10,152
1,261,691
Babcock & Wilcox Enterprises, Inc. (a)
 
15,843
41,667
Beam Global (a)(b)
 
3,434
18,818
Blink Charging Co. (a)(b)
 
15,082
35,895
Bloom Energy Corp. Class A (a)(b)
 
56,240
584,896
ChargePoint Holdings, Inc. Class A (a)(b)
 
79,784
202,651
Encore Wire Corp. (b)
 
4,515
807,417
Energy Vault Holdings, Inc. Class A (a)(b)
 
21,226
42,664
EnerSys
 
11,070
947,371
Enovix Corp. (a)(b)
 
35,690
317,998
Eos Energy Enterprises, Inc. (a)(b)
 
30,742
54,106
Fluence Energy, Inc. (a)(b)
 
10,840
187,749
FTC Solar, Inc. (a)(b)
 
17,535
18,762
FuelCell Energy, Inc. (a)(b)
 
112,436
122,555
Generac Holdings, Inc. (a)
 
16,712
1,404,978
GrafTech International Ltd. (b)
 
52,422
180,856
Hubbell, Inc. Class B
 
14,396
3,888,360
LSI Industries, Inc.
 
7,148
106,362
NuScale Power Corp. (a)(b)
 
12,506
42,270
nVent Electric PLC
 
44,505
2,142,026
Plug Power, Inc. (a)(b)
 
145,488
856,924
Powell Industries, Inc.
 
2,457
188,329
Regal Rexnord Corp.
 
17,805
2,108,290
Sensata Technologies, Inc. PLC
 
40,870
1,302,936
SES AI Corp. Class A (a)(b)
 
40,053
72,496
Shoals Technologies Group, Inc. (a)
 
45,661
701,353
Stem, Inc. (a)(b)
 
39,692
134,159
SunPower Corp. (a)(b)
 
23,402
99,927
Sunrun, Inc. (a)(b)
 
58,720
566,648
Thermon Group Holdings, Inc. (a)
 
9,025
240,877
TPI Composites, Inc. (a)(b)
 
11,068
25,567
Vertiv Holdings Co.
 
93,979
3,690,555
Vicor Corp. (a)
 
6,043
234,106
 
 
 
24,749,392
Ground Transportation - 1.3%
 
 
 
ArcBest Corp.
 
6,450
702,276
Avis Budget Group, Inc. (a)
 
5,299
862,677
Covenant Transport Group, Inc. Class A
 
2,189
86,433
Daseke, Inc. (a)
 
11,481
50,976
FTAI Infrastructure LLC
 
27,029
82,709
Heartland Express, Inc.
 
12,189
142,124
Hertz Global Holdings, Inc. (a)(b)
 
35,919
302,797
Knight-Swift Transportation Holdings, Inc. Class A
 
43,278
2,115,861
Landstar System, Inc.
 
9,647
1,589,633
Lyft, Inc. (a)
 
91,244
836,707
Marten Transport Ltd.
 
15,675
275,567
RXO, Inc.
 
31,397
549,761
Ryder System, Inc.
 
12,205
1,190,476
Saia, Inc. (a)
 
7,123
2,553,524
Schneider National, Inc. Class B
 
10,086
255,478
TuSimple Holdings, Inc. (a)(b)
 
36,274
38,813
U-Haul Holding Co. (a)(b)
 
2,819
138,469
U-Haul Holding Co. (non-vtg.)
 
26,278
1,240,584
Universal Logistics Holdings, Inc.
 
1,768
39,568
Werner Enterprises, Inc.
 
16,955
615,806
XPO, Inc. (a)
 
31,112
2,358,601
 
 
 
16,028,840
Machinery - 4.2%
 
 
 
3D Systems Corp. (a)
 
35,037
130,688
AGCO Corp.
 
16,690
1,913,675
Alamo Group, Inc.
 
2,802
449,161
Albany International Corp. Class A
 
8,357
682,015
Allison Transmission Holdings, Inc.
 
23,954
1,207,761
Astec Industries, Inc.
 
6,100
244,244
Barnes Group, Inc.
 
13,627
283,305
Blue Bird Corp. (a)
 
4,558
83,001
Chart Industries, Inc. (a)(b)
 
11,268
1,309,680
Columbus McKinnon Corp. (NY Shares)
 
7,793
238,232
Crane Co.
 
13,120
1,276,970
Desktop Metal, Inc. (a)(b)
 
63,214
54,769
Donaldson Co., Inc.
 
32,519
1,875,046
Douglas Dynamics, Inc.
 
6,281
152,503
Energy Recovery, Inc. (a)
 
15,395
234,004
Enerpac Tool Group Corp. Class A
 
15,052
425,972
EnPro Industries, Inc.
 
5,606
622,602
ESAB Corp.
 
15,186
961,274
ESCO Technologies, Inc.
 
6,909
671,693
Federal Signal Corp.
 
16,347
948,780
Flowserve Corp.
 
35,162
1,291,149
Franklin Electric Co., Inc.
 
10,672
925,476
Gates Industrial Corp. PLC (a)
 
35,319
385,683
Gorman-Rupp Co.
 
6,496
191,957
Graco, Inc.
 
45,371
3,373,334
Helios Technologies, Inc.
 
8,805
455,395
Hillenbrand, Inc.
 
18,912
719,223
Hillman Solutions Corp. Class A (a)
 
52,273
342,911
Hyliion Holdings Corp. Class A (a)(b)
 
34,803
20,753
Hyster-Yale Materials Handling, Inc. Class A
 
2,797
111,908
ITT, Inc.
 
22,023
2,055,847
John Bean Technologies Corp.
 
8,532
887,499
Kadant, Inc.
 
3,135
689,700
Kennametal, Inc.
 
21,315
492,590
Lincoln Electric Holdings, Inc.
 
15,407
2,693,144
Lindsay Corp.
 
3,012
376,259
Luxfer Holdings PLC sponsored
 
7,406
61,248
Manitowoc Co., Inc. (a)
 
9,383
120,102
Microvast Holdings, Inc. (a)(b)
 
59,501
73,186
Middleby Corp. (a)
 
14,386
1,623,748
Mueller Industries, Inc.
 
31,044
1,170,669
Mueller Water Products, Inc. Class A
 
41,936
518,748
Nikola Corp. (a)(b)
 
190,529
205,771
Nordson Corp.
 
14,529
3,088,720
Omega Flex, Inc. (b)
 
830
60,648
Oshkosh Corp.
 
17,521
1,537,117
Pentair PLC
 
44,299
2,574,658
Proto Labs, Inc. (a)
 
6,967
164,491
RBC Bearings, Inc. (a)
 
7,800
1,714,752
REV Group, Inc.
 
8,433
120,086
Shyft Group, Inc. (The)
 
8,844
97,107
Snap-On, Inc.
 
14,195
3,661,458
SPX Technologies, Inc. (a)
 
12,231
979,948
Standex International Corp.
 
3,175
455,835
Tennant Co.
 
5,049
374,737
Terex Corp.
 
18,091
828,568
The Greenbrier Companies, Inc.
 
8,265
285,886
Timken Co.
 
17,534
1,211,950
Titan International, Inc. (a)
 
13,997
159,006
Toro Co.
 
27,893
2,254,870
Trinity Industries, Inc.
 
21,857
455,281
Velo3D, Inc. (a)(b)
 
24,994
32,992
Wabash National Corp.
 
12,598
260,653
Watts Water Technologies, Inc. Class A
 
7,348
1,271,277
 
 
 
54,141,715
Marine Transportation - 0.2%
 
 
 
Eagle Bulk Shipping, Inc.
 
1,787
72,910
Genco Shipping & Trading Ltd.
 
11,296
148,768
Kirby Corp. (a)
 
15,933
1,190,195
Matson, Inc.
 
9,461
823,580
 
 
 
2,235,453
Passenger Airlines - 0.4%
 
 
 
Alaska Air Group, Inc. (a)
 
34,171
1,080,829
Allegiant Travel Co.
 
4,061
270,544
American Airlines Group, Inc. (a)
 
175,411
1,955,833
Blade Air Mobility, Inc. (a)(b)
 
13,228
28,176
Frontier Group Holdings, Inc. (a)(b)
 
9,584
32,490
Hawaiian Holdings, Inc. (a)(b)
 
13,848
58,300
JetBlue Airways Corp. (a)
 
89,357
335,982
Joby Aviation, Inc. (a)(b)
 
98,728
520,297
SkyWest, Inc. (a)
 
11,270
475,256
Spirit Airlines, Inc.
 
29,284
336,180
Sun Country Airlines Holdings, Inc. (a)
 
10,849
141,254
 
 
 
5,235,141
Professional Services - 3.0%
 
 
 
Alight, Inc. Class A (a)
 
96,951
643,755
ASGN, Inc. (a)
 
12,994
1,084,479
Barrett Business Services, Inc.
 
1,795
164,171
Booz Allen Hamilton Holding Corp. Class A
 
35,173
4,218,298
CACI International, Inc. Class A (a)
 
6,120
1,987,531
CBIZ, Inc. (a)
 
13,386
695,537
Ceridian HCM Holding, Inc. (a)
 
41,778
2,674,210
Clarivate Analytics PLC (a)(b)
 
117,210
747,800
Concentrix Corp.
 
11,621
885,636
Conduent, Inc. (a)
 
45,342
144,641
CRA International, Inc.
 
1,925
186,937
CSG Systems International, Inc.
 
8,163
382,518
Dun & Bradstreet Holdings, Inc.
 
62,585
548,245
ExlService Holdings, Inc. (a)(b)
 
44,517
1,162,339
Exponent, Inc.
 
13,669
1,001,801
First Advantage Corp.
 
13,651
177,600
FiscalNote Holdings, Inc. Class A (a)
 
19,975
26,567
Forrester Research, Inc. (a)
 
3,011
69,855
Franklin Covey Co. (a)
 
3,065
120,792
FTI Consulting, Inc. (a)
 
9,137
1,939,420
Genpact Ltd.
 
44,794
1,502,391
Heidrick & Struggles International, Inc.
 
5,333
129,805
HireRight Holdings Corp. (a)
 
3,210
29,564
Huron Consulting Group, Inc. (a)
 
5,108
507,531
ICF International, Inc.
 
4,595
582,324
Insperity, Inc.
 
9,739
1,030,776
KBR, Inc.
 
36,187
2,104,274
Kelly Services, Inc. Class A (non-vtg.)
 
8,748
156,152
Kforce, Inc.
 
5,085
310,388
Korn Ferry
 
14,325
652,074
LegalZoom.com, Inc. (a)
 
28,300
282,151
Manpower, Inc.
 
13,302
930,741
Maximus, Inc.
 
16,308
1,218,534
NV5 Global, Inc. (a)
 
3,411
321,828
Parsons Corp. (a)
 
10,967
620,184
Paycor HCM, Inc. (a)(b)
 
17,103
369,083
Paylocity Holding Corp. (a)
 
11,568
2,075,299
Planet Labs PBC Class A (a)(b)
 
52,083
112,499
RCM Technologies, Inc. (a)(b)
 
1,566
31,038
Resources Connection, Inc.
 
8,519
114,751
Robert Half, Inc.
 
28,761
2,150,460
Science Applications International Corp.
 
14,406
1,573,711
Sterling Check Corp. (a)(b)
 
8,045
89,943
TaskUs, Inc. (a)
 
6,233
57,842
TriNet Group, Inc. (a)
 
8,938
918,380
TrueBlue, Inc. (a)
 
8,273
91,582
Ttec Holdings, Inc.
 
5,182
106,646
Upwork, Inc. (a)
 
33,324
348,236
Verra Mobility Corp. (a)
 
45,551
900,543
 
 
 
38,180,862
Trading Companies & Distributors - 1.6%
 
 
 
Air Lease Corp. Class A
 
27,619
956,446
Alta Equipment Group, Inc.
 
6,250
57,438
Applied Industrial Technologies, Inc.
 
10,374
1,592,513
Beacon Roofing Supply, Inc. (a)
 
14,233
1,012,963
BlueLinx Corp. (a)
 
2,445
173,864
Boise Cascade Co.
 
10,631
996,656
Core & Main, Inc. (a)
 
28,252
849,820
Custom Truck One Source, Inc. Class A (a)
 
16,222
93,601
DXP Enterprises, Inc. (a)
 
3,664
119,446
GATX Corp.
 
9,462
989,536
Global Industrial Co.
 
3,460
110,547
GMS, Inc. (a)
 
10,943
639,947
H&E Equipment Services, Inc.
 
8,584
349,540
Herc Holdings, Inc.
 
7,596
811,177
Hudson Technologies, Inc. (a)
 
10,649
137,159
McGrath RentCorp.
 
6,561
660,037
MRC Global, Inc. (a)
 
22,801
239,639
MSC Industrial Direct Co., Inc. Class A
 
12,696
1,202,946
NOW, Inc. (a)
 
28,933
318,842
Rush Enterprises, Inc. Class A
 
16,737
595,502
SiteOne Landscape Supply, Inc. (a)
 
12,100
1,667,017
Textainer Group Holdings Ltd.
 
10,965
538,601
Titan Machinery, Inc. (a)
 
5,562
138,160
Transcat, Inc. (a)
 
2,103
189,312
Veritiv Corp.
 
3,633
615,467
Watsco, Inc. (b)
 
9,005
3,141,754
WESCO International, Inc.
 
11,867
1,521,349
Xometry, Inc. (a)(b)
 
10,953
159,366
 
 
 
19,878,645
TOTAL INDUSTRIALS
 
 
254,610,321
INFORMATION TECHNOLOGY - 11.8%
 
 
 
Communications Equipment - 0.7%
 
 
 
ADTRAN Holdings, Inc.
 
19,441
127,727
Aviat Networks, Inc. (a)
 
2,957
78,952
Calix, Inc. (a)
 
15,855
525,118
Cambium Networks Corp. (a)
 
3,050
15,189
Ciena Corp. (a)
 
40,121
1,693,106
Clearfield, Inc. (a)(b)
 
3,421
82,172
CommScope Holding Co., Inc. (a)
 
56,751
83,991
Comtech Telecommunications Corp.
 
7,638
93,184
Digi International, Inc. (a)
 
9,691
244,019
DZS, Inc. (a)
 
3,985
5,061
Extreme Networks, Inc. (a)
 
34,303
707,328
Harmonic, Inc. (a)
 
30,377
327,768
Infinera Corp. (a)(b)
 
53,835
157,737
Juniper Networks, Inc.
 
86,143
2,318,970
Lumentum Holdings, Inc. (a)
 
18,421
722,287
NETGEAR, Inc. (a)
 
8,104
102,435
NetScout Systems, Inc. (a)
 
19,344
422,280
Ribbon Communications, Inc. (a)
 
25,750
48,410
ViaSat, Inc. (a)(b)
 
19,969
368,228
Viavi Solutions, Inc. (a)
 
59,493
462,856
 
 
 
8,586,818
Electronic Equipment, Instruments & Components - 2.4%
 
 
 
908 Devices, Inc. (a)(b)
 
5,874
34,833
Advanced Energy Industries, Inc.
 
10,108
882,024
Aeva Technologies, Inc. (a)
 
26,633
13,263
Akoustis Technologies, Inc. (a)(b)
 
18,614
9,437
Arlo Technologies, Inc. (a)
 
24,810
210,637
Arrow Electronics, Inc. (a)
 
14,931
1,693,325
Avnet, Inc.
 
24,505
1,135,317
Badger Meter, Inc.
 
7,870
1,090,389
Bel Fuse, Inc. Class B (non-vtg.)
 
2,684
145,419
Belden, Inc.
 
11,347
804,502
Benchmark Electronics, Inc.
 
9,813
237,573
Cognex Corp.
 
46,277
1,665,509
Coherent Corp. (a)
 
34,932
1,033,987
Crane Nxt Co.
 
13,047
678,444
CTS Corp.
 
8,521
318,771
ePlus, Inc. (a)
 
7,304
456,500
Evolv Technologies Holdings, Inc. (a)
 
19,575
83,194
Fabrinet (a)
 
9,745
1,510,475
FARO Technologies, Inc. (a)
 
5,058
65,096
Insight Enterprises, Inc. (a)
 
8,097
1,160,300
IPG Photonics Corp. (a)
 
8,010
688,059
Itron, Inc. (a)
 
12,194
698,472
Jabil, Inc.
 
35,133
4,314,332
Kimball Electronics, Inc. (a)
 
6,601
172,946
Knowles Corp. (a)
 
24,335
316,112
Lightwave Logic, Inc. (a)(b)
 
30,689
139,021
Littelfuse, Inc.
 
6,682
1,447,789
Luna Innovations, Inc. (a)(b)
 
9,043
51,364
Methode Electronics, Inc. Class A
 
9,746
222,891
MicroVision, Inc. (a)(b)
 
50,368
95,196
Mirion Technologies, Inc. Class A (a)
 
48,321
334,865
Napco Security Technologies, Inc.
 
7,963
146,280
nLIGHT, Inc. (a)
 
12,547
104,517
Novanta, Inc. (a)
 
9,612
1,269,361
OSI Systems, Inc. (a)
 
4,126
430,218
Ouster, Inc. (a)(b)
 
8,943
34,162
Par Technology Corp. (a)(b)
 
7,484
218,458
PC Connection, Inc.
 
3,102
166,205
Plexus Corp. (a)
 
7,362
723,832
Richardson Electronics Ltd.
 
2,944
33,768
Rogers Corp. (a)
 
4,498
552,759
Sanmina Corp. (a)
 
15,359
781,312
ScanSource, Inc. (a)
 
6,741
204,926
Smartrent, Inc. (a)(b)
 
47,770
115,126
TD SYNNEX Corp.
 
12,829
1,176,163
TTM Technologies, Inc. (a)
 
27,954
321,191
Vishay Intertechnology, Inc.
 
34,041
757,072
Vishay Precision Group, Inc. (a)
 
3,344
100,052
Vontier Corp.
 
41,413
1,224,168
Vuzix Corp. (a)(b)
 
15,573
50,612
 
 
 
30,120,224
IT Services - 0.5%
 
 
 
Amdocs Ltd.
 
32,292
2,588,527
BigCommerce Holdings, Inc. (a)
 
17,735
157,664
Digitalocean Holdings, Inc. (a)(b)
 
14,080
288,077
DXC Technology Co. (a)
 
55,063
1,110,621
Edgio, Inc. (a)
 
33,394
26,121
Fastly, Inc. Class A (a)(b)
 
31,919
468,252
Grid Dynamics Holdings, Inc. (a)
 
14,809
150,163
Hackett Group, Inc.
 
6,531
145,576
Kyndryl Holdings, Inc. (a)
 
61,450
899,014
Perficient, Inc. (a)(b)
 
9,354
544,309
Rackspace Technology, Inc. (a)(b)
 
15,886
19,381
Squarespace, Inc. Class A (a)
 
11,990
340,636
Thoughtworks Holding, Inc. (a)(b)
 
24,787
84,028
Tucows, Inc. (a)(b)
 
2,592
43,779
Unisys Corp. (a)
 
18,427
51,227
 
 
 
6,917,375
Semiconductors & Semiconductor Equipment - 1.8%
 
 
 
ACM Research, Inc. (a)
 
12,398
168,613
AEHR Test Systems (a)(b)
 
7,036
165,768
Allegro MicroSystems LLC (a)(b)
 
19,115
496,225
Alpha & Omega Semiconductor Ltd. (a)
 
6,119
145,143
Ambarella, Inc. (a)
 
9,985
449,225
Amkor Technology, Inc.
 
27,689
577,593
Axcelis Technologies, Inc. (a)
 
8,806
1,122,765
CEVA, Inc. (a)
 
6,394
109,785
Cirrus Logic, Inc. (a)
 
14,676
982,265
Cohu, Inc. (a)
 
12,877
388,113
Credo Technology Group Holding Ltd. (a)
 
30,808
438,090
Diodes, Inc. (a)
 
12,269
798,467
FormFactor, Inc. (a)
 
20,825
705,551
Ichor Holdings Ltd. (a)
 
7,922
192,188
Impinj, Inc. (a)
 
6,053
391,084
indie Semiconductor, Inc. (a)(b)
 
32,900
160,881
Kulicke & Soffa Industries, Inc.
 
15,150
630,392
Lattice Semiconductor Corp. (a)
 
37,005
2,057,848
MACOM Technology Solutions Holdings, Inc. (a)
 
14,480
1,021,419
MaxLinear, Inc. Class A (a)
 
19,799
300,945
Meta Materials, Inc. (a)(b)
 
112,661
13,632
MKS Instruments, Inc.
 
16,855
1,106,699
Navitas Semiconductor Corp. (a)(b)
 
32,436
169,965
NVE Corp.
 
1,326
90,168
Onto Innovation, Inc. (a)
 
13,172
1,480,138
PDF Solutions, Inc. (a)
 
8,106
215,052
Photronics, Inc. (a)
 
16,915
310,559
Power Integrations, Inc.
 
15,401
1,067,751
Rambus, Inc. (a)
 
29,294
1,591,543
Semtech Corp. (a)
 
17,256
240,894
Silicon Laboratories, Inc. (a)
 
8,544
787,586
SiTime Corp. (a)
 
4,594
458,481
SkyWater Technology, Inc. (a)(b)
 
5,062
24,956
SMART Global Holdings, Inc. (a)(b)
 
13,263
181,703
Synaptics, Inc. (a)
 
10,602
886,963
Ultra Clean Holdings, Inc. (a)
 
12,091
288,491
Universal Display Corp.
 
11,691
1,627,153
Veeco Instruments, Inc. (a)(b)
 
15,103
361,566
Wolfspeed, Inc. (a)(b)
 
33,413
1,130,696
 
 
 
23,336,356
Software - 5.8%
 
 
 
8x8, Inc. (a)
 
30,442
72,452
A10 Networks, Inc.
 
18,763
203,954
ACI Worldwide, Inc. (a)
 
29,158
593,948
Adeia, Inc.
 
28,965
244,175
Agilysys, Inc. (a)
 
5,437
466,440
Alarm.com Holdings, Inc. (a)
 
13,398
685,040
Alkami Technology, Inc. (a)
 
10,638
190,952
Altair Engineering, Inc. Class A (a)(b)
 
14,551
903,908
Alteryx, Inc. Class A (a)(b)
 
16,996
544,042
American Software, Inc. Class A
 
8,554
93,837
Amplitude, Inc. (a)
 
19,062
189,858
AppFolio, Inc. (a)
 
5,279
990,182
Appian Corp. Class A (a)
 
11,174
440,926
AppLovin Corp. (a)(b)
 
36,399
1,326,380
Asana, Inc. (a)(b)
 
21,165
390,918
Aspen Technology, Inc. (a)
 
7,614
1,353,389
Aurora Innovation, Inc. (a)(b)
 
200,889
351,556
AvePoint, Inc. (a)
 
24,779
185,595
Bentley Systems, Inc. Class B (b)
 
61,611
2,996,759
Bill Holdings, Inc. (a)
 
25,965
2,370,345
Blackbaud, Inc. (a)
 
11,504
752,362
BlackLine, Inc. (a)(b)
 
13,583
666,925
Blend Labs, Inc. (a)(b)
 
47,202
57,114
Box, Inc. Class A (a)
 
39,116
972,424
Braze, Inc. (a)
 
12,682
540,000
C3.ai, Inc. (a)(b)
 
24,681
602,216
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
54,269
584,477
Cerence, Inc. (a)
 
10,900
166,879
Cleanspark, Inc. (a)(b)
 
41,032
168,231
Clear Secure, Inc.
 
22,372
376,297
Clearwater Analytics Holdings, Inc. (a)
 
23,635
427,321
CommVault Systems, Inc. (a)
 
11,767
768,973
Confluent, Inc. (a)
 
56,890
1,644,690
Consensus Cloud Solutions, Inc. (a)
 
4,874
105,230
Couchbase, Inc. (a)
 
7,845
122,068
CS Disco, Inc. (a)
 
6,505
36,493
Digimarc Corp. (a)(b)
 
3,783
98,131
Digital Turbine, Inc. (a)
 
24,250
114,945
Dolby Laboratories, Inc. Class A
 
15,988
1,294,069
Domo, Inc. Class B (a)
 
8,303
67,752
DoubleVerify Holdings, Inc. (a)
 
33,734
938,817
Dropbox, Inc. Class A (a)
 
69,184
1,819,539
Dynatrace, Inc. (a)
 
63,804
2,852,677
E2open Parent Holdings, Inc. (a)
 
46,128
133,310
Ebix, Inc. (b)
 
6,261
38,129
Elastic NV (a)
 
21,438
1,608,708
Enfusion, Inc. Class A (a)(b)
 
9,303
77,215
EngageSmart, Inc. (a)
 
12,189
276,081
Envestnet, Inc. (a)(b)
 
13,311
492,507
Everbridge, Inc. (a)
 
10,986
226,421
Expensify, Inc. (a)
 
11,481
30,654
Five9, Inc. (a)
 
19,427
1,124,240
Freshworks, Inc. (a)
 
42,709
766,199
GitLab, Inc. (a)
 
21,455
928,572
Guidewire Software, Inc. (a)
 
21,857
1,969,971
HashiCorp, Inc. (a)
 
26,981
531,256
Informatica, Inc. (a)(b)
 
10,480
201,006
Intapp, Inc. (a)
 
6,856
234,475
InterDigital, Inc.
 
7,076
532,469
Jamf Holding Corp. (a)(b)
 
13,820
221,949
LivePerson, Inc. (a)
 
18,669
49,286
Liveramp Holdings, Inc. (a)
 
17,587
486,456
Manhattan Associates, Inc. (a)
 
16,560
3,228,869
Marathon Digital Holdings, Inc. (a)(b)
 
46,802
412,326
Matterport, Inc. (a)(b)
 
62,974
128,467
MeridianLink, Inc. (a)
 
5,471
89,834
MicroStrategy, Inc. Class A (a)(b)
 
3,253
1,377,288
Mitek Systems, Inc. (a)
 
12,137
129,623
Model N, Inc. (a)
 
9,348
225,287
N-able, Inc. (a)
 
18,335
237,622
nCino, Inc. (a)(b)
 
16,283
457,552
NCR Corp. (a)
 
35,910
549,064
New Relic, Inc. (a)(b)
 
14,513
1,257,842
Nutanix, Inc. Class A (a)
 
63,284
2,290,248
Olo, Inc. (a)
 
28,436
145,308
ON24, Inc.
 
10,989
67,582
Onespan, Inc. (a)
 
9,560
75,524
Pagerduty, Inc. (a)(b)
 
24,749
499,187
Pegasystems, Inc.
 
11,284
482,278
Porch Group, Inc. Class A (a)(b)
 
20,292
11,414
PowerSchool Holdings, Inc. (a)(b)
 
15,392
306,609
Procore Technologies, Inc. (a)
 
23,704
1,448,077
Progress Software Corp.
 
11,737
603,047
PROS Holdings, Inc. (a)(b)
 
11,382
354,549
Q2 Holdings, Inc. (a)
 
15,809
474,744
Qualys, Inc. (a)
 
9,860
1,508,087
Rapid7, Inc. (a)
 
16,352
760,204
Rimini Street, Inc. (a)
 
13,682
29,690
RingCentral, Inc. (a)
 
22,747
604,615
Riot Platforms, Inc. (a)(b)
 
47,608
465,606
Samsara, Inc. (a)
 
41,109
948,385
Semrush Holdings, Inc. (a)
 
8,048
65,028
SentinelOne, Inc. (a)
 
63,857
998,085
Smartsheet, Inc. (a)
 
35,869
1,418,260
SolarWinds, Inc. (a)
 
13,558
124,869
SoundHound AI, Inc. (a)(b)
 
54,609
86,828
SoundThinking, Inc. (a)
 
2,408
36,337
Sprinklr, Inc. (a)
 
27,939
379,691
Sprout Social, Inc. (a)(b)
 
13,087
566,405
SPS Commerce, Inc. (a)
 
9,844
1,578,387
Telos Corp. (a)
 
14,957
34,700
Tenable Holdings, Inc. (a)
 
31,042
1,307,179
Teradata Corp. (a)
 
26,811
1,145,366
UiPath, Inc. Class A (a)
 
107,973
1,676,821
Unity Software, Inc. (a)(b)
 
64,856
1,645,397
Upland Software, Inc. (a)
 
8,330
27,822
Varonis Systems, Inc. (a)
 
29,404
989,151
Verint Systems, Inc. (a)
 
17,404
327,369
Veritone, Inc. (a)(b)
 
7,881
19,781
Vertex, Inc. Class A (a)(b)
 
11,126
269,360
Workiva, Inc. (a)
 
12,740
1,109,527
Xperi, Inc.
 
11,144
94,613
Yext, Inc. (a)
 
28,570
172,277
Zeta Global Holdings Corp. (a)
 
40,155
313,209
Zuora, Inc. (a)
 
34,290
254,089
 
 
 
73,510,669
Technology Hardware, Storage & Peripherals - 0.6%
 
 
 
Avid Technology, Inc. (a)
 
9,112
246,206
Corsair Gaming, Inc. (a)
 
11,522
147,366
Eastman Kodak Co. (a)
 
19,486
72,488
Immersion Corp.
 
7,826
50,008
IonQ, Inc. (a)(b)
 
45,686
440,413
Pure Storage, Inc. Class A (a)
 
77,601
2,623,690
Super Micro Computer, Inc. (a)
 
12,259
2,935,663
Turtle Beach Corp. (a)
 
4,876
40,227
Xerox Holdings Corp.
 
30,685
393,995
 
 
 
6,950,056
TOTAL INFORMATION TECHNOLOGY
 
 
149,421,498
MATERIALS - 4.9%
 
 
 
Chemicals - 1.9%
 
 
 
AdvanSix, Inc.
 
7,304
201,225
Alto Ingredients, Inc. (a)
 
18,428
76,660
American Vanguard Corp.
 
7,401
69,273
Ashland, Inc.
 
13,738
1,052,743
Aspen Aerogels, Inc. (a)(b)
 
14,145
109,199
Avient Corp.
 
24,409
771,813
Axalta Coating Systems Ltd. (a)
 
59,460
1,559,636
Balchem Corp.
 
8,648
1,005,244
Cabot Corp.
 
15,001
997,266
Chase Corp.
 
2,011
255,518
Danimer Scientific, Inc. (a)(b)
 
22,900
32,747
Ecovyst, Inc. (a)
 
27,461
252,641
Element Solutions, Inc.
 
59,589
1,086,307
FutureFuel Corp.
 
6,927
45,372
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
356,738
488,731
H.B. Fuller Co.
 
14,438
955,074
Hawkins, Inc.
 
5,158
296,224
Huntsman Corp.
 
44,353
1,034,755
Ingevity Corp. (a)
 
9,046
364,373
Innospec, Inc.
 
6,672
653,856
Intrepid Potash, Inc. (a)
 
2,699
53,683
Koppers Holdings, Inc.
 
5,698
208,376
Kronos Worldwide, Inc. (b)
 
6,225
42,953
Livent Corp. (a)(b)
 
48,296
704,639
LSB Industries, Inc. (a)
 
14,403
131,211
Mativ, Inc.
 
14,856
194,614
Minerals Technologies, Inc.
 
8,790
475,187
NewMarket Corp.
 
1,845
889,567
Olin Corp.
 
33,777
1,442,953
Origin Materials, Inc. Class A (a)(b)
 
33,032
32,652
Orion SA
 
15,648
317,654
Perimeter Solutions SA (a)
 
39,453
126,250
PureCycle Technologies, Inc. (a)(b)
 
35,642
158,607
Quaker Houghton
 
3,689
530,183
Rayonier Advanced Materials, Inc. (a)
 
18,353
50,838
RPM International, Inc.
 
34,636
3,161,228
Sensient Technologies Corp.
 
11,326
639,013
Stepan Co.
 
5,698
426,210
The Chemours Co. LLC
 
39,744
958,228
The Scotts Miracle-Gro Co. Class A (b)
 
11,120
494,173
Trinseo PLC
 
9,234
57,158
Tronox Holdings PLC
 
31,337
334,993
Westlake Corp.
 
8,566
988,174
 
 
 
23,727,201
Construction Materials - 0.2%
 
 
 
Eagle Materials, Inc.
 
9,512
1,463,992
Knife River Holding Co. (b)
 
13,664
687,572
Summit Materials, Inc.
 
31,921
1,050,201
 
 
 
3,201,765
Containers & Packaging - 1.3%
 
 
 
Aptargroup, Inc.
 
17,590
2,150,729
Ardagh Metal Packaging SA (b)
 
40,116
135,191
Berry Global Group, Inc.
 
31,693
1,743,115
Crown Holdings, Inc.
 
32,375
2,609,425
Graphic Packaging Holding Co.
 
82,447
1,773,435
Greif, Inc.:
 
 
 
 Class A
 
6,602
419,227
 Class B
 
1,630
104,418
Myers Industries, Inc.
 
9,869
165,503
O-I Glass, Inc. (a)
 
41,619
643,014
Pactiv Evergreen, Inc.
 
10,927
94,191
Ranpak Holdings Corp. (A Shares) (a)
 
10,718
33,869
Sealed Air Corp.
 
38,780
1,194,036
Silgan Holdings, Inc.
 
22,413
897,865
Sonoco Products Co.
 
26,224
1,358,665
TriMas Corp.
 
11,037
267,206
WestRock Co.
 
68,769
2,470,870
 
 
 
16,060,759
Metals & Mining - 1.4%
 
 
 
5E Advanced Materials, Inc. (a)(b)
 
8,091
18,205
Alcoa Corp.
 
47,915
1,228,541
Alpha Metallurgical Resources
 
3,270
719,269
Arch Resources, Inc.
 
4,865
733,788
ATI, Inc. (a)
 
34,493
1,302,801
Carpenter Technology Corp.
 
13,018
816,489
Century Aluminum Co. (a)
 
13,666
90,332
Cleveland-Cliffs, Inc. (a)
 
136,575
2,291,729
Coeur d'Alene Mines Corp. (a)
 
94,810
237,973
Commercial Metals Co.
 
31,347
1,325,665
Compass Minerals International, Inc.
 
9,000
221,760
Gatos Silver, Inc. (a)
 
12,879
62,721
Haynes International, Inc.
 
3,430
147,576
Hecla Mining Co.
 
154,148
627,382
Kaiser Aluminum Corp.
 
4,350
247,080
Materion Corp.
 
5,596
542,700
McEwen Mining, Inc. (a)(b)
 
11,088
76,840
MP Materials Corp. (a)(b)
 
38,693
634,565
Olympic Steel, Inc.
 
2,595
131,748
Piedmont Lithium, Inc. (a)(b)
 
4,844
133,065
Ramaco Resources, Inc. (b)
 
9,819
115,668
Ramaco Resources, Inc. Class B
 
1,630
20,391
Royal Gold, Inc.
 
17,630
1,839,338
Ryerson Holding Corp.
 
7,839
227,723
Schnitzer Steel Industries, Inc. Class A
 
6,865
155,904
SunCoke Energy, Inc.
 
22,950
218,255
TimkenSteel Corp. (a)
 
10,367
210,761
Tredegar Corp.
 
6,783
30,388
United States Steel Corp.
 
59,832
2,027,706
Warrior Metropolitan Coal, Inc.
 
13,954
679,978
Worthington Industries, Inc.
 
8,214
506,147
 
 
 
17,622,488
Paper & Forest Products - 0.1%
 
 
 
Clearwater Paper Corp. (a)
 
4,564
154,309
Glatfelter Corp. (a)
 
11,955
20,682
Louisiana-Pacific Corp.
 
17,232
883,657
Mercer International, Inc. (SBI) (b)
 
11,753
93,319
Sylvamo Corp.
 
9,546
422,888
 
 
 
1,574,855
TOTAL MATERIALS
 
 
62,187,068
REAL ESTATE - 6.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 6.3%
 
 
 
Acadia Realty Trust (SBI)
 
26,213
375,370
Agree Realty Corp.
 
26,031
1,456,174
Alexander & Baldwin, Inc.
 
20,137
318,165
Alexanders, Inc.
 
584
109,786
Alpine Income Property Trust, Inc.
 
3,760
57,904
American Assets Trust, Inc.
 
13,259
235,347
American Homes 4 Rent Class A
 
85,728
2,806,735
Americold Realty Trust
 
68,326
1,791,508
Apartment Income (REIT) Corp.
 
40,319
1,177,718
Apartment Investment & Management Co. Class A
 
36,602
214,488
Apple Hospitality (REIT), Inc.
 
57,292
898,339
Armada Hoffler Properties, Inc.
 
19,375
192,975
Ashford Hospitality Trust, Inc. (a)
 
8,684
18,323
Boston Properties, Inc.
 
38,792
2,078,087
Braemar Hotels & Resorts, Inc.
 
15,075
39,497
Brandywine Realty Trust (SBI)
 
47,697
178,387
Brixmor Property Group, Inc.
 
81,026
1,684,531
Broadstone Net Lease, Inc.
 
51,081
722,796
Camden Property Trust (SBI)
 
28,787
2,443,441
CareTrust (REIT), Inc.
 
26,832
577,425
CBL & Associates Properties, Inc.
 
6,647
137,792
Centerspace
 
4,070
197,721
Chatham Lodging Trust
 
13,429
124,218
City Office REIT, Inc.
 
11,449
43,621
Community Healthcare Trust, Inc.
 
6,694
191,917
COPT Defense Properties (SBI)
 
30,390
692,892
Cousins Properties, Inc.
 
41,005
732,759
CTO Realty Growth, Inc.
 
5,661
91,652
CubeSmart
 
60,569
2,064,797
DiamondRock Hospitality Co.
 
56,542
437,070
Diversified Healthcare Trust (SBI)
 
58,014
120,089
Douglas Emmett, Inc.
 
44,917
503,520
Easterly Government Properties, Inc.
 
26,106
280,901
EastGroup Properties, Inc.
 
12,235
1,997,364
Elme Communities (SBI)
 
23,759
303,165
Empire State Realty Trust, Inc.
 
35,436
286,677
EPR Properties
 
20,285
866,170
Equity Commonwealth
 
29,902
566,344
Equity Lifestyle Properties, Inc.
 
50,059
3,293,882
Essential Properties Realty Trust, Inc.
 
42,330
929,144
Farmland Partners, Inc.
 
12,716
132,501
Federal Realty Investment Trust (SBI)
 
19,786
1,804,285
First Industrial Realty Trust, Inc.
 
35,680
1,509,264
Four Corners Property Trust, Inc.
 
24,324
518,101
Franklin Street Properties Corp.
 
25,704
44,725
Getty Realty Corp.
 
12,401
330,115
Gladstone Commercial Corp.
 
10,959
130,960
Gladstone Land Corp.
 
9,397
128,363
Global Medical REIT, Inc.
 
17,192
148,883
Global Net Lease, Inc.
 
52,433
416,318
Healthcare Trust of America, Inc.
 
102,467
1,470,401
Hersha Hospitality Trust
 
8,946
88,744
Highwoods Properties, Inc. (SBI)
 
28,890
516,842
Hudson Pacific Properties, Inc.
 
34,815
155,275
Independence Realty Trust, Inc.
 
60,814
753,485
Industrial Logistics Properties Trust
 
17,874
44,685
InvenTrust Properties Corp.
 
18,262
458,376
JBG SMITH Properties
 
25,416
327,104
Kilroy Realty Corp.
 
28,706
820,417
Kimco Realty Corp.
 
166,893
2,994,060
Kite Realty Group Trust
 
59,171
1,261,526
Lamar Advertising Co. Class A
 
23,536
1,936,307
LTC Properties, Inc.
 
11,356
358,963
LXP Industrial Trust (REIT)
 
79,145
626,037
Medical Properties Trust, Inc. (b)
 
160,890
769,054
National Health Investors, Inc.
 
11,784
589,671
National Storage Affiliates Trust
 
22,429
639,675
NETSTREIT Corp.
 
18,438
262,742
NexPoint Diversified Real Estate Trust
 
8,821
69,509
NexPoint Residential Trust, Inc.
 
6,145
165,854
NNN (REIT), Inc.
 
49,169
1,786,310
Office Properties Income Trust
 
13,320
59,807
Omega Healthcare Investors, Inc.
 
65,822
2,178,708
One Liberty Properties, Inc.
 
4,434
81,586
Orion Office (REIT), Inc.
 
15,560
74,377
Outfront Media, Inc.
 
39,111
381,723
Paramount Group, Inc.
 
45,116
193,096
Park Hotels & Resorts, Inc.
 
58,031
669,097
Pebblebrook Hotel Trust
 
32,448
387,105
Phillips Edison & Co., Inc.
 
31,710
1,119,680
Physicians Realty Trust
 
64,639
701,980
Piedmont Office Realty Trust, Inc. Class A
 
33,249
173,227
Plymouth Industrial REIT, Inc.
 
9,806
195,532
Postal Realty Trust, Inc.
 
5,391
71,377
Potlatch Corp.
 
21,542
923,075
Rayonier, Inc.
 
36,841
929,867
Regency Centers Corp.
 
44,308
2,670,000
Retail Opportunity Investments Corp.
 
34,171
401,168
Rexford Industrial Realty, Inc.
 
55,582
2,403,366
RLJ Lodging Trust
 
42,427
398,814
RPT Realty
 
21,551
232,535
Ryman Hospitality Properties, Inc.
 
16,052
1,374,051
Sabra Health Care REIT, Inc.
 
62,144
847,644
Safehold, Inc. (b)
 
12,072
196,411
Saul Centers, Inc.
 
3,543
123,190
Service Properties Trust
 
44,916
325,641
SITE Centers Corp.
 
48,772
568,682
SL Green Realty Corp.
 
17,299
506,688
Spirit Realty Capital, Inc.
 
38,195
1,374,638
Stag Industrial, Inc.
 
48,519
1,611,801
Star Holdings
 
3,604
41,266
Summit Hotel Properties, Inc.
 
29,076
163,989
Sunstone Hotel Investors, Inc.
 
56,399
524,511
Tanger Factory Outlet Centers, Inc.
 
28,309
638,368
Terreno Realty Corp.
 
22,652
1,206,899
The Macerich Co.
 
58,237
566,064
UMH Properties, Inc.
 
16,007
221,057
Uniti Group, Inc.
 
64,504
296,718
Universal Health Realty Income Trust (SBI)
 
3,631
139,576
Urban Edge Properties
 
32,033
508,043
Veris Residential, Inc.
 
21,540
288,421
Vornado Realty Trust
 
43,003
825,658
Whitestone REIT Class B
 
13,090
130,246
Xenia Hotels & Resorts, Inc.
 
28,952
336,712
 
 
 
79,559,637
Real Estate Management & Development - 0.6%
 
 
 
Anywhere Real Estate, Inc. (a)
 
30,137
140,740
Compass, Inc. (a)
 
84,786
167,876
Cushman & Wakefield PLC (a)
 
45,140
332,682
Digitalbridge Group, Inc. (b)
 
38,412
608,830
Douglas Elliman, Inc.
 
20,007
35,412
eXp World Holdings, Inc.
 
20,664
274,211
Forestar Group, Inc. (a)
 
4,823
114,546
Howard Hughes Holdings, Inc.
 
8,738
579,592
Jones Lang LaSalle, Inc. (a)
 
12,808
1,638,399
Kennedy-Wilson Holdings, Inc. (b)
 
31,716
408,185
Marcus & Millichap, Inc.
 
6,440
184,828
Newmark Group, Inc.
 
32,365
183,510
Opendoor Technologies, Inc. (a)
 
152,225
289,228
RE/MAX Holdings, Inc.
 
4,857
52,261
Redfin Corp. (a)(b)
 
29,848
139,092
Seritage Growth Properties (a)(b)
 
9,938
71,951
The RMR Group, Inc.
 
3,893
87,670
The St. Joe Co.
 
9,564
446,065
WeWork, Inc. (a)(b)
 
4,634
10,566
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
15,176
539,203
 Class C (a)
 
41,458
1,502,853
 
 
 
7,807,700
TOTAL REAL ESTATE
 
 
87,367,337
UTILITIES - 2.8%
 
 
 
Electric Utilities - 1.1%
 
 
 
Allete, Inc.
 
15,375
823,178
Avangrid, Inc. (b)
 
18,834
562,572
Hawaiian Electric Industries, Inc.
 
29,446
382,209
IDACORP, Inc.
 
13,571
1,285,309
MGE Energy, Inc.
 
9,773
700,040
NRG Energy, Inc.
 
61,518
2,607,133
OGE Energy Corp.
 
53,747
1,838,147
Otter Tail Corp.
 
11,201
861,805
Pinnacle West Capital Corp.
 
30,389
2,254,256
PNM Resources, Inc.
 
22,946
969,698
Portland General Electric Co.
 
27,109
1,084,902
 
 
 
13,369,249
Gas Utilities - 0.5%
 
 
 
Chesapeake Utilities Corp.
 
4,806
425,860
National Fuel Gas Co.
 
24,642
1,255,510
New Jersey Resources Corp.
 
26,226
1,064,251
Northwest Natural Holding Co.
 
9,706
356,307
ONE Gas, Inc.
 
14,868
898,027
Southwest Gas Holdings, Inc.
 
16,078
942,332
Spire, Inc.
 
14,078
783,159
UGI Corp.
 
56,231
1,169,605
 
 
 
6,895,051
Independent Power and Renewable Electricity Producers - 0.4%
 
 
 
Altus Power, Inc. Class A (a)(b)
 
16,304
86,574
Clearway Energy, Inc.:
 
 
 
 Class A
 
9,680
197,182
 Class C
 
21,770
472,627
Montauk Renewables, Inc. (a)(b)
 
17,287
173,907
Ormat Technologies, Inc.
 
14,291
879,468
Sunnova Energy International, Inc. (a)(b)
 
27,272
248,993
Vistra Corp.
 
92,708
3,033,406
 
 
 
5,092,157
Multi-Utilities - 0.4%
 
 
 
Avista Corp.
 
20,464
648,504
Black Hills Corp.
 
17,974
869,043
NiSource, Inc.
 
110,932
2,791,049
NorthWestern Energy Corp.
 
16,143
775,025
Unitil Corp.
 
4,372
199,669
 
 
 
5,283,290
Water Utilities - 0.4%
 
 
 
American States Water Co.
 
9,994
780,032
Artesian Resources Corp. Class A
 
2,519
98,997
California Water Service Group
 
15,504
754,735
Consolidated Water Co., Inc. (b)
 
4,014
118,493
Essential Utilities, Inc.
 
65,407
2,188,518
Middlesex Water Co.
 
4,744
301,386
SJW Group
 
7,764
485,095
York Water Co.
 
3,821
137,823
 
 
 
4,865,079
TOTAL UTILITIES
 
 
35,504,826
 
TOTAL COMMON STOCKS
 (Cost $1,399,008,622)
 
 
 
1,266,438,808
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (e)
 
 (Cost $196,675)
 
 
200,000
196,663
 
 
 
 
Money Market Funds - 8.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
607,869
607,990
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
103,988,991
103,999,390
 
TOTAL MONEY MARKET FUNDS
 (Cost $104,607,380)
 
 
104,607,380
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 107.9%
 (Cost $1,503,812,677)
 
 
 
1,371,242,851
NET OTHER ASSETS (LIABILITIES) - (7.9)%  
(100,623,997)
NET ASSETS - 100.0%
1,270,618,854
 
 
 
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)
23
Dec 2023
1,918,660
(27,530)
(27,530)
CME E-mini S&P MidCap 400 Index Contracts (United States)
9
Dec 2023
2,137,590
(76,006)
(76,006)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(103,536)
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)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $196,663.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
4,450,016
181,204,047
185,046,073
156,427
-
-
607,990
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
132,801,548
386,619,909
415,422,067
1,921,469
-
-
103,999,390
0.4%
Total
137,251,564
567,823,956
600,468,140
2,077,896
-
-
104,607,380
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
36,280,830
36,280,830
-
-
Consumer Discretionary
166,745,780
166,745,780
-
-
Consumer Staples
49,762,101
49,761,978
123
-
Energy
74,717,959
74,717,959
-
-
Financials
209,395,434
209,395,434
-
-
Health Care
140,445,654
139,576,083
855,557
14,014
Industrials
254,610,321
254,610,321
-
-
Information Technology
149,421,498
149,421,498
-
-
Materials
62,187,068
62,187,068
-
-
Real Estate
87,367,337
87,367,337
-
-
Utilities
35,504,826
35,504,826
-
-
 U.S. Government and Government Agency Obligations
196,663
-
196,663
-
  Money Market Funds
104,607,380
104,607,380
-
-
 Total Investments in Securities:
1,371,242,851
1,370,176,494
1,052,343
14,014
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(103,536)
(103,536)
-
-
  Total Liabilities
(103,536)
(103,536)
-
-
 Total Derivative Instruments:
(103,536)
(103,536)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(103,536)
Total Equity Risk
0
(103,536)
Total Value of Derivatives
0
(103,536)
 
(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
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $101,693,159) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,399,205,297)
$
1,266,635,471
 
 
Fidelity Central Funds (cost $104,607,380)
104,607,380
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,503,812,677)
 
 
$
1,371,242,851
Segregated cash with brokers for derivative instruments
 
 
86,063
Foreign currency held at value (cost $2,194,900)
 
 
2,175,148
Receivable for investments sold
 
 
363,084
Receivable for fund shares sold
 
 
613,732
Dividends receivable
 
 
613,437
Distributions receivable from Fidelity Central Funds
 
 
73,684
Receivable for daily variation margin on futures contracts
 
 
32,470
Other receivables
 
 
12,263
  Total assets
 
 
1,375,212,732
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
594,001
 
 
Collateral on securities loaned
103,999,877
 
 
  Total Liabilities
 
 
 
104,593,878
Net Assets  
 
 
$
1,270,618,854
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,423,784,717
Total accumulated earnings (loss)
 
 
 
(153,165,863)
Net Assets
 
 
$
1,270,618,854
Net Asset Value, offering price and redemption price per share ($1,270,618,854 ÷ 123,739,836 shares)
 
 
$
10.27
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
21,193,393
Interest  
 
 
19,670
Income from Fidelity Central Funds (including $1,921,469 from security lending)
 
 
2,077,896
 Total Income
 
 
 
23,290,959
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
7,459
 
 
 Total Expenses
 
 
 
7,459
Net Investment income (loss)
 
 
 
23,283,500
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(9,734,486)
 
 
   Redemptions in-kind
 
20,340,688
 
 
 Foreign currency transactions
 
(5,829)
 
 
 Futures contracts
 
(606,353)
 
 
Total net realized gain (loss)
 
 
 
9,994,020
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(93,254,153)
 
 
 Assets and liabilities in foreign currencies
 
(19,691)
 
 
 Futures contracts
 
(512,658)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(93,786,502)
Net gain (loss)
 
 
 
(83,792,482)
Net increase (decrease) in net assets resulting from operations
 
 
$
(60,508,982)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
23,283,500
$
20,572,367
Net realized gain (loss)
 
9,994,020
 
 
10,344,200
 
Change in net unrealized appreciation (depreciation)
 
(93,786,502)
 
(280,915,122)
 
Net increase (decrease) in net assets resulting from operations
 
(60,508,982)
 
 
(249,998,555)
 
Distributions to shareholders
 
(20,138,817)
 
 
(92,792,463)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
329,136,690
 
414,184,532
  Reinvestment of distributions
 
18,225,185
 
 
86,735,982
 
Cost of shares redeemed
 
(261,856,991)
 
(287,442,103)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
85,504,884
 
 
213,478,411
 
Total increase (decrease) in net assets
 
4,857,085
 
 
(129,312,607)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,265,761,769
 
1,395,074,376
 
End of period
$
1,270,618,854
$
1,265,761,769
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
29,748,985
 
34,435,660
  Issued in reinvestment of distributions
 
1,734,080
 
 
6,966,745
 
Redeemed
 
(23,837,725)
 
(24,338,042)
Net increase (decrease)
 
7,645,340
 
17,064,363
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® Extended Market Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.90
$
14.09
$
9.48
$
9.66
$
8.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.18
 
.18
 
.14
 
.15
     Net realized and unrealized gain (loss)
 
(.65)
 
(2.46)
 
4.68
 
(.14)
 
.56
  Total from investment operations
 
(.46)  
 
(2.28)  
 
4.86  
 
-  
 
.71
  Distributions from net investment income
 
(.17)
 
(.16)
 
(.14)
 
(.13)
 
(.04)
  Distributions from net realized gain
 
-
 
(.75)
 
(.11)
 
(.06)
 
-
     Total distributions
 
(.17)
 
(.91)
 
(.25)
 
(.18) C
 
(.04)
  Net asset value, end of period
$
10.27
$
10.90
$
14.09
$
9.48
$
9.66
 Total Return D,E
 
(4.23)%
 
(16.99)%
 
51.93%
 
(.06)%
 
7.97%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions H
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any H
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions H
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.74%
 
1.57%
 
1.38%
 
1.55%
 
1.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,270,619
$
1,265,762
$
1,395,074
$
591,543
$
452,039
    Portfolio turnover rate I
 
7% J
 
16% J
 
25%
 
26%
 
14%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees 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.
 
GExpense 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.
 
HAmount represents less than .005%.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity ZERO® International Index Fund
13.03%
3.89%
1.92%
 
A   From August 2, 2018
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity ZERO® International Index Fund on August 2, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity Global ex U.S. Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity ZERO® International Index Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from:
For the fiscal year ending October 31, 2023, the fund gained 13.03%, versus 12.53% for the benchmark Fidelity Global ex U.S. Index Net Return. From a regional standpoint, Europe ex the U.K. gained roughly 17% and contributed most, followed by Japan (+17%). In contrast, Canada returned -1% and was a notable detractor. By sector, financials gained about 12% and contributed most, driven by the banks industry (+11%). Information technology, which gained 21%, also helped, benefitting from the semiconductors & semiconductor equipment industry (+35%), as did consumer discretionary, which advanced roughly 19%. The industrials sector rose approximately 14%, boosted by the capital goods industry (+19%), materials gained 9%, and communication services advanced 13%. Other notable contributors included the energy (+11%), consumer staples (+7%), health care (+6%), utilities (+11%) and real estate (+1%) sectors. Turning to individual stocks, the biggest contributor was Novo-Nordisk (+78%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, Novartis (+26%) helped. Tencent Holdings (+50%), from the media & entertainment industry, also contributed. Lastly, in semiconductors & semiconductor equipment, Taiwan Semiconductor (+37%) and ASML Holding (+28%) contributed. In contrast, the biggest individual detractor was Roche Holding (-21%), from the pharmaceuticals, biotechnology & life sciences category. Adyen (-53%), from the financial services group, also hurt. British American Tobacco (-18%), a stock in the food, beverage & tobacco category, detracted. Nutrien (-35%), a stock in the materials category, detracted. Lastly, JD.com (-31%), from the consumer discretionary distribution & retail category, also hurt.
 
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity ZERO® International Index Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.7
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.3
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.2
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.0
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
1.0
 
Toyota Motor Corp.  (Japan, Automobiles)
0.9
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
0.9
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
0.8
 
Novartis AG  (Switzerland, Pharmaceuticals)
0.8
 
 
10.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.0
 
Industrials
12.2
 
Consumer Discretionary
11.2
 
Information Technology
11.3
 
Health Care
8.6
 
Consumer Staples
7.9
 
Materials
7.7
 
Energy
6.1
 
Communication Services
5.4
 
Utilities
2.9
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 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.
 
 
Fidelity ZERO® International Index Fund
Showing Percentage of Net Assets     
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
Australia - 5.1%
 
 
 
AGL Energy Ltd.
 
83,875
573,365
Allkem Ltd. (a)
 
83,024
507,334
ALS Ltd.
 
65,505
448,307
Altium Ltd.
 
16,814
424,108
Alumina Ltd. (a)
 
325,931
161,967
AMP Ltd.
 
395,292
263,380
Ampol Ltd.
 
33,042
670,018
Ansell Ltd.
 
17,514
236,628
ANZ Group Holdings Ltd.
 
416,061
6,560,857
APA Group unit
 
174,653
915,521
Aristocrat Leisure Ltd.
 
90,525
2,225,114
ASX Ltd.
 
26,758
955,999
Atlas Arteria Ltd. unit
 
156,680
529,676
Aurizon Holdings Ltd.
 
256,815
559,372
Bank of Queensland Ltd.
 
93,291
303,163
Bendigo & Adelaide Bank Ltd.
 
77,440
429,049
BHP Group Ltd.
 
701,376
19,854,185
BlueScope Steel Ltd.
 
64,035
767,617
Brambles Ltd.
 
191,237
1,596,017
CAR Group Ltd.
 
52,151
919,279
Challenger Ltd.
 
62,974
234,809
Charter Hall Group unit
 
63,752
353,185
Cleanaway Waste Management Ltd.
 
311,138
443,231
Cochlear Ltd.
 
9,097
1,394,335
Coles Group Ltd.
 
184,243
1,788,205
Commonwealth Bank of Australia
 
232,111
14,278,518
Computershare Ltd.
 
79,201
1,249,947
DEXUS Property Group unit
 
147,973
611,157
Dominos Pizza Enterprises Ltd.
 
8,999
291,649
EBOS Group Ltd.
 
21,650
441,968
Endeavour Group Ltd.
 
188,896
593,407
Evolution Mining Ltd.
 
254,303
568,778
Flutter Entertainment PLC (a)
 
6,204
973,121
Flutter Entertainment PLC (Ireland) (a)
 
18,258
2,858,215
Fortescue Metals Group Ltd.
 
234,497
3,335,914
Glencore PLC
 
1,555,370
8,238,532
Goodman Group unit
 
237,428
3,141,626
IDP Education Ltd.
 
38,613
533,491
IGO Ltd.
 
93,561
566,547
Iluka Resources Ltd.
 
58,876
271,875
Incitec Pivot Ltd.
 
268,992
469,575
Insurance Australia Group Ltd.
 
338,975
1,222,865
JB Hi-Fi Ltd.
 
15,379
442,069
Lendlease Group unit
 
94,038
372,437
Liontown Resources Ltd. (a)
 
259,306
266,541
Lynas Rare Earths Ltd. (a)
 
129,621
583,086
Macquarie Group Ltd.
 
49,769
5,115,754
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
1,938
192
Medibank Private Ltd.
 
382,272
834,224
Metcash Ltd.
 
133,933
313,649
Mineral Resources Ltd.
 
23,977
883,726
Mirvac Group unit
 
547,380
635,100
National Australia Bank Ltd.
 
434,654
7,786,503
Newcrest Mining Ltd.
 
123,372
1,891,099
NEXTDC Ltd. (a)
 
69,909
524,937
Nine Entertainment Co. Holdings Ltd.
 
200,766
236,581
Northern Star Resources Ltd.
 
159,046
1,164,660
Orica Ltd.
 
63,184
590,387
Origin Energy Ltd.
 
238,611
1,384,148
Orora Ltd.
 
185,872
291,285
Pilbara Minerals Ltd. (b)
 
390,310
916,837
Qantas Airways Ltd. (a)
 
115,080
360,535
QBE Insurance Group Ltd.
 
205,994
2,042,659
Qube Holdings Ltd.
 
239,450
406,040
Ramsay Health Care Ltd.
 
25,906
802,156
REA Group Ltd.
 
7,126
654,200
Reece Ltd.
 
28,756
320,621
Rio Tinto Ltd.
 
51,410
3,840,229
Rio Tinto PLC
 
154,750
9,873,131
Santos Ltd.
 
453,187
2,211,307
Scentre Group unit
 
716,849
1,110,538
SEEK Ltd.
 
49,491
652,919
Sonic Healthcare Ltd.
 
65,379
1,197,159
South32 Ltd.
 
630,638
1,349,177
Steadfast Group Ltd.
 
140,069
481,661
Stockland Corp. Ltd. unit
 
330,384
745,658
Suncorp Group Ltd.
 
174,989
1,489,445
Telstra Group Ltd.
 
557,107
1,350,918
The GPT Group
 
266,237
614,430
The Lottery Corp. Ltd.
 
308,151
889,499
Transurban Group unit
 
426,535
3,211,166
Treasury Wine Estates Ltd.
 
100,027
767,771
Vicinity Centres unit
 
539,075
583,889
Washington H. Soul Pattinson & Co. Ltd.
 
33,945
723,160
Wesfarmers Ltd.
 
157,187
5,057,308
Westpac Banking Corp.
 
485,835
6,379,880
Whitehaven Coal Ltd.
 
115,916
545,998
WiseTech Global Ltd.
 
25,294
941,728
Woodside Energy Group Ltd.
 
262,969
5,727,413
Woolworths Group Ltd.
 
168,832
3,779,266
WorleyParsons Ltd.
 
51,784
541,323
TOTAL AUSTRALIA
 
 
165,646,305
Austria - 0.2%
 
 
 
ams-OSRAM AG (a)(b)
 
36,186
128,450
Andritz AG
 
9,999
459,169
BAWAG Group AG (c)
 
11,281
500,614
CA Immobilien Anlagen AG
 
6,263
211,397
Erste Group Bank AG
 
49,209
1,757,296
Immofinanz AG (a)(d)
 
7,756
0
Lenzing AG (a)
 
2,211
85,975
Mondi PLC
 
67,208
1,085,633
Oesterreichische Post AG
 
4,147
132,296
OMV AG
 
19,547
855,436
Raiffeisen International Bank-Holding AG
 
18,302
264,724
UNIQA Insurance Group AG
 
15,017
121,078
Verbund AG
 
11,572
1,004,035
Voestalpine AG
 
14,687
366,130
Wienerberger AG
 
14,611
354,650
TOTAL AUSTRIA
 
 
7,326,883
Belgium - 0.6%
 
 
 
Ackermans & Van Haaren SA
 
3,027
449,362
Aedifica SA
 
6,641
361,531
Ageas
 
23,754
911,363
Anheuser-Busch InBev SA NV
 
144,369
8,214,313
Cofinimmo SA
 
4,751
295,087
D'ieteren Group
 
2,984
442,348
Elia Group SA/NV
 
4,719
447,638
Euronav NV
 
13,413
239,708
Galapagos NV (a)
 
6,983
232,333
Groupe Bruxelles Lambert SA
 
13,334
973,501
KBC Group NV
 
46,600
2,559,057
Lotus Bakeries SA
 
55
407,369
Sofina SA
 
2,169
410,808
Solvay SA Class A
 
10,118
1,067,802
UCB SA
 
16,729
1,222,428
Umicore SA
 
27,641
657,658
Warehouses de Pauw
 
22,504
555,284
TOTAL BELGIUM
 
 
19,447,590
Brazil - 1.3%
 
 
 
3R Petroleum Oleo e Gas SA (a)
 
29,395
189,135
Allos SA
 
58,200
264,349
Ambev SA
 
606,100
1,545,980
Atacadao SA
 
73,600
130,945
B3 SA - Brasil Bolsa Balcao
 
802,800
1,767,458
Banco Bradesco SA
 
216,759
528,382
Banco BTG Pactual SA unit
 
158,700
931,724
Banco do Brasil SA
 
197,100
1,890,174
BB Seguridade Participacoes SA
 
93,200
568,618
BRF SA (a)
 
121,200
256,499
CCR SA
 
138,200
328,385
Centrais Eletricas Brasileiras SA (Electrobras)
 
150,051
1,036,897
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
 
46,800
541,819
Companhia Paranaense de Energia-COPEL (a)
 
51,600
422,584
Companhia Siderurgica Nacional SA (CSN)
 
83,900
195,699
Compania de Saneamento do Parana
 
32,200
138,910
Cosan SA
 
159,300
497,640
Embraer SA (a)
 
94,500
329,698
Energisa SA unit
 
34,800
321,719
Eneva SA (a)
 
178,500
383,075
ENGIE Brasil Energia SA
 
35,250
274,771
Equatorial Energia SA
 
119,924
751,643
Hapvida Participacoes e Investimentos SA (a)(c)
 
669,200
489,780
Hypera SA (a)
 
55,900
335,838
Itausa-Investimentos Itau SA
 
10,535
17,928
Klabin SA unit
 
115,000
488,124
Localiza Rent a Car SA
 
118,582
1,196,463
Localiza Rent a Car SA rights 11/10/23 (a)
 
836
1,161
Lojas Renner SA (a)
 
134,440
326,917
Magazine Luiza SA (a)
 
404,580
106,727
Multiplan Empreendimentos Imobiliarios SA (a)
 
37,900
185,976
Natura & Co. Holding SA
 
114,188
288,768
Nu Holdings Ltd. (a)
 
329,279
2,700,088
PagSeguro Digital Ltd. (a)
 
27,618
194,983
Petroleo Brasileiro SA - Petrobras (ON)
 
497,400
3,733,151
Prio SA (a)
 
108,200
1,023,680
Raia Drogasil SA
 
154,992
793,136
Rede D'Oregon Sao Luiz SA (c)
 
143,105
613,662
Rumo SA
 
170,000
752,259
Sendas Distribuidora SA
 
187,300
406,419
StoneCo Ltd. Class A (a)
 
37,021
367,063
Suzano Papel e Celulose SA
 
102,653
1,049,996
Telefonica Brasil SA
 
48,700
436,989
TIM SA
 
112,300
337,897
Totvs SA
 
63,000
316,265
Transmissora Alianca de Energia Eletrica SA
 
30,500
204,412
Ultrapar Participacoes SA
 
98,200
398,312
Vale SA
 
502,843
6,881,771
Vibra Energia SA (a)
 
161,700
634,709
Weg SA
 
202,400
1,325,180
Wheaton Precious Metals Corp.
 
62,445
2,637,392
XP, Inc. (depository receipt)
 
52,287
1,052,844
Yara International ASA
 
22,379
731,212
TOTAL BRAZIL
 
 
43,325,206
Cameroon - 0.0%
 
 
 
Golar LNG Ltd.
 
14,694
329,586
Canada - 7.0%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
68,505
3,212,955
Air Canada (a)
 
46,877
565,533
Alamos Gold, Inc.
 
54,922
680,015
Algonquin Power & Utilities Corp.
 
96,120
483,806
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
102,788
5,595,433
AltaGas Ltd.
 
39,004
724,531
ARC Resources Ltd.
 
84,374
1,357,407
ATCO Ltd. Class I (non-vtg.)
 
10,686
273,941
B2Gold Corp.
 
179,220
573,814
Bank of Montreal
 
98,692
7,457,678
Bank of Nova Scotia
 
165,842
6,715,001
Barrick Gold Corp. (Canada)
 
242,989
3,881,166
BCE, Inc.
 
41,440
1,538,368
BlackBerry Ltd. (a)
 
72,737
261,733
Bombardier, Inc. Class B (sub. vtg.) (a)
 
12,094
388,002
Brookfield Asset Management Ltd. Class A
 
47,980
1,375,306
Brookfield Corp. (Canada) Class A
 
201,482
5,869,748
Brookfield Infrastructure Corp. Class A
 
16,512
425,198
CAE, Inc. (a)
 
44,171
922,439
Cameco Corp.
 
59,828
2,447,480
Canadian Imperial Bank of Commerce
 
127,116
4,483,320
Canadian National Railway Co.
 
81,682
8,642,654
Canadian Natural Resources Ltd.
 
151,138
9,597,413
Canadian Pacific Kansas City Ltd.
 
128,954
9,155,804
Canadian Tire Ltd. Class A (non-vtg.)
 
7,249
699,208
Canadian Utilities Ltd. Class A (non-vtg.)
 
17,351
367,102
CCL Industries, Inc. Class B
 
19,953
780,135
Cenovus Energy, Inc. (Canada)
 
186,422
3,551,663
CGI, Inc. Class A (sub. vtg.) (a)
 
28,837
2,783,990
Constellation Software, Inc.
 
2,729
5,470,811
Constellation Software, Inc. warrants 8/22/28 (a)(d)
 
2,626
0
Descartes Systems Group, Inc. (Canada) (a)
 
11,861
857,276
Dollarama, Inc.
 
39,312
2,684,584
Element Fleet Management Corp.
 
53,921
729,445
Emera, Inc.
 
37,720
1,235,437
Empire Co. Ltd. Class A (non-vtg.)
 
21,939
601,177
Enbridge, Inc.
 
292,413
9,370,711
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
3,112
2,589,754
Finning International, Inc.
 
20,345
545,174
FirstService Corp.
 
5,660
800,910
Fortis, Inc.
 
67,367
2,674,763
Franco-Nevada Corp.
 
26,583
3,233,858
George Weston Ltd.
 
8,389
909,950
GFL Environmental, Inc.
 
28,631
824,812
Gibson Energy, Inc.
 
22,331
339,293
Gildan Activewear, Inc.
 
24,266
689,265
Great-West Lifeco, Inc.
 
36,957
1,023,896
Hydro One Ltd. (c)
 
43,902
1,138,429
iA Financial Corp., Inc.
 
14,004
814,842
Imperial Oil Ltd.
 
24,199
1,379,086
Intact Financial Corp.
 
24,258
3,408,277
Ivanhoe Mines Ltd. (a)
 
79,627
586,831
Keyera Corp.
 
31,844
740,558
Kinross Gold Corp.
 
170,130
888,222
Loblaw Companies Ltd.
 
20,727
1,695,227
Magna International, Inc. Class A (sub. vtg.)
 
36,772
1,767,071
Manulife Financial Corp.
 
254,269
4,426,215
MEG Energy Corp. (a)
 
39,541
781,268
Methanex Corp.
 
9,472
391,106
Metro, Inc.
 
32,138
1,632,450
National Bank of Canada
 
46,775
2,908,196
Northland Power, Inc.
 
35,028
492,299
Nutrien Ltd.
 
68,433
3,675,421
Nuvei Corp. (Canada) (c)
 
8,402
116,995
Onex Corp. (sub. vtg.)
 
9,401
526,876
Open Text Corp.
 
37,425
1,249,524
Pan American Silver Corp.
 
50,463
737,249
Parkland Corp.
 
19,216
581,572
Pembina Pipeline Corp.
 
75,880
2,335,359
Power Corp. of Canada (sub. vtg.)
 
77,530
1,867,876
Quebecor, Inc. Class B (sub. vtg.)
 
21,158
436,510
Restaurant Brands International, Inc.
 
43,187
2,900,933
RioCan (REIT)
 
20,437
248,324
Rogers Communications, Inc. Class B (non-vtg.)
 
51,560
1,910,332
Royal Bank of Canada (b)
 
193,265
15,436,114
Saputo, Inc.
 
33,888
684,236
Shopify, Inc. Class A (a)
 
165,540
7,817,714
SNC-Lavalin Group, Inc.
 
24,318
675,485
SSR Mining, Inc.
 
28,963
400,793
Stantec, Inc.
 
15,407
942,696
Sun Life Financial, Inc.
 
81,264
3,711,745
Suncor Energy, Inc.
 
181,315
5,871,900
TC Energy Corp.
 
142,517
4,908,319
Teck Resources Ltd. Class B (sub. vtg.)
 
63,790
2,253,982
TELUS Corp.
 
65,800
1,060,961
TFI International, Inc. (Canada)
 
11,167
1,235,356
The Toronto-Dominion Bank
 
254,131
14,195,051
Thomson Reuters Corp.
 
20,744
2,484,792
TMX Group Ltd.
 
38,680
805,537
Toromont Industries Ltd.
 
11,448
861,851
Tourmaline Oil Corp.
 
44,113
2,332,653
Tricon Residential, Inc.
 
35,781
237,121
West Fraser Timber Co. Ltd.
 
8,315
561,169
Whitecap Resources, Inc./Alberta
 
84,214
650,393
WSP Global, Inc.
 
17,190
2,249,730
TOTAL CANADA
 
 
228,406,605
Chile - 0.1%
 
 
 
Antofagasta PLC
 
47,792
781,294
Banco de Chile
 
6,100,881
626,789
Banco de Credito e Inversiones
 
10,487
250,751
Banco Santander Chile
 
8,732,594
380,722
Cencosud SA
 
181,272
293,681
Compania Cervecerias Unidas SA
 
17,327
98,503
Compania Sud Americana de Vapores SA
 
1,996,558
110,870
Empresas CMPC SA
 
157,353
281,301
Empresas COPEC SA
 
50,011
331,078
Enel Americas SA (a)
 
2,648,980
272,297
Enel Chile SA
 
3,341,625
197,884
Falabella SA
 
106,929
217,741
Lundin Mining Corp.
 
91,011
568,347
Parque Arauco SA
 
91,986
125,697
TOTAL CHILE
 
 
4,536,955
China - 6.5%
 
 
 
AAC Technology Holdings, Inc.
 
98,500
177,304
Agricultural Bank of China Ltd. (H Shares)
 
4,226,000
1,560,901
Airtac International Group
 
19,650
645,547
Akeso, Inc. (a)(c)
 
66,000
370,627
Alibaba Group Holding Ltd. (a)
 
2,141,240
22,044,235
Alibaba Health Information Technology Ltd. (a)
 
696,000
409,999
Aluminum Corp. of China Ltd. (H Shares)
 
550,000
294,212
Anhui Conch Cement Co. Ltd. (H Shares)
 
162,000
403,169
Anta Sports Products Ltd.
 
164,800
1,863,804
Autohome, Inc. ADR Class A
 
7,866
210,416
Baidu, Inc. Class A (a)
 
314,228
4,125,439
Bank of China Ltd. (H Shares)
 
11,579,000
4,044,955
Bank of Communications Co. Ltd. (H Shares)
 
2,943,000
1,740,802
BeiGene Ltd. (a)
 
109,763
1,575,745
Bilibili, Inc. Class Z (a)
 
33,715
452,379
BOC Hong Kong (Holdings) Ltd.
 
494,500
1,307,725
BYD Co. Ltd. (H Shares)
 
129,207
3,929,202
BYD Electronic International Co. Ltd.
 
101,000
421,626
CGN Power Co. Ltd. (H Shares) (c)
 
1,480,000
355,655
China CITIC Bank Corp. Ltd. (H Shares)
 
1,259,000
561,650
China Coal Energy Co. Ltd. (H Shares)
 
292,000
229,356
China Conch Venture Holdings Ltd.
 
214,500
177,643
China Construction Bank Corp. (H Shares)
 
13,649,000
7,719,302
China Everbright International Ltd.
 
470,000
160,447
China Feihe Ltd. (c)
 
480,000
298,259
China Galaxy Securities Co. Ltd. (H Shares)
 
465,500
238,247
China Gas Holdings Ltd.
 
407,800
366,615
China Hongqiao Group Ltd.
 
303,500
284,141
China International Capital Corp. Ltd. (H Shares) (c)
 
208,000
331,293
China Life Insurance Co. Ltd. (H Shares)
 
1,026,000
1,389,613
China Literature Ltd. (a)(c)
 
51,200
172,415
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
461,000
390,249
China Medical System Holdings Ltd.
 
171,000
273,446
China Mengniu Dairy Co. Ltd.
 
415,000
1,355,032
China Merchants Bank Co. Ltd. (H Shares)
 
456,000
1,729,742
China Merchants Holdings International Co. Ltd.
 
177,272
225,656
China Minsheng Banking Corp. Ltd. (H Shares)
 
922,500
306,695
China National Building Materials Co. Ltd. (H Shares)
 
642,000
305,589
China Overseas Land and Investment Ltd.
 
515,500
972,805
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
357,800
881,394
China Petroleum & Chemical Corp. (H Shares)
 
3,414,000
1,746,049
China Power International Development Ltd.
 
673,000
261,552
China Railway Group Ltd. (H Shares)
 
573,000
270,436
China Resource Gas Group Ltd.
 
124,200
367,151
China Resources Beer Holdings Co. Ltd.
 
216,000
1,143,000
China Resources Land Ltd.
 
394,000
1,474,785
China Resources Mixc Lifestyle Services Ltd. (c)
 
82,355
321,301
China Resources Power Holdings Co. Ltd.
 
244,000
472,846
China Shenhua Energy Co. Ltd. (H Shares)
 
465,000
1,425,212
China State Construction International Holdings Ltd.
 
236,000
252,789
China Taiping Insurance Group Ltd.
 
199,400
184,201
China Tower Corp. Ltd. (H Shares) (c)
 
6,488,000
605,012
China Vanke Co. Ltd. (H Shares)
 
313,800
293,578
ChinaSoft International Ltd.
 
360,000
261,186
Chow Tai Fook Jewellery Group Ltd.
 
320,400
452,445
CITIC Pacific Ltd.
 
889,000
755,596
CITIC Securities Co. Ltd. (H Shares)
 
203,875
396,712
Cmoc Group Ltd. (H Shares)
 
492,000
293,434
COSCO SHIPPING Holdings Co. Ltd. (H Shares)
 
466,000
473,939
Country Garden Holdings Co. Ltd. (a)(b)
 
1,610,120
143,981
Country Garden Services Holdings Co. Ltd.
 
299,000
261,179
CRRC Corp. Ltd. (H Shares)
 
595,000
247,891
CSPC Pharmaceutical Group Ltd.
 
1,156,160
1,009,871
Daqo New Energy Corp. ADR (a)
 
7,573
192,809
ENN Energy Holdings Ltd.
 
105,000
795,390
ESR Group Ltd. (c)
 
330,000
424,016
Far East Horizon Ltd.
 
259,000
182,242
Full Truck Alliance Co. Ltd. ADR (a)
 
92,619
608,507
Fuyao Glass Industries Group Co. Ltd. (H Shares) (c)
 
85,200
388,435
Ganfeng Lithium Group Co. Ltd. (H Shares) (c)
 
55,520
199,415
GCL Technology Holdings Ltd.
 
2,845,000
418,977
Geely Automobile Holdings Ltd.
 
726,000
824,246
Genscript Biotech Corp. (a)
 
150,000
436,075
GF Securities Co. Ltd. (H Shares)
 
145,000
188,785
Great Wall Motor Co. Ltd. (H Shares)
 
321,000
448,724
Guangdong Investment Ltd.
 
394,000
268,859
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
412,000
193,021
H World Group Ltd. (a)
 
191,640
720,362
Haidilao International Holding Ltd. (c)
 
240,000
600,914
Haier Smart Home Co. Ltd.
 
321,200
916,168
Haitong Securities Co. Ltd. (H Shares)
 
365,600
209,922
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
150,000
282,224
Hengan International Group Co. Ltd.
 
88,500
296,413
Hua Hong Semiconductor Ltd. (a)(c)
 
143,000
352,078
Huatai Securities Co. Ltd. (H Shares) (c)
 
199,400
261,055
Hygeia Healthcare Holdings Co. (c)
 
47,600
287,412
Industrial & Commercial Bank of China Ltd. (H Shares)
 
9,856,000
4,723,436
Innovent Biologics, Inc. (a)(c)
 
177,000
1,043,090
iQIYI, Inc. ADR (a)
 
65,904
307,113
JD Health International, Inc. (a)(c)
 
141,600
643,187
JD Logistics, Inc. (a)(c)
 
258,600
306,207
JD.com, Inc. Class A
 
340,426
4,327,891
JinkoSolar Holdings Co. Ltd. ADR
 
5,622
183,221
Kanzhun Ltd. ADR (a)
 
45,185
668,738
KE Holdings, Inc. ADR
 
92,871
1,366,132
Kingboard Chemical Holdings Ltd.
 
92,000
224,045
Kingdee International Software Group Co. Ltd. (a)
 
387,000
513,498
Kingsoft Corp. Ltd.
 
134,600
469,684
Kuaishou Technology Class B (a)(c)
 
346,100
2,228,831
Kunlun Energy Co. Ltd.
 
540,000
449,876
Lenovo Group Ltd.
 
924,000
1,075,288
Li Auto, Inc. Class A (a)
 
158,032
2,672,895
Li Ning Co. Ltd.
 
325,000
995,931
Longfor Properties Co. Ltd. (c)
 
228,876
333,189
Meituan Class B (a)(c)
 
601,090
8,520,459
Microport Scientific Corp. (a)
 
103,200
162,620
Minth Group Ltd.
 
96,000
214,294
NetEase, Inc.
 
258,370
5,529,519
New China Life Insurance Co. Ltd. (H Shares)
 
121,000
265,433
New Oriental Education & Technology Group, Inc. (a)
 
206,740
1,347,953
NIO, Inc. sponsored ADR (a)(b)
 
193,568
1,413,046
Nongfu Spring Co. Ltd. (H Shares) (c)
 
244,200
1,390,900
PDD Holdings, Inc. ADR (a)
 
95,005
9,635,407
People's Insurance Co. of China Group Ltd. (H Shares)
 
1,145,000
377,804
PetroChina Co. Ltd. (H Shares)
 
2,922,000
1,907,235
PICC Property & Casualty Co. Ltd. (H Shares)
 
954,000
1,089,425
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
866,500
4,395,301
Pop Mart International Group Ltd. (c)
 
97,800
269,978
Postal Savings Bank of China Co. Ltd. (H Shares) (c)
 
1,047,000
477,881
Prosus NV
 
209,995
5,872,633
Qifu Technology, Inc. ADR
 
17,907
264,845
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
339,200
314,843
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares)
 
67,500
155,753
Shenzhou International Group Holdings Ltd.
 
110,400
1,084,401
Silergy Corp.
 
45,000
401,893
Sinopharm Group Co. Ltd. (H Shares)
 
186,400
445,735
SITC International Holdings Co. Ltd.
 
179,000
275,733
Smoore International Holdings Ltd. (b)(c)
 
254,000
195,747
Sunny Optical Technology Group Co. Ltd.
 
99,100
830,253
TAL Education Group ADR (a)
 
63,946
560,806
Tencent Holdings Ltd.
 
860,100
31,831,231
Tencent Music Entertainment Group ADR (a)
 
89,373
648,848
Tingyi (Cayman Islands) Holding Corp.
 
258,000
342,447
Tongcheng Travel Holdings Ltd. (a)
 
149,600
285,803
Topsports International Holdings Ltd. (c)
 
378,000
317,876
Trip.com Group Ltd. (a)
 
76,946
2,622,445
Tsingtao Brewery Co. Ltd. (H Shares)
 
86,000
652,183
Vipshop Holdings Ltd. ADR (a)
 
39,047
556,810
Want Want China Holdings Ltd.
 
697,000
433,088
Weichai Power Co. Ltd. (H Shares)
 
260,000
389,174
Wharf Holdings Ltd.
 
132,000
334,943
Wilmar International Ltd.
 
417,300
1,084,891
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
51,284
616,257
Wuxi Biologics (Cayman), Inc. (a)(c)
 
494,500
3,074,673
Xiaomi Corp. Class B (a)(c)
 
2,125,600
3,811,252
Xinyi Solar Holdings Ltd.
 
631,097
371,406
XPeng, Inc. Class A (a)
 
152,214
1,106,105
Yadea Group Holdings Ltd. (c)
 
160,000
292,058
Yangzijiang Shipbuilding Holdings Ltd.
 
365,200
387,106
Yankuang Energy Group Co. Ltd. (H Shares)
 
301,000
522,764
Yum China Holdings, Inc.
 
57,764
3,036,076
Zai Lab Ltd. (a)
 
107,780
275,061
Zhaojin Mining Industry Co. Ltd. (H Shares)
 
199,500
247,330
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)
 
96,900
265,566
Zhongsheng Group Holdings Ltd. Class H
 
93,500
215,919
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
74,200
239,471
Zijin Mining Group Co. Ltd. (H Shares)
 
792,000
1,225,154
ZTE Corp. (H Shares)
 
102,200
227,115
ZTO Express, Inc. sponsored ADR
 
60,216
1,419,291
TOTAL CHINA
 
 
213,678,018
Colombia - 0.0%
 
 
 
Bancolombia SA
 
36,729
261,904
Czech Republic - 0.1%
 
 
 
CEZ A/S
 
23,842
1,020,179
Komercni Banka A/S
 
10,251
300,221
MONETA Money Bank A/S (c)
 
53,587
207,023
TOTAL CZECH REPUBLIC
 
 
1,527,423
Denmark - 2.0%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
390
635,832
 Series B
 
626
1,043,061
Ascendis Pharma A/S sponsored ADR (a)
 
6,502
580,694
Carlsberg A/S Series B
 
12,530
1,493,240
Chr. Hansen Holding A/S
 
14,214
968,255
Coloplast A/S Series B
 
16,216
1,689,705
Danske Bank A/S
 
93,800
2,197,477
Demant A/S (a)
 
12,775
486,641
DSV A/S
 
24,887
3,711,660
Genmab A/S (a)
 
9,124
2,579,199
Novo Nordisk A/S Series B
 
447,052
43,129,894
Novozymes A/S Series B
 
28,926
1,298,312
ORSTED A/S (c)
 
26,124
1,262,289
Pandora A/S
 
11,593
1,311,860
Tryg A/S
 
47,886
934,469
Vestas Wind Systems A/S (a)
 
139,473
3,023,047
TOTAL DENMARK
 
 
66,345,635
Egypt - 0.0%
 
 
 
Abou Kir Fertilizers & Chemical Industries
 
42,838
106,662
Commercial International Bank SAE
 
335,173
654,089
EFG-Hermes Holding SAE
 
159,488
86,126
Talaat Moustafa Group Holding
 
139,487
101,531
TOTAL EGYPT
 
 
948,408
Finland - 0.7%
 
 
 
Elisa Corp. (A Shares)
 
20,815
882,736
Fortum Corp.
 
60,858
721,211
Huhtamaki Oyj
 
13,440
460,898
Kesko Oyj
 
37,711
637,036
Kone OYJ (B Shares)
 
55,885
2,417,904
Mandatum Holding OY
 
65,335
252,466
Metso Corp.
 
97,108
853,441
Neste OYJ
 
59,381
1,992,372
Nokia Corp.
 
735,402
2,449,391
Nordea Bank Abp
 
495,489
5,206,819
Orion Oyj (B Shares)
 
14,927
592,916
Sampo Oyj (A Shares)
 
64,641
2,538,199
Stora Enso Oyj (R Shares)
 
84,918
1,017,571
UPM-Kymmene Corp.
 
73,675
2,476,647
Valmet Corp.
 
21,480
480,924
Wartsila Corp.
 
67,136
798,451
TOTAL FINLAND
 
 
23,778,982
France - 6.0%
 
 
 
Accor SA
 
25,675
816,903
Adevinta ASA Class B (a)
 
43,575
382,468
Air Liquide SA
 
72,516
12,425,780
Airbus Group NV
 
85,351
11,443,539
Alstom SA
 
38,654
523,470
Arkema SA
 
8,734
816,759
AXA SA
 
240,472
7,125,288
BNP Paribas SA
 
150,418
8,649,640
Bouygues SA
 
26,983
948,169
Bureau Veritas SA
 
40,074
911,225
Capgemini SA
 
21,629
3,822,467
Carrefour SA
 
74,852
1,312,265
Compagnie de St.-Gobain
 
71,056
3,867,873
Compagnie Generale des Etablissements Michelin SCA Series B
 
98,326
2,921,114
Credit Agricole SA
 
155,102
1,872,840
Danone SA
 
87,273
5,191,910
Dassault Systemes SA
 
92,772
3,821,591
Edenred SA
 
34,478
1,832,814
Eiffage SA
 
10,469
949,320
Engie SA
 
242,773
3,861,277
EssilorLuxottica SA
 
39,573
7,145,071
Gecina SA
 
7,139
699,480
Getlink SE
 
44,920
724,117
Hermes International SCA
 
4,678
8,709,654
Kering SA
 
9,623
3,913,690
L'Oreal SA
 
31,924
13,418,638
Legrand SA
 
36,816
3,184,819
LVMH Moet Hennessy Louis Vuitton SE
 
36,145
25,877,310
Orange SA
 
254,092
2,988,642
Pernod Ricard SA
 
27,618
4,894,786
Publicis Groupe SA
 
32,391
2,458,054
Renault SA
 
26,217
916,814
Safran SA
 
47,907
7,484,010
Sartorius Stedim Biotech
 
3,316
619,454
Societe Generale Series A
 
97,736
2,196,301
Sodexo SA
 
11,217
1,185,447
Teleperformance
 
8,176
935,608
Thales SA
 
13,091
1,927,448
TotalEnergies SE
 
321,685
21,507,049
Unibail-Rodamco-Westfield NV (a)
 
14,089
695,587
Veolia Environnement SA
 
84,264
2,308,867
VINCI SA
 
70,340
7,777,803
Vivendi SA
 
85,505
765,038
Worldline SA (a)(c)
 
34,870
442,013
TOTAL FRANCE
 
 
196,272,412
Germany - 4.6%
 
 
 
adidas AG
 
22,932
4,056,999
Allianz SE
 
55,861
13,085,023
BASF AG
 
123,611
5,711,713
Bayer AG
 
136,079
5,879,778
Bayerische Motoren Werke AG (BMW)
 
40,151
3,722,853
Beiersdorf AG
 
13,532
1,776,174
BioNTech SE ADR (a)
 
12,355
1,155,687
Brenntag SE
 
21,334
1,582,854
Carl Zeiss Meditec AG
 
4,958
428,813
Commerzbank AG
 
145,300
1,560,481
Continental AG
 
14,916
973,850
Covestro AG (a)(c)
 
26,677
1,346,425
Daimler Truck Holding AG
 
71,841
2,251,563
Deutsche Bank AG
 
282,590
3,096,532
Deutsche Borse AG
 
26,315
4,331,356
Deutsche Lufthansa AG (a)
 
83,088
580,593
Deutsche Telekom AG
 
483,317
10,489,750
DHL Group
 
130,416
5,072,629
E.ON SE
 
311,088
3,693,200
Evonik Industries AG
 
28,725
527,638
Fresenius Medical Care AG & Co. KGaA
 
27,589
916,677
Fresenius SE & Co. KGaA
 
56,789
1,456,544
GEA Group AG
 
21,806
743,640
Hannover Reuck SE
 
8,286
1,826,253
HeidelbergCement AG
 
19,010
1,377,440
HelloFresh AG (a)
 
23,808
517,932
Henkel AG & Co. KGaA
 
13,520
854,469
Infineon Technologies AG
 
180,841
5,282,405
K+S AG
 
26,246
440,724
Knorr-Bremse AG
 
9,154
508,894
LEG Immobilien AG (a)
 
10,272
639,520
Mercedes-Benz Group AG (Germany)
 
111,120
6,537,664
Merck KGaA
 
17,830
2,685,564
MTU Aero Engines AG
 
7,452
1,395,638
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
18,908
7,572,481
Nemetschek SE
 
7,699
573,500
Puma AG
 
14,193
800,439
Rheinmetall AG
 
6,029
1,724,959
RWE AG
 
93,422
3,571,444
SAP SE
 
141,191
18,938,278
Scout24 AG (c)
 
10,400
638,466
Siemens AG
 
104,120
13,816,606
Siemens Energy AG (a)
 
70,942
628,283
Siemens Healthineers AG (c)
 
38,899
1,906,486
Symrise AG
 
18,335
1,873,640
Vonovia SE
 
112,799
2,596,868
Zalando SE (a)(c)
 
30,332
705,753
TOTAL GERMANY
 
 
151,854,478
Greece - 0.1%
 
 
 
Alpha Bank SA (a)
 
282,139
420,929
Eurobank Ergasias Services and Holdings SA (a)
 
346,314
565,043
Hellenic Telecommunications Organization SA
 
27,226
381,128
Jumbo SA
 
14,948
393,198
Motor Oil (HELLAS) Corinth Refineries SA
 
8,736
207,980
Mytilineos SA
 
14,516
537,271
National Bank of Greece SA (a)
 
76,469
436,924
OPAP SA
 
25,282
428,014
Piraeus Financial Holdings SA (a)
 
90,289
266,542
Public Power Corp. of Greece (a)
 
28,952
295,006
Star Bulk Carriers Corp. (b)
 
9,697
181,043
Terna Energy SA
 
7,438
111,677
TOTAL GREECE
 
 
4,224,755
Guatemala - 0.0%
 
 
 
Millicom International Cellular SA (depository receipt) (a)
 
16,536
259,244
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
1,596,600
13,864,568
ASMPT Ltd.
 
42,300
358,262
CK Asset Holdings Ltd.
 
266,329
1,331,199
CK Infrastructure Holdings Ltd.
 
82,500
382,391
CLP Holdings Ltd.
 
230,000
1,683,320
Futu Holdings Ltd. ADR (a)
 
8,046
446,151
Hang Lung Properties Ltd.
 
245,000
322,042
Hang Seng Bank Ltd.
 
100,300
1,146,739
Henderson Land Development Co. Ltd.
 
181,500
474,888
HKT Trust/HKT Ltd. unit
 
511,000
529,286
Hong Kong & China Gas Co. Ltd.
 
1,492,393
1,038,868
Hong Kong Exchanges and Clearing Ltd.
 
165,153
5,777,490
Hongkong Land Holdings Ltd.
 
144,739
459,072
Hysan Development Co. Ltd.
 
76,000
139,897
Jardine Matheson Holdings Ltd.
 
28,561
1,157,324
Link (REIT)
 
352,734
1,618,747
MTR Corp. Ltd.
 
214,998
803,702
New World Development Co. Ltd.
 
191,000
350,546
Orient Overseas International Ltd.
 
17,500
220,671
Power Assets Holdings Ltd.
 
188,500
901,186
Prudential PLC
 
381,278
3,986,791
Sino Biopharmaceutical Ltd.
 
1,390,500
540,180
Sino Land Ltd.
 
477,062
476,265
Sun Hung Kai Properties Ltd.
 
207,500
2,130,756
Swire Pacific Ltd. (A Shares)
 
59,500
380,077
Swire Properties Ltd.
 
147,800
286,171
Techtronic Industries Co. Ltd.
 
183,000
1,670,703
WH Group Ltd. (c)
 
1,069,500
638,741
Wharf Real Estate Investment Co. Ltd.
 
214,000
748,581
Xinyi Glass Holdings Ltd.
 
319,931
367,607
TOTAL HONG KONG
 
 
44,232,221
Hungary - 0.1%
 
 
 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.)
 
62,677
498,711
OTP Bank PLC
 
31,450
1,170,294
Richter Gedeon PLC
 
17,632
413,422
TOTAL HUNGARY
 
 
2,082,427
India - 3.1%
 
 
 
Adani Enterprises Ltd.
 
50,529
1,392,897
Adani Ports & Special Economic Zone Ltd.
 
98,793
931,719
Asian Paints Ltd.
 
62,452
2,248,929
Axis Bank Ltd.
 
315,752
3,724,708
Bajaj Finance Ltd.
 
36,914
3,321,992
Bajaj Finserv Ltd.
 
52,855
996,321
Bharti Airtel Ltd.
 
348,730
3,828,830
HCL Technologies Ltd.
 
145,995
2,238,668
HDFC Bank Ltd.
 
773,627
13,723,575
Hindalco Industries Ltd.
 
202,989
1,120,116
Hindustan Unilever Ltd.
 
123,741
3,691,753
ICICI Bank Ltd.
 
717,223
7,888,401
IndusInd Bank Ltd. (a)
 
79,499
1,376,794
Infosys Ltd.
 
494,213
8,125,297
ITC Ltd.
 
412,552
2,122,997
Jio Financial Services Ltd.
 
478,177
1,268,718
Kotak Mahindra Bank Ltd.
 
151,413
3,164,322
Larsen & Toubro Ltd.
 
95,430
3,357,270
Mahindra & Mahindra Ltd.
 
132,016
2,312,930
Maruti Suzuki India Ltd.
 
18,415
2,298,921
NTPC Ltd.
 
656,440
1,859,242
Oil & Natural Gas Corp. Ltd.
 
537,329
1,201,962
Reliance Industries Ltd.
 
477,766
13,133,604
State Bank of India
 
245,783
1,669,620
Tata Consultancy Services Ltd.
 
141,883
5,742,227
Tata Motors Ltd.
 
248,521
1,876,525
Tata Power Co. Ltd./The
 
235,248
676,634
Tata Steel Ltd.
 
1,115,495
1,591,324
Tech Mahindra Ltd.
 
86,472
1,178,101
Titan Co. Ltd.
 
57,815
2,215,724
Vedanta Ltd.
 
165,083
429,473
Wipro Ltd.
 
195,576
897,568
TOTAL INDIA
 
 
101,607,162
Indonesia - 0.5%
 
 
 
Indofood Sukses Makmur Tbk PT
 
584,200
244,578
PT Adaro Energy Indonesia Tbk
 
1,964,400
316,954
PT Aneka Tambang Tbk
 
1,168,300
125,176
PT Astra International Tbk
 
2,808,200
1,021,566
PT Bank Central Asia Tbk
 
7,681,900
4,232,117
PT Bank Mandiri (Persero) Tbk
 
6,197,600
2,214,106
PT Bank Negara Indonesia (Persero) Tbk
 
2,052,400
619,387
PT Bank Rakyat Indonesia (Persero) Tbk
 
9,830,853
3,073,949
PT Barito Pacific Tbk
 
3,786,280
268,310
PT Bukit Asam Tbk
 
544,700
85,027
PT Bumi Resources Minerals Tbk (a)
 
10,447,200
127,531
PT Bumi Resources Tbk (a)
 
23,716,600
168,758
PT Chandra Asri Petrochemical Tbk
 
960,000
180,161
PT Charoen Pokphand Indonesia Tbk (a)
 
1,008,200
371,431
PT Elang Mahkota Teknologi Tbk
 
5,517,600
173,842
PT GoTo Gojek Tokopedia Tbk (a)
 
136,208,496
515,310
PT Indah Kiat Pulp & Paper Tbk
 
351,100
212,206
PT Indo Tambangraya Megah Tbk
 
53,600
89,525
PT Indocement Tunggal Prakarsa Tbk
 
251,300
146,800
PT Indofood CBP Sukses Makmur Tbk
 
323,900
211,109
PT Kalbe Farma Tbk
 
2,765,100
294,081
PT Merdeka Copper Gold Tbk (a)
 
1,438,310
201,731
PT Mitra Keluarga Karyasehat Tbk
 
753,300
131,106
PT Perusahaan Gas Negara Tbk Series B
 
1,452,900
114,871
PT Sarana Menara Nusantara Tbk
 
3,119,500
174,955
PT Semen Indonesia (Persero) Tbk
 
454,560
174,666
PT Sumber Alfaria Trijaya Tbk
 
2,594,100
472,118
PT Telkom Indonesia Persero Tbk
 
6,590,700
1,444,786
PT United Tractors Tbk
 
207,400
328,212
PT Vale Indonesia Tbk
 
298,800
93,121
TOTAL INDONESIA
 
 
17,827,490
Ireland - 0.2%
 
 
 
Bank of Ireland Group PLC
 
137,277
1,227,386
Kerry Group PLC Class A
 
21,411
1,651,095
Kingspan Group PLC (Ireland)
 
21,293
1,430,212
Ryanair Holdings PLC sponsored ADR (a)
 
14,358
1,259,197
Smurfit Kappa Group PLC
 
35,802
1,164,496
TOTAL IRELAND
 
 
6,732,386
Israel - 0.5%
 
 
 
Airport City Ltd. (a)
 
8,600
113,000
Alony Hetz Properties & Investments Ltd.
 
21,592
105,075
Amot Investments Ltd.
 
30,267
126,699
Ashdod Refinery Ltd.
 
1,269
24,918
Azrieli Group
 
4,755
204,340
Bank Hapoalim BM (Reg.)
 
174,287
1,244,846
Bank Leumi le-Israel BM
 
212,535
1,366,597
Bezeq The Israel Telecommunication Corp. Ltd.
 
280,538
345,224
Big Shopping Centers Ltd. (a)
 
1,755
122,876
Check Point Software Technologies Ltd. (a)
 
12,800
1,718,400
Clal Insurance Enterprises Holdings Ltd. (a)
 
9,004
112,450
Delek Group Ltd.
 
1,216
132,671
Elbit Systems Ltd. (Israel)
 
3,440
638,553
Electra Israel Ltd.
 
265
83,893
Enlight Renewable Energy Ltd. (a)
 
17,247
232,165
First International Bank of Israel
 
7,412
252,140
Global-e Online Ltd. (a)(b)
 
13,254
465,348
Harel Insurance Investments and Financial Services Ltd.
 
16,348
104,915
Icl Group Ltd.
 
99,894
484,394
Isracard Ltd.
 
30,484
95,027
Israel Corp. Ltd. (Class A)
 
637
137,297
Israel Discount Bank Ltd. (Class A)
 
171,640
753,738
JFrog Ltd. (a)
 
10,953
246,333
Kornit Digital Ltd. (a)
 
6,826
94,199
Melisron Ltd.
 
3,549
192,201
Mivne Real Estate KD Ltd.
 
83,164
179,434
Mizrahi Tefahot Bank Ltd.
 
20,438
632,051
NICE Ltd. (a)
 
8,803
1,360,305
Nova Ltd. (a)
 
3,935
374,711
OPC Energy Ltd. (a)
 
12,463
67,618
Paz Oil Co. Ltd. (a)
 
1,269
90,199
Perion Network Ltd. (a)(b)
 
6,432
163,373
Plus500 Ltd.
 
9,072
155,585
Radware Ltd. (a)
 
4,785
71,344
Reit 1 Ltd.
 
25,237
91,220
Shapir Engineering and Industry Ltd.
 
20,035
107,461
Shufersal Ltd. (a)
 
34,256
144,329
Strauss Group Ltd. (a)
 
6,955
128,810
Teva Pharmaceutical Industries Ltd. sponsored ADR (a)
 
155,021
1,330,080
The Phoenix Holdings Ltd.
 
23,889
202,897
Tower Semiconductor Ltd. (a)
 
14,887
344,699
Wix.com Ltd. (a)
 
7,872
628,973
ZIM Integrated Shipping Services Ltd. (b)
 
13,018
100,759
TOTAL ISRAEL
 
 
15,571,147
Italy - 1.5%
 
 
 
A2A SpA
 
211,877
397,035
Amplifon SpA
 
13,015
366,864
Assicurazioni Generali SpA
 
153,477
3,044,076
Azimut Holding SpA
 
14,956
314,600
Banco BPM SpA
 
210,180
1,072,594
Brunello Cucinelli SpA
 
4,718
378,652
Davide Campari Milano NV
 
74,007
816,740
DiaSorin SpA
 
3,543
316,778
Enel SpA
 
1,070,723
6,796,500
Eni SpA
 
332,032
5,427,947
Ferrari NV (Italy)
 
17,452
5,272,032
FinecoBank SpA
 
84,535
994,198
Hera SpA
 
108,933
305,905
Infrastrutture Wireless Italiane SpA (c)
 
49,243
537,713
Interpump Group SpA
 
11,537
480,968
Intesa Sanpaolo SpA
 
2,228,045
5,805,819
Italgas SpA
 
66,488
337,544
Leonardo SpA
 
56,171
846,051
Mediobanca SpA (b)
 
87,848
1,047,569
Moncler SpA
 
28,547
1,478,261
Nexi SpA (a)(c)
 
118,591
687,135
Poste Italiane SpA (c)
 
63,632
628,853
Prada SpA
 
70,900
427,106
Prysmian SpA
 
38,344
1,431,778
Recordati SpA
 
13,636
629,072
Reply SpA
 
3,134
294,634
Snam SpA
 
281,738
1,291,922
Telecom Italia SpA (a)
 
1,251,068
323,129
Telecom Italia SpA (Risparmio Shares) (a)
 
982,623
255,562
Terna - Rete Elettrica Nazionale
 
193,674
1,480,799
UniCredit SpA
 
249,927
6,265,574
Unipol Gruppo SpA
 
48,259
261,033
TOTAL ITALY
 
 
50,014,443
Japan - 16.9%
 
 
 
Activia Properties, Inc.
 
101
273,254
Adeka Corp.
 
13,800
230,712
Advance Residence Investment Corp.
 
193
419,621
Advantest Corp.
 
106,100
2,732,991
AEON Co. Ltd.
 
120,700
2,539,483
AGC, Inc.
 
31,400
1,068,200
Aica Kogyo Co. Ltd.
 
8,800
202,185
Air Water, Inc.
 
31,500
397,174
Aisin Seiki Co. Ltd.
 
25,300
881,322
Ajinomoto Co., Inc.
 
73,300
2,677,113
Alfresa Holdings Corp.
 
28,200
446,705
Alps Alpine Co. Ltd.
 
28,500
233,877
Amada Co. Ltd.
 
49,200
477,263
Ana Holdings, Inc. (a)
 
21,700
426,012
Aozora Bank Ltd. (b)
 
16,800
342,665
Asahi Group Holdings
 
69,900
2,528,312
ASAHI INTECC Co. Ltd.
 
32,700
549,446
Asahi Kasei Corp.
 
192,200
1,181,604
Asics Corp.
 
26,300
833,105
Astellas Pharma, Inc.
 
249,800
3,159,939
Azbil Corp.
 
17,300
511,192
Bandai Namco Holdings, Inc.
 
92,100
1,908,175
BayCurrent Consulting, Inc.
 
18,400
461,964
Bic Camera, Inc. (b)
 
22,400
169,589
Biprogy, Inc.
 
11,300
281,848
Bridgestone Corp.
 
81,100
3,069,246
Brother Industries Ltd.
 
35,700
556,929
Calbee, Inc.
 
15,500
297,762
Canon, Inc.
 
140,300
3,316,790
Capcom Co. Ltd.
 
23,200
746,792
Casio Computer Co. Ltd.
 
32,000
256,416
Central Japan Railway Co.
 
142,600
3,209,700
Chiba Bank Ltd.
 
102,000
759,752
Chubu Electric Power Co., Inc.
 
104,900
1,267,628
Chugai Pharmaceutical Co. Ltd.
 
88,100
2,612,743
Chugoku Electric Power Co., Inc.
 
45,200
282,644
Coca-Cola Bottlers Japan, Inc.
 
21,000
281,580
COMSYS Holdings Corp.
 
16,400
337,352
Concordia Financial Group Ltd.
 
163,000
757,363
Cosmo Energy Holdings Co. Ltd.
 
9,800
358,494
Cosmos Pharmaceutical Corp.
 
3,300
343,423
Credit Saison Co. Ltd.
 
21,900
328,277
CyberAgent, Inc.
 
56,100
294,494
Dai Nippon Printing Co. Ltd.
 
36,000
939,142
Dai-ichi Mutual Life Insurance Co.
 
136,500
2,883,567
Daicel Chemical Industries Ltd.
 
38,700
329,092
Daifuku Co. Ltd.
 
52,600
869,105
Daiichi Sankyo Kabushiki Kaisha
 
269,600
6,951,419
Daikin Industries Ltd.
 
40,600
5,853,665
Daito Trust Construction Co. Ltd.
 
9,000
965,397
Daiwa House Industry Co. Ltd.
 
92,100
2,533,273
Daiwa House REIT Investment Corp.
 
297
525,615
Daiwa Office Investment Corp.
 
40
174,979
Daiwa Securities Group, Inc.
 
202,000
1,164,827
Denka Co. Ltd.
 
12,800
231,213
DENSO Corp.
 
275,100
4,062,218
Dentsu Group, Inc.
 
31,800
923,662
Dic Corp.
 
11,900
187,643
Disco Corp.
 
12,300
2,172,168
Dowa Holdings Co. Ltd.
 
8,500
259,848
East Japan Railway Co.
 
52,300
2,716,322
Ebara Corp.
 
11,400
504,833
Eisai Co. Ltd.
 
40,900
2,166,815
Electric Power Development Co. Ltd.
 
24,800
380,201
ENEOS Holdings, Inc.
 
418,400
1,550,347
Exeo Group, Inc.
 
15,400
319,854
Ezaki Glico Co. Ltd.
 
7,700
223,817
Fancl Corp.
 
11,400
170,436
FANUC Corp.
 
130,500
3,238,543
Fast Retailing Co. Ltd.
 
27,800
6,154,820
Food & Life Companies Ltd.
 
16,500
278,104
Frontier Real Estate Investment Corp.
 
71
212,406
Fuji Electric Co. Ltd.
 
20,700
788,145
FUJIFILM Holdings Corp.
 
57,400
3,139,654
Fujitsu Ltd.
 
24,100
3,122,096
Fukuoka Financial Group, Inc.
 
26,400
697,851
GLP J-REIT
 
681
609,943
GMO Payment Gateway, Inc.
 
6,200
247,623
GOLDWIN, Inc.
 
5,400
341,047
Hakuhodo DY Holdings, Inc.
 
42,800
347,330
Hamamatsu Photonics K.K.
 
20,300
754,003
Hankyu Hanshin Holdings, Inc.
 
35,200
1,107,519
Harmonic Drive Systems, Inc.
 
8,100
175,441
Haseko Corp.
 
29,000
356,899
Hikari Tsushin, Inc.
 
3,200
461,673
Hirose Electric Co. Ltd.
 
4,300
487,186
Hisamitsu Pharmaceutical Co., Inc.
 
10,700
341,281
Hitachi Construction Machinery Co. Ltd.
 
14,300
369,451
Hitachi Ltd.
 
129,900
8,233,923
Honda Motor Co. Ltd.
 
692,100
7,093,176
Horiba Ltd.
 
5,900
298,312
Hoshizaki Corp.
 
15,900
513,485
House Foods Group, Inc.
 
10,500
221,719
Hoya Corp.
 
49,000
4,717,162
Hulic Co. Ltd.
 
82,900
760,038
Ibiden Co. Ltd.
 
19,500
831,411
Idemitsu Kosan Co. Ltd.
 
31,257
709,693
IHI Corp.
 
21,100
404,955
Iida Group Holdings Co. Ltd.
 
23,300
361,784
Industrial & Infrastructure Fund Investment Corp.
 
296
266,045
INPEX Corp.
 
142,100
2,061,995
Internet Initiative Japan, Inc.
 
18,000
290,855
Invincible Investment Corp.
 
929
357,294
Isetan Mitsukoshi Holdings Ltd.
 
54,100
610,300
Isuzu Motors Ltd.
 
86,000
958,956
ITO EN Ltd.
 
8,800
285,960
Itochu Corp.
 
201,900
7,272,646
Iwatani Corp.
 
7,300
349,148
J. Front Retailing Co. Ltd.
 
37,600
358,452
Japan Airlines Co. Ltd.
 
19,900
365,837
Japan Airport Terminal Co. Ltd.
 
12,700
558,534
Japan Exchange Group, Inc.
 
73,000
1,443,560
Japan Hotel REIT Investment Corp.
 
624
283,691
Japan Logistics Fund, Inc.
 
128
237,093
Japan Post Bank Co. Ltd.
 
195,200
1,809,349
Japan Post Holdings Co. Ltd.
 
277,900
2,459,749
Japan Post Insurance Co. Ltd.
 
25,500
491,030
Japan Prime Realty Investment Corp.
 
136
318,552
Japan Real Estate Investment Corp.
 
196
728,007
Japan Retail Fund Investment Corp.
 
972
627,277
Japan Steel Works Ltd.
 
10,700
173,604
Japan Tobacco, Inc.
 
152,300
3,545,372
JEOL Ltd.
 
7,200
203,280
JFE Holdings, Inc.
 
80,800
1,125,776
JGC Holdings Corp.
 
33,500
412,619
JSR Corp.
 
28,700
768,183
JTEKT Corp.
 
35,000
288,574
K's Holdings Corp.
 
21,600
201,005
Kadokawa Corp.
 
16,600
319,766
Kagome Co. Ltd.
 
12,200
253,801
Kajima Corp.
 
65,700
1,085,850
Kakaku.com, Inc.
 
17,300
166,850
Kamigumi Co. Ltd.
 
14,000
284,012
Kaneka Corp.
 
9,700
237,376
Kansai Electric Power Co., Inc.
 
114,100
1,460,918
Kansai Paint Co. Ltd.
 
33,000
482,945
Kao Corp.
 
64,300
2,345,915
Kawasaki Heavy Industries Ltd.
 
23,400
516,481
Kawasaki Kisen Kaisha Ltd.
 
34,700
1,189,863
KDDI Corp.
 
207,200
6,198,335
KDX Realty Investment Corp.
 
238
248,231
Keihan Electric Railway Co., Ltd.
 
15,000
366,869
Keikyu Corp.
 
38,900
329,810
Keio Corp.
 
17,800
528,206
Keisei Electric Railway Co.
 
23,900
900,305
Kewpie Corp.
 
16,600
288,122
Keyence Corp.
 
27,600
10,684,477
Kikkoman Corp.
 
26,800
1,524,780
Kinden Corp.
 
18,200
275,684
Kintetsu Group Holdings Co. Ltd.
 
26,400
742,811
Kirin Holdings Co. Ltd.
 
112,600
1,582,404
Kobayashi Pharmaceutical Co. Ltd.
 
7,900
326,138
Kobe Bussan Co. Ltd.
 
20,100
497,436
Kobe Steel Ltd.
 
54,900
649,108
Koei Tecmo Holdings Co. Ltd.
 
16,980
221,719
Koito Manufacturing Co. Ltd.
 
35,700
534,884
Kokuyo Co. Ltd.
 
13,300
206,150
Komatsu Ltd.
 
134,800
3,097,219
Konami Group Corp.
 
14,300
740,770
Konica Minolta, Inc.
 
69,200
193,828
Kose Corp.
 
4,900
324,630
Kubota Corp.
 
147,200
1,979,729
Kuraray Co. Ltd.
 
45,600
521,717
Kurita Water Industries Ltd.
 
14,800
449,675
Kyocera Corp.
 
47,800
2,356,129
Kyoto Financial Group, Inc.
 
10,500
595,285
Kyowa Hakko Kirin Co., Ltd.
 
35,300
553,656
Kyushu Electric Power Co., Inc. (a)
 
66,700
426,155
Kyushu Financial Group, Inc.
 
60,900
383,760
Kyushu Railway Co.
 
21,500
439,595
LaSalle Logiport REIT
 
246
241,258
Lasertec Corp.
 
11,000
1,816,982
Lawson, Inc.
 
6,800
328,620
Lion Corp.
 
40,300
386,747
LIXIL Group Corp.
 
38,700
424,348
LY Corp.
 
368,600
939,741
M3, Inc.
 
59,700
919,451
Mabuchi Motor Co. Ltd.
 
7,800
222,842
Makita Corp.
 
38,600
997,689
Marubeni Corp.
 
235,300
3,440,504
Marui Group Co. Ltd.
 
25,700
406,398
Maruichi Steel Tube Ltd.
 
10,300
255,609
MatsukiyoCocokara & Co.
 
51,700
906,911
Mazda Motor Corp.
 
83,200
804,210
McDonald's Holdings Co. (Japan) Ltd. (b)
 
11,800
459,112
Mebuki Financial Group, Inc.
 
153,000
463,164
Medipal Holdings Corp.
 
28,700
482,533
Meiji Holdings Co. Ltd.
 
38,000
935,333
Mercari, Inc. (a)
 
15,800
317,097
Minebea Mitsumi, Inc.
 
59,100
926,647
Misumi Group, Inc.
 
39,500
597,977
Mitsubishi Chemical Holdings Corp.
 
197,000
1,114,745
Mitsubishi Corp.
 
199,100
9,281,158
Mitsubishi Electric Corp.
 
297,400
3,410,140
Mitsubishi Estate Co. Ltd.
 
183,200
2,345,019
Mitsubishi Gas Chemical Co., Inc.
 
29,100
393,312
Mitsubishi Heavy Industries Ltd.
 
46,700
2,405,269
Mitsubishi Logistics Corp.
 
10,000
261,599
Mitsubishi Materials Corp.
 
18,600
298,895
Mitsubishi Motors Corp. of Japan
 
95,400
311,631
Mitsubishi UFJ Financial Group, Inc.
 
1,756,600
14,736,376
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
134,100
884,018
Mitsui & Co. Ltd.
 
213,900
7,774,019
Mitsui Chemicals, Inc.
 
26,400
665,398
Mitsui Fudosan Co. Ltd.
 
129,600
2,809,062
Mitsui Fudosan Logistics Park, Inc.
 
80
241,859
Mitsui High-Tec, Inc.
 
3,200
135,112
Mitsui OSK Lines Ltd.
 
50,300
1,298,611
Miura Co. Ltd.
 
15,600
302,469
Mizuho Financial Group, Inc.
 
351,540
5,968,583
MonotaRO Co. Ltd.
 
33,300
266,133
Mori Hills REIT Investment Corp.
 
224
209,652
Morinaga & Co. Ltd.
 
5,900
212,779
MS&AD Insurance Group Holdings, Inc.
 
61,300
2,246,065
Murata Manufacturing Co. Ltd.
 
261,100
4,472,481
Nabtesco Corp.
 
17,100
302,870
Nagase & Co. Ltd.
 
15,700
237,841
Nagoya Railroad Co. Ltd.
 
27,300
382,167
Nankai Electric Railway Co. Ltd.
 
15,900
304,513
NEC Corp.
 
37,600
1,810,464
Net One Systems Co. Ltd.
 
12,100
184,681
Nexon Co. Ltd.
 
62,400
1,144,993
NGK Insulators Ltd.
 
36,300
443,523
NH Foods Ltd.
 
14,400
432,046
NHK Spring Co. Ltd.
 
27,400
193,883
Nichirei Corp.
 
18,700
404,744
Nidec Corp.
 
72,700
2,666,712
Nifco, Inc.
 
12,400
290,807
Nihon Kohden Corp.
 
12,200
288,149
Nihon M&A Center Holdings, Inc.
 
40,600
185,432
Nikon Corp.
 
45,200
429,148
Nintendo Co. Ltd.
 
161,800
6,684,679
Nippon Accommodations Fund, Inc.
 
73
294,102
Nippon Building Fund, Inc.
 
234
940,196
Nippon Express Holdings, Inc.
 
11,400
585,908
Nippon Kayaku Co. Ltd.
 
22,000
188,991
Nippon Paint Holdings Co. Ltd.
 
147,400
990,987
Nippon Sanso Holdings Corp.
 
29,300
738,902
Nippon Shinyaku Co. Ltd.
 
8,600
348,782
Nippon Shokubai Co. Ltd.
 
5,000
185,710
Nippon Steel & Sumitomo Metal Corp.
 
131,600
2,838,462
Nippon Telegraph & Telephone Corp.
 
4,135,200
4,866,203
Nippon Yusen KK
 
70,700
1,729,835
Nishi-Nippon Railroad Co. Ltd.
 
11,500
185,803
Nissan Chemical Corp.
 
19,500
795,311
Nissan Motor Co. Ltd.
 
326,200
1,255,212
Nisshin Seifun Group, Inc.
 
36,300
547,542
Nissin Food Holdings Co. Ltd.
 
11,500
1,000,600
Niterra Co. Ltd.
 
23,700
530,472
Nitori Holdings Co. Ltd.
 
12,000
1,299,538
Nitto Denko Corp.
 
20,700
1,339,410
NOF Corp.
 
11,500
453,686
Nomura Holdings, Inc.
 
407,300
1,573,566
Nomura Real Estate Holdings, Inc.
 
16,000
373,697
Nomura Real Estate Master Fund, Inc.
 
645
711,731
Nomura Research Institute Ltd.
 
64,200
1,685,247
NSK Ltd.
 
68,600
369,234
NTT Data Corp.
 
81,600
1,006,121
Obayashi Corp.
 
99,800
854,868
OBIC Co. Ltd.
 
9,100
1,345,129
Odakyu Electric Railway Co. Ltd.
 
51,000
726,053
Oji Holdings Corp.
 
140,100
599,191
Olympus Corp.
 
174,700
2,333,180
OMRON Corp.
 
28,500
1,021,076
Ono Pharmaceutical Co. Ltd.
 
67,300
1,162,237
Open House Group Co. Ltd.
 
9,900
326,308
Oracle Corp. Japan
 
4,500
319,229
Oriental Land Co. Ltd.
 
161,100
5,210,839
ORIX Corp.
 
161,700
2,940,733
ORIX JREIT, Inc.
 
384
441,317
Osaka Gas Co. Ltd.
 
57,500
1,084,323
Otsuka Corp.
 
16,300
653,542
Otsuka Holdings Co. Ltd.
 
77,100
2,594,104
Pan Pacific International Holdings Ltd.
 
73,700
1,427,264
Panasonic Holdings Corp.
 
339,800
2,981,233
Park24 Co. Ltd. (a)
 
18,700
210,671
Penta-Ocean Construction Co. Ltd.
 
39,600
232,805
PeptiDream, Inc. (a)
 
13,600
99,142
Persol Holdings Co. Ltd.
 
249,000
373,355
Pigeon Corp.
 
17,900
190,060
Rakuten Group, Inc.
 
204,600
756,799
Recruit Holdings Co. Ltd.
 
234,800
6,732,352
Relo Group, Inc.
 
15,800
156,643
Renesas Electronics Corp. (a)
 
198,000
2,600,853
Rengo Co. Ltd.
 
35,200
233,110
Resona Holdings, Inc.
 
328,200
1,753,678
Resonac Holdings Corp.
 
25,900
419,871
Ricoh Co. Ltd.
 
84,400
684,071
Rinnai Corp.
 
17,100
314,117
ROHM Co. Ltd.
 
48,800
781,872
Rohto Pharmaceutical Co. Ltd.
 
30,100
702,272
Ryohin Keikaku Co. Ltd.
 
38,900
548,462
Sankyu, Inc.
 
8,200
246,904
Sanrio Co. Ltd.
 
9,100
387,510
Santen Pharmaceutical Co. Ltd.
 
52,100
451,892
Sanwa Holdings Corp.
 
31,200
420,958
Sapporo Holdings Ltd.
 
10,900
383,747
SBI Holdings, Inc. Japan
 
33,500
720,751
Screen Holdings Co. Ltd.
 
13,200
613,696
SCSK Corp.
 
21,600
368,718
Secom Co. Ltd.
 
29,100
2,021,136
Sega Sammy Holdings, Inc.
 
22,900
358,146
Seibu Holdings, Inc.
 
36,700
358,356
Seiko Epson Corp.
 
45,300
628,908
Seino Holdings Co. Ltd.
 
22,400
325,829
Sekisui Chemical Co. Ltd.
 
58,600
802,637
Sekisui House (REIT), Inc.
 
615
323,906
Sekisui House Ltd.
 
91,700
1,795,738
Seven & i Holdings Co. Ltd.
 
110,500
4,048,578
Seven Bank Ltd.
 
100,800
199,586
SG Holdings Co. Ltd.
 
67,200
952,534
Sharp Corp. (a)
 
38,700
241,961
SHIFT, Inc. (a)
 
1,700
308,447
Shimadzu Corp.
 
38,100
900,924
Shimamura Co. Ltd.
 
3,300
325,676
SHIMANO, Inc.
 
11,400
1,640,530
SHIMIZU Corp.
 
87,500
622,693
Shin-Etsu Chemical Co. Ltd.
 
280,200
8,378,927
Shinko Electric Industries Co. Ltd.
 
9,200
295,402
Shionogi & Co. Ltd.
 
38,800
1,806,708
Ship Healthcare Holdings, Inc.
 
10,700
165,198
Shiseido Co. Ltd.
 
55,300
1,753,866
Shizuoka Financial Group
 
77,400
658,191
SHO-BOND Holdings Co. Ltd.
 
6,800
267,805
Skylark Holdings Co. Ltd. (a)
 
30,600
451,466
SMC Corp.
 
8,400
3,878,810
SoftBank Corp.
 
391,000
4,420,985
SoftBank Group Corp.
 
144,500
5,917,863
Sohgo Security Services Co., Ltd.
 
60,500
354,301
Sojitz Corp.
 
30,340
630,022
Sompo Holdings, Inc.
 
48,000
2,079,358
Sony Group Corp.
 
174,600
14,516,050
Sotetsu Holdings, Inc.
 
13,800
243,597
Square Enix Holdings Co. Ltd.
 
12,400
411,950
Stanley Electric Co. Ltd.
 
20,800
332,688
Subaru Corp.
 
84,900
1,469,644
Sugi Holdings Co. Ltd.
 
4,900
198,344
Sumco Corp.
 
48,400
625,432
Sumitomo Chemical Co. Ltd.
 
230,200
585,114
Sumitomo Corp.
 
169,500
3,331,976
Sumitomo Electric Industries Ltd.
 
109,600
1,150,606
Sumitomo Forestry Co. Ltd.
 
27,100
639,870
Sumitomo Heavy Industries Ltd.
 
17,300
395,993
Sumitomo Metal Mining Co. Ltd.
 
37,800
1,061,876
Sumitomo Mitsui Financial Group, Inc.
 
185,200
8,928,118
Sumitomo Mitsui Trust Holdings, Inc.
 
50,800
1,904,838
Sumitomo Realty & Development Co. Ltd.
 
65,600
1,646,162
Sumitomo Rubber Industries Ltd.
 
26,500
268,832
Sundrug Co. Ltd.
 
9,400
255,605
Suntory Beverage & Food Ltd.
 
17,600
529,638
Suzuken Co. Ltd.
 
9,600
294,046
Suzuki Motor Corp.
 
68,000
2,639,217
Sysmex Corp.
 
22,100
1,058,652
T&D Holdings, Inc.
 
75,900
1,353,997
Taiheiyo Cement Corp.
 
17,100
293,054
Taisei Corp.
 
26,100
885,122
Taisho Pharmaceutical Holdings Co. Ltd.
 
8,100
320,744
Taiyo Yuden Co. Ltd.
 
18,300
410,258
Takara Holdings, Inc.
 
29,200
243,402
Takashimaya Co. Ltd.
 
22,000
299,182
Takeda Pharmaceutical Co. Ltd.
 
219,084
5,946,980
TDK Corp.
 
53,700
2,009,197
TechnoPro Holdings, Inc.
 
15,100
299,144
Teijin Ltd.
 
27,400
248,000
Terumo Corp.
 
103,200
2,823,365
The Hachijuni Bank Ltd.
 
71,200
405,493
THK Co. Ltd.
 
17,100
305,605
TIS, Inc.
 
30,300
648,870
Tobu Railway Co. Ltd.
 
29,100
700,421
Toho Co. Ltd.
 
17,500
597,854
Toho Gas Co. Ltd.
 
14,100
242,821
Tohoku Electric Power Co., Inc.
 
69,800
435,839
Tokai Carbon Co. Ltd.
 
28,700
220,241
Tokio Marine Holdings, Inc.
 
277,200
6,201,584
Tokyo Century Corp.
 
6,700
258,142
Tokyo Electric Power Co., Inc. (a)
 
110,400
467,184
Tokyo Electron Ltd.
 
65,300
8,628,591
Tokyo Gas Co. Ltd.
 
55,700
1,250,864
Tokyo Ohka Kogyo Co. Ltd.
 
5,600
323,573
Tokyo Tatemono Co. Ltd.
 
29,700
394,366
Tokyu Corp.
 
86,300
974,244
Tokyu Fudosan Holdings Corp.
 
82,500
480,672
Toppan Holdings, Inc.
 
45,600
1,051,713
Toray Industries, Inc.
 
225,300
1,089,965
Toshiba Corp.
 
12,400
376,968
Tosoh Corp.
 
45,300
554,663
Toto Ltd.
 
21,400
515,989
Toyo Seikan Group Holdings Ltd.
 
21,400
359,787
Toyo Suisan Kaisha Ltd.
 
13,900
641,220
Toyo Tire Corp.
 
17,300
256,959
Toyota Industries Corp.
 
26,200
1,941,806
Toyota Motor Corp.
 
1,716,600
30,029,770
Toyota Tsusho Corp.
 
32,700
1,740,827
Trend Micro, Inc.
 
19,600
738,619
Tsumura & Co.
 
9,300
166,408
Tsuruha Holdings, Inc.
 
5,300
389,321
Ube Corp.
 
14,200
218,663
Ulvac, Inc.
 
6,300
216,652
Unicharm Corp.
 
60,700
2,062,518
United Urban Investment Corp.
 
426
429,480
Ushio, Inc.
 
16,300
198,785
USS Co. Ltd.
 
30,600
534,854
Welcia Holdings Co. Ltd.
 
14,000
232,061
West Japan Railway Co.
 
33,600
1,280,649
Yakult Honsha Co. Ltd.
 
42,100
992,084
Yamada Holdings Co. Ltd.
 
83,000
262,493
Yamaguchi Financial Group, Inc.
 
33,500
307,445
Yamaha Corp.
 
23,200
619,670
Yamaha Motor Co. Ltd.
 
48,400
1,182,744
Yamato Holdings Co. Ltd.
 
46,300
771,174
Yamazaki Baking Co. Ltd.
 
23,100
489,061
Yaskawa Electric Corp.
 
36,900
1,207,853
Yokogawa Electric Corp.
 
32,400
588,229
Yokohama Rubber Co. Ltd.
 
18,000
332,633
Zenkoku Hosho Co. Ltd.
 
6,700
214,254
Zensho Holdings Co. Ltd.
 
12,400
651,767
Zeon Corp.
 
26,400
218,208
ZOZO, Inc.
 
16,800
319,448
TOTAL JAPAN
 
 
554,012,081
Jordan - 0.0%
 
 
 
Hikma Pharmaceuticals PLC
 
23,968
553,943
Korea (South) - 3.5%
 
 
 
Advanced Nano Products Co. Ltd.
 
1,225
108,865
AfreecaTV Co. Ltd.
 
925
45,991
Alteogen, Inc.
 
5,017
232,371
AMOREPACIFIC Corp.
 
3,740
350,539
AMOREPACIFIC Group, Inc.
 
4,731
100,353
BGF Retail Co. Ltd.
 
1,377
140,606
Bioneer Corp. (a)
 
2,875
67,660
BNK Financial Group, Inc.
 
37,089
186,398
Celltrion Healthcare Co. Ltd.
 
13,675
675,439
Celltrion Pharm, Inc.
 
2,532
118,948
Celltrion, Inc.
 
16,026
1,777,104
Cheil Worldwide, Inc.
 
9,535
140,189
Chunbo Co. Ltd.
 
655
48,156
CJ CheilJedang Corp.
 
1,093
228,640
CJ Corp.
 
2,025
126,125
CJ ENM Co. Ltd. (a)
 
1,525
58,886
CJ Logistics Corp.
 
1,491
83,702
Cosmax, Inc. (a)
 
1,218
122,282
Cosmo AM&T Co. Ltd. (a)
 
3,234
336,201
Cosmo AM&T Co. Ltd. rights 11/7/23 (a)
 
150
1,841
Cosmochemical Co. Ltd. (a)
 
4,292
100,037
Coupang, Inc. Class A (a)
 
158,231
2,689,927
Coway Co. Ltd.
 
7,459
238,340
CS Wind Corp.
 
3,886
131,665
Daeduck Electronics Co. Ltd.
 
4,750
70,631
Daejoo Electronic Materials Co. Ltd.
 
1,469
75,296
Daewoo Engineering & Construction Co. Ltd. (a)
 
27,945
81,408
DB HiTek Co. Ltd.
 
5,044
181,826
Db Insurance Co. Ltd.
 
6,720
436,548
Delivery Hero AG (a)(c)
 
27,625
700,643
DGB Financial Group Co. Ltd.
 
23,590
137,190
DL E&C Co. Ltd.
 
4,223
107,178
Dongjin Semichem Co. Ltd.
 
4,354
97,036
Dongkuk CM Co. Ltd.
 
2,408
12,365
Dongkuk Steel Mill Co. Ltd.
 
1,283
8,187
Dongkuk Steel Mill Co. Ltd.
 
3,996
31,234
Doosan Bobcat, Inc.
 
7,513
215,536
Doosan Co. Ltd.
 
1,584
87,261
Doosan Fuel Cell Co. Ltd. (a)
 
4,950
60,335
Doosan Heavy Industries & Construction Co. Ltd. (a)
 
62,260
619,438
Douzone Bizon Co. Ltd.
 
2,134
43,215
E-Mart, Inc.
 
2,429
130,760
Ecopro BM Co. Ltd. (b)
 
6,366
929,948
Ecopro Co. Ltd. (b)
 
2,692
1,242,060
EO Technics Co. Ltd.
 
1,095
113,392
F&F Co. Ltd.
 
2,581
178,660
Fila Holdings Corp.
 
5,660
149,650
Foosung Co. Ltd.
 
6,152
45,595
Green Cross Corp.
 
736
52,383
GS Engineering & Construction Corp.
 
9,294
90,834
GS Holdings Corp.
 
6,829
199,124
GS Retail Co. Ltd.
 
5,350
96,234
Hana Financial Group, Inc.
 
40,979
1,189,771
Hana Tour Service, Inc. (a)
 
1,756
57,159
HanAll BioPharma Co. Ltd. (a)
 
4,785
103,637
Hanjin Kal Corp.
 
5,048
159,165
Hankook Tire Co. Ltd.
 
10,109
286,383
Hanmi Pharm Co. Ltd.
 
893
186,437
Hanmi Science Co. Ltd.
 
5,353
125,618
Hanmi Semiconductor Co. Ltd.
 
7,598
297,267
Hanon Systems
 
20,525
104,578
Hansol Chemical Co. Ltd.
 
1,281
142,742
Hanwha Aerospace Co. Ltd.
 
4,539
340,741
Hanwha Corp.
 
7,078
116,417
Hanwha Life Insurance Co. Ltd. (a)
 
40,931
83,987
Hanwha Ocean Co. Ltd. (a)(b)
 
8,809
153,826
Hanwha Ocean Co. Ltd. rights 11/9/23 (a)
 
1,780
2,303
Hanwha Solutions Corp. (a)
 
15,722
334,386
Hanwha Systems Co. Ltd.
 
9,598
90,393
HD Hyundai Co. Ltd.
 
6,144
261,300
HD Hyundai Heavy Industries Co. Ltd. (a)
 
2,594
196,388
Hd Hyundai Infracore Co. Ltd.
 
16,797
83,220
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)
 
6,499
435,327
Hite Jinro Co. Ltd.
 
4,195
66,013
HL Mando Co. Ltd.
 
4,182
101,694
HLB, Inc.
 
16,268
349,988
HMM Co. Ltd.
 
50,152
542,406
Hotel Shilla Co.
 
4,611
213,039
HUGEL, Inc. (a)
 
785
82,697
HYBE Co. Ltd. (a)
 
2,576
418,915
Hyosung Advanced Materials Co.
 
351
92,945
Hyosung TNC Co. Ltd.
 
344
91,039
Hyundai Bioscience Co. Ltd. (a)
 
4,540
125,607
Hyundai Department Store Co. Ltd.
 
1,691
66,872
Hyundai Elevator Co. Ltd.
 
3,097
99,020
Hyundai Engineering & Construction Co. Ltd.
 
9,603
237,809
Hyundai Glovis Co. Ltd.
 
3,146
398,670
Hyundai Marine & Fire Insurance Co. Ltd.
 
8,144
189,693
Hyundai Mipo Dockyard Co. Ltd. (a)
 
3,128
160,955
Hyundai Mobis
 
8,762
1,354,914
Hyundai Motor Co. Ltd.
 
19,364
2,435,941
Hyundai Rotem Co. Ltd. (a)
 
9,926
171,355
Hyundai Steel Co.
 
11,875
288,353
Hyundai Wia Corp.
 
2,121
88,162
Industrial Bank of Korea
 
44,143
364,785
JB Financial Group Co. Ltd.
 
14,778
110,376
JYP Entertainment Corp.
 
3,837
291,638
Kakao Corp.
 
41,879
1,178,645
Kakao Games Corp. (a)
 
6,188
107,244
Kakao Pay Corp. (a)
 
3,126
79,575
KakaoBank Corp.
 
47,562
642,715
Kangwon Land, Inc.
 
15,698
170,675
KB Financial Group, Inc.
 
51,968
1,977,994
KCC Corp.
 
541
95,208
KEPCO E&C
 
1,921
74,500
KEPCO Plant Service & Engineering Co. Ltd.
 
3,214
77,648
Kia Corp.
 
35,070
2,000,630
Kiwoom Securities Co. Ltd.
 
1,898
113,311
Koh Young Technology, Inc.
 
7,349
60,135
Kolon Industries, Inc.
 
2,528
81,542
Korea Aerospace Industries Ltd.
 
9,717
319,261
Korea Electric Power Corp. (a)
 
35,653
445,604
Korea Gas Corp. (a)
 
4,105
69,463
Korea Investment Holdings Co. Ltd.
 
5,575
208,105
Korea Petro Chemical Industries Co. Ltd.
 
536
63,222
Korea Zinc Co. Ltd.
 
1,899
658,960
Korean Air Lines Co. Ltd.
 
25,116
381,578
Korean Reinsurance Co.
 
13,195
86,661
KRAFTON, Inc. (a)
 
4,558
554,033
KT&G Corp.
 
14,283
899,683
Kum Yang Co. Ltd. (a)
 
4,502
293,814
Kumho Petro Chemical Co. Ltd.
 
2,401
225,327
L&F Co. Ltd.
 
3,466
336,648
Leeno Industrial, Inc.
 
1,378
140,813
LegoChem Biosciences, Inc. (a)
 
3,289
90,153
LG Chemical Ltd.
 
6,474
2,118,658
LG Corp.
 
15,469
884,118
LG Display Co. Ltd. (a)
 
29,962
270,716
LG Electronics, Inc.
 
15,082
1,117,169
LG Energy Solution (a)
 
5,513
1,578,062
LG H & H Co. Ltd.
 
1,275
298,473
LG Innotek Co. Ltd.
 
1,882
311,897
LG Uplus Corp.
 
29,664
221,994
Lotte Chemical Corp.
 
2,502
271,307
Lotte Confectionery Co. Ltd.
 
5,518
106,263
Lotte Energy Materials Corp.
 
3,083
88,190
Lotte Fine Chemical Co. Ltd.
 
1,855
76,941
Lotte Shopping Co. Ltd.
 
1,410
75,293
LS Corp.
 
2,462
142,935
LS Electric Co. Ltd.
 
2,064
98,040
LX International Corp.
 
3,292
60,707
Lx Semicon Co. Ltd.
 
1,546
82,456
Medytox, Inc.
 
653
99,752
Meritz Financial Holdings Co.
 
15,308
568,883
Mirae Asset Securities Co. Ltd.
 
33,890
165,771
Naturecell Co. Ltd. (a)
 
6,871
35,760
NAVER Corp.
 
20,905
2,918,253
NCSOFT Corp.
 
2,185
376,936
Netmarble Corp. (a)(c)
 
3,202
91,790
NH Investment & Securities Co. Ltd.
 
18,838
134,952
NongShim Co. Ltd.
 
481
157,964
Oci Co. Ltd.
 
803
62,046
Oci Holdings Co. Ltd.
 
1,772
127,841
Orion Corp./Republic of Korea
 
3,473
306,923
Pan Ocean Co., Ltd. (Korea)
 
32,842
104,696
Paradise Co. Ltd. (a)
 
6,116
66,442
Pearl Abyss Corp. (a)
 
4,107
150,240
People & Technology, Inc.
 
2,715
99,401
POSCO
 
10,305
3,149,944
POSCO Chemtech Co. Ltd. (b)
 
4,281
753,292
Posco International Corp.
 
6,341
236,170
S-Oil Corp.
 
5,630
277,443
S.M. Entertainment Co. Ltd.
 
1,590
119,065
S1 Corp.
 
2,449
98,835
Sam Chun Dang Pharm Co. Ltd. (a)
 
1,826
83,093
Samsung Biologics Co. Ltd. (a)(c)
 
2,564
1,345,914
Samsung C&T Corp.
 
12,157
959,777
Samsung Card Co. Ltd.
 
2,798
64,889
Samsung Electro-Mechanics Co. Ltd.
 
7,666
707,756
Samsung Electronics Co. Ltd.
 
708,998
35,237,975
Samsung Engineering Co. Ltd. (a)
 
22,036
387,801
Samsung Fire & Marine Insurance Co. Ltd.
 
4,531
865,145
Samsung Heavy Industries Co. Ltd. (a)
 
97,612
494,109
Samsung Life Insurance Co. Ltd.
 
13,027
696,423
Samsung SDI Co. Ltd.
 
7,239
2,288,722
Samsung SDS Co. Ltd.
 
5,468
559,666
Samsung Securities Co. Ltd.
 
8,814
230,552
SD Biosensor, Inc.
 
5,624
40,126
Seegene, Inc.
 
5,148
72,817
Shinhan Financial Group Co. Ltd.
 
68,209
1,750,660
Shinsegae Co. Ltd.
 
915
114,435
SK Biopharmaceuticals Co. Ltd. (a)
 
3,892
217,483
SK Bioscience Co. Ltd. (a)
 
3,218
144,619
SK Chemicals Co. Ltd.
 
1,309
54,720
SK Hynix, Inc.
 
74,592
6,468,125
SK IE Technology Co. Ltd. (a)(c)
 
3,858
169,866
SK Innovation Co., Ltd.
 
7,809
710,381
SK Square Co. Ltd. (a)
 
13,716
432,755
SK, Inc.
 
5,097
536,585
SKC Co. Ltd.
 
2,581
150,718
SOLUM Co. Ltd. (a)
 
5,424
116,362
Solus Advanced Materials Co. Lt
 
2,338
38,021
Soulbrain Co. Ltd.
 
578
99,663
Ssangyong Cement Industrial Co. Ltd.
 
17,076
70,375
ST Pharm Co. Ltd.
 
1,399
70,497
Studio Dragon Corp. (a)
 
1,551
56,211
Taihan Electric Wire Co. Ltd. (a)
 
10,260
84,514
WeMade Entertainment Co. Ltd.
 
2,537
74,048
WONIK IPS Co. Ltd.
 
4,458
99,529
Woori Financial Group, Inc.
 
89,748
791,547
Youngone Corp.
 
2,963
118,935
Yuhan Corp.
 
7,336
312,257
TOTAL KOREA (SOUTH)
 
 
113,453,999
Kuwait - 0.2%
 
 
 
Agility Public Warehousing Co. KSC (a)
 
207,031
351,909
Boubyan Bank KSC
 
180,101
341,054
Gulf Bank
 
303,744
232,630
Gulf Bank rights 11/12/23 (a)
 
23,578
488
Kuwait Finance House KSCP
 
1,245,673
2,753,402
Mabanee Co. SAKC
 
85,799
228,742
Mobile Telecommunication Co.
 
287,129
446,305
National Bank of Kuwait
 
1,097,178
3,109,469
National Industries Group Holding SAK
 
284,016
163,370
TOTAL KUWAIT
 
 
7,627,369
Luxembourg - 0.1%
 
 
 
Aperam SA
 
5,975
165,324
ArcelorMittal SA (Netherlands)
 
63,807
1,409,696
Eurofins Scientific SA
 
17,899
905,849
RTL Group SA (b)
 
5,149
179,571
SES SA (France) (depositary receipt)
 
46,224
269,247
TOTAL LUXEMBOURG
 
 
2,929,687
Macau - 0.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
277,000
1,557,146
Sands China Ltd. (a)
 
334,800
901,298
TOTAL MACAU
 
 
2,458,444
Malaysia - 0.5%
 
 
 
AMMB Holdings Bhd
 
320,200
256,878
Axiata Group Bhd
 
431,428
197,396
CelcomDigi Bhd
 
470,600
421,567
CIMB Group Holdings Bhd
 
1,030,796
1,234,993
Dialog Group Bhd
 
539,300
243,327
Gamuda Bhd
 
367,816
361,429
Genting Bhd
 
306,900
259,694
Genting Malaysia Bhd
 
385,300
195,793
Hong Leong Bank Bhd
 
107,000
435,683
IHH Healthcare Bhd
 
424,600
534,484
Inari Amertron Bhd
 
449,400
269,441
IOI Corp. Bhd
 
439,500
362,627
Kuala Lumpur Kepong Bhd
 
75,920
350,458
Malayan Banking Bhd
 
1,014,195
1,920,437
Malaysia Airports Holdings Bhd
 
153,191
237,677
Maxis Bhd
 
340,900
283,455
MISC Bhd
 
190,200
289,556
MR DIY Group M Sdn Bhd (c)
 
548,800
170,503
Nestle (Malaysia) Bhd
 
8,700
226,097
Petronas Chemicals Group Bhd
 
400,700
617,882
Petronas Dagangan Bhd
 
49,300
238,670
Petronas Gas Bhd
 
133,300
485,548
PPB Group Bhd
 
99,000
318,259
Press Metal Aluminium Holdings
 
534,400
552,397
Public Bank Bhd
 
2,089,800
1,825,235
QL Resources Bhd
 
154,700
179,545
RHB Bank Bhd
 
285,417
334,310
Sime Darby Bhd
 
446,500
214,596
Sime Darby Plantation Bhd
 
515,867
470,280
Telekom Malaysia Bhd
 
282,630
300,867
Tenaga Nasional Bhd
 
389,400
809,199
Top Glove Corp. Bhd (a)
 
765,900
116,585
V.S. Industry Bhd warrants 6/14/24 (a)
 
38,200
162
TOTAL MALAYSIA
 
 
14,715,030
Malta - 0.0%
 
 
 
Kindred Group PLC (depository receipt)
 
31,153
254,695
Mexico - 0.7%
 
 
 
Alfa SA de CV Series A
 
448,400
279,551
America Movil S.A.B. de CV Series L
 
2,886,800
2,384,184
Arca Continental S.A.B. de CV
 
65,300
585,559
Banco del Bajio SA (c)
 
102,900
314,938
Borr Drilling Ltd. (a)
 
25,920
161,029
CEMEX S.A.B. de CV unit (a)
 
2,100,000
1,261,468
Coca-Cola FEMSA S.A.B. de CV unit
 
72,830
552,577
Fibra Uno Administracion SA de CV
 
389,100
590,696
Fomento Economico Mexicano S.A.B. de CV unit
 
254,600
2,881,673
Gruma S.A.B. de CV Series B
 
24,815
431,816
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
54,300
633,415
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
25,420
547,836
Grupo Aeroportuario Norte S.A.B. de CV
 
38,200
291,612
Grupo Bimbo S.A.B. de CV Series A
 
208,100
846,990
Grupo Carso SA de CV Series A1
 
75,100
478,867
Grupo Elektra SA de CV
 
7,740
495,297
Grupo Financiero Banorte S.A.B. de CV Series O
 
342,500
2,779,666
Grupo Financiero Inbursa S.A.B. de CV Series O (a)
 
245,700
506,691
Grupo Mexico SA de CV Series B
 
430,500
1,755,764
Grupo Televisa SA de CV
 
351,700
161,327
Industrias Penoles SA de CV (a)
 
26,190
292,377
Kimberly-Clark de Mexico SA de CV Series A
 
189,400
347,200
Orbia Advance Corp. S.A.B. de CV
 
133,800
216,778
Promotora y Operadora de Infraestructura S.A.B. de CV
 
27,650
226,335
Ternium SA sponsored ADR
 
6,535
244,997
Wal-Mart de Mexico SA de CV Series V
 
677,500
2,424,931
TOTAL MEXICO
 
 
21,693,574
Netherlands - 3.4%
 
 
 
Adyen BV (a)(c)
 
4,294
2,896,243
Akzo Nobel NV
 
23,497
1,572,781
Argenx SE (a)
 
8,105
3,812,443
ASM International NV (Netherlands)
 
6,366
2,616,883
ASML Holding NV (Netherlands)
 
55,815
33,551,536
Euronext NV (c)
 
13,777
959,196
EXOR NV
 
14,365
1,230,256
Heineken Holding NV
 
13,994
1,063,146
Heineken NV (Bearer)
 
35,116
3,154,942
IMCD NV
 
7,896
948,265
ING Groep NV (Certificaten Van Aandelen)
 
501,229
6,426,021
Koninklijke Ahold Delhaize NV
 
135,163
4,004,447
Koninklijke KPN NV
 
464,003
1,559,597
Koninklijke Philips Electronics NV
 
128,643
2,447,108
NN Group NV
 
40,764
1,307,399
Randstad NV
 
17,334
895,780
Shell PLC (London)
 
927,236
29,881,898
Stellantis NV (Italy)
 
306,337
5,704,779
Universal Music Group NV
 
105,566
2,585,188
Wolters Kluwer NV
 
35,662
4,569,583
TOTAL NETHERLANDS
 
 
111,187,491
New Zealand - 0.2%
 
 
 
Auckland International Airport Ltd.
 
180,559
772,301
Chorus Ltd.
 
62,906
263,123
Contact Energy Ltd.
 
108,638
493,485
Fisher & Paykel Healthcare Corp.
 
80,407
975,306
Fletcher Building Ltd.
 
107,362
270,575
Infratil Ltd.
 
114,614
656,284
Mainfreight Ltd.
 
11,915
397,701
Mercury Nz Ltd.
 
93,936
323,134
Meridian Energy Ltd.
 
171,574
483,214
Spark New Zealand Ltd.
 
253,478
735,878
The a2 Milk Co. Ltd. (a)
 
101,534
247,310
Xero Ltd. (a)
 
19,412
1,327,145
TOTAL NEW ZEALAND
 
 
6,945,456
Norway - 0.5%
 
 
 
Aker ASA (A Shares)
 
3,301
197,984
Aker BP ASA
 
42,941
1,234,305
AutoStore Holdings Ltd. (a)(c)
 
123,831
136,568
DNB Bank ASA
 
124,672
2,246,584
Entra ASA (c)
 
9,883
77,102
Equinor ASA
 
137,257
4,601,296
Europris ASA (c)
 
23,405
132,519
Frontline PLC
 
19,726
440,221
Gjensidige Forsikring ASA
 
25,546
382,586
Kongsberg Gruppen ASA
 
12,324
503,068
Leroy Seafood Group ASA
 
37,516
148,439
Mowi ASA
 
61,935
1,005,180
Nordic VLSI ASA (a)
 
23,978
193,525
Norsk Hydro ASA
 
186,648
1,064,399
Orkla ASA
 
105,501
726,639
Salmar ASA
 
9,867
467,075
Schibsted ASA:
 
 
 
 (A Shares)
 
9,853
196,867
 (B Shares)
 
13,570
251,455
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
23,883
259,120
Sparebanken Midt-Norge
 
17,252
209,107
Storebrand ASA (A Shares)
 
63,319
527,935
Telenor ASA
 
87,280
891,868
TGS ASA
 
17,354
236,442
Tomra Systems ASA
 
32,481
256,744
TOTAL NORWAY
 
 
16,387,028
Peru - 0.0%
 
 
 
Compania de Minas Buenaventura SAA sponsored ADR
 
33,718
273,116
Credicorp Ltd. (United States)
 
9,419
1,176,998
TOTAL PERU
 
 
1,450,114
Philippines - 0.2%
 
 
 
Aboitiz Equity Ventures, Inc.
 
315,370
254,004
ACEN Corp.
 
1,269,102
118,486
Ayala Corp.
 
33,520
357,537
Ayala Land, Inc.
 
841,700
413,177
Bank of the Philippine Islands (BPI)
 
270,396
478,264
BDO Unibank, Inc.
 
293,080
658,150
Globe Telecom, Inc.
 
4,158
128,770
International Container Terminal Services, Inc.
 
112,680
398,281
JG Summit Holdings, Inc.
 
409,245
264,823
Jollibee Food Corp.
 
60,480
218,104
Manila Electric Co.
 
40,910
255,484
Metropolitan Bank & Trust Co.
 
244,564
224,977
Monde Nissin Corp. (c)
 
997,100
143,889
PLDT, Inc.
 
11,990
255,595
SM Investments Corp.
 
68,240
962,167
SM Prime Holdings, Inc.
 
1,607,600
848,530
Universal Robina Corp.
 
122,990
236,542
TOTAL PHILIPPINES
 
 
6,216,780
Poland - 0.3%
 
 
 
Allegro.eu SA (a)(c)
 
57,093
408,674
Bank Polska Kasa Opieki SA
 
24,363
738,632
CD Projekt RED SA
 
9,520
237,319
Dino Polska SA (a)(c)
 
6,697
633,600
Grupa Kety SA
 
1,344
226,550
InPost SA (a)
 
28,598
282,261
KGHM Polska Miedz SA (Bearer)
 
18,665
497,417
Kruk SA
 
2,437
269,270
LPP SA
 
147
473,242
Orange Polska SA
 
89,893
166,552
Orlen SA
 
80,470
1,270,463
PGE Polska Grupa Energetyczna SA (a)
 
120,846
209,384
Powszechna Kasa Oszczednosci Bank SA (a)
 
119,490
1,234,602
Powszechny Zaklad Ubezpieczen SA
 
80,071
905,065
Santander Bank Polska SA (a)
 
4,584
496,703
TOTAL POLAND
 
 
8,049,734
Portugal - 0.1%
 
 
 
Banco Comercial Portugues SA (Reg.) (a)
 
1,039,738
318,603
Energias de Portugal SA
 
413,673
1,737,698
Galp Energia SGPS SA Class B
 
62,026
932,598
Jeronimo Martins SGPS SA
 
38,154
879,275
NOS SGPS
 
23,519
85,954
REN - Redes Energeticas Nacionais SGPS SA
 
45,779
119,159
TOTAL PORTUGAL
 
 
4,073,287
Qatar - 0.2%
 
 
 
Barwa Real Estate Co. (a)
 
279,620
194,298
Industries Qatar QSC (a)
 
259,856
872,134
Masraf al Rayan
 
928,318
535,421
Mesaieed Petrochemical Holding Co. (a)
 
594,690
259,697
Qatar Electricity & Water Co. (a)
 
74,871
340,117
Qatar Fuel Co. (a)
 
89,098
363,391
Qatar Gas Transport Co. Ltd. (Nakilat) (a)
 
376,759
364,238
Qatar International Islamic Bank QSC (a)
 
157,508
400,151
Qatar Islamic Bank
 
229,308
1,095,842
Qatar National Bank SAQ
 
612,003
2,502,808
The Commercial Bank of Qatar (a)
 
432,177
608,443
TOTAL QATAR
 
 
7,536,540
Romania - 0.0%
 
 
 
NEPI Rockcastle PLC
 
67,892
366,681
Russia - 0.0%
 
 
 
Alrosa Co. Ltd. (d)
 
280,800
46,726
Gazprom OAO (d)
 
1,373,390
143,746
LUKOIL PJSC (d)
 
41,065
12,714
Magnit OJSC (d)
 
8,984
185
MMC Norilsk Nickel PJSC (a)(d)
 
6,814
45,328
Mobile TeleSystems OJSC sponsored ADR (a)(d)
 
50,085
49,884
Novatek PJSC (d)
 
110,726
3,093
Polyus PJSC (a)(d)
 
3,653
8,593
Sberbank of Russia (d)
 
1,236,820
7,606
Severstal PAO (a)(d)
 
21,400
478
Surgutneftegas OJSC (d)
 
1,002,400
12,269
Tatneft PAO (d)
 
175,192
21,795
VK Co. Ltd. GDR (Reg. S) (a)(d)
 
12,713
27,969
Yandex NV Series A (a)(d)
 
37,320
406,788
TOTAL RUSSIA
 
 
787,174
Saudi Arabia - 0.9%
 
 
 
Abdullah Al Othaim Markets Co.
 
63,047
218,806
ACWA Power Co.
 
18,220
1,102,447
Advanced Petrochemicals Co.
 
17,298
171,984
Al Rajhi Bank
 
271,278
4,851,997
Alinma Bank
 
135,831
1,191,182
Almarai Co. Ltd.
 
31,867
474,828
Arabian Internet and Communications Services Co. Ltd.
 
3,397
283,234
Bank Al-Jazira (a)
 
55,380
241,501
Bank Albilad
 
67,791
672,200
Banque Saudi Fransi
 
82,298
786,433
Dar Al Arkan Real Estate Development Co. (a)
 
73,236
294,771
Dr Sulaiman Al Habib Medical Services Group Co.
 
11,670
783,890
Elm Co.
 
3,656
683,332
Emaar The Economic City (a)
 
77,086
150,408
Etihad Etisalat Co.
 
51,321
630,637
Jarir Marketing Co.
 
81,384
314,117
Mobile Telecommunications Co. Saudi Arabia
 
60,502
222,552
Mouwasat Medical Services Co.
 
13,022
347,105
Nahdi Medical Co.
 
5,627
212,685
National Industrialization Co. (a)
 
42,531
131,733
Riyad Bank
 
191,010
1,351,774
Sabic Agriculture-Nutrients Co.
 
32,325
1,152,864
Sahara International Petrochemical Co.
 
50,540
434,459
Saudi Arabian Mining Co.
 
168,244
1,614,454
Saudi Awwal Bank
 
51,668
460,682
Saudi Basic Industries Corp.
 
124,556
2,556,459
Saudi Cement Co.
 
10,319
136,703
Saudi Electricity Co.
 
110,039
522,096
Saudi Industrial Investment Group
 
52,043
332,378
Saudi Investment Bank/The
 
67,645
265,055
Saudi Kayan Petrochemical Co. (a)
 
103,846
292,859
Saudi Research & Marketing Group (a)
 
5,420
203,705
Saudi Tadawul Group Holding Co.
 
6,788
300,716
Saudi Telecom Co.
 
248,508
2,543,637
The Co. for Cooperative Insurance
 
9,961
320,740
The Saudi National Bank
 
406,917
3,638,998
The Savola Group
 
36,447
353,628
Yanbu National Petrochemical Co.
 
37,250
375,816
TOTAL SAUDI ARABIA
 
 
30,622,865
Singapore - 1.1%
 
 
 
CapitaLand Ascendas REIT
 
494,497
939,567
Capitaland Ascott Trust unit
 
312,412
205,413
CapitaLand Investment Ltd.
 
331,473
711,734
CapitaMall Trust
 
696,638
895,334
City Developments Ltd.
 
71,600
330,492
ComfortDelgro Corp. Ltd.
 
291,700
281,743
DBS Group Holdings Ltd.
 
254,457
6,112,905
Frasers Logistics & Industrial Trust
 
392,700
298,298
Genting Singapore Ltd.
 
786,900
494,374
Grab Holdings Ltd. (a)
 
288,304
885,093
Jardine Cycle & Carriage Ltd.
 
12,600
259,557
Keppel (REIT) (e)
 
38,560
22,390
Keppel Corp. Ltd.
 
192,800
875,186
Keppel DC (REIT)
 
179,300
221,274
Mapletree Industrial (REIT)
 
288,254
453,107
Mapletree Logistics Trust (REIT)
 
461,992
496,110
Mapletree Pan Asia Commercial Trust
 
322,218
313,166
NetLink NBN Trust
 
394,400
239,147
Oversea-Chinese Banking Corp. Ltd.
 
537,722
4,985,283
SATS Ltd. (a)
 
144,523
259,986
Sea Ltd. ADR (a)
 
47,630
1,986,171
Seatrium Ltd. (a)
 
5,775,276
472,990
Sembcorp Industries Ltd.
 
124,500
417,686
Singapore Airlines Ltd.
 
183,850
820,938
Singapore Exchange Ltd.
 
114,200
790,682
Singapore Technologies Engineering Ltd.
 
211,600
580,897
Singapore Telecommunications Ltd.
 
981,600
1,705,701
STMicroelectronics NV (Italy)
 
90,652
3,455,685
Suntec (REIT)
 
318,000
255,548
United Overseas Bank Ltd.
 
212,400
4,189,526
UOL Group Ltd.
 
66,100
284,682
Venture Corp. Ltd.
 
37,800
322,749
TOTAL SINGAPORE
 
 
34,563,414
South Africa - 0.9%
 
 
 
Absa Group Ltd.
 
118,537
1,080,714
Anglo American Platinum Ltd.
 
7,718
257,871
Anglo American PLC (United Kingdom)
 
185,198
4,718,773
Aspen Pharmacare Holdings Ltd.
 
51,450
467,336
Bid Corp. Ltd.
 
46,514
986,783
Bidvest Group Ltd./The
 
46,225
654,305
Capitec Bank Holdings Ltd.
 
12,540
1,113,471
Clicks Group Ltd.
 
33,625
495,494
Discovery Ltd.
 
67,430
465,199
Exxaro Resources Ltd.
 
34,250
343,575
FirstRand Ltd.
 
738,184
2,433,482
Foschini Group Ltd./The
 
44,590
240,947
Gold Fields Ltd.
 
123,352
1,627,253
Growthpoint Properties Ltd.
 
455,584
236,867
Harmony Gold Mining Co. Ltd.
 
75,309
345,282
Impala Platinum Holdings Ltd.
 
121,362
505,545
Life Healthcare Group Holdings Ltd.
 
204,296
203,556
Mr Price Group Ltd.
 
34,029
245,958
MTN Group Ltd.
 
232,323
1,134,098
MultiChoice Group Ltd. (a)
 
39,789
149,037
Naspers Ltd. Class N
 
25,940
4,049,257
Nedbank Group Ltd.
 
67,132
722,450
Northam Platinum Holdings Ltd.
 
49,978
301,651
Old Mutual Ltd.
 
600,658
381,907
OUTsurance Group Ltd.
 
100,184
216,736
Remgro Ltd.
 
73,391
567,360
Sanlam Ltd.
 
241,416
846,753
Sappi Ltd.
 
80,644
169,661
Sasol Ltd.
 
79,925
1,010,231
Shoprite Holdings Ltd.
 
65,576
840,323
Sibanye-Stillwater Ltd.
 
392,105
500,150
Spar Group Ltd./The
 
27,933
168,610
Standard Bank Group Ltd.
 
185,770
1,822,963
Thungela Resources Ltd.
 
19,454
173,627
Tiger Brands Ltd.
 
22,526
208,357
Vodacom Group Ltd.
 
95,137
517,913
Woolworths Holdings Ltd.
 
125,278
466,427
TOTAL SOUTH AFRICA
 
 
30,669,922
Spain - 1.6%
 
 
 
Acciona SA
 
3,380
425,589
ACS Actividades de Construccion y Servicios SA
 
27,768
1,003,960
Aena SME SA (c)
 
10,141
1,467,354
Amadeus IT Holding SA Class A
 
62,359
3,551,154
Banco Bilbao Vizcaya Argentaria SA
 
825,881
6,497,400
Banco de Sabadell SA
 
780,986
967,669
Banco Santander SA (Spain)
 
2,240,730
8,217,596
Bankinter SA
 
89,575
565,074
CaixaBank SA
 
558,802
2,271,833
Cellnex Telecom SA (c)
 
81,222
2,387,611
EDP Renovaveis SA
 
41,093
660,469
Enagas SA
 
32,717
546,789
Endesa SA
 
43,819
823,672
Grifols SA (a)
 
30,100
337,120
Grifols SA ADR (a)(b)
 
14,415
116,617
Iberdrola SA
 
800,440
8,902,508
Industria de Diseno Textil SA
 
155,414
5,352,638
Merlin Properties Socimi SA
 
46,925
390,260
Naturgy Energy Group SA
 
25,593
723,035
Redeia Corp. SA
 
56,332
876,490
Repsol SA
 
176,935
2,588,246
Telefonica SA
 
797,111
3,078,952
TOTAL SPAIN
 
 
51,752,036
Sweden - 2.0%
 
 
 
AAK AB
 
24,980
474,426
AddTech AB (B Shares)
 
36,320
531,665
AFRY AB (B Shares)
 
13,560
142,130
Alfa Laval AB
 
40,499
1,308,310
ASSA ABLOY AB (B Shares)
 
136,703
2,913,835
Atlas Copco AB:
 
 
 
 (A Shares)
 
362,979
4,700,223
 (B Shares)
 
210,168
2,354,457
Avanza Bank Holding AB (b)
 
16,795
282,864
Axfood AB
 
14,565
321,769
Beijer Ref AB (B Shares)
 
54,068
511,983
Billerud AB
 
31,505
292,119
Boliden AB
 
37,874
969,545
Bravida Holding AB (c)
 
29,163
182,098
Castellum AB
 
58,710
560,410
Dometic Group AB (c)
 
43,720
269,077
Electrolux AB (B Shares)
 
31,191
261,545
Elekta AB (B Shares)
 
51,099
347,452
Embracer Group AB (a)(b)
 
123,506
200,332
Epiroc AB:
 
 
 
 (A Shares)
 
85,862
1,414,553
 (B Shares)
 
54,311
752,694
EQT AB
 
47,616
865,517
Ericsson (B Shares)
 
424,528
1,901,771
Essity AB (B Shares)
 
83,189
1,895,190
Evolution AB (c)
 
26,483
2,353,291
Fabege AB
 
33,876
252,072
Fastighets AB Balder (a)
 
91,804
388,108
Fortnox AB
 
65,327
258,324
Getinge AB (B Shares)
 
30,268
543,403
H&M Hennes & Mauritz AB (B Shares)
 
85,498
1,143,553
Hexagon AB (B Shares)
 
291,089
2,372,270
HEXPOL AB (B Shares)
 
36,135
319,511
Holmen AB (B Shares)
 
12,792
482,116
Hufvudstaden AB (A Shares)
 
15,232
162,112
Husqvarna AB (B Shares)
 
48,511
313,340
Industrivarden AB:
 
 
 
 (A Shares)
 
18,768
484,565
 (C Shares)
 
23,686
609,420
Indutrade AB
 
36,873
651,247
Investment AB Latour (B Shares)
 
18,332
316,552
Investor AB (B Shares)
 
252,044
4,615,277
Kinnevik AB (B Shares) (a)
 
33,467
284,767
L E Lundbergforetagen AB
 
10,102
411,503
Lagercrantz Group AB (B Shares)
 
28,648
261,009
Lifco AB
 
29,640
541,156
Loomis AB (B Shares)
 
9,917
257,110
Nibe Industrier AB (B Shares)
 
212,270
1,220,475
Nordnet AB
 
22,368
315,608
Saab AB (B Shares)
 
11,456
587,042
Sagax AB
 
28,600
516,276
Sandvik AB
 
150,360
2,561,085
Securitas AB (B Shares)
 
70,262
561,847
Sinch AB (a)(c)
 
91,730
144,665
Skandinaviska Enskilda Banken AB (A Shares)
 
231,305
2,575,708
Skanska AB (B Shares)
 
49,374
740,226
SKF AB (B Shares)
 
52,006
839,088
SSAB AB (B Shares)
 
87,410
506,804
Svenska Cellulosa AB SCA (B Shares)
 
83,311
1,141,543
Svenska Handelsbanken AB (A Shares)
 
218,030
1,858,858
Sweco AB (B Shares)
 
28,592
262,548
Swedbank AB (A Shares)
 
126,523
2,071,416
Swedish Orphan Biovitrum AB (a)
 
31,895
655,476
Tele2 AB (B Shares)
 
77,011
545,996
Telia Co. AB
 
326,178
691,480
Thule Group AB (c)
 
14,658
332,622
Trelleborg AB (B Shares)
 
31,377
791,561
Viaplay Group AB (B Shares) (a)(b)
 
9,403
20,065
Vitrolife AB
 
10,345
134,474
Volvo AB:
 
 
 
 (A Shares)
 
26,076
521,873
 (B Shares)
 
220,392
4,361,461
Volvo Car AB (a)(b)
 
73,748
253,106
Wallenstam AB (B Shares)
 
60,072
202,564
Wihlborgs Fastigheter AB
 
36,984
239,051
TOTAL SWEDEN
 
 
65,127,589
Switzerland - 3.4%
 
 
 
ABB Ltd. (Reg.)
 
224,235
7,533,784
Adecco SA (Reg.)
 
23,405
880,984
Alcon, Inc. (Switzerland)
 
69,206
4,931,493
Baloise Holdings AG
 
6,345
908,172
Compagnie Financiere Richemont SA Series A
 
72,279
8,527,152
DSM-Firmenich AG
 
28,600
2,590,095
Geberit AG (Reg.)
 
4,640
2,151,544
Givaudan SA
 
1,095
3,635,354
Julius Baer Group Ltd.
 
28,533
1,690,914
Kuehne & Nagel International AG
 
7,692
2,067,492
Lindt & Spruengli AG
 
15
1,632,496
Lindt & Spruengli AG (participation certificate)
 
137
1,513,604
Logitech International SA (Reg.)
 
22,054
1,725,238
Lonza Group AG
 
10,311
3,610,953
Novartis AG
 
286,956
26,864,697
Partners Group Holding AG
 
3,032
3,189,158
Sandoz Group AG
 
57,409
1,492,577
Schindler Holding AG (participation certificate)
 
5,619
1,131,645
SGS SA (Reg.)
 
20,960
1,704,635
Sika AG
 
21,334
5,086,951
Sonova Holding AG
 
6,778
1,598,286
Straumann Holding AG
 
16,091
1,891,862
Swatch Group AG (Bearer)
 
4,007
1,022,839
Swiss Life Holding AG
 
4,091
2,616,549
Swisscom AG
 
3,486
2,084,740
UBS Group AG
 
421,839
9,840,514
VAT Group AG (c)
 
3,729
1,314,671
Zurich Insurance Group Ltd.
 
20,271
9,595,661
TOTAL SWITZERLAND
 
 
112,834,060
Taiwan - 4.5%
 
 
 
Accton Technology Corp.
 
70,000
1,083,764
Acer, Inc.
 
419,000
442,494
Advantech Co. Ltd.
 
68,458
702,504
Alchip Technologies Ltd.
 
10,000
819,532
AP Memory Technology Corp.
 
19,000
210,975
ASE Technology Holding Co. Ltd.
 
473,000
1,654,689
Asia Cement Corp.
 
344,000
424,470
Asia Vital Components Co. Ltd.
 
44,000
388,494
ASMedia Technology, Inc.
 
4,000
163,580
ASPEED Tech, Inc.
 
4,300
343,381
ASUSTeK Computer, Inc.
 
97,000
1,016,275
AUO Corp.
 
973,000
470,613
BizLink Holding, Inc.
 
18,560
144,519
Catcher Technology Co. Ltd.
 
95,000
532,530
Cathay Financial Holding Co. Ltd.
 
1,340,923
1,818,298
Chailease Holding Co. Ltd.
 
223,057
1,209,052
Chang Hwa Commercial Bank
 
986,934
522,454
Cheng Shin Rubber Industry Co. Ltd.
 
289,000
394,627
Chicony Electronics Co. Ltd.
 
94,000
361,597
China Airlines Ltd.
 
382,000
228,816
China Development Financial Ho (a)
 
2,343,000
818,385
China Petrochemical Development Corp. (a)
 
481,277
150,799
China Steel Corp.
 
1,741,000
1,297,879
Chipbond Technology Corp.
 
80,000
167,912
Chroma ATE, Inc.
 
55,000
371,382
Chung Hsin Electric & Machinery Manufacturing Corp.
 
57,000
164,459
Chung Hung Steel Co. Ltd.
 
117,000
77,872
Chunghwa Telecom Co. Ltd.
 
524,000
1,872,665
Compal Electronics, Inc.
 
574,000
498,901
Compeq Manufacturing Co. Ltd.
 
147,000
240,173
CTBC Financial Holding Co. Ltd.
 
2,713,000
2,041,596
Delta Electronics, Inc.
 
266,000
2,395,317
E Ink Holdings, Inc.
 
122,000
634,292
E.SUN Financial Holdings Co. Ltd.
 
2,167,574
1,595,924
ECLAT Textile Co. Ltd.
 
28,000
445,312
Elan Microelectronics Corp.
 
40,000
178,174
Elite Material Co. Ltd.
 
42,000
468,273
Elite Semiconductor Memory Technology, Inc.
 
37,000
96,295
eMemory Technology, Inc.
 
9,000
563,429
ENNOSTAR, Inc. (a)
 
85,500
109,027
EVA Airways Corp.
 
350,619
297,101
Evergreen Marine Corp. (Taiwan)
 
140,657
467,715
Far Eastern International Bank
 
512,740
182,039
Far Eastern New Century Corp.
 
544,000
495,263
Far EasTone Telecommunications Co. Ltd.
 
222,000
519,618
Faraday Technology Corp.
 
29,000
273,205
Feng Tay Enterprise Co. Ltd.
 
87,417
482,329
First Financial Holding Co. Ltd.
 
1,529,793
1,223,116
Fitipower Integrated Technology, Inc.
 
13,000
107,528
FLEXium Interconnect, Inc.
 
42,000
108,243
Formosa Chemicals & Fibre Corp.
 
562,000
1,056,575
Formosa Petrochemical Corp.
 
238,000
580,995
Formosa Plastics Corp.
 
660,000
1,568,385
Foxconn Technology Co. Ltd.
 
152,000
246,435
Fubon Financial Holding Co. Ltd.
 
1,171,035
2,175,973
Genius Electronic Optical Co. Ltd.
 
14,000
165,148
Giant Manufacturing Co. Ltd.
 
44,341
224,041
Gigabyte Technology Co. Ltd.
 
69,000
468,421
Global Unichip Corp.
 
12,000
535,903
GlobalWafers Co. Ltd.
 
30,000
440,658
Great Wall Enterprise Co. Ltd.
 
111,977
175,657
HannStar Display Corp. (a)
 
289,000
98,947
Highwealth Construction Corp.
 
223,676
280,823
Himax Technologies, Inc. sponsored ADR (b)
 
17,133
92,004
HIWIN Technologies Corp.
 
38,192
231,271
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
1,669,800
4,980,037
Hotai Motor Co. Ltd.
 
49,960
931,492
HTC Corp. (a)
 
99,000
135,434
Hua Nan Financial Holdings Co. Ltd.
 
1,423,755
892,183
IBF Financial Holdings Co. Ltd. (a)
 
413,946
146,804
Innolux Corp.
 
1,230,663
463,562
International Games Systems Co. Ltd.
 
18,000
346,681
Inventec Corp.
 
432,000
540,778
King Yuan Electronics Co. Ltd.
 
153,000
362,209
King's Town Bank Co. Ltd.
 
132,000
151,262
Kinsus Interconnect Technology Corp.
 
38,000
111,789
Largan Precision Co. Ltd.
 
14,000
895,965
Lien Hwa Industrial Corp.
 
147,731
282,461
Lite-On Technology Corp.
 
308,000
958,223
Lotes Co. Ltd.
 
12,398
316,350
Macronix International Co. Ltd.
 
249,340
208,193
Makalot Industrial Co. Ltd.
 
29,459
329,464
MediaTek, Inc.
 
221,000
5,763,517
Mega Financial Holding Co. Ltd.
 
1,539,408
1,745,474
Merida Industry Co. Ltd.
 
30,000
153,590
Micro-Star International Co. Ltd.
 
98,000
501,308
momo.com, Inc.
 
11,484
189,184
Nan Ya Plastics Corp.
 
779,000
1,489,330
Nan Ya Printed Circuit Board Corp.
 
30,000
220,033
Nanya Technology Corp.
 
168,000
336,544
Nien Made Enterprise Co. Ltd.
 
26,000
229,854
Novatek Microelectronics Corp.
 
79,000
1,111,706
Oneness Biotech Co. Ltd.
 
40,270
243,847
Pegatron Corp.
 
286,000
666,902
PharmaEssentia Corp. (a)
 
40,000
397,754
Phison Electronics Corp.
 
22,000
317,286
Polaris Group (a)
 
48,001
108,556
Pou Chen Corp.
 
343,000
305,502
Powerchip Semiconductor Manufacturing Corp.
 
428,000
351,810
Powertech Technology, Inc.
 
101,000
327,880
Poya International Co. Ltd.
 
9,313
143,053
President Chain Store Corp.
 
78,000
619,962
Primax Electronics Ltd.
 
64,000
136,582
Qisda Corp.
 
219,000
287,258
Quanta Computer, Inc.
 
384,000
2,265,507
Radiant Opto-Electronics Corp.
 
64,000
245,122
Realtek Semiconductor Corp.
 
66,000
821,916
Ruentex Development Co. Ltd.
 
254,658
255,194
Ruentex Industries Ltd.
 
102,790
181,804
Shin Kong Financial Holding Co. Ltd. (a)
 
2,127,432
571,090
Silicon Motion Tech Corp. sponsored ADR
 
4,705
252,094
Simplo Technology Co. Ltd.
 
26,000
267,663
SINBON Electronics Co. Ltd.
 
29,000
248,144
Sino-American Silicon Products, Inc.
 
77,000
389,504
Sinopac Financial Holdings Co.
 
1,723,075
949,572
Synnex Technology International Corp.
 
180,000
381,721
Ta Chen Stainless Pipe Co. Ltd.
 
278,350
318,448
Taichung Commercial Bank Co. Ltd.
 
493,455
223,811
Taishin Financial Holdings Co. Ltd.
 
1,734,663
924,499
Taiwan Business Bank
 
847,110
333,728
Taiwan Cement Corp.
 
915,600
911,617
Taiwan Cooperative Financial Holding Co. Ltd.
 
1,468,818
1,139,757
Taiwan Fertilizer Co. Ltd.
 
102,000
186,747
Taiwan High Speed Rail Corp.
 
293,000
265,822
Taiwan Mobile Co. Ltd.
 
238,000
702,812
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,375,000
55,079,783
Tatung Co. Ltd. (a)
 
246,000
272,424
TECO Electric & Machinery Co. Ltd.
 
217,000
309,489
The Shanghai Commercial & Savings Bank Ltd.
 
679,218
899,265
Tong Hsing Electronics Industries Ltd.
 
24,060
99,788
Tripod Technology Corp.
 
63,000
322,287
Tung Ho Steel Enterprise Corp.
 
65,300
130,977
Uni-President Enterprises Corp.
 
661,000
1,385,676
Unimicron Technology Corp.
 
177,000
788,797
United Integrated Services Co.
 
23,000
170,628
United Microelectronics Corp.
 
1,613,000
2,317,892
United Renewable Energy Co. Ltd.
 
198,004
91,142
Vanguard International Semiconductor Corp.
 
125,000
271,256
Voltronic Power Technology Corp.
 
10,250
410,749
Walsin Lihwa Corp.
 
419,374
445,989
Walsin Technology Corp.
 
48,000
155,386
Wan Hai Lines Ltd.
 
202,000
288,489
Win Semiconductors Corp.
 
55,000
246,324
Winbond Electronics Corp.
 
386,000
298,890
Winbond Electronics Corp. rights 11/3/23 (a)
 
15,517
1,410
Wisdom Marine Lines Co. Ltd.
 
55,000
70,963
Wistron Corp.
 
401,000
1,117,328
Wiwynn Corp.
 
14,000
662,853
WPG Holding Co. Ltd.
 
232,040
513,069
Yageo Corp.
 
45,775
745,720
Yang Ming Marine Transport Corp.
 
241,000
313,872
YFY, Inc.
 
180,000
165,617
Yuanta Financial Holding Co. Ltd.
 
1,767,638
1,327,034
Yulon Finance Corp.
 
42,699
236,347
Yulon Motor Co. Ltd.
 
92,368
211,967
Zhen Ding Technology Holding Ltd.
 
90,000
271,900
TOTAL TAIWAN
 
 
148,777,825
Thailand - 0.5%
 
 
 
Advanced Info Service PCL (For. Reg.)
 
24,300
148,012
Advanced Information Service PCL NVDR
 
124,700
759,550
Airports of Thailand PCL:
 
 
 
 (For. Reg.) (a)
 
335,700
619,817
 NVDR (a)
 
253,800
468,602
Asset World Corp. PCL NVDR
 
1,207,900
115,586
B. Grimm Power PCL:
 
 
 
 (For. Reg.)
 
11,600
7,096
 NVDR
 
157,900
96,595
Bangkok Bank PCL:
 
 
 
 (For. Reg.)
 
11,400
49,680
 NVDR
 
68,700
299,385
Bangkok Chain Hospital PCL NVDR
 
172,600
96,054
Bangkok Commercial Asset Management PCL:
 
 
 
 (For. Reg.)
 
59,300
14,691
 NVDR
 
94,100
23,312
Bangkok Dusit Medical Services PCL:
 
 
 
 (For. Reg.)
 
172,600
126,531
 NVDR
 
381,400
279,599
Bangkok Expressway and Metro PCL:
 
 
 
 (For. Reg.)
 
573,400
125,267
 NVDR
 
475,000
103,770
Banpu PCL NVDR
 
472,000
99,221
Berli Jucker PCL:
 
 
 
 (For. Reg.)
 
39,000
30,512
 NVDR
 
91,600
71,664
BTS Group Holdings PCL:
 
 
 
 (For. Reg.)
 
313,800
65,265
 NVDR
 
559,900
115,450
Bumrungrad Hospital PCL:
 
 
 
 (For. Reg.)
 
26,700
191,906
 NVDR
 
26,100
187,594
Carabao Group PCL:
 
 
 
 (For. Reg.)
 
16,700
31,197
 NVDR
 
38,100
71,175
Central Pattana PCL:
 
 
 
 (For. Reg.)
 
91,900
158,989
 NVDR
 
95,900
165,909
Central Plaza Hotel PCL NVDR (a)
 
75,600
94,130
Central Retail Corp. PCL:
 
 
 
 (For. Reg.)
 
176,708
179,724
 NVDR
 
233,500
237,486
Charoen Pokphand Foods PCL:
 
 
 
 (For. Reg.)
 
251,200
129,948
 NVDR
 
208,900
108,066
Chularat Hospital PCL NVDR unit
 
775,000
67,753
Com7 PCL NVDR
 
96,400
71,434
CP ALL PCL:
 
 
 
 (For. Reg.)
 
203,100
310,411
 NVDR
 
397,800
607,984
Delta Electronics PCL:
 
 
 
 (For. Reg.)
 
274,000
598,928
 NVDR
 
346,200
756,822
Electricity Generating PCL NVDR
 
33,800
114,101
Energy Absolute PCL:
 
 
 
 (For. Reg.)
 
126,300
146,811
 NVDR
 
119,500
138,906
Global Power Synergy Public Co. Ltd.:
 
 
 
 (For. Reg.)
 
44,294
47,819
 NVDR
 
47,200
50,956
Gulf Energy Development PCL:
 
 
 
 (For. Reg.)
 
288,000
344,701
 NVDR
 
464,600
556,069
Gunkul Engineering PCL NVDR
 
477,300
30,126
Hana Microelectronics PCL NVDR
 
86,600
125,230
Home Product Center PCL:
 
 
 
 (For. Reg.)
 
164,700
54,228
 NVDR
 
361,600
119,057
Indorama Ventures PCL NVDR
 
263,700
172,786
Intouch Holdings PCL:
 
 
 
 (For. Reg.)
 
45,100
88,592
 NVDR
 
81,000
159,111
IRPC PCL:
 
 
 
 (For. Reg.)
 
672,700
35,758
 NVDR
 
758,800
40,335
Jaymart Group Holdings PCL NVDR
 
100,100
45,447
JMT Network Services PCL:
 
 
 
 NVDR
 
93,622
76,437
 warrants (a)
 
3,605
221
Kasikornbank PCL:
 
 
 
 (For. Reg.)
 
58,200
211,674
 NVDR
 
103,500
376,431
KCE Electronics PCL NVDR
 
83,800
117,670
Kiatnakin Bank PCL:
 
 
 
 warrants 3/17/24 (a)
 
4,316
29
 warrants 3/17/26 (a)
 
4,316
241
 (For. Reg.)
 
51,800
70,626
Krung Thai Bank PCL:
 
 
 
 (For. Reg.)
 
166,000
86,315
 NVDR
 
309,600
160,983
Krungthai Card PCL:
 
 
 
 (For. Reg.)
 
54,000
65,373
 NVDR
 
93,500
113,191
Land & House PCL:
 
 
 
 (For. Reg.)
 
205,900
43,013
 NVDR
 
248,400
51,892
Minor International PCL:
 
 
 
 (For. Reg.)
 
233,456
180,921
 NVDR
 
148,448
115,043
Muangthai Leasing PCL:
 
 
 
 (For. Reg.)
 
29,100
29,390
 NVDR
 
69,100
69,787
Ngern Tid Lor PCL NVDR
 
196,532
104,440
Osotspa PCL:
 
 
 
 (For. Reg.)
 
72,200
46,952
 NVDR
 
104,900
68,218
PTT Exploration and Production PCL:
 
 
 
 (For. Reg.)
 
94,200
427,815
 NVDR
 
104,400
474,139
PTT Global Chemical PCL:
 
 
 
 (For. Reg.)
 
9,000
8,596
 NVDR
 
217,000
207,259
PTT Oil & Retail Business PCL NVDR
 
399,200
202,160
PTT PCL:
 
 
 
 (For. Reg.)
 
317,500
292,250
 NVDR
 
883,700
813,421
Ratch Group PCL NVDR unit
 
80,500
71,824
SCB X PCL:
 
 
 
 (For. Reg.)
 
6,250
17,041
 NVDR
 
109,600
298,833
SCG Packaging PCL NVDR
 
176,900
176,271
Siam Cement PCL:
 
 
 
 (For. Reg.)
 
5,500
43,814
 NVDR
 
34,500
274,836
Siam Global House PCL NVDR
 
317,766
138,731
Sri Trang Agro-Industry PCL NVDR
 
89,000
35,464
Sri Trang Gloves Thailand PCL NVDR
 
136,100
22,018
Srisawad Corp. PCL:
 
 
 
 (For. Reg.)
 
26,600
30,818
 NVDR
 
68,500
78,670
Thai Beverage PCL
 
1,203,200
475,241
Thai Life Insurance PCL
 
389,500
119,638
Thai Oil PCL:
 
 
 
 (For. Reg.)
 
62,275
81,086
 NVDR
 
63,277
82,390
Thai Union Frozen Products PCL:
 
 
 
 (For. Reg.)
 
86,400
32,272
 NVDR
 
196,700
73,471
Thanachart Capital PCL:
 
 
 
 (For. Reg.)
 
28,000
37,963
 NVDR
 
47,900
64,957
Thonburi Healthcare Group PCL NVDR
 
48,400
84,112
TISCO Financial Group PCL:
 
 
 
 (For. Reg.)
 
8,600
22,900
 NVDR
 
46,800
124,621
TMBThanachart Bank PCL:
 
 
 
 (For. Reg.)
 
1,955,587
90,342
 NVDR
 
4,664,671
215,494
True Corp. PCL
 
617,650
103,589
True Corp. PCL NVDR
 
1,670,449
280,158
VGI PCL:
 
 
 
 (For. Reg.)
 
97,360
5,177
 NVDR
 
303,240
16,124
 warrants (For. Reg.) (a)
 
116,340
390
WHA Corp. PCL:
 
 
 
 (For. Reg.)
 
369,000
51,093
 NVDR
 
705,800
97,728
TOTAL THAILAND
 
 
17,616,701
Turkey - 0.3%
 
 
 
AG Anadolu Grubu Holding A/S
 
17,544
127,247
Akbank TAS
 
433,131
450,578
Aksa Akrilik Kimya Sanayii
 
20,118
62,941
Aksa Enerji Uretim A/S
 
35,272
43,643
Alarko Holding AS
 
19,695
70,381
Anadolu Efes Biracilik Ve Malt Sanayii A/S
 
27,409
96,641
Arcelik A/S
 
29,526
141,587
Aselsan A/S
 
164,772
240,532
Bera Holding A/S
 
78,276
47,293
Bim Birlesik Magazalar A/S JSC
 
61,525
590,934
Coca-Cola Icecek Sanayi A/S
 
9,888
128,422
Dogan Sirketler Grubu Holding A/S
 
160,124
77,350
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S
 
236,463
54,775
Enerjisa Enerji A/S (c)
 
34,232
58,796
Enka Insaat ve Sanayi A/S
 
246,119
264,376
Eregli Demir ve Celik Fabrikalari T.A.S. (a)
 
251,044
335,621
Ford Otomotiv Sanayi A/S
 
9,847
273,408
Haci Omer Sabanci Holding A/S
 
182,439
344,659
Hektas Ticaret A/S (a)
 
146,675
113,531
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D
 
95,920
84,542
Koc Holding A/S
 
176,102
850,685
Kontrolmatik Enerji Ve Muhendislik A/S
 
11,789
109,276
Koza Altin Isletmeleri A/S
 
132,578
102,807
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
 
23,901
44,394
Migros Turk Ticaret A/S
 
13,154
156,858
Nuh Cimento Sanayi A/S
 
7,790
94,077
Otokar Otomotiv ve Savunma Sanayi A.S.
 
5,333
75,233
Oyak Cimento Fabrikalari A/S (a)
 
40,831
102,873
Pegasus Hava Tasimaciligi A/S (a)
 
6,152
153,152
Petkim Petrokimya Holding A/S (a)
 
177,193
123,137
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S
 
53,352
59,457
Sasa Polyester Sanayi A/S
 
134,468
203,037
Sok Marketler Ticaret A/S
 
43,806
92,502
TAV Havalimanlari Holding A/S (a)
 
23,832
96,441
Tekfen Holding A/S
 
22,549
32,519
Tofas Turk Otomobil Fabrikasi A/S
 
17,316
147,178
Turk Hava Yollari AO (a)
 
97,672
749,459
Turk Traktor ve Ziraat Makinalari A/S
 
3,433
87,864
Turkcell Iletisim Hizmet A/S
 
160,670
272,329
Turkiye Is Bankasi A/S Series C
 
473,415
350,724
Turkiye Petrol Rafinerileri A/S
 
115,435
578,413
Turkiye Sise ve Cam Fabrikalari A/S
 
185,065
309,365
Yapi ve Kredi Bankasi A/S
 
378,198
230,237
TOTAL TURKEY
 
 
8,629,274
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
406,556
888,822
Abu Dhabi Islamic Bank (a)
 
201,152
564,080
Abu Dhabi National Oil Co. for Distribution PJSC
 
403,007
368,664
ADNOC Drilling Co. PJSC
 
244,590
242,392
Aldar Properties PJSC
 
522,238
739,351
Dubai Electricity & Water Authority PJSC (a)
 
1,242,665
805,212
Dubai Islamic Bank Pakistan Ltd. (a)
 
401,000
589,545
Emaar Properties PJSC
 
855,962
1,559,049
Emirates NBD Bank PJSC
 
341,710
1,576,908
Emirates Telecommunications Corp.
 
480,578
2,415,320
First Abu Dhabi Bank PJSC
 
611,112
2,109,692
Multiply Group (a)
 
512,123
474,059
TOTAL UNITED ARAB EMIRATES
 
 
12,333,094
United Kingdom - 7.4%
 
 
 
3i Group PLC
 
134,781
3,177,811
Abrdn PLC
 
270,871
515,739
Admiral Group PLC
 
36,119
1,072,497
AngloGold Ashanti PLC
 
58,027
1,072,585
Ashtead Group PLC
 
62,540
3,575,710
Associated British Foods PLC
 
46,929
1,155,627
AstraZeneca PLC (United Kingdom)
 
214,574
26,865,470
Auto Trader Group PLC (c)
 
127,295
962,892
Aviva PLC
 
379,301
1,837,171
B&M European Value Retail SA
 
129,179
830,272
BAE Systems PLC
 
423,127
5,689,527
Barclays PLC
 
2,036,710
3,269,017
Barratt Developments PLC
 
134,851
678,401
Beazley PLC
 
93,219
582,944
Bellway PLC
 
16,626
421,945
Berkeley Group Holdings PLC
 
15,830
776,550
BP PLC
 
2,393,771
14,616,413
British American Tobacco PLC (United Kingdom)
 
309,565
9,247,464
British Land Co. PLC
 
126,816
458,562
BT Group PLC
 
786,591
1,077,960
Bunzl PLC
 
46,516
1,657,690
Burberry Group PLC
 
52,447
1,078,594
Centrica PLC
 
777,348
1,486,214
CK Hutchison Holdings Ltd.
 
369,000
1,867,984
Coca-Cola European Partners PLC
 
28,631
1,675,200
Compass Group PLC
 
247,100
6,229,734
ConvaTec Group PLC (c)
 
223,936
555,798
Croda International PLC
 
19,707
1,048,657
DCC PLC (United Kingdom)
 
13,954
774,242
Dechra Pharmaceuticals PLC
 
15,768
729,811
Derwent London PLC
 
15,459
342,535
Diageo PLC
 
309,937
11,720,585
Diploma PLC
 
18,575
641,638
Dowlais Group PLC
 
196,136
238,394
DS Smith PLC
 
191,428
663,578
Entain PLC
 
88,442
1,000,151
Games Workshop Group PLC
 
4,563
547,677
Halma PLC
 
52,589
1,179,311
Hargreaves Lansdown PLC
 
49,299
423,398
Hiscox Ltd.
 
49,235
561,324
Howden Joinery Group PLC
 
76,908
596,015
HSBC Holdings PLC (United Kingdom)
 
2,771,840
20,013,864
IG Group Holdings PLC
 
55,159
427,734
IMI PLC
 
36,190
644,412
Imperial Brands PLC
 
126,749
2,700,285
Inchcape PLC
 
57,328
464,064
Informa PLC
 
193,170
1,670,755
InterContinental Hotel Group PLC
 
24,252
1,718,559
Intermediate Capital Group PLC
 
39,920
632,953
International Consolidated Airlines Group SA CDI (a)
 
344,278
603,200
Intertek Group PLC
 
22,303
1,036,346
ITV PLC
 
486,057
377,271
J Sainsbury PLC
 
244,667
765,160
JD Sports Fashion PLC
 
344,369
533,668
Johnson Matthey PLC
 
26,827
487,147
Kingfisher PLC
 
262,942
671,427
Land Securities Group PLC
 
104,287
721,240
Legal & General Group PLC
 
825,047
2,119,926
Lloyds Banking Group PLC
 
9,312,609
4,532,447
London Stock Exchange Group PLC
 
57,196
5,770,796
M&G PLC
 
331,906
799,569
Man Group PLC
 
167,330
446,422
Marks & Spencer Group PLC (a)
 
272,507
718,082
Melrose Industries PLC
 
186,827
1,060,458
National Grid PLC
 
512,189
6,106,818
NatWest Group PLC
 
772,671
1,681,191
Next PLC
 
17,579
1,470,863
Nomad Foods Ltd. (a)
 
20,743
286,668
Ocado Group PLC (a)
 
100,401
567,817
Pearson PLC
 
98,712
1,142,664
Pennon Group PLC
 
35,407
312,652
Persimmon PLC
 
44,702
552,024
Phoenix Group Holdings PLC
 
132,140
728,846
Reckitt Benckiser Group PLC
 
101,992
6,823,975
RELX PLC (London Stock Exchange)
 
268,209
9,367,928
Rentokil Initial PLC
 
347,118
1,767,695
Rightmove PLC
 
115,020
661,259
Rolls-Royce Holdings PLC (a)
 
1,165,349
3,067,463
RS GROUP PLC
 
65,860
542,095
Sage Group PLC
 
141,761
1,672,377
Schroders PLC
 
126,187
566,410
Segro PLC
 
168,981
1,464,005
Severn Trent PLC
 
35,273
1,138,695
Smith & Nephew PLC
 
122,283
1,368,485
Smiths Group PLC
 
48,478
950,716
Spectris PLC
 
14,771
556,556
Spirax-Sarco Engineering PLC
 
10,163
1,011,926
SSE PLC
 
151,581
3,008,625
St. James's Place PLC
 
75,832
589,519
Standard Chartered PLC (United Kingdom)
 
319,638
2,447,575
Subsea 7 SA
 
31,624
414,446
Tate & Lyle PLC
 
56,371
431,994
Taylor Wimpey PLC
 
492,163
662,805
Tesco PLC
 
987,895
3,241,839
The Weir Group PLC
 
35,818
743,142
Tritax Big Box REIT PLC
 
262,798
436,964
Unilever PLC
 
348,470
16,503,778
Unite Group PLC
 
55,201
582,712
United Utilities Group PLC
 
94,867
1,226,969
Vodafone Group PLC
 
3,152,365
2,901,877
Whitbread PLC
 
27,052
1,094,258
WPP PLC
 
149,283
1,285,510
TOTAL UNITED KINGDOM
 
 
241,200,013
United States of America - 4.6%
 
 
 
Bausch Health Cos., Inc. (Canada) (a)
 
40,862
278,679
Brookfield Renewable Corp.
 
18,461
420,007
CSL Ltd.
 
66,792
9,871,332
CyberArk Software Ltd. (a)
 
5,785
946,657
DHT Holdings, Inc.
 
18,667
207,577
Experian PLC
 
127,800
3,869,383
Ferrovial SE
 
69,008
2,076,614
Ferrovial SE rights (a)(e)
 
69,008
31,222
Fiverr International Ltd. (a)(b)
 
4,565
96,641
Flex Ltd. (a)
 
61,899
1,592,042
Globant SA (a)(b)
 
5,856
997,218
GSK PLC
 
567,203
10,111,400
Haleon PLC
 
665,194
2,666,158
Holcim AG
 
73,807
4,550,208
ICON PLC (a)
 
11,369
2,773,581
InMode Ltd. (a)(b)
 
9,917
189,415
James Hardie Industries PLC CDI (a)
 
61,018
1,522,364
JBS SA
 
89,600
355,965
Legend Biotech Corp. ADR (a)
 
7,327
484,095
Monday.com Ltd. (a)
 
3,480
452,365
Nestle SA (Reg. S)
 
369,666
39,864,331
Parade Technologies Ltd.
 
10,000
327,616
QIAGEN NV (Germany) (a)
 
32,057
1,191,253
Reliance Worldwide Corp. Ltd.
 
109,407
243,864
Roche Holding AG:
 
 
 
 (Bearer)
 
3,708
1,007,660
 (participation certificate)
 
97,262
25,065,355
Sanofi SA
 
154,075
13,990,968
Schneider Electric SA
 
74,589
11,476,060
Spotify Technology SA (a)
 
19,679
3,242,312
Stratasys Ltd. (a)(b)
 
8,143
82,814
Swiss Re Ltd.
 
40,022
4,360,997
Tenaris SA
 
63,559
998,016
Waste Connections, Inc. (Canada)
 
35,663
4,617,738
TOTAL UNITED STATES OF AMERICA
 
 
149,961,907
Zambia - 0.0%
 
 
 
First Quantum Minerals Ltd.
 
77,419
897,150
 
TOTAL COMMON STOCKS
 (Cost $3,276,050,125)
 
 
 
3,151,922,622
 
 
 
 
Nonconvertible Preferred Stocks - 0.8%
 
 
Shares
Value ($)
 
Brazil - 0.4%
 
 
 
Banco Bradesco SA (PN)
 
728,279
2,020,851
Bradespar SA (PN)
 
34,209
151,580
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)
 
22,429
171,051
Companhia Energetica de Minas Gerais (CEMIG) (PN)
 
203,434
473,708
Gerdau SA
 
160,600
693,462
Itau Unibanco Holding SA
 
671,550
3,572,365
Itausa-Investimentos Itau SA (PN)
 
717,805
1,230,096
Metalurgica Gerdau SA (PN)
 
95,300
195,259
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
654,900
4,512,565
TOTAL BRAZIL
 
 
13,020,937
Chile - 0.0%
 
 
 
Embotelladora Andina SA Class B
 
52,026
105,796
Sociedad Quimica y Minera de Chile SA (PN-B)
 
19,782
957,051
TOTAL CHILE
 
 
1,062,847
Colombia - 0.0%
 
 
 
Bancolombia SA (PN)
 
64,902
416,281
Germany - 0.2%
 
 
 
Henkel AG & Co. KGaA
 
22,633
1,630,378
Porsche Automobil Holding SE (Germany)
 
21,166
947,350
Sartorius AG (non-vtg.)
 
3,726
931,214
Volkswagen AG
 
25,419
2,695,703
TOTAL GERMANY
 
 
6,204,645
Korea (South) - 0.2%
 
 
 
Hyundai Motor Co. Ltd.
 
2,787
205,506
Hyundai Motor Co. Ltd. Series 2
 
4,666
346,133
LG Chemical Ltd.
 
1,168
243,582
Samsung Electronics Co. Ltd.
 
116,269
4,635,127
TOTAL KOREA (SOUTH)
 
 
5,430,348
Russia - 0.0%
 
 
 
AK Transneft OAO (d)
 
168
48,760
Sberbank of Russia (Russia) (d)
 
109,390
678
Surgutneftegas OJSC (d)
 
841,000
14,636
TOTAL RUSSIA
 
 
64,074
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $32,735,101)
 
 
 
26,199,132
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (f)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (g)
  (Cost $3,441,812)
 
3,500,000
3,441,609
 
 
 
 
Money Market Funds - 2.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
78,745,583
78,761,332
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
9,333,389
9,334,323
 
TOTAL MONEY MARKET FUNDS
 (Cost $88,095,465)
 
 
88,095,655
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $3,400,322,503)
 
 
 
3,269,659,018
NET OTHER ASSETS (LIABILITIES) - 0.3%  
8,900,748
NET ASSETS - 100.0%
3,278,559,766
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
644
Dec 2023
63,566,020
(3,309,288)
(3,309,288)
ICE MSCI Emerging Markets Index Contracts (United States)
618
Dec 2023
28,403,280
(1,536,406)
(1,536,406)
TME S&P/TSX 60 Index Contracts (Canada)
45
Dec 2023
7,366,144
(411,842)
(411,842)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(5,257,536)
The notional amount of futures purchased as a percentage of Net Assets is 3.0%
 
 
 
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 $59,107,959 or 1.8% 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 $3,131,864.
 
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(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 5.40%
60,028,940
446,664,285
427,931,893
3,887,750
-
-
78,761,332
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
8,407,556
104,918,098
103,991,331
191,795
-
-
9,334,323
0.0%
Total
68,436,496
551,582,383
531,923,224
4,079,545
-
-
88,095,655
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
176,544,188
40,175,045
135,884,502
484,641
Consumer Discretionary
372,295,075
107,659,648
264,635,427
-
Consumer Staples
259,714,066
61,460,265
198,253,616
185
Energy
188,140,414
71,851,196
116,032,205
257,013
Financials
669,002,905
273,376,621
395,618,000
8,284
Health Care
292,705,450
47,917,444
244,788,006
-
Industrials
432,608,641
145,429,690
287,178,951
-
Information Technology
370,556,121
38,864,340
331,691,781
-
Materials
244,134,011
94,781,328
149,251,558
101,125
Real Estate
72,548,589
19,132,382
53,416,207
-
Utilities
99,872,294
42,052,521
57,819,773
-
 Government Obligations
3,441,609
-
3,441,609
-
  Money Market Funds
88,095,655
88,095,655
-
-
 Total Investments in Securities:
3,269,659,018
1,030,796,135
2,238,011,635
851,248
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(5,257,536)
(5,257,536)
-
-
  Total Liabilities
(5,257,536)
(5,257,536)
-
-
 Total Derivative Instruments:
(5,257,536)
(5,257,536)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(5,257,536)
Total Equity Risk
0
(5,257,536)
Total Value of Derivatives
0
(5,257,536)
 
(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
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $8,846,836) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,312,227,038)
$
3,181,563,363
 
 
Fidelity Central Funds (cost $88,095,465)
88,095,655
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,400,322,503)
 
 
$
3,269,659,018
Foreign currency held at value (cost $6,364,672)
 
 
6,303,647
Receivable for fund shares sold
 
 
1,799,870
Dividends receivable
 
 
7,171,784
Reclaims receivable
 
 
6,439,659
Distributions receivable from Fidelity Central Funds
 
 
348,991
Receivable for daily variation margin on futures contracts
 
 
11,665
Other receivables
 
 
6,060
  Total assets
 
 
3,291,740,694
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
2,944
 
 
Delayed delivery
53,753
 
 
Payable for fund shares redeemed
1,297,290
 
 
Deferred taxes
2,490,607
 
 
Other payables and accrued expenses
1,915
 
 
Collateral on securities loaned
9,334,419
 
 
  Total Liabilities
 
 
 
13,180,928
Net Assets  
 
 
$
3,278,559,766
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,477,668,403
Total accumulated earnings (loss)
 
 
 
(199,108,637)
Net Assets
 
 
$
3,278,559,766
Net Asset Value, offering price and redemption price per share ($3,278,559,766 ÷ 328,047,154 shares)
 
 
$
9.99
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
106,633,468
Interest  
 
 
163,967
Income from Fidelity Central Funds (including $191,795 from security lending)
 
 
4,079,545
 Income before foreign taxes withheld
 
 
$
110,876,980
Less foreign taxes withheld
 
 
(9,795,803)
 Total Income
 
 
 
101,081,177
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
17,710
 
 
 Total Expenses
 
 
 
17,710
Net Investment income (loss)
 
 
 
101,063,467
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $434,741)
 
(55,060,512)
 
 
 Foreign currency transactions
 
(355,377)
 
 
 Futures contracts
 
2,366,855
 
 
Total net realized gain (loss)
 
 
 
(53,049,034)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $277,688)  
 
276,595,178
 
 
 Assets and liabilities in foreign currencies
 
547,238
 
 
 Futures contracts
 
(2,459,748)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
274,682,668
Net gain (loss)
 
 
 
221,633,634
Net increase (decrease) in net assets resulting from operations
 
 
$
322,697,101
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
101,063,467
$
91,993,550
Net realized gain (loss)
 
(53,049,034)
 
 
(75,638,610)
 
Change in net unrealized appreciation (depreciation)
 
274,682,668
 
(855,127,261)
 
Net increase (decrease) in net assets resulting from operations
 
322,697,101
 
 
(838,772,321)
 
Distributions to shareholders
 
(77,147,029)
 
 
(81,189,445)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
767,830,253
 
833,661,261
  Reinvestment of distributions
 
68,275,410
 
 
73,597,486
 
Cost of shares redeemed
 
(424,367,743)
 
(505,121,413)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
411,737,920
 
 
402,137,334
 
Total increase (decrease) in net assets
 
657,287,992
 
 
(517,824,432)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,621,271,774
 
3,139,096,206
 
End of period
$
3,278,559,766
$
2,621,271,774
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
73,261,474
 
76,476,551
  Issued in reinvestment of distributions
 
7,009,796
 
 
6,356,146
 
Redeemed
 
(40,762,226)
 
(47,407,223)
Net increase (decrease)
 
39,509,044
 
35,425,474
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® International Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.08
$
12.40
$
9.67
$
10.14
$
9.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.33
 
.30
 
.23
 
.32
     Net realized and unrealized gain (loss)
 
.85
 
(3.34)
 
2.62
 
(.45)
 
.75
  Total from investment operations
 
1.18  
 
(3.01)  
 
2.92  
 
(.22)  
 
1.07
  Distributions from net investment income
 
(.27)
 
(.31)
 
(.19)
 
(.25)
 
(.06)
     Total distributions
 
(.27)
 
(.31)
 
(.19)
 
(.25)
 
(.06)
  Net asset value, end of period
$
9.99
$
9.08
$
12.40
$
9.67
$
10.14
 Total Return C,D
 
13.03%
 
(24.79)%
 
30.39%
 
(2.34)%
 
11.79%
 Ratios to Average Net Assets A,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions G
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
3.12%
 
3.11%
 
2.50%
 
2.39%
 
3.34%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,278,560
$
2,621,272
$
3,139,096
$
1,651,017
$
1,260,503
    Portfolio turnover rate H
 
6%
 
6%
 
8%
 
8%
 
4%
 
ANet 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.
 
BCalculated based on average shares outstanding during the period.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EExpense 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.
 
FFees 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.
 
GAmount represents less than .005%.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity ZERO® Large Cap Index Fund
10.57%
10.99%
9.25%
 
A   From September 13, 2018
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity ZERO® Large Cap Index Fund on September 13, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Large Cap Index℠ and S&P 500® Index performed over the same period.
 
Fidelity ZERO® Large Cap Index Fund
Market Recap:
U.S. equities gained 10.14% for the 12 months ending October 31, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of 25 basis points, followed by the decision to hold rates in September at a 22-year high so the Fed can observe the pause's effect on inflation and the economy. The year-to-date equity rally sputtered in August and continued to lose steam through October amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The S&P 500® closed at its 2023 high on July 31 before returning -3.27% in Q3 and -2.10% in October. Still, U.S. stocks ended October up 10.69% year to date. By sector for the full 12 months, communications services (+36%) and tech (+33%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-8%) and real estate (-7%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 10.57%, versus 10.57% for the benchmark Fidelity U.S. Large Cap Index TR. By sector, information technology gained approximately 32% and contributed most. Communication services stocks also helped, gaining 35%. The consumer discretionary sector rose roughly 10%, boosted by the consumer discretionary distribution & retail industry (+17%). Other notable contributors included the industrials (+6%) and materials (+5%) sectors. Conversely, health care returned -4% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-4%). Consumer staples (-3%), hampered by the food, beverage & tobacco industry (-7%), and utilities (-8%) also hurt. Other notable detractors included the real estate (-7%), energy (-2%) and financials (0%) sectors. Turning to individual stocks, the biggest contributor was Microsoft (+47%), from the software & services group. Nvidia (+202%), a stock in the semiconductors & semiconductor equipment group, lifted the fund. Meta Platforms (+223%) and Alphabet (+32%), within the media & entertainment category, also boosted the fund. Lastly, Amazon.com (+30%), from the consumer discretionary distribution & retail group, also helped. In contrast, the biggest individual detractor was Pfizer (-32%), from the pharmaceuticals, biotechnology & life sciences group. Also in pharmaceuticals, biotechnology & life sciences, Johnson & Johnson (-12%) hurt. Another notable detractor was Tesla (-12%), a stock in the automobiles & components industry. Bank of America (-25%), a stock in the banks category and Chevron (-17%), within the energy category, also hurt the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity ZERO® Large Cap Index Fund
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
7.0
 
Apple, Inc.
7.0
 
Amazon.com, Inc.
3.3
 
NVIDIA Corp.
2.8
 
Alphabet, Inc. Class A
2.0
 
Meta Platforms, Inc. Class A
1.9
 
Alphabet, Inc. Class C
1.8
 
Berkshire Hathaway, Inc. Class B
1.7
 
Tesla, Inc.
1.5
 
UnitedHealth Group, Inc.
1.4
 
 
30.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
28.6
 
Health Care
13.1
 
Financials
12.7
 
Consumer Discretionary
10.2
 
Communication Services
8.7
 
Industrials
8.2
 
Consumer Staples
6.4
 
Energy
4.5
 
Materials
2.4
 
Utilities
2.3
 
Real Estate
2.3
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.6%
 
Fidelity ZERO® Large Cap Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.4%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.7%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
AT&T, Inc.
 
1,275,605
19,644,317
Verizon Communications, Inc.
 
750,128
26,351,997
 
 
 
45,996,314
Entertainment - 1.2%
 
 
 
Atlanta Braves Holdings, Inc.
 
6,534
227,253
Atlanta Braves Holdings, Inc. Class A
 
2,207
83,667
Electronic Arts, Inc.
 
43,989
5,445,398
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A
 
4,434
255,177
 Class C
 
36,969
2,391,525
Liberty Media Corp. Liberty Live:
 
 
 
 Class C
 
7,731
246,387
 Series A
 
4,094
127,897
Netflix, Inc. (a)
 
79,075
32,554,387
Roblox Corp. (a)(b)
 
85,962
2,734,451
Take-Two Interactive Software, Inc. (a)
 
28,186
3,769,878
The Walt Disney Co. (a)
 
326,509
26,639,869
Warner Bros Discovery, Inc. (a)
 
395,536
3,931,628
 
 
 
78,407,517
Interactive Media & Services - 5.8%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
1,058,604
131,351,584
 Class C (a)
 
900,586
112,843,426
Match Group, Inc. (a)
 
49,677
1,718,824
Meta Platforms, Inc. Class A (a)
 
396,587
119,479,765
Pinterest, Inc. Class A (a)
 
103,845
3,102,889
Snap, Inc. Class A (a)(b)
 
180,754
1,809,348
 
 
 
370,305,836
Media - 0.8%
 
 
 
Charter Communications, Inc. Class A (a)
 
18,162
7,315,654
Comcast Corp. Class A
 
734,397
30,323,252
Fox Corp.:
 
 
 
 Class A
 
47,747
1,451,031
 Class B
 
20,948
584,659
Interpublic Group of Companies, Inc.
 
68,521
1,945,996
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
2,897
241,378
 Class C (a)
 
20,519
1,709,438
Liberty Media Corp. Liberty SiriusXM
 
26,660
654,503
Liberty Media Corp. Liberty SiriusXM Class A
 
13,208
323,464
Omnicom Group, Inc.
 
35,262
2,641,476
Paramount Global:
 
 
 
 Class A (b)
 
1,254
17,431
 Class B (b)
 
86,613
942,349
The Trade Desk, Inc. (a)
 
79,619
5,649,764
 
 
 
53,800,395
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile U.S., Inc.
 
92,368
13,288,060
TOTAL COMMUNICATION SERVICES
 
 
561,798,122
CONSUMER DISCRETIONARY - 10.2%
 
 
 
Automobile Components - 0.1%
 
 
 
Aptiv PLC (a)
 
50,478
4,401,682
Automobiles - 1.7%
 
 
 
Ford Motor Co.
 
701,205
6,836,749
General Motors Co.
 
245,585
6,925,497
Tesla, Inc. (a)
 
492,729
98,959,692
 
 
 
112,721,938
Broadline Retail - 3.4%
 
 
 
Amazon.com, Inc. (a)
 
1,620,127
215,622,702
eBay, Inc.
 
94,981
3,726,105
Etsy, Inc. (a)
 
21,903
1,364,557
 
 
 
220,713,364
Distributors - 0.1%
 
 
 
Genuine Parts Co.
 
25,072
3,230,778
LKQ Corp.
 
47,741
2,096,785
Pool Corp.
 
6,966
2,199,654
 
 
 
7,527,217
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Airbnb, Inc. Class A (a)
 
76,081
8,999,621
Booking Holdings, Inc. (a)
 
6,369
17,766,708
Caesars Entertainment, Inc. (a)
 
38,421
1,532,614
Carnival Corp. (a)(b)
 
179,335
2,055,179
Chipotle Mexican Grill, Inc. (a)
 
4,923
9,561,451
Darden Restaurants, Inc.
 
21,573
3,139,519
Domino's Pizza, Inc.
 
6,264
2,123,433
Doordash, Inc. (a)
 
53,533
4,012,298
Expedia, Inc. (a)
 
24,602
2,344,325
Hilton Worldwide Holdings, Inc.
 
46,671
7,072,057
Las Vegas Sands Corp.
 
58,633
2,782,722
Marriott International, Inc. Class A
 
44,704
8,429,386
McDonald's Corp.
 
130,039
34,092,325
MGM Resorts International
 
50,115
1,750,016
Royal Caribbean Cruises Ltd. (a)
 
42,063
3,563,998
Starbucks Corp.
 
204,383
18,852,288
Yum! Brands, Inc.
 
49,973
6,039,737
 
 
 
134,117,677
Household Durables - 0.3%
 
 
 
D.R. Horton, Inc.
 
54,334
5,672,470
Garmin Ltd.
 
27,307
2,799,787
Lennar Corp.:
 
 
 
 Class A
 
44,742
4,773,077
 Class B
 
2,710
267,233
NVR, Inc. (a)
 
583
3,155,557
PulteGroup, Inc.
 
39,166
2,882,226
 
 
 
19,550,350
Specialty Retail - 2.0%
 
 
 
AutoZone, Inc. (a)
 
3,240
8,025,901
Best Buy Co., Inc.
 
34,612
2,312,774
Burlington Stores, Inc. (a)
 
11,583
1,401,890
CarMax, Inc. (a)
 
28,225
1,724,265
Lowe's Companies, Inc.
 
104,564
19,926,761
O'Reilly Automotive, Inc. (a)
 
10,778
10,028,282
Ross Stores, Inc.
 
60,790
7,049,816
The Home Depot, Inc.
 
179,394
51,071,678
TJX Companies, Inc.
 
205,059
18,059,546
Tractor Supply Co. (b)
 
19,418
3,739,130
Ulta Beauty, Inc. (a)
 
8,889
3,389,465
 
 
 
126,729,508
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
lululemon athletica, Inc. (a)
 
20,634
8,119,066
NIKE, Inc. Class B
 
218,596
22,465,111
 
 
 
30,584,177
TOTAL CONSUMER DISCRETIONARY
 
 
656,345,913
CONSUMER STAPLES - 6.4%
 
 
 
Beverages - 1.5%
 
 
 
Brown-Forman Corp. Class B (non-vtg.)
 
32,628
1,832,388
Constellation Brands, Inc. Class A (sub. vtg.)
 
28,771
6,736,730
Keurig Dr. Pepper, Inc.
 
179,541
5,445,479
Monster Beverage Corp.
 
132,730
6,782,503
PepsiCo, Inc.
 
245,637
40,107,609
The Coca-Cola Co.
 
694,491
39,231,797
 
 
 
100,136,506
Consumer Staples Distribution & Retail - 1.8%
 
 
 
Costco Wholesale Corp.
 
79,073
43,683,088
Dollar General Corp.
 
39,095
4,653,869
Dollar Tree, Inc. (a)
 
37,363
4,150,656
Kroger Co.
 
117,848
5,346,764
Sysco Corp.
 
90,147
5,993,874
Target Corp.
 
82,354
9,124,000
Walgreens Boots Alliance, Inc.
 
127,770
2,693,392
Walmart, Inc.
 
254,658
41,613,664
 
 
 
117,259,307
Food Products - 0.9%
 
 
 
Archer Daniels Midland Co.
 
95,667
6,846,887
Bunge Ltd.
 
26,869
2,847,577
Conagra Brands, Inc.
 
85,445
2,337,775
General Mills, Inc.
 
104,430
6,813,013
Hormel Foods Corp.
 
51,755
1,684,625
Kellanova
 
47,062
2,375,219
Lamb Weston Holdings, Inc.
 
25,995
2,334,351
McCormick & Co., Inc. (non-vtg.)
 
44,753
2,859,717
Mondelez International, Inc.
 
242,755
16,072,809
The Hershey Co.
 
26,746
5,010,863
The J.M. Smucker Co.
 
18,230
2,075,303
The Kraft Heinz Co.
 
142,329
4,477,670
Tyson Foods, Inc. Class A
 
50,958
2,361,903
WK Kellogg Co.
 
11,368
113,907
 
 
 
58,211,619
Household Products - 1.4%
 
 
 
Church & Dwight Co., Inc.
 
43,910
3,993,175
Colgate-Palmolive Co.
 
147,519
11,081,627
Kimberly-Clark Corp.
 
60,341
7,219,197
Procter & Gamble Co.
 
420,637
63,108,169
The Clorox Co.
 
22,055
2,595,874
 
 
 
87,998,042
Personal Care Products - 0.2%
 
 
 
Estee Lauder Companies, Inc. Class A
 
41,372
5,331,610
Kenvue, Inc.
 
307,553
5,720,486
 
 
 
11,052,096
Tobacco - 0.6%
 
 
 
Altria Group, Inc.
 
316,686
12,721,277
Philip Morris International, Inc.
 
276,964
24,694,110
 
 
 
37,415,387
TOTAL CONSUMER STAPLES
 
 
412,072,957
ENERGY - 4.5%
 
 
 
Energy Equipment & Services - 0.4%
 
 
 
Baker Hughes Co. Class A
 
180,144
6,200,556
Halliburton Co.
 
160,332
6,307,461
Schlumberger Ltd.
 
253,587
14,114,652
 
 
 
26,622,669
Oil, Gas & Consumable Fuels - 4.1%
 
 
 
Cheniere Energy, Inc.
 
42,938
7,145,742
Chevron Corp.
 
316,587
46,136,224
ConocoPhillips Co.
 
213,673
25,384,352
Coterra Energy, Inc.
 
135,150
3,716,625
Devon Energy Corp.
 
114,287
5,322,346
Diamondback Energy, Inc.
 
31,909
5,115,651
EOG Resources, Inc.
 
103,898
13,117,123
Exxon Mobil Corp.
 
714,311
75,609,819
Hess Corp.
 
49,309
7,120,220
Kinder Morgan, Inc.
 
345,895
5,603,499
Marathon Oil Corp.
 
108,125
2,952,894
Marathon Petroleum Corp.
 
71,347
10,791,234
Occidental Petroleum Corp.
 
118,409
7,318,860
ONEOK, Inc.
 
103,942
6,777,018
Ovintiv, Inc.
 
45,293
2,174,064
Phillips 66 Co.
 
79,457
9,063,660
Pioneer Natural Resources Co.
 
41,602
9,942,878
Targa Resources Corp.
 
39,919
3,337,628
The Williams Companies, Inc.
 
217,036
7,466,038
Valero Energy Corp.
 
63,016
8,003,032
 
 
 
262,098,907
TOTAL ENERGY
 
 
288,721,576
FINANCIALS - 12.7%
 
 
 
Banks - 2.9%
 
 
 
Bank of America Corp.
 
1,233,627
32,493,735
Citigroup, Inc.
 
343,644
13,570,502
Citizens Financial Group, Inc.
 
84,328
1,975,805
Fifth Third Bancorp
 
121,432
2,879,153
Huntington Bancshares, Inc.
 
258,502
2,494,544
JPMorgan Chase & Co.
 
518,541
72,108,311
KeyCorp
 
167,295
1,709,755
M&T Bank Corp.
 
29,592
3,336,498
PNC Financial Services Group, Inc.
 
71,073
8,135,726
Regions Financial Corp.
 
167,381
2,432,046
Truist Financial Corp.
 
237,645
6,739,612
U.S. Bancorp
 
277,844
8,857,667
Wells Fargo & Co.
 
652,868
25,964,560
 
 
 
182,697,914
Capital Markets - 2.8%
 
 
 
Ameriprise Financial, Inc.
 
18,313
5,760,720
Bank of New York Mellon Corp.
 
138,972
5,906,310
BlackRock, Inc. Class A
 
25,043
15,333,328
Blackstone, Inc.
 
126,648
11,695,943
Cboe Global Markets, Inc.
 
18,838
3,087,360
Charles Schwab Corp.
 
265,355
13,809,074
CME Group, Inc.
 
64,186
13,701,144
FactSet Research Systems, Inc.
 
6,807
2,939,875
Goldman Sachs Group, Inc.
 
58,828
17,860,769
Intercontinental Exchange, Inc.
 
102,124
10,972,203
KKR & Co. LP
 
115,511
6,399,309
LPL Financial
 
13,616
3,057,064
MarketAxess Holdings, Inc.
 
6,734
1,439,393
Moody's Corp.
 
28,158
8,672,664
Morgan Stanley
 
227,668
16,123,448
MSCI, Inc.
 
14,113
6,654,985
NASDAQ, Inc.
 
60,421
2,996,882
Northern Trust Corp.
 
36,944
2,434,979
Raymond James Financial, Inc.
 
33,546
3,201,630
S&P Global, Inc.
 
58,062
20,281,637
State Street Corp.
 
56,862
3,674,991
T. Rowe Price Group, Inc.
 
40,067
3,626,064
 
 
 
179,629,772
Consumer Finance - 0.4%
 
 
 
American Express Co.
 
103,816
15,160,250
Capital One Financial Corp.
 
68,016
6,889,341
Discover Financial Services
 
44,605
3,661,178
Synchrony Financial
 
74,680
2,094,774
 
 
 
27,805,543
Financial Services - 4.4%
 
 
 
Apollo Global Management, Inc.
 
77,878
6,030,872
Berkshire Hathaway, Inc. Class B (a)
 
325,410
111,072,195
Block, Inc. Class A (a)
 
98,057
3,946,794
Fidelity National Information Services, Inc.
 
105,703
5,191,074
Fiserv, Inc. (a)
 
108,774
12,373,043
FleetCor Technologies, Inc. (a)
 
13,215
2,975,622
Global Payments, Inc.
 
46,395
4,928,077
Jack Henry & Associates, Inc.
 
13,008
1,833,998
MasterCard, Inc. Class A
 
148,457
55,871,792
PayPal Holdings, Inc. (a)
 
195,940
10,149,692
Visa, Inc. Class A
 
286,704
67,404,110
 
 
 
281,777,269
Insurance - 2.2%
 
 
 
AFLAC, Inc.
 
96,457
7,534,256
Allstate Corp.
 
46,677
5,980,724
American International Group, Inc.
 
127,023
7,787,780
Aon PLC
 
36,198
11,199,661
Arch Capital Group Ltd. (a)
 
66,571
5,770,374
Arthur J. Gallagher & Co.
 
38,451
9,054,826
Brown & Brown, Inc.
 
42,007
2,916,126
Chubb Ltd.
 
73,288
15,729,071
Cincinnati Financial Corp.
 
27,950
2,785,777
Everest Re Group Ltd.
 
7,745
3,064,077
Fidelity National Financial, Inc.
 
46,151
1,804,043
Hartford Financial Services Group, Inc.
 
54,568
4,008,020
Markel Group, Inc. (a)
 
2,366
3,479,250
Marsh & McLennan Companies, Inc.
 
88,130
16,713,855
MetLife, Inc.
 
112,725
6,764,627
Principal Financial Group, Inc.
 
39,692
2,686,355
Progressive Corp.
 
104,449
16,512,342
Prudential Financial, Inc.
 
64,776
5,923,117
The Travelers Companies, Inc.
 
40,851
6,840,091
W.R. Berkley Corp.
 
36,303
2,447,548
Willis Towers Watson PLC
 
18,705
4,412,322
 
 
 
143,414,242
TOTAL FINANCIALS
 
 
815,324,740
HEALTH CARE - 13.1%
 
 
 
Biotechnology - 2.2%
 
 
 
AbbVie, Inc.
 
314,949
44,464,500
Alnylam Pharmaceuticals, Inc. (a)
 
22,309
3,386,506
Amgen, Inc.
 
95,447
24,405,798
Biogen, Inc. (a)
 
25,826
6,134,708
BioMarin Pharmaceutical, Inc. (a)
 
33,609
2,737,453
Exact Sciences Corp. (a)
 
32,185
1,982,274
Gilead Sciences, Inc.
 
222,342
17,462,741
Incyte Corp. (a)
 
33,231
1,792,148
Moderna, Inc. (a)
 
59,089
4,488,400
Regeneron Pharmaceuticals, Inc. (a)
 
19,047
14,854,565
Seagen, Inc. (a)
 
25,120
5,345,787
Vertex Pharmaceuticals, Inc. (a)
 
46,055
16,676,976
 
 
 
143,731,856
Health Care Equipment & Supplies - 2.4%
 
 
 
Abbott Laboratories
 
309,660
29,278,353
Align Technology, Inc. (a)
 
12,697
2,343,739
Baxter International, Inc.
 
90,244
2,926,613
Becton, Dickinson & Co.
 
51,768
13,085,915
Boston Scientific Corp. (a)
 
261,291
13,375,486
DexCom, Inc. (a)
 
69,163
6,143,749
Edwards Lifesciences Corp. (a)
 
108,487
6,912,792
GE Healthcare Holding LLC
 
69,768
4,644,456
Hologic, Inc. (a)
 
43,732
2,893,746
IDEXX Laboratories, Inc. (a)
 
14,810
5,916,151
Insulet Corp. (a)
 
12,452
1,650,762
Intuitive Surgical, Inc. (a)
 
62,698
16,440,670
Medtronic PLC
 
237,549
16,761,457
ResMed, Inc.
 
26,215
3,702,082
STERIS PLC
 
17,606
3,696,908
Stryker Corp.
 
60,319
16,299,400
Teleflex, Inc.
 
8,397
1,551,346
The Cooper Companies, Inc.
 
8,823
2,750,570
Zimmer Biomet Holdings, Inc.
 
37,305
3,895,015
 
 
 
154,269,210
Health Care Providers & Services - 3.1%
 
 
 
Cardinal Health, Inc.
 
45,429
4,134,039
Cencora, Inc.
 
29,747
5,507,657
Centene Corp. (a)
 
96,626
6,665,261
Cigna Group
 
52,825
16,333,490
CVS Health Corp.
 
229,191
15,816,471
Elevance Health, Inc.
 
42,049
18,925,834
HCA Holdings, Inc.
 
35,917
8,122,270
Humana, Inc.
 
22,110
11,578,786
Laboratory Corp. of America Holdings
 
15,808
3,157,332
McKesson Corp.
 
24,072
10,961,426
Molina Healthcare, Inc. (a)
 
10,402
3,463,346
Quest Diagnostics, Inc.
 
20,000
2,602,000
UnitedHealth Group, Inc.
 
165,285
88,520,035
 
 
 
195,787,947
Health Care Technology - 0.1%
 
 
 
Veeva Systems, Inc. Class A (a)
 
25,996
5,009,689
Life Sciences Tools & Services - 1.3%
 
 
 
Agilent Technologies, Inc.
 
52,666
5,444,084
Avantor, Inc. (a)
 
120,503
2,100,367
Bio-Techne Corp.
 
28,087
1,534,393
Charles River Laboratories International, Inc. (a)
 
9,156
1,541,504
Danaher Corp.
 
117,272
22,518,569
Fortrea Holdings, Inc.
 
15,703
445,965
Illumina, Inc. (a)
 
28,207
3,086,410
IQVIA Holdings, Inc. (a)
 
32,688
5,910,971
Mettler-Toledo International, Inc. (a)
 
3,904
3,846,221
Revvity, Inc.
 
22,171
1,836,867
Thermo Fisher Scientific, Inc.
 
68,872
30,632,199
Waters Corp. (a)
 
10,532
2,512,198
West Pharmaceutical Services, Inc.
 
13,182
4,195,699
 
 
 
85,605,447
Pharmaceuticals - 4.0%
 
 
 
Bristol-Myers Squibb Co.
 
372,792
19,209,972
Catalent, Inc. (a)
 
32,057
1,102,440
Eli Lilly & Co.
 
142,286
78,816,484
Johnson & Johnson
 
429,674
63,737,841
Merck & Co., Inc.
 
452,767
46,499,171
Pfizer, Inc.
 
1,007,312
30,783,455
Royalty Pharma PLC
 
68,943
1,852,498
Viatris, Inc.
 
213,920
1,903,888
Zoetis, Inc. Class A
 
82,142
12,896,294
 
 
 
256,802,043
TOTAL HEALTH CARE
 
 
841,206,192
INDUSTRIALS - 8.2%
 
 
 
Aerospace & Defense - 1.6%
 
 
 
Axon Enterprise, Inc. (a)
 
12,528
2,561,851
General Dynamics Corp.
 
40,439
9,758,335
HEICO Corp.
 
7,121
1,128,038
HEICO Corp. Class A
 
13,561
1,724,010
Howmet Aerospace, Inc.
 
69,890
3,082,149
L3Harris Technologies, Inc.
 
33,746
6,054,370
Lockheed Martin Corp.
 
39,993
18,182,418
Northrop Grumman Corp.
 
25,378
11,963,951
RTX Corp.
 
259,721
21,138,692
Textron, Inc.
 
35,350
2,686,600
The Boeing Co. (a)
 
101,178
18,902,074
TransDigm Group, Inc. (a)
 
9,847
8,154,202
 
 
 
105,336,690
Air Freight & Logistics - 0.5%
 
 
 
C.H. Robinson Worldwide, Inc.
 
20,780
1,700,427
Expeditors International of Washington, Inc.
 
26,389
2,882,998
FedEx Corp.
 
41,302
9,916,610
United Parcel Service, Inc. Class B
 
129,054
18,228,878
 
 
 
32,728,913
Building Products - 0.4%
 
 
 
Carrier Global Corp.
 
149,472
7,123,836
Johnson Controls International PLC
 
121,402
5,951,126
Masco Corp.
 
40,172
2,092,559
Trane Technologies PLC
 
40,755
7,756,084
 
 
 
22,923,605
Commercial Services & Supplies - 0.5%
 
 
 
Cintas Corp.
 
15,425
7,822,326
Copart, Inc.
 
155,049
6,747,732
Republic Services, Inc.
 
36,685
5,447,356
Veralto Corp.
 
39,108
2,698,452
Waste Management, Inc.
 
65,769
10,807,820
 
 
 
33,523,686
Construction & Engineering - 0.1%
 
 
 
Quanta Services, Inc.
 
25,903
4,328,909
Electrical Equipment - 0.6%
 
 
 
AMETEK, Inc.
 
41,194
5,798,879
Eaton Corp. PLC
 
71,197
14,802,568
Emerson Electric Co.
 
101,975
9,072,716
Rockwell Automation, Inc.
 
20,497
5,386,817
 
 
 
35,060,980
Ground Transportation - 1.0%
 
 
 
CSX Corp.
 
358,024
10,687,016
J.B. Hunt Transport Services, Inc.
 
14,571
2,504,318
Norfolk Southern Corp.
 
40,512
7,729,284
Old Dominion Freight Lines, Inc.
 
15,988
6,022,040
Uber Technologies, Inc. (a)
 
364,648
15,781,965
Union Pacific Corp.
 
108,743
22,576,134
 
 
 
65,300,757
Industrial Conglomerates - 0.8%
 
 
 
3M Co.
 
98,546
8,962,759
General Electric Co.
 
194,202
21,096,163
Honeywell International, Inc.
 
118,475
21,711,729
 
 
 
51,770,651
Machinery - 1.6%
 
 
 
Caterpillar, Inc.
 
91,029
20,577,105
Cummins, Inc.
 
25,259
5,463,522
Deere & Co.
 
48,655
17,776,591
Dover Corp.
 
24,953
3,242,642
Fortive Corp.
 
62,818
4,100,759
IDEX Corp.
 
13,484
2,580,972
Illinois Tool Works, Inc.
 
49,100
11,004,292
Ingersoll Rand, Inc.
 
72,179
4,379,822
Otis Worldwide Corp.
 
73,474
5,672,928
PACCAR, Inc.
 
93,246
7,695,592
Parker Hannifin Corp.
 
22,892
8,445,088
Stanley Black & Decker, Inc.
 
27,322
2,323,736
Westinghouse Air Brake Tech Co.
 
31,968
3,389,247
Xylem, Inc.
 
42,982
4,020,536
 
 
 
100,672,832
Passenger Airlines - 0.1%
 
 
 
Delta Air Lines, Inc.
 
114,954
3,592,313
Southwest Airlines Co.
 
106,157
2,359,870
United Airlines Holdings, Inc. (a)
 
58,532
2,049,205
 
 
 
8,001,388
Professional Services - 0.7%
 
 
 
Automatic Data Processing, Inc.
 
73,512
16,041,789
Broadridge Financial Solutions, Inc.
 
21,052
3,592,313
Equifax, Inc.
 
21,883
3,710,700
Jacobs Solutions, Inc.
 
22,474
2,995,784
Leidos Holdings, Inc.
 
24,474
2,425,863
Paychex, Inc.
 
57,249
6,357,501
Paycom Software, Inc.
 
8,791
2,153,531
SS&C Technologies Holdings, Inc.
 
38,471
1,933,168
TransUnion Holding Co., Inc.
 
34,474
1,512,719
Verisk Analytics, Inc.
 
25,880
5,884,077
 
 
 
46,607,445
Trading Companies & Distributors - 0.3%
 
 
 
Fastenal Co.
 
101,890
5,944,263
Ferguson PLC
 
36,445
5,474,039
United Rentals, Inc.
 
12,186
4,950,806
W.W. Grainger, Inc.
 
7,940
5,794,850
 
 
 
22,163,958
TOTAL INDUSTRIALS
 
 
528,419,814
INFORMATION TECHNOLOGY - 28.6%
 
 
 
Communications Equipment - 0.9%
 
 
 
Arista Networks, Inc. (a)
 
44,745
8,965,556
Cisco Systems, Inc.
 
727,116
37,904,557
F5, Inc. (a)
 
10,586
1,604,732
Motorola Solutions, Inc.
 
29,801
8,298,386
 
 
 
56,773,231
Electronic Equipment, Instruments & Components - 0.5%
 
 
 
Amphenol Corp. Class A
 
106,420
8,572,131
CDW Corp.
 
23,918
4,793,167
Corning, Inc.
 
136,981
3,665,612
Keysight Technologies, Inc. (a)
 
31,865
3,889,123
TE Connectivity Ltd.
 
56,017
6,601,603
Teledyne Technologies, Inc. (a)
 
8,394
3,144,308
Trimble, Inc. (a)
 
44,398
2,092,478
Zebra Technologies Corp. Class A (a)
 
9,176
1,921,730
 
 
 
34,680,152
IT Services - 1.5%
 
 
 
Accenture PLC Class A
 
112,556
33,439,262
Akamai Technologies, Inc. (a)
 
27,156
2,806,029
Cloudflare, Inc. (a)
 
52,213
2,959,955
Cognizant Technology Solutions Corp. Class A
 
90,118
5,809,907
EPAM Systems, Inc. (a)
 
10,332
2,247,933
Gartner, Inc. (a)
 
14,065
4,670,143
GoDaddy, Inc. (a)
 
26,203
1,918,846
IBM Corp.
 
162,554
23,511,811
MongoDB, Inc. Class A (a)
 
12,595
4,340,111
Okta, Inc. (a)
 
27,663
1,864,763
Snowflake, Inc. (a)
 
58,154
8,439,890
Twilio, Inc. Class A (a)(b)
 
32,324
1,656,928
VeriSign, Inc. (a)
 
16,011
3,196,756
 
 
 
96,862,334
Semiconductors & Semiconductor Equipment - 7.1%
 
 
 
Advanced Micro Devices, Inc. (a)
 
288,295
28,397,058
Analog Devices, Inc.
 
89,467
14,075,843
Applied Materials, Inc.
 
149,839
19,831,192
Broadcom, Inc.
 
73,637
61,955,963
Enphase Energy, Inc. (a)
 
24,333
1,936,420
Entegris, Inc.
 
26,827
2,361,849
First Solar, Inc. (a)
 
19,065
2,715,809
Intel Corp.
 
747,288
27,276,012
KLA Corp.
 
24,395
11,458,332
Lam Research Corp.
 
23,785
13,990,813
Marvell Technology, Inc.
 
153,496
7,248,081
Microchip Technology, Inc.
 
97,128
6,924,255
Micron Technology, Inc.
 
195,446
13,069,474
Monolithic Power Systems, Inc.
 
8,526
3,766,275
NVIDIA Corp.
 
440,735
179,731,733
NXP Semiconductors NV
 
46,001
7,931,952
ON Semiconductor Corp. (a)
 
76,946
4,819,897
Qorvo, Inc. (a)
 
17,475
1,527,665
Qualcomm, Inc.
 
199,132
21,703,397
Skyworks Solutions, Inc.
 
28,398
2,463,243
SolarEdge Technologies, Inc. (a)
 
10,075
765,196
Teradyne, Inc.
 
27,482
2,288,426
Texas Instruments, Inc.
 
162,024
23,009,028
 
 
 
459,247,913
Software - 11.3%
 
 
 
Adobe, Inc. (a)
 
81,331
43,272,972
ANSYS, Inc. (a)
 
15,496
4,311,917
Atlassian Corp. PLC (a)
 
27,100
4,895,344
Autodesk, Inc. (a)
 
38,138
7,537,213
Cadence Design Systems, Inc. (a)
 
48,496
11,631,766
Crowdstrike Holdings, Inc. (a)
 
39,990
7,069,032
Datadog, Inc. Class A (a)
 
53,367
4,347,809
DocuSign, Inc. (a)
 
36,090
1,403,179
Fair Isaac Corp. (a)
 
4,436
3,752,279
Fortinet, Inc. (a)
 
116,285
6,648,013
Gen Digital, Inc.
 
100,438
1,673,297
HubSpot, Inc. (a)
 
8,926
3,782,571
Intuit, Inc.
 
49,972
24,733,641
Microsoft Corp.
 
1,325,728
448,241,899
Oracle Corp.
 
280,906
29,045,680
Palantir Technologies, Inc. (a)(b)
 
339,744
5,028,211
Palo Alto Networks, Inc. (a)
 
54,576
13,263,060
PTC, Inc. (a)
 
21,202
2,977,185
Roper Technologies, Inc.
 
19,040
9,302,373
Salesforce, Inc. (a)
 
173,795
34,903,250
ServiceNow, Inc. (a)
 
36,401
21,179,922
Splunk, Inc. (a)
 
27,178
3,999,514
Synopsys, Inc. (a)
 
27,150
12,745,296
Tyler Technologies, Inc. (a)
 
7,509
2,800,106
VMware, Inc. Class A (a)
 
37,463
5,456,486
Workday, Inc. Class A (a)
 
36,716
7,773,144
Zoom Video Communications, Inc. Class A (a)
 
44,775
2,685,605
Zscaler, Inc. (a)
 
15,621
2,478,896
 
 
 
726,939,660
Technology Hardware, Storage & Peripherals - 7.3%
 
 
 
Apple, Inc.
 
2,622,315
447,812,733
Dell Technologies, Inc.
 
45,226
3,026,072
Hewlett Packard Enterprise Co.
 
230,516
3,545,336
HP, Inc.
 
154,681
4,072,751
NetApp, Inc.
 
37,625
2,738,348
Seagate Technology Holdings PLC
 
34,362
2,345,207
Western Digital Corp. (a)
 
57,085
2,291,963
 
 
 
465,832,410
TOTAL INFORMATION TECHNOLOGY
 
 
1,840,335,700
MATERIALS - 2.4%
 
 
 
Chemicals - 1.6%
 
 
 
Air Products & Chemicals, Inc.
 
39,633
11,193,945
Albemarle Corp.
 
20,935
2,654,139
Celanese Corp. Class A
 
17,887
2,048,240
CF Industries Holdings, Inc.
 
34,437
2,747,384
Corteva, Inc.
 
126,643
6,096,594
Dow, Inc.
 
125,479
6,065,655
DuPont de Nemours, Inc.
 
81,902
5,969,018
Eastman Chemical Co.
 
21,139
1,579,717
Ecolab, Inc.
 
45,269
7,593,422
FMC Corp.
 
22,306
1,186,679
International Flavors & Fragrances, Inc.
 
45,513
3,110,814
Linde PLC
 
87,065
33,272,760
LyondellBasell Industries NV Class A
 
45,709
4,124,780
PPG Industries, Inc.
 
42,003
5,156,708
Sherwin-Williams Co.
 
42,217
10,056,512
The Mosaic Co.
 
59,281
1,925,447
 
 
 
104,781,814
Construction Materials - 0.2%
 
 
 
Martin Marietta Materials, Inc.
 
11,030
4,510,608
Vulcan Materials Co.
 
23,693
4,655,438
 
 
 
9,166,046
Containers & Packaging - 0.2%
 
 
 
Amcor PLC
 
262,518
2,333,785
Avery Dennison Corp.
 
14,402
2,506,956
Ball Corp.
 
56,118
2,702,082
International Paper Co.
 
61,736
2,082,355
Packaging Corp. of America
 
16,045
2,455,687
 
 
 
12,080,865
Metals & Mining - 0.4%
 
 
 
Freeport-McMoRan, Inc.
 
255,740
8,638,897
Newmont Corp.
 
141,797
5,313,134
Nucor Corp.
 
44,384
6,559,511
Reliance Steel & Aluminum Co.
 
10,451
2,658,525
Steel Dynamics, Inc.
 
27,789
2,959,806
 
 
 
26,129,873
TOTAL MATERIALS
 
 
152,158,598
REAL ESTATE - 2.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.1%
 
 
 
Alexandria Real Estate Equities, Inc.
 
27,799
2,588,921
American Tower Corp.
 
83,156
14,817,568
AvalonBay Communities, Inc.
 
25,336
4,199,189
Crown Castle International Corp.
 
77,378
7,194,606
Digital Realty Trust, Inc.
 
54,017
6,717,554
Equinix, Inc.
 
16,702
12,186,447
Equity Residential (SBI)
 
61,562
3,406,225
Essex Property Trust, Inc.
 
11,452
2,449,812
Extra Space Storage, Inc.
 
37,710
3,906,379
Gaming & Leisure Properties
 
46,928
2,130,062
Healthpeak Properties, Inc.
 
97,767
1,520,277
Host Hotels & Resorts, Inc.
 
126,891
1,964,273
Invitation Homes, Inc.
 
102,671
3,048,302
Iron Mountain, Inc.
 
52,030
3,073,412
Mid-America Apartment Communities, Inc.
 
20,812
2,458,938
Prologis (REIT), Inc.
 
164,873
16,610,955
Public Storage
 
28,233
6,739,499
Realty Income Corp.
 
126,506
5,993,854
SBA Communications Corp. Class A
 
19,330
4,032,818
Simon Property Group, Inc.
 
58,344
6,411,422
Sun Communities, Inc.
 
22,197
2,469,194
UDR, Inc.
 
54,137
1,722,098
Ventas, Inc.
 
71,821
3,049,520
VICI Properties, Inc.
 
180,875
5,046,413
Welltower, Inc.
 
92,568
7,739,610
Weyerhaeuser Co.
 
130,321
3,738,909
WP Carey, Inc.
 
38,155
2,047,016
 
 
 
137,263,273
Real Estate Management & Development - 0.2%
 
 
 
CBRE Group, Inc. (a)
 
55,294
3,834,086
CoStar Group, Inc. (a)
 
72,895
5,351,222
 
 
 
9,185,308
TOTAL REAL ESTATE
 
 
146,448,581
UTILITIES - 2.3%
 
 
 
Electric Utilities - 1.6%
 
 
 
Alliant Energy Corp.
 
45,139
2,202,332
American Electric Power Co., Inc.
 
91,987
6,948,698
Constellation Energy Corp.
 
57,389
6,480,366
Duke Energy Corp.
 
137,511
12,223,353
Edison International
 
68,336
4,309,268
Entergy Corp.
 
37,727
3,606,324
Evergy, Inc.
 
40,974
2,013,462
Eversource Energy
 
62,237
3,347,728
Exelon Corp.
 
177,465
6,910,487
FirstEnergy Corp.
 
92,141
3,280,220
NextEra Energy, Inc.
 
361,042
21,048,749
PG&E Corp. (a)
 
373,234
6,083,714
PPL Corp.
 
131,498
3,230,906
Southern Co.
 
194,567
13,094,359
Xcel Energy, Inc.
 
98,441
5,834,598
 
 
 
100,614,564
Gas Utilities - 0.0%
 
 
 
Atmos Energy Corp.
 
26,497
2,852,667
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
The AES Corp.
 
119,397
1,779,015
Multi-Utilities - 0.6%
 
 
 
Ameren Corp.
 
46,858
3,547,619
CenterPoint Energy, Inc.
 
112,596
3,026,580
CMS Energy Corp.
 
52,036
2,827,636
Consolidated Edison, Inc.
 
61,583
5,406,372
Dominion Energy, Inc.
 
149,396
6,023,647
DTE Energy Co.
 
36,775
3,544,375
Public Service Enterprise Group, Inc.
 
89,036
5,489,069
Sempra
 
112,294
7,863,949
WEC Energy Group, Inc.
 
56,285
4,581,036
 
 
 
42,310,283
Water Utilities - 0.1%
 
 
 
American Water Works Co., Inc.
 
34,729
4,085,867
TOTAL UTILITIES
 
 
151,642,396
 
TOTAL COMMON STOCKS
 (Cost $5,512,258,638)
 
 
 
6,394,474,589
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (d)
 
 (Cost $786,700)
 
 
800,000
786,653
 
 
 
 
Money Market Funds - 0.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
28,133,892
28,139,519
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)
 
10,555,287
10,556,343
 
TOTAL MONEY MARKET FUNDS
 (Cost $38,695,862)
 
 
38,695,862
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $5,551,741,200)
 
 
 
6,433,957,104
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(817,043)
NET ASSETS - 100.0%
6,433,140,061
 
 
 
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)
183
Dec 2023
38,542,088
(378,118)
(378,118)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
 
 
 
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 $786,653.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
13,176,399
632,186,893
617,223,773
844,899
-
-
28,139,519
0.1%
Fidelity Securities Lending Cash Central Fund 5.40%
15,566,668
263,057,919
268,068,244
113,493
-
-
10,556,343
0.0%
Total
28,743,067
895,244,812
885,292,017
958,392
-
-
38,695,862
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
561,798,122
561,798,122
-
-
Consumer Discretionary
656,345,913
656,345,913
-
-
Consumer Staples
412,072,957
412,072,957
-
-
Energy
288,721,576
288,721,576
-
-
Financials
815,324,740
815,324,740
-
-
Health Care
841,206,192
841,206,192
-
-
Industrials
528,419,814
528,419,814
-
-
Information Technology
1,840,335,700
1,840,335,700
-
-
Materials
152,158,598
152,158,598
-
-
Real Estate
146,448,581
146,448,581
-
-
Utilities
151,642,396
151,642,396
-
-
 U.S. Government and Government Agency Obligations
786,653
-
786,653
-
  Money Market Funds
38,695,862
38,695,862
-
-
 Total Investments in Securities:
6,433,957,104
6,433,170,451
786,653
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(378,118)
(378,118)
-
-
  Total Liabilities
(378,118)
(378,118)
-
-
 Total Derivative Instruments:
(378,118)
(378,118)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(378,118)
Total Equity Risk
0
(378,118)
Total Value of Derivatives
0
(378,118)
 
(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
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,410,722) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,513,045,338)
$
6,395,261,242
 
 
Fidelity Central Funds (cost $38,695,862)
38,695,862
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,551,741,200)
 
 
$
6,433,957,104
Segregated cash with brokers for derivative instruments
 
 
1,080,506
Receivable for fund shares sold
 
 
5,613,425
Dividends receivable
 
 
4,575,695
Distributions receivable from Fidelity Central Funds
 
 
110,796
Receivable for daily variation margin on futures contracts
 
 
217,106
Other receivables
 
 
5
  Total assets
 
 
6,445,554,637
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
1,857,984
 
 
Other payables and accrued expenses
17
 
 
Collateral on securities loaned
10,556,575
 
 
  Total Liabilities
 
 
 
12,414,576
Net Assets  
 
 
$
6,433,140,061
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,584,194,058
Total accumulated earnings (loss)
 
 
 
848,946,003
Net Assets
 
 
$
6,433,140,061
Net Asset Value, offering price and redemption price per share ($6,433,140,061 ÷ 431,151,660 shares)
 
 
$
14.92
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
95,950,453
Interest  
 
 
49,095
Income from Fidelity Central Funds (including $113,493 from security lending)
 
 
958,392
 Total Income
 
 
 
96,957,940
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
32,582
 
 
 Total expenses before reductions
 
32,582
 
 
 Expense reductions
 
(1,551)
 
 
 Total expenses after reductions
 
 
 
31,031
Net Investment income (loss)
 
 
 
96,926,909
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(43,008,463)
 
 
 Futures contracts
 
3,123,596
 
 
Total net realized gain (loss)
 
 
 
(39,884,867)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
500,380,817
 
 
 Futures contracts
 
(1,301,719)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
499,079,098
Net gain (loss)
 
 
 
459,194,231
Net increase (decrease) in net assets resulting from operations
 
 
$
556,121,140
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
96,926,909
$
78,962,281
Net realized gain (loss)
 
(39,884,867)
 
 
(52,165,460)
 
Change in net unrealized appreciation (depreciation)
 
499,079,098
 
(995,680,128)
 
Net increase (decrease) in net assets resulting from operations
 
556,121,140
 
 
(968,883,307)
 
Distributions to shareholders
 
(80,225,687)
 
 
(51,573,510)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,460,240,659
 
2,092,922,018
  Reinvestment of distributions
 
71,732,498
 
 
48,118,514
 
Cost of shares redeemed
 
(881,002,253)
 
(917,366,545)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
650,970,904
 
 
1,223,673,987
 
Total increase (decrease) in net assets
 
1,126,866,357
 
 
203,217,170
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,306,273,704
 
5,103,056,534
 
End of period
$
6,433,140,061
$
5,306,273,704
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
98,505,608
 
137,692,315
  Issued in reinvestment of distributions
 
5,333,271
 
 
2,992,445
 
Redeemed
 
(60,048,756)
 
(61,684,064)
Net increase (decrease)
 
43,790,123
 
79,000,696
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® Large Cap Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.70
$
16.55
$
11.73
$
10.65
$
9.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.22
 
.20
 
.20
 
.19
     Net realized and unrealized gain (loss)
 
1.19
 
(2.91)
 
4.78
 
1.01
 
1.16
  Total from investment operations
 
1.43  
 
(2.69)  
 
4.98  
 
1.21  
 
1.35
  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
$
14.92
$
13.70
$
16.55
$
11.73
$
10.65
 Total Return C,D
 
10.57%
 
(16.39)%
 
42.81%
 
11.45%
 
14.50%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions G
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.61%
 
1.48%
 
1.36%
 
1.80%
 
1.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,433,140
$
5,306,274
$
5,103,057
$
2,375,916
$
1,162,779
    Portfolio turnover rate H
 
2%
 
3%
 
5% I
 
5%
 
3%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees 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.
 
FExpense 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.
 
GAmount represents less than .005%.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity ZERO® Total Market Index Fund
8.55%
10.27%
8.82%
 
A   From August 2, 2018
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity ZERO® Total Market Index Fund on August 2, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Total Investable Market Index℠ and S&P 500® Index performed over the same period.
 
Fidelity ZERO® Total Market Index Fund
Market Recap:
U.S. equities gained 10.14% for the 12 months ending October 31, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of 25 basis points, followed by the decision to hold rates in September at a 22-year high so the Fed can observe the pause's effect on inflation and the economy. The year-to-date equity rally sputtered in August and continued to lose steam through October amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The S&P 500® closed at its 2023 high on July 31 before returning -3.27% in Q3 and -2.10% in October. Still, U.S. stocks ended October up 10.69% year to date. By sector for the full 12 months, communications services (+36%) and tech (+33%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-8%) and real estate (-7%).
Comments from:
For the fiscal year ending October 31, 2023, the fund gained 8.55%, versus 8.57% for the benchmark Fidelity U.S. Total Investable Market Index TR. By sector, information technology gained roughly 31% and contributed most. Communication services stocks also helped, gaining 32%. The consumer discretionary sector rose 8%, boosted by the consumer discretionary distribution & retail industry (+15%). Other notable contributors included the industrials (+6%) and materials (+4%) sectors. In contrast, health care returned about -6% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-6%). Financials (-2%), hampered by the banks industry (-17%), and real estate (-8%), especially in the equity real estate investment trusts (REITs) industry (-8%), also hurt. Other notable detractors included the utilities (-8%), consumer staples (-3%) and energy (-1%) sectors. Turning to individual stocks, the top contributor was Microsoft (+47%), from the software & services industry. Another notable contributor was Nvidia (+202%), a stock in the semiconductors & semiconductor equipment group. Meta Platforms (+223%) and Alphabet (+32%), within the media & entertainment group, also lifted the fund. Lastly, Amazon.com (+30%), a stock in the consumer discretionary distribution & retail category. Conversely, the biggest individual detractor was Pfizer (-32%), from the pharmaceuticals, biotechnology & life sciences industry. Also in pharmaceuticals, biotechnology & life sciences, Johnson & Johnson (-12%) hurt. In automobiles & components, Tesla returned approximately -12%, and in banks, Bank of America returned -25%. Lastly, Chevron (-17%), a stock in the energy category, detracted.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity ZERO® Total Market Index Fund
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
6.2
 
Apple, Inc.
6.2
 
Amazon.com, Inc.
3.0
 
NVIDIA Corp.
2.5
 
Alphabet, Inc. Class A
1.8
 
Meta Platforms, Inc. Class A
1.7
 
Alphabet, Inc. Class C
1.6
 
Berkshire Hathaway, Inc. Class B
1.5
 
Tesla, Inc.
1.4
 
UnitedHealth Group, Inc.
1.2
 
 
27.1
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.6
 
Financials
13.1
 
Health Care
12.8
 
Consumer Discretionary
10.5
 
Industrials
9.6
 
Communication Services
8.1
 
Consumer Staples
6.1
 
Energy
4.7
 
Real Estate
2.8
 
Materials
2.7
 
Utilities
2.4
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.6%
 
Fidelity ZERO® Total Market Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.4%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.1%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Anterix, Inc. (a)
 
7,376
224,894
AST SpaceMobile, Inc. (a)(b)
 
33,410
110,587
AT&T, Inc.
 
2,635,670
40,589,318
ATN International, Inc.
 
3,687
114,113
Bandwidth, Inc. (a)
 
7,132
75,671
Cogent Communications Group, Inc.
 
15,938
1,035,651
Consolidated Communications Holdings, Inc. (a)
 
28,002
116,768
EchoStar Holding Corp. Class A (a)
 
12,982
179,931
Frontier Communications Parent, Inc. (a)(b)
 
81,636
1,462,917
GCI Liberty, Inc. Class A (c)
 
19,818
0
Globalstar, Inc. (a)(b)
 
261,249
368,361
IDT Corp. Class B (a)
 
7,292
204,541
Iridium Communications, Inc.
 
46,038
1,705,708
Liberty Global PLC:
 
 
 
 Class A (a)
 
50,034
778,529
 Class C (a)
 
92,605
1,570,581
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
15,769
107,702
 Class C (a)
 
45,576
312,196
Lumen Technologies, Inc. (a)(b)
 
372,223
543,446
Verizon Communications, Inc.
 
1,549,922
54,448,760
 
 
 
103,949,674
Entertainment - 1.2%
 
 
 
AMC Entertainment Holdings, Inc. Class A (b)
 
18,231
194,707
Atlanta Braves Holdings, Inc.
 
14,045
488,485
Atlanta Braves Holdings, Inc. Class A
 
4,064
154,066
Cinemark Holdings, Inc. (a)
 
39,140
645,419
Electronic Arts, Inc.
 
90,878
11,249,788
Endeavor Group Holdings, Inc.
 
69,577
1,583,573
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A
 
12,078
695,089
 Class C
 
73,810
4,774,769
Liberty Media Corp. Liberty Live:
 
 
 
 Class C
 
17,585
560,434
 Series A
 
7,100
221,804
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)(b)
 
27,667
217,463
 Class B (a)
 
42,330
315,782
Live Nation Entertainment, Inc. (a)
 
52,277
4,183,206
Madison Square Garden Entertainment Corp.
 
15,706
478,719
Madison Square Garden Sports Corp.
 
6,143
1,032,884
Marcus Corp. (b)
 
9,550
148,407
Netflix, Inc. (a)
 
163,386
67,264,382
Playtika Holding Corp. (a)
 
25,843
217,081
Roblox Corp. (a)
 
177,621
5,650,124
Roku, Inc. Class A (a)
 
45,841
2,730,748
Skillz, Inc. (a)(b)
 
4,989
25,544
Sphere Entertainment Co. (a)
 
9,454
311,131
Take-Two Interactive Software, Inc. (a)
 
58,213
7,785,989
The Walt Disney Co. (a)
 
674,637
55,043,633
TKO Group Holdings, Inc.
 
19,336
1,585,165
Vivid Seats, Inc. Class A (a)
 
13,661
80,327
Warner Bros Discovery, Inc. (a)
 
817,021
8,121,189
Warner Music Group Corp. Class A
 
51,021
1,596,957
 
 
 
177,356,865
Interactive Media & Services - 5.2%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
2,187,545
271,430,584
 Class C (a)
 
1,860,450
233,114,385
Angi, Inc. (a)(b)
 
28,546
45,959
Bumble, Inc. (a)
 
37,612
505,505
CarGurus, Inc. Class A (a)
 
31,671
545,691
Cars.com, Inc. (a)
 
23,443
357,037
Eventbrite, Inc. (a)(b)
 
30,281
250,727
EverQuote, Inc. Class A (a)
 
6,308
54,186
fuboTV, Inc. (a)(b)
 
105,011
254,127
IAC, Inc. (a)
 
25,686
1,092,939
Match Group, Inc. (a)
 
102,576
3,549,130
MediaAlpha, Inc. Class A (a)
 
8,046
82,713
Meta Platforms, Inc. Class A (a)
 
819,406
246,862,446
Nextdoor Holdings, Inc. (a)
 
59,959
109,125
Pinterest, Inc. Class A (a)
 
214,597
6,412,158
QuinStreet, Inc. (a)
 
18,108
204,801
Rumble, Inc. (a)(b)
 
27,906
125,298
Shutterstock, Inc.
 
9,175
373,239
Snap, Inc. Class A (a)(b)
 
373,483
3,738,565
TripAdvisor, Inc. (a)
 
40,052
591,168
Vimeo, Inc. (a)
 
58,938
181,529
Yelp, Inc. (a)
 
25,085
1,058,336
Ziff Davis, Inc. (a)
 
17,045
1,030,541
ZipRecruiter, Inc. (a)
 
27,225
289,946
Zoominfo Technologies, Inc. (a)
 
112,602
1,459,322
 
 
 
773,719,457
Media - 0.8%
 
 
 
Altice U.S.A., Inc. Class A (a)
 
87,334
252,395
AMC Networks, Inc. Class A (a)
 
11,564
136,455
Boston Omaha Corp. (a)
 
7,072
100,635
Cable One, Inc.
 
1,673
919,933
Cardlytics, Inc. (a)
 
14,581
180,659
Charter Communications, Inc. Class A (a)
 
37,524
15,114,667
Clear Channel Outdoor Holdings, Inc. (a)
 
130,685
143,754
Comcast Corp. Class A
 
1,517,288
62,648,822
DISH Network Corp. Class A (a)(b)
 
89,668
439,373
E.W. Scripps Co. Class A (a)
 
20,708
113,273
Entravision Communication Corp. Class A
 
22,763
81,492
Fox Corp.:
 
 
 
 Class A
 
92,734
2,818,186
 Class B
 
49,559
1,383,192
Gannett Co., Inc. (a)(b)
 
55,156
129,065
Gray Television, Inc.
 
29,992
195,548
iHeartMedia, Inc. (a)
 
38,315
90,040
Integral Ad Science Holding Corp. (a)
 
20,287
232,895
Interpublic Group of Companies, Inc.
 
141,958
4,031,607
John Wiley & Sons, Inc. Class A
 
15,930
482,201
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
6,985
581,990
 Class C (a)
 
41,432
3,451,700
Liberty Media Corp. Liberty SiriusXM
 
57,227
1,404,923
Liberty Media Corp. Liberty SiriusXM Class A
 
25,126
615,336
Magnite, Inc. (a)
 
45,952
305,121
News Corp.:
 
 
 
 Class A
 
133,296
2,756,561
 Class B (b)
 
49,621
1,063,874
Nexstar Broadcasting Group, Inc. Class A
 
12,305
1,723,684
Omnicom Group, Inc.
 
72,850
5,457,194
Paramount Global:
 
 
 
 Class A (b)
 
8,943
124,308
 Class B (b)
 
171,266
1,863,374
PubMatic, Inc. (a)
 
15,484
174,505
Scholastic Corp.
 
10,259
378,557
Sinclair, Inc. Class A (b)
 
12,633
137,321
Sirius XM Holdings, Inc. (b)
 
240,971
1,031,356
Stagwell, Inc. (a)
 
35,489
146,215
TechTarget, Inc. (a)
 
9,090
228,886
TEGNA, Inc.
 
74,431
1,079,994
The New York Times Co. Class A
 
60,140
2,424,243
The Trade Desk, Inc. (a)
 
164,525
11,674,694
Thryv Holdings, Inc. (a)
 
10,550
183,887
WideOpenWest, Inc. (a)
 
17,456
122,890
 
 
 
126,424,805
Wireless Telecommunication Services - 0.2%
 
 
 
Gogo, Inc. (a)
 
22,980
241,290
NII Holdings, Inc. (a)(b)(c)
 
11,652
0
Shenandoah Telecommunications Co.
 
18,748
443,578
Spok Holdings, Inc.
 
6,975
103,997
T-Mobile U.S., Inc.
 
190,844
27,454,818
Telephone & Data Systems, Inc.
 
35,604
647,637
U.S. Cellular Corp. (a)
 
5,359
225,239
 
 
 
29,116,559
TOTAL COMMUNICATION SERVICES
 
 
1,210,567,360
CONSUMER DISCRETIONARY - 10.5%
 
 
 
Automobile Components - 0.2%
 
 
 
Adient PLC (a)
 
34,450
1,160,621
American Axle & Manufacturing Holdings, Inc. (a)
 
44,328
299,214
Aptiv PLC (a)
 
104,295
9,094,524
Autoliv, Inc.
 
28,008
2,566,933
BorgWarner, Inc.
 
86,430
3,189,267
Dana, Inc.
 
47,895
549,835
Dorman Products, Inc. (a)
 
10,517
653,947
Fox Factory Holding Corp. (a)
 
15,749
1,283,071
Garrett Motion, Inc. (a)(b)
 
55,284
390,305
Gentex Corp.
 
86,245
2,473,507
Gentherm, Inc. (a)
 
12,025
483,646
Holley, Inc. (a)
 
17,988
76,449
LCI Industries
 
9,423
1,022,301
Lear Corp.
 
21,566
2,798,404
Luminar Technologies, Inc. (a)(b)
 
96,506
305,924
Mobileye Global, Inc. (b)
 
27,895
995,015
Modine Manufacturing Co. (a)
 
19,101
754,490
Motorcar Parts of America, Inc. (a)
 
7,390
53,356
Patrick Industries, Inc.
 
7,651
574,973
Phinia, Inc.
 
17,473
452,201
QuantumScape Corp. Class A (a)(b)
 
125,559
655,418
Solid Power, Inc. (a)(b)
 
40,168
53,022
Standard Motor Products, Inc.
 
7,079
247,269
Stoneridge, Inc. (a)
 
9,537
155,167
The Goodyear Tire & Rubber Co. (a)
 
104,075
1,238,493
Visteon Corp. (a)
 
10,394
1,196,661
XPEL, Inc. (a)
 
7,884
365,029
 
 
 
33,089,042
Automobiles - 1.6%
 
 
 
Canoo, Inc. (a)(b)
 
195,694
53,640
Faraday Future Intelligent Electric, Inc. (a)(b)
 
4,218
4,471
Fisker, Inc. (a)(b)
 
70,853
318,839
Ford Motor Co.
 
1,449,339
14,131,055
General Motors Co.
 
507,321
14,306,452
Harley-Davidson, Inc.
 
47,832
1,284,289
Lucid Group, Inc. Class A (a)(b)
 
327,066
1,347,512
Mullen Automotive, Inc. (a)(b)
 
181,187
48,413
Rivian Automotive, Inc. (a)(b)
 
246,209
3,993,510
Tesla, Inc. (a)
 
1,018,057
204,466,568
Thor Industries, Inc.
 
19,667
1,729,319
Winnebago Industries, Inc.
 
11,076
641,854
Workhorse Group, Inc. (a)(b)
 
56,144
23,418
 
 
 
242,349,340
Broadline Retail - 3.1%
 
 
 
Amazon.com, Inc. (a)
 
3,347,431
445,509,592
Big Lots, Inc.
 
10,244
46,713
ContextLogic, Inc. (a)(b)
 
7,430
29,126
Dillard's, Inc. Class A (b)
 
1,281
397,686
eBay, Inc.
 
196,199
7,696,887
Etsy, Inc. (a)
 
45,476
2,833,155
Groupon, Inc. (a)(b)
 
7,696
98,432
Kohl's Corp. (b)
 
41,095
926,692
Macy's, Inc. (b)
 
100,469
1,223,712
Nordstrom, Inc. (b)
 
35,825
500,834
Ollie's Bargain Outlet Holdings, Inc. (a)
 
22,798
1,760,918
Qurate Retail, Inc. Series A (a)
 
127,964
56,394
 
 
 
461,080,141
Distributors - 0.1%
 
 
 
Genuine Parts Co.
 
51,829
6,678,685
LKQ Corp.
 
98,583
4,329,765
Pool Corp.
 
14,421
4,553,719
 
 
 
15,562,169
Diversified Consumer Services - 0.1%
 
 
 
2U, Inc. (a)
 
29,990
63,579
ADT, Inc.
 
84,628
478,994
Adtalem Global Education, Inc. (a)
 
15,310
793,058
American Public Education, Inc. (a)
 
5,976
24,920
Bright Horizons Family Solutions, Inc. (a)
 
21,321
1,579,033
Carriage Services, Inc.
 
5,124
110,678
Chegg, Inc. (a)
 
44,004
331,350
Coursera, Inc. (a)
 
38,116
660,931
Duolingo, Inc. (a)
 
13,049
1,905,806
European Wax Center, Inc. (a)(b)
 
13,086
193,280
Frontdoor, Inc. (a)
 
29,611
856,646
Graham Holdings Co.
 
1,352
782,429
Grand Canyon Education, Inc. (a)
 
11,003
1,301,985
H&R Block, Inc.
 
55,992
2,298,472
Laureate Education, Inc. Class A
 
49,791
704,045
Mister Car Wash, Inc. (a)(b)
 
33,636
174,907
Nerdy, Inc. Class A (a)
 
21,469
66,125
OneSpaWorld Holdings Ltd. (a)
 
32,325
338,766
Perdoceo Education Corp.
 
23,915
432,622
Rover Group, Inc. Class A (a)
 
41,941
270,519
Service Corp. International
 
55,660
3,029,017
Strategic Education, Inc.
 
8,120
668,357
Stride, Inc. (a)
 
14,784
812,824
Udemy, Inc. (a)
 
31,772
283,724
WW International, Inc. (a)
 
29,132
227,812
 
 
 
18,389,879
Hotels, Restaurants & Leisure - 2.2%
 
 
 
Accel Entertainment, Inc. (a)
 
20,885
205,717
Airbnb, Inc. Class A (a)
 
157,204
18,595,661
ARAMARK Holdings Corp.
 
96,394
2,595,890
Bally's Corp. (a)
 
10,280
93,754
BJ's Restaurants, Inc. (a)(b)
 
8,685
223,378
Bloomin' Brands, Inc.
 
32,548
759,670
Bluegreen Vacations Holding Corp. Class A
 
3,203
107,333
Booking Holdings, Inc. (a)
 
13,159
36,707,820
Bowlero Corp. Class A (a)(b)
 
17,111
172,650
Boyd Gaming Corp.
 
26,154
1,445,009
Brinker International, Inc. (a)
 
16,071
545,128
Caesars Entertainment, Inc. (a)
 
79,318
3,163,995
Carnival Corp. (a)(b)
 
371,450
4,256,817
Chipotle Mexican Grill, Inc. (a)
 
10,166
19,744,405
Choice Hotels International, Inc. (b)
 
9,291
1,026,656
Churchill Downs, Inc.
 
25,120
2,759,181
Chuy's Holdings, Inc. (a)
 
6,350
213,741
Cracker Barrel Old Country Store, Inc. (b)
 
8,316
551,850
Darden Restaurants, Inc.
 
44,549
6,483,216
Dave & Buster's Entertainment, Inc. (a)
 
12,674
442,830
Denny's Corp. (a)
 
20,084
173,124
Dine Brands Global, Inc.
 
5,816
286,671
Domino's Pizza, Inc.
 
12,935
4,384,836
Doordash, Inc. (a)
 
110,612
8,290,369
Draftkings Holdings, Inc. (a)
 
170,742
4,715,894
Dutch Bros, Inc. (a)(b)
 
19,233
468,131
El Pollo Loco Holdings, Inc.
 
10,001
83,508
Everi Holdings, Inc. (a)
 
32,399
349,585
Expedia, Inc. (a)
 
50,828
4,843,400
First Watch Restaurant Group, Inc. (a)
 
8,855
147,967
Golden Entertainment, Inc.
 
7,728
242,350
Hilton Grand Vacations, Inc. (a)
 
26,829
964,503
Hilton Worldwide Holdings, Inc.
 
96,397
14,607,037
Hyatt Hotels Corp. Class A (b)
 
16,936
1,734,924
Inspired Entertainment, Inc. (a)
 
8,914
88,962
Jack in the Box, Inc.
 
7,529
475,682
Krispy Kreme, Inc. (b)
 
31,072
401,761
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
2,231
127,479
Las Vegas Sands Corp.
 
121,001
5,742,707
Life Time Group Holdings, Inc. (a)(b)
 
21,709
256,600
Light & Wonder, Inc. Class A (a)
 
33,471
2,447,065
Lindblad Expeditions Holdings (a)
 
15,398
95,776
Marriott International, Inc. Class A
 
92,362
17,415,779
Marriott Vacations Worldwide Corp.
 
12,530
1,125,946
McDonald's Corp.
 
268,640
70,429,349
MGM Resorts International
 
103,507
3,614,464
Monarch Casino & Resort, Inc.
 
5,036
303,117
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
157,407
2,140,735
Papa John's International, Inc.
 
12,071
784,856
Penn Entertainment, Inc. (a)
 
55,755
1,100,046
Planet Fitness, Inc. (a)
 
31,006
1,713,702
Playa Hotels & Resorts NV (a)
 
41,673
301,296
PlayAGS, Inc. (a)
 
15,146
108,142
Portillo's, Inc. (a)(b)
 
17,743
265,258
RCI Hospitality Holdings, Inc.
 
2,995
163,257
Red Robin Gourmet Burgers, Inc. (a)(b)
 
6,198
50,142
Red Rock Resorts, Inc.
 
17,892
707,629
Royal Caribbean Cruises Ltd. (a)
 
86,867
7,360,241
Rush Street Interactive, Inc. (a)
 
23,695
84,591
Sabre Corp. (a)
 
124,335
435,173
SeaWorld Entertainment, Inc. (a)
 
13,219
569,475
Shake Shack, Inc. Class A (a)
 
13,871
777,331
Six Flags Entertainment Corp. (a)
 
26,426
525,877
Soho House & Co., Inc. Class A (a)(b)
 
13,211
95,119
Sonder Holdings, Inc. (a)(b)
 
2,772
20,901
Starbucks Corp.
 
422,232
38,946,680
Sweetgreen, Inc. Class A (a)
 
33,621
347,305
Target Hospitality Corp. (a)(b)
 
9,535
130,916
Texas Roadhouse, Inc. Class A
 
24,496
2,487,324
The Cheesecake Factory, Inc.
 
17,787
552,642
Travel+Leisure Co.
 
27,247
927,215
Vail Resorts, Inc.
 
14,215
3,017,134
Wendy's Co.
 
62,721
1,192,953
Wingstop, Inc.
 
11,119
2,032,220
Wyndham Hotels & Resorts, Inc.
 
31,067
2,249,251
Wynn Resorts Ltd.
 
35,683
3,132,254
Xponential Fitness, Inc. (a)(b)
 
10,105
144,198
Yum! Brands, Inc.
 
103,317
12,486,893
 
 
 
328,762,443
Household Durables - 0.4%
 
 
 
Beazer Homes U.S.A., Inc. (a)
 
10,876
263,090
Cavco Industries, Inc. (a)
 
2,952
736,554
Century Communities, Inc.
 
10,525
647,288
D.R. Horton, Inc.
 
112,285
11,722,554
Dream Finders Homes, Inc. (a)(b)
 
8,824
173,745
Ethan Allen Interiors, Inc.
 
8,658
227,359
Garmin Ltd.
 
56,486
5,791,510
GoPro, Inc. Class A (a)
 
42,436
106,514
Green Brick Partners, Inc. (a)
 
9,391
363,432
Helen of Troy Ltd. (a)
 
8,831
868,264
Hovnanian Enterprises, Inc. Class A (a)
 
1,785
124,022
Installed Building Products, Inc.
 
8,663
967,397
iRobot Corp. (a)
 
10,355
340,990
KB Home
 
28,688
1,268,010
La-Z-Boy, Inc.
 
16,006
468,015
Leggett & Platt, Inc.
 
49,092
1,150,226
Lennar Corp.:
 
 
 
 Class A
 
91,055
9,713,747
 Class B
 
7,071
697,271
LGI Homes, Inc. (a)
 
7,530
711,660
Lovesac (a)(b)
 
5,816
95,731
M.D.C. Holdings, Inc.
 
22,125
839,644
M/I Homes, Inc. (a)
 
10,130
831,369
Meritage Homes Corp.
 
13,540
1,543,831
Mohawk Industries, Inc. (a)
 
19,444
1,562,909
Newell Brands, Inc.
 
139,887
940,041
NVR, Inc. (a)
 
1,204
6,516,794
PulteGroup, Inc.
 
80,924
5,955,197
Purple Innovation, Inc.
 
23,698
22,987
Skyline Champion Corp. (a)
 
19,596
1,148,913
Sonos, Inc. (a)
 
47,737
514,605
Taylor Morrison Home Corp. (a)
 
40,210
1,540,847
Tempur Sealy International, Inc.
 
63,329
2,528,727
Toll Brothers, Inc.
 
40,327
2,851,522
TopBuild Corp. (a)
 
11,680
2,671,917
Traeger, Inc. (a)(b)
 
29,625
77,914
TRI Pointe Homes, Inc. (a)
 
36,229
907,899
Tupperware Brands Corp. (a)(b)
 
14,787
30,165
Universal Electronics, Inc. (a)
 
4,159
32,648
Vizio Holding Corp. (a)
 
37,141
189,048
Whirlpool Corp.
 
20,189
2,110,962
ZAGG, Inc. rights (a)(c)
 
5,004
0
 
 
 
69,255,318
Leisure Products - 0.1%
 
 
 
Acushnet Holdings Corp. (b)
 
11,170
569,223
AMMO, Inc. (a)(b)
 
33,915
98,693
Brunswick Corp.
 
25,770
1,790,242
Clarus Corp.
 
9,729
56,331
Funko, Inc. (a)(b)
 
11,524
88,850
Hasbro, Inc.
 
48,045
2,169,232
JAKKS Pacific, Inc. (a)
 
2,430
40,751
Johnson Outdoors, Inc. Class A
 
2,493
118,542
Latham Group, Inc. (a)
 
13,857
31,733
Malibu Boats, Inc. Class A (a)
 
7,644
333,431
MasterCraft Boat Holdings, Inc. (a)
 
5,659
115,670
Mattel, Inc. (a)
 
130,116
2,482,613
Peloton Interactive, Inc. Class A (a)(b)
 
125,346
596,647
Polaris, Inc.
 
19,680
1,700,746
Smith & Wesson Brands, Inc.
 
17,506
257,863
Solo Brands, Inc. Class A (a)
 
9,124
35,127
Sturm, Ruger & Co., Inc.
 
6,534
361,657
Topgolf Callaway Brands Corp. (a)
 
51,914
634,389
Vista Outdoor, Inc. (a)
 
21,337
535,985
YETI Holdings, Inc. (a)(b)
 
32,098
1,364,807
 
 
 
13,382,532
Specialty Retail - 2.1%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)
 
9,976
74,920
Abercrombie & Fitch Co. Class A (a)
 
18,408
1,119,575
Academy Sports & Outdoors, Inc.
 
28,099
1,259,959
Advance Auto Parts, Inc. (b)
 
21,874
1,138,104
America's Car Mart, Inc. (a)
 
2,352
157,537
American Eagle Outfitters, Inc.
 
68,477
1,196,293
Arhaus, Inc. (a)
 
15,248
131,438
Arko Corp.
 
25,391
191,702
Asbury Automotive Group, Inc. (a)
 
7,591
1,452,690
AutoNation, Inc. (a)
 
9,909
1,288,963
AutoZone, Inc. (a)
 
6,693
16,579,431
BARK, Inc. (a)
 
37,811
40,458
Bath & Body Works, Inc.
 
84,299
2,499,465
Best Buy Co., Inc.
 
71,772
4,795,805
Beyond, Inc. (a)(b)
 
17,016
265,450
Big 5 Sporting Goods Corp. (b)
 
6,974
49,236
Boot Barn Holdings, Inc. (a)
 
11,093
770,964
Build-A-Bear Workshop, Inc.
 
4,402
109,170
Burlington Stores, Inc. (a)
 
23,937
2,897,095
Caleres, Inc.
 
12,731
325,659
Camping World Holdings, Inc.
 
15,701
262,992
CarMax, Inc. (a)
 
58,227
3,557,087
CarParts.com, Inc. (a)
 
16,896
47,816
Carvana Co. Class A (a)(b)
 
35,365
954,855
Chewy, Inc. (a)(b)
 
43,017
831,519
Chico's FAS, Inc. (a)
 
46,244
345,905
Citi Trends, Inc. (a)(b)
 
3,435
82,784
Designer Brands, Inc. Class A (b)
 
18,042
182,405
Destination XL Group, Inc. (a)
 
21,164
88,042
Dick's Sporting Goods, Inc.
 
23,115
2,472,149
EVgo, Inc. Class A (a)(b)
 
35,998
74,336
Five Below, Inc. (a)
 
20,507
3,567,808
Floor & Decor Holdings, Inc. Class A (a)(b)
 
39,216
3,231,398
Foot Locker, Inc. (b)
 
29,785
625,187
GameStop Corp. Class A (a)(b)
 
98,965
1,362,748
Gap, Inc. (b)
 
79,147
1,013,082
Genesco, Inc. (a)
 
4,612
126,415
Group 1 Automotive, Inc.
 
5,184
1,308,079
GrowGeneration Corp. (a)(b)
 
21,926
44,729
Guess?, Inc. (b)
 
9,543
205,175
Haverty Furniture Companies, Inc.
 
5,364
139,732
Hibbett, Inc.
 
4,821
222,103
Lands' End, Inc. (a)
 
4,194
26,338
Lazydays Holdings, Inc. (a)(b)
 
3,381
21,334
Lazydays Holdings, Inc. rights 11/14/23 (a)
 
3,381
0
Leslie's, Inc. (a)
 
68,003
335,935
Lithia Motors, Inc. Class A (sub. vtg.)
 
10,138
2,455,525
LL Flooring Holdings, Inc. (a)(b)
 
12,830
41,569
Lowe's Companies, Inc.
 
216,023
41,167,503
MarineMax, Inc. (a)
 
7,632
208,964
Monro, Inc.
 
11,879
294,837
Murphy U.S.A., Inc.
 
7,196
2,609,917
National Vision Holdings, Inc. (a)
 
29,334
455,850
O'Reilly Automotive, Inc. (a)
 
22,267
20,718,107
OneWater Marine, Inc. Class A (a)(b)
 
4,023
91,040
Penske Automotive Group, Inc.
 
7,196
1,029,604
Petco Health & Wellness Co., Inc. (a)(b)
 
28,457
98,461
PetMed Express, Inc. (b)
 
9,038
62,272
Rent the Runway, Inc. Class A (a)(b)
 
16,188
8,691
Revolve Group, Inc. (a)(b)
 
14,429
198,399
RH (a)
 
5,705
1,243,462
Ross Stores, Inc.
 
125,569
14,562,237
Sally Beauty Holdings, Inc. (a)
 
41,106
349,401
Shoe Carnival, Inc.
 
6,688
153,021
Signet Jewelers Ltd.
 
16,587
1,158,270
Sleep Number Corp. (a)
 
7,761
126,271
Sonic Automotive, Inc. Class A (sub. vtg.)
 
5,690
272,267
Sportsman's Warehouse Holdings, Inc. (a)
 
12,954
65,936
Stitch Fix, Inc. (a)
 
36,307
119,087
The Aaron's Co., Inc.
 
10,942
81,080
The Buckle, Inc.
 
10,726
362,217
The Cato Corp. Class A (sub. vtg.)
 
5,869
41,846
The Children's Place, Inc. (a)
 
4,677
128,009
The Container Store Group, Inc. (a)(b)
 
10,974
20,302
The Home Depot, Inc.
 
370,636
105,516,363
The ODP Corp. (a)
 
12,198
547,934
The RealReal, Inc. (a)(b)
 
30,793
42,186
thredUP, Inc. (a)
 
25,010
80,532
Tilly's, Inc. (a)(b)
 
9,072
73,483
TJX Companies, Inc.
 
423,616
37,307,861
Tractor Supply Co.
 
40,111
7,723,774
Ulta Beauty, Inc. (a)
 
18,366
7,003,139
Upbound Group, Inc.
 
16,910
440,675
Urban Outfitters, Inc. (a)
 
20,842
721,550
Valvoline, Inc.
 
50,904
1,510,322
Victoria's Secret & Co. (a)
 
27,984
500,354
Vroom, Inc. (a)(b)
 
47,260
38,281
Warby Parker, Inc. (a)
 
27,735
360,000
Wayfair LLC Class A (a)(b)
 
33,295
1,418,700
Williams-Sonoma, Inc. (b)
 
23,681
3,557,833
Winmark Corp.
 
1,078
434,779
Zumiez, Inc. (a)
 
5,577
91,630
 
 
 
312,967,408
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Allbirds, Inc. Class A (a)
 
38,047
32,903
Capri Holdings Ltd. (a)
 
42,794
2,190,197
Carter's, Inc. (b)
 
13,756
923,853
Columbia Sportswear Co.
 
12,748
940,802
Crocs, Inc. (a)
 
22,758
2,032,745
Deckers Outdoor Corp. (a)
 
9,641
5,756,255
Figs, Inc. Class A (a)(b)
 
44,723
246,424
Fossil Group, Inc. (a)
 
18,992
29,628
G-III Apparel Group Ltd. (a)
 
14,644
374,154
Hanesbrands, Inc. (b)
 
131,751
552,037
Kontoor Brands, Inc.
 
18,676
867,500
Levi Strauss & Co. Class A
 
37,070
506,747
lululemon athletica, Inc. (a)
 
42,637
16,776,807
Movado Group, Inc.
 
6,163
171,701
NIKE, Inc. Class B
 
451,679
46,419,051
Oxford Industries, Inc.
 
5,353
451,793
PVH Corp.
 
23,249
1,728,563
Ralph Lauren Corp.
 
14,887
1,675,234
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
49,540
2,388,819
Steven Madden Ltd.
 
26,105
855,983
Tapestry, Inc.
 
85,253
2,349,573
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
67,314
461,101
 Class C (non-vtg.) (a)
 
74,733
480,533
Unifi, Inc. (a)
 
5,211
35,018
VF Corp.
 
122,063
1,797,988
Wolverine World Wide, Inc.
 
27,882
224,450
 
 
 
90,269,859
TOTAL CONSUMER DISCRETIONARY
 
 
1,585,108,131
CONSUMER STAPLES - 6.1%
 
 
 
Beverages - 1.4%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
3,457
1,154,465
Brown-Forman Corp. Class B (non-vtg.)
 
67,583
3,795,461
Celsius Holdings, Inc. (a)
 
18,149
2,760,281
Coca-Cola Bottling Co. Consolidated
 
1,735
1,104,171
Constellation Brands, Inc. Class A (sub. vtg.)
 
59,411
13,911,086
Duckhorn Portfolio, Inc. (a)
 
14,727
153,603
Keurig Dr. Pepper, Inc.
 
371,055
11,254,098
MGP Ingredients, Inc.
 
5,709
540,414
Molson Coors Beverage Co. Class B
 
68,461
3,954,992
Monster Beverage Corp.
 
274,350
14,019,285
National Beverage Corp. (a)(b)
 
8,393
389,267
PepsiCo, Inc.
 
507,546
82,872,111
The Coca-Cola Co.
 
1,434,784
81,050,948
The Vita Coco Co., Inc. (a)
 
11,274
305,525
 
 
 
217,265,707
Consumer Staples Distribution & Retail - 1.8%
 
 
 
Albertsons Companies, Inc.
 
148,330
3,218,761
Andersons, Inc.
 
11,776
590,331
BJ's Wholesale Club Holdings, Inc. (a)
 
49,421
3,366,559
Blue Apron Holdings, Inc.:
 
 
 
 warrants 11/4/28 (a)(b)
 
2,361
84
 warrants 11/4/28 (a)(b)
 
2,361
29
 warrants 11/4/28 (a)(b)
 
2,361
11
Casey's General Stores, Inc.
 
13,769
3,743,929
Chefs' Warehouse Holdings (a)
 
12,413
236,219
Costco Wholesale Corp.
 
163,380
90,257,647
Dollar General Corp.
 
80,913
9,631,884
Dollar Tree, Inc. (a)
 
77,210
8,577,259
Grocery Outlet Holding Corp. (a)
 
36,491
1,009,706
Ingles Markets, Inc. Class A
 
5,274
423,080
Kroger Co.
 
243,475
11,046,461
Performance Food Group Co. (a)
 
57,753
3,335,813
PriceSmart, Inc.
 
9,426
589,031
SpartanNash Co.
 
12,270
275,952
Sprouts Farmers Market LLC (a)
 
37,414
1,572,136
Sysco Corp.
 
186,287
12,386,223
Target Corp.
 
170,175
18,853,688
U.S. Foods Holding Corp. (a)
 
83,807
3,263,445
United Natural Foods, Inc. (a)
 
21,107
307,740
Walgreens Boots Alliance, Inc.
 
263,577
5,556,203
Walmart, Inc.
 
526,157
85,979,315
Weis Markets, Inc.
 
6,147
400,170
 
 
 
264,621,676
Food Products - 1.0%
 
 
 
Alico, Inc.
 
1,302
31,821
Archer Daniels Midland Co.
 
197,697
14,149,174
B&G Foods, Inc. Class A (b)
 
25,500
205,785
Benson Hill, Inc. (a)
 
42,900
6,607
Beyond Meat, Inc. (a)(b)
 
24,409
145,722
BRC, Inc. Class A (a)(b)
 
13,524
39,220
Bunge Ltd.
 
55,458
5,877,439
Cal-Maine Foods, Inc.
 
15,028
680,919
Calavo Growers, Inc.
 
6,114
154,929
Campbell Soup Co.
 
72,578
2,932,877
Conagra Brands, Inc.
 
176,317
4,824,033
Darling Ingredients, Inc. (a)
 
59,054
2,615,502
Flowers Foods, Inc.
 
71,266
1,562,863
Fresh Del Monte Produce, Inc.
 
12,476
311,900
Freshpet, Inc. (a)(b)
 
17,572
1,008,633
General Mills, Inc.
 
215,768
14,076,704
Hormel Foods Corp.
 
106,427
3,464,199
Hostess Brands, Inc. Class A (a)
 
49,028
1,637,535
Ingredion, Inc.
 
24,390
2,282,416
J&J Snack Foods Corp.
 
5,754
901,134
John B. Sanfilippo & Son, Inc.
 
3,286
336,026
Kellanova
 
97,226
4,906,996
Lamb Weston Holdings, Inc.
 
53,663
4,818,937
Lancaster Colony Corp.
 
7,516
1,271,482
Lifecore Biomedical (a)(b)
 
9,843
69,098
McCormick & Co., Inc. (non-vtg.)
 
92,427
5,906,085
Mission Produce, Inc. (a)
 
15,823
148,894
Mondelez International, Inc.
 
501,577
33,209,413
Pilgrim's Pride Corp. (a)
 
14,879
379,415
Post Holdings, Inc. (a)(b)
 
18,754
1,505,571
Seaboard Corp.
 
82
287,570
Seneca Foods Corp. Class A (a)
 
1,775
97,004
Sovos Brands, Inc. (a)
 
23,082
501,110
The Hain Celestial Group, Inc. (a)
 
33,765
373,103
The Hershey Co.
 
55,263
10,353,523
The J.M. Smucker Co.
 
37,661
4,287,328
The Kraft Heinz Co.
 
294,528
9,265,851
The Simply Good Foods Co. (a)
 
33,498
1,249,140
Tootsie Roll Industries, Inc.
 
6,244
194,251
TreeHouse Foods, Inc. (a)
 
19,083
795,570
Tyson Foods, Inc. Class A
 
105,053
4,869,207
Utz Brands, Inc. Class A
 
24,387
297,278
Vital Farms, Inc. (a)
 
9,921
109,726
Westrock Coffee Holdings (a)(b)
 
10,867
89,544
Whole Earth Brands, Inc. Class A (a)
 
12,713
45,004
WK Kellogg Co.
 
23,547
235,941
 
 
 
142,512,479
Household Products - 1.2%
 
 
 
Central Garden & Pet Co. (a)
 
5,417
236,344
Central Garden & Pet Co. Class A (non-vtg.) (a)
 
12,892
511,683
Church & Dwight Co., Inc.
 
90,728
8,250,804
Colgate-Palmolive Co.
 
304,776
22,894,773
Energizer Holdings, Inc.
 
24,280
766,762
Kimberly-Clark Corp.
 
124,661
14,914,442
Procter & Gamble Co.
 
869,093
130,390,023
Reynolds Consumer Products, Inc.
 
20,545
522,459
Spectrum Brands Holdings, Inc.
 
13,117
987,972
The Clorox Co.
 
45,607
5,367,944
WD-40 Co.
 
5,012
1,059,537
 
 
 
185,902,743
Personal Care Products - 0.2%
 
 
 
BellRing Brands, Inc. (a)
 
48,495
2,120,686
Coty, Inc. Class A (a)
 
132,365
1,240,260
Edgewell Personal Care Co.
 
18,459
644,219
elf Beauty, Inc. (a)
 
20,088
1,860,751
Estee Lauder Companies, Inc. Class A
 
85,475
11,015,163
Herbalife Ltd. (a)
 
36,937
526,352
Inter Parfums, Inc.
 
6,630
842,739
Kenvue, Inc.
 
635,604
11,822,234
MediFast, Inc.
 
3,871
267,718
Nu Skin Enterprises, Inc. Class A
 
18,711
355,322
The Beauty Health Co. (a)(b)
 
29,362
118,916
The Honest Co., Inc. (a)
 
21,936
25,446
USANA Health Sciences, Inc. (a)
 
4,198
191,219
 
 
 
31,031,025
Tobacco - 0.5%
 
 
 
Altria Group, Inc.
 
654,002
26,271,260
Philip Morris International, Inc.
 
572,288
51,025,198
Turning Point Brands, Inc.
 
6,566
131,648
Universal Corp.
 
9,067
408,015
Vector Group Ltd.
 
48,305
496,575
 
 
 
78,332,696
TOTAL CONSUMER STAPLES
 
 
919,666,326
ENERGY - 4.7%
 
 
 
Energy Equipment & Services - 0.6%
 
 
 
Archrock, Inc.
 
51,080
647,184
Baker Hughes Co. Class A
 
371,971
12,803,242
Bristow Group, Inc. (a)
 
8,497
222,112
Cactus, Inc.
 
23,959
1,124,635
Championx Corp.
 
72,462
2,231,830
Core Laboratories, Inc.
 
17,360
371,851
Diamond Offshore Drilling, Inc. (a)
 
37,743
468,391
DMC Global, Inc. (a)
 
7,569
143,433
Dril-Quip, Inc. (a)
 
12,674
274,519
Expro Group Holdings NV (a)
 
31,326
493,385
Halliburton Co.
 
331,191
13,029,054
Helix Energy Solutions Group, Inc. (a)
 
52,905
518,469
Helmerich & Payne, Inc.
 
36,650
1,450,241
Liberty Oilfield Services, Inc. Class A
 
57,192
1,126,682
Nabors Industries Ltd. (a)
 
3,232
315,572
Newpark Resources, Inc. (a)
 
26,742
185,055
Noble Corp. PLC
 
39,910
1,863,398
NOV, Inc.
 
145,651
2,907,194
Oceaneering International, Inc. (a)
 
37,449
823,504
Oil States International, Inc. (a)
 
22,410
162,697
Patterson-UTI Energy, Inc.
 
118,245
1,501,712
ProFrac Holding Corp. (a)(b)
 
7,888
74,305
ProPetro Holding Corp. (a)
 
32,069
336,083
RPC, Inc.
 
30,693
255,366
Schlumberger Ltd.
 
523,938
29,162,389
Select Water Solutions, Inc. Class A
 
31,080
231,235
Solaris Oilfield Infrastructure, Inc. Class A
 
10,220
94,433
TechnipFMC PLC
 
161,436
3,474,103
TETRA Technologies, Inc. (a)
 
43,462
206,010
Tidewater, Inc. (a)
 
17,868
1,221,278
Transocean Ltd. (United States) (a)(b)
 
248,480
1,644,938
U.S. Silica Holdings, Inc. (a)
 
27,820
335,787
Valaris Ltd. (a)
 
23,463
1,549,497
Weatherford International PLC (a)
 
26,532
2,469,864
 
 
 
83,719,448
Oil, Gas & Consumable Fuels - 4.1%
 
 
 
Amplify Energy Corp. (a)
 
12,160
84,512
Antero Midstream GP LP
 
126,330
1,558,912
Antero Resources Corp. (a)
 
104,130
3,065,587
APA Corp.
 
113,269
4,499,045
Ardmore Shipping Corp.
 
15,276
203,018
Berry Corp.
 
25,094
209,535
California Resources Corp.
 
23,845
1,254,009
Callon Petroleum Co. (a)(b)
 
20,624
770,306
Centrus Energy Corp. Class A (a)
 
4,757
252,454
Cheniere Energy, Inc.
 
88,696
14,760,788
Chesapeake Energy Corp.
 
41,457
3,568,619
Chevron Corp.
 
654,090
95,320,536
Chord Energy Corp.
 
15,311
2,531,215
Civitas Resources, Inc.
 
31,466
2,373,480
Clean Energy Fuels Corp. (a)(b)
 
64,332
224,519
CNX Resources Corp. (a)
 
59,291
1,287,801
Comstock Resources, Inc. (b)
 
34,825
438,795
ConocoPhillips Co.
 
441,463
52,445,804
CONSOL Energy, Inc.
 
10,611
975,045
Coterra Energy, Inc.
 
279,080
7,674,700
Crescent Energy, Inc. Class A (b)
 
26,208
319,213
CVR Energy, Inc.
 
10,963
359,038
Delek U.S. Holdings, Inc.
 
22,220
585,497
Denbury, Inc. (a)
 
18,896
1,679,665
Devon Energy Corp.
 
236,483
11,013,013
Diamondback Energy, Inc.
 
65,902
10,565,409
Dorian LPG Ltd.
 
12,478
398,922
DT Midstream, Inc.
 
35,543
1,918,256
Enviva, Inc. (b)
 
11,290
40,870
EOG Resources, Inc.
 
214,657
27,100,446
EQT Corp.
 
133,149
5,642,855
Equitrans Midstream Corp.
 
160,725
1,425,631
Evolution Petroleum Corp.
 
13,086
84,143
Excelerate Energy, Inc.
 
6,772
96,298
Exxon Mobil Corp.
 
1,475,863
156,220,099
Gevo, Inc. (a)(b)
 
84,644
90,569
Green Plains, Inc. (a)
 
22,129
650,150
Gulfport Energy Corp. (a)
 
3,642
450,188
Hallador Energy Co. (a)
 
8,781
122,758
Hess Corp.
 
101,856
14,708,006
HF Sinclair Corp.
 
53,631
2,970,085
International Seaways, Inc.
 
13,878
667,393
Kinder Morgan, Inc.
 
713,951
11,566,006
Kinetik Holdings, Inc.
 
5,531
196,019
Kosmos Energy Ltd. (a)
 
170,507
1,234,471
Magnolia Oil & Gas Corp. Class A
 
69,243
1,554,505
Marathon Oil Corp.
 
223,305
6,098,460
Marathon Petroleum Corp.
 
147,393
22,293,191
Matador Resources Co.
 
40,863
2,520,838
Murphy Oil Corp.
 
54,641
2,451,742
New Fortress Energy, Inc.
 
24,237
734,381
Nextdecade Corp. (a)(b)
 
27,691
121,563
Northern Oil & Gas, Inc.
 
31,071
1,191,262
Occidental Petroleum Corp.
 
244,623
15,120,148
ONEOK, Inc.
 
214,683
13,997,332
Overseas Shipholding Group, Inc. (a)
 
18,758
91,727
Ovintiv, Inc.
 
93,544
4,490,112
Par Pacific Holdings, Inc. (a)
 
20,636
677,274
PBF Energy, Inc. Class A
 
40,674
1,933,235
Peabody Energy Corp.
 
41,141
970,516
Permian Resource Corp. Class A (b)
 
102,336
1,491,036
Phillips 66 Co.
 
164,146
18,724,134
Pioneer Natural Resources Co.
 
85,950
20,542,050
Range Resources Corp.
 
89,310
3,200,870
Rex American Resources Corp. (a)
 
5,812
220,914
Riley Exploration Permian, Inc.
 
1,388
43,930
Ring Energy, Inc. (a)(b)
 
16,254
28,282
SandRidge Energy, Inc.
 
12,323
195,320
Scorpio Tankers, Inc.
 
17,684
992,957
SilverBow Resources, Inc. (a)
 
4,605
157,031
Sitio Royalties Corp.
 
30,349
750,227
SM Energy Co.
 
43,770
1,764,806
Southwestern Energy Co. (a)
 
404,749
2,885,860
Talos Energy, Inc. (a)
 
37,081
574,756
Targa Resources Corp.
 
82,377
6,887,541
Teekay Corp. (a)
 
23,564
165,655
Teekay Tankers Ltd.
 
9,035
449,040
Tellurian, Inc. (a)(b)
 
221,266
152,674
Texas Pacific Land Corp.
 
2,294
4,234,609
The Williams Companies, Inc.
 
448,098
15,414,571
Uranium Energy Corp. (a)(b)
 
138,247
822,570
VAALCO Energy, Inc.
 
41,960
187,561
Valero Energy Corp.
 
130,193
16,534,511
Vertex Energy, Inc. (a)(b)
 
30,405
131,046
Vital Energy, Inc. (a)
 
6,190
309,748
Vitesse Energy, Inc. (b)
 
8,014
189,852
W&T Offshore, Inc. (a)(b)
 
37,782
156,795
World Kinect Corp.
 
21,766
402,671
 
 
 
615,460,983
TOTAL ENERGY
 
 
699,180,431
FINANCIALS - 13.1%
 
 
 
Banks - 3.2%
 
 
 
1st Source Corp.
 
6,314
288,045
Amalgamated Financial Corp.
 
6,379
116,353
Amerant Bancorp, Inc. Class A
 
9,784
178,362
Ameris Bancorp
 
23,979
894,417
Associated Banc-Corp.
 
55,134
893,722
Atlantic Union Bankshares Corp.
 
27,572
794,349
Axos Financial, Inc. (a)
 
19,204
691,920
Banc of California, Inc.
 
19,045
213,494
BancFirst Corp.
 
5,340
433,127
Bancorp, Inc., Delaware (a)
 
19,832
707,011
Bank First National Corp. (b)
 
3,186
251,598
Bank of America Corp.
 
2,548,638
67,131,125
Bank of Hawaii Corp.
 
14,820
731,960
Bank of Marin Bancorp
 
4,967
83,446
Bank OZK
 
38,800
1,389,428
BankUnited, Inc.
 
27,188
592,970
Banner Corp.
 
12,790
539,866
Berkshire Hills Bancorp, Inc.
 
15,672
307,328
BOK Financial Corp.
 
10,184
667,256
Bridgewater Bancshares, Inc. (a)
 
8,206
79,024
Brookline Bancorp, Inc., Delaware
 
33,770
274,888
Business First Bancshares, Inc.
 
8,104
158,352
Byline Bancorp, Inc.
 
10,566
200,437
Cadence Bank
 
67,860
1,437,275
Cambridge Bancorp
 
2,836
152,322
Camden National Corp.
 
5,719
166,766
Capitol Federal Financial, Inc.
 
48,628
252,866
Cathay General Bancorp
 
26,728
906,346
Central Pacific Financial Corp.
 
9,557
150,809
Citigroup, Inc.
 
709,773
28,028,936
Citizens Financial Group, Inc.
 
174,214
4,081,834
City Holding Co.
 
5,530
502,013
CNB Financial Corp., Pennsylvania
 
8,226
149,549
Coastal Financial Corp. of Washington (a)
 
3,953
146,933
Columbia Banking Systems, Inc.
 
77,164
1,517,816
Columbia Financial, Inc. (a)(b)
 
10,499
169,034
Comerica, Inc.
 
48,429
1,908,103
Commerce Bancshares, Inc.
 
41,789
1,832,866
Community Bank System, Inc.
 
19,718
787,734
Community Trust Bancorp, Inc.
 
5,736
215,444
ConnectOne Bancorp, Inc.
 
13,416
218,547
CrossFirst Bankshares, Inc. (a)
 
14,822
156,817
Cullen/Frost Bankers, Inc.
 
23,647
2,151,641
Customers Bancorp, Inc. (a)
 
10,056
404,352
CVB Financial Corp.
 
49,069
766,458
Dime Community Bancshares, Inc.
 
12,976
238,629
Eagle Bancorp, Inc.
 
10,669
207,832
East West Bancorp, Inc.
 
52,186
2,798,213
Eastern Bankshares, Inc.
 
58,109
639,780
Enterprise Financial Services Corp.
 
13,734
477,531
Equity Bancshares, Inc.
 
4,827
116,813
Esquire Financial Holdings, Inc.
 
2,359
108,042
Farmers National Banc Corp.
 
12,826
144,806
FB Financial Corp.
 
13,335
391,649
Fifth Third Bancorp
 
251,097
5,953,510
First Bancorp, North Carolina
 
15,178
440,466
First Bancorp, Puerto Rico
 
65,728
877,469
First Bancshares, Inc.
 
10,389
251,622
First Busey Corp.
 
19,029
377,916
First Citizens Bancshares, Inc.
 
4,389
6,060,068
First Commonwealth Financial Corp.
 
37,971
462,487
First Financial Bancorp, Ohio
 
34,577
639,675
First Financial Bankshares, Inc.
 
47,404
1,140,066
First Financial Corp., Indiana
 
3,822
131,515
First Foundation, Inc.
 
18,004
81,738
First Hawaiian, Inc.
 
47,379
849,505
First Horizon National Corp.
 
206,021
2,214,726
First Interstate Bancsystem, Inc.
 
30,645
706,980
First Merchants Corp.
 
21,999
600,793
First of Long Island Corp.
 
8,378
89,980
Flushing Financial Corp.
 
9,636
118,908
FNB Corp., Pennsylvania
 
132,524
1,416,682
Fulton Financial Corp.
 
60,477
785,596
German American Bancorp, Inc.
 
10,847
296,449
Glacier Bancorp, Inc.
 
40,558
1,224,446
Great Southern Bancorp, Inc.
 
3,410
169,545
Hancock Whitney Corp.
 
31,390
1,080,758
Hanmi Financial Corp.
 
11,434
167,851
HarborOne Bancorp, Inc.
 
14,039
138,144
Heartland Financial U.S.A., Inc.
 
14,144
387,546
Heritage Commerce Corp.
 
23,806
194,733
Heritage Financial Corp., Washington
 
13,216
215,024
Hilltop Holdings, Inc.
 
17,188
474,733
Hingham Institution for Savings (b)
 
671
99,697
Home Bancshares, Inc.
 
69,342
1,418,044
HomeStreet, Inc.
 
7,290
35,211
HomeTrust Bancshares, Inc.
 
6,186
127,493
Hope Bancorp, Inc.
 
45,338
397,161
Horizon Bancorp, Inc. Indiana
 
15,507
147,161
Huntington Bancshares, Inc.
 
533,912
5,152,251
Independent Bank Corp.
 
8,066
160,917
Independent Bank Corp.
 
16,471
803,785
Independent Bank Group, Inc.
 
12,953
457,889
International Bancshares Corp.
 
19,494
854,422
JPMorgan Chase & Co.
 
1,071,301
148,975,117
Kearny Financial Corp.
 
25,218
175,013
KeyCorp
 
344,902
3,524,898
Lakeland Bancorp, Inc.
 
24,600
277,488
Lakeland Financial Corp.
 
9,248
455,464
Live Oak Bancshares, Inc.
 
12,267
353,903
M&T Bank Corp.
 
61,169
6,896,805
Mercantile Bank Corp.
 
5,684
187,231
Metropolitan Bank Holding Corp. (a)
 
3,963
128,441
Midland States Bancorp, Inc.
 
8,283
180,735
National Bank Holdings Corp.
 
14,200
442,756
NBT Bancorp, Inc.
 
17,408
582,646
New York Community Bancorp, Inc.
 
266,202
2,523,595
Nicolet Bankshares, Inc.
 
4,705
342,618
Northfield Bancorp, Inc.
 
14,808
127,349
Northwest Bancshares, Inc.
 
46,690
486,510
OceanFirst Financial Corp.
 
22,428
283,938
OFG Bancorp
 
17,118
507,035
Old National Bancorp, Indiana
 
108,222
1,482,641
Old Second Bancorp, Inc.
 
14,921
202,329
Origin Bancorp, Inc.
 
10,928
323,360
Pacific Premier Bancorp, Inc.
 
35,385
672,315
PacWest Bancorp
 
43,719
309,531
Park National Corp.
 
5,349
542,335
Pathward Financial, Inc.
 
9,805
444,068
Peapack-Gladstone Financial Corp.
 
6,274
146,623
Peoples Bancorp, Inc.
 
12,646
348,777
Pinnacle Financial Partners, Inc.
 
28,154
1,755,683
PNC Financial Services Group, Inc.
 
146,825
16,807,058
Popular, Inc.
 
26,643
1,732,861
Preferred Bank, Los Angeles
 
4,785
285,042
Premier Financial Corp.
 
12,807
222,201
Prosperity Bancshares, Inc.
 
34,686
1,891,774
Provident Bancorp, Inc. (a)
 
10,149
98,445
Provident Financial Services, Inc.
 
28,494
400,341
QCR Holdings, Inc.
 
6,334
300,548
Regions Financial Corp.
 
345,988
5,027,206
Renasant Corp.
 
20,699
504,849
S&T Bancorp, Inc.
 
14,234
366,668
Sandy Spring Bancorp, Inc.
 
16,835
344,276
Seacoast Banking Corp., Florida
 
31,469
635,988
ServisFirst Bancshares, Inc.
 
18,167
856,756
Simmons First National Corp. Class A
 
46,176
656,161
Southern Missouri Bancorp, Inc.
 
3,668
148,371
Southside Bancshares, Inc.
 
11,087
296,023
Southstate Corp.
 
28,039
1,853,378
Stellar Bancorp, Inc.
 
17,229
374,558
Stock Yards Bancorp, Inc.
 
9,969
389,888
Synovus Financial Corp.
 
53,718
1,400,428
Texas Capital Bancshares, Inc. (a)
 
17,483
962,614
Tompkins Financial Corp.
 
4,562
228,465
TowneBank
 
24,833
594,502
Trico Bancshares
 
12,100
391,435
Triumph Bancorp, Inc. (a)
 
7,793
485,114
Truist Financial Corp.
 
491,133
13,928,532
Trustco Bank Corp., New York
 
7,019
179,195
Trustmark Corp.
 
22,934
461,203
U.S. Bancorp
 
574,037
18,300,300
UMB Financial Corp.
 
15,934
999,380
United Bankshares, Inc., West Virginia
 
49,443
1,406,159
United Community Bank, Inc.
 
43,651
964,251
Univest Corp. of Pennsylvania
 
11,179
186,242
Valley National Bancorp
 
156,036
1,213,960
Veritex Holdings, Inc.
 
20,437
351,925
WaFd, Inc.
 
24,201
597,281
Washington Trust Bancorp, Inc.
 
6,584
152,683
Webster Financial Corp.
 
63,818
2,423,169
Wells Fargo & Co.
 
1,348,821
53,642,611
WesBanco, Inc.
 
21,986
536,239
Westamerica Bancorp.
 
9,861
465,834
Western Alliance Bancorp.
 
40,527
1,665,660
Wintrust Financial Corp.
 
22,556
1,684,708
WSFS Financial Corp.
 
22,313
789,880
Zions Bancorp NA
 
54,806
1,690,765
 
 
 
477,623,327
Capital Markets - 2.8%
 
 
 
Affiliated Managers Group, Inc.
 
12,927
1,586,919
Ameriprise Financial, Inc.
 
37,846
11,905,216
Ares Management Corp.
 
60,846
5,998,807
Artisan Partners Asset Management, Inc.
 
25,401
838,233
Assetmark Financial Holdings, Inc. (a)
 
7,841
187,478
Avantax, Inc. (a)
 
13,514
348,796
B. Riley Financial, Inc.
 
5,872
212,625
Bakkt Holdings, Inc. Class A (a)(b)
 
29,191
29,483
Bank of New York Mellon Corp.
 
287,121
12,202,643
BGC Group, Inc. Class A
 
143,989
845,215
BlackRock, Inc. Class A
 
51,748
31,684,265
Blackstone, Inc.
 
261,691
24,167,164
Blue Owl Capital, Inc. Class A (b)
 
149,260
1,840,376
Bridge Investment Group Holdings, Inc.
 
9,664
70,354
BrightSphere Investment Group, Inc.
 
11,263
176,379
Carlyle Group LP
 
79,657
2,193,754
Cboe Global Markets, Inc.
 
38,925
6,379,418
Charles Schwab Corp.
 
548,451
28,541,390
CME Group, Inc.
 
132,613
28,307,571
Cohen & Steers, Inc.
 
9,538
498,265
Coinbase Global, Inc. (a)(b)
 
62,341
4,807,738
Diamond Hill Investment Group, Inc.
 
1,090
171,239
Donnelley Financial Solutions, Inc. (a)
 
9,022
491,067
Evercore, Inc. Class A
 
12,790
1,665,002
FactSet Research Systems, Inc.
 
14,060
6,072,373
Federated Hermes, Inc.
 
32,569
1,032,437
Franklin Resources, Inc.
 
104,648
2,384,928
GCM Grosvenor, Inc. Class A
 
14,808
119,204
Goldman Sachs Group, Inc.
 
121,545
36,902,277
Hamilton Lane, Inc. Class A
 
13,496
1,135,284
Houlihan Lokey
 
18,976
1,907,468
Interactive Brokers Group, Inc.
 
39,464
3,159,882
Intercontinental Exchange, Inc.
 
211,023
22,672,311
Invesco Ltd.
 
165,639
2,148,338
Janus Henderson Group PLC
 
49,036
1,131,261
Jefferies Financial Group, Inc.
 
65,132
2,095,948
KKR & Co. LP
 
238,708
13,224,423
Lazard Ltd. Class A
 
41,806
1,160,953
LPL Financial
 
28,138
6,317,544
MarketAxess Holdings, Inc.
 
13,919
2,975,186
Moelis & Co. Class A
 
24,395
1,015,808
Moody's Corp.
 
58,199
17,925,292
Morgan Stanley
 
470,395
33,313,374
Morningstar, Inc.
 
9,597
2,430,344
MSCI, Inc.
 
29,154
13,747,569
NASDAQ, Inc.
 
125,001
6,200,050
Northern Trust Corp.
 
76,296
5,028,669
Open Lending Corp. (a)
 
36,951
221,336
Oppenheimer Holdings, Inc. Class A (non-vtg.)
 
2,865
100,476
P10, Inc.
 
15,996
150,682
Perella Weinberg Partners Class A
 
16,342
160,315
Piper Jaffray Companies
 
5,562
777,846
PJT Partners, Inc. (b)
 
8,233
645,138
Raymond James Financial, Inc.
 
69,348
6,618,573
Robinhood Markets, Inc. (a)
 
202,647
1,852,194
S&P Global, Inc.
 
119,975
41,908,467
SEI Investments Co.
 
37,092
1,990,357
State Street Corp.
 
117,487
7,593,185
StepStone Group, Inc. Class A
 
18,685
528,786
Stifel Financial Corp.
 
38,511
2,195,127
StoneX Group, Inc. (a)
 
6,676
636,356
T. Rowe Price Group, Inc.
 
82,657
7,480,459
TPG, Inc. (b)
 
22,496
621,789
Tradeweb Markets, Inc. Class A
 
42,284
3,805,983
Victory Capital Holdings, Inc.
 
13,599
400,627
Virtu Financial, Inc. Class A
 
34,723
642,028
Virtus Investment Partners, Inc.
 
2,491
458,917
WisdomTree Investments, Inc.
 
43,727
271,107
 
 
 
428,310,068
Consumer Finance - 0.5%
 
 
 
Ally Financial, Inc.
 
100,121
2,421,927
American Express Co.
 
214,455
31,316,864
Bread Financial Holdings, Inc.
 
18,703
505,542
Capital One Financial Corp.
 
140,606
14,241,982
Credit Acceptance Corp. (a)(b)
 
2,362
950,540
Discover Financial Services
 
92,144
7,563,180
Encore Capital Group, Inc. (a)(b)
 
8,706
328,042
Enova International, Inc. (a)
 
11,295
450,445
EZCORP, Inc. (non-vtg.) Class A (a)(b)
 
20,465
167,813
FirstCash Holdings, Inc.
 
13,696
1,491,768
Green Dot Corp. Class A (a)
 
16,038
179,305
LendingClub Corp. (a)
 
42,274
219,402
LendingTree, Inc. (a)
 
3,712
49,110
Navient Corp.
 
31,942
508,197
Nelnet, Inc. Class A
 
6,512
552,283
NerdWallet, Inc. (a)
 
14,927
160,913
OneMain Holdings, Inc.
 
44,664
1,604,778
Oportun Financial Corp. (a)
 
11,808
69,077
PRA Group, Inc. (a)
 
14,231
175,184
PROG Holdings, Inc. (a)
 
16,642
455,824
SLM Corp.
 
83,278
1,082,614
SoFi Technologies, Inc. (a)(b)
 
350,333
2,645,014
Synchrony Financial
 
154,119
4,323,038
Upstart Holdings, Inc. (a)(b)
 
27,048
649,963
World Acceptance Corp. (a)(b)
 
1,180
116,372
 
 
 
72,229,177
Financial Services - 4.1%
 
 
 
A-Mark Precious Metals, Inc. (b)
 
6,545
177,239
Affirm Holdings, Inc. (a)(b)
 
79,202
1,394,747
Apollo Global Management, Inc.
 
160,909
12,460,793
AvidXchange Holdings, Inc. (a)
 
62,706
541,780
Berkshire Hathaway, Inc. Class B (a)
 
672,322
229,483,668
Block, Inc. Class A (a)
 
202,618
8,155,375
Cannae Holdings, Inc. (a)
 
25,221
412,363
Cantaloupe, Inc. (a)
 
21,022
138,325
Cass Information Systems, Inc.
 
4,361
164,889
Enact Holdings, Inc.
 
11,142
307,074
Equitable Holdings, Inc.
 
120,469
3,200,861
Essent Group Ltd.
 
39,389
1,860,736
Euronet Worldwide, Inc. (a)
 
17,352
1,333,328
EVERTEC, Inc.
 
23,593
749,786
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
3,459
513,869
Fidelity National Information Services, Inc.
 
218,419
10,726,557
Fiserv, Inc. (a)
 
224,732
25,563,265
FleetCor Technologies, Inc. (a)
 
27,278
6,142,187
Flywire Corp. (a)
 
38,891
1,045,779
Global Payments, Inc.
 
95,856
10,181,824
i3 Verticals, Inc. Class A (a)
 
8,897
166,819
International Money Express, Inc. (a)
 
13,167
210,145
Jack Henry & Associates, Inc.
 
26,899
3,792,490
Jackson Financial, Inc.
 
26,922
988,307
Marqeta, Inc. Class A (a)
 
162,040
837,747
MasterCard, Inc. Class A
 
306,727
115,436,706
Merchants Bancorp
 
9,808
293,161
MGIC Investment Corp.
 
103,940
1,750,350
Mr. Cooper Group, Inc. (a)
 
24,754
1,399,344
NCR Atleos Corp.
 
24,575
542,125
NMI Holdings, Inc. (a)
 
30,629
837,703
Paymentus Holdings, Inc. (a)(b)
 
7,167
104,352
Payoneer Global, Inc. (a)
 
95,587
553,449
PayPal Holdings, Inc. (a)
 
404,862
20,971,852
PennyMac Financial Services, Inc.
 
10,784
724,685
Radian Group, Inc.
 
58,109
1,472,482
Remitly Global, Inc. (a)
 
48,782
1,313,699
Repay Holdings Corp. (a)
 
29,864
178,885
Rocket Companies, Inc. (a)(b)
 
45,167
333,784
Shift4 Payments, Inc. (a)
 
20,724
922,632
TFS Financial Corp.
 
18,658
221,284
The Western Union Co.
 
137,516
1,552,556
Toast, Inc. (a)
 
133,390
2,132,906
UWM Holdings Corp. Class A (b)
 
32,802
159,090
Visa, Inc. Class A
 
592,367
139,265,482
Voya Financial, Inc.
 
39,008
2,604,564
Walker & Dunlop, Inc.
 
12,327
798,790
WEX, Inc. (a)
 
15,811
2,632,215
 
 
 
616,752,049
Insurance - 2.4%
 
 
 
AFLAC, Inc.
 
199,261
15,564,277
Allstate Corp.
 
96,445
12,357,498
AMBAC Financial Group, Inc. (a)
 
16,002
194,104
American Equity Investment Life Holding Co.
 
22,707
1,202,563
American Financial Group, Inc.
 
24,410
2,669,478
American International Group, Inc.
 
262,423
16,089,154
Amerisafe, Inc.
 
7,189
366,423
Aon PLC
 
74,785
23,138,479
Arch Capital Group Ltd. (a)
 
137,395
11,909,399
Argo Group International Holdings, Ltd.
 
12,786
381,534
Arthur J. Gallagher & Co.
 
79,432
18,705,442
Assurant, Inc.
 
19,572
2,914,271
Assured Guaranty Ltd.
 
20,486
1,278,326
Axis Capital Holdings Ltd.
 
28,482
1,626,322
Brighthouse Financial, Inc. (a)
 
24,198
1,096,169
Brown & Brown, Inc.
 
86,850
6,029,127
BRP Group, Inc. (a)
 
23,228
486,162
Chubb Ltd.
 
151,422
32,498,190
Cincinnati Financial Corp.
 
57,830
5,763,916
CNO Financial Group, Inc.
 
42,114
976,203
eHealth, Inc. (a)
 
10,196
87,482
Employers Holdings, Inc.
 
9,793
372,134
Enstar Group Ltd. (a)
 
4,932
1,168,736
Erie Indemnity Co. Class A
 
9,159
2,529,624
Everest Re Group Ltd.
 
16,004
6,331,502
Fidelity National Financial, Inc.
 
95,356
3,727,466
First American Financial Corp.
 
37,880
1,948,547
Genworth Financial, Inc. Class A (a)
 
169,680
1,016,383
Globe Life, Inc.
 
31,979
3,721,076
Goosehead Insurance (a)
 
8,747
567,418
Hagerty, Inc. Class A (a)(b)
 
11,741
90,641
Hanover Insurance Group, Inc.
 
13,181
1,544,945
Hartford Financial Services Group, Inc.
 
112,665
8,275,244
HCI Group, Inc.
 
2,402
141,646
Hippo Holdings, Inc. (a)(b)
 
5,774
41,573
Horace Mann Educators Corp.
 
15,103
479,218
James River Group Holdings Ltd.
 
14,328
197,010
Kemper Corp.
 
22,225
886,333
Kinsale Capital Group, Inc.
 
8,116
2,710,014
Lemonade, Inc. (a)(b)
 
22,939
250,953
Lincoln National Corp.
 
62,680
1,364,544
Loews Corp.
 
67,871
4,344,423
Markel Group, Inc. (a)
 
4,884
7,182,020
Marsh & McLennan Companies, Inc.
 
182,091
34,533,558
MBIA, Inc. (a)
 
14,870
102,306
Mercury General Corp.
 
9,976
308,059
MetLife, Inc.
 
232,900
13,976,329
National Western Life Group, Inc.
 
809
387,430
Old Republic International Corp.
 
97,293
2,663,882
Oscar Health, Inc. (a)
 
51,730
264,858
Palomar Holdings, Inc. (a)
 
8,949
448,166
Primerica, Inc.
 
13,162
2,516,048
Principal Financial Group, Inc.
 
82,052
5,553,279
ProAssurance Corp.
 
19,550
332,350
Progressive Corp.
 
215,797
34,115,348
Prudential Financial, Inc.
 
133,815
12,236,044
Reinsurance Group of America, Inc.
 
24,404
3,647,666
RenaissanceRe Holdings Ltd.
 
18,874
4,144,542
RLI Corp.
 
14,727
1,962,225
Ryan Specialty Group Holdings, Inc. (a)(b)
 
36,931
1,595,419
Safety Insurance Group, Inc.
 
5,527
415,465
Selective Insurance Group, Inc.
 
22,443
2,336,541
Selectquote, Inc. (a)
 
43,006
56,768
Siriuspoint Ltd. (a)
 
32,588
320,992
Stewart Information Services Corp.
 
9,846
429,975
The Travelers Companies, Inc.
 
84,390
14,130,262
Trupanion, Inc. (a)(b)
 
12,765
262,959
United Fire Group, Inc.
 
8,220
165,551
Universal Insurance Holdings, Inc.
 
9,456
148,081
Unum Group
 
67,523
3,301,875
W.R. Berkley Corp.
 
75,017
5,057,646
White Mountains Insurance Group Ltd.
 
930
1,330,598
Willis Towers Watson PLC
 
38,647
9,116,441
 
 
 
360,086,632
Mortgage Real Estate Investment Trusts - 0.1%
 
 
 
AGNC Investment Corp.
 
224,697
1,658,264
Annaly Capital Management, Inc.
 
182,082
2,842,300
Apollo Commercial Real Estate Finance, Inc.
 
47,857
476,656
Arbor Realty Trust, Inc. (b)
 
69,508
876,496
Ares Commercial Real Estate Corp.
 
19,035
174,551
Armour Residential REIT, Inc.
 
16,950
246,962
Blackstone Mortgage Trust, Inc. (b)
 
63,444
1,265,708
BrightSpire Capital, Inc.
 
46,901
265,460
Cherry Hill Mortgage Investment Corp. (b)
 
7,672
22,786
Chimera Investment Corp.
 
84,112
403,738
Claros Mortgage Trust, Inc.
 
43,702
455,812
Dynex Capital, Inc.
 
19,615
196,935
Ellington Financial LLC
 
25,989
312,648
Franklin BSP Realty Trust, Inc.
 
30,703
387,165
Granite Point Mortgage Trust, Inc.
 
22,413
94,135
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)
 
39,582
678,435
Invesco Mortgage Capital, Inc. (b)
 
17,046
116,424
KKR Real Estate Finance Trust, Inc.
 
21,919
228,834
Ladder Capital Corp. Class A
 
42,089
425,520
MFA Financial, Inc.
 
37,745
335,553
New York Mortgage Trust, Inc.
 
35,067
273,172
Orchid Island Capital, Inc.
 
16,284
102,264
PennyMac Mortgage Investment Trust
 
32,254
408,013
Ready Capital Corp.
 
58,682
553,371
Redwood Trust, Inc.
 
42,661
267,911
Rithm Capital Corp.
 
179,568
1,675,369
Starwood Property Trust, Inc. (b)
 
109,885
1,950,459
TPG RE Finance Trust, Inc.
 
23,761
130,923
Two Harbors Investment Corp.
 
36,193
420,201
 
 
 
17,246,065
TOTAL FINANCIALS
 
 
1,972,247,318
HEALTH CARE - 12.8%
 
 
 
Biotechnology - 2.5%
 
 
 
2seventy bio, Inc. (a)(b)
 
18,936
46,204
4D Molecular Therapeutics, Inc. (a)
 
11,105
119,268
Aadi Bioscience, Inc. (a)
 
9,036
39,578
AbbVie, Inc.
 
650,661
91,860,320
ACADIA Pharmaceuticals, Inc. (a)
 
43,717
986,693
Acelyrin, Inc.
 
11,593
118,075
Actinium Pharmaceuticals, Inc. (a)(b)
 
9,174
51,191
Adicet Bio, Inc. (a)
 
10,318
13,620
ADMA Biologics, Inc. (a)
 
79,016
267,074
Aerovate Therapeutics, Inc. (a)
 
4,130
43,819
Agenus, Inc. (a)
 
131,005
104,804
Agios Pharmaceuticals, Inc. (a)
 
20,598
432,764
Akero Therapeutics, Inc. (a)
 
20,580
245,314
Aldeyra Therapeutics, Inc. (a)
 
16,426
28,088
Alector, Inc. (a)
 
21,008
109,242
Alkermes PLC (a)
 
61,502
1,487,733
Allakos, Inc. (a)
 
27,954
53,392
Allogene Therapeutics, Inc. (a)(b)
 
42,609
120,157
Allovir, Inc. (a)(b)
 
15,355
23,033
Alnylam Pharmaceuticals, Inc. (a)
 
46,024
6,986,443
Altimmune, Inc. (a)(b)
 
18,402
44,349
ALX Oncology Holdings, Inc. (a)
 
5,534
39,845
Amgen, Inc.
 
197,219
50,428,898
Amicus Therapeutics, Inc. (a)
 
94,471
1,036,347
AnaptysBio, Inc. (a)(b)
 
6,409
104,531
Anavex Life Sciences Corp. (a)(b)
 
30,627
170,899
Anika Therapeutics, Inc. (a)
 
4,867
94,907
Annexon, Inc. (a)
 
14,628
33,206
Apellis Pharmaceuticals, Inc. (a)
 
37,347
1,817,305
Arbutus Biopharma Corp. (a)(b)
 
46,823
85,686
Arcellx, Inc. (a)
 
11,735
413,659
Arcturus Therapeutics Holdings, Inc. (a)(b)
 
8,899
169,971
Arcus Biosciences, Inc. (a)
 
20,117
316,038
Arcutis Biotherapeutics, Inc. (a)
 
15,290
34,403
Ardelyx, Inc. (a)(b)
 
82,022
323,987
Arrowhead Pharmaceuticals, Inc. (a)
 
39,546
972,436
Ars Pharmaceuticals, Inc. (a)(b)
 
19,685
70,275
Atara Biotherapeutics, Inc. (a)
 
34,659
44,710
Avid Bioservices, Inc. (a)
 
22,024
135,448
Avidity Biosciences, Inc. (a)
 
24,506
126,206
Beam Therapeutics, Inc. (a)(b)
 
25,314
535,138
BioAtla, Inc. (a)(b)
 
16,766
24,646
BioCryst Pharmaceuticals, Inc. (a)(b)
 
71,674
393,490
Biogen, Inc. (a)
 
53,367
12,676,797
Biohaven Ltd.
 
23,781
630,434
BioMarin Pharmaceutical, Inc. (a)
 
69,440
5,655,888
Biomea Fusion, Inc. (a)
 
8,354
85,378
BioXcel Therapeutics, Inc. (a)(b)
 
6,995
28,085
bluebird bio, Inc. (a)(b)
 
38,658
114,041
Blueprint Medicines Corp. (a)
 
22,344
1,315,168
BridgeBio Pharma, Inc. (a)
 
44,444
1,157,322
C4 Therapeutics, Inc. (a)
 
17,423
25,960
CareDx, Inc. (a)
 
19,959
107,978
Caribou Biosciences, Inc. (a)
 
28,004
101,655
Carisma Therapeutics, Inc. rights (a)(c)
 
58,324
1
Catalyst Pharmaceutical Partners, Inc. (a)
 
36,653
454,864
Celldex Therapeutics, Inc. (a)
 
17,647
415,057
Cerevel Therapeutics Holdings (a)
 
25,615
605,795
Chimerix, Inc. (a)
 
42,389
39,926
Cogent Biosciences, Inc. (a)
 
27,613
225,322
Coherus BioSciences, Inc. (a)
 
33,621
112,630
Crinetics Pharmaceuticals, Inc. (a)
 
21,258
622,647
CRISPR Therapeutics AG (a)(b)
 
29,567
1,151,043
Cullinan Oncology, Inc. (a)
 
12,040
112,333
Cytokinetics, Inc. (a)
 
35,514
1,238,018
CytomX Therapeutics, Inc. (a)(b)
 
18,198
20,018
Day One Biopharmaceuticals, Inc. (a)
 
20,727
245,200
Deciphera Pharmaceuticals, Inc. (a)
 
19,724
236,491
Denali Therapeutics, Inc. (a)
 
45,738
861,247
DermTech, Inc. (a)(b)
 
7,943
10,802
Design Therapeutics, Inc. (a)
 
10,115
20,635
Dynavax Technologies Corp. (a)(b)
 
47,728
678,215
Dyne Therapeutics, Inc. (a)(b)
 
14,388
101,435
Eagle Pharmaceuticals, Inc. (a)
 
3,834
52,641
Editas Medicine, Inc. (a)(b)
 
30,361
202,811
Emergent BioSolutions, Inc. (a)
 
16,729
34,964
Enanta Pharmaceuticals, Inc. (a)
 
6,260
56,465
EQRx, Inc. (a)
 
102,844
224,200
Erasca, Inc. (a)
 
30,880
71,333
Exact Sciences Corp. (a)
 
66,771
4,112,426
Exelixis, Inc. (a)
 
117,511
2,419,551
Fate Therapeutics, Inc. (a)(b)
 
27,006
48,881
FibroGen, Inc. (a)
 
38,031
20,575
G1 Therapeutics, Inc. (a)
 
19,501
32,177
Generation Bio Co. (a)
 
19,632
18,421
Geron Corp. (a)
 
172,363
327,490
Gilead Sciences, Inc.
 
459,410
36,082,061
Gossamer Bio, Inc. (a)
 
75,653
37,827
Gritstone Bio, Inc. (a)(b)
 
26,754
50,833
Halozyme Therapeutics, Inc. (a)
 
48,577
1,645,303
Heron Therapeutics, Inc. (a)(b)
 
34,676
22,085
HilleVax, Inc. (a)(b)
 
5,527
60,797
Icosavax, Inc. (a)
 
13,228
81,352
Ideaya Biosciences, Inc. (a)
 
21,296
578,612
IGM Biosciences, Inc. (a)
 
8,455
33,313
ImmunityBio, Inc. (a)(b)
 
50,909
159,854
ImmunoGen, Inc. (a)
 
83,271
1,237,407
Immunovant, Inc. (a)
 
20,787
687,010
Incyte Corp. (a)
 
68,736
3,706,932
Inhibrx, Inc. (a)
 
9,094
140,684
Inovio Pharmaceuticals, Inc. (a)(b)
 
91,783
33,437
Inozyme Pharma, Inc. (a)
 
12,500
37,125
Insmed, Inc. (a)
 
53,054
1,329,533
Intellia Therapeutics, Inc. (a)
 
32,234
807,462
Intercept Pharmaceuticals, Inc. (a)
 
13,897
263,070
Ionis Pharmaceuticals, Inc. (a)
 
52,580
2,327,717
Iovance Biotherapeutics, Inc. (a)
 
78,801
301,020
Ironwood Pharmaceuticals, Inc. Class A (a)
 
50,148
449,828
iTeos Therapeutics, Inc. (a)
 
8,517
85,681
Janux Therapeutics, Inc. (a)(b)
 
5,913
37,961
Kalvista Pharmaceuticals, Inc. (a)
 
8,523
72,360
Karuna Therapeutics, Inc. (a)
 
13,225
2,203,417
Karyopharm Therapeutics, Inc. (a)(b)
 
39,592
34,445
Keros Therapeutics, Inc. (a)
 
8,520
243,161
Kezar Life Sciences, Inc. (a)
 
22,238
16,036
Kiniksa Pharmaceuticals Ltd. (a)
 
11,822
180,286
Kodiak Sciences, Inc. (a)
 
10,723
15,548
Krystal Biotech, Inc. (a)
 
8,844
1,033,598
Kura Oncology, Inc. (a)
 
27,568
232,950
Kymera Therapeutics, Inc. (a)
 
15,723
183,487
Lyell Immunopharma, Inc. (a)(b)
 
52,428
86,768
Macrogenics, Inc. (a)
 
24,261
126,642
Madrigal Pharmaceuticals, Inc. (a)
 
5,762
757,012
MannKind Corp. (a)
 
100,928
432,981
Mersana Therapeutics, Inc. (a)
 
30,253
36,001
MiMedx Group, Inc. (a)
 
41,825
274,372
Mirati Therapeutics, Inc. (a)
 
23,085
1,281,910
Mirum Pharmaceuticals, Inc. (a)(b)
 
11,371
311,907
Moderna, Inc. (a)
 
122,116
9,275,931
Morphic Holding, Inc. (a)
 
14,572
290,711
Myriad Genetics, Inc. (a)
 
30,499
475,174
Natera, Inc. (a)
 
39,779
1,570,077
Neurocrine Biosciences, Inc. (a)
 
35,962
3,989,624
Novavax, Inc. (a)(b)
 
33,297
221,758
Nurix Therapeutics, Inc. (a)(b)
 
15,408
86,131
Nuvalent, Inc. Class A (a)
 
9,769
508,867
Ocugen, Inc. (a)(b)
 
100,598
37,010
Omniab, Inc. (c)
 
2,111
8,465
Omniab, Inc. (c)
 
2,111
8,022
Organogenesis Holdings, Inc. Class A (a)(b)
 
26,838
60,117
ORIC Pharmaceuticals, Inc. (a)(b)
 
12,846
86,068
PDL BioPharma, Inc. (a)(c)
 
20,940
3,404
PDS Biotechnology Corp. (a)(b)
 
12,641
52,713
PMV Pharmaceuticals, Inc. (a)
 
12,762
19,271
Point Biopharma Global, Inc. (a)
 
33,229
420,679
Poseida Therapeutics, Inc. (a)
 
27,985
56,530
Precigen, Inc. (a)
 
54,612
61,712
ProKidney Corp. (a)
 
6,143
10,013
Protagonist Therapeutics, Inc. (a)
 
21,270
309,266
Prothena Corp. PLC (a)
 
14,447
526,738
PTC Therapeutics, Inc. (a)
 
27,983
524,681
Puma Biotechnology, Inc. (a)
 
16,692
41,062
RAPT Therapeutics, Inc. (a)
 
10,980
144,387
Recursion Pharmaceuticals, Inc. (a)(b)
 
57,369
302,908
Regeneron Pharmaceuticals, Inc. (a)
 
39,356
30,693,351
REGENXBIO, Inc. (a)
 
15,049
193,982
Relay Therapeutics, Inc. (a)
 
31,542
208,177
Repligen Corp. (a)
 
19,110
2,571,442
Replimune Group, Inc. (a)
 
19,268
280,735
Revolution Medicines, Inc. (a)
 
36,253
717,809
Rhythm Pharmaceuticals, Inc. (a)
 
17,929
414,339
Rigel Pharmaceuticals, Inc. (a)
 
69,000
55,704
Rocket Pharmaceuticals, Inc. (a)
 
22,203
401,874
Sage Therapeutics, Inc. (a)
 
19,706
369,093
Sana Biotechnology, Inc. (a)(b)
 
39,645
117,349
Sangamo Therapeutics, Inc. (a)
 
46,122
29,066
Sarepta Therapeutics, Inc. (a)
 
34,474
2,320,445
Scholar Rock Holding Corp. (a)(b)
 
12,532
147,376
Seagen, Inc. (a)
 
51,891
11,042,924
Selecta Biosciences, Inc. (a)(b)
 
43,098
53,873
Seres Therapeutics, Inc. (a)
 
32,368
49,523
SpringWorks Therapeutics, Inc. (a)
 
19,679
450,649
Stoke Therapeutics, Inc. (a)
 
8,768
33,406
Sutro Biopharma, Inc. (a)
 
18,800
51,700
Syndax Pharmaceuticals, Inc. (a)
 
24,596
346,312
Tango Therapeutics, Inc. (a)(b)
 
17,274
145,102
TG Therapeutics, Inc. (a)(b)
 
50,800
392,684
Travere Therapeutics, Inc. (a)
 
24,074
156,000
Twist Bioscience Corp. (a)(b)
 
21,674
341,582
Ultragenyx Pharmaceutical, Inc. (a)
 
26,212
927,905
uniQure B.V. (a)
 
18,282
104,207
United Therapeutics Corp. (a)
 
17,353
3,867,290
Vanda Pharmaceuticals, Inc. (a)
 
18,539
81,201
Vaxart, Inc. (a)(b)
 
41,382
27,337
Vaxcyte, Inc. (a)
 
31,553
1,517,699
Vera Therapeutics, Inc. (a)
 
13,942
145,276
Veracyte, Inc. (a)(b)
 
26,566
550,448
Vericel Corp. (a)
 
17,333
609,775
Vertex Pharmaceuticals, Inc. (a)
 
95,172
34,462,733
Verve Therapeutics, Inc. (a)(b)
 
17,882
215,299
Viking Therapeutics, Inc. (a)(b)
 
36,984
362,813
Vir Biotechnology, Inc. (a)
 
32,099
254,545
Viridian Therapeutics, Inc. (a)
 
15,015
187,688
Voyager Therapeutics, Inc. (a)
 
10,924
71,771
X4 Pharmaceuticals, Inc. (a)
 
53,571
42,884
Xencor, Inc. (a)
 
21,722
376,877
Y-mAbs Therapeutics, Inc. (a)
 
11,046
58,986
Zentalis Pharmaceuticals, Inc. (a)
 
20,631
337,523
 
 
 
369,823,370
Health Care Equipment & Supplies - 2.4%
 
 
 
Abbott Laboratories
 
639,754
60,488,741
Align Technology, Inc. (a)
 
26,197
4,835,704
Alphatec Holdings, Inc. (a)
 
28,906
265,357
Angiodynamics, Inc. (a)
 
13,521
83,830
Artivion, Inc. (a)
 
14,089
179,494
Atricure, Inc. (a)
 
17,715
613,648
Atrion Corp.
 
466
159,363
Avanos Medical, Inc. (a)
 
17,646
323,981
AxoGen, Inc. (a)
 
16,789
63,127
Axonics Modulation Technologies, Inc. (a)
 
18,734
959,368
Baxter International, Inc.
 
186,988
6,064,021
Becton, Dickinson & Co.
 
106,934
27,030,777
Beyond Air, Inc. (a)(b)
 
8,539
19,896
Boston Scientific Corp. (a)
 
539,757
27,630,161
Butterfly Network, Inc. Class A (a)(b)
 
55,173
46,726
Cerus Corp. (a)
 
61,686
86,360
CONMED Corp.
 
11,389
1,109,972
Cutera, Inc. (a)(b)
 
6,336
19,705
CVRx, Inc. (a)
 
4,183
55,969
Dentsply Sirona, Inc.
 
77,996
2,371,858
DexCom, Inc. (a)
 
142,924
12,695,939
Edwards Lifesciences Corp. (a)
 
224,133
14,281,755
Embecta Corp.
 
20,986
317,308
Enovis Corp. (a)
 
18,264
838,318
Envista Holdings Corp. (a)
 
60,337
1,404,042
GE Healthcare Holding LLC
 
144,329
9,607,982
Glaukos Corp. (a)
 
18,018
1,228,828
Globus Medical, Inc. (a)
 
43,295
1,979,014
Haemonetics Corp. (a)
 
18,762
1,599,085
Hologic, Inc. (a)
 
90,167
5,966,350
ICU Medical, Inc. (a)(b)
 
7,467
732,214
IDEXX Laboratories, Inc. (a)
 
30,591
12,220,187
Inari Medical, Inc. (a)
 
18,927
1,149,058
Inogen, Inc. (a)
 
8,109
36,247
Inspire Medical Systems, Inc. (a)
 
10,876
1,600,512
Insulet Corp. (a)
 
25,692
3,405,988
Integer Holdings Corp. (a)
 
12,364
1,003,586
Integra LifeSciences Holdings Corp. (a)
 
25,931
932,479
Intuitive Surgical, Inc. (a)
 
129,541
33,968,241
iRhythm Technologies, Inc. (a)
 
11,237
882,329
Lantheus Holdings, Inc. (a)
 
25,081
1,620,233
LeMaitre Vascular, Inc.
 
7,333
356,237
LivaNova PLC (a)
 
19,713
966,923
Masimo Corp. (a)(b)
 
16,370
1,328,098
Medtronic PLC
 
490,912
34,638,751
Merit Medical Systems, Inc. (a)
 
21,223
1,458,869
Neogen Corp. (a)
 
72,578
1,080,686
Nevro Corp. (a)
 
13,939
201,140
Novocure Ltd. (a)
 
35,835
476,606
Omnicell, Inc. (a)
 
16,788
596,646
OraSure Technologies, Inc. (a)
 
29,028
149,784
Orthofix International NV (a)
 
13,803
152,385
OrthoPediatrics Corp. (a)
 
5,498
134,481
Outset Medical, Inc. (a)
 
17,321
61,316
Paragon 28, Inc. (a)
 
13,835
119,396
Penumbra, Inc. (a)
 
14,187
2,711,845
PROCEPT BioRobotics Corp. (a)(b)
 
16,197
433,918
Pulmonx Corp. (a)
 
14,425
126,796
QuidelOrtho Corp. (a)
 
18,250
1,114,710
ResMed, Inc.
 
54,146
7,646,498
RxSight, Inc. (a)
 
8,274
183,186
Semler Scientific, Inc. (a)
 
2,238
65,282
Senseonics Holdings, Inc. (a)(b)
 
177,049
87,462
Shockwave Medical, Inc. (a)
 
13,597
2,804,517
SI-BONE, Inc. (a)
 
13,516
229,907
Sight Sciences, Inc. (a)(b)
 
9,593
15,205
Silk Road Medical, Inc. (a)
 
13,700
102,887
Staar Surgical Co. (a)(b)
 
18,049
754,809
STERIS PLC
 
36,351
7,632,983
Stryker Corp.
 
124,654
33,684,004
SurModics, Inc. (a)
 
4,852
142,940
Tactile Systems Technology, Inc. (a)
 
8,140
88,889
Tandem Diabetes Care, Inc. (a)
 
24,287
420,165
Teleflex, Inc.
 
17,318
3,199,501
The Cooper Companies, Inc.
 
18,266
5,694,426
TransMedics Group, Inc. (a)(b)
 
12,209
457,593
Treace Medical Concepts, Inc. (a)
 
16,023
160,711
UFP Technologies, Inc. (a)
 
2,616
407,887
Varex Imaging Corp. (a)
 
14,673
264,848
Zimmer Biomet Holdings, Inc.
 
77,035
8,043,224
Zimvie, Inc. (a)
 
10,487
74,038
Zomedica Corp. (a)(b)
 
388,844
65,326
Zynex, Inc. (a)(b)
 
7,218
64,096
 
 
 
358,276,724
Health Care Providers & Services - 3.0%
 
 
 
23andMe Holding Co. Class A (a)
 
101,077
85,622
Acadia Healthcare Co., Inc. (a)
 
34,106
2,507,132
Accolade, Inc. (a)
 
26,900
174,850
AdaptHealth Corp. (a)
 
31,410
230,235
Addus HomeCare Corp. (a)
 
6,028
475,609
Agiliti, Inc. (a)(b)
 
12,700
71,501
agilon health, Inc. (a)(b)
 
110,684
1,992,312
Alignment Healthcare, Inc. (a)
 
36,200
249,056
Amedisys, Inc. (a)
 
11,962
1,094,403
AMN Healthcare Services, Inc. (a)
 
14,024
1,063,861
Apollo Medical Holdings, Inc. (a)(b)
 
15,251
475,984
Brookdale Senior Living, Inc. (a)
 
67,922
265,575
Cano Health, Inc. (a)
 
71,732
9,433
Cardinal Health, Inc.
 
93,723
8,528,793
CareMax, Inc. Class A (a)(b)
 
27,088
54,176
Castle Biosciences, Inc. (a)
 
9,376
146,453
Cencora, Inc.
 
61,442
11,375,986
Centene Corp. (a)
 
199,621
13,769,884
Chemed Corp.
 
5,563
3,130,022
Cigna Group
 
109,152
33,749,798
Clover Health Investments Corp. (a)(b)
 
116,900
111,441
Community Health Systems, Inc. (a)
 
46,715
99,970
Corvel Corp. (a)
 
3,314
642,717
Cross Country Healthcare, Inc. (a)
 
12,090
280,004
CVS Health Corp.
 
473,522
32,677,753
DaVita HealthCare Partners, Inc. (a)
 
19,860
1,533,788
DocGo, Inc. Class A (a)(b)
 
33,679
200,053
Elevance Health, Inc.
 
86,875
39,101,569
Encompass Health Corp.
 
36,985
2,313,782
Enhabit Home Health & Hospice (a)(b)
 
17,436
128,503
Fulgent Genetics, Inc. (a)
 
7,885
188,767
GeneDx Holdings Corp. Class A (a)(b)
 
6,267
11,657
Guardant Health, Inc. (a)
 
43,606
1,128,523
HCA Holdings, Inc.
 
74,192
16,777,779
HealthEquity, Inc. (a)
 
31,408
2,251,325
Henry Schein, Inc. (a)
 
48,194
3,131,646
Hims & Hers Health, Inc. (a)
 
53,811
321,790
Humana, Inc.
 
45,679
23,921,636
Invitae Corp. (a)(b)
 
83,632
50,656
Laboratory Corp. of America Holdings
 
32,616
6,514,394
LifeStance Health Group, Inc. (a)
 
33,405
194,751
McKesson Corp.
 
49,732
22,645,964
Modivcare, Inc. (a)
 
4,669
197,219
Molina Healthcare, Inc. (a)
 
21,462
7,145,773
National Healthcare Corp.
 
5,149
346,837
National Research Corp. Class A
 
5,245
221,654
NeoGenomics, Inc. (a)
 
47,932
672,007
Opko Health, Inc. (a)
 
163,345
204,181
Option Care Health, Inc. (a)
 
66,313
1,838,859
Owens & Minor, Inc. (a)
 
28,709
411,400
Patterson Companies, Inc.
 
31,349
954,891
Pediatrix Medical Group, Inc. (a)
 
29,934
343,044
Pennant Group, Inc. (a)
 
11,831
128,603
PetIQ, Inc. Class A (a)
 
9,414
176,701
Premier, Inc.
 
43,945
844,623
Privia Health Group, Inc. (a)
 
37,712
792,706
Progyny, Inc. (a)
 
30,709
947,680
Quest Diagnostics, Inc.
 
41,437
5,390,954
R1 RCM, Inc. (a)
 
72,689
857,003
RadNet, Inc. (a)
 
22,222
599,105
Select Medical Holdings Corp.
 
38,138
866,877
Surgery Partners, Inc. (a)
 
24,316
562,429
Tenet Healthcare Corp. (a)
 
37,281
2,001,990
The Ensign Group, Inc.
 
20,770
2,006,382
The Joint Corp. (a)
 
6,125
47,836
U.S. Physical Therapy, Inc.
 
5,647
474,969
UnitedHealth Group, Inc.
 
341,502
182,894,811
Universal Health Services, Inc. Class B
 
22,904
2,883,385
 
 
 
447,491,072
Health Care Technology - 0.1%
 
 
 
American Well Corp. (a)
 
83,104
97,232
Certara, Inc. (a)
 
39,801
485,174
Computer Programs & Systems, Inc. (a)
 
5,009
70,577
Definitive Healthcare Corp. (a)(b)
 
17,522
100,927
Doximity, Inc. (a)
 
46,414
948,238
Evolent Health, Inc. (a)
 
41,279
1,008,446
GoodRx Holdings, Inc. (a)(b)
 
30,202
148,896
Health Catalyst, Inc. (a)
 
22,204
166,308
HealthStream, Inc.
 
8,543
216,992
MultiPlan Corp. Class A (a)
 
101,328
171,244
Nextgen Healthcare, Inc. (a)
 
19,831
474,358
OptimizeRx Corp. (a)
 
5,891
47,481
Phreesia, Inc. (a)
 
19,639
268,269
Schrodinger, Inc. (a)(b)
 
20,171
437,711
Sharecare, Inc. Class A (a)
 
107,369
112,737
Simulations Plus, Inc.
 
5,682
200,404
Teladoc Health, Inc. (a)(b)
 
60,664
1,003,383
Veeva Systems, Inc. Class A (a)
 
53,796
10,367,027
Veradigm, Inc. (a)
 
39,609
522,443
 
 
 
16,847,847
Life Sciences Tools & Services - 1.2%
 
 
 
10X Genomics, Inc. (a)
 
38,150
1,345,932
Adaptive Biotechnologies Corp. (a)
 
40,340
179,110
Agilent Technologies, Inc.
 
108,936
11,260,714
Akoya Biosciences, Inc. (a)
 
10,121
35,424
Avantor, Inc. (a)
 
249,738
4,352,933
Azenta, Inc. (a)
 
22,185
1,008,308
Bio-Rad Laboratories, Inc. Class A (a)
 
7,703
2,120,482
Bio-Techne Corp.
 
57,926
3,164,497
BioLife Solutions, Inc. (a)
 
12,792
129,199
BioNano Genomics, Inc. (a)(b)
 
12,016
16,582
Bruker Corp.
 
36,101
2,057,757
Charles River Laboratories International, Inc. (a)
 
18,880
3,178,637
Codexis, Inc. (a)
 
23,624
39,216
CryoPort, Inc. (a)
 
16,996
164,861
Cytek Biosciences, Inc. (a)(b)
 
37,031
155,901
Danaher Corp.
 
242,296
46,525,678
Fortrea Holdings, Inc.
 
32,940
935,496
Illumina, Inc. (a)
 
58,379
6,387,830
IQVIA Holdings, Inc. (a)
 
67,523
12,210,184
Maravai LifeSciences Holdings, Inc. (a)
 
42,144
289,108
MaxCyte, Inc. (a)
 
40,316
119,335
Medpace Holdings, Inc. (a)
 
8,575
2,080,895
Mesa Laboratories, Inc.
 
1,907
178,934
Mettler-Toledo International, Inc. (a)
 
8,064
7,944,653
Nanostring Technologies, Inc. (a)(b)
 
17,727
24,463
OmniAb, Inc. (a)
 
33,381
151,884
Pacific Biosciences of California, Inc. (a)
 
85,557
528,742
Quanterix Corp. (a)
 
12,507
271,652
Quantum-Si, Inc. (a)(b)
 
32,622
39,146
Revvity, Inc.
 
45,802
3,794,696
Seer, Inc. (a)
 
14,371
23,568
SomaLogic, Inc. Class A (a)
 
57,543
128,321
Sotera Health Co. (a)
 
36,871
466,787
Thermo Fisher Scientific, Inc.
 
142,297
63,289,437
Waters Corp. (a)
 
21,747
5,187,312
West Pharmaceutical Services, Inc.
 
27,233
8,667,992
 
 
 
188,455,666
Pharmaceuticals - 3.6%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
18,559
92,424
Amneal Pharmaceuticals, Inc. (a)
 
37,846
146,464
Amphastar Pharmaceuticals, Inc. (a)
 
14,052
636,134
Amylyx Pharmaceuticals, Inc. (a)
 
15,627
254,876
ANI Pharmaceuticals, Inc. (a)
 
5,919
365,439
Arvinas Holding Co. LLC (a)
 
19,829
319,643
Assertio Holdings, Inc. (a)
 
34,756
74,725
Atea Pharmaceuticals, Inc. (a)
 
26,579
86,382
Axsome Therapeutics, Inc. (a)(b)
 
14,285
889,670
Bristol-Myers Squibb Co.
 
770,241
39,690,519
Cara Therapeutics, Inc. (a)
 
16,619
21,439
Cassava Sciences, Inc. (a)(b)
 
14,459
291,349
Catalent, Inc. (a)
 
66,622
2,291,131
Collegium Pharmaceutical, Inc. (a)(b)
 
12,893
280,552
Corcept Therapeutics, Inc. (a)
 
33,131
930,318
CymaBay Therapeutics, Inc. (a)
 
38,807
635,659
Edgewise Therapeutics, Inc. (a)(b)
 
14,107
90,285
Elanco Animal Health, Inc. (a)
 
181,861
1,602,195
Eli Lilly & Co.
 
293,983
162,846,003
Esperion Therapeutics, Inc. (a)
 
29,160
24,168
Evolus, Inc. (a)
 
16,632
126,403
Fulcrum Therapeutics, Inc. (a)
 
19,388
70,572
Harmony Biosciences Holdings, Inc. (a)
 
12,537
295,121
Harrow, Inc. (a)(b)
 
11,418
163,677
Innoviva, Inc. (a)(b)
 
21,177
262,807
Intra-Cellular Therapies, Inc. (a)
 
33,127
1,648,400
Jazz Pharmaceuticals PLC (a)
 
23,277
2,956,645
Johnson & Johnson
 
887,788
131,694,472
Ligand Pharmaceuticals, Inc. Class B (a)
 
6,181
323,204
Liquidia Corp. (a)(b)
 
18,229
118,671
Marinus Pharmaceuticals, Inc. (a)(b)
 
17,016
118,091
Merck & Co., Inc.
 
935,536
96,079,547
Mind Medicine (MindMed), Inc. (a)(b)
 
10,594
27,121
Nektar Therapeutics (a)
 
58,979
27,661
NGM Biopharmaceuticals, Inc. (a)
 
12,159
10,334
Nuvation Bio, Inc. (a)
 
55,010
53,008
Ocular Therapeutix, Inc. (a)(b)
 
26,407
75,260
Omeros Corp. (a)(b)
 
21,510
25,597
Organon & Co.
 
93,446
1,382,066
Pacira Biosciences, Inc. (a)
 
16,838
475,842
Perrigo Co. PLC
 
49,976
1,381,337
Pfizer, Inc.
 
2,081,637
63,614,827
Phathom Pharmaceuticals, Inc. (a)(b)
 
11,997
111,572
Phibro Animal Health Corp. Class A
 
8,347
91,149
Pliant Therapeutics, Inc. (a)(b)
 
19,329
283,556
Prestige Brands Holdings, Inc. (a)
 
18,281
1,085,160
Revance Therapeutics, Inc. (a)
 
32,606
257,261
Royalty Pharma PLC
 
142,401
3,826,315
Scilex Holding Co. (b)
 
17,231
30,611
SIGA Technologies, Inc. (b)
 
16,348
83,375
Supernus Pharmaceuticals, Inc. (a)
 
19,971
476,308
Tarsus Pharmaceuticals, Inc. (a)(b)
 
9,651
137,430
Theravance Biopharma, Inc. (a)(b)
 
13,684
129,177
Ventyx Biosciences, Inc. (a)
 
17,435
251,413
Viatris, Inc.
 
441,471
3,929,092
WAVE Life Sciences (a)
 
22,119
119,000
Xeris Biopharma Holdings, Inc. (a)(b)
 
50,093
91,670
Xeris Biopharma Holdings, Inc. rights (a)(c)
 
8,992
0
Zoetis, Inc. Class A
 
169,717
26,645,569
 
 
 
550,048,696
TOTAL HEALTH CARE
 
 
1,930,943,375
INDUSTRIALS - 9.6%
 
 
 
Aerospace & Defense - 1.6%
 
 
 
AAR Corp. (a)
 
12,235
726,270
AeroVironment, Inc. (a)
 
9,661
1,107,730
AerSale Corp. (a)(b)
 
10,498
160,514
Archer Aviation, Inc. Class A (a)(b)
 
53,356
253,441
Astronics Corp. (a)
 
9,891
151,629
Axon Enterprise, Inc. (a)
 
25,931
5,302,630
BWX Technologies, Inc.
 
33,824
2,512,447
Cadre Holdings, Inc.
 
6,798
190,684
Curtiss-Wright Corp.
 
14,069
2,797,058
Ducommun, Inc. (a)
 
4,984
238,435
General Dynamics Corp.
 
83,532
20,157,107
HEICO Corp.
 
14,733
2,333,855
HEICO Corp. Class A
 
27,975
3,556,462
Hexcel Corp.
 
31,066
1,923,607
Howmet Aerospace, Inc.
 
144,253
6,361,557
Huntington Ingalls Industries, Inc.
 
14,706
3,232,673
Kaman Corp.
 
10,643
198,066
Kratos Defense & Security Solutions, Inc. (a)
 
47,477
809,483
L3Harris Technologies, Inc.
 
69,734
12,510,977
Lockheed Martin Corp.
 
82,625
37,564,630
Mercury Systems, Inc. (a)
 
18,894
679,806
Moog, Inc. Class A
 
10,632
1,233,844
National Presto Industries, Inc.
 
1,926
143,969
Northrop Grumman Corp.
 
52,433
24,718,489
Park Aerospace Corp.
 
7,178
105,373
Rocket Lab U.S.A., Inc. Class A (a)(b)
 
96,286
407,290
RTX Corp.
 
536,602
43,674,037
Spirit AeroSystems Holdings, Inc. Class A
 
38,829
877,535
Terran Orbital Corp. Class A (a)(b)
 
38,660
30,885
Textron, Inc.
 
73,005
5,548,380
The Boeing Co. (a)
 
209,030
39,050,985
TransDigm Group, Inc. (a)
 
20,335
16,839,210
Triumph Group, Inc. (a)
 
28,305
211,155
V2X, Inc. (a)
 
4,447
227,108
Virgin Galactic Holdings, Inc. (a)(b)
 
120,939
178,990
Woodward, Inc.
 
22,291
2,779,688
 
 
 
238,795,999
Air Freight & Logistics - 0.5%
 
 
 
Air Transport Services Group, Inc. (a)
 
20,417
399,561
C.H. Robinson Worldwide, Inc.
 
42,844
3,505,925
Expeditors International of Washington, Inc.
 
54,569
5,961,663
FedEx Corp.
 
85,265
20,472,127
Forward Air Corp.
 
9,388
604,681
GXO Logistics, Inc. (a)
 
43,754
2,210,015
Hub Group, Inc. Class A (a)
 
11,635
799,906
United Parcel Service, Inc. Class B
 
266,708
37,672,505
 
 
 
71,626,383
Building Products - 0.7%
 
 
 
A.O. Smith Corp.
 
46,021
3,210,425
AAON, Inc.
 
25,000
1,362,000
Advanced Drain Systems, Inc.
 
25,537
2,728,118
Allegion PLC
 
32,324
3,179,389
American Woodmark Corp. (a)
 
5,979
401,968
Apogee Enterprises, Inc.
 
8,348
358,296
Armstrong World Industries, Inc.
 
16,463
1,249,377
AZZ, Inc.
 
9,029
426,801
Builders FirstSource, Inc. (a)
 
46,110
5,003,857
Carlisle Companies, Inc.
 
18,407
4,677,035
Carrier Global Corp.
 
308,832
14,718,933
CSW Industrials, Inc.
 
5,788
1,025,981
Fortune Brands Home & Security, Inc.
 
46,966
2,620,703
Gibraltar Industries, Inc. (a)
 
11,344
690,396
Griffon Corp.
 
15,027
600,178
Hayward Holdings, Inc. (a)
 
46,352
486,696
Insteel Industries, Inc.
 
7,535
210,302
Janus International Group, Inc. (a)
 
33,672
315,170
Jeld-Wen Holding, Inc. (a)
 
31,575
357,745
Johnson Controls International PLC
 
250,796
12,294,020
Lennox International, Inc.
 
11,776
4,363,479
Masco Corp.
 
82,760
4,310,968
Masonite International Corp. (a)
 
8,096
640,717
MasterBrand, Inc.
 
48,147
534,913
Owens Corning
 
33,088
3,751,187
PGT Innovations, Inc. (a)
 
21,255
636,375
Quanex Building Products Corp.
 
11,954
320,965
Resideo Technologies, Inc. (a)
 
54,972
795,995
Simpson Manufacturing Co. Ltd.
 
15,783
2,101,980
Tecnoglass, Inc.
 
7,900
258,172
The AZEK Co., Inc. (a)
 
55,082
1,443,148
Trane Technologies PLC
 
84,262
16,035,901
Trex Co., Inc. (a)
 
39,971
2,246,770
UFP Industries, Inc.
 
22,806
2,170,447
Zurn Elkay Water Solutions Cor
 
52,162
1,380,207
 
 
 
96,908,614
Commercial Services & Supplies - 0.6%
 
 
 
ABM Industries, Inc.
 
24,107
948,369
ACCO Brands Corp.
 
32,836
166,150
ACV Auctions, Inc. Class A (a)
 
50,173
668,806
Aris Water Solution, Inc. Class A
 
10,105
84,377
Brady Corp. Class A
 
17,015
875,592
BrightView Holdings, Inc. (a)
 
13,371
90,121
Casella Waste Systems, Inc. Class A (a)
 
21,158
1,596,371
CECO Environmental Corp. (a)
 
11,118
179,889
Cimpress PLC (a)
 
6,494
387,497
Cintas Corp.
 
31,875
16,164,450
Clean Harbors, Inc. (a)
 
18,488
2,841,051
Copart, Inc.
 
320,341
13,941,240
CoreCivic, Inc. (a)
 
41,574
527,990
Deluxe Corp.
 
16,054
273,721
Driven Brands Holdings, Inc. (a)
 
23,053
262,343
Ennis, Inc.
 
9,753
208,324
Enviri Corp. (a)
 
28,444
163,269
Healthcare Services Group, Inc.
 
27,325
259,588
HNI Corp.
 
17,478
606,312
Interface, Inc.
 
22,512
200,132
Liquidity Services, Inc. (a)
 
8,300
159,941
Matthews International Corp. Class A
 
11,083
392,782
Millerknoll, Inc.
 
27,763
652,431
Montrose Environmental Group, Inc. (a)
 
9,847
227,663
MSA Safety, Inc.
 
13,617
2,149,852
OpenLane, Inc. (a)
 
40,306
541,310
Pitney Bowes, Inc.
 
57,041
184,242
Republic Services, Inc.
 
75,840
11,261,482
Rollins, Inc.
 
103,581
3,895,681
SP Plus Corp. (a)
 
7,458
376,853
Steelcase, Inc. Class A
 
35,345
385,614
Stericycle, Inc. (a)
 
34,268
1,413,212
Tetra Tech, Inc.
 
19,672
2,968,702
The Brink's Co.
 
17,202
1,150,126
The GEO Group, Inc. (a)
 
47,562
415,692
UniFirst Corp.
 
5,496
903,707
Veralto Corp.
 
80,823
5,576,787
Vestis Corp.
 
47,729
729,776
Viad Corp. (a)
 
7,392
179,108
VSE Corp.
 
4,820
259,316
Waste Management, Inc.
 
135,848
22,323,902
 
 
 
96,593,771
Construction & Engineering - 0.2%
 
 
 
AECOM
 
51,112
3,912,624
Ameresco, Inc. Class A (a)(b)
 
12,111
316,703
API Group Corp. (a)
 
75,639
1,956,781
Arcosa, Inc.
 
17,845
1,232,554
Argan, Inc.
 
4,635
212,005
Comfort Systems U.S.A., Inc.
 
13,193
2,399,147
Construction Partners, Inc. Class A (a)
 
16,128
620,122
Dycom Industries, Inc. (a)
 
10,926
930,677
EMCOR Group, Inc.
 
17,374
3,590,337
Eneti, Inc.
 
8,214
83,372
Fluor Corp. (a)
 
52,542
1,749,123
Granite Construction, Inc.
 
16,426
664,924
Great Lakes Dredge & Dock Corp. (a)
 
25,889
196,756
MasTec, Inc. (a)
 
22,296
1,325,274
MDU Resources Group, Inc.
 
75,251
1,400,421
MYR Group, Inc. (a)
 
6,085
704,826
Northwest Pipe Co. (a)
 
3,710
101,135
Primoris Services Corp.
 
19,977
600,509
Quanta Services, Inc.
 
53,492
8,939,583
Sterling Construction Co., Inc. (a)
 
11,253
819,781
Tutor Perini Corp. (a)
 
15,454
111,423
Valmont Industries, Inc.
 
7,805
1,536,883
Willscot Mobile Mini Holdings (a)
 
72,750
2,867,078
 
 
 
36,272,038
Electrical Equipment - 0.7%
 
 
 
Acuity Brands, Inc.
 
11,473
1,858,282
Allient, Inc.
 
5,559
153,428
AMETEK, Inc.
 
85,114
11,981,498
Array Technologies, Inc. (a)
 
52,723
913,690
Atkore, Inc. (a)
 
13,952
1,733,955
Babcock & Wilcox Enterprises, Inc. (a)
 
20,136
52,958
Beam Global (a)(b)
 
3,994
21,887
Blink Charging Co. (a)(b)
 
25,346
60,323
Bloom Energy Corp. Class A (a)(b)
 
77,330
804,232
ChargePoint Holdings, Inc. Class A (a)(b)
 
109,868
279,065
Eaton Corp. PLC
 
147,076
30,578,571
Emerson Electric Co.
 
210,803
18,755,143
Encore Wire Corp.
 
6,206
1,109,819
Energy Vault Holdings, Inc. Class A (a)(b)
 
26,917
54,103
EnerSys
 
15,230
1,303,383
Enovix Corp. (a)(b)
 
49,094
437,428
Eos Energy Enterprises, Inc. (a)(b)
 
42,056
74,019
Fluence Energy, Inc. (a)(b)
 
14,925
258,501
FTC Solar, Inc. (a)(b)
 
31,975
34,213
FuelCell Energy, Inc. (a)(b)
 
150,167
163,682
Generac Holdings, Inc. (a)
 
23,042
1,937,141
GrafTech International Ltd. (b)
 
70,788
244,219
Hubbell, Inc. Class B
 
19,814
5,351,761
LSI Industries, Inc.
 
9,776
145,467
NuScale Power Corp. (a)(b)
 
15,930
53,843
nVent Electric PLC
 
61,005
2,936,171
Plug Power, Inc. (a)(b)
 
200,906
1,183,336
Powell Industries, Inc.
 
3,425
262,526
Regal Rexnord Corp.
 
24,464
2,896,782
Rockwell Automation, Inc.
 
42,333
11,125,536
Sensata Technologies, Inc. PLC
 
55,854
1,780,626
SES AI Corp. Class A (a)(b)
 
49,785
90,111
Shoals Technologies Group, Inc. (a)
 
62,547
960,722
Stem, Inc. (a)(b)
 
51,858
175,280
SunPower Corp. (a)(b)
 
29,906
127,699
Sunrun, Inc. (a)(b)
 
79,629
768,420
Thermon Group Holdings, Inc. (a)
 
12,321
328,847
TPI Composites, Inc. (a)(b)
 
16,000
36,960
Vertiv Holdings Co.
 
129,073
5,068,697
Vicor Corp. (a)
 
8,406
325,648
 
 
 
106,427,972
Ground Transportation - 1.0%
 
 
 
ArcBest Corp.
 
8,769
954,769
Avis Budget Group, Inc. (a)
 
7,291
1,186,975
Covenant Transport Group, Inc. Class A
 
2,751
108,623
CSX Corp.
 
739,642
22,078,314
Daseke, Inc. (a)
 
14,880
66,067
FTAI Infrastructure LLC
 
35,993
110,139
Heartland Express, Inc.
 
17,501
204,062
Hertz Global Holdings, Inc. (a)(b)
 
49,506
417,336
J.B. Hunt Transport Services, Inc.
 
30,109
5,174,834
Knight-Swift Transportation Holdings, Inc. Class A
 
59,493
2,908,613
Landstar System, Inc.
 
13,313
2,193,716
Lyft, Inc. (a)
 
125,436
1,150,248
Marten Transport Ltd.
 
21,348
375,298
Norfolk Southern Corp.
 
83,701
15,969,314
Old Dominion Freight Lines, Inc.
 
33,038
12,444,093
RXO, Inc.
 
42,612
746,136
Ryder System, Inc.
 
16,788
1,637,502
Saia, Inc. (a)
 
9,761
3,499,221
Schneider National, Inc. Class B
 
13,822
350,111
TuSimple Holdings, Inc. (a)(b)
 
47,062
50,356
U-Haul Holding Co. (a)(b)
 
3,986
195,792
U-Haul Holding Co. (non-vtg.)
 
35,988
1,698,993
Uber Technologies, Inc. (a)
 
753,412
32,607,671
Union Pacific Corp.
 
224,676
46,644,984
Universal Logistics Holdings, Inc.
 
2,569
57,494
Werner Enterprises, Inc.
 
23,383
849,271
XPO, Inc. (a)
 
42,844
3,248,004
 
 
 
156,927,936
Industrial Conglomerates - 0.7%
 
 
 
3M Co.
 
203,478
18,506,324
General Electric Co.
 
401,229
43,585,506
Honeywell International, Inc.
 
244,779
44,858,200
 
 
 
106,950,030
Machinery - 1.9%
 
 
 
3D Systems Corp. (a)
 
47,608
177,578
AGCO Corp.
 
22,990
2,636,033
Alamo Group, Inc.
 
3,792
607,858
Albany International Corp. Class A
 
11,460
935,251
Allison Transmission Holdings, Inc.
 
32,981
1,662,902
Astec Industries, Inc.
 
8,540
341,942
Barnes Group, Inc.
 
18,947
393,908
Blue Bird Corp. (a)
 
5,917
107,749
Caterpillar, Inc.
 
188,083
42,516,162
Chart Industries, Inc. (a)
 
15,427
1,793,080
Columbus McKinnon Corp. (NY Shares)
 
10,679
326,457
Crane Co.
 
18,046
1,756,417
Cummins, Inc.
 
52,267
11,305,352
Deere & Co.
 
100,535
36,731,468
Desktop Metal, Inc. (a)(b)
 
87,128
75,488
Donaldson Co., Inc.
 
44,516
2,566,793
Douglas Dynamics, Inc.
 
8,555
207,715
Dover Corp.
 
51,627
6,708,929
Energy Recovery, Inc. (a)
 
21,176
321,875
Enerpac Tool Group Corp. Class A
 
20,582
582,471
EnPro Industries, Inc.
 
7,642
848,721
ESAB Corp.
 
20,901
1,323,033
ESCO Technologies, Inc.
 
9,391
912,993
Federal Signal Corp.
 
22,495
1,305,610
Flowserve Corp.
 
48,424
1,778,129
Fortive Corp.
 
129,809
8,473,932
Franklin Electric Co., Inc.
 
14,696
1,274,437
Gates Industrial Corp. PLC (a)
 
48,793
532,820
Gorman-Rupp Co.
 
9,021
266,571
Graco, Inc.
 
62,347
4,635,499
Helios Technologies, Inc.
 
12,178
629,846
Hillenbrand, Inc.
 
26,055
990,872
Hillman Solutions Corp. Class A (a)
 
72,221
473,770
Hyliion Holdings Corp. Class A (a)(b)
 
47,409
28,270
Hyster-Yale Materials Handling, Inc. Class A
 
3,855
154,239
IDEX Corp.
 
27,811
5,323,304
Illinois Tool Works, Inc.
 
101,458
22,738,767
Ingersoll Rand, Inc.
 
148,943
9,037,861
ITT, Inc.
 
30,195
2,818,703
John Bean Technologies Corp.
 
11,693
1,216,306
Kadant, Inc.
 
4,348
956,560
Kennametal, Inc.
 
29,245
675,852
Lincoln Electric Holdings, Inc.
 
21,188
3,703,662
Lindsay Corp.
 
3,979
497,057
Luxfer Holdings PLC sponsored
 
9,293
76,853
Manitowoc Co., Inc. (a)
 
13,155
168,384
Microvast Holdings, Inc. (a)(b)
 
88,570
108,941
Middleby Corp. (a)
 
19,846
2,240,018
Mueller Industries, Inc.
 
41,926
1,581,029
Mueller Water Products, Inc. Class A
 
56,935
704,286
Nikola Corp. (a)(b)
 
262,020
282,982
Nordson Corp.
 
19,984
4,248,399
Omega Flex, Inc.
 
1,181
86,296
Oshkosh Corp.
 
24,168
2,120,259
Otis Worldwide Corp.
 
151,747
11,716,386
PACCAR, Inc.
 
192,805
15,912,197
Parker Hannifin Corp.
 
47,280
17,442,065
Pentair PLC
 
60,717
3,528,872
Proto Labs, Inc. (a)
 
9,197
217,141
RBC Bearings, Inc. (a)
 
10,663
2,344,154
REV Group, Inc.
 
10,750
153,080
Shyft Group, Inc. (The)
 
11,292
123,986
Snap-On, Inc.
 
19,532
5,038,084
SPX Technologies, Inc. (a)
 
16,695
1,337,603
Standex International Corp.
 
4,350
624,530
Stanley Black & Decker, Inc.
 
56,421
4,798,606
Tennant Co.
 
6,692
496,680
Terex Corp.
 
24,907
1,140,741
The Greenbrier Companies, Inc.
 
11,194
387,200
Timken Co.
 
24,082
1,664,548
Titan International, Inc. (a)
 
18,182
206,548
Toro Co.
 
38,277
3,094,313
Trinity Industries, Inc.
 
29,602
616,610
Velo3D, Inc. (a)(b)
 
25,645
33,851
Wabash National Corp.
 
17,167
355,185
Watts Water Technologies, Inc. Class A
 
10,043
1,737,539
Westinghouse Air Brake Tech Co.
 
66,082
7,006,014
Xylem, Inc.
 
88,831
8,309,252
 
 
 
282,254,874
Marine Transportation - 0.0%
 
 
 
Eagle Bulk Shipping, Inc.
 
2,490
101,592
Genco Shipping & Trading Ltd.
 
15,640
205,979
Kirby Corp. (a)
 
21,883
1,634,660
Matson, Inc.
 
12,957
1,127,907
 
 
 
3,070,138
Passenger Airlines - 0.2%
 
 
 
Alaska Air Group, Inc. (a)
 
46,758
1,478,956
Allegiant Travel Co.
 
5,552
369,874
American Airlines Group, Inc. (a)
 
241,628
2,694,152
Blade Air Mobility, Inc. (a)(b)
 
16,712
35,597
Delta Air Lines, Inc.
 
237,576
7,424,250
Frontier Group Holdings, Inc. (a)(b)
 
13,322
45,162
Hawaiian Holdings, Inc. (a)(b)
 
20,880
87,905
JetBlue Airways Corp. (a)
 
122,867
461,980
Joby Aviation, Inc. (a)(b)
 
135,580
714,507
SkyWest, Inc. (a)
 
15,456
651,780
Southwest Airlines Co.
 
219,558
4,880,774
Spirit Airlines, Inc.
 
40,746
467,764
Sun Country Airlines Holdings, Inc. (a)
 
14,883
193,777
United Airlines Holdings, Inc. (a)
 
120,890
4,232,359
 
 
 
23,738,837
Professional Services - 1.0%
 
 
 
Alight, Inc. Class A (a)
 
133,446
886,081
ASGN, Inc. (a)
 
17,855
1,490,178
Automatic Data Processing, Inc.
 
151,888
33,144,999
Barrett Business Services, Inc.
 
2,537
232,034
Booz Allen Hamilton Holding Corp. Class A
 
48,307
5,793,459
Broadridge Financial Solutions, Inc.
 
43,513
7,425,058
CACI International, Inc. Class A (a)
 
8,366
2,716,942
CBIZ, Inc. (a)
 
18,506
961,572
Ceridian HCM Holding, Inc. (a)
 
57,421
3,675,518
Clarivate Analytics PLC (a)(b)
 
162,846
1,038,957
Concentrix Corp.
 
15,830
1,206,404
Conduent, Inc. (a)
 
59,113
188,570
CRA International, Inc.
 
2,587
251,224
CSG Systems International, Inc.
 
11,436
535,891
Dun & Bradstreet Holdings, Inc.
 
86,087
754,122
Equifax, Inc.
 
45,282
7,678,469
ExlService Holdings, Inc. (a)
 
61,481
1,605,269
Exponent, Inc.
 
18,740
1,373,455
First Advantage Corp.
 
18,093
235,390
FiscalNote Holdings, Inc. Class A (a)
 
20,890
27,784
Forrester Research, Inc. (a)
 
3,911
90,735
Franklin Covey Co. (a)
 
4,168
164,261
FTI Consulting, Inc. (a)
 
12,539
2,661,528
Genpact Ltd.
 
61,544
2,064,186
Heidrick & Struggles International, Inc.
 
7,374
179,483
HireRight Holdings Corp. (a)
 
3,519
32,410
Huron Consulting Group, Inc. (a)
 
7,011
696,613
ICF International, Inc.
 
6,366
806,763
Insperity, Inc.
 
13,475
1,426,194
Jacobs Solutions, Inc.
 
46,415
6,187,120
KBR, Inc.
 
49,721
2,891,276
Kelly Services, Inc. Class A (non-vtg.)
 
11,495
205,186
Kforce, Inc.
 
7,075
431,858
Korn Ferry
 
19,765
899,703
LegalZoom.com, Inc. (a)
 
38,911
387,943
Leidos Holdings, Inc.
 
50,662
5,021,617
Manpower, Inc.
 
18,285
1,279,401
Maximus, Inc.
 
22,430
1,675,970
NV5 Global, Inc. (a)
 
4,763
449,389
Parsons Corp. (a)
 
15,063
851,813
Paychex, Inc.
 
118,337
13,141,324
Paycom Software, Inc.
 
18,169
4,450,860
Paycor HCM, Inc. (a)(b)
 
23,564
508,511
Paylocity Holding Corp. (a)
 
15,891
2,850,845
Planet Labs PBC Class A (a)(b)
 
67,946
146,763
RCM Technologies, Inc. (a)
 
2,060
40,829
Resources Connection, Inc.
 
12,066
162,529
Robert Half, Inc.
 
39,578
2,959,247
Science Applications International Corp.
 
19,874
2,171,036
SS&C Technologies Holdings, Inc.
 
79,314
3,985,529
Sterling Check Corp. (a)(b)
 
11,080
123,874
TaskUs, Inc. (a)
 
7,151
66,361
TransUnion Holding Co., Inc.
 
71,350
3,130,838
TriNet Group, Inc. (a)
 
12,267
1,260,434
TrueBlue, Inc. (a)
 
10,932
121,017
Ttec Holdings, Inc.
 
7,093
145,974
Upwork, Inc. (a)
 
45,043
470,699
Verisk Analytics, Inc.
 
53,484
12,160,122
Verra Mobility Corp. (a)
 
62,546
1,236,534
 
 
 
148,758,151
Trading Companies & Distributors - 0.5%
 
 
 
Air Lease Corp. Class A
 
37,971
1,314,936
Alta Equipment Group, Inc.
 
9,113
83,748
Applied Industrial Technologies, Inc.
 
14,198
2,179,535
Beacon Roofing Supply, Inc. (a)
 
19,559
1,392,014
BlueLinx Corp. (a)
 
3,182
226,272
Boise Cascade Co.
 
14,662
1,374,563
Core & Main, Inc. (a)
 
38,812
1,167,465
Custom Truck One Source, Inc. Class A (a)
 
22,081
127,407
DXP Enterprises, Inc. (a)
 
5,059
164,923
Fastenal Co.
 
210,611
12,287,046
Ferguson PLC
 
75,295
11,309,309
GATX Corp.
 
13,040
1,363,723
Global Industrial Co.
 
4,757
151,986
GMS, Inc. (a)
 
15,048
880,007
H&E Equipment Services, Inc.
 
11,821
481,351
Herc Holdings, Inc.
 
10,446
1,115,528
Hudson Technologies, Inc. (a)
 
14,678
189,053
McGrath RentCorp.
 
9,128
918,277
MRC Global, Inc. (a)
 
31,630
332,431
MSC Industrial Direct Co., Inc. Class A
 
17,388
1,647,513
NOW, Inc. (a)
 
39,856
439,213
Rush Enterprises, Inc. Class A
 
23,264
827,733
SiteOne Landscape Supply, Inc. (a)
 
16,535
2,278,027
Textainer Group Holdings Ltd.
 
14,858
729,825
Titan Machinery, Inc. (a)
 
7,020
174,377
Transcat, Inc. (a)
 
2,942
264,839
United Rentals, Inc.
 
25,176
10,228,254
Veritiv Corp.
 
4,973
842,476
W.W. Grainger, Inc.
 
16,403
11,971,401
Watsco, Inc. (b)
 
12,370
4,315,769
WESCO International, Inc.
 
16,300
2,089,660
Xometry, Inc. (a)(b)
 
15,090
219,560
 
 
 
73,088,221
TOTAL INDUSTRIALS
 
 
1,441,412,964
INFORMATION TECHNOLOGY - 26.6%
 
 
 
Communications Equipment - 0.9%
 
 
 
ADTRAN Holdings, Inc.
 
25,189
165,492
Arista Networks, Inc. (a)
 
92,453
18,524,808
Aviat Networks, Inc. (a)
 
4,360
116,412
Calix, Inc. (a)
 
21,616
715,922
Cambium Networks Corp. (a)
 
3,883
19,337
Ciena Corp. (a)
 
54,868
2,315,430
Cisco Systems, Inc.
 
1,502,277
78,313,700
Clearfield, Inc. (a)(b)
 
4,496
107,994
CommScope Holding Co., Inc. (a)
 
76,602
113,371
Comtech Telecommunications Corp.
 
10,348
126,246
Digi International, Inc. (a)
 
13,722
345,520
DZS, Inc. (a)
 
5,113
6,494
Extreme Networks, Inc. (a)
 
47,284
974,996
F5, Inc. (a)
 
21,859
3,313,606
Harmonic, Inc. (a)
 
42,046
453,676
Infinera Corp. (a)(b)
 
74,830
219,252
Juniper Networks, Inc.
 
117,953
3,175,295
Lumentum Holdings, Inc. (a)
 
25,361
994,405
Motorola Solutions, Inc.
 
61,554
17,140,327
NETGEAR, Inc. (a)
 
11,931
150,808
NetScout Systems, Inc. (a)
 
26,645
581,660
Ribbon Communications, Inc. (a)
 
33,987
63,896
ViaSat, Inc. (a)(b)
 
27,503
507,155
Viavi Solutions, Inc. (a)
 
82,451
641,469
 
 
 
129,087,271
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
908 Devices, Inc. (a)(b)
 
7,790
46,195
Advanced Energy Industries, Inc.
 
13,943
1,216,666
Aeva Technologies, Inc. (a)
 
33,251
16,559
Akoustis Technologies, Inc. (a)(b)
 
23,529
11,929
Amphenol Corp. Class A
 
219,870
17,710,529
Arlo Technologies, Inc. (a)
 
35,625
302,456
Arrow Electronics, Inc. (a)
 
20,492
2,323,998
Avnet, Inc.
 
33,525
1,553,213
Badger Meter, Inc.
 
10,869
1,505,900
Bel Fuse, Inc. Class B (non-vtg.)
 
3,940
213,469
Belden, Inc.
 
15,524
1,100,652
Benchmark Electronics, Inc.
 
13,133
317,950
CDW Corp.
 
49,406
9,900,962
Cognex Corp.
 
63,719
2,293,247
Coherent Corp. (a)
 
48,000
1,420,800
Corning, Inc.
 
282,599
7,562,349
Crane Nxt Co.
 
17,747
922,844
CTS Corp.
 
11,622
434,779
ePlus, Inc. (a)
 
10,005
625,313
Evolv Technologies Holdings, Inc. (a)
 
27,151
115,392
Fabrinet (a)
 
13,360
2,070,800
FARO Technologies, Inc. (a)
 
7,527
96,872
Insight Enterprises, Inc. (a)
 
11,118
1,593,209
IPG Photonics Corp. (a)
 
11,012
945,931
Itron, Inc. (a)
 
16,682
955,545
Jabil, Inc.
 
48,254
5,925,591
Keysight Technologies, Inc. (a)
 
65,772
8,027,473
Kimball Electronics, Inc. (a)
 
8,699
227,914
Knowles Corp. (a)
 
32,971
428,293
Lightwave Logic, Inc. (a)(b)
 
45,403
205,676
Littelfuse, Inc.
 
9,221
1,997,914
Luna Innovations, Inc. (a)(b)
 
11,952
67,887
Methode Electronics, Inc. Class A
 
13,117
299,986
MicroVision, Inc. (a)(b)
 
74,229
140,293
Mirion Technologies, Inc. Class A (a)
 
66,621
461,684
Napco Security Technologies, Inc.
 
10,233
187,980
nLIGHT, Inc. (a)
 
16,396
136,579
Novanta, Inc. (a)
 
13,271
1,752,568
OSI Systems, Inc. (a)
 
5,646
588,708
Ouster, Inc. (a)(b)
 
11,130
42,517
Par Technology Corp. (a)(b)
 
10,214
298,147
PC Connection, Inc.
 
4,041
216,517
Plexus Corp. (a)
 
10,124
995,392
Richardson Electronics Ltd.
 
4,744
54,414
Rogers Corp. (a)
 
6,195
761,304
Sanmina Corp. (a)
 
21,121
1,074,425
ScanSource, Inc. (a)
 
9,553
290,411
Smartrent, Inc. (a)(b)
 
65,933
158,899
TD SYNNEX Corp.
 
17,623
1,615,677
TE Connectivity Ltd.
 
115,726
13,638,309
Teledyne Technologies, Inc. (a)
 
17,380
6,510,374
Trimble, Inc. (a)
 
91,394
4,307,399
TTM Technologies, Inc. (a)
 
39,112
449,397
Vishay Intertechnology, Inc.
 
47,133
1,048,238
Vishay Precision Group, Inc. (a)
 
5,020
150,198
Vontier Corp.
 
56,592
1,672,860
Vuzix Corp. (a)(b)
 
20,734
67,386
Zebra Technologies Corp. Class A (a)
 
18,935
3,965,557
 
 
 
113,023,526
IT Services - 1.4%
 
 
 
Accenture PLC Class A
 
232,568
69,093,627
Akamai Technologies, Inc. (a)
 
56,011
5,787,617
Amdocs Ltd.
 
44,337
3,554,054
BigCommerce Holdings, Inc. (a)
 
24,505
217,849
Cloudflare, Inc. (a)
 
107,883
6,115,887
Cognizant Technology Solutions Corp. Class A
 
186,218
12,005,474
Digitalocean Holdings, Inc. (a)(b)
 
18,920
387,103
DXC Technology Co. (a)
 
75,682
1,526,506
Edgio, Inc. (a)
 
41,575
32,520
EPAM Systems, Inc. (a)
 
21,415
4,659,262
Fastly, Inc. Class A (a)
 
44,092
646,830
Gartner, Inc. (a)
 
29,065
9,650,743
GoDaddy, Inc. (a)
 
54,142
3,964,819
Grid Dynamics Holdings, Inc. (a)
 
19,620
198,947
Hackett Group, Inc.
 
9,559
213,070
IBM Corp.
 
335,832
48,574,740
Kyndryl Holdings, Inc. (a)
 
84,451
1,235,518
MongoDB, Inc. Class A (a)
 
26,023
8,967,266
Okta, Inc. (a)
 
57,029
3,844,325
Perficient, Inc. (a)
 
12,925
752,106
Rackspace Technology, Inc. (a)(b)
 
19,323
23,574
Snowflake, Inc. (a)
 
120,165
17,439,546
Squarespace, Inc. Class A (a)
 
16,487
468,396
Thoughtworks Holding, Inc. (a)(b)
 
34,285
116,226
Tucows, Inc. (a)(b)
 
3,357
56,700
Twilio, Inc. Class A (a)
 
66,801
3,424,219
Unisys Corp. (a)
 
25,514
70,929
VeriSign, Inc. (a)
 
33,049
6,598,563
 
 
 
209,626,416
Semiconductors & Semiconductor Equipment - 6.5%
 
 
 
ACM Research, Inc. (a)
 
17,042
231,771
Advanced Micro Devices, Inc. (a)
 
595,654
58,671,919
AEHR Test Systems (a)(b)
 
9,977
235,058
Allegro MicroSystems LLC (a)
 
26,250
681,450
Alpha & Omega Semiconductor Ltd. (a)
 
8,034
190,566
Ambarella, Inc. (a)
 
13,635
613,439
Amkor Technology, Inc.
 
38,252
797,937
Analog Devices, Inc.
 
184,822
29,078,045
Applied Materials, Inc.
 
309,567
40,971,192
Axcelis Technologies, Inc. (a)
 
12,054
1,536,885
Broadcom, Inc.
 
152,140
128,006,032
CEVA, Inc. (a)
 
8,420
144,571
Cirrus Logic, Inc. (a)
 
20,227
1,353,793
Cohu, Inc. (a)
 
17,497
527,360
Credo Technology Group Holding Ltd. (a)
 
42,313
601,691
Diodes, Inc. (a)
 
16,953
1,103,301
Enphase Energy, Inc. (a)
 
50,278
4,001,123
Entegris, Inc.
 
55,285
4,867,291
First Solar, Inc. (a)
 
39,387
5,610,678
FormFactor, Inc. (a)
 
28,604
969,104
Ichor Holdings Ltd. (a)
 
11,080
268,801
Impinj, Inc. (a)
 
8,322
537,684
indie Semiconductor, Inc. (a)(b)
 
45,292
221,478
Intel Corp.
 
1,543,969
56,354,869
KLA Corp.
 
50,399
23,672,410
Kulicke & Soffa Industries, Inc.
 
21,076
876,972
Lam Research Corp.
 
49,138
28,903,954
Lattice Semiconductor Corp. (a)
 
50,981
2,835,053
MACOM Technology Solutions Holdings, Inc. (a)
 
19,878
1,402,194
Marvell Technology, Inc.
 
317,070
14,972,045
MaxLinear, Inc. Class A (a)
 
27,509
418,137
Meta Materials, Inc. (a)(b)
 
168,644
20,406
Microchip Technology, Inc.
 
200,629
14,302,841
Micron Technology, Inc.
 
403,814
27,003,042
MKS Instruments, Inc.
 
23,143
1,519,569
Monolithic Power Systems, Inc.
 
17,615
7,781,250
Navitas Semiconductor Corp. (a)(b)
 
44,546
233,421
NVE Corp.
 
1,867
126,956
NVIDIA Corp.
 
910,619
371,350,428
NXP Semiconductors NV
 
95,021
16,384,471
ON Semiconductor Corp. (a)
 
159,078
9,964,646
Onto Innovation, Inc. (a)
 
18,181
2,042,999
PDF Solutions, Inc. (a)
 
11,646
308,968
Photronics, Inc. (a)
 
23,574
432,819
Power Integrations, Inc.
 
21,098
1,462,724
Qorvo, Inc. (a)
 
36,046
3,151,141
Qualcomm, Inc.
 
411,430
44,841,756
Rambus, Inc. (a)
 
40,037
2,175,210
Semtech Corp. (a)
 
23,898
333,616
Silicon Laboratories, Inc. (a)
 
11,788
1,086,618
SiTime Corp. (a)
 
6,387
637,423
SkyWater Technology, Inc. (a)(b)
 
7,265
35,816
Skyworks Solutions, Inc.
 
58,699
5,091,551
SMART Global Holdings, Inc. (a)
 
18,293
250,614
SolarEdge Technologies, Inc. (a)
 
20,882
1,585,988
Synaptics, Inc. (a)
 
14,583
1,220,014
Teradyne, Inc.
 
56,751
4,725,656
Texas Instruments, Inc.
 
334,729
47,534,865
Ultra Clean Holdings, Inc. (a)
 
16,466
392,879
Universal Display Corp.
 
16,011
2,228,411
Veeco Instruments, Inc. (a)(b)
 
20,716
495,941
Wolfspeed, Inc. (a)(b)
 
45,652
1,544,864
 
 
 
980,923,706
Software - 10.6%
 
 
 
8x8, Inc. (a)
 
39,940
95,057
A10 Networks, Inc.
 
25,269
274,674
ACI Worldwide, Inc. (a)
 
40,438
823,722
Adeia, Inc.
 
39,975
336,989
Adobe, Inc. (a)
 
168,043
89,408,959
Agilysys, Inc. (a)
 
7,320
627,983
Alarm.com Holdings, Inc. (a)
 
18,348
938,133
Alkami Technology, Inc. (a)
 
14,706
263,973
Altair Engineering, Inc. Class A (a)(b)
 
19,790
1,229,355
Alteryx, Inc. Class A (a)(b)
 
22,994
736,038
American Software, Inc. Class A
 
12,646
138,727
Amplitude, Inc. (a)
 
26,250
261,450
ANSYS, Inc. (a)
 
31,963
8,894,024
AppFolio, Inc. (a)
 
7,253
1,360,445
Appian Corp. Class A (a)
 
15,607
615,852
AppLovin Corp. (a)(b)
 
49,998
1,821,927
Asana, Inc. (a)(b)
 
28,545
527,226
Aspen Technology, Inc. (a)
 
10,459
1,859,087
Atlassian Corp. PLC (a)
 
55,951
10,106,989
Aurora Innovation, Inc. (a)(b)
 
276,183
483,320
Autodesk, Inc. (a)
 
78,807
15,574,627
AvePoint, Inc. (a)
 
34,891
261,334
Bentley Systems, Inc. Class B
 
84,602
4,115,041
Bill Holdings, Inc. (a)
 
35,668
3,256,132
Blackbaud, Inc. (a)
 
15,791
1,032,731
BlackLine, Inc. (a)
 
18,684
917,384
Blend Labs, Inc. (a)(b)
 
61,263
74,128
Box, Inc. Class A (a)
 
53,117
1,320,489
Braze, Inc. (a)
 
17,426
741,999
C3.ai, Inc. (a)(b)
 
33,911
827,428
Cadence Design Systems, Inc. (a)
 
100,200
24,032,970
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
74,543
802,828
Cerence, Inc. (a)
 
14,789
226,420
Cleanspark, Inc. (a)(b)
 
56,472
231,535
Clear Secure, Inc.
 
31,137
523,724
Clearwater Analytics Holdings, Inc. (a)
 
32,478
587,202
CommVault Systems, Inc. (a)
 
16,222
1,060,108
Confluent, Inc. (a)
 
78,151
2,259,345
Consensus Cloud Solutions, Inc. (a)
 
6,540
141,199
Couchbase, Inc. (a)
 
10,799
168,032
Crowdstrike Holdings, Inc. (a)
 
82,622
14,605,091
CS Disco, Inc. (a)
 
7,593
42,597
Datadog, Inc. Class A (a)
 
110,269
8,983,615
Digimarc Corp. (a)(b)
 
5,199
134,862
Digital Turbine, Inc. (a)
 
31,536
149,481
DocuSign, Inc. (a)
 
74,606
2,900,681
Dolby Laboratories, Inc. Class A
 
22,074
1,786,670
Domo, Inc. Class B (a)
 
11,797
96,264
DoubleVerify Holdings, Inc. (a)
 
46,356
1,290,087
Dropbox, Inc. Class A (a)
 
94,984
2,498,079
Dynatrace, Inc. (a)
 
87,613
3,917,177
E2open Parent Holdings, Inc. (a)(b)
 
62,649
181,056
Ebix, Inc. (b)
 
8,773
53,428
Elastic NV (a)
 
29,450
2,209,928
Enfusion, Inc. Class A (a)(b)
 
12,852
106,672
EngageSmart, Inc. (a)
 
16,737
379,093
Envestnet, Inc. (a)(b)
 
18,308
677,396
Everbridge, Inc. (a)
 
15,546
320,403
Expensify, Inc. (a)
 
16,217
43,299
Fair Isaac Corp. (a)
 
9,156
7,744,786
Five9, Inc. (a)
 
26,634
1,541,310
Fortinet, Inc. (a)
 
240,149
13,729,318
Freshworks, Inc. (a)
 
58,689
1,052,881
Gen Digital, Inc.
 
207,504
3,457,017
GitLab, Inc. (a)
 
29,478
1,275,808
Guidewire Software, Inc. (a)
 
29,885
2,693,535
HashiCorp, Inc. (a)
 
37,094
730,381
HubSpot, Inc. (a)
 
18,441
7,814,743
Informatica, Inc. (a)(b)
 
14,295
274,178
Intapp, Inc. (a)
 
9,427
322,403
InterDigital, Inc.
 
9,623
724,131
Intuit, Inc.
 
103,249
51,103,093
Jamf Holding Corp. (a)(b)
 
19,713
316,591
LivePerson, Inc. (a)
 
25,154
66,407
Liveramp Holdings, Inc. (a)
 
24,436
675,900
Manhattan Associates, Inc. (a)
 
22,736
4,433,065
Marathon Digital Holdings, Inc. (a)(b)
 
64,357
566,985
Matterport, Inc. (a)(b)
 
92,418
188,533
MeridianLink, Inc. (a)(b)
 
8,090
132,838
Microsoft Corp.
 
2,739,159
926,136,982
MicroStrategy, Inc. Class A (a)(b)
 
4,469
1,892,130
Mitek Systems, Inc. (a)
 
17,641
188,406
Model N, Inc. (a)
 
13,142
316,722
N-able, Inc. (a)
 
26,289
340,705
nCino, Inc. (a)(b)
 
22,381
628,906
NCR Corp. (a)
 
49,372
754,898
New Relic, Inc. (a)
 
19,920
1,726,466
Nutanix, Inc. Class A (a)
 
86,919
3,145,599
Olo, Inc. (a)
 
40,641
207,676
ON24, Inc.
 
14,057
86,451
Onespan, Inc. (a)
 
13,209
104,351
Oracle Corp.
 
580,382
60,011,499
Pagerduty, Inc. (a)
 
34,047
686,728
Palantir Technologies, Inc. (a)(b)
 
701,978
10,389,274
Palo Alto Networks, Inc. (a)
 
112,764
27,403,907
Pegasystems, Inc.
 
15,449
660,290
Porch Group, Inc. Class A (a)(b)
 
26,629
14,979
PowerSchool Holdings, Inc. (a)(b)
 
21,182
421,945
Procore Technologies, Inc. (a)
 
32,570
1,989,701
Progress Software Corp.
 
15,933
818,638
PROS Holdings, Inc. (a)(b)
 
15,571
485,037
PTC, Inc. (a)
 
43,785
6,148,290
Q2 Holdings, Inc. (a)
 
21,884
657,177
Qualys, Inc. (a)
 
13,541
2,071,096
Rapid7, Inc. (a)
 
22,375
1,040,214
Rimini Street, Inc. (a)
 
20,581
44,661
RingCentral, Inc. (a)
 
31,268
831,103
Riot Platforms, Inc. (a)(b)
 
65,321
638,839
Roper Technologies, Inc.
 
39,337
19,218,878
Salesforce, Inc. (a)
 
359,083
72,114,639
Samsara, Inc. (a)
 
56,465
1,302,648
Semrush Holdings, Inc. (a)
 
10,752
86,876
SentinelOne, Inc. (a)
 
88,000
1,375,440
ServiceNow, Inc. (a)
 
75,223
43,768,503
Smartsheet, Inc. (a)
 
49,273
1,948,254
SolarWinds, Inc. (a)
 
17,743
163,413
SoundHound AI, Inc. (a)(b)
 
75,287
119,706
SoundThinking, Inc. (a)
 
3,465
52,287
Splunk, Inc. (a)
 
56,210
8,271,864
Sprinklr, Inc. (a)
 
38,395
521,788
Sprout Social, Inc. (a)(b)
 
17,823
771,379
SPS Commerce, Inc. (a)
 
13,464
2,158,818
Synopsys, Inc. (a)
 
56,096
26,333,706
Telos Corp. (a)
 
17,475
40,542
Tenable Holdings, Inc. (a)
 
42,471
1,788,454
Teradata Corp. (a)
 
37,041
1,582,392
Tyler Technologies, Inc. (a)
 
15,515
5,785,544
UiPath, Inc. Class A (a)
 
148,329
2,303,549
Unity Software, Inc. (a)(b)
 
89,099
2,260,442
Upland Software, Inc. (a)
 
12,568
41,977
Varonis Systems, Inc. (a)
 
40,769
1,371,469
Verint Systems, Inc. (a)
 
23,739
446,531
Veritone, Inc. (a)(b)
 
10,561
26,508
Vertex, Inc. Class A (a)(b)
 
15,317
370,825
VMware, Inc. Class A (a)
 
77,415
11,275,495
Workday, Inc. Class A (a)
 
75,857
16,059,685
Workiva, Inc. (a)
 
17,453
1,519,982
Xperi, Inc.
 
16,013
135,950
Yext, Inc. (a)
 
37,527
226,288
Zeta Global Holdings Corp. (a)
 
55,301
431,348
Zoom Video Communications, Inc. Class A (a)
 
92,534
5,550,189
Zscaler, Inc. (a)
 
32,276
5,121,878
Zuora, Inc. (a)
 
48,579
359,970
 
 
 
1,602,928,255
Technology Hardware, Storage & Peripherals - 6.5%
 
 
 
Apple, Inc.
 
5,418,096
925,248,254
Avid Technology, Inc. (a)
 
12,152
328,347
Corsair Gaming, Inc. (a)
 
14,955
191,274
Dell Technologies, Inc.
 
93,422
6,250,866
Eastman Kodak Co. (a)
 
23,406
87,070
Hewlett Packard Enterprise Co.
 
476,117
7,322,679
HP, Inc.
 
320,063
8,427,259
Immersion Corp.
 
10,801
69,018
IonQ, Inc. (a)(b)
 
62,781
605,209
NetApp, Inc.
 
77,689
5,654,205
Pure Storage, Inc. Class A (a)
 
106,731
3,608,575
Seagate Technology Holdings PLC
 
71,171
4,857,421
Super Micro Computer, Inc. (a)
 
16,857
4,036,746
Turtle Beach Corp. (a)
 
6,871
56,686
Western Digital Corp. (a)
 
118,221
4,746,573
Xerox Holdings Corp.
 
41,742
535,967
 
 
 
972,026,149
TOTAL INFORMATION TECHNOLOGY
 
 
4,007,615,323
MATERIALS - 2.7%
 
 
 
Chemicals - 1.7%
 
 
 
AdvanSix, Inc.
 
10,351
285,170
Air Products & Chemicals, Inc.
 
81,860
23,120,538
Albemarle Corp.
 
43,232
5,480,953
Alto Ingredients, Inc. (a)
 
25,694
106,887
American Vanguard Corp.
 
9,419
88,162
Ashland, Inc.
 
18,902
1,448,460
Aspen Aerogels, Inc. (a)(b)
 
20,121
155,334
Avient Corp.
 
33,662
1,064,392
Axalta Coating Systems Ltd. (a)
 
81,734
2,143,883
Balchem Corp.
 
11,842
1,376,514
Cabot Corp.
 
20,521
1,364,236
Celanese Corp. Class A
 
36,807
4,214,770
CF Industries Holdings, Inc.
 
71,170
5,677,943
Chase Corp.
 
2,722
345,857
Corteva, Inc.
 
261,722
12,599,297
Danimer Scientific, Inc. (a)(b)
 
32,312
46,206
Dow, Inc.
 
259,226
12,530,985
DuPont de Nemours, Inc.
 
169,039
12,319,562
Eastman Chemical Co.
 
43,804
3,273,473
Ecolab, Inc.
 
93,507
15,684,864
Ecovyst, Inc. (a)
 
37,898
348,662
Element Solutions, Inc.
 
82,490
1,503,793
FMC Corp.
 
45,819
2,437,571
FutureFuel Corp.
 
8,155
53,415
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
490,550
672,054
H.B. Fuller Co.
 
19,899
1,316,319
Hawkins, Inc.
 
7,025
403,446
Huntsman Corp.
 
61,095
1,425,346
Ingevity Corp. (a)
 
12,562
505,997
Innospec, Inc.
 
9,199
901,502
International Flavors & Fragrances, Inc.
 
93,940
6,420,799
Intrepid Potash, Inc. (a)
 
3,694
73,474
Koppers Holdings, Inc.
 
7,554
276,250
Kronos Worldwide, Inc. (b)
 
9,847
67,944
Linde PLC
 
179,879
68,742,559
Livent Corp. (a)(b)
 
66,579
971,388
LSB Industries, Inc. (a)
 
20,036
182,528
LyondellBasell Industries NV Class A
 
94,420
8,520,461
Mativ, Inc.
 
20,195
264,555
Minerals Technologies, Inc.
 
12,037
650,720
NewMarket Corp.
 
2,536
1,222,732
Olin Corp.
 
46,422
1,983,148
Origin Materials, Inc. Class A (a)(b)
 
46,549
46,014
Orion SA
 
21,914
444,854
Perimeter Solutions SA (a)
 
55,297
176,950
PPG Industries, Inc.
 
86,788
10,654,963
PureCycle Technologies, Inc. (a)(b)
 
52,220
232,379
Quaker Houghton
 
5,118
735,559
Rayonier Advanced Materials, Inc. (a)
 
24,468
67,776
RPM International, Inc.
 
47,687
4,352,392
Sensient Technologies Corp.
 
15,481
873,438
Sherwin-Williams Co.
 
87,225
20,777,867
Stepan Co.
 
7,775
581,570
The Chemours Co. LLC
 
54,398
1,311,536
The Mosaic Co.
 
122,422
3,976,267
The Scotts Miracle-Gro Co. Class A (b)
 
15,141
672,866
Trinseo PLC
 
13,044
80,742
Tronox Holdings PLC
 
43,631
466,415
Westlake Corp.
 
11,777
1,358,595
 
 
 
249,082,332
Construction Materials - 0.2%
 
 
 
Eagle Materials, Inc.
 
13,032
2,005,755
Knife River Holding Co. (b)
 
18,832
947,626
Martin Marietta Materials, Inc.
 
22,784
9,317,289
Summit Materials, Inc.
 
44,096
1,450,758
Vulcan Materials Co.
 
48,977
9,623,491
 
 
 
23,344,919
Containers & Packaging - 0.3%
 
 
 
Amcor PLC
 
541,112
4,810,486
Aptargroup, Inc.
 
24,114
2,948,419
Ardagh Metal Packaging SA (b)
 
52,791
177,906
Avery Dennison Corp.
 
29,704
5,170,575
Ball Corp.
 
116,303
5,599,989
Berry Global Group, Inc.
 
43,479
2,391,345
Crown Holdings, Inc.
 
44,532
3,589,279
Graphic Packaging Holding Co.
 
113,430
2,439,879
Greif, Inc.:
 
 
 
 Class A
 
9,265
588,328
 Class B
 
2,073
132,796
International Paper Co.
 
127,596
4,303,813
Myers Industries, Inc.
 
13,001
218,027
O-I Glass, Inc. (a)
 
57,808
893,134
Packaging Corp. of America
 
33,207
5,082,331
Pactiv Evergreen, Inc.
 
14,463
124,671
Ranpak Holdings Corp. (A Shares) (a)
 
13,291
42,000
Sealed Air Corp.
 
53,278
1,640,430
Silgan Holdings, Inc.
 
30,765
1,232,446
Sonoco Products Co.
 
36,135
1,872,154
TriMas Corp.
 
15,026
363,779
WestRock Co.
 
94,304
3,388,343
 
 
 
47,010,130
Metals & Mining - 0.5%
 
 
 
5E Advanced Materials, Inc. (a)(b)
 
14,313
32,204
Alcoa Corp.
 
66,119
1,695,291
Alpha Metallurgical Resources
 
4,498
989,380
Arch Resources, Inc.
 
6,695
1,009,807
ATI, Inc. (a)
 
47,653
1,799,854
Carpenter Technology Corp.
 
17,806
1,116,792
Century Aluminum Co. (a)
 
17,978
118,835
Cleveland-Cliffs, Inc. (a)
 
187,713
3,149,824
Coeur d'Alene Mines Corp. (a)
 
130,831
328,386
Commercial Metals Co.
 
42,838
1,811,619
Compass Minerals International, Inc.
 
12,293
302,900
Freeport-McMoRan, Inc.
 
528,376
17,848,541
Gatos Silver, Inc. (a)
 
17,597
85,697
Haynes International, Inc.
 
4,706
202,476
Hecla Mining Co.
 
209,679
853,394
Kaiser Aluminum Corp.
 
6,006
341,141
Materion Corp.
 
7,627
739,666
McEwen Mining, Inc. (a)(b)
 
13,221
91,622
MP Materials Corp. (a)(b)
 
53,242
873,169
Newmont Corp.
 
292,809
10,971,553
Nucor Corp.
 
91,711
13,553,969
Olympic Steel, Inc.
 
3,462
175,766
Piedmont Lithium, Inc. (a)(b)
 
6,741
185,175
Ramaco Resources, Inc. (b)
 
12,068
142,161
Ramaco Resources, Inc. Class B
 
4,078
51,016
Reliance Steel & Aluminum Co.
 
21,593
5,492,827
Royal Gold, Inc.
 
24,291
2,534,280
Ryerson Holding Corp.
 
10,822
314,379
Schnitzer Steel Industries, Inc. Class A
 
9,923
225,351
Steel Dynamics, Inc.
 
57,422
6,116,017
SunCoke Energy, Inc.
 
31,173
296,455
TimkenSteel Corp. (a)
 
14,081
286,267
Tredegar Corp.
 
10,153
45,485
United States Steel Corp.
 
82,214
2,786,232
Warrior Metropolitan Coal, Inc.
 
19,097
930,597
Worthington Industries, Inc.
 
11,145
686,755
 
 
 
78,184,883
Paper & Forest Products - 0.0%
 
 
 
Clearwater Paper Corp. (a)
 
6,484
219,224
Glatfelter Corp. (a)
 
17,337
29,993
Louisiana-Pacific Corp.
 
23,695
1,215,080
Mercer International, Inc. (SBI) (b)
 
16,369
129,970
Sylvamo Corp.
 
13,144
582,279
 
 
 
2,176,546
TOTAL MATERIALS
 
 
399,798,810
REAL ESTATE - 2.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.6%
 
 
 
Acadia Realty Trust (SBI)
 
34,722
497,219
Agree Realty Corp.
 
35,658
1,994,709
Alexander & Baldwin, Inc.
 
27,611
436,254
Alexanders, Inc.
 
809
152,084
Alexandria Real Estate Equities, Inc.
 
57,479
5,353,019
Alpine Income Property Trust, Inc.
 
5,164
79,526
American Assets Trust, Inc.
 
18,071
320,760
American Homes 4 Rent Class A
 
117,410
3,844,003
American Tower Corp.
 
171,842
30,620,526
Americold Realty Trust
 
93,794
2,459,279
Apartment Income (REIT) Corp.
 
55,171
1,611,545
Apartment Investment & Management Co. Class A
 
50,357
295,092
Apple Hospitality (REIT), Inc.
 
78,555
1,231,742
Armada Hoffler Properties, Inc.
 
26,535
264,289
Ashford Hospitality Trust, Inc. (a)
 
11,762
24,818
AvalonBay Communities, Inc.
 
52,450
8,693,063
Boston Properties, Inc.
 
53,167
2,848,156
Braemar Hotels & Resorts, Inc.
 
20,281
53,136
Brandywine Realty Trust (SBI)
 
65,551
245,161
Brixmor Property Group, Inc.
 
111,127
2,310,330
Broadstone Net Lease, Inc.
 
70,163
992,806
Camden Property Trust (SBI)
 
39,459
3,349,280
CareTrust (REIT), Inc.
 
36,750
790,860
CBL & Associates Properties, Inc.
 
9,356
193,950
Centerspace
 
5,376
261,166
Chatham Lodging Trust
 
17,285
159,886
City Office REIT, Inc.
 
14,477
55,157
Community Healthcare Trust, Inc.
 
9,670
277,239
COPT Defense Properties (SBI)
 
41,882
954,910
Cousins Properties, Inc.
 
55,653
994,519
Crown Castle International Corp.
 
160,068
14,883,123
CTO Realty Growth, Inc.
 
7,585
122,801
CubeSmart
 
83,289
2,839,322
DiamondRock Hospitality Co.
 
77,322
597,699
Digital Realty Trust, Inc.
 
111,622
13,881,312
Diversified Healthcare Trust (SBI)
 
84,058
174,000
Douglas Emmett, Inc.
 
61,791
692,677
Easterly Government Properties, Inc.
 
34,935
375,901
EastGroup Properties, Inc.
 
16,779
2,739,172
Elme Communities (SBI)
 
32,050
408,958
Empire State Realty Trust, Inc.
 
49,284
398,708
EPR Properties
 
27,632
1,179,886
Equinix, Inc.
 
34,495
25,168,932
Equity Commonwealth
 
40,436
765,858
Equity Lifestyle Properties, Inc.
 
68,718
4,521,644
Equity Residential (SBI)
 
127,279
7,042,347
Essential Properties Realty Trust, Inc.
 
57,905
1,271,015
Essex Property Trust, Inc.
 
23,654
5,060,064
Extra Space Storage, Inc.
 
77,946
8,074,426
Farmland Partners, Inc.
 
16,695
173,962
Federal Realty Investment Trust (SBI)
 
27,187
2,479,183
First Industrial Realty Trust, Inc.
 
48,895
2,068,259
Four Corners Property Trust, Inc.
 
33,725
718,343
Franklin Street Properties Corp.
 
38,642
67,237
Gaming & Leisure Properties
 
96,884
4,397,565
Getty Realty Corp.
 
17,074
454,510
Gladstone Commercial Corp.
 
14,142
168,997
Gladstone Land Corp.
 
11,816
161,407
Global Medical REIT, Inc.
 
22,214
192,373
Global Net Lease, Inc.
 
72,076
572,283
Healthcare Trust of America, Inc.
 
140,861
2,021,355
Healthpeak Properties, Inc.
 
202,032
3,141,598
Hersha Hospitality Trust
 
12,781
126,788
Highwoods Properties, Inc. (SBI)
 
39,546
707,478
Host Hotels & Resorts, Inc.
 
263,225
4,074,723
Hudson Pacific Properties, Inc.
 
48,337
215,583
Independence Realty Trust, Inc.
 
83,329
1,032,446
Industrial Logistics Properties Trust
 
22,211
55,528
InvenTrust Properties Corp.
 
25,027
628,178
Invitation Homes, Inc.
 
212,294
6,303,009
Iron Mountain, Inc.
 
107,651
6,358,945
JBG SMITH Properties
 
35,006
450,527
Kilroy Realty Corp.
 
39,510
1,129,196
Kimco Realty Corp.
 
229,617
4,119,329
Kite Realty Group Trust
 
81,364
1,734,680
Lamar Advertising Co. Class A
 
32,232
2,651,727
LTC Properties, Inc.
 
15,296
483,507
LXP Industrial Trust (REIT)
 
108,543
858,575
Medical Properties Trust, Inc. (b)
 
222,776
1,064,869
Mid-America Apartment Communities, Inc.
 
43,149
5,098,054
National Health Investors, Inc.
 
16,217
811,499
National Storage Affiliates Trust
 
30,797
878,330
NETSTREIT Corp.
 
25,846
368,306
NexPoint Diversified Real Estate Trust
 
11,684
92,070
NexPoint Residential Trust, Inc.
 
8,722
235,407
NNN (REIT), Inc.
 
67,692
2,459,250
Office Properties Income Trust
 
16,838
75,603
Omega Healthcare Investors, Inc.
 
90,338
2,990,188
One Liberty Properties, Inc.
 
6,594
121,330
Orion Office (REIT), Inc.
 
19,071
91,159
Outfront Media, Inc.
 
53,051
517,778
Paramount Group, Inc.
 
59,445
254,425
Park Hotels & Resorts, Inc.
 
79,317
914,525
Pebblebrook Hotel Trust
 
45,308
540,524
Phillips Edison & Co., Inc.
 
43,570
1,538,457
Physicians Realty Trust
 
87,776
953,247
Piedmont Office Realty Trust, Inc. Class A
 
48,442
252,383
Plymouth Industrial REIT, Inc.
 
13,645
272,081
Postal Realty Trust, Inc.
 
8,488
112,381
Potlatch Corp.
 
29,561
1,266,689
Prologis (REIT), Inc.
 
340,731
34,328,648
Public Storage
 
58,385
13,937,083
Rayonier, Inc.
 
50,494
1,274,469
Realty Income Corp.
 
261,575
12,393,424
Regency Centers Corp.
 
60,717
3,658,806
Retail Opportunity Investments Corp.
 
47,327
555,619
Rexford Industrial Realty, Inc.
 
76,283
3,298,477
RLJ Lodging Trust
 
58,900
553,660
RPT Realty
 
29,605
319,438
Ryman Hospitality Properties, Inc.
 
22,162
1,897,067
Sabra Health Care REIT, Inc.
 
85,210
1,162,264
Safehold, Inc.
 
16,672
271,253
Saul Centers, Inc.
 
4,575
159,073
SBA Communications Corp. Class A
 
39,910
8,326,423
Service Properties Trust
 
62,738
454,851
Simon Property Group, Inc.
 
120,670
13,260,426
SITE Centers Corp.
 
65,923
768,662
SL Green Realty Corp.
 
23,608
691,478
Spirit Realty Capital, Inc.
 
52,060
1,873,639
Stag Industrial, Inc.
 
66,886
2,221,953
Star Holdings
 
4,914
56,265
Summit Hotel Properties, Inc.
 
40,804
230,135
Sun Communities, Inc.
 
45,847
5,100,020
Sunstone Hotel Investors, Inc.
 
77,808
723,614
Tanger Factory Outlet Centers, Inc.
 
39,191
883,757
Terreno Realty Corp.
 
31,057
1,654,717
The Macerich Co.
 
80,512
782,577
UDR, Inc.
 
111,954
3,561,257
UMH Properties, Inc.
 
22,204
306,637
Uniti Group, Inc.
 
89,567
412,008
Universal Health Realty Income Trust (SBI)
 
4,894
188,125
Urban Edge Properties
 
43,571
691,036
Ventas, Inc.
 
148,608
6,309,896
Veris Residential, Inc.
 
29,840
399,558
VICI Properties, Inc.
 
374,011
10,434,907
Vornado Realty Trust
 
58,668
1,126,426
Welltower, Inc.
 
191,266
15,991,750
Weyerhaeuser Co.
 
269,606
7,734,996
Whitestone REIT Class B
 
17,501
174,135
WP Carey, Inc.
 
78,879
4,231,858
Xenia Hotels & Resorts, Inc.
 
39,119
454,954
 
 
 
392,873,516
Real Estate Management & Development - 0.2%
 
 
 
Anywhere Real Estate, Inc. (a)
 
38,656
180,524
CBRE Group, Inc. (a)
 
114,272
7,923,620
Compass, Inc. (a)
 
116,764
231,193
CoStar Group, Inc. (a)
 
150,494
11,047,765
Cushman & Wakefield PLC (a)
 
62,501
460,632
Digitalbridge Group, Inc.
 
52,343
829,637
Douglas Elliman, Inc.
 
30,069
53,222
eXp World Holdings, Inc.
 
27,542
365,482
Forestar Group, Inc. (a)
 
6,414
152,333
Howard Hughes Holdings, Inc.
 
12,025
797,618
Jones Lang LaSalle, Inc. (a)
 
17,515
2,240,519
Kennedy-Wilson Holdings, Inc.
 
44,488
572,561
Marcus & Millichap, Inc.
 
8,525
244,668
Newmark Group, Inc.
 
43,589
247,150
Opendoor Technologies, Inc. (a)
 
209,276
397,624
RE/MAX Holdings, Inc.
 
5,775
62,139
Redfin Corp. (a)(b)
 
44,321
206,536
Seritage Growth Properties (a)(b)
 
13,674
99,000
The RMR Group, Inc.
 
5,650
127,238
The St. Joe Co.
 
13,142
612,943
WeWork, Inc. (a)(b)
 
6,566
14,970
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
18,664
663,132
 Class C (a)
 
59,031
2,139,874
 
 
 
29,670,380
TOTAL REAL ESTATE
 
 
422,543,896
UTILITIES - 2.4%
 
 
 
Electric Utilities - 1.5%
 
 
 
Allete, Inc.
 
21,208
1,135,476
Alliant Energy Corp.
 
93,346
4,554,351
American Electric Power Co., Inc.
 
189,986
14,351,542
Avangrid, Inc. (b)
 
25,408
758,937
Constellation Energy Corp.
 
118,572
13,389,150
Duke Energy Corp.
 
284,210
25,263,427
Edison International
 
141,277
8,908,928
Entergy Corp.
 
78,027
7,458,601
Evergy, Inc.
 
84,727
4,163,485
Eversource Energy
 
128,500
6,912,015
Exelon Corp.
 
366,618
14,276,105
FirstEnergy Corp.
 
190,158
6,769,625
Hawaiian Electric Industries, Inc.
 
41,232
535,191
IDACORP, Inc.
 
18,707
1,771,740
MGE Energy, Inc.
 
13,250
949,098
NextEra Energy, Inc.
 
746,129
43,499,321
NRG Energy, Inc.
 
84,640
3,587,043
OGE Energy Corp.
 
73,555
2,515,581
Otter Tail Corp.
 
15,363
1,182,029
PG&E Corp. (a)
 
770,946
12,566,420
Pinnacle West Capital Corp.
 
41,890
3,107,400
PNM Resources, Inc.
 
31,281
1,321,935
Portland General Electric Co.
 
37,258
1,491,065
PPL Corp.
 
271,569
6,672,450
Southern Co.
 
401,992
27,054,062
Xcel Energy, Inc.
 
203,382
12,054,451
 
 
 
226,249,428
Gas Utilities - 0.1%
 
 
 
Atmos Energy Corp.
 
54,719
5,891,048
Chesapeake Utilities Corp.
 
6,488
574,902
National Fuel Gas Co.
 
33,765
1,720,327
New Jersey Resources Corp.
 
35,939
1,458,405
Northwest Natural Holding Co.
 
13,282
487,582
ONE Gas, Inc.
 
20,257
1,223,523
Southwest Gas Holdings, Inc.
 
22,124
1,296,688
Spire, Inc.
 
19,579
1,089,180
UGI Corp.
 
77,538
1,612,790
 
 
 
15,354,445
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Altus Power, Inc. Class A (a)(b)
 
22,555
119,767
Clearway Energy, Inc.:
 
 
 
 Class A
 
16,772
341,646
 Class C
 
27,014
586,474
Montauk Renewables, Inc. (a)(b)
 
24,986
251,359
Ormat Technologies, Inc.
 
19,677
1,210,923
Sunnova Energy International, Inc. (a)(b)
 
38,240
349,131
The AES Corp.
 
246,954
3,679,615
Vistra Corp.
 
127,309
4,165,550
 
 
 
10,704,465
Multi-Utilities - 0.6%
 
 
 
Ameren Corp.
 
96,795
7,328,349
Avista Corp.
 
28,316
897,334
Black Hills Corp.
 
24,699
1,194,197
CenterPoint Energy, Inc.
 
232,419
6,247,423
CMS Energy Corp.
 
107,644
5,849,375
Consolidated Edison, Inc.
 
127,114
11,159,338
Dominion Energy, Inc.
 
308,350
12,432,672
DTE Energy Co.
 
76,078
7,332,398
NiSource, Inc.
 
152,348
3,833,076
NorthWestern Energy Corp.
 
22,149
1,063,373
Public Service Enterprise Group, Inc.
 
184,081
11,348,594
Sempra
 
232,129
16,255,994
Unitil Corp.
 
6,178
282,149
WEC Energy Group, Inc.
 
116,200
9,457,518
 
 
 
94,681,790
Water Utilities - 0.1%
 
 
 
American States Water Co.
 
13,666
1,066,631
American Water Works Co., Inc.
 
71,690
8,434,329
Artesian Resources Corp. Class A
 
3,458
135,899
California Water Service Group
 
21,120
1,028,122
Consolidated Water Co., Inc. (b)
 
5,345
157,784
Essential Utilities, Inc.
 
89,809
3,005,009
Middlesex Water Co.
 
6,704
425,905
SJW Group
 
10,664
666,287
York Water Co.
 
5,324
192,037
 
 
 
15,112,003
TOTAL UTILITIES
 
 
362,102,131
 
TOTAL COMMON STOCKS
 (Cost $12,950,622,590)
 
 
 
14,951,186,065
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (e)
 
 (Cost $1,770,075)
 
 
1,800,000
1,769,970
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
70,402,242
70,416,323
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
139,631,953
139,645,916
 
TOTAL MONEY MARKET FUNDS
 (Cost $210,062,239)
 
 
210,062,239
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $13,162,454,904)
 
 
 
15,163,018,274
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(117,596,040)
NET ASSETS - 100.0%
15,045,422,234
 
 
 
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)
91
Dec 2023
7,591,220
(128,514)
(128,514)
CME E-mini S&P 500 Index Contracts (United States)
390
Dec 2023
82,138,875
(886,228)
(886,228)
CME E-mini S&P MidCap 400 Index Contracts (United States)
18
Dec 2023
4,275,180
(81,755)
(81,755)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,096,497)
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,769,970.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
44,219,120
1,698,263,597
1,672,066,394
2,116,578
-
-
70,416,323
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
177,970,692
608,906,365
647,231,141
2,741,755
-
-
139,645,916
0.6%
Total
222,189,812
2,307,169,962
2,319,297,535
4,858,333
-
-
210,062,239
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
1,210,567,360
1,210,567,360
-
-
Consumer Discretionary
1,585,108,131
1,585,108,131
-
-
Consumer Staples
919,666,326
919,666,202
124
-
Energy
699,180,431
699,180,431
-
-
Financials
1,972,247,318
1,972,247,318
-
-
Health Care
1,930,943,375
1,929,741,829
1,181,654
19,892
Industrials
1,441,412,964
1,441,412,964
-
-
Information Technology
4,007,615,323
4,007,615,323
-
-
Materials
399,798,810
399,798,810
-
-
Real Estate
422,543,896
422,543,896
-
-
Utilities
362,102,131
362,102,131
-
-
 U.S. Government and Government Agency Obligations
1,769,970
-
1,769,970
-
  Money Market Funds
210,062,239
210,062,239
-
-
 Total Investments in Securities:
15,163,018,274
15,160,046,634
2,951,748
19,892
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(1,096,497)
(1,096,497)
-
-
  Total Liabilities
(1,096,497)
(1,096,497)
-
-
 Total Derivative Instruments:
(1,096,497)
(1,096,497)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(1,096,497)
Total Equity Risk
0
(1,096,497)
Total Value of Derivatives
0
(1,096,497)
 
(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
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $136,556,540) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $12,952,392,665)
$
14,952,956,035
 
 
Fidelity Central Funds (cost $210,062,239)
210,062,239
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $13,162,454,904)
 
 
$
15,163,018,274
Segregated cash with brokers for derivative instruments
 
 
3,632,878
Foreign currency held at value (cost $2,344,346)
 
 
2,337,699
Receivable for investments sold
 
 
498,571
Receivable for fund shares sold
 
 
8,061,486
Dividends receivable
 
 
10,299,844
Distributions receivable from Fidelity Central Funds
 
 
357,965
Receivable for daily variation margin on futures contracts
 
 
584,648
Other receivables
 
 
16,316
  Total assets
 
 
15,188,807,681
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
3,740,867
 
 
Other payables and accrued expenses
97
 
 
Collateral on securities loaned
139,644,483
 
 
  Total Liabilities
 
 
 
143,385,447
Net Assets  
 
 
$
15,045,422,234
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
13,008,590,117
Total accumulated earnings (loss)
 
 
 
2,036,832,117
Net Assets
 
 
$
15,045,422,234
Net Asset Value, offering price and redemption price per share ($15,045,422,234 ÷ 1,028,794,713 shares)
 
 
$
14.62
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
223,905,762
Interest  
 
 
135,052
Income from Fidelity Central Funds (including $2,741,755 from security lending)
 
 
4,858,333
 Total Income
 
 
 
228,899,147
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
76,070
 
 
 Total expenses before reductions
 
76,070
 
 
 Expense reductions
 
(14,494)
 
 
 Total expenses after reductions
 
 
 
61,576
Net Investment income (loss)
 
 
 
228,837,571
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(57,761,645)
 
 
 Foreign currency transactions
 
2,536
 
 
 Futures contracts
 
5,671,802
 
 
Total net realized gain (loss)
 
 
 
(52,087,307)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
868,751,536
 
 
 Assets and liabilities in foreign currencies
 
(5,886)
 
 
 Futures contracts
 
(3,749,125)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
864,996,525
Net gain (loss)
 
 
 
812,909,218
Net increase (decrease) in net assets resulting from operations
 
 
$
1,041,746,789
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
228,837,571
$
186,251,470
Net realized gain (loss)
 
(52,087,307)
 
 
(45,093,139)
 
Change in net unrealized appreciation (depreciation)
 
864,996,525
 
(2,406,552,025)
 
Net increase (decrease) in net assets resulting from operations
 
1,041,746,789
 
 
(2,265,393,694)
 
Distributions to shareholders
 
(189,994,752)
 
 
(159,713,565)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,408,011,292
 
3,946,563,316
  Reinvestment of distributions
 
170,606,494
 
 
148,391,780
 
Cost of shares redeemed
 
(1,612,715,517)
 
(1,739,585,103)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,965,902,269
 
 
2,355,369,993
 
Total increase (decrease) in net assets
 
2,817,654,306
 
 
(69,737,266)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,227,767,928
 
12,297,505,194
 
End of period
$
15,045,422,234
$
12,227,767,928
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
232,915,554
 
260,748,573
  Issued in reinvestment of distributions
 
12,741,337
 
 
9,274,532
 
Redeemed
 
(110,923,234)
 
(117,256,805)
Net increase (decrease)
 
134,733,657
 
152,766,300
 
 
 
 
 
 
Financial Highlights
Fidelity ZERO® Total Market Index Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.68
$
16.59
$
11.67
$
10.78
$
9.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.22
 
.20
 
.20
 
.19
     Net realized and unrealized gain (loss)
 
.91
 
(2.92)
 
4.89
 
.86
 
1.10
  Total from investment operations
 
1.15  
 
(2.70)  
 
5.09  
 
1.06  
 
1.29
  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
$
14.62
$
13.68
$
16.59
$
11.67
$
10.78
 Total Return C,D
 
8.55%
 
(16.46)%
 
44.00%
 
9.92%
 
13.57%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions G
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.63%
 
1.50%
 
1.37%
 
1.79%
 
1.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,045,422
$
12,227,768
$
12,297,505
$
6,053,570
$
4,168,884
    Portfolio turnover rate H
 
2%
 
3%
 
4% I
 
6%
 
3%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees 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.
 
FExpense 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.
 
GAmount represents less than .005%.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 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 RatioA
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 October 31, 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. As of October 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity 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. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity ZERO Extended Market Index Fund 
1,523,016,022
$210,991,903
(362,765,074)
(151,773,171)
Fidelity ZERO International Index Fund
3,437,832,708
401,347,990
(569,933,522)
(168,585,532)
Fidelity ZERO Large Cap Index Fund.
5,591,886,881
 1,426,645,353
 (584,575,130)
 842,070,223
Fidelity ZERO Total Market Index Fund.
13,268,086,395
 3,549,875,560
 (1,654,943,681)
 1,894,931,879
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity ZERO Extended Market Index Fund 
$16,238,791
$ (17,611,731)
(151,792,923)
Fidelity ZERO International Index Fund
95,013,246
 (122,714,356)
(168,916,919)
Fidelity ZERO Large Cap Index Fund.
73,865,574
 (66,989,794)
 842,070,223
Fidelity ZERO Total Market Index Fund.
175,360,673
 (33,453,787)
1,894,925,232
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity ZERO Extended Market Index Fund 
$(8,186,474)
$(9,425,257)
$  (17,611,731)
Fidelity ZERO International Index Fund
 (31,604,890)
(91,109,466)
  (122,714,356)
Fidelity ZERO Large Cap Index Fund.
 (15,496,365)
 (51,493,429)
  (66,989,794)
Fidelity ZERO Total Market Index Fund.
 (5,371,596)
 (28,082,191)
  (33,453,787)
 
 
 
 
 
The tax character of distributions paid was as follows:
 
October 31, 2023
 
 
 
Ordinary Income
Total
Fidelity ZERO Extended Market Index Fund 
$20,138,817
$20,138,817
Fidelity ZERO International Index Fund
 77,147,029
 77,147,029
Fidelity ZERO Large Cap Index Fund.
 80,225,687
 80,225,687
Fidelity ZERO Total Market Index Fund.
 189,994,752
 189,994,752
 
October 31, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity ZERO Extended Market Index Fund 
$41,649,422
$51,143,041
$92,792,463
Fidelity ZERO International Index Fund
 81,189,445
 -
 81,189,445
Fidelity ZERO Large Cap Index Fund.
 51,573,510
 -
 51,573,510
Fidelity ZERO Total Market Index Fund.
 138,316,529
 21,397,036
 159,713,565
 
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
269,059,673
97,535,641
Fidelity ZERO International Index Fund
607,625,745
194,784,657
Fidelity ZERO Large Cap Index Fund
798,162,830
132,358,397
Fidelity ZERO Total Market Index Fund
2,357,817,970
301,042,600
 
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.
 
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
 
Amount ($)
Fidelity ZERO International Index Fund
22,328
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
$203,431
$54,000
$289,169
Fidelity ZERO International Index Fund
$20,060
$25
$-
Fidelity ZERO Large Cap Index Fund
$10,954
$1,854
$-
Fidelity ZERO Total Market Index Fund
$289,486
$55,691
$346,580
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 Large Cap Index Fund.
 1,551
Fidelity ZERO Total Market Index Fund 
 14,494
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.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity ZERO Extended Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund, and Fidelity ZERO Total Market Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity ZERO Extended Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund, and Fidelity ZERO Total Market Index Fund (the "Funds"), each a fund of Fidelity Concord Street Trust, including the schedules of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® Extended Market Index Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 954.50
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® International Index Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 934.50
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® Large Cap Index Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,018.40
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Fidelity ZERO® Total Market Index Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,010.40
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$-E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity ZERO Extended Market Index Fund
 
December 2022
73%
Fidelity ZERO Large Cap Index Fund
 
December 2022
95%
Fidelity ZERO Total Market Index Fund
 
December 2022
91%
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity ZERO Extended Market Index Fund
 
December 2022
78.66%
Fidelity ZERO International Index Fund
 
December 2022
93.72%
Fidelity ZERO Large Cap Index Fund
 
December 2022
97.94%
Fidelity ZERO Total Market Index Fund
 
December 2022
97.14%
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
 
Fidelity ZERO Extended Market Index Fund
 
December 2022
19.33%
Fidelity ZERO Large Cap Index Fund
 
December 2022
1.34%
Fidelity ZERO Total Market Index Fund
 
December 2022
1.94%
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity ZERO International Index Fund
$1,065,261
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity ZERO International Index Fund
12/19/2022
$0.2972
$0.0312
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity ZERO Extended Market Index
Fidelity ZERO Large Cap Index
Fidelity ZERO International Index
Fidelity ZERO Total Market Index
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR and the sub-advisory agreement with Geode, without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable in light of all of the surrounding circumstances. 
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under each Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that each fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of each fund with limited exceptions.
Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity and Geode in connection with the operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR or an affiliate bears all expenses of each fund with limited exceptions.
Economies of Scale. The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9891446.105
EML-ANN-1223
Fidelity® SAI International Small Cap Index Fund
 
 
Annual Report
October 31, 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

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI International Small Cap Index Fund
7.34%
-10.82%
 
A   From May 27, 2021
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Small Cap Index Fund, on May 27, 2021, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuations also helped bolstered non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending October 31, 2023, the fund gained 7.34%, versus 6.67% for the benchmark MSCI EAFE Small Cap Index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Japan gained about 13% and contributed most, followed by Europe ex the U.K. (+8%). By sector, financials gained approximately 17% and contributed most, driven by the banks industry (+36%). Industrials stocks also helped (+7%), benefiting from capital goods (+11%). Consumer discretionary rose roughly 12%, consumer staples gained 15%, lifted by food, beverage & tobacco (+16%), and materials advanced about 6%. Other notable contributors included the information technology (+7%), energy (+10%), utilities (+8%) and communication services (+5%) sectors. In contrast, Asia Pacific ex Japan returned -7% and was a notable detractor. From a sector standpoint, real estate returned -7% and detracted most. This group was hampered by the equity real estate investment trusts (REITs) industry (-8%). Health care (-5%) also hurt, hampered by the pharmaceuticals, biotechnology & life sciences industry (-6%). Turning to individual stocks, the top contributor was BE Semiconductor (+132%), from the semiconductors & semiconductor equipment industry. Another notable contributor was Centrica (+67%), a stock in the utilities group. In banks, Banco BPM gained roughly 76%. In capital goods, Leonardo gained approximately 89%. Lastly, B&M (+85%), from the consumer discretionary distribution & retail group, also lifted the fund. Conversely, the biggest individual detractor was Allkem (-34%), from the materials group. In capital goods, Tomra Systems (-51%), Hexatronic (-83%) and Alfen Beheer (-70%) detracted. Lastly, Star Entertainment Grp, within the consumer services category, returned -81%.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Banco BPM SpA  (Italy, Banks)
0.3
 
Banco de Sabadell SA  (Spain, Banks)
0.3
 
CAR Group Ltd.  (Australia, Interactive Media & Services)
0.3
 
B&M European Value Retail SA  (United Kingdom, Broadline Retail)
0.3
 
Leonardo SpA  (Italy, Aerospace & Defense)
0.3
 
Trelleborg AB (B Shares)  (Sweden, Machinery)
0.3
 
PSP Swiss Property AG  (Switzerland, Real Estate Management & Development)
0.2
 
The Weir Group PLC  (United Kingdom, Machinery)
0.2
 
Dechra Pharmaceuticals PLC  (United Kingdom, Pharmaceuticals)
0.2
 
Marks & Spencer Group PLC  (United Kingdom, Consumer Staples Distribution & Retail)
0.2
 
 
2.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.8
 
Consumer Discretionary
12.5
 
Financials
11.7
 
Real Estate
10.6
 
Materials
10.6
 
Information Technology
8.9
 
Consumer Staples
6.5
 
Health Care
5.7
 
Communication Services
3.8
 
Energy
3.4
 
Utilities
2.7
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.9%
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 - 97.8%
 
 
Shares
Value ($)
 
Australia - 9.4%
 
 
 
Abacus Group unit
 
120,087
73,788
Abacus Storage King
 
122,870
77,706
Accent Group Ltd.
 
96,577
115,352
Adbri Ltd.
 
105,111
132,050
AGL Energy Ltd.
 
165,201
1,129,305
Allkem Ltd. (a)
 
165,428
1,010,880
Alpha HPA Ltd. (a)
 
149,920
73,199
ALS Ltd.
 
125,654
859,958
Altium Ltd.
 
32,375
816,612
Alumina Ltd. (a)
 
675,978
335,918
AMP Ltd.
 
771,764
514,220
Ansell Ltd.
 
34,727
469,190
APM Human Services International ltd.
 
74,853
99,507
Arafura Rare Earths Ltd. (a)(b)
 
471,006
55,684
ARB Corp. Ltd.
 
21,567
402,449
Arena (REIT) unit
 
96,993
196,218
Argosy Minerals Ltd. (a)
 
331,400
33,837
Atlas Arteria Ltd. unit
 
317,092
1,071,968
Aub Group Ltd.
 
28,126
483,022
Aussie Broadband Ltd. (a)
 
48,357
120,472
Austal Ltd.
 
88,419
95,476
Australian Agricultural Co. Ltd. (a)
 
40,108
31,707
Australian Clinical Labs Ltd. (b)
 
39,485
67,538
AVZ Minerals Ltd. (a)(b)(c)
 
776,046
383,982
Bank of Queensland Ltd.
 
179,783
584,231
Bapcor Ltd.
 
92,921
316,289
Beach Energy Ltd.
 
436,969
430,394
Bega Cheese Ltd.
 
73,418
130,086
Bellevue Gold Ltd. (a)
 
309,137
281,137
Bendigo & Adelaide Bank Ltd.
 
155,263
860,219
Boral Ltd. (a)
 
90,333
258,965
Boss Energy Ltd. (a)
 
91,716
252,748
BrainChip Holdings Ltd. (a)(b)
 
396,368
39,401
Breville Group Ltd.
 
25,414
344,434
Brickworks Ltd.
 
20,777
323,830
BWP Trust
 
130,488
269,852
Calix Ltd. (a)
 
39,045
66,791
Capricorn Metals Ltd. (a)
 
80,878
240,643
CAR Group Ltd.
 
102,841
1,812,805
Centuria Capital Group unit
 
188,798
138,126
Centuria Industrial REIT
 
148,083
268,006
Centuria Office REIT unit
 
114,851
79,961
Cettire Ltd. (a)
 
57,535
93,980
Chalice Mining Ltd. (a)
 
95,942
109,326
Challenger Ltd.
 
131,740
491,214
Champion Iron Ltd.
 
106,226
483,170
Charter Hall Group unit
 
129,322
716,442
Charter Hall Long Wale REIT unit
 
178,741
343,386
Charter Hall Retail REIT
 
141,183
274,338
Charter Hall Social Infrastruc
 
90,466
137,085
Cleanaway Waste Management Ltd.
 
577,770
823,061
Clinuvel Pharmaceuticals Ltd.
 
10,278
96,176
Codan Ltd./Australia
 
27,154
134,682
Collins Foods Ltd.
 
30,404
176,309
Core Lithium Ltd. (a)(b)
 
521,914
120,009
Coronado Global Resources, Inc. CDI (d)
 
205,092
225,607
Corporate Travel Management Ltd.
 
33,705
356,653
Costa Group Holdings Ltd.
 
105,992
209,058
Credit Corp. Group Ltd.
 
18,349
141,564
Cromwell Property Group unit
 
421,118
85,880
CSR Ltd.
 
130,607
466,684
Data#3 Ltd.
 
37,265
160,640
De Grey Mining Ltd. (a)
 
392,623
295,097
Deterra Royalties Ltd.
 
116,206
347,225
Dexus Industria (REIT)
 
59,137
89,386
Dicker Data Ltd.
 
19,219
128,980
Domain Holdings Australia Ltd.
 
68,856
149,255
Dominos Pizza Enterprises Ltd.
 
18,418
596,910
Downer EDI Ltd.
 
174,675
420,103
Eagers Automotive Ltd.
 
42,264
347,605
Elders Ltd.
 
42,355
159,827
Evolution Mining Ltd.
 
501,219
1,121,035
EVT Ltd.
 
24,605
163,148
Firefinch Ltd. (a)(c)
 
325,521
41,299
Fleetpartners Group Ltd. (a)
 
72,747
114,909
Flight Centre Travel Group Ltd.
 
47,759
567,728
G8 Education Ltd.
 
194,520
117,551
Genesis Minerals Ltd. (a)
 
197,273
181,363
Gold Road Resources Ltd.
 
297,303
353,402
GrainCorp Ltd.
 
61,485
271,742
Grange Resources Ltd.
 
162,249
42,924
Growthpoint Properties Australia Ltd.
 
73,415
92,172
GUD Holdings Ltd.
 
38,138
259,350
Hansen Technologies Ltd.
 
46,579
153,813
Harvey Norman Holdings Ltd. (b)
 
152,092
355,510
Healius Ltd. (a)
 
148,949
171,655
Helia Group Ltd.
 
86,546
199,034
Hmc Capital Ltd.
 
62,018
168,478
HomeCo Daily Needs (REIT) unit
 
426,273
290,691
HUB24 Ltd.
 
21,153
408,416
Iluka Resources Ltd.
 
116,609
538,472
Imdex Ltd.
 
135,824
142,467
Imugene Ltd. (a)
 
1,605,826
44,157
Incitec Pivot Ltd.
 
530,675
926,391
Ingenia Communities Group unit
 
95,221
237,003
Inghams Group Ltd.
 
100,229
234,750
Insignia Financial Ltd.
 
170,014
223,603
Integral Diagnostics Ltd.
 
53,216
90,944
Invocare Ltd.
 
37,145
298,936
ioneer Ltd. (a)
 
395,025
35,377
IPH Ltd.
 
62,557
271,854
Iress Ltd.
 
51,428
163,990
JB Hi-Fi Ltd.
 
29,965
861,343
Johns Lyng Group Ltd.
 
60,327
234,854
Judo Capital Holdings Ltd. (a)
 
177,824
95,744
Jumbo Interactive Ltd.
 
14,631
129,038
Karoon Energy Ltd. (a)
 
152,132
244,979
Kelsian Group Ltd.
 
44,295
170,350
Latin Resources Ltd. (a)(b)
 
644,848
101,585
Leo Lithium Ltd. (a)(c)
 
273,636
87,658
Lifestyle Communities Ltd.
 
24,350
242,240
Link Administration Holdings Ltd.
 
137,768
104,579
Liontown Resources Ltd. (a)(b)
 
421,067
432,816
Lovisa Holdings Ltd.
 
17,792
196,891
Lynas Rare Earths Ltd. (a)
 
255,053
1,147,328
MA Financial Group Ltd.
 
26,504
72,326
Maas Group Holdings Ltd. (b)
 
27,406
59,752
Mader Group Ltd. (b)
 
13,663
54,775
Magellan Financial Group Ltd.
 
42,241
175,295
Magellan Financial Group Ltd. warrants 4/16/27 (a)
 
5,527
548
McMillan Shakespeare Ltd.
 
15,300
163,056
Megaport Ltd. (a)
 
41,222
252,106
Mesoblast Ltd. (a)(b)
 
191,602
43,861
Metcash Ltd.
 
251,160
588,175
Monadelphous Group Ltd.
 
24,763
221,841
Mount Gibson Iron Ltd. (a)
 
153,301
48,335
Nanosonics Ltd. (a)
 
69,633
166,185
National Storage REIT unit
 
340,525
434,164
Netwealth Group Ltd.
 
32,995
268,089
Neuren Pharmaceuticals Ltd. (a)
 
31,010
211,514
New Hope Corp. Ltd.
 
156,660
576,523
NEXTDC Ltd. (a)
 
140,872
1,057,789
NIB Holdings Ltd.
 
132,100
608,798
Nick Scali Ltd.
 
18,987
130,235
Nine Entertainment Co. Holdings Ltd.
 
397,742
468,695
NRW Holdings Ltd.
 
108,632
173,518
Nufarm Ltd.
 
98,996
273,546
Objective Corp. Ltd.
 
7,505
50,607
Omni Bridgeway Ltd. (a)
 
73,223
70,719
oOh!media Ltd.
 
148,232
122,985
Orora Ltd.
 
300,799
471,391
Paladin Energy Ltd. (Australia) (a)
 
773,915
466,366
Pepper Money Ltd.
 
51,004
40,209
Perenti Ltd. (a)
 
223,141
150,883
Perpetual Trustees Australia Ltd.
 
30,799
376,532
Perseus Mining Ltd. (Australia)
 
374,272
399,895
PEXA Group Ltd. (a)
 
36,487
253,072
Pinnacle Investment Management Group Ltd.
 
38,702
191,813
Platinum Asset Management Ltd.
 
118,058
84,424
PointsBet Holdings Ltd. warrants 7/8/24 (a)(c)
 
2,964
0
PolyNovo Ltd. (a)
 
157,479
116,127
Premier Investments Ltd.
 
23,970
347,572
Pro Medicus Ltd.
 
14,299
681,104
PWR Holdings Ltd.
 
21,714
135,308
Qube Holdings Ltd.
 
458,084
776,783
Ramelius Resources Ltd.
 
275,155
285,782
Region RE Ltd. unit
 
325,471
406,966
Regis Resources Ltd.
 
205,282
222,229
Resolute Mng Ltd. (a)
 
573,195
129,461
Rural Funds Group unit
 
101,002
115,134
Sandfire Resources NL (a)
 
124,989
474,115
Sayona Mining Ltd. (a)(b)
 
2,299,993
110,510
Select Harvests Ltd.
 
32,611
80,215
Seven Group Holdings Ltd.
 
44,628
788,649
Seven West Media Ltd. (a)
 
218,621
36,862
Sigma Healthcare Ltd.
 
227,380
93,272
Silex Systems Ltd. (a)
 
47,487
97,226
Silver Lake Resources Ltd. (a)
 
252,293
165,947
SiteMinder Ltd. (a)
 
59,108
153,244
Smartgroup Corp. Ltd.
 
34,093
186,394
Solgold PLC (a)
 
403,064
46,786
Stanmore Resources Ltd. (a)
 
72,824
176,465
Steadfast Group Ltd.
 
254,608
875,532
Strike Energy Ltd. (a)
 
624,118
154,985
Super Retail Group Ltd.
 
42,859
360,629
Syrah Resources Ltd. (a)
 
171,742
73,038
Tabcorp Holdings Ltd.
 
625,030
308,408
Technology One Ltd.
 
80,002
741,922
Telix Pharmaceuticals Ltd. (a)
 
65,357
368,729
Temple & Webster Group Ltd. (a)
 
23,963
85,575
The Star Entertainment Group Ltd. (a)
 
594,368
200,788
Tietto Minerals Ltd. (a)
 
196,147
69,312
Tyro Payments Ltd. (a)
 
128,349
70,623
United Malt Group Ltd. (a)
 
61,304
194,441
Ventia Services Group Pty Ltd.
 
198,570
347,056
Viva Energy Group Ltd. (d)
 
231,732
417,285
Vulcan Energy Resources Ltd. (a)(b)
 
30,974
40,954
Vulcan Steel Ltd.
 
19,324
87,811
Waypoint (REIT) unit
 
184,259
248,849
Webjet Ltd. (a)
 
105,078
408,332
Weebit Nano Ltd. (a)(b)
 
46,932
98,995
West African Resources Ltd. (a)
 
263,014
122,207
Whitehaven Coal Ltd.
 
228,537
1,076,475
WorleyParsons Ltd.
 
100,312
1,048,609
Yancoal Australia Ltd. (b)
 
90,150
276,827
TOTAL AUSTRALIA
 
 
57,890,732
Austria - 1.0%
 
 
 
Agrana Beteiligungs AG
 
3,231
51,452
ams-OSRAM AG (a)(b)
 
74,492
264,426
Andritz AG
 
18,494
849,273
AT&S Austria Technologie & Systemtechnik AG
 
6,960
174,388
BAWAG Group AG (d)
 
21,317
945,978
CA Immobilien Anlagen AG
 
11,569
390,493
DO & CO Restaurants & Catering AG
 
1,983
231,643
EVN AG
 
9,726
263,966
Immofinanz AG (a)
 
9,509
191,168
Immofinanz AG (a)(c)
 
25,803
0
Kontron AG
 
10,566
212,418
Lenzing AG (a)
 
5,311
206,519
Oesterreichische Post AG
 
9,291
296,399
Palfinger AG
 
4,559
110,226
PORR AG
 
5,295
63,310
Raiffeisen International Bank-Holding AG
 
40,590
587,103
S IMMO AG rights (a)(c)
 
11,010
0
Schoeller-Bleckmann Oilfield Equipment AG
 
2,815
142,077
Semperit AG Holding
 
2,215
35,718
UNIQA Insurance Group AG
 
33,610
270,988
Vienna Insurance Group AG
 
10,357
277,804
Wienerberger AG
 
29,069
705,586
TOTAL AUSTRIA
 
 
6,270,935
Bailiwick of Guernsey - 0.0%
 
 
 
Balanced Commercial Property Trust Ltd.
 
189,967
145,926
Bailiwick of Jersey - 0.1%
 
 
 
JTC PLC (d)
 
41,437
321,578
Belgium - 1.4%
 
 
 
Ackermans & Van Haaren SA
 
6,406
950,980
Aedifica SA
 
13,031
709,398
Agfa-Gevaert NV (a)
 
34,877
56,167
Barco NV
 
17,844
273,582
Bekaert SA
 
9,946
402,012
Bpost SA
 
27,401
148,444
Cofinimmo SA
 
9,289
576,944
Colruyt NV
 
16,485
681,489
Deme Group NV
 
2,050
189,797
Euronav NV
 
27,069
483,758
Fagron NV
 
18,790
329,639
Galapagos NV (a)
 
12,501
415,924
Immobel SA
 
1,255
34,858
Intervest Offices & Warehouses NV
 
7,544
160,045
KBC Ancora
 
9,674
365,427
Kinepolis Group NV
 
3,703
182,194
Melexis NV
 
5,504
403,879
Montea SICAFI SCA
 
3,743
264,163
Ontex Group NV (a)
 
18,119
132,477
Proximus
 
41,943
347,139
Recticel SA (b)
 
11,402
102,427
Retail Estates NV
 
2,951
179,541
Shurgard Self Storage Europe SARL
 
7,291
272,403
Tessenderlo Group
 
6,912
201,124
VGP NV
 
3,744
304,047
X-Fab Silicon Foundries SE (a)(d)
 
15,940
144,037
Xior Student Housing NV (a)
 
7,895
226,803
TOTAL BELGIUM
 
 
8,538,698
Bermuda - 0.0%
 
 
 
Cool Co. Ltd.
 
6,481
84,414
Cayman Islands - 0.0%
 
 
 
Bitdeer Technologies Group (b)
 
7,753
28,996
China - 0.3%
 
 
 
CITIC 1616 Holdings Ltd.
 
453,000
172,714
E-Commodities Holdings Ltd.
 
342,000
59,062
Fosun Tourism Group (a)(d)
 
67,800
58,220
Health & Happiness H&H International Holdings Ltd.
 
61,500
69,531
Kerry Logistics Network Ltd.
 
98,500
83,542
Shangri-La Asia Ltd. (a)
 
346,000
220,740
Theme International Holdings Ltd. (a)(b)
 
1,300,000
96,448
TI Fluid Systems PLC (d)
 
92,743
139,327
VSTECS Holdings Ltd.
 
180,000
91,017
Yangzijiang Shipbuilding Holdings Ltd.
 
705,700
748,030
Yanlord Land Group Ltd. (a)
 
158,400
65,450
TOTAL CHINA
 
 
1,804,081
Cyprus - 0.0%
 
 
 
Atalaya Mining PLC
 
26,870
97,977
Denmark - 2.0%
 
 
 
ALK-Abello A/S (a)
 
35,750
396,082
Alm. Brand A/S
 
231,886
335,316
Ambu A/S Series B (a)
 
51,046
502,807
Bavarian Nordic A/S (a)
 
21,338
406,114
Better Collective A/S (a)
 
8,281
200,303
cBrain A/S
 
3,040
78,524
Cementir SpA
 
12,845
106,963
Chemometec A/S
 
4,312
177,890
D/S Norden A/S
 
5,616
318,947
DFDS A/S
 
9,522
274,844
FLSmidth & Co. A/S
 
14,192
531,565
GN Store Nord A/S (a)
 
37,152
617,817
H Lundbeck A/S
 
76,428
398,948
H Lundbeck A/S Class A
 
10,891
49,285
ISS A/S
 
43,163
624,154
Jyske Bank A/S (Reg.) (a)
 
13,181
927,225
Matas A/S
 
9,222
120,018
Netcompany Group A/S (a)(d)
 
12,246
382,289
Nilfisk Holding A/S (a)
 
3,393
54,355
NKT A/S (a)
 
14,688
737,133
NTG Nordic Transport Group A/S (a)
 
1,819
72,077
Per Aarsleff Holding A/S
 
4,608
201,534
Ringkjoebing Landbobank A/S
 
7,509
1,022,491
Royal Unibrew A/S
 
13,723
991,811
Scandinavian Tobacco Group A/S (d)
 
15,523
230,411
Schouw & Co.
 
3,436
211,896
Solar Holding A/S
 
1,496
89,182
Spar Nord Bank A/S
 
19,835
300,319
Sydbank A/S
 
15,443
669,936
Topdanmark A/S
 
12,299
550,981
Trifork Holding AG
 
3,549
49,760
Zealand Pharma A/S (a)
 
13,635
565,987
TOTAL DENMARK
 
 
12,196,964
Egypt - 0.1%
 
 
 
Centamin PLC
 
317,264
317,942
Energean PLC
 
36,580
378,809
TOTAL EGYPT
 
 
696,751
Faroe Islands - 0.1%
 
 
 
Bakkafrost
 
13,768
620,555
Finland - 1.3%
 
 
 
Aktia Bank Oyj (A Shares)
 
14,073
132,825
Anora Group Oyj
 
10,687
46,249
Cargotec Corp. (B Shares)
 
10,565
416,076
Caverion Oyj
 
25,529
230,414
Citycon Oyj
 
23,087
121,995
F-Secure Corp.
 
30,793
55,390
Finnair Oyj (a)(b)
 
179,162
10,919
Finnair Oyj rights 11/17/23 (a)
 
179,162
70,634
Huhtamaki Oyj
 
26,521
909,485
Incap Oyj (a)(b)
 
5,712
35,961
Kemira Oyj
 
29,736
480,765
Kempower OYJ (a)(b)
 
4,501
140,875
Kojamo OYJ
 
33,929
289,356
Konecranes Oyj
 
18,337
599,728
Mandatum Holding OY
 
127,926
494,329
Marimekko Oyj
 
8,093
93,339
Metsa Board OYJ (B Shares)
 
44,208
333,984
Musti Group OYJ
 
8,678
170,881
Nokian Tyres PLC
 
35,969
271,283
Outokumpu Oyj (A Shares)
 
100,120
410,294
Puuilo Oyj
 
14,862
124,310
Qt Group Oyj (a)
 
5,242
305,615
Revenio Group Oyj
 
5,529
128,471
TietoEVRY Oyj
 
28,964
606,194
Tokmanni Group Corp.
 
12,653
170,699
Uponor Oyj
 
13,795
416,876
Valmet Corp.
 
42,860
959,610
YIT OYJ
 
33,740
60,048
TOTAL FINLAND
 
 
8,086,605
France - 3.5%
 
 
 
ABC Arbitrage SA
 
9,479
48,494
Abivax SA (a)(b)
 
9,418
88,292
Air France KLM (Reg.) (a)
 
31,734
357,737
Altarea SCA
 
1,151
81,841
ALTEN
 
8,074
950,847
Antin Infrastructure Partners SA
 
9,573
113,852
Atos SE (a)(b)
 
29,846
208,049
Aubay
 
1,973
66,074
Believe SA (a)
 
6,761
68,963
Beneteau SA
 
10,065
121,194
BIC SA
 
6,621
415,087
Boiron SA
 
1,653
68,825
Bonduelle SCA
 
3,810
40,314
Carmila SA
 
17,387
243,211
CGG SA (a)
 
194,688
137,196
Clariane SE (b)
 
19,959
75,225
Coface SA
 
28,489
343,041
Compagnie des Alpes
 
5,315
74,572
Compagnie Plastic Omnium SA
 
15,735
176,482
Derichebourg
 
24,038
103,824
Elior SA (a)(d)
 
30,154
57,048
Elis SA
 
50,978
834,449
Equasens
 
1,411
96,596
Eramet SA
 
2,322
160,313
Esker SA
 
1,493
189,095
Etablissements Maurel & Prom
 
16,261
96,610
Euroapi SASU (a)
 
14,109
73,823
Eutelsat Communications (b)
 
36,767
156,780
Fnac Darty SA
 
3,007
70,570
Forvia (a)
 
43,108
722,503
Gaztransport et Technigaz SA
 
9,119
1,164,612
Gl Events
 
2,001
34,173
ICADE
 
9,325
303,897
ID Logistics Group (a)
 
770
208,573
Imerys SA
 
9,350
247,529
Interparfums SA
 
5,622
265,012
Ipsos SA
 
10,811
524,598
JCDecaux SA (a)
 
17,380
271,433
Kaufman & Broad SA
 
3,114
82,703
LISI
 
3,963
91,623
Maisons du Monde SA (d)
 
7,866
39,501
Manitou BF SA
 
2,742
57,852
Mercialys SA
 
25,903
220,360
Mersen SA
 
6,058
200,632
Metropole Television SA
 
6,847
85,706
Neoen SA (d)
 
18,750
493,604
Nexans SA
 
7,163
505,531
Nexity (b)
 
12,333
171,993
OVH Groupe SAS (a)
 
10,190
72,509
Peugeot Invest
 
1,395
135,354
Pierre Et Vacances La Defense (a)
 
36,714
49,180
Quadient SA
 
9,385
195,825
Rexel SA
 
66,366
1,350,718
Rubis SCA
 
26,856
583,671
SCOR SE
 
39,204
1,167,711
Seche Environment SA
 
656
67,537
SES-imagotag SA (a)
 
1,705
170,303
SMCP S.A.S. (a)(d)
 
12,355
43,794
Soitec SA (a)
 
7,292
1,084,051
Sopra Steria Group
 
4,196
751,656
SPIE SA
 
38,258
1,005,543
Technip Energies NV
 
39,298
858,652
Television Francaise 1 SA
 
11,212
79,010
Trigano SA
 
2,391
313,204
Ubisoft Entertainment SA (a)
 
25,699
730,924
Vallourec SA (a)
 
43,889
525,921
Valneva SE (a)
 
28,637
162,109
Verallia SA (d)
 
20,123
654,521
Vicat SA
 
4,883
149,834
Virbac SA
 
1,148
329,183
Voltalia SA (a)
 
10,720
89,495
Waga Energy SA (a)
 
1,698
39,167
Wavestone
 
2,165
98,389
TOTAL FRANCE
 
 
21,918,500
Gabon - 0.0%
 
 
 
BW Energy Ltd. (a)
 
25,042
62,544
Georgia - 0.1%
 
 
 
Bank of Georgia Group PLC
 
9,407
380,743
TBC Bank Group PLC
 
11,611
378,923
TOTAL GEORGIA
 
 
759,666
Germany - 4.5%
 
 
 
1&1 AG
 
9,476
162,631
About You Holding AG (a)(b)
 
10,088
41,821
Adesso AG (b)
 
888
83,718
Adtran Networks SE (a)
 
4,899
103,569
Aixtron AG
 
30,990
867,637
Amadeus Fire AG
 
1,558
179,689
Aroundtown SA (a)(b)
 
231,806
521,698
ATOSS Software AG
 
1,073
225,933
Aurubis AG
 
8,622
708,487
Auto1 Group SE (a)(d)
 
26,109
153,048
Basler AG
 
3,369
27,769
BayWa AG (b)
 
4,013
133,754
Bertrandt AG (a)
 
1,340
64,725
Bilfinger Berger AG
 
7,770
284,626
Borussia Dortmund GmbH & Co. KGaA (a)
 
20,697
81,466
Branicks Group AG (b)
 
11,297
46,618
CANCOM AG (b)
 
10,185
253,469
CECONOMY AG (a)
 
39,523
74,857
Cewe Stiftung & Co. KGAA
 
1,395
126,497
CompuGroup Medical AG
 
7,276
265,914
CropEnergies AG
 
7,114
61,122
CTS Eventim AG
 
17,055
1,029,518
CureVac NV (a)(b)
 
27,651
145,995
Datagroup AG
 
1,166
64,155
Dermapharm Holding SE
 
5,178
199,759
Deutsche Beteiligungs AG
 
3,877
114,863
Deutsche EuroShop AG
 
4,113
74,593
Deutsche Pfandbriefbank AG (b)(d)
 
36,985
246,543
Deutz AG
 
32,297
130,474
Duerr AG
 
14,128
289,559
Eckert & Ziegler Strahlen-und Medizintechnik AG
 
4,038
158,685
ELMOS Semiconductor AG
 
1,712
111,768
ElringKlinger AG
 
7,372
41,498
Encavis AG (a)(b)
 
33,113
431,129
Energiekontor AG
 
1,876
138,354
Evotec OAI AG (a)
 
38,626
664,958
Fielmann AG
 
6,821
293,167
Flatex AG (a)(b)
 
19,683
198,936
Formycon AG (a)
 
2,370
139,679
Fraport AG Frankfurt Airport Services Worldwide (a)
 
10,134
501,076
Freenet AG
 
32,779
830,322
Gerresheimer AG
 
9,433
877,335
GFT Technologies AG
 
4,664
139,068
Grand City Properties SA (a)
 
21,301
190,113
Grenkeleasing AG
 
7,555
161,478
Hamborner (REIT) AG (b)
 
19,488
128,670
Hamburger Hafen und Logistik AG
 
7,203
127,584
Heidelberger Druckmaschinen AG (a)
 
70,692
84,523
Hensoldt AG
 
14,334
423,154
Hochtief AG
 
6,351
655,871
Hornbach Holding AG & Co. KGaA
 
2,242
133,558
Hugo Boss AG
 
15,430
899,589
Hypoport AG (a)(b)
 
1,200
146,145
INDUS Holding AG
 
5,509
107,138
Ionos SE
 
5,797
76,305
Jenoptik AG
 
14,030
331,937
JOST Werke AG (d)
 
3,404
155,957
K+S AG
 
52,380
879,567
KION Group AG
 
19,651
599,662
Kloeckner & Co. AG
 
18,793
116,525
Knaus Tabbert AG
 
1,017
46,487
Krones AG
 
3,901
378,918
Lanxess AG
 
22,452
513,140
MBB SE (b)
 
532
42,894
Medios AG (a)
 
3,771
59,213
Metro Wholesale & Food Specialist AG (a)
 
39,035
247,818
Montana Aerospace AG (a)(d)
 
7,491
89,927
Morphosys AG (a)
 
8,922
288,390
Nagarro SE (a)(b)
 
2,235
157,145
Nordex SE (a)(b)
 
32,449
340,802
NORMA Group AG
 
8,133
143,024
Northern Data AG (a)(b)
 
4,359
128,221
Patrizia Immobilien AG
 
11,152
90,033
Pfeiffer Vacuum Technology AG (b)
 
935
144,243
PNE AG
 
8,228
104,298
ProSiebenSat.1 Media AG
 
38,389
214,389
PVA TePla AG (a)
 
5,835
88,350
SAF-Holland SA
 
12,219
162,904
Salzgitter AG
 
6,472
161,066
Schaeffler AG
 
33,418
172,696
secunet Security Network AG
 
444
60,228
SGL Carbon AG (a)(b)
 
16,688
102,326
Siltronic AG
 
4,920
421,153
Sirius Real Estate Ltd.
 
318,401
308,826
Sixt SE
 
3,732
321,040
SMA Solar Technology AG (a)
 
4,270
260,920
Softwareone Holding AG
 
30,160
590,833
Stabilus Se
 
6,713
425,471
Steico AG (b)
 
1,515
44,083
STRATEC Biomedical Systems AG
 
2,157
99,509
Stroeer SE & Co. KGaA
 
9,412
430,620
Suedzucker AG (Bearer)
 
16,815
254,425
Suess MicroTec AG
 
5,259
90,813
Synlab AG
 
18,202
190,958
TAG Immobilien AG (a)
 
45,478
494,917
Takkt AG
 
6,122
78,380
TeamViewer AG (a)(d)
 
36,966
566,953
Thyssenkrupp AG
 
136,138
944,664
TUI AG (GB) (a)(b)
 
124,953
629,366
United Internet AG
 
26,241
545,594
Varta AG (a)(b)
 
5,322
107,500
VERBIO Vereinigte BioEnergie AG
 
5,224
176,162
VIB Vermoegen AG (a)(b)
 
3,331
39,968
Vitesco Technologies Group AG (a)
 
5,440
530,133
Vossloh AG
 
2,405
93,264
Wacker Construction Equipment AG
 
7,562
138,423
Wuestenrot & Wuerttembergische AG
 
6,414
89,041
TOTAL GERMANY
 
 
28,117,786
Ghana - 0.0%
 
 
 
Tullow Oil PLC (a)(b)
 
317,396
128,001
Guatemala - 0.1%
 
 
 
Millicom International Cellular SA (depository receipt) (a)
 
37,631
589,962
Hong Kong - 1.6%
 
 
 
ASMPT Ltd.
 
84,500
715,677
Bank of East Asia Ltd.
 
291,802
346,553
C-Mer Eye Care Holdings Ltd. (a)(b)
 
152,000
74,284
Cadeler A/S (a)(b)
 
29,269
92,699
Cafe de Coral Holdings Ltd.
 
96,000
120,911
Champion (REIT)
 
659,000
208,170
Chinese Estates Holdings Ltd. (a)
 
134,000
26,046
Chow Sang Sang Holdings International Ltd.
 
103,000
118,401
Citychamp Watch & Jewel Gr Ltd. (a)
 
338,000
53,033
CK Life Sciences International Holding, Inc.
 
800,000
71,624
Comba Telecom Systems Holdings Ltd.
 
528,000
60,043
Cowell e Holdings, Inc. (a)(b)
 
68,000
163,139
Dah Sing Banking Group Ltd.
 
114,400
75,052
Dah Sing Financial Holdings Ltd.
 
51,200
115,894
EC Healthcare
 
110,000
34,433
Far East Consortium International Ltd.
 
362,906
74,680
Fortune (REIT)
 
414,000
231,629
Giordano International Ltd.
 
308,000
87,770
Guotai Junan International Holdings Ltd.
 
791,000
62,722
Haitong International Securities Group Ltd. (a)
 
706,700
127,518
Hang Lung Group Ltd.
 
224,000
298,354
HKBN Ltd.
 
235,000
81,409
Hong Kong Television Network Ltd.
 
153,000
54,793
Hutchison Port Holdings Trust
 
1,286,700
202,108
Hutchison Telecommunications Hong Kong Holdings Ltd.
 
376,000
50,511
Hysan Development Co. Ltd.
 
169,000
311,088
Johnson Electric Holdings Ltd.
 
100,000
124,050
K Wah International Holdings Ltd.
 
346,000
92,905
Kerry Properties Ltd.
 
159,000
267,563
Kingkey Financial International Holdings Ltd. (a)(b)
 
980,000
109,718
Luk Fook Holdings International Ltd.
 
97,000
240,637
Man Wah Holdings Ltd.
 
428,400
266,066
Melco Crown Entertainment Ltd. sponsored ADR (a)
 
59,213
499,758
Melco International Development Ltd. (a)
 
186,000
130,013
Nissin Foods Co. Ltd.
 
41,000
31,308
NWS Holdings Ltd.
 
427,000
505,243
Pacific Basin Shipping Ltd.
 
1,426,000
412,647
PAX Global Technology Ltd.
 
189,000
130,458
PCCW Ltd.
 
1,162,000
568,726
Perfect Shape (PRC) Holdings Ltd.
 
102,931
48,349
Realord Group Holdings Ltd. (a)(b)
 
116,000
85,545
Sa Sa International Holdings Ltd. (a)
 
294,000
38,382
Shun Tak Holdings Ltd. (a)
 
322,000
42,000
SmarTone Telecommunications Holdings Ltd.
 
92,000
48,304
Stella International Holdings Ltd.
 
141,500
159,792
Sun Hung Kai & Co. Ltd.
 
162,000
54,070
Sunevision Holdings Ltd.
 
191,000
71,044
Sunlight (REIT)
 
279,000
77,167
Super Hi International Holding Ltd.
 
42,000
69,627
Texhong International Group Ltd.
 
77,000
41,981
The United Laboratories International Holdings Ltd.
 
274,000
279,695
United Energy Group Ltd.
 
2,168,000
346,168
Value Partners Group Ltd.
 
402,000
138,946
Vitasoy International Holdings Ltd.
 
232,000
286,213
Viva Goods Co. Ltd. (a)
 
1,056,000
139,043
Vtech Holdings Ltd.
 
45,000
261,847
Yue Yuen Industrial (Holdings) Ltd.
 
217,500
254,297
TOTAL HONG KONG
 
 
9,680,103
Indonesia - 0.2%
 
 
 
First Pacific Co. Ltd.
 
638,000
241,525
First Resources Ltd.
 
151,600
167,385
Golden Agri-Resources Ltd.
 
1,747,000
344,689
Nickel Industries Ltd.
 
513,791
244,611
TOTAL INDONESIA
 
 
998,210
Iraq - 0.0%
 
 
 
Genel Energy PLC
 
41,866
41,625
Gulf Keystone Petroleum Ltd.
 
61,323
90,187
TOTAL IRAQ
 
 
131,812
Ireland - 0.4%
 
 
 
C&C Group PLC (United Kingdom)
 
107,183
181,344
Cairn Homes PLC
 
167,939
197,954
COSMO Pharmaceuticals NV
 
2,447
92,941
Dalata Hotel Group PLC
 
58,463
248,057
Glanbia PLC
 
54,651
860,454
Glenveagh Properties PLC (a)(d)
 
150,745
145,467
Greencore Group PLC (a)
 
133,972
146,308
Irish Residential Properties REIT PLC
 
122,147
117,612
Keywords Studios PLC
 
20,368
323,070
Origin Enterprises PLC
 
29,627
98,434
Uniphar PLC
 
71,774
159,103
TOTAL IRELAND
 
 
2,570,744
Israel - 2.5%
 
 
 
Africa Israel Residences Ltd.
 
1,672
70,901
Airport City Ltd. (a)
 
18,693
245,617
Alony Hetz Properties & Investments Ltd.
 
41,306
201,012
Altshuler Shaham Finance Ltd.
 
20,122
22,601
Amot Investments Ltd.
 
63,378
265,303
Arad Investment & Industrial Development Ltd.
 
1,067
103,875
Ashdod Refinery Ltd.
 
2,738
53,764
Ashtrom Group Ltd.
 
12,615
135,794
Aura Investments Ltd.
 
35,486
73,746
Azorim Investment Development & Construction Co. Ltd. (a)
 
19,359
60,587
Bezeq The Israel Telecommunication Corp. Ltd.
 
567,429
698,266
Big Shopping Centers Ltd. (a)
 
3,381
236,720
Blue Square Real Estate Ltd.
 
1,460
71,519
Camtek Ltd. (a)
 
7,846
406,664
Carasso Motors Ltd.
 
8,267
24,298
Cellcom Israel Ltd. (Israel) (a)
 
28,657
70,536
Clal Insurance Enterprises Holdings Ltd. (a)
 
18,469
230,657
Danel Adir Yeoshua Ltd.
 
1,522
109,161
Danya Cebus Ltd.
 
1,993
49,702
Delek Automotive Systems Ltd.
 
15,553
71,801
Delek Group Ltd.
 
2,531
276,143
Delta Galil Industries Ltd.
 
3,163
99,930
Doral Group Renewable Energy Resources Ltd. (a)
 
24,400
32,694
Elco Ltd.
 
2,644
63,111
Electra Consumer Products 1970 Ltd.
 
3,283
47,580
Electra Israel Ltd.
 
567
179,499
Electra Real Estate Ltd.
 
7,101
57,184
Energix-Renewable Energies Ltd.
 
75,347
183,111
Enlight Renewable Energy Ltd. (a)
 
32,227
433,813
Equital Ltd. (a)
 
6,490
141,120
Fattal Holdings 1998 Ltd. (a)
 
2,045
169,135
FIBI Holdings Ltd.
 
4,831
169,958
First International Bank of Israel
 
14,993
510,029
Formula Systems (1985) Ltd.
 
2,687
152,299
Fox Wizel Ltd.
 
2,219
125,992
G City Ltd.
 
25,134
60,721
Harel Insurance Investments and Financial Services Ltd.
 
31,465
201,930
Hilan Ltd.
 
4,409
189,362
Innoviz Technologies Ltd. (a)(b)
 
35,831
53,747
Isracard Ltd.
 
54,665
170,405
Israel Canada T.R Ltd.
 
41,814
87,931
Israel Corp. Ltd. (Class A)
 
1,050
226,314
Isras Investment Co. Ltd.
 
507
85,746
Ituran Location & Control Ltd.
 
4,154
102,728
Kornit Digital Ltd. (a)
 
13,603
187,721
Kvutzat Acro Ltd.
 
6,416
51,826
M Yochananof & Sons Ltd.
 
1,326
47,634
Magic Software Enterprises Ltd.
 
7,505
74,790
Matrix IT Ltd.
 
9,677
163,446
Maytronics Ltd.
 
13,445
125,070
Mega Or Holdings Ltd.
 
6,410
87,761
Melisron Ltd.
 
7,123
385,756
Menora Mivtachim Holdings Ltd.
 
5,762
114,755
Migdal Insurance & Financial Holdings Ltd.
 
115,804
108,871
Mivne Real Estate KD Ltd.
 
174,938
377,445
Nano Dimension Ltd. ADR (a)(b)
 
69,066
183,716
Nano-X Imaging Ltd. (a)(b)
 
13,326
67,296
Naphtha Israel Petroleum Corp. Ltd.
 
9,667
37,094
Nayax Ltd. (a)
 
2,198
44,754
NeoGames SA (a)
 
3,587
92,545
Neto Malinda Trading Ltd. (a)
 
3,057
27,787
Nova Ltd. (a)
 
7,848
747,327
Oil Refineries Ltd.
 
685,480
187,905
One Software Technologies Ltd.
 
12,875
130,693
OPC Energy Ltd. (a)
 
31,072
168,582
OY Nofar Energy Ltd. (a)
 
4,932
87,866
Partner Communications Co. Ltd. (a)
 
38,499
139,918
Paz Oil Co. Ltd. (a)
 
2,738
194,613
Perion Network Ltd. (a)
 
12,865
330,378
Plus500 Ltd.
 
22,516
386,149
Prashkovsky Investments & Construction Ltd.
 
2,104
38,291
Property & Building Corp. Ltd. (a)
 
792
24,258
Radware Ltd. (a)
 
10,556
157,390
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
2,396
129,225
Reit 1 Ltd.
 
52,849
191,025
Retailors Ltd.
 
5,137
88,963
Sapiens International Corp. NV
 
8,336
210,565
Scope Metals Group Ltd. (a)
 
1,976
50,891
Sella Capital Real Estate Ltd.
 
60,937
108,245
Shapir Engineering and Industry Ltd.
 
39,508
211,908
Shikun & Binui Ltd. (a)
 
90,018
203,554
Shufersal Ltd. (a)
 
72,021
303,443
Similarweb Ltd. (a)(b)
 
7,556
38,233
Sisram Medical Ltd. (d)
 
38,000
25,771
Strauss Group Ltd. (a)
 
14,206
263,103
Summit Real Estate Holdings Ltd.
 
11,225
107,251
Taboola.com Ltd. (a)(b)
 
36,907
135,449
Tadiran Group Ltd.
 
794
40,859
Tel Aviv Stock Exchange Ltd. (a)
 
25,697
114,435
The Phoenix Holdings Ltd.
 
48,319
410,389
Tower Semiconductor Ltd. (a)
 
30,120
697,410
Tremor International Ltd. (a)(b)
 
26,752
45,034
WalkMe Ltd. (a)(b)
 
5,872
55,138
YH Dimri Construction & Development Ltd.
 
2,054
110,322
ZIM Integrated Shipping Services Ltd. (b)
 
26,331
203,802
TOTAL ISRAEL
 
 
15,539,658
Italy - 3.6%
 
 
 
A2A SpA
 
425,729
797,771
ACEA SpA
 
11,593
139,471
Anima Holding SpA (d)
 
48,709
198,734
Antares Vision SpA (a)
 
7,772
21,792
Ariston Holding NV (b)
 
16,866
94,405
Arnoldo Mondadori Editore SpA
 
35,543
77,849
Ascopiave SpA
 
17,116
38,032
Azimut Holding SpA
 
29,424
618,935
Banca Generali SpA
 
15,946
516,635
Banca IFIS SpA
 
7,257
123,856
Banca Mediolanum S.p.A.
 
61,061
497,874
Banca Monte dei Paschi di Siena SpA (a)(b)
 
138,061
372,656
Banca Popolare di Sondrio SCARL
 
99,106
540,050
Banco BPM SpA
 
393,176
2,006,455
BFF Bank SpA (d)
 
48,588
466,554
Biesse SpA
 
2,552
26,976
BPER Banca
 
271,060
880,216
Brembo SpA
 
41,101
441,413
Brunello Cucinelli SpA
 
9,238
741,413
Buzzi SpA
 
26,293
695,516
Carel Industries SpA (d)
 
10,908
227,142
CIR SpA (a)
 
184,819
75,387
Credito Emiliano SpA
 
23,130
187,225
Cromwell European (REIT)
 
82,890
100,832
d'Amico International Shipping SA
 
11,626
61,015
Danieli & C. Officine Meccaniche SpA
 
3,188
84,331
Datalogic SpA
 
6,765
40,515
De'Longhi SpA
 
20,662
461,735
Digital Value SpA
 
730
37,578
Dovalue SpA (d)
 
16,274
55,963
El.En. Group SpA
 
11,860
110,557
Enav SpA (d)
 
73,276
243,765
ERG SpA
 
16,453
403,887
Eurogroup Laminations SpA
 
20,186
66,298
Fila SpA
 
8,934
67,022
Fincantieri Cantieri Navali It (a)
 
136,452
72,767
GVS SpA (a)(d)
 
18,777
83,843
Hera SpA
 
223,321
627,129
Illimity Bank SpA
 
15,566
79,288
Industrie de Nora SpA
 
8,978
126,630
Interpump Group SpA
 
20,847
869,094
Iren SpA
 
178,829
357,435
Italgas SpA
 
132,711
673,742
Iveco Group NV (a)
 
48,107
404,875
Juventus Football Club SpA (a)(b)
 
273,661
73,143
Leonardo SpA
 
110,510
1,664,508
Lottomatica Group SpA
 
20,711
195,826
LU-VE SpA
 
2,378
44,284
Maire Tecnimont SpA
 
40,018
185,886
MARR SpA
 
8,898
105,448
MFE-MediaForEurope NV (b)
 
37,681
99,875
MFE-MediaForEurope NV Class A
 
32,149
58,319
OVS (d)
 
60,867
107,618
Pharmanutra SpA
 
1,020
52,074
Piaggio & C SpA
 
43,973
118,088
Pirelli & C. SpA (d)
 
82,182
365,305
Rai Way SpA (d)
 
26,048
129,539
Reply SpA
 
6,164
579,491
Safilo Group SpA (a)(b)
 
60,681
49,535
Saipem SpA (a)
 
327,259
497,421
Salcef Group SpA
 
4,300
102,144
Salvatore Ferragamo Italia SpA (b)
 
16,305
199,092
Sanlorenzo SpA
 
3,390
120,522
Saras SpA
 
130,340
189,285
Seco SpA (a)(b)
 
11,169
37,085
Sesa SpA
 
2,094
211,042
SOL SpA
 
9,839
283,170
Tamburi Investment Partners SpA
 
27,666
231,553
Technogym SpA (d)
 
36,077
271,220
Technoprobe SpA (a)
 
41,124
299,154
Tinexta SpA
 
5,788
99,520
Tod's SpA (a)
 
2,698
90,210
Unipol Gruppo SpA
 
107,769
582,923
Webuild SpA
 
109,377
196,976
Webuild SpA warrants 8/2/30 (a)
 
6,588
11,864
Wiit SpA
 
2,985
46,682
Zignago Vetro SpA
 
8,586
112,289
TOTAL ITALY
 
 
22,225,749
Japan - 33.6%
 
 
 
77 Bank Ltd.
 
14,700
327,649
Abalance Corp. (b)
 
2,800
60,283
ABC-MART, Inc.
 
27,000
418,204
Activia Properties, Inc.
 
187
505,926
Adastria Co. Ltd.
 
6,500
136,408
Adeka Corp.
 
21,300
356,099
Advance Logistics Investment Corp.
 
174
141,740
Advance Residence Investment Corp.
 
359
780,539
Adventure, Inc.
 
800
27,018
Aeon (REIT) Investment Corp.
 
462
439,821
Aeon Delight Co. Ltd.
 
5,500
121,274
AEON Financial Service Co. Ltd.
 
29,300
241,533
Aeon Hokkaido Corp.
 
11,300
65,748
AEON MALL Co. Ltd.
 
24,700
280,872
Ai Holdings Corp.
 
9,400
145,516
Aica Kogyo Co. Ltd.
 
13,700
314,765
Aichi Corp.
 
7,500
44,902
Aichi Financial Group, Inc.
 
11,900
187,294
Aida Engineering Ltd.
 
11,700
69,153
Aiful Corp.
 
86,300
217,345
Ain Holdings, Inc.
 
7,300
206,402
Air Water, Inc.
 
50,300
634,218
Airtrip Corp.
 
4,100
49,141
Alfresa Holdings Corp.
 
49,900
790,446
Alpen Co. Ltd.
 
4,400
57,006
Alpha Systems, Inc.
 
1,800
32,898
Alps Alpine Co. Ltd.
 
51,000
418,517
Amada Co. Ltd.
 
93,200
904,083
Amano Corp.
 
14,700
300,267
Amvis Holdings, Inc.
 
10,600
180,827
Anicom Holdings, Inc.
 
19,800
71,762
Anritsu Corp.
 
37,300
277,667
Anycolor, Inc. (a)(b)
 
5,000
117,382
Aoki International Co. Ltd.
 
9,700
63,538
Aozora Bank Ltd. (b)
 
30,800
628,218
Appier Group, Inc. (a)
 
15,200
125,132
Arata Corp.
 
3,700
137,707
Arcland Sakamoto Co. Ltd.
 
20,980
224,729
ARCS Co. Ltd.
 
11,100
212,104
ARE Holdings, Inc.
 
19,700
249,398
Argo Graphics, Inc.
 
4,600
100,811
Ariake Japan Co. Ltd.
 
4,900
154,963
As One Corp.
 
7,700
245,398
Asahi Yukizai Corp.
 
3,500
85,708
Asics Corp.
 
44,100
1,396,955
ASKUL Corp.
 
10,500
137,071
Atom Corp. (a)
 
31,700
190,215
Autobacs Seven Co. Ltd.
 
18,000
185,148
Avex, Inc.
 
8,600
78,539
Axial Retailing, Inc.
 
4,100
105,012
AZ-Com Maruwa Holdings, Inc.
 
10,700
146,844
Base Co. Ltd.
 
1,700
47,713
Belc Co. Ltd.
 
2,800
131,323
Bell System24 Holdings, Inc.
 
9,000
92,319
Belluna Co. Ltd.
 
12,900
52,416
Benefit One, Inc.
 
21,600
154,880
Benesse Holdings, Inc.
 
18,300
216,368
Bengo4.Com, Inc. (a)(b)
 
2,100
58,953
Bic Camera, Inc. (b)
 
25,500
193,059
Biprogy, Inc.
 
21,000
523,788
BML, Inc.
 
5,900
111,653
Bunka Shutter Co. Ltd.
 
11,500
96,988
Bushiroad, Inc. (b)
 
9,100
30,948
C. Uyemura & Co. Ltd.
 
2,700
146,597
Calbee, Inc.
 
22,000
422,629
Canon Electronics, Inc.
 
5,000
63,744
Canon Marketing Japan, Inc.
 
12,600
302,155
Casio Computer Co. Ltd.
 
51,100
409,465
Cawachi Ltd.
 
3,500
58,532
Cellebrite DI Ltd. (a)(b)
 
13,553
90,534
Central Glass Co. Ltd.
 
5,500
104,239
Change Holdings, Inc. (b)
 
11,800
120,390
Chiyoda Corp. (a)(b)
 
42,800
100,620
Chofu Seisakusho Co. Ltd.
 
4,600
65,562
Chudenko Corp.
 
7,000
113,918
Chugin Financial Group, Inc.
 
38,000
302,991
Chugoku Electric Power Co., Inc.
 
79,200
495,253
Chugoku Marine Paints Ltd.
 
9,100
82,315
Ci Takiron Corp.
 
11,000
42,345
Citizen Watch Co. Ltd.
 
50,500
294,517
CKD Corp.
 
14,100
177,315
Coca-Cola Japan, Inc.
 
36,400
488,072
COLOPL, Inc.
 
15,300
58,840
Colowide Co. Ltd.
 
20,100
312,958
Comforia Residential REIT, Inc.
 
181
384,129
COMSYS Holdings Corp.
 
30,800
633,564
Comture Corp.
 
6,700
89,563
Cosmo Energy Holdings Co. Ltd.
 
16,800
614,561
Cosmos Pharmaceutical Corp.
 
5,500
572,372
Cover Corp. (b)
 
3,400
53,688
CRE Logistics REIT, Inc.
 
164
172,324
Create Restaurants Holdings, Inc.
 
32,110
222,538
Create SD Holdings Co. Ltd.
 
7,200
154,403
Credit Saison Co. Ltd.
 
40,300
604,089
Curves Holdings Co. Ltd.
 
13,800
60,198
CYBERDYNE, Inc. (a)
 
31,700
55,305
Cybozu, Inc.
 
7,800
97,184
Daicel Chemical Industries Ltd.
 
62,800
534,031
Daido Steel Co. Ltd.
 
7,100
278,529
Daiei Kankyo Co. Ltd.
 
11,100
153,242
Daihen Corp.
 
5,200
163,894
Daiho Corp.
 
1,400
35,759
Daiichikosho Co. Ltd.
 
21,000
310,411
Daiki Aluminum Industry Co. Ltd.
 
7,100
58,773
Daikokutenbussan Co. Ltd.
 
1,000
42,379
Daio Paper Corp.
 
23,200
190,614
Daiseki Co. Ltd.
 
11,180
308,764
Daishi Hokuetsu Financial Group, Inc.
 
10,000
261,130
Daiwa Industries Ltd.
 
7,300
62,599
Daiwa Office Investment Corp.
 
78
341,208
Daiwa Securities Living Invest
 
524
387,450
Daiwabo Holdings Co. Ltd.
 
22,500
427,651
DCM Holdings Co. Ltd.
 
28,700
224,105
Demae-Can Co. Ltd. (a)(b)
 
14,100
29,870
DeNA Co. Ltd.
 
20,200
197,337
Denka Co. Ltd.
 
20,400
368,496
Descente Ltd.
 
9,500
264,964
Dexerials Corp.
 
14,900
339,874
Dic Corp.
 
20,900
329,559
Digital Arts, Inc.
 
3,100
85,510
Digital Garage, Inc.
 
9,000
180,259
Dip Corp.
 
9,800
194,230
Dmg Mori Co. Ltd.
 
31,000
512,740
Doshisha Co. Ltd.
 
5,700
84,855
Doutor Nichires Holdings Co., Ltd.
 
7,900
114,066
Dowa Holdings Co. Ltd.
 
14,300
437,156
DTS Corp.
 
9,900
203,330
Duskin Co. Ltd.
 
11,100
242,009
Dydo Group Holdings, Inc.
 
2,300
89,014
Eagle Industry Co. Ltd.
 
6,200
67,590
Earth Corp.
 
4,300
141,442
Ebara Corp.
 
25,200
1,115,946
EDION Corp.
 
18,000
179,528
eGuarantee, Inc.
 
9,700
112,045
Eiken Chemical Co. Ltd.
 
9,600
94,689
Eizo Corp.
 
3,900
125,142
Elan Corp.
 
7,700
38,061
Elecom Co. Ltd.
 
11,100
125,859
Electric Power Development Co. Ltd.
 
39,800
610,161
EM Systems Co. Ltd.
 
9,200
43,751
en japan, Inc.
 
8,200
122,310
eRex Co. Ltd. (b)
 
8,200
40,429
ES-Con Japan Ltd.
 
11,000
64,195
euglena Co. Ltd. (a)
 
27,600
133,969
Exedy Corp.
 
8,500
141,919
Exeo Group, Inc.
 
25,400
527,552
Ezaki Glico Co. Ltd.
 
13,200
383,687
Fancl Corp.
 
21,500
321,437
FCC Co. Ltd.
 
10,200
121,034
Ferrotec Holdings Corp.
 
12,900
226,746
Financial Products Group Co. Ltd.
 
17,100
162,434
Food & Life Companies Ltd.
 
30,000
505,643
FP Corp.
 
12,800
246,485
FP Partner, Inc. (a)
 
1,900
52,235
Freee KK (a)
 
11,100
185,360
Frontier Real Estate Investment Corp.
 
132
394,896
Fuji Co. Ltd.
 
8,100
102,399
Fuji Corp.
 
20,200
304,169
Fuji Kyuko Co. Ltd.
 
5,900
166,535
Fuji Media Holdings, Inc.
 
12,500
124,146
Fuji Oil Holdings, Inc.
 
12,000
190,612
Fuji Seal International, Inc.
 
10,500
116,961
Fuji Soft ABC, Inc.
 
13,800
496,597
Fujicco Co. Ltd.
 
5,100
65,807
Fujikura Ltd.
 
64,600
463,965
Fujimi, Inc.
 
14,100
281,462
Fujimori Kogyo Co. Ltd.
 
3,800
95,886
Fujio Food Group, Inc. (a)
 
4,400
40,695
Fujitec Co. Ltd.
 
16,200
351,704
Fujitsu General Ltd.
 
16,500
293,448
Fujiya Co. Ltd.
 
2,900
47,869
Fukui Computer Holdings, Inc.
 
3,000
51,504
Fukuoka (REIT) Investment Fund
 
172
185,186
Fukuoka Financial Group, Inc.
 
44,400
1,173,658
Fukushima Industries Corp.
 
3,300
109,247
Fukuyama Transporting Co. Ltd.
 
5,600
153,038
Fullcast Holdings Co. Ltd.
 
5,100
57,711
Funai Soken Holdings, Inc.
 
10,700
175,864
Furukawa Co. Ltd.
 
7,300
102,420
Furukawa Electric Co. Ltd.
 
18,500
277,215
Fuso Chemical Co. Ltd.
 
5,400
146,729
Future Corp.
 
11,800
134,673
Fuyo General Lease Co. Ltd.
 
4,600
373,983
G-7 Holdings, Inc.
 
5,200
39,709
G-Tekt Corp.
 
6,100
71,191
Genky DrugStores Co. Ltd.
 
2,200
83,777
Geo Holdings Corp.
 
6,400
100,054
Giken Ltd.
 
4,600
54,520
Global One Real Estate Investment Corp.
 
275
208,609
GLOBERIDE, Inc.
 
4,100
52,912
Glory Ltd.
 
11,400
212,545
GMO Financial Gate, Inc.
 
1,000
56,063
GMO Financial Holdings, Inc.
 
10,200
46,357
GMO Internet, Inc.
 
18,200
265,079
GNI Group Ltd. (a)(b)
 
13,000
172,662
Goldcrest Co. Ltd.
 
4,400
62,745
GOLDWIN, Inc.
 
5,800
366,310
GREE, Inc.
 
17,000
63,530
GS Yuasa Corp.
 
17,700
285,556
GungHo Online Entertainment, Inc.
 
11,700
176,407
Gunma Bank Ltd.
 
92,700
447,979
Gunze Ltd.
 
4,000
119,945
H.I.S. Co. Ltd. (a)(b)
 
14,100
159,159
H.U. Group Holdings, Inc.
 
15,000
252,091
H2O Retailing Corp.
 
25,700
275,327
Hakuto Co. Ltd.
 
2,800
94,687
Halows Co. Ltd.
 
2,700
75,852
Hamakyorex Co. Ltd.
 
4,100
102,642
Hankyu REIT, Inc.
 
172
161,598
Hanwa Co. Ltd.
 
8,600
259,231
Harmonic Drive Systems, Inc.
 
14,500
314,062
Haseko Corp.
 
65,700
808,560
Hazama Ando Corp.
 
39,900
308,827
Heiwa Corp.
 
15,000
212,330
Heiwa Real Estate (REIT), Inc.
 
267
249,596
Heiwa Real Estate Co. Ltd.
 
7,900
202,231
Heiwado Co. Ltd.
 
7,700
125,942
Hiday Hidaka Corp.
 
6,800
124,348
Hino Motors Ltd. (a)
 
77,800
226,447
Hioki EE Corp.
 
2,500
108,665
Hirata Corp.
 
2,300
104,634
Hirogin Holdings, Inc.
 
67,700
430,483
Hisamitsu Pharmaceutical Co., Inc.
 
14,000
446,536
Hitachi Zosen Corp.
 
43,700
227,965
Hogy Medical Co. Ltd.
 
6,000
130,369
Hokkaido Electric Power Co., Inc.
 
43,500
182,992
Hokkoku Financial Holdings, Inc.
 
5,200
172,052
Hokuetsu Corp.
 
30,300
232,483
Hokuhoku Financial Group, Inc.
 
29,500
344,415
Hokuriku Electric Power Co., Inc. (a)
 
46,000
228,171
Hokuto Corp.
 
5,400
64,806
Horiba Ltd.
 
9,800
495,501
Hoshino Resorts REIT, Inc.
 
66
259,672
Hosiden Corp.
 
11,300
132,812
House Foods Group, Inc.
 
16,600
350,527
Hulic (REIT), Inc.
 
351
358,053
Ichibanya Co. Ltd.
 
3,900
137,582
Ichigo Real Estate Investment Corp.
 
268
150,358
Ichigo, Inc.
 
69,100
151,209
Idec Corp.
 
7,800
139,960
IDOM, Inc.
 
16,100
96,885
IHI Corp.
 
38,100
731,222
Iino Kaiun Kaisha Ltd.
 
17,500
125,522
Inaba Denki Sangyo Co. Ltd.
 
13,000
271,088
Inabata & Co. Ltd.
 
10,700
223,384
Inageya Co. Ltd. (b)
 
6,700
71,005
Industrial & Infrastructure Fund Investment Corp.
 
549
493,441
Infocom Corp.
 
6,400
106,566
Infomart Corp.
 
53,400
128,079
Information Services Inter-Dentsu Ltd.
 
7,200
244,363
INFRONEER Holdings, Inc.
 
48,816
514,953
Insource Co. Ltd.
 
13,700
80,749
Internet Initiative Japan, Inc.
 
30,100
486,374
Invincible Investment Corp.
 
1,833
704,972
Iriso Electronics Co. Ltd.
 
5,300
125,125
Isetan Mitsukoshi Holdings Ltd.
 
92,200
1,040,105
Ispace, Inc. (a)(b)
 
5,600
32,770
ITO EN Ltd.
 
12,300
399,694
Itochu Enex Co. Ltd.
 
14,700
144,492
Itochushokuhin Co. Ltd.
 
1,400
60,750
Itoham Yonekyu Holdings, Inc.
 
6,960
192,347
Iwatani Corp.
 
12,000
573,942
Iyogin Holdings, Inc.
 
72,800
524,039
Izumi Co. Ltd.
 
8,800
222,513
J Trust Co. Ltd. (b)
 
19,500
61,858
J-Oil Mills, Inc.
 
5,200
61,051
J. Front Retailing Co. Ltd.
 
66,600
634,918
JAC Recruitment Co. Ltd.
 
5,100
81,406
JACCS Co. Ltd.
 
5,700
195,928
JAFCO Co. Ltd.
 
13,800
148,637
Japan Airport Terminal Co. Ltd.
 
16,600
730,052
Japan Aviation Electronics Industry Ltd.
 
12,600
237,491
Japan Display, Inc. (a)
 
158,200
39,074
Japan Elevator Service Holdings Co. Ltd.
 
18,200
241,189
Japan Excellent, Inc.
 
329
288,770
Japan Hotel REIT Investment Corp.
 
1,221
555,107
Japan Lifeline Co. Ltd.
 
15,700
119,718
Japan Logistics Fund, Inc.
 
242
448,254
Japan Material Co. Ltd.
 
17,400
244,356
Japan Petroleum Exploration Co. Ltd.
 
8,800
301,326
Japan Prime Realty Investment Corp.
 
231
541,070
Japan Pulp & Paper Co. Ltd.
 
2,800
87,779
Japan Securities Finance Co. Ltd.
 
22,900
228,034
Japan Steel Works Ltd.
 
16,200
262,840
Japan Wool Textile Co. Ltd./The
 
13,200
120,008
JCR Pharmaceuticals Co. Ltd.
 
19,200
146,946
Jcu Corp.
 
5,300
115,609
JDC Corp.
 
11,900
47,772
JEOL Ltd.
 
12,000
338,800
JGC Holdings Corp.
 
60,000
739,019
JINS Holdings, Inc.
 
3,600
99,377
JMDC, Inc.
 
6,100
170,839
Joshin Denki Co. Ltd.
 
4,800
76,247
Joyful Honda Co. Ltd.
 
14,100
165,607
JTEKT Corp.
 
56,500
465,841
JTOWER, Inc. (a)(b)
 
2,700
98,256
Juroku Financial Group, Inc.
 
8,400
226,313
Justsystems Corp.
 
8,900
158,602
K's Holdings Corp.
 
38,400
357,342
Kadokawa Corp.
 
25,200
485,428
KAGA ELECTRONICS Co. Ltd.
 
4,700
188,073
Kagome Co. Ltd.
 
20,600
428,549
Kakaku.com, Inc.
 
35,800
345,273
Kaken Pharmaceutical Co. Ltd.
 
8,100
179,376
Kameda Seika Co. Ltd.
 
3,700
100,005
Kamigumi Co. Ltd.
 
25,400
515,278
Kanamoto Co. Ltd.
 
7,800
126,588
Kandenko Co. Ltd.
 
31,200
289,110
Kaneka Corp.
 
13,000
318,133
Kanematsu Corp.
 
20,700
279,731
Kansai Paint Co. Ltd.
 
48,900
715,637
Kanto Denka Kogyo Co. Ltd.
 
10,600
56,014
Kappa Create Co. Ltd. (a)
 
6,600
69,346
Katakura Industries Co. Ltd.
 
4,600
51,764
Katitas Co. Ltd.
 
13,800
184,195
Kato Sangyo
 
6,200
174,326
Kawasaki Heavy Industries Ltd.
 
41,300
911,567
KeePer Technical Laboratory Co. Ltd.
 
3,400
128,163
Keihan Electric Railway Co., Ltd.
 
27,800
679,931
Keihanshin Bldg Co. Ltd.
 
8,400
77,075
Keikyu Corp.
 
60,400
512,096
Keiyo Co. Ltd.
 
7,600
65,445
Kewpie Corp.
 
27,100
470,368
Kfc Holdings Japan Ltd.
 
3,900
77,689
KH Neochem Co. Ltd.
 
8,400
127,241
Ki-Star Real Estate Co. Ltd.
 
2,400
67,614
Kinden Corp.
 
33,600
508,954
Kintetsu Department Store Co. Ltd.
 
2,300
42,905
Kisoji Co. Ltd.
 
7,200
127,193
Kissei Pharmaceutical Co. Ltd.
 
7,400
156,517
Kitz Corp.
 
17,000
114,872
Koa Corp.
 
8,300
79,982
Kobe Steel Ltd.
 
97,400
1,151,605
Kohnan Shoji Co. Ltd.
 
6,300
163,315
Kokuyo Co. Ltd.
 
22,800
353,400
KOMEDA Holdings Co. Ltd.
 
12,600
229,919
KOMERI Co. Ltd.
 
8,000
165,887
Konica Minolta, Inc.
 
123,400
345,641
Konishi Co. Ltd.
 
7,300
108,292
Konoike Transport Co. Ltd.
 
7,000
92,650
Kosaido Holdings Co. Ltd.
 
4,300
84,161
Koshidaka Holdings Co. Ltd.
 
13,300
94,625
Kotobuki Spirits Co. Ltd.
 
25,500
338,614
Krosaki Harima Corp.
 
1,300
82,316
Kumagai Gumi Co. Ltd.
 
8,300
208,008
Kumiai Chemical Industry Co. Ltd.
 
20,100
146,503
Kura Sushi, Inc.
 
5,700
135,655
Kuraray Co. Ltd.
 
77,500
886,691
Kureha Chemical Industry Co. Ltd.
 
4,300
255,372
Kusuri No Aoki Holdings Co. Ltd.
 
4,300
281,726
Kyb Corp.
 
4,500
132,939
Kyoei Steel Ltd.
 
5,400
68,501
Kyokuto Kaihatsu Kogyo Co. Ltd.
 
8,100
98,665
Kyorin Pharmaceutical Co. Ltd.
 
10,500
123,852
Kyoritsu Maintenance Co. Ltd.
 
8,600
328,916
Kyoto Financial Group, Inc.
 
15,500
878,754
Kyudenko Corp.
 
11,500
343,516
Kyushu Electric Power Co., Inc. (a)
 
110,100
703,444
Kyushu Financial Group, Inc.
 
88,700
558,941
Kyushu Railway Co.
 
36,500
746,290
LaSalle Logiport REIT
 
509
499,188
Lawson, Inc.
 
12,300
594,415
Leopalace21 Corp. (a)
 
48,700
104,758
LIFE Corp.
 
7,500
176,794
Lifenet Insurance Co. (a)
 
15,000
95,849
Link & Motivation, Inc.
 
13,300
35,611
Lintec Corp.
 
10,300
170,251
Lion Corp.
 
63,800
612,269
LITALICO, Inc.
 
5,800
77,930
M&A Capital Partners Co. Ltd.
 
3,900
70,795
M&A Research Institute Holding (a)(b)
 
6,300
138,072
Mabuchi Motor Co. Ltd.
 
12,800
365,690
Macnica Fuji Electronics Holdings, Inc.
 
12,500
507,868
Maeda Kosen Co. Ltd.
 
4,900
95,460
Makino Milling Machine Co. Ltd.
 
6,100
254,543
Management Solutions Co. Ltd.
 
2,700
47,000
Mandom Corp.
 
10,000
91,727
Mani, Inc.
 
20,400
277,509
Maruha Nichiro Corp.
 
10,200
174,608
Marui Group Co. Ltd.
 
48,400
765,356
Maruichi Steel Tube Ltd.
 
16,100
399,543
Maruka Furusato Corp.
 
4,800
88,145
Maruwa Ceramic Co. Ltd.
 
2,400
421,112
Maruzen Showa Unyu Co. Ltd.
 
3,200
80,787
Matsuda Sangyo Co. Ltd.
 
3,600
62,699
Matsui Securities Co. Ltd.
 
31,700
157,663
Matsuyafoods Holdings Co. Ltd.
 
2,400
68,836
Max Co. Ltd.
 
7,200
121,508
Maxell Ltd.
 
10,000
106,958
Maxvalu Tokai Co. Ltd.
 
2,600
51,379
MCJ Co. Ltd.
 
18,100
130,218
Mebuki Financial Group, Inc.
 
266,700
807,358
Medipal Holdings Corp.
 
52,400
881,001
Medley, Inc. (a)
 
5,800
167,684
Megachips Corp.
 
3,900
100,552
Megmilk Snow Brand Co. Ltd.
 
12,600
203,086
Meidensha Corp.
 
8,600
134,735
Meiko Electronics Co. Ltd.
 
5,500
114,081
Meitec Group Holdings, Inc.
 
19,100
336,162
Melco Holdings, Inc.
 
1,600
36,506
Menicon Co. Ltd.
 
16,600
192,444
Mercari, Inc. (a)
 
31,000
622,153
Metawater Co. Ltd.
 
7,000
88,248
Micronics Japan Co. Ltd.
 
7,800
118,177
Mie Kotsu Group Holdings, Inc.
 
13,500
50,387
Milbon Co. Ltd.
 
7,300
192,988
Mimasu Semiconductor Industries Co. Ltd.
 
4,300
69,729
Mirai Corp.
 
486
146,754
Mirait One Corp.
 
25,400
336,645
Mitani Sekisan Co. Ltd.
 
2,300
69,345
Mitsubishi Estate Logistics REIT Investment Corp.
 
131
329,690
Mitsubishi Gas Chemical Co., Inc.
 
42,600
575,776
Mitsubishi Logisnext Co. Ltd.
 
8,600
67,471
Mitsubishi Logistics Corp.
 
14,600
381,935
Mitsubishi Materials Corp.
 
34,200
549,581
Mitsubishi Motors Corp. of Japan
 
182,800
597,129
Mitsubishi Pencil Co. Ltd.
 
7,800
96,151
Mitsubishi Research Institute, Inc.
 
2,600
84,053
Mitsubishi Shokuhin Co. Ltd.
 
4,700
123,929
Mitsuboshi Belting Ltd.
 
6,200
178,987
Mitsui Fudosan Logistics Park, Inc.
 
150
453,485
Mitsui High-Tec, Inc.
 
5,400
228,002
Mitsui Mining & Smelting Co. Ltd.
 
14,900
386,903
Mitsui Sugar Co. Ltd.
 
4,100
83,342
Mitsui-Soko Co. Ltd.
 
5,100
145,266
Mitsuuroko Group Holdings Co. Ltd.
 
8,300
71,365
Miura Co. Ltd.
 
24,000
465,336
MIXI, Inc.
 
10,500
159,033
Mizuho Leasing Co. Ltd.
 
7,300
232,248
Mizuno Corp.
 
4,800
140,810
Mochida Pharmaceutical Co. Ltd.
 
5,700
125,603
Modec, Inc. (a)
 
5,600
61,592
Monex Group, Inc.
 
49,700
218,589
Money Forward, Inc. (a)
 
11,900
300,571
Mori Hills REIT Investment Corp.
 
417
390,290
MORI TRUST Sogo (REIT), Inc.
 
679
331,022
Morinaga & Co. Ltd.
 
9,100
328,185
Morinaga Milk Industry Co. Ltd.
 
9,800
382,248
Morita Holdings Corp.
 
8,400
86,175
MOS Food Services, Inc.
 
6,500
141,798
Musashi Seimitsu Industry Co. Ltd.
 
12,700
122,234
Nabtesco Corp.
 
29,900
529,580
Nachi-Fujikoshi Corp.
 
3,700
92,200
Nafco Co. Ltd.
 
4,000
48,917
Nagaileben Co. Ltd.
 
5,900
81,419
Nagase & Co. Ltd.
 
24,200
366,608
Nagawa Co. Ltd. (b)
 
2,400
97,626
Nagoya Railroad Co. Ltd.
 
51,000
713,939
Nakanishi, Inc.
 
19,200
421,694
Nankai Electric Railway Co. Ltd.
 
27,900
534,334
NEC Networks & System Integration Corp.
 
18,500
250,373
Net One Systems Co. Ltd.
 
22,700
346,468
Nextage Co. Ltd.
 
12,000
165,796
NH Foods Ltd.
 
22,500
675,071
NHK Spring Co. Ltd.
 
53,600
379,274
Nichias Corp.
 
14,000
277,756
Nichicon Corp.
 
11,800
98,622
Nichiden Corp.
 
3,400
56,513
Nichiha Corp.
 
6,700
132,298
Nichirei Corp.
 
29,300
634,170
Nifco, Inc.
 
22,000
515,949
Nihon Kohden Corp.
 
21,700
512,527
Nihon M&A Center Holdings, Inc.
 
83,000
379,086
Nihon Parkerizing Co. Ltd.
 
23,800
172,730
Nikkiso Co. Ltd.
 
11,900
75,799
Nikkon Holdings Co. Ltd.
 
14,300
303,428
Nikon Corp.
 
81,700
775,694
Nippn Corp.
 
13,000
197,981
Nippon Accommodations Fund, Inc.
 
137
551,946
Nippon Carbon Co. Ltd.
 
2,800
82,018
Nippon Ceramic Co. Ltd.
 
5,800
100,908
Nippon Densetsu Kogyo Co. Ltd.
 
10,000
136,330
Nippon Electric Glass Co. Ltd.
 
21,800
435,832
Nippon Gas Co. Ltd.
 
28,500
428,341
Nippon Kanzai Holdings Co. Ltd.
 
5,000
82,886
Nippon Kayaku Co. Ltd.
 
35,100
301,527
Nippon Light Metal Holding Co. Ltd.
 
15,100
165,619
Nippon Paper Industries Co. Ltd. (a)
 
27,000
234,930
Nippon Parking Development Co. Ltd.
 
51,500
72,917
Nippon Pillar Packing Co. Ltd.
 
4,800
119,808
Nippon REIT Investment Corp.
 
122
281,859
Nippon Seiki Co. Ltd.
 
12,200
86,863
Nippon Shinyaku Co. Ltd.
 
14,400
584,007
Nippon Shokubai Co. Ltd.
 
7,700
285,994
Nippon Signal Co. Ltd.
 
11,000
68,022
Nippon Soda Co. Ltd.
 
5,900
211,531
Nippon Television Network Corp.
 
14,300
139,118
Nipro Corp.
 
39,900
303,817
Nishi-Nippon Financial Holdings, Inc.
 
32,400
386,957
Nishi-Nippon Railroad Co. Ltd.
 
16,200
261,739
Nishimatsu Construction Co. Ltd.
 
9,000
216,693
Nishimatsuya Chain Co. Ltd.
 
10,700
137,431
Nishio Holdings Co. Ltd.
 
4,900
108,577
Nissan Shatai Co. Ltd.
 
16,900
96,708
Nissha Co. Ltd.
 
10,500
109,167
Nisshin Oillio Group Ltd.
 
6,800
189,921
Nisshin Seifun Group, Inc.
 
54,100
816,033
Nisshinbo Holdings, Inc.
 
34,400
248,821
Nissui Corp.
 
76,200
369,764
Niterra Co. Ltd.
 
41,800
935,601
Nitta Corp.
 
4,900
110,642
Nittetsu Mining Co. Ltd.
 
3,600
113,355
Nitto Boseki Co. Ltd.
 
6,300
141,787
Nitto Kogyo Corp.
 
6,700
153,140
Noevir Holdings Co. Ltd.
 
4,200
147,309
NOF Corp.
 
18,100
714,062
Nohmi Bosai Ltd.
 
6,100
73,450
Nojima Co. Ltd.
 
16,900
150,515
NOK Corp.
 
21,300
252,486
NOMURA Co. Ltd.
 
21,200
122,061
Noritake Co. Ltd.
 
2,600
101,196
Noritsu Koki Co. Ltd.
 
5,000
105,841
Noritz Corp.
 
6,700
70,338
North Pacific Bank Ltd.
 
69,700
179,491
NS Solutions Corp.
 
8,700
252,644
Ns United Kaiun Kaisha Ltd.
 
2,600
73,906
NSD Co. Ltd.
 
17,800
309,700
NSK Ltd.
 
105,100
565,693
NTN Corp.
 
107,700
191,862
Ntt Ud (REIT) Investment Corp.
 
380
313,259
Obara Group, Inc.
 
2,600
62,394
OBIC Business Consultants Ltd.
 
8,300
356,569
Ogaki Kyoritsu Bank Ltd.
 
9,300
129,877
Ohsho Food Service Corp.
 
3,500
161,786
Oiles Corp.
 
5,700
72,180
Oisix Ra Daichi, Inc. (a)
 
7,800
59,355
Okamoto Industries, Inc.
 
2,400
82,970
Okamura Corp.
 
15,200
216,398
Okasan Securities Group, Inc.
 
41,900
189,462
Oki Electric Industry Co. Ltd.
 
22,200
133,938
Okinawa Cellular Telephone Co.
 
5,800
122,673
Okinawa Financial Group, Inc.
 
5,200
86,731
Okuma Corp.
 
6,500
267,608
Okumura Corp.
 
7,900
241,657
One (REIT), Inc.
 
66
114,347
Onward Holdings Co. Ltd.
 
28,300
89,608
Open Up Group, Inc.
 
15,100
187,298
Optex Group Co. Ltd.
 
9,500
106,795
Optorun Co. Ltd.
 
8,400
97,173
Organo Corp.
 
7,000
230,796
Orient Corp.
 
14,020
104,517
ORIX JREIT, Inc.
 
715
821,722
Osaka Organic Chemical Industry Ltd.
 
3,700
62,813
Osaka Soda Co. Ltd.
 
4,000
234,922
OSAKA Titanium technologies Co. Ltd. (b)
 
7,900
168,661
OSG Corp.
 
21,900
249,892
Outsourcing, Inc.
 
30,700
228,129
Pacific Industrial Co. Ltd.
 
10,700
98,223
Pal Group Holdings Co. Ltd.
 
10,700
138,403
PALTAC Corp.
 
7,700
249,607
Paramount Bed Holdings Co. Ltd.
 
10,300
175,488
Park24 Co. Ltd. (a)
 
34,900
393,177
Pasona Group, Inc.
 
5,600
50,095
Penta-Ocean Construction Co. Ltd.
 
74,300
436,804
PeptiDream, Inc. (a)
 
26,500
193,181
Pharma Foods International Co. Ltd.
 
5,400
47,722
PHC Holdings Corp.
 
7,000
66,200
Pigeon Corp.
 
33,400
354,637
Pilot Corp.
 
8,100
274,878
Piolax, Inc.
 
7,200
106,334
PKSHA Technology, Inc. (a)
 
4,700
80,105
Plus Alpha Consulting Co. Ltd.
 
6,800
109,393
Pola Orbis Holdings, Inc.
 
25,200
253,127
Pressance Corp.
 
6,600
71,205
Prestige International, Inc.
 
26,400
107,160
Prima Meat Packers Ltd.
 
6,000
91,286
Raito Kogyo Co. Ltd.
 
10,900
141,088
Raiznext Corp.
 
6,900
64,572
Raksul, Inc. (a)
 
13,700
115,133
Rakus Co. Ltd.
 
22,400
278,894
Rakuten Bank Ltd. (b)
 
19,200
327,886
Relo Group, Inc.
 
29,300
290,483
Rengo Co. Ltd.
 
51,700
342,380
RENOVA, Inc. (a)
 
10,600
76,254
Resonac Holdings Corp.
 
47,973
777,702
Resorttrust, Inc.
 
20,900
300,754
Restar Holdings Corp.
 
4,900
80,592
Retail Partners Co. Ltd.
 
6,300
71,846
Ricoh Leasing Co. Ltd.
 
3,800
113,650
Riken Keiki Co. Ltd.
 
3,600
147,508
Riken Vitamin Co. Ltd.
 
5,300
79,235
Ringer Hut Co. Ltd.
 
6,100
93,159
Rinnai Corp.
 
28,800
529,040
Riso Kagaku Corp.
 
5,200
80,976
Riso Kyoiku Co. Ltd.
 
29,100
48,832
Rohto Pharmaceutical Co. Ltd.
 
51,600
1,203,896
Roland Corp.
 
3,900
112,765
Rorze Corp.
 
2,900
215,770
Round One Corp.
 
54,100
196,249
Royal Holdings Co. Ltd.
 
8,100
138,048
RS Technologies Co. Ltd.
 
3,800
60,224
Ryohin Keikaku Co. Ltd.
 
69,000
972,850
Ryosan Co. Ltd. (b)
 
3,500
110,295
Ryoyo Electro Corp.
 
4,400
104,500
S Foods, Inc.
 
4,900
103,653
S-Pool, Inc.
 
18,400
42,545
Saibu Gas Co. Ltd.
 
6,500
82,457
Saizeriya Co. Ltd.
 
7,800
316,926
Sakai Moving Service Co. Ltd.
 
5,800
98,994
Sakata INX Corp.
 
11,200
93,622
Sakata Seed Corp.
 
7,700
207,190
SAMTY Co. Ltd.
 
6,300
103,594
Samty Residential Investment Corp.
 
102
76,158
San-A Co. Ltd.
 
5,600
173,479
San-Ai Obbli Co. Ltd.
 
12,700
137,128
SanBio Co. Ltd. (a)(b)
 
12,100
33,632
Sangetsu Corp.
 
12,000
225,515
Sanken Electric Co. Ltd.
 
6,200
308,365
Sanki Engineering Co. Ltd.
 
10,300
119,722
Sankyo Co. Ltd. (Gunma)
 
10,900
452,981
Sankyu, Inc.
 
13,500
406,487
Sanrio Co. Ltd.
 
14,600
621,719
Sansan, Inc. (a)
 
18,700
148,597
Santen Pharmaceutical Co. Ltd.
 
92,200
799,701
Sanwa Holdings Corp.
 
50,400
680,010
Sanyo Chemical Industries Ltd.
 
3,200
85,074
Sanyo Denki Co. Ltd.
 
2,300
85,085
Sanyo Special Steel Co. Ltd.
 
5,200
88,623
Sapporo Holdings Ltd.
 
17,100
602,025
Sato Holding Corp.
 
6,700
89,985
Sawai Group Holdings Co. Ltd.
 
10,800
344,190
SB Technology Corp.
 
2,300
34,132
SBI Sumishin Net Bank Ltd. (b)
 
14,500
152,631
SBS Holdings, Inc.
 
4,500
79,890
Screen Holdings Co. Ltd.
 
22,200
1,032,126
Sega Sammy Holdings, Inc.
 
42,900
670,938
Seibu Holdings, Inc.
 
66,300
647,384
Seiko Group Corp.
 
7,400
115,559
Seino Holdings Co. Ltd.
 
33,300
484,379
Seiren Co. Ltd.
 
11,600
172,074
Sekisui House (REIT), Inc.
 
1,135
597,777
Sekisui Jushi Corp.
 
6,900
112,522
SENKO Co. Ltd.
 
29,500
203,248
Septeni Holdings Co. Ltd.
 
21,000
59,032
Seria Co. Ltd.
 
12,400
171,869
Seven Bank Ltd.
 
160,100
317,001
Shibaura Machine Co. Ltd.
 
6,200
153,524
Shibaura Mechatronics Corp.
 
3,000
129,586
Shibuya Corp.
 
4,300
70,196
SHIFT, Inc. (a)
 
3,400
616,895
Shiga Bank Ltd.
 
9,300
245,942
Shikoku Electric Power Co., Inc.
 
39,700
271,070
Shikoku Kasei Holdings Corpora
 
8,700
98,263
Shima Seiki Manufacturing Ltd.
 
6,900
70,398
Shimamura Co. Ltd.
 
6,100
602,008
Shin Nippon Biomedical Laboratories Ltd.
 
5,700
63,526
Shin-Etsu Polymer Co. Ltd.
 
11,200
101,646
Shinko Electric Industries Co. Ltd.
 
18,400
590,803
Shinmaywa Industries Ltd.
 
14,300
114,113
Ship Healthcare Holdings, Inc.
 
20,900
322,677
Shizuoka Gas Co. Ltd.
 
9,200
62,509
SHO-BOND Holdings Co. Ltd.
 
10,900
429,275
Shochiku Co. Ltd.
 
2,500
159,045
Shoei Co. Ltd.
 
13,200
175,874
Shoei Foods Corp.
 
2,700
76,513
Showa Sangyo Co. Ltd.
 
5,200
104,039
Siix Corp.
 
7,600
71,201
Simplex Holdings, Inc.
 
8,000
134,368
SKY Perfect JSAT Holdings, Inc.
 
41,400
191,618
Skylark Holdings Co. Ltd. (a)
 
62,100
916,210
SMS Co., Ltd.
 
19,100
303,077
Snow Peak, Inc. (b)
 
7,300
48,860
Socionext, Inc.
 
9,400
916,849
Sohgo Security Services Co., Ltd.
 
104,700
613,146
Sojitz Corp.
 
64,260
1,334,384
Solasto Corp.
 
15,700
61,042
Sosei Group Corp. (a)
 
20,000
184,933
SOSiLA Logistics REIT, Inc.
 
186
147,361
Sotetsu Holdings, Inc.
 
21,500
379,517
Sparx Group Co. Ltd.
 
5,320
50,929
SRE Holdings Corp. (a)
 
2,700
41,373
Stanley Electric Co. Ltd.
 
35,200
563,010
Star Asia Investment Corp.
 
610
229,834
Star Micronics Co. Ltd.
 
10,100
121,424
Starts Corp., Inc.
 
8,200
155,740
Starts Proceed Investment Corp.
 
67
92,039
StemRim, Inc. (a)
 
6,400
27,695
Strike Co. Ltd.
 
2,400
58,734
Sugi Holdings Co. Ltd.
 
9,500
384,544
Sumitomo Bakelite Co. Ltd.
 
9,500
422,731
Sumitomo Dainippon Pharma Co., Ltd.
 
48,100
146,881
Sumitomo Densetsu Co. Ltd.
 
4,200
73,768
Sumitomo Forestry Co. Ltd.
 
41,500
979,875
Sumitomo Heavy Industries Ltd.
 
30,300
693,560
Sumitomo Mitsui Construction Co. Ltd.
 
34,300
90,999
Sumitomo Osaka Cement Co. Ltd.
 
8,000
186,229
Sumitomo Riko Co. Ltd.
 
10,000
62,455
Sumitomo Rubber Industries Ltd.
 
46,800
474,768
Sun Frontier Fudousan Co. Ltd.
 
7,400
71,802
Sundrug Co. Ltd.
 
19,600
532,963
SUNWELS Co. Ltd. (b)
 
2,800
48,240
Suruga Bank Ltd.
 
44,500
190,141
Suzuken Co. Ltd.
 
16,900
517,644
Systena Corp.
 
81,700
139,086
T Hasegawa Co. Ltd.
 
8,800
184,364
T-Gaia Corp.
 
4,500
53,597
Tadano Ltd.
 
26,700
200,734
Taihei Dengyo Kaisha Ltd.
 
2,800
73,297
Taiheiyo Cement Corp.
 
31,700
543,263
Taikisha Ltd.
 
6,500
189,148
Taisho Pharmaceutical Holdings Co. Ltd.
 
11,600
459,338
Taiyo Holdings Co. Ltd.
 
11,200
182,661
Taiyo Yuden Co. Ltd.
 
32,100
719,632
Takamatsu Construction Group C
 
4,000
72,828
Takara Bio, Inc.
 
13,000
114,644
Takara Holdings, Inc.
 
38,500
320,924
Takara Leben Real Estate Investment Corp.
 
184
120,495
Takara Standard Co. Ltd.
 
11,600
140,815
Takasago International Corp.
 
3,400
72,581
Takasago Thermal Engineering Co. Ltd.
 
11,500
227,063
Takashimaya Co. Ltd.
 
38,900
529,007
Takeuchi Manufacturing Co. Ltd.
 
9,300
265,339
Takuma Co. Ltd.
 
16,900
163,958
Tama Home Co. Ltd. (b)
 
4,100
92,641
Tamron Co. Ltd.
 
5,000
136,116
Tbs Holdings, Inc.
 
9,400
153,240
Techmatrix Corp.
 
10,400
102,779
TechnoPro Holdings, Inc.
 
29,700
588,382
Teijin Ltd.
 
48,800
441,693
Tenma Corp.
 
3,600
60,424
The Awa Bank Ltd.
 
8,300
137,890
The Hachijuni Bank Ltd.
 
98,200
559,262
The Hyakugo Bank Ltd.
 
56,000
211,734
The Keiyo Bank Ltd.
 
25,800
117,059
The Kiyo Bank Ltd. (b)
 
16,500
170,328
The Monogatari Corp.
 
8,500
230,185
The Musashino Bank Ltd.
 
7,900
148,958
The Nanto Bank Ltd.
 
6,600
118,798
The Nippon Road Co. Ltd.
 
6,000
78,835
The Okinawa Electric Power Co., Inc.
 
11,300
82,512
The San-In Godo Bank Ltd.
 
35,900
247,270
The Sumitomo Warehouse Co. Ltd.
 
12,900
206,524
The Toho Bank Ltd.
 
50,300
97,242
THK Co. Ltd.
 
31,900
570,105
TKC Corp.
 
7,300
170,287
TKP Corp. (a)
 
4,600
62,597
TOA Corp.
 
3,400
84,555
Toagosei Co. Ltd.
 
25,100
230,281
Tocalo Co. Ltd.
 
15,400
139,197
Toda Corp.
 
61,700
342,644
Toei Animation Co. Ltd. (b)
 
2,300
207,107
Toei Co. Ltd.
 
1,600
187,844
Toenec Corp.
 
1,900
51,787
Toho Gas Co. Ltd.
 
20,100
346,148
Toho Holdings Co. Ltd.
 
13,900
313,349
Toho Titanium Co. Ltd.
 
8,600
112,194
Tohoku Electric Power Co., Inc.
 
123,600
771,771
Tokai Carbon Co. Ltd.
 
55,600
426,668
Tokai Corp.
 
5,100
64,461
TOKAI Holdings Corp.
 
26,700
172,191
Tokai Rika Co. Ltd.
 
14,200
222,831
Tokai Tokyo Financial Holdings
 
50,800
172,543
Token Corp.
 
1,600
83,969
Tokushu Tokai Paper Co. Ltd.
 
2,300
54,861
Tokuyama Corp.
 
16,600
251,676
Tokyo Century Corp.
 
10,000
385,287
Tokyo Electron Device Ltd.
 
5,100
130,884
Tokyo Ohka Kogyo Co. Ltd.
 
8,700
502,693
Tokyo Seimitsu Co. Ltd.
 
10,900
509,525
Tokyo Steel Manufacturing Co. Ltd.
 
16,700
193,020
Tokyo Tatemono Co. Ltd.
 
51,400
682,506
Tokyo TY Financial Group, Inc.
 
6,300
185,950
Tokyotokeiba Co. Ltd.
 
4,400
113,942
Tokyu Construction Co. Ltd.
 
21,600
111,142
Tokyu Fudosan Holdings Corp.
 
166,900
972,414
Tokyu REIT, Inc.
 
238
284,003
TOMONY Holdings, Inc.
 
38,100
128,390
Tomy Co. Ltd.
 
21,800
300,679
Topcon Corp.
 
26,700
243,472
Topre Corp.
 
9,800
105,599
TORIDOLL Holdings Corp.
 
12,000
290,390
Torii Pharmaceutical Co. Ltd.
 
3,500
84,577
Tosei Corp.
 
7,500
88,625
Toshiba Tec Corp.
 
7,100
154,337
Totetsu Kogyo Co. Ltd.
 
5,800
113,034
Towa Pharmaceutical Co. Ltd.
 
7,100
130,515
Toyo Construction Co. Ltd.
 
12,700
103,625
Toyo Gosei Co. Ltd. (b)
 
1,400
58,254
Toyo Ink South Carolina Holdings Co. Ltd.
 
9,400
159,687
Toyo Seikan Group Holdings Ltd.
 
34,900
586,756
Toyo Suisan Kaisha Ltd.
 
24,200
1,116,369
Toyo Tanso Co. Ltd.
 
3,700
125,061
Toyo Tire Corp.
 
31,600
469,359
Toyobo Co. Ltd.
 
21,700
145,595
Toyoda Gosei Co. Ltd.
 
17,800
353,643
Toyota Boshoku Corp.
 
23,100
401,730
Trancom Co. Ltd.
 
1,800
82,696
Transcosmos, Inc.
 
6,100
124,220
TRE Holdings Corp.
 
12,400
96,793
Tri Chemical Laboratories, Inc.
 
7,200
153,131
Trusco Nakayama Corp.
 
13,600
205,258
TS tech Co. Ltd.
 
24,300
272,165
Tsubakimoto Chain Co.
 
7,200
182,004
Tsuburaya Fields Holdings, Inc.
 
10,300
112,140
Tsugami Corp.
 
10,000
71,649
Tsumura & Co.
 
15,800
282,714
Tsuruha Holdings, Inc.
 
10,100
741,913
TV Asahi Corp.
 
6,200
66,836
Uacj Corp.
 
9,100
185,233
Ube Corp.
 
24,800
381,890
Ulvac, Inc.
 
12,800
440,181
Union Tool Co.
 
2,400
56,840
United Arrows Ltd.
 
6,100
77,860
United Super Markets Holdings, Inc.
 
14,600
103,622
United Urban Investment Corp.
 
761
767,217
Universal Entertainment Corp.
 
6,600
94,144
USEN-NEXT HOLDINGS Co. Ltd.
 
5,700
130,744
Ushio, Inc.
 
25,400
309,764
UT Group Co. Ltd. (a)
 
8,200
101,285
Valor Holdings Co. Ltd.
 
9,500
148,717
ValueCommerce Co. Ltd.
 
4,300
35,745
Vector, Inc.
 
7,900
55,925
Vision, Inc. (a)
 
10,300
91,623
Visional, Inc. (a)
 
5,800
284,288
VT Holdings Co. Ltd.
 
20,200
68,022
W-Scope Corp. (a)
 
14,200
82,169
Wacoal Holdings Corp.
 
10,900
249,147
Wacom Co. Ltd.
 
38,000
131,008
Wakita & Co. Ltd.
 
8,900
89,101
WDB Holdings Co. Ltd.
 
2,600
36,909
WealthNavi, Inc. (a)(b)
 
9,800
72,146
Weathernews, Inc.
 
1,600
62,664
West Holdings Corp.
 
6,300
139,014
WingArc1st, Inc.
 
5,200
93,025
Workman Co. Ltd. (b)
 
5,500
141,698
YA-MAN Ltd. (b)
 
7,900
55,621
YAMABIKO Corp.
 
8,500
80,748
Yamada Holdings Co. Ltd.
 
158,600
501,583
Yamaguchi Financial Group, Inc.
 
48,100
441,436
Yamato Kogyo Co. Ltd.
 
10,600
507,855
Yamazaki Baking Co. Ltd.
 
30,000
635,144
Yamazen Co. Ltd.
 
14,100
114,231
Yaoko Co. Ltd.
 
4,900
252,263
Yellow Hat Ltd.
 
8,600
104,051
Yodogawa Steel Works Ltd.
 
5,700
133,447
Yokogawa Bridge Holdings Corp.
 
8,100
133,889
Yokohama Rubber Co. Ltd.
 
32,500
600,587
Yokorei Co. Ltd.
 
12,200
93,809
Yokowo Co. Ltd.
 
5,400
44,683
YONEX Co. Ltd. (b)
 
16,600
179,842
Yoshinoya Holdings Co. Ltd.
 
17,000
397,298
Yuasa Trading Co. Ltd.
 
4,600
125,818
Yurtec Corp.
 
10,300
67,089
Zenkoku Hosho Co. Ltd.
 
14,000
447,696
Zenrin Co. Ltd.
 
8,200
48,242
Zeon Corp.
 
37,700
311,608
ZERIA Pharmaceutical Co. Ltd.
 
5,700
75,726
ZIGExN Co. Ltd.
 
13,900
44,377
Zojirushi Thermos
 
9,700
99,787
Zuken, Inc.
 
4,500
112,446
TOTAL JAPAN
 
 
207,714,867
Luxembourg - 0.2%
 
 
 
Aperam SA
 
14,054
388,865
B&S Group SARL (d)
 
8,350
30,172
SES SA (France) (depositary receipt)
 
104,813
610,519
TOTAL LUXEMBOURG
 
 
1,029,556
Macau - 0.0%
 
 
 
MECOM Power & Construction Ltd.
 
429,750
23,339
MECOM Power & Construction Ltd. warrants 5/24/24 (a)
 
28,650
147
SJM Holdings Ltd. (a)
 
675,000
234,281
TOTAL MACAU
 
 
257,767
Malta - 0.1%
 
 
 
Kambi Group PLC (a)
 
6,276
89,903
Kindred Group PLC (depository receipt)
 
62,972
514,835
TOTAL MALTA
 
 
604,738
Mexico - 0.1%
 
 
 
Borr Drilling Ltd. (a)
 
55,473
344,628
Netherlands - 1.3%
 
 
 
Aalberts Industries NV
 
27,085
843,137
Alfen Beheer BV (a)(b)(d)
 
5,901
185,255
AMG Critical Materials NV
 
8,462
220,081
Arcadis NV
 
19,765
834,861
Basic-Fit NV (a)(d)
 
14,337
365,900
Brunel International NV
 
5,618
78,228
Corbion NV
 
16,071
277,687
Ebusco Holding NV (a)(b)
 
4,037
24,690
Eurocommercial Properties NV
 
11,884
254,507
Fastned BV (Bearer) unit (a)
 
1,778
47,597
Flow Traders Ltd.
 
8,858
161,866
Fugro NV (Certificaten Van Aandelen) (a)
 
30,933
510,264
Koninklijke BAM Groep NV
 
80,193
165,632
Koninklijke Vopak NV
 
18,896
636,005
NSI NV
 
5,474
98,812
Pharming Group NV (a)
 
176,513
208,434
PostNL NV
 
87,548
162,898
Redcare Pharmacy NV (a)(d)
 
4,145
461,608
SBM Offshore NV
 
39,573
491,998
Signify NV (d)
 
34,922
903,821
Sligro Food Group NV
 
6,011
102,400
TKH Group NV (bearer) (depositary receipt)
 
11,007
401,572
TomTom Group BV (a)(b)
 
19,773
118,208
Van Lanschot Kempen NV (Bearer)
 
8,882
238,240
VastNed Retail NV
 
3,044
60,939
Wereldhave NV
 
8,671
130,557
TOTAL NETHERLANDS
 
 
7,985,197
New Zealand - 0.8%
 
 
 
Air New Zealand Ltd.
 
454,294
177,303
Contact Energy Ltd.
 
214,016
972,161
Fletcher Building Ltd.
 
214,431
540,411
Goodman Property Trust
 
307,016
362,759
Infratil Ltd.
 
227,108
1,300,428
Kiwi Property Group Ltd.
 
440,763
200,802
Oceania Healthcare Ltd.
 
181,801
72,116
Ryman Healthcare Ltd.
 
159,908
530,145
Summerset Group Holdings Ltd.
 
61,496
349,236
The a2 Milk Co. Ltd. (a)
 
197,586
481,268
The Warehouse Group Ltd.
 
35,005
35,393
TOTAL NEW ZEALAND
 
 
5,022,022
Nigeria - 0.1%
 
 
 
Airtel Africa PLC (d)
 
256,794
353,632
Norway - 1.8%
 
 
 
Aker ASA (A Shares)
 
6,112
366,579
Aker Carbon Capture A/S (a)
 
98,212
93,017
Aker Horizons ASA (a)
 
64,870
19,802
Aker Solutions ASA
 
67,520
269,090
Austevoll Seafood ASA
 
24,820
169,526
Belships ASA
 
23,280
36,470
BEWi ASA
 
13,071
24,338
BlueNord ASA (a)
 
6,478
343,879
Bonheur A/S
 
5,792
100,172
Borregaard ASA
 
26,154
354,465
BW Offshore Ltd.
 
25,315
52,847
Crayon Group Holding A/S (a)(b)(d)
 
19,687
113,495
DNO ASA (A Shares)
 
127,591
129,864
Elkem ASA (d)
 
77,503
119,887
Entra ASA (d)
 
19,993
155,975
Europris ASA (d)
 
42,995
243,438
FLEX LNG Ltd.
 
8,009
245,197
Frontline PLC
 
36,481
814,140
Golden Ocean Group Ltd.
 
35,377
261,267
Grieg Seafood ASA
 
14,196
94,230
Hexagon Composites ASA (a)
 
32,736
77,188
Hexagon Purus Holding A/S (a)
 
37,162
34,065
Hoegh Autoliners ASA
 
20,963
169,454
Kitron ASA
 
48,975
128,894
Leroy Seafood Group ASA
 
73,019
288,914
MPC Container Ships ASA
 
83,238
117,544
NEL ASA (a)(b)
 
455,280
298,332
Nordic VLSI ASA (a)
 
44,818
361,723
Norske Skog ASA (a)(d)
 
19,801
72,213
Norwegian Air Shuttle A/S (a)
 
194,823
139,765
Nykode Therapeutics A/S (a)
 
41,150
63,248
Odfjell Drilling Ltd.
 
25,911
90,460
PGS ASA (a)
 
234,255
211,587
Protector Forsikring ASA
 
15,550
243,601
Schibsted ASA:
 
 
 
 (A Shares)
 
19,892
397,450
 (B Shares)
 
26,717
495,072
Sparebank 1 Oestlandet
 
9,439
104,775
Sparebank 1 Sr Bank ASA (primary capital certificate)
 
49,036
532,020
Sparebanken Midt-Norge
 
39,549
479,363
Sparebanken Nord-Norge
 
25,714
217,296
Stolt-Nielsen SA
 
6,408
210,809
Storebrand ASA (A Shares)
 
122,565
1,021,910
TGS ASA
 
34,378
468,387
Tomra Systems ASA
 
64,832
512,460
Veidekke ASA
 
29,083
250,973
Wallenius Wilhelmsen ASA
 
28,678
240,674
TOTAL NORWAY
 
 
11,235,855
Peru - 0.0%
 
 
 
Hochschild Mining PLC (a)
 
91,145
103,637
Poland - 0.1%
 
 
 
InPost SA (a)
 
54,642
539,314
Portugal - 0.3%
 
 
 
Altri SGPS SA
 
19,416
93,845
Banco Comercial Portugues SA (Reg.) (a)
 
2,271,869
696,159
Corticeira Amorim SGPS SA
 
10,957
106,313
CTT Correios de Portugal SA
 
24,462
93,309
Greenvolt-Energias Renovaveis SA (a)(b)
 
15,493
103,441
Mota-Engil SGPS SA
 
24,796
80,547
NOS SGPS
 
55,822
204,011
REN - Redes Energeticas Nacionais SGPS SA
 
108,491
282,394
Semapa Sociedade de Investimen
 
4,506
63,698
Sonae SGPS SA
 
215,774
212,100
The Navigator Co. SA
 
58,726
233,639
TOTAL PORTUGAL
 
 
2,169,456
Singapore - 1.8%
 
 
 
AEM Holdings Ltd.
 
67,000
169,365
AIMS APAC (REIT)
 
166,873
146,239
Best World International Ltd. (a)
 
36,100
44,561
BW LPG Ltd. (d)
 
21,036
297,530
Capitaland Ascott Trust unit
 
633,500
416,530
Capitaland India Trust
 
290,665
203,740
CapitaRetail China Trust
 
325,200
187,612
CDL Hospitality Trusts unit
 
240,400
169,975
ComfortDelgro Corp. Ltd.
 
593,400
573,144
Digital Core (REIT)
 
217,200
109,790
ESR-LOGOS (REIT)
 
1,997,960
400,753
Far East Hospitality Trust unit
 
272,100
117,491
Frasers Centrepoint Trust
 
280,100
423,723
Frasers Hospitality Trust unit
 
211,600
78,699
Frasers Logistics & Industrial Trust
 
814,700
618,853
Hafnia Ltd.
 
69,258
454,448
Hong Fok Corp. Ltd.
 
82,300
52,265
iFast Corp. Ltd.
 
37,100
179,088
IGG, Inc. (a)
 
206,000
72,466
Kenon Holdings Ltd.
 
6,028
110,210
Keppel (REIT)
 
566,700
329,061
Keppel DC (REIT)
 
376,400
464,515
Keppel Infrastructure Trust
 
1,075,930
345,403
Lendlease Global Commercial (REIT)
 
467,716
174,204
Mapletree Industrial (REIT)
 
580,587
912,626
Nanofilm Technologies International Ltd.
 
73,000
49,701
NetLink NBN Trust
 
799,000
484,479
Olam Group Ltd.
 
259,700
188,188
PARAGON REIT
 
305,300
177,193
Parkway Life REIT
 
108,100
265,198
Raffles Medical Group Ltd.
 
227,500
197,952
Riverstone Holdings Ltd.
 
141,400
60,990
Sasseur (REIT)
 
144,900
66,159
SATS Ltd. (a)
 
286,058
514,597
Sheng Siong Group Ltd.
 
183,100
207,302
SIA Engineering Co. Ltd.
 
76,600
128,196
Singapore Post Ltd.
 
395,500
129,897
Starhill Global (REIT)
 
398,031
129,490
StarHub Ltd.
 
162,600
122,423
Straits Trading Co. Ltd.
 
43,646
61,232
Suntec (REIT)
 
554,700
445,762
The Hour Glass Ltd.
 
46,900
57,029
UMS Holdings Ltd.
 
134,800
123,267
Venture Corp. Ltd.
 
76,300
651,474
Yangzijiang Financial Holding Ltd.
 
643,700
150,708
TOTAL SINGAPORE
 
 
11,263,528
South Africa - 0.0%
 
 
 
Scatec Solar AS (d)
 
32,761
165,111
Spain - 2.1%
 
 
 
Acerinox SA
 
49,891
485,559
Aedas Homes SAU (d)
 
3,248
51,826
Almirall SA
 
22,933
208,440
Applus Services SA
 
35,272
371,347
Atresmedia Corporacion de Medios de Comunicacion SA
 
23,778
89,014
Audax Renovables SA (a)
 
35,400
40,229
Banco de Sabadell SA
 
1,536,834
1,904,191
Bankinter SA
 
184,206
1,162,044
Befesa SA (d)
 
10,843
315,966
Cie Automotive SA
 
11,512
293,071
Compania de Distribucion Integral Logista Holdings SA
 
16,353
401,086
Construcciones y Auxiliar de Ferrocarriles
 
4,596
137,137
Distribuidora Internacional de Alimentacion SA (a)
 
4,035,722
52,096
Ebro Foods SA
 
18,812
320,072
eDreams ODIGEO SA (a)
 
23,929
153,435
Ence Energia y Celulosa SA
 
36,629
109,373
Faes Farma SA
 
82,523
258,897
Fluidra SA
 
26,202
460,778
Gestamp Automocion SA (d)
 
47,118
173,098
Global Dominion Access SA (d)
 
24,303
78,945
Grenergy Renovables SA (a)(b)
 
3,674
87,235
Indra Sistemas SA
 
33,650
471,767
Inmobiliaria Colonial SA
 
74,154
415,066
Laboratorios Farmaceuticos ROVI SA
 
5,921
316,070
Lar Espana Real Estate Socimi SA
 
13,461
78,052
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros
 
160,704
138,413
MAPFRE SA (Reg.)
 
252,437
524,057
Melia Hotels International SA (a)(b)
 
30,520
169,378
Merlin Properties Socimi SA
 
90,103
749,357
Neinor Homes SLU (d)
 
6,409
66,050
Opdenergy Holdings SA (a)
 
12,225
74,637
Pharma Mar SA
 
3,850
131,173
Prosegur Cash SA (d)
 
83,530
45,429
Prosegur Compania de Seguridad SA (Reg.)
 
51,725
77,279
Sacyr SA
 
111,453
321,473
Solaria Energia y Medio Ambiente SA (a)(b)
 
22,273
333,474
Soltec Power Holdings SA (a)
 
10,022
27,974
Talgo SA (d)
 
17,657
66,978
Tecnicas Reunidas SA (a)
 
13,281
116,848
Unicaja Banco SA (d)
 
364,801
379,048
Vidrala SA
 
5,443
403,723
Vidrala SA rights 11/2/23 (a)
 
5,443
20,071
Viscofan Envolturas Celulosicas SA
 
10,820
625,096
TOTAL SPAIN
 
 
12,705,252
Sweden - 4.9%
 
 
 
AAK AB
 
49,676
943,459
AcadeMedia AB (d)
 
22,910
94,904
Addlife AB
 
30,117
196,149
AddTech AB (B Shares)
 
71,120
1,041,080
AFRY AB (B Shares)
 
25,075
262,825
Alimak Group AB (d)
 
19,355
113,746
Alleima AB
 
53,982
328,367
Arjo AB
 
58,843
196,417
Atea ASA
 
21,645
225,151
Atrium Ljungberg AB (B Shares)
 
14,247
218,763
Attendo AB (a)(d)
 
30,278
95,886
Avanza Bank Holding AB (b)
 
34,249
576,828
Axfood AB
 
29,665
655,357
Betsson AB (B Shares)
 
31,349
315,106
Bilia AB (A Shares)
 
16,732
155,142
Billerud AB
 
61,667
571,786
BioArctic AB (a)(d)
 
10,111
203,987
BioGaia AB
 
22,792
203,368
Biotage AB (A Shares)
 
18,706
190,706
BONESUPPORT Holding AB (a)(d)
 
14,889
193,675
Boozt AB (a)(d)
 
15,080
105,375
Bravida Holding AB (d)
 
55,985
349,579
Bufab AB
 
7,341
173,883
Bure Equity AB
 
15,303
305,170
Calliditas Therapeutics AB (a)(b)
 
11,498
95,487
Camurus AB (a)
 
8,388
251,284
Castellum AB
 
107,717
1,028,201
Catena AB
 
8,804
291,036
Cellavision AB
 
4,225
51,249
Cibus Nordic Real Estate AB
 
14,299
133,928
Clas Ohlson AB (B Shares)
 
10,385
108,851
Cloetta AB
 
52,815
84,646
Coor Service Management Holding AB (d)
 
25,912
89,326
Corem Property Group AB
 
137,228
88,392
Creades AB (A Shares)
 
15,318
81,651
Dios Fastigheter AB
 
27,495
148,652
Dometic Group AB (d)
 
86,959
535,195
Electrolux AB (B Shares)
 
60,125
504,164
Electrolux Professional AB
 
64,388
259,918
Elekta AB (B Shares)
 
95,143
646,933
Embracer Group AB (a)
 
208,781
338,652
Engcon AB (B Shares)
 
10,910
69,639
Fabege AB
 
63,409
471,828
Fortnox AB
 
133,068
526,195
Granges AB
 
28,769
276,544
Hemnet Group AB
 
20,477
355,334
Hexatronic Group AB (b)
 
43,880
102,089
HEXPOL AB (B Shares)
 
72,227
638,642
HMS Networks AB
 
7,632
252,430
Hufvudstaden AB (A Shares)
 
30,731
327,065
Instalco AB
 
58,160
162,458
Intrum AB (b)
 
21,245
108,866
Investment AB Oresund
 
7,858
70,045
INVISIO AB
 
11,068
166,182
Inwido AB
 
13,946
142,303
JM AB (B Shares)
 
17,807
189,517
Kinnevik AB (B Shares) (a)
 
66,760
568,053
Know IT AB
 
7,077
88,760
Lindab International AB
 
20,619
317,160
Loomis AB (B Shares)
 
19,471
504,809
Medicover AB Class B
 
18,140
204,436
Meko AB
 
10,745
86,442
MIPS AB
 
7,086
174,254
Modern Times Group MTG AB (B Shares) (a)
 
22,465
179,821
Munters Group AB (d)
 
34,999
425,790
Mycronic AB
 
19,910
435,213
NCC AB (B Shares)
 
21,070
215,561
New Wave Group AB (B Shares)
 
23,790
154,963
Nolato AB (B Shares)
 
53,307
235,435
Nordnet AB
 
37,782
533,097
Norion Bank AB (a)
 
17,013
54,945
Note AB (a)
 
4,990
65,312
NP3 Fastigheter AB
 
7,693
102,620
Nyfosa AB
 
39,357
189,690
OX2 AB (a)
 
41,201
166,318
Pandox AB
 
25,156
246,998
Paradox Interactive AB
 
10,162
192,999
Peab AB
 
45,595
169,432
Platzer Fastigheter Holding AB
 
16,405
85,975
PowerCell Sweden AB (a)(b)
 
12,761
51,319
Ratos AB (B Shares)
 
56,542
157,128
Resurs Holding AB (d)
 
33,460
65,167
RVRC Holding AB
 
13,372
46,145
Samhallsbyggnadsbolaget I Norden AB (B Shares) (b)
 
256,446
74,332
Scandic Hotels Group AB (a)(d)
 
38,422
129,250
Sdiptech AB (a)(b)
 
7,503
146,935
Sectra AB (B Shares)
 
37,167
401,555
Sinch AB (a)(d)
 
183,098
288,759
SkiStar AB
 
11,350
107,781
SSAB AB:
 
 
 
 (A Shares)
 
64,300
385,024
 (B Shares)
 
176,484
1,023,256
Stillfront Group AB (a)
 
125,026
129,199
Storskogen Group AB
 
370,197
218,421
Surgical Science Sweden AB (a)
 
9,553
108,261
Svolder AB (B Shares)
 
23,309
104,116
Sweco AB (B Shares)
 
58,698
538,999
Swedencare AB
 
17,482
70,837
Synsam Holding AB
 
13,872
42,626
Thule Group AB (d)
 
28,891
655,599
Trelleborg AB (B Shares)
 
61,920
1,562,083
Troax Group AB
 
10,617
169,683
Truecaller AB (B Shares) (a)
 
61,444
148,292
Vestum AB (a)
 
54,871
17,038
Viaplay Group AB (B Shares) (a)(b)
 
21,408
45,683
Vimian Group AB (a)(b)
 
42,068
95,348
Vitec Software Group AB
 
8,525
339,703
Vitrolife AB (b)
 
20,483
266,257
Wallenstam AB (B Shares)
 
97,402
328,441
Wihlborgs Fastigheter AB
 
75,734
489,517
XANO Industri AB
 
4,456
33,133
Xvivo Perfusion AB (a)
 
6,039
125,514
TOTAL SWEDEN
 
 
30,076,895
Switzerland - 4.2%
 
 
 
Accelleron Industries Ltd.
 
24,547
602,847
Allreal Holding AG
 
4,075
653,147
ALSO Holding AG
 
1,744
442,878
Arbonia AG
 
14,150
120,399
Aryzta AG (a)
 
272,695
498,534
Autoneum Holding AG (a)(b)
 
690
78,129
Basilea Pharmaceutica AG (a)
 
3,341
129,651
Belimo Holding AG (Reg.)
 
2,690
1,126,686
Bell Food Group AG
 
598
177,497
Bossard Holding AG
 
1,531
315,070
Bucher Industries AG
 
1,828
649,893
Burckhardt Compression Holding AG
 
830
419,722
Burkhalter Holding AG
 
2,029
189,149
Bystronic AG
 
372
177,484
Cembra Money Bank AG
 
8,215
563,983
COLTENE Holding AG
 
745
52,170
Comet Holding AG
 
2,110
413,116
Daetwyler Holdings AG
 
2,068
363,290
DKSH Holding AG
 
9,786
599,220
DocMorris AG (a)(b)
 
3,178
131,222
Dorma Kaba Holding AG
 
866
394,134
Dottikon ES Holding AG (a)
 
772
169,736
EFG International
 
25,401
303,812
Emmi AG
 
585
551,784
Flughafen Zuerich AG
 
5,460
1,015,591
Forbo Holding AG (Reg.)
 
267
293,519
Galenica AG (d)
 
13,681
1,030,982
Georg Fischer AG (Reg.)
 
22,414
1,156,120
Gurit-Heberlein AG (Bearer) (a)(b)
 
857
66,891
Huber+Suhner AG
 
4,727
322,703
Idorsia Ltd. (a)(b)
 
30,258
57,113
Implenia AG
 
3,493
108,670
INFICON Holding AG
 
468
506,766
Interroll Holding AG
 
186
487,671
Intershop Holding AG
 
282
186,936
IWG PLC (a)
 
207,463
332,852
Kardex AG
 
1,674
322,783
Komax Holding AG (Reg.)
 
1,043
206,158
Landis+Gyr Group AG
 
5,946
439,258
LEM Holding SA
 
125
252,845
Leonteq AG
 
2,588
110,815
Medacta Group SA (d)
 
1,914
219,248
Medartis Holding AG (a)(b)(d)
 
1,356
107,180
Medmix AG (d)
 
6,715
139,224
Meier Tobler Group AG
 
1,249
42,908
Metall Zug AG
 
52
74,600
Meyer Burger Technology AG (a)
 
877,985
234,927
Mobilezone Holding AG
 
11,781
178,726
Mobimo Holding AG
 
1,981
546,618
OC Oerlikon Corp. AG (Reg.)
 
50,480
200,444
Orior AG
 
1,827
149,028
PSP Swiss Property AG
 
12,509
1,536,036
Rieter Holding AG (Reg.)
 
717
60,693
Schweiter Technologies AG
 
270
150,783
Sensirion Holding AG (a)(b)(d)
 
2,551
190,698
SFS Group AG
 
4,793
476,323
Siegfried Holding AG
 
1,037
820,229
SKAN Group AG
 
2,792
209,020
St.Galler Kantonalbank AG
 
820
444,863
Stadler Rail AG
 
15,100
509,946
Sulzer AG (Reg.)
 
5,155
423,326
Swissquote Group Holding SA
 
3,129
598,179
Tecan Group AG
 
3,493
999,920
TX Group AG
 
725
67,347
u-blox Holding AG
 
1,862
175,423
V-ZUG Holding AG (a)
 
514
33,056
Valiant Holding AG
 
4,332
471,465
Vetropack Holding AG
 
3,517
137,834
Vontobel Holdings AG
 
7,743
451,139
Ypsomed Holding AG
 
1,123
308,635
Zehnder Group AG
 
2,484
128,344
TOTAL SWITZERLAND
 
 
26,107,388
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
199,000
146,455
Ukraine - 0.0%
 
 
 
Ferrexpo PLC (a)
 
79,474
73,172
United Arab Emirates - 0.1%
 
 
 
Network International Holdings PLC (a)(d)
 
130,998
617,461
United Kingdom - 13.5%
 
 
 
4Imprint Group PLC
 
7,662
467,501
888 Holdings PLC (a)
 
92,094
91,339
A.G. Barr PLC
 
25,550
152,634
AB Dynamics PLC
 
4,637
80,877
Advanced Medical Solutions Group PLC
 
58,507
137,816
AJ Bell PLC
 
85,330
262,605
Allfunds Group PLC
 
94,279
480,627
Alpha Financial Markets Consulting PLC
 
31,148
143,864
Alpha FX Group PLC
 
9,561
181,286
Alphawave IP Group PLC (a)
 
65,828
78,410
AO World PLC (a)
 
87,753
89,114
Ascential PLC (a)
 
119,004
378,676
Ashmore Group PLC
 
127,070
261,788
ASOS PLC (a)(b)
 
21,242
102,087
Assura PLC
 
825,268
410,658
Aston Martin Lagonda Global Holdings PLC (a)(d)
 
70,380
187,169
Auction Technology Group PLC (a)
 
26,669
181,847
B&M European Value Retail SA
 
259,760
1,669,555
Babcock International Group PLC (a)
 
69,188
328,642
Balfour Beatty PLC
 
153,600
577,255
Beazley PLC
 
183,599
1,148,135
Bellway PLC
 
33,048
838,712
Big Yellow Group PLC
 
47,901
556,013
Bodycote PLC
 
52,365
365,334
Boohoo.Com PLC (a)(b)
 
245,654
93,754
Breedon Group PLC
 
82,623
313,825
Bridgepoint Group PLC (d)
 
66,671
147,079
British Land Co. PLC
 
240,843
870,880
Britvic PLC
 
70,220
715,224
Bytes Technology Group PLC
 
62,462
373,675
Capita Group PLC (a)
 
458,937
93,546
Central Asia Metals PLC
 
47,811
95,187
Ceres Power Holdings PLC (a)(b)
 
34,077
82,009
Chemring Group PLC
 
77,724
264,043
Clarkson PLC
 
8,071
259,472
Close Brothers Group PLC
 
40,816
395,390
CLS Holdings PLC (b)
 
49,159
51,804
CMC Markets PLC (d)
 
31,310
35,887
Coats Group PLC
 
436,914
358,988
Computacenter PLC
 
23,454
731,494
ConvaTec Group PLC (d)
 
446,831
1,109,012
Craneware PLC
 
8,102
156,084
Cranswick PLC
 
14,674
623,173
Crest Nicholson Holdings PLC
 
62,178
120,919
Currys PLC
 
266,324
144,890
Custodian (REIT) PLC
 
113,386
113,146
CVS Group PLC
 
19,466
346,618
Darktrace PLC (a)
 
86,304
367,144
Dechra Pharmaceuticals PLC
 
31,084
1,438,702
Deliveroo PLC Class A (a)(d)
 
259,508
410,045
Derwent London PLC
 
26,144
579,290
Diploma PLC
 
36,605
1,264,450
Direct Line Insurance Group PLC (a)
 
356,269
655,170
Discoverie Group PLC
 
25,979
194,825
Domino's Pizza UK & IRL PLC
 
102,675
428,051
Dowlais Group PLC
 
368,421
447,797
Dr. Martens Ltd.
 
178,684
252,799
Drax Group PLC
 
106,318
546,102
DS Smith PLC
 
375,785
1,302,645
Dunelm Group PLC
 
33,173
393,323
easyJet PLC (a)
 
83,000
369,229
Elementis PLC (a)
 
158,123
227,554
Empiric Student Property PLC
 
162,772
167,176
EnQuest PLC (a)
 
446,519
87,704
Ergomed PLC (a)
 
12,020
196,062
Essentra PLC
 
81,742
147,639
FD Technologies PLC (a)
 
6,484
67,698
FDM Group Holdings PLC
 
25,607
135,856
Fever-Tree Drinks PLC
 
28,510
347,911
Firstgroup PLC
 
188,911
362,557
Forterra PLC (d)
 
54,126
88,550
Frasers Group PLC (a)
 
31,384
306,310
Future PLC
 
29,926
321,724
Games Workshop Group PLC
 
8,990
1,079,031
Gamma Communications PLC
 
25,212
320,535
GB Group PLC
 
67,692
196,640
Genuit Group PLC
 
67,535
217,937
Genus PLC
 
17,976
467,130
Grafton Group PLC unit
 
55,622
521,308
Grainger Trust PLC
 
191,948
530,531
Great Portland Estates PLC
 
55,810
264,554
Greatland Gold PLC (a)
 
1,240,085
141,381
Greggs PLC
 
27,970
805,708
Halfords Group PLC
 
59,693
145,543
Hammerson PLC
 
1,081,459
289,707
Harbour Energy PLC
 
152,759
471,233
Hays PLC
 
434,499
507,515
Hill & Smith Holdings PLC
 
21,864
437,949
Hilton Food Group PLC
 
22,163
175,905
Hiscox Ltd.
 
94,740
1,080,123
Home (REIT) PLC (c)
 
235,236
108,792
Howden Joinery Group PLC
 
149,554
1,159,000
Hunting PLC
 
38,265
134,644
Ibstock PLC (d)
 
108,379
161,368
IG Group Holdings PLC
 
110,639
857,958
IMI PLC
 
71,218
1,268,132
Impact Healthcare REIT PLC
 
92,807
93,400
Impax Asset Management Group PLC
 
26,722
125,045
Inchcape PLC
 
101,520
821,794
Indivior PLC (a)
 
35,796
685,255
IntegraFin Holdings PLC
 
80,547
214,207
Intermediate Capital Group PLC
 
79,334
1,257,884
International Distributions Services PLC (a)
 
195,282
599,560
Investec PLC
 
176,728
979,721
IP Group PLC
 
284,851
151,818
ITM Power PLC (a)(b)
 
126,370
99,254
ITV PLC
 
992,886
770,665
J.D. Wetherspoon PLC (a)
 
24,217
186,026
Jet2 PLC
 
46,951
571,807
John Wood Group PLC (a)
 
187,515
323,412
Johnson Service Group PLC
 
114,316
177,572
Judges Scientific PLC
 
1,628
161,466
Jupiter Fund Management PLC
 
120,430
114,906
Just Eat Takeaway.com NV (a)(d)
 
51,220
624,153
Just Group PLC
 
281,733
258,879
Kainos Group PLC
 
22,217
302,981
Keller Group PLC
 
19,786
186,379
Kier Group PLC (a)
 
116,746
143,034
Lancashire Holdings Ltd.
 
66,772
460,978
Learning Technologies Group PLC
 
160,465
120,631
Liontrust Asset Management PLC
 
16,542
112,392
Londonmetric Properity PLC
 
298,114
599,315
LXI REIT PLC
 
446,991
465,876
Man Group PLC
 
327,939
874,913
Marks & Spencer Group PLC (a)
 
538,216
1,418,251
Marlowe PLC (a)
 
22,148
149,136
Marshalls PLC
 
61,538
153,931
ME Group International PLC
 
52,097
88,776
Mitchells & Butlers PLC (a)
 
73,536
185,373
Mitie Group PLC
 
349,154
418,014
Mobico Group PLC
 
152,808
116,082
Molten Ventures PLC (a)
 
35,845
102,559
Moneysupermarket.com Group PLC
 
139,257
438,383
Moonpig Group PLC (a)
 
64,937
130,152
Morgan Advanced Materials PLC
 
77,392
211,649
Morgan Sindall PLC
 
11,555
264,037
NCC Group Ltd.
 
83,600
108,318
Next Fifteen Communications Group PLC
 
22,728
174,588
Ninety One PLC
 
76,820
147,619
OSB Group PLC
 
114,156
415,975
Oxford BioMedica PLC (a)
 
18,020
46,433
Oxford Instruments PLC
 
15,006
328,668
Oxford Nanopore Technologies Ltd. (a)
 
146,399
362,287
Pagegroup PLC
 
89,840
410,140
Pan African Resources PLC
 
527,517
103,870
Paragon Banking Group PLC
 
57,837
311,842
Pennon Group PLC
 
71,449
630,912
Petrofac Ltd. (a)(b)
 
121,424
69,365
Pets At Home Group PLC
 
132,192
451,169
Picton Property Income Ltd.
 
148,854
117,601
Playtech Ltd. (a)
 
63,709
304,010
Polar Capital Holdings PLC
 
25,383
128,652
Premier Foods PLC
 
176,040
250,770
Primary Health Properties PLC
 
366,895
400,233
PZ Cussons PLC Class L
 
63,111
102,636
QinetiQ Group PLC
 
142,502
573,305
Quilter PLC (d)
 
384,902
373,795
Rank Group PLC (a)
 
57,344
46,838
Rathbone Brothers PLC
 
16,357
297,819
Redde Northgate PLC
 
62,880
256,796
Redrow PLC
 
77,150
456,294
Renew Holdings PLC
 
21,718
189,268
Renewi PLC (a)
 
19,855
141,659
Renishaw PLC
 
9,955
373,158
Rightmove PLC
 
222,653
1,280,050
Rotork PLC
 
235,337
837,526
RS GROUP PLC
 
129,412
1,065,194
RWS Holdings PLC
 
80,399
202,869
S4 Capital PLC (a)
 
100,887
77,804
Safestore Holdings PLC
 
59,661
495,640
Savills PLC
 
37,463
358,583
Serco Group PLC
 
301,444
523,938
Serica Energy PLC
 
68,754
194,544
Shaftesbury Capital PLC
 
398,388
503,590
SIG PLC (a)
 
186,419
61,631
Smart Metering Systems PLC
 
36,522
283,656
Softcat PLC
 
35,347
543,476
Spectris PLC
 
28,363
1,068,688
Spire Healthcare Group PLC (d)
 
77,861
202,048
Spirent Communications PLC
 
162,869
192,515
SSP Group PLC (a)
 
218,285
477,566
SThree PLC
 
37,024
157,953
Subsea 7 SA
 
62,354
817,175
Supermarket Income (REIT) PLC
 
339,945
299,973
Synthomer PLC (a)
 
32,935
75,858
Target Healthcare (REIT) PLC
 
168,479
147,645
Tate & Lyle PLC
 
109,770
841,213
Team17 Group PLC (a)
 
31,345
100,960
Telecom Plus PLC
 
19,532
366,548
The PRS REIT PLC
 
149,414
131,119
The Weir Group PLC
 
70,851
1,469,998
THG PLC (a)
 
159,892
135,883
TORM PLC
 
9,282
283,181
TP ICAP Group PLC
 
216,770
413,916
Trainline PLC (a)(d)
 
125,056
395,806
Travis Perkins PLC
 
57,814
519,717
Tritax Big Box REIT PLC
 
510,999
849,656
Trustpilot Group PLC (a)(d)
 
70,423
85,596
Tyman PLC
 
53,365
157,616
UK Commercial Property REIT Ltd.
 
214,470
137,377
Unite Group PLC
 
93,266
984,533
Urban Logistics REIT PLC
 
127,103
160,976
Vanquis Banking Group PLC
 
69,203
97,234
Vesuvius PLC
 
58,908
288,547
Victoria PLC (a)(b)
 
15,452
60,475
Victrex PLC
 
23,833
398,887
Virgin Money UK PLC
 
315,707
571,560
Vistry Group PLC
 
89,826
771,896
Volex PLC
 
34,684
119,093
Volution Group PLC
 
53,247
234,671
Warehouse (REIT) PLC
 
110,545
97,412
Watches of Switzerland Group PLC (a)(d)
 
65,140
396,664
WH Smith PLC
 
35,842
505,344
Wickes Group PLC
 
70,941
110,368
Wincanton PLC
 
31,097
95,248
Workspace Group PLC
 
39,124
229,302
Yellow Cake PLC (a)(d)
 
55,514
372,459
YouGov PLC
 
28,836
297,914
Young & Co.'s Brewery PLC Class A
 
5,536
69,979
TOTAL UNITED KINGDOM
 
 
83,469,736
United States of America - 0.6%
 
 
 
Burford Capital Ltd.
 
50,838
628,415
Carnival PLC (a)
 
37,824
388,201
Diversified Gas & Oil PLC
 
266,267
216,349
Fiverr International Ltd. (a)(b)
 
8,781
185,894
InMode Ltd. (a)(b)
 
20,436
390,328
JS Global Lifestyle Co. Ltd. (b)(d)
 
376,000
59,217
Maxeon Solar Technologies Ltd. (a)(b)
 
9,379
58,525
PolyPeptide Group AG (a)(d)
 
4,062
76,002
REC Silicon ASA (a)
 
74,306
96,483
Reliance Worldwide Corp. Ltd.
 
216,209
481,922
RHI Magnesita NV
 
7,731
241,118
Riskified Ltd. (a)
 
23,770
88,662
Sims Ltd.
 
44,945
358,274
Taro Pharmaceutical Industries Ltd. (a)
 
2,580
87,617
Vobile Group Ltd. (a)
 
402,000
103,536
TOTAL UNITED STATES OF AMERICA
 
 
3,460,543
Vietnam - 0.0%
 
 
 
XP Power PLC
 
4,749
63,263
 
TOTAL COMMON STOCKS
 (Cost $825,371,085)
 
 
 
605,016,420
 
 
 
 
Nonconvertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Germany - 0.3%
 
 
 
Draegerwerk AG & Co. KGaA (non-vtg.)
 
2,377
119,593
Einhell Germany AG
 
446
62,670
Fuchs Petrolub AG
 
19,021
771,233
Jungheinrich AG
 
13,147
352,501
Sixt SE Preference Shares
 
4,474
257,053
Sto SE & Co. KGaA
 
697
90,564
TOTAL GERMANY
 
 
1,653,614
Italy - 0.0%
 
 
 
Danieli & C. Officine Meccaniche SpA
 
10,822
218,251
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $2,310,960)
 
 
 
1,871,865
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f)
  (Cost $491,687)
 
500,000
491,658
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
5,968,079
5,969,273
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
16,586,735
16,588,393
 
TOTAL MONEY MARKET FUNDS
 (Cost $22,557,666)
 
 
22,557,666
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $850,731,398)
 
 
 
629,937,609
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(11,107,513)
NET ASSETS - 100.0%
618,830,096
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
120
Dec 2023
11,844,600
(468,864)
(468,864)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
 
 
 
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 $22,707,807 or 3.7% 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 $393,327.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
5,135,838
57,376,441
56,543,006
183,025
-
-
5,969,273
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
21,280,639
65,424,424
70,116,670
727,063
-
-
16,588,393
0.1%
Total
26,416,477
122,800,865
126,659,676
910,088
-
-
22,557,666
 
 
 
 
 
 
 
 
 
 
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 October 31, 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
25,828,976
16,709,442
9,119,534
-
Consumer Discretionary
78,521,400
31,844,107
46,677,293
-
Consumer Staples
41,647,152
16,328,890
25,318,262
-
Energy
19,820,888
13,673,732
6,147,156
-
Financials
73,963,037
47,953,597
26,009,440
-
Health Care
38,780,111
21,889,915
16,890,196
-
Industrials
137,627,179
75,723,592
61,903,587
-
Information Technology
55,705,723
27,747,401
27,958,322
-
Materials
58,479,939
21,558,479
36,408,521
512,939
Real Estate
61,000,794
29,170,352
31,721,650
108,792
Utilities
15,513,086
8,545,691
6,967,395
-
 Government Obligations
491,658
-
491,658
-
  Money Market Funds
22,557,666
22,557,666
-
-
 Total Investments in Securities:
629,937,609
333,702,864
295,613,014
621,731
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(468,864)
(468,864)
-
-
  Total Liabilities
(468,864)
(468,864)
-
-
 Total Derivative Instruments:
(468,864)
(468,864)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) 
0
(468,864)
Total Equity Risk
0
(468,864)
Total Value of Derivatives
0
(468,864)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,430,194) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $828,173,732)
$
607,379,943
 
 
Fidelity Central Funds (cost $22,557,666)
22,557,666
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $850,731,398)
 
 
$
629,937,609
Foreign currency held at value (cost $1,645,739)
 
 
1,637,735
Receivable for investments sold
 
 
700,249
Receivable for fund shares sold
 
 
61,183
Dividends receivable
 
 
2,020,393
Reclaims receivable
 
 
1,167,142
Distributions receivable from Fidelity Central Funds
 
 
65,768
Receivable for daily variation margin on futures contracts
 
 
35,400
Prepaid expenses
 
 
939
Receivable from investment adviser for expense reductions
 
 
15,902
Other receivables
 
 
890
  Total assets
 
 
635,643,210
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
73,167
 
 
Accrued management fee
52,342
 
 
Other payables and accrued expenses
99,211
 
 
Collateral on securities loaned
16,588,394
 
 
  Total Liabilities
 
 
 
16,813,114
Net Assets  
 
 
$
618,830,096
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
896,584,264
Total accumulated earnings (loss)
 
 
 
(277,754,168)
Net Assets
 
 
$
618,830,096
Net Asset Value, offering price and redemption price per share ($618,830,096 ÷ 85,360,457 shares)
 
 
$
7.25
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
22,238,304
Interest  
 
 
18,844
Income from Fidelity Central Funds (including $727,063 from security lending)
 
 
910,088
 Income before foreign taxes withheld
 
 
$
23,167,236
Less foreign taxes withheld
 
 
(1,979,934)
 Total Income
 
 
 
21,187,302
Expenses
 
 
 
 
Management fee
$
684,387
 
 
Custodian fees and expenses
148,862
 
 
Independent trustees' fees and expenses
4,007
 
 
Registration fees
24,455
 
 
Audit
59,838
 
 
Legal
681
 
 
Interest
8,009
 
 
Miscellaneous
3,443
 
 
 Total expenses before reductions
 
933,682
 
 
 Expense reductions
 
(238,147)
 
 
 Total expenses after reductions
 
 
 
695,535
Net Investment income (loss)
 
 
 
20,491,767
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(49,248,983)
 
 
 Foreign currency transactions
 
(19,832)
 
 
 Futures contracts
 
1,318,725
 
 
Total net realized gain (loss)
 
 
 
(47,950,090)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
80,562,346
 
 
 Assets and liabilities in foreign currencies
 
31,295
 
 
 Futures contracts
 
(38,928)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
80,554,713
Net gain (loss)
 
 
 
32,604,623
Net increase (decrease) in net assets resulting from operations
 
 
$
53,096,390
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
20,491,767
$
23,260,160
Net realized gain (loss)
 
(47,950,090)
 
 
(26,145,421)
 
Change in net unrealized appreciation (depreciation)
 
80,554,713
 
(297,069,291)
 
Net increase (decrease) in net assets resulting from operations
 
53,096,390
 
 
(299,954,552)
 
Distributions to shareholders
 
(19,865,640)
 
 
(11,052,522)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
19,585,828
 
175,719,119
  Reinvestment of distributions
 
19,858,109
 
 
11,052,043
 
Cost of shares redeemed
 
(118,024,796)
 
(85,002,656)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(78,580,859)
 
 
101,768,506
 
Total increase (decrease) in net assets
 
(45,350,109)
 
 
(209,238,568)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
664,180,205
 
873,418,773
 
End of period
$
618,830,096
$
664,180,205
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,520,341
 
18,306,524
  Issued in reinvestment of distributions
 
2,669,101
 
 
1,147,668
 
Redeemed
 
(15,225,197)
 
(10,341,740)
Net increase (decrease)
 
(10,035,755)
 
9,112,452
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International Small Cap Index Fund
 
Years ended October 31,
 
2023  
 
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
 
.23
 
.24
 
.09
     Net realized and unrealized gain (loss)
 
.29
 
(3.27)
 
.03
  Total from investment operations
 
.52  
 
(3.03)  
 
.12  
  Distributions from net investment income
 
(.23)
 
(.13)
 
-
     Total distributions
 
(.23)
 
(.13)
 
-
  Net asset value, end of period
$
7.25
$
6.96
$
10.12
 Total Return D,E
 
7.34%
 
(30.31)%
 
1.20%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.14%
 
.14%
 
.19% H,I
    Expenses net of fee waivers, if any
 
.10%
 
.10%
 
.10% H
    Expenses net of all reductions
 
.10%
 
.10%
 
.10% H
    Net investment income (loss)
 
3.00%
 
2.85%
 
2.00% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
618,830
$
664,180
$
873,419
    Portfolio turnover rate J
 
13%
 
20%
 
1% K
 
AFor the period May 27, 2021 (commencement of operations) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet 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.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns for periods of less than one year are not annualized.
 
FFees 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.
 
GExpense 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.
 
HAnnualized.
 
IAudit fees are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KAmount not annualized.
 
For the period ended October 31, 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 RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no
sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), 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
$34,586,481
Gross unrealized depreciation
(261,628,307)
Net unrealized appreciation (depreciation)
$(227,041,826)
Tax Cost
$856,979,435
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$19,801,782
Capital loss carryforward
$(70,448,268)
Net unrealized appreciation (depreciation) on securities and other investments
$(227,124,625)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(36,311,555)
 Long-term
(34,136,713)
Total capital loss carryforward
$(70,448,268)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$19,865,640
$ 11,052,522
 
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
87,361,884
153,818,341
 
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
$1,250
 
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
$75,599
$2,809
$8,537
 
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 28, 2025. 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 $237,633.
 
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 $514.
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%
13%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI International Small Cap Index Fund
82%
 
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.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity SAI International Small Cap Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI International Small Cap Index Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the peiod from May 27, 2021 (commencement of operations) through October 31, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the peiod from May 27, 2021 (commencement of operations) through October 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 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 May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International Small Cap Index Fund
 
 
 
.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 898.40
 
$ .48
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.70
 
$ .51
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 89.99% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund designates 0.04% of the dividend distributed during the fiscal year as a section 199A dividend.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.0.2562 and $0.0292 for the dividend paid December 19, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International Small Cap Index Fund
Each year, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the fund over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.10% through February 29, 2024.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9903806.102
SCI-ANN-1223

Item 2.

Code of Ethics


As of the end of the period, October 31, 2023, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, Deloitte Entities) in each of the last two fiscal years for services rendered to Fidelity SAI International Small Cap Index Fund, Fidelity Series International Index Fund, Fidelity ZERO Extended Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund and Fidelity ZERO Total Market Index Fund (the Fund(s)):


Services Billed by Deloitte Entities


October 31, 2023 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI International Small Cap Index Fund

$45,500

$-

$9,600

$1,200

Fidelity Series International Index Fund

$57,200

$-

$10,000

$1,400

Fidelity ZERO Extended Market Index Fund

$62,100

$-

$7,900

$1,500

Fidelity ZERO International Index Fund

$52,200

$-

$10,000

$1,300

Fidelity ZERO Large Cap Index Fund

$43,000

$-

$7,900

$1,100

Fidelity ZERO Total Market Index Fund

$39,500

$-

$7,700

$1,000



October 31, 2022 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI International Small Cap Index Fund

$45,200

$-

$8,900

$1,000

Fidelity Series International Index Fund

$59,100

$-

$9,100

$1,300

Fidelity ZERO Extended Market Index Fund

$61,400

$-

$7,600

$1,400

Fidelity ZERO International Index Fund

$51,800

$-

$9,100

$1,200

Fidelity ZERO Large Cap Index Fund

$44,400

$-

$7,600

$1,000

Fidelity ZERO Total Market Index Fund

$40,500

$-

$7,100

$900



A Amounts may reflect rounding.


The following table presents fees billed by PricewaterhouseCoopers LLP (PwC) in each of the last two fiscal years for services rendered to Fidelity SAI Japan Stock Index Fund (the Fund(s)):



Services Billed by PwC


October 31, 2023 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Japan Stock Index Fund

$51,300

$4,700

$11,600

$1,600




October 31, 2022 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Japan Stock Index Fund

$48,700

$4,400

$12,600

$1,500



A Amounts may reflect rounding.





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




Services Billed by Deloitte Entities




October 31, 2023A

October 31, 2022A

Audit-Related Fees

 $-

$-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.




Services Billed by PwC




October 31, 2023A

October 31, 2022A

Audit-Related Fees

$8,284,200

$7,914,600

Tax Fees

$1,000

$1,000

All Other Fees

$-

$-


A Amounts may reflect rounding.


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


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


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


Assurance services must be performed by an independent public accountant.


* * *


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




Billed By

October 31, 2023A

October 31, 2022A

Deloitte Entities
PwC

$303,200

13,605,700


$513,800
12,901,500



A Amounts may reflect rounding.



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


Audit Committee Pre-Approval Policies and Procedures

 

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


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




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


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


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


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

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4.


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 trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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 trusts 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 trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 18.  

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

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

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 21, 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:

December 21, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 21, 2023