N-CSR 1 filing788.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)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

October 31, 2021




Item 1.

Reports to Stockholders




Fidelity® SAI International Small Cap Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 27.1% 
   United Kingdom 15.0% 
   Australia 9.2% 
   Sweden 7.5% 
   Switzerland 5.3% 
   Germany 5.0% 
   Netherlands 3.0% 
   Israel 2.9% 
   Italy 2.8% 
   Other 22.2% 


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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
VAT Group AG (Switzerland, Machinery) 0.4 
IMCD NV (Netherlands, Trading Companies & Distributors) 0.4 
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) 0.3 
Euronext NV (Netherlands, Capital Markets) 0.3 
Intermediate Capital Group PLC (United Kingdom, Capital Markets) 0.3 
Sig Combibloc Group AG (Switzerland, Containers & Packaging) 0.3 
Rightmove PLC (United Kingdom, Interactive Media & Services) 0.3 
Meggitt PLC (United Kingdom, Aerospace & Defense) 0.3 
Indutrade AB (Sweden, Machinery) 0.3 
B&M European Value Retail SA (Luxembourg, Multiline Retail) 0.2 
 3.1 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Industrials 23.4 
Consumer Discretionary 11.4 
Real Estate 12.6 
Financials 11.4 
Information Technology 10.1 
Materials 8.7 
Health Care 7.3 
Consumer Staples 4.7 
Communication Services 4.5 
Utilities 3.1 

Asset Allocation as of October 31, 2021

As of October 31, 2021 % of fund's net assets 
Stocks and Equity Futures 100.0 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.6%   
 Shares Value 
Australia - 9.2%   
Abacus Property Group unit 134,080 $360,076 
Accent Group Ltd. 96,790 180,569 
Adbri Ltd. 96,584 216,513 
Alkane Resources Ltd. (a) 108,172 72,828 
ALS Ltd. 130,189 1,293,717 
Altium Ltd. 31,907 881,355 
Alumina Ltd. 665,896 996,831 
AMP Ltd. 927,785 753,760 
Ansell Ltd. 34,687 822,200 
Appen Ltd. 31,102 251,512 
ARB Corp. Ltd. 19,927 728,368 
Arena (REIT) unit 93,731 317,291 
Atlas Arteria Ltd. unit 258,383 1,205,085 
Aub Group Ltd. 20,328 331,984 
Austal Ltd. 85,795 121,334 
Australian Agricultural Co. Ltd. (a) 79,655 94,674 
Australian Ethical Investment Ltd. 22,460 231,300 
Australian Pharmaceutical Industries Ltd. 106,063 120,477 
Aventus Group 92,568 238,149 
Bank of Queensland Ltd. (b) 173,933 1,151,402 
Bapcor Ltd. 92,043 550,453 
Beach Energy Ltd. 463,264 486,144 
Bega Cheese Ltd. 82,544 336,548 
Bellevue Gold Ltd. (a) 202,678 131,119 
Bendigo & Adelaide Bank Ltd. 148,383 1,032,495 
Betmakers Technology Group Ltd. (a) 165,967 152,315 
Blackmores Ltd. 3,964 280,807 
Boral Ltd. (a) 104,086 499,546 
BrainChip Holdings Ltd. (a) 369,172 130,524 
Bravura Solutions Ltd. 69,379 145,089 
Breville Group Ltd. 26,350 580,977 
Brickworks Ltd. 20,419 364,651 
BWP Trust 129,772 413,913 
BWX Ltd. 37,136 130,180 
carsales.com Ltd. 72,248 1,340,235 
Cedar Woods Properties Ltd. 18,013 80,760 
Centuria Capital Group unit 161,033 388,850 
Centuria Industrial REIT 155,002 425,591 
Centuria Office REIT unit 106,298 192,710 
Chalice Mining Ltd. (a) 85,252 427,753 
Challenger Ltd. 155,506 811,837 
Champion Iron Ltd. (a) 88,192 291,907 
Charter Hall Group unit 125,649 1,638,022 
Charter Hall Long Wale REIT unit 153,137 559,859 
Charter Hall Retail REIT 145,050 447,367 
Charter Hall Social Infrastruc 87,347 251,000 
Cimic Group Ltd. 21,246 318,367 
City Chic Collective Ltd. (a) 54,295 252,821 
Cleanaway Waste Management Ltd. 554,067 1,117,016 
Clinuvel Pharmaceuticals Ltd. 10,787 313,302 
Codan Ltd./Australia 27,183 205,507 
Collins Foods Ltd. 29,844 287,362 
Cooper Energy Ltd. (a) 414,887 90,509 
Corporate Travel Management Ltd. 29,499 543,448 
Costa Group Holdings Ltd. 121,137 266,086 
Credit Corp. Group Ltd. 18,305 431,688 
Cromwell Property Group unit 388,645 236,810 
CSR Ltd. 130,187 580,744 
Data#3 Ltd. 39,335 167,774 
De Grey Mining Ltd. (a) 277,198 232,502 
Deterra Royalties Ltd. 114,288 333,576 
Dicker Data Ltd. 16,124 181,818 
Domain Holdings Australia Ltd. 63,346 272,570 
Downer EDI Ltd. 189,245 896,865 
Eagers Automotive Ltd. 41,692 464,797 
Elders Ltd. 42,390 383,611 
Electro Optic Systems Holdings (a) 31,987 76,758 
Emeco Holdings Ltd. 106,701 88,292 
EML Payments Ltd. (a) 78,131 173,383 
Event Hospitality & Entertainment Ltd. (a) 26,184 323,423 
Flight Centre Travel Group Ltd. (a)(b) 43,064 647,574 
G8 Education Ltd. 234,896 194,371 
GDI Property Group unit 131,554 115,785 
Genworth Mortgage Insurance Ltd. 112,633 194,875 
Gold Road Resources Ltd. 238,466 248,450 
GrainCorp Ltd. 61,256 289,381 
Growthpoint Properties Australia Ltd. 82,038 256,109 
GUD Holdings Ltd. 26,131 239,816 
GWA Group Ltd. 56,171 114,933 
Hansen Technologies Ltd. 43,174 205,259 
Harvey Norman Holdings Ltd. 152,495 568,983 
Healius Ltd. 143,838 521,534 
Home Consortium Ltd. 22,740 136,165 
HT&E Ltd. 63,628 92,378 
HUB24 Ltd. 14,867 354,300 
IDP Education Ltd. 56,360 1,587,761 
IGO Ltd. 183,756 1,332,542 
Iluka Resources Ltd. 114,100 806,818 
Imugene Ltd. (a) 1,197,392 445,865 
Incitec Pivot Ltd. 523,767 1,178,071 
Ingenia Communities Group unit 80,355 393,510 
Inghams Group Ltd. 88,534 247,085 
Integral Diagnostics Ltd. 45,866 162,163 
Integrated Research Ltd. 32,872 37,463 
Invocare Ltd. 39,499 336,650 
IOOF Holdings Ltd. 165,284 507,286 
IPH Ltd. 58,684 377,882 
Iress Ltd. 52,307 472,175 
Irongate Group 131,255 158,472 
JB Hi-Fi Ltd. 31,003 1,177,528 
Johns Lyng Group Ltd. 35,990 175,707 
Jumbo Interactive Ltd. 14,558 183,215 
Jupiter Mines Ltd. 307,237 54,313 
Kogan.Com Ltd. 23,353 174,619 
Lendlease Global Commercial (REIT) 240,500 156,053 
Lifestyle Communities Ltd. 25,032 409,560 
Link Administration Holdings Ltd. 122,915 402,213 
Lovisa Holdings Ltd. 14,712 240,377 
Lynas Rare Earths Ltd. (a) 243,023 1,340,027 
MA Financial Group Ltd. 17,876 109,998 
Maas Group Holdings Ltd. 20,713 75,570 
Mayne Pharma Group Ltd. (a) 427,430 109,322 
McMillan Shakespeare Ltd. 19,142 197,130 
Megaport Ltd. (a) 38,022 512,263 
Mesoblast Ltd. (a)(b) 159,253 191,680 
Metcash Ltd. 275,381 843,122 
Mineral Resources Ltd. 43,236 1,255,112 
Monadelphous Group Ltd. 24,620 186,130 
Mount Gibson Iron Ltd. 144,749 45,733 
Nanosonics Ltd. (a) 68,462 304,883 
National Storage REIT unit 310,544 558,320 
Nearmap Ltd. (a) 127,648 212,211 
Netwealth Group Ltd. 29,686 386,331 
New Hope Corp. Ltd. (b) 125,151 189,231 
NEXTDC Ltd. (a) 123,208 1,088,101 
NIB Holdings Ltd. 124,041 617,711 
Nick Scali Ltd. 18,432 200,633 
Nickel Mines Ltd. 270,491 212,633 
Nine Entertainment Co. Holdings Ltd. 391,549 812,938 
NRW Holdings Ltd. 121,040 166,171 
Nufarm Ltd. (a) 86,157 281,930 
Nuix Ltd. (a) 50,759 117,605 
Objective Corp. Ltd. 6,278 98,703 
Omni Bridgeway Ltd. (a) 71,962 167,814 
oOh!media Ltd. (a) 160,833 219,591 
Orocobre Ltd. (a) 153,992 1,030,980 
Orora Ltd. 243,603 604,726 
OZ Minerals Ltd. 90,206 1,705,258 
Pact Group Holdings Ltd. 49,948 116,477 
Paladin Energy Ltd. (Australia) (a) 611,034 404,492 
Pendal Group Ltd. 86,217 431,297 
Perenti Global Ltd. 156,195 119,848 
Perpetual Trustees Australia Ltd. 15,301 433,473 
Perseus Mining Ltd. (Australia) 336,523 399,976 
Pilbara Minerals Ltd. (a) 627,136 1,037,879 
Pinnacle Investment Management Group Ltd. 25,455 328,589 
Platinum Asset Management Ltd. 110,841 253,476 
PointsBet Holdings Ltd. (a) 51,442 319,252 
PolyNovo Ltd. (a) 159,098 217,820 
Premier Investments Ltd. 23,694 545,052 
Pro Medicus Ltd. 12,559 503,363 
Qube Holdings Ltd. 492,362 1,177,806 
Ramelius Resources Ltd. 217,700 260,386 
Redbubble Ltd. (a) 51,939 162,145 
Regis Resources Ltd. 205,135 308,626 
Reliance Worldwide Corp. Ltd. 213,072 924,835 
Resolute Mng Ltd. (a) 293,145 92,618 
Rural Funds Group unit 89,221 186,584 
Sandfire Resources NL 91,584 383,051 
SeaLink Travel Group Ltd. 38,039 210,033 
Select Harvests Ltd. 31,989 177,831 
Seven Group Holdings Ltd. 39,378 637,764 
SG Fleet Group Ltd. 31,554 60,291 
Shopping Centres Australasia Property Group unit 299,069 625,430 
Sigma Healthcare Ltd. 237,432 101,807 
Silver Lake Resources Ltd. (a) 236,080 301,017 
Sims Ltd. 46,310 497,816 
Smartgroup Corp. Ltd. 34,421 207,663 
Southern Cross Media Group Ltd. 70,393 122,851 
Spark Infrastructure Group unit 474,029 1,002,013 
St Barbara Ltd. 191,752 211,320 
Steadfast Group Ltd. 234,270 819,468 
Super Retail Group Ltd. 42,906 417,329 
Tassal Group Ltd. 57,342 153,131 
Technology One Ltd. 74,130 680,882 
Telix Pharmaceuticals Ltd. (a) 49,867 226,200 
Temple & Webster Group Ltd. (a) 21,499 204,907 
The Star Entertainment Group Ltd. (a) 231,449 637,233 
Tyro Payments Ltd. (a) 88,846 270,011 
United Malt Group Ltd. 76,311 231,916 
Uniti Group Ltd. (a) 146,951 449,914 
Viva Energy Group Ltd. (c) 228,436 398,671 
Waypoint (REIT) unit 210,545 432,384 
Webjet Ltd. 102,933 489,366 
West African Resources Ltd. (a) 230,033 224,955 
Western Areas NL 88,345 210,006 
Westgold Resources Ltd. 102,720 150,679 
Whitehaven Coal Ltd. (a) 251,566 493,918 
WorleyParsons Ltd. 84,717 689,541 
Zip Co. Ltd. (a) 121,846 595,781 
TOTAL AUSTRALIA  80,277,377 
Austria - 0.9%   
Agrana Beteiligungs AG 3,340 70,425 
Andritz AG 18,213 1,031,236 
AT&S Austria Technologie & Systemtechnik AG 6,720 257,520 
BAWAG Group AG (c) 19,338 1,217,215 
CA Immobilien Anlagen AG 14,341 613,393 
DO & CO Restaurants & Catering AG (a) 1,765 159,555 
EVN AG 9,276 261,643 
FACC AG (a) 5,450 55,694 
IMMOFINANZ Immobilien Anlagen AG (b) 21,089 505,130 
Lenzing AG (a) 3,588 431,364 
Oesterreichische Post AG 9,097 383,839 
Palfinger AG 3,955 174,650 
PORR AG (a) 3,242 46,472 
PORR AG rights 11/3/21 (a) 3,242 529 
S IMMO AG 11,577 274,352 
S&T AG (b) 13,247 318,215 
Schoeller-Bleckmann Oilfield Equipment AG (a) 3,033 123,592 
Semperit AG Holding 2,752 92,735 
Telekom Austria AG 43,844 379,114 
UNIQA Insurance Group AG 32,943 306,561 
Vienna Insurance Group AG 10,138 295,918 
Wienerberger AG 31,051 1,099,104 
Zumtobel AG 7,807 80,322 
TOTAL AUSTRIA  8,178,578 
Bailiwick of Guernsey - 0.2%   
BMO Commercial Property Trust Ltd. 214,111 300,054 
Burford Capital Ltd. 49,929 512,136 
Picton Property Income Ltd. 149,415 198,552 
Regional REIT Ltd. (c) 111,292 133,727 
Sirius Real Estate Ltd. 269,617 498,867 
UK Commercial Property REIT Ltd. 210,209 218,638 
TOTAL BAILIWICK OF GUERNSEY  1,861,974 
Bailiwick of Jersey - 0.6%   
Boohoo.Com PLC (a) 274,016 681,571 
Breedon Group PLC 411,378 551,732 
Centamin PLC 313,327 402,046 
IWG PLC (a) 203,473 861,843 
Man Group PLC 391,389 1,246,424 
Petrofac Ltd. (a)(b) 77,618 137,560 
Petrofac Ltd. rights (a)(b) 19,404 3,851 
Sanne Group PLC 43,778 541,608 
TP ICAP Group PLC 213,749 454,293 
TOTAL BAILIWICK OF JERSEY  4,880,928 
Belgium - 1.7%   
Ackermans & Van Haaren SA 6,304 1,083,640 
Aedifica SA 8,915 1,188,252 
Agfa-Gevaert NV (a) 38,848 168,855 
Akka Technologies SA (a) 3,418 188,710 
Barco NV 18,397 413,855 
Befimmo SCA Sicafi 6,117 250,322 
Bekaert SA 9,823 430,142 
Bpost SA (a) 26,627 227,778 
Cofinimmo SA 7,464 1,203,660 
Compagnie D'entreprises CFE SA 2,048 209,523 
D'ieteren Group 5,961 1,026,057 
Econocom Group SA 35,464 149,842 
Euronav NV 50,885 540,584 
Fagron NV 16,694 289,088 
Galapagos NV (a) 12,393 657,207 
Gimv NV 5,253 339,451 
Immobel SA 1,063 93,514 
Intervest Offices & Warehouses NV 5,725 166,776 
Ion Beam Applications SA 5,630 110,641 
KBC Ancora 9,605 500,318 
Kinepolis Group NV (a) 3,746 235,789 
Melexis NV 5,503 633,602 
Mithra Pharmaceuticals SA (a)(b) 5,115 112,346 
Montea SICAFI SCA 2,833 420,503 
Ontex Group NV (a) 18,116 170,469 
Orange Belgium 3,979 90,339 
Recticel SA 11,416 211,150 
Retail Estates NV 2,747 219,747 
Telenet Group Holding NV 12,388 444,796 
Tessenderlo Group (a) 4,698 171,345 
Van de Velde 1,636 56,736 
VGP NV 1,945 503,646 
Warehouses de Pauw 37,083 1,688,997 
Xior Student Housing NV 5,862 346,955 
TOTAL BELGIUM  14,544,635 
Bermuda - 0.9%   
BW LPG Ltd. (c) 20,769 110,632 
BW Offshore Ltd. 25,413 82,545 
Cafe de Coral Holdings Ltd. 100,000 182,508 
Chinese Estates Holdings Ltd. 117,500 57,085 
Chow Sang Sang Holdings International Ltd. 103,000 146,415 
CMBC Capital Holdings Ltd. 5,120,000 62,515 
FLEX LNG Ltd. 8,031 162,181 
Frontline Ltd. (a) 26,725 237,579 
Golden Ocean Group Ltd. 35,447 319,732 
Hafnia Ltd. (a) 26,820 57,019 
Haitong International Securities Group Ltd. 669,000 153,912 
Hiscox Ltd. 93,488 1,065,765 
Johnson Electric Holdings Ltd. 103,000 228,757 
K Wah International Holdings Ltd. 311,000 124,312 
Kerry Logistics Network Ltd. 173,000 420,243 
Kerry Properties Ltd. 156,500 441,511 
Lancashire Holdings Ltd. 66,218 458,551 
Luk Fook Holdings International Ltd. 98,000 267,656 
Man Wah Holdings Ltd. 480,800 747,726 
Medtecs International Corp. Ltd. 110,400 29,882 
NWS Holdings Ltd. 426,000 423,783 
Pacific Basin Shipping Ltd. 1,294,000 598,728 
Realord Group Holdings Ltd. (a) 120,000 186,929 
Shangri-La Asia Ltd. (a) 302,000 246,087 
Silverlake Axis Ltd. Class A 229,000 54,342 
SmarTone Telecommunications Holdings Ltd. 90,500 52,691 
Stolt-Nielsen SA 7,233 111,305 
Vtech Holdings Ltd. 44,700 343,846 
Yue Yuen Industrial (Holdings) Ltd. (a) 217,000 462,420 
TOTAL BERMUDA  7,836,657 
British Virgin Islands - 0.0%   
First Pacific Co. Ltd. 650,000 259,816 
Huobi Technology Holdings Ltd. (a) 24,500 31,206 
TOTAL BRITISH VIRGIN ISLANDS  291,022 
Cayman Islands - 0.6%   
Apollo Future Mobility Group Ltd. (a) 1,052,000 73,013 
ASM Pacific Technology Ltd. 83,100 897,700 
C-Mer Eye Care Holdings Ltd. 128,000 125,360 
Citychamp Watch & Jewel Gr Ltd. (a) 366,000 61,623 
CK Life Sciences International Holding, Inc. 774,000 72,620 
Comba Telecom Systems Holdings Ltd. (a) 512,000 142,798 
Cowell e Holdings, Inc. 93,000 72,435 
Crystal International Group Ltd. (c) 160,500 51,571 
EC Healthcare 72,000 104,199 
Far East Consortium International Ltd. 288,000 95,130 
Fosun Tourism Group (a)(c) 65,400 81,619 
Health & Happiness H&H International Holdings Ltd. 62,000 145,507 
HKBN Ltd. 215,000 258,094 
Hutchison Telecommunications Hong Kong Holdings Ltd. 392,000 62,474 
IGG, Inc. 225,000 209,370 
Lifestyle International Holdings Ltd. (a) 121,500 63,713 
Macau Legend Development Ltd. (a) 137,000 13,910 
MECOM Power & Construction Ltd. 189,000 87,449 
MGM China Holdings Ltd. (a) 259,600 191,184 
Pacific Textile Holdings Ltd. 262,000 130,655 
Perfect Shape (PRC) Holdings Ltd. 96,000 73,044 
Razer, Inc. (a)(c) 278,000 66,776 
Sa Sa International Holdings Ltd. (a) 286,000 62,490 
Sapiens International Corp. NV 8,150 281,252 
Stella International Holdings Ltd. 123,500 147,143 
Suncity Group Holdings Ltd. (a) 590,000 22,370 
Sunevision Holdings Ltd. 192,000 176,441 
Texhong Textile Group Ltd. 72,500 108,463 
The United Laboratories International Holdings Ltd. 280,000 177,418 
Value Partners Group Ltd. 283,000 145,492 
Vesync Co. Ltd. 61,000 86,398 
Vobile Group Ltd. (a) 318,000 279,152 
VPower Group International Holdings Ltd. (c) 176,838 34,547 
VSTECS Holdings Ltd. 186,000 176,187 
TOTAL CAYMAN ISLANDS  4,777,597 
Denmark - 1.7%   
ALK-Abello A/S (a) 1,777 769,895 
Alm. Brand A/S 23,022 177,450 
Bavarian Nordic A/S (a) 17,219 824,157 
Better Collective A/S (a) 8,105 171,764 
Brodrene Hartmann A/S Series B (a) 568 33,983 
cBrain A/S 2,423 131,222 
Chemometec A/S 4,225 638,182 
D/S Norden A/S 6,775 163,505 
DFDS A/S (a) 9,409 486,899 
FLSmidth & Co. A/S 11,776 447,616 
H Lundbeck A/S 18,958 527,053 
ISS Holdings A/S (a) 42,568 847,391 
Jyske Bank A/S (Reg.) (a) 14,740 719,248 
Matas A/S 10,337 202,242 
Netcompany Group A/S (c) 10,794 1,226,172 
Nilfisk Holding A/S (a) 6,212 215,755 
NKT Holding A/S (a) 11,090 534,595 
NNIT A/S (c) 3,504 65,887 
NTG Nordic Transport Group A/S (a) 1,855 151,052 
Per Aarsleff Holding A/S 4,942 213,117 
Ringkjoebing Landbobank A/S 7,507 953,103 
Royal Unibrew A/S 13,343 1,655,486 
Scandinavian Tobacco Group A/S (c) 17,077 383,735 
Schouw & Co. 3,475 338,050 
SimCorp A/S 10,929 1,320,312 
Spar Nord Bank A/S 23,193 298,788 
Sydbank A/S 16,201 556,398 
The Drilling Co. of 1972 A/S (a) 5,689 203,867 
Topdanmark A/S 12,176 646,738 
Zealand Pharma A/S (a) 9,451 302,549 
TOTAL DENMARK  15,206,211 
Faroe Islands - 0.1%   
Bakkafrost 13,589 1,255,003 
Finland - 1.7%   
Admicom OYJ 804 85,507 
Aktia Bank Oyj (A Shares) 15,574 222,884 
Basware Oyj (a) 3,344 123,508 
Cargotec Corp. (B Shares) 10,425 540,380 
Caverion Oyj 26,293 207,748 
Citycon Oyj 17,023 139,816 
F-Secure Oyj 25,710 144,889 
Finnair Oyj (a) 168,832 129,046 
Harvia Oyj 3,770 231,852 
Huhtamaki Oyj 26,121 1,137,177 
Kamux Corp. 8,585 133,184 
Kemira Oyj 29,288 449,281 
Kojamo OYJ 33,425 746,898 
Konecranes Oyj 16,048 667,483 
Metsa Board OYJ (B Shares) 47,589 440,103 
Metso Outotec Oyj 167,711 1,682,826 
Musti Group OYJ 8,507 334,162 
Neles Oyj 26,450 396,268 
Nokian Tyres PLC 35,529 1,330,717 
Oriola-KD Oyj 27,177 62,205 
Outokumpu Oyj (A Shares) (a) 99,338 620,108 
Qt Group Oyj (a) 4,719 761,541 
Remedy Entertainment Oyj 2,124 98,705 
Revenio Group Oyj 6,530 431,407 
Rovio Entertainment OYJ (c) 10,060 82,510 
Sanoma Corp. 20,031 311,678 
Talenom OYJ 7,573 121,686 
TietoEVRY Oyj 24,016 735,706 
Tokmanni Group Corp. 12,765 290,405 
Uponor Oyj 14,852 361,234 
Valmet Corp. 36,391 1,476,587 
YIT OYJ 37,001 218,143 
TOTAL FINLAND  14,715,644 
France - 2.8%   
AB Science SA (a)(b) 7,970 120,234 
ABC Arbitrage SA 9,370 77,122 
Air France KLM (Reg.) (a)(b) 77,068 362,599 
Akwel 2,146 54,701 
Albioma SA 6,881 270,451 
ALD SA (c) 27,100 402,873 
Altarea SCA 918 196,323 
ALTEN 7,863 1,265,276 
Aubay 1,891 117,169 
Beneteau SA (a) 10,333 157,434 
BIC SA 6,735 391,229 
Boiron SA 1,220 59,022 
Bonduelle SCA 3,459 88,569 
Carmila SA 13,616 206,195 
Casino Guichard Perrachon SA (a) 10,331 257,125 
Cellectis SA (a) 10,005 108,674 
CGG SA (a) 185,874 134,681 
Chargeurs SA 4,918 145,882 
Coface SA 28,380 405,170 
Compagnie des Alpes (a) 5,486 97,030 
Derichebourg (a) 25,699 292,030 
Devoteam SA (a) 463 90,186 
Elior SA (a)(c) 32,866 259,113 
Elis SA (a) 51,433 974,493 
Eramet SA (a) 2,539 212,207 
Eutelsat Communications 46,692 662,825 
Fnac Darty SA 4,614 298,959 
Gaztransport et Technigaz SA 6,037 498,284 
Groupe Guillin SA 2,054 63,872 
Guerbet 1,444 63,766 
ICADE 8,204 643,003 
ID Logistics Group (a) 696 255,453 
Imerys SA 9,235 400,124 
Interparfums SA 4,611 372,056 
Ipsos SA 10,820 505,945 
JCDecaux SA (a) 17,242 449,660 
Kaufman & Broad SA 3,755 150,191 
Korian SA 19,784 658,665 
Lagardere S.C.A. (Reg.) (a) 8,881 234,485 
LISI 5,208 144,792 
LNA Sante SA 1,270 73,039 
Maisons du Monde SA (c) 8,632 195,381 
Manitou BF SA 2,668 90,830 
McPhy Energy SA (a)(b) 5,562 150,969 
Mercialys SA 18,852 204,309 
Mersen SA 4,712 176,757 
Metropole Television SA 6,694 147,491 
Nacon SA (a) 6,076 33,890 
Neoen SA (a)(c) 10,112 465,241 
Nexans SA 6,477 648,784 
Nexity 10,580 482,859 
Peugeot Invest 1,354 188,766 
Pharmagest Interactive 1,018 111,561 
Plastic Omnium SA 15,920 440,948 
Quadient SA 9,251 220,941 
Rexel SA 66,220 1,313,604 
Rubis SCA 24,495 784,076 
SMCP S.A.S. (a)(c) 8,906 72,788 
Soitec SA (a) 5,822 1,546,607 
Sopra Steria Group 4,158 817,611 
SPIE SA 34,404 835,192 
Technicolor SA (a) 54,656 175,015 
Television Francaise 1 SA 11,170 119,570 
Trigano SA 2,349 439,630 
Valneva SE (a)(b) 18,913 420,871 
Verallia SA (c) 15,048 556,308 
Vicat SA 5,430 231,310 
Vilmorin & Cie 1,523 96,832 
Virbac SA 1,141 577,061 
Voltalia SA (a) 6,577 171,068 
X-Fab Silicon Foundries SE (a)(c) 15,770 156,779 
TOTAL FRANCE  24,093,956 
Germany - 4.8%   
1&1 AG 12,009 349,559 
Aareal Bank AG 16,242 518,962 
Adesso AG 763 169,879 
ADVA Optical Networking SE (a) 11,590 153,542 
Aixtron AG 30,534 725,360 
alstria office REIT-AG 43,244 807,839 
Amadeus Fire AG 1,536 354,768 
AURELIUS AG 8,008 231,616 
Aurubis AG 8,520 735,138 
Basler AG 1,000 184,729 
BayWa AG 3,830 162,046 
Befesa SA (c) 10,792 802,178 
Bertrandt AG 1,465 95,685 
Bilfinger Berger AG 7,822 274,522 
Borussia Dortmund GmbH & Co. KGaA (a) 20,702 114,153 
CANCOM AG 10,455 722,258 
CECONOMY AG (a) 44,063 214,546 
CeWe Color Holding AG 1,518 211,981 
CompuGroup Medical AG 7,302 610,292 
Corestate Capital Holding SA (a) 5,817 68,388 
CropEnergies AG 7,033 100,814 
CTS Eventim AG (a) 15,568 1,131,267 
Datagroup AG (a) 1,119 98,052 
Dermapharm Holding SE 5,118 514,728 
Deutsche Beteiligungs AG 3,545 163,921 
Deutsche EuroShop AG 13,192 267,942 
Deutsche Pfandbriefbank AG (c) 36,921 457,750 
Deutz AG (a) 32,678 274,252 
DIC Asset AG 12,143 213,227 
Draegerwerk AG & Co. KGaA 865 64,496 
Duerr AG 14,020 633,698 
Eckert & Ziegler Strahlen-und Medizintechnik AG 4,006 599,706 
ELMOS Semiconductor AG 2,449 113,950 
ElringKlinger AG (a) 7,726 109,051 
Encavis AG 26,297 550,228 
Evotec OAI AG (a) 35,537 1,719,230 
Exasol AG (a) 3,965 40,243 
Flatex AG (a) 8,824 200,543 
Fraport AG Frankfurt Airport Services Worldwide (a) 10,036 715,820 
Freenet AG 34,555 889,988 
Gerresheimer AG 8,483 777,643 
Global Fashion Group SA (a) 20,303 182,481 
Grenkeleasing AG (b) 7,648 298,033 
Hamborner (REIT) AG 18,940 212,400 
Hamburger Hafen und Logistik AG 7,851 175,979 
Hensoldt AG 11,578 187,111 
Hochtief AG 5,733 442,044 
Home24 AG (a) 7,050 92,011 
Hornbach Holding AG & Co. KGaA 2,587 326,870 
Hornbach-Baumarkt AG 2,187 98,219 
Hugo Boss AG 16,149 1,009,205 
Hypoport AG (a) 958 588,609 
INDUS Holding AG 5,123 201,354 
Instone Real Estate Group BV (c) 12,778 336,787 
Jenoptik AG 13,975 534,411 
JOST Werke AG (c) 3,870 224,133 
K+S AG 51,701 890,220 
Kloeckner & Co. AG (a) 20,140 271,001 
Koenig & Bauer AG (a) 3,805 134,157 
Krones AG 3,893 401,652 
KWS Saat AG 3,128 266,858 
LPKF Laser & Electronics AG 6,785 150,359 
MBB SE 558 88,501 
Medios AG (a) 2,750 116,034 
Metro Wholesale & Food Specialist AG 34,147 431,450 
MLP AG 18,341 176,614 
Morphosys AG (a) 8,825 415,719 
Nagarro SE (a) 2,282 459,011 
New Work SE 767 187,084 
Nordex Se (a) 28,120 516,857 
NORMA Group AG 8,737 375,719 
Northern Data AG (a) 89 6,050 
OHB SE 1,402 61,425 
Patrizia Immobilien AG 12,492 345,134 
Pfeiffer Vacuum Technology AG 1,070 267,175 
PNE AG 9,473 91,439 
ProSiebenSat.1 Media AG 44,153 739,327 
Rheinmetall AG 11,780 1,141,706 
SAF-Holland SA (a) 12,642 175,370 
Salzgitter AG (a) 9,667 355,590 
secunet Security Network AG 358 187,887 
SGL Carbon AG (a) 16,196 154,648 
Siltronic AG 4,448 693,127 
Sixt AG (a) 3,991 686,964 
SMA Solar Technology AG 2,799 147,740 
Software AG (Bearer) 14,042 577,230 
Steico AG 1,543 201,916 
STRATEC Biomedical Systems AG 2,142 341,709 
Stroer Out-of-Home Media AG 7,711 653,390 
Suedzucker AG (Bearer) 19,120 303,249 
TAG Immobilien AG 39,671 1,205,192 
Takkt AG 9,398 153,401 
Thyssenkrupp AG 109,444 1,137,643 
TUI AG (GB) (a)(b) 306,595 1,029,256 
Varta AG (b) 4,908 754,595 
VERBIO Vereinigte BioEnergie AG 5,877 466,056 
Vitesco Technologies Group AG (a) 6,500 372,694 
Vossloh AG 2,348 125,536 
Wacker Chemie AG 4,208 758,611 
Wacker Construction Equipment AG 8,616 282,468 
WashTec AG 3,006 195,291 
Westwing Group AG (a) 686 21,459 
Wustenrot & Wurttembergische AG 6,261 130,424 
ZEAL Network SE 4,032 177,118 
Zooplus AG (a) 1,743 963,932 
TOTAL GERMANY  41,839,625 
Gibraltar - 0.1%   
888 Holdings PLC 99,793 522,797 
Hong Kong - 0.6%   
Bank of East Asia Ltd. 280,000 460,639 
BOCOM International Holdings Co. Ltd. 222,000 49,933 
Champion (REIT) 573,000 301,211 
CITIC 1616 Holdings Ltd. 478,000 169,562 
Dah Sing Banking Group Ltd. 121,200 116,207 
Dah Sing Financial Holdings Ltd. 45,600 142,125 
Guotai Junan International Holdings Ltd. 819,000 118,947 
Hang Lung Group Ltd. 224,000 524,552 
Hong Kong & Shanghai Hotels Ltd. (a) 111,500 101,605 
Hong Kong Television Network Ltd. 152,000 228,571 
Hysan Development Co. Ltd. 171,000 594,505 
Melco International Development Ltd. (a) 184,000 240,272 
Nissin Foods Co. Ltd. 106,000 79,018 
PCCW Ltd. 1,175,000 605,584 
Prosperity (REIT) 376,000 147,394 
Shun Tak Holdings Ltd. (a) 400,000 109,505 
Sun Hung Kai & Co. Ltd. 107,000 55,697 
Sunlight (REIT) 282,000 163,100 
Television Broadcasts Ltd. (a) 91,300 70,759 
Vitasoy International Holdings Ltd. 204,000 490,827 
Zensun Enterprises Ltd. 152,000 86,740 
TOTAL HONG KONG  4,856,753 
Ireland - 0.7%   
AIB Group PLC (a) 218,502 592,067 
Bank Ireland Group PLC (a) 262,562 1,566,779 
C&C Group PLC (United Kingdom) (a) 106,719 378,562 
Cairn Homes PLC 189,748 246,109 
Dalata Hotel Group PLC (a) 53,844 230,302 
Glanbia PLC 55,197 901,603 
Glenveagh Properties PLC (a)(c) 196,337 247,392 
Grafton Group PLC unit 61,273 1,124,498 
Greencore Group PLC (a) 142,155 251,354 
Hibernia (REIT) PLC 181,423 264,253 
Irish Residential Properties REIT PLC 123,501 232,710 
Origin Enterprises PLC 33,605 130,139 
Uniphar PLC 61,875 315,436 
TOTAL IRELAND  6,481,204 
Isle of Man - 0.1%   
Kape Technologies PLC (a) 28,429 154,848 
Playtech Ltd. (a) 82,829 788,955 
Strix Group PLC 54,883 219,697 
TOTAL ISLE OF MAN  1,163,500 
Israel - 2.9%   
AFI Properties Ltd. (a) 2,937 152,217 
Airport City Ltd. (a) 18,259 347,829 
Alony Hetz Properties & Investments Ltd. 39,652 646,467 
Altshuler Shaham Provident Funds & Pension Ltd. 15,075 82,132 
Amot Investments Ltd. 55,811 425,238 
Arad Investment & Industrial Development Ltd. 859 97,455 
Ashtrom Group Ltd. 10,961 256,017 
AudioCodes Ltd. 7,135 248,029 
Azorim Investment Development & Construction Co. Ltd. (a) 22,653 101,082 
Bezeq The Israel Telecommunication Corp. Ltd. (a) 555,855 695,796 
Big Shopping Centers Ltd. 2,689 402,626 
Blue Square Real Estate Ltd. 1,406 108,415 
Caesarstone Sdot-Yam Ltd. 6,453 80,533 
Camtek Ltd. (a) 7,539 300,431 
Cellcom Israel Ltd. (Israel) (a) 23,820 89,880 
Clal Insurance Enterprises Holdings Ltd. (a) 16,666 411,442 
Cognyte Software Ltd. (a) 17,781 354,020 
Compugen Ltd. (a)(b) 22,994 149,231 
Danel Adir Yeoshua Ltd. 1,409 297,442 
Delek Automotive Systems Ltd. 14,050 183,687 
Delek Group Ltd. (a) 2,467 204,651 
Delta Galil Industries Ltd. 2,344 119,928 
Doral Group Renewable Energy Resources Ltd. (a) 15,481 75,146 
Elco Ltd. 2,458 159,162 
Electra Consumer Products 1970 Ltd. 2,900 135,819 
Electra Israel Ltd. 568 373,359 
Electreon Wireless Ltd. (a) 1,178 62,877 
Energix-Renewable Energies Ltd. 58,544 274,742 
Enlight Renewable Energy Ltd. (a) 248,059 611,456 
Equital Ltd. (a) 5,369 164,887 
Fattal Holdings 1998 Ltd. (a) 1,617 173,640 
FIBI Holdings Ltd. 4,864 213,660 
First International Bank of Israel 15,126 605,164 
Formula Systems (1985) Ltd. 2,481 265,949 
Fox Wizel Ltd. 2,013 277,043 
Gav-Yam Lands Corp. Ltd. 37,812 449,535 
Gazit-Globe Ltd. 18,375 148,946 
Gilat Satellite Networks Ltd. 8,896 73,516 
Harel Insurance Investments and Financial Services Ltd. 31,526 351,590 
Hilan Ltd. 4,008 221,657 
IDI Insurance Co. Ltd. 2,159 86,651 
InMode Ltd. (a) 13,446 1,273,874 
Isracard Ltd. 54,197 217,346 
Israel Canada T.R Ltd. 30,147 145,383 
Israel Corp. Ltd. (Class A) (a) 1,057 388,882 
Isras Investment Co. Ltd. 448 99,826 
Ituran Location & Control Ltd. 5,079 132,105 
Kornit Digital Ltd. (a) 12,441 2,081,130 
M Yochananof & Sons Ltd. 1,365 94,038 
Magic Software Enterprises Ltd. 7,381 156,701 
Malam Team Ltd. 2,064 69,466 
Matrix IT Ltd. 9,164 248,507 
Maytronics Ltd. 11,698 276,004 
Mega Or Holdings Ltd. 6,468 255,503 
Melisron Ltd. (a) 5,802 490,108 
Menora Mivtachim Holdings Ltd. 6,739 155,465 
Migdal Insurance & Financial Holdings Ltd. 101,042 171,503 
Mivne Real Estate KD Ltd. 168,329 612,812 
Nano Dimension Ltd. ADR (a)(b) 67,322 395,853 
Naphtha Israel Petroleum Corp. Ltd. (a) 8,298 51,372 
Nova Ltd. (a) 7,628 807,553 
Oil Refineries Ltd. (a) 474,257 128,293 
One Software Technologies Ltd. 10,593 181,072 
OPC Energy Ltd. (a) 24,463 255,117 
Partner Communications Co. Ltd. (a) 37,893 191,240 
Paz Oil Co. Ltd. (a) 2,543 323,224 
Plus500 Ltd. 24,721 445,397 
Prashkovsky Investments & Construction Ltd. 1,900 59,792 
Property & Building Corp. Ltd. (a) 753 107,084 
Radware Ltd. (a) 11,080 392,564 
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. 2,377 178,781 
Reit 1 Ltd. 48,700 304,418 
Shapir Engineering and Industry Ltd. 39,177 320,166 
Shikun & Binui Ltd. (a) 64,195 381,395 
Shufersal Ltd. 72,136 596,356 
Strauss Group Ltd. 14,195 416,876 
Summit Real Estate Holdings Ltd. (a) 10,151 184,167 
Tadiran Group Ltd. 776 101,036 
Taro Pharmaceutical Industries Ltd. (a) 2,624 145,816 
The Phoenix Holdings Ltd. 40,688 512,658 
Tower Semiconductor Ltd. (a) 27,252 884,472 
Tremor International Ltd. (a) 27,848 259,157 
UroGen Pharma Ltd. (a)(b) 5,314 91,401 
YH Dimri Construction & Development Ltd. 2,029 145,426 
TOTAL ISRAEL  25,208,686 
Italy - 2.8%   
A2A SpA 421,766 886,387 
ACEA SpA 11,242 243,800 
Anima Holding SpA (c) 70,882 376,103 
Arnoldo Mondadori Editore SpA (a) 36,402 84,161 
Ascopiave SpA 22,802 92,784 
Autogrill SpA (a) 52,445 410,805 
Azimut Holding SpA 28,949 832,945 
Banca Generali SpA 15,852 745,091 
Banca IFIS SpA 6,499 120,130 
Banca Mediolanum S.p.A. 60,342 607,290 
Banca Monte dei Paschi di Siena SpA (a)(b) 79,095 94,268 
Banca Popolare di Sondrio SCARL 123,269 535,226 
Banco BPM SpA 369,614 1,147,657 
BFF Bank SpA (c) 45,081 403,360 
Biesse SpA (a) 3,693 114,156 
BPER Banca 288,979 632,876 
Brembo SpA 40,253 528,144 
Brunello Cucinelli SpA (a) 9,206 557,648 
Buzzi Unicem SpA 26,206 611,033 
Carel Industries SpA (c) 9,496 274,434 
Cementir SpA 12,721 133,673 
Cerved Information Solutions SpA 10,538 126,448 
CIR SpA (a) 186,795 102,893 
Credito Emiliano SpA 23,590 178,891 
Danieli & C. Officine Meccaniche SpA 2,918 98,160 
Datalogic SpA 3,985 72,371 
De'Longhi SpA 18,304 715,189 
Dovalue SpA (c) 15,965 152,996 
El.En. Group SpA 11,532 230,626 
Enav SpA (a)(c) 74,006 324,238 
ERG SpA 16,183 584,050 
Esprinet SpA 8,047 104,372 
Falck Renewables SpA 31,773 320,098 
Fila SpA 5,756 69,334 
Fincantieri SpA (a)(b) 134,954 106,397 
Gruppo MutuiOnline SpA 7,093 346,429 
GVS SpA (c) 18,783 279,014 
Hera SpA 222,136 908,263 
Illimity Bank SpA (a) 15,270 240,775 
Immobiliare Grande Distribuzione SpA (a) 14,831 64,978 
Interpump Group SpA 19,084 1,406,395 
Iren SpA 174,330 541,297 
Italgas SpA 130,292 826,890 
Italmobiliare SpA 3,347 117,428 
Juventus Football Club SpA (a)(b) 140,652 113,653 
La Doria SpA 3,387 64,917 
Leonardo SpA (a) 109,344 801,134 
Maire Tecnimont SpA 40,009 172,329 
MARR SpA 9,103 214,250 
Piaggio & C SpA 42,625 142,896 
Pirelli & C. SpA (c) 94,962 583,130 
Rai Way SpA (c) 24,991 151,381 
Reply SpA 5,552 1,076,317 
Saipem SpA (a)(b) 152,897 335,204 
Salcef Group SpA 4,489 103,786 
Salvatore Ferragamo Italia SpA (a) 13,509 287,186 
Sanlorenzo SpA 3,253 136,505 
Saras Raffinerie Sarde SpA (a) 152,662 113,369 
Sesa SpA 2,065 404,859 
Societa Cattolica Di Assicurazioni SCRL (a) 33,610 255,654 
Tamburi Investment Partners SpA 27,273 307,394 
Technogym SpA (c) 35,658 374,283 
Tinexta SpA 5,695 252,145 
Tod's SpA (a) 2,708 149,260 
Unipol Gruppo SpA (b) 107,035 614,950 
Webuild SpA (b) 108,192 267,650 
Webuild SpA warrants 8/2/30 (a)(d) 6,641 6,617 
Zignago Vetro SpA 5,790 116,730 
TOTAL ITALY  24,395,102 
Japan - 27.1%   
77 Bank Ltd. 15,300 156,084 
Activia Properties, Inc. 177 725,642 
Adastria Co. Ltd. 6,000 111,301 
Adeka Corp. 21,100 469,377 
Advan Group Co. Ltd. 4,900 41,874 
Advance Residence Investment Corp. 355 1,166,781 
Aeon (REIT) Investment Corp. 375 506,941 
Aeon Delight Co. Ltd. 5,900 181,200 
AEON Financial Service Co. Ltd. 29,400 373,531 
Aeon Hokkaido Corp. 5,600 64,674 
AEON MALL Co. Ltd. 27,600 404,332 
Ai Holdings Corp. 9,700 183,080 
AI inside, Inc. (a) 400 25,093 
Aica Kogyo Co. Ltd. 13,600 416,851 
Aichi Corp. 7,300 51,747 
Aichi Steel Corp. 2,600 60,572 
Aida Engineering Ltd. 12,000 108,935 
Aiful Corp. 84,300 280,849 
Ain Holdings, Inc. 6,800 401,366 
Air Water, Inc. 49,700 760,414 
Akatsuki, Inc. 2,200 60,020 
Alfresa Holdings Corp. 50,800 716,127 
Alpen Co. Ltd. 3,800 92,691 
Alpha Systems, Inc. 1,700 64,906 
Alps Electric Co. Ltd. 56,900 555,973 
Altech Corp. 4,300 77,460 
Amada Co. Ltd. 92,200 910,887 
Amano Corp. 14,300 353,863 
Amuse, Inc. 3,100 60,325 
Anest Iwata Corp. 8,600 68,507 
AnGes MG, Inc. (a) 38,000 180,378 
Anicom Holdings, Inc. 19,500 152,032 
Anritsu Corp. 37,400 620,184 
Aoki International Co. Ltd. 9,700 59,223 
Aozora Bank Ltd. 32,200 736,575 
Arata Corp. 3,800 134,514 
Arcland Sakamoto Co. Ltd. 7,000 104,705 
Arcland Service Holdings Co. Ltd. 4,100 81,375 
ARCS Co. Ltd. 11,400 219,077 
Argo Graphics, Inc. 4,400 122,524 
Ariake Japan Co. Ltd. 4,900 319,029 
ARTERIA Networks Corp. 7,000 98,771 
Aruhi Corp. 9,200 106,662 
As One Corp. 3,900 534,622 
Asahi Holdings, Inc. 20,500 365,887 
Asics Corp. 41,000 1,021,779 
ASKUL Corp. 10,100 137,186 
Atom Corp. 31,600 213,162 
Autobacs Seven Co. Ltd. 17,800 230,216 
Avex, Inc. 9,100 124,250 
Axial Retailing, Inc. 4,400 139,945 
Bank of Kyoto Ltd. 15,400 692,588 
Bank of Nagoya Ltd. 3,100 65,943 
BASE, Inc. (a) 21,400 174,872 
BayCurrent Consulting, Inc. 3,600 1,494,073 
Belc Co. Ltd. 2,800 138,226 
Bell System24 Holdings, Inc. 8,900 114,343 
Belluna Co. Ltd. 13,500 94,799 
Benefit One, Inc. 21,600 1,090,078 
Benesse Holdings, Inc. 18,100 414,095 
Benext-Yumeshin Group Co. 14,800 192,947 
Bengo4.Com, Inc. (a) 2,100 126,286 
Bic Camera, Inc. 25,100 216,476 
BML, Inc. 6,000 210,899 
Broadleaf Co. Ltd. 23,800 114,245 
Bunka Shutter Co. Ltd. 13,300 129,644 
Bushiroad, Inc. (a) 3,200 44,634 
Calbee, Inc. 23,700 610,642 
Canon Electronics, Inc. 5,100 70,200 
Canon Marketing Japan, Inc. 12,200 241,686 
Cawachi Ltd. 3,300 64,369 
CellSource Co. Ltd. (a) 1,500 84,992 
Central Glass Co. Ltd. 8,600 160,146 
Central Security Patrols Co. Ltd. 2,100 50,491 
Change, Inc. (a) 9,100 163,986 
Chatwork Co. Ltd. (a) 3,600 33,483 
Chiyoda Corp. (a) 42,600 155,724 
Chofu Seisakusho Co. Ltd. 4,800 86,730 
Chubu Shiryo Co. Ltd. 5,100 48,743 
Chudenko Corp. 7,600 148,812 
Chugoku Electric Power Co., Inc. 78,300 649,486 
Chugoku Marine Paints Ltd. 10,200 78,955 
Ci Takiron Corp. 10,300 54,931 
Citizen Watch Co. Ltd. 71,800 313,124 
CKD Corp. 13,600 269,622 
Coca-Cola West Co. Ltd. 33,600 462,389 
COLOPL, Inc. 15,900 114,873 
Colowide Co. Ltd. 16,200 234,194 
Comforia Residential REIT, Inc. 169 493,760 
Computer Engineering & Consulting Ltd. 6,400 76,196 
COMSYS Holdings Corp. 30,400 752,736 
Comture Corp. 6,200 168,132 
CONEXIO Corp. 4,100 52,547 
Cosmo Energy Holdings Co. Ltd. 15,100 308,684 
CRE Logistics REIT, Inc. 127 247,084 
Create Restaurants Holdings, Inc. 23,200 159,503 
Create SD Holdings Co. Ltd. 7,200 221,343 
Credit Saison Co. Ltd. 40,100 491,615 
Curves Holdings Co. Ltd. 13,900 108,296 
CYBERDYNE, Inc. (a) 29,300 102,328 
Cybozu, Inc. 6,400 151,845 
Dai-Dan Co. Ltd. 3,400 71,586 
Daibiru Corp. 12,500 173,947 
Daicel Chemical Industries Ltd. 69,900 523,360 
Daido Steel Co. Ltd. 7,100 272,021 
Daihen Corp. 5,100 212,881 
Daiho Corp. 2,800 94,320 
Daiichi Jitsugyo Co. Ltd. 1,900 88,378 
Daiichikosho Co. Ltd. 9,600 348,571 
Daiken Corp. 2,600 56,817 
Daikokutenbussan Co. Ltd. 1,400 79,753 
DaikyoNishikawa Corp. 10,400 62,497 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 3,100 71,657 
Daio Paper Corp. 23,100 406,481 
Daiseki Co. Ltd. 11,880 554,520 
Daishi Hokuetsu Financial Group, Inc. 10,000 223,954 
Daito Pharmaceutical Co. Ltd. 3,200 90,241 
Daiwa Industries Ltd. 7,600 84,703 
Daiwa Office Investment Corp. 86 555,121 
Daiwa Securities Living Invest 492 497,027 
Daiwabo Holdings Co. Ltd. 23,500 413,717 
DCM Holdings Co. Ltd. 33,400 325,654 
Demae-Can Co. Ltd. (a) 13,300 158,222 
DeNA Co. Ltd. 23,100 426,707 
Denka Co. Ltd. 21,600 707,166 
Denyo Co. Ltd. 4,000 69,357 
Descente Ltd. (a) 8,200 310,821 
Dexerials Corp. 14,600 295,347 
Dic Corp. 20,400 540,126 
Digital Arts, Inc. 3,000 244,954 
Digital Garage, Inc. 8,900 415,755 
Digital Holdings, Inc. 4,100 62,875 
Dip Corp. 9,600 344,441 
Direct Marketing MiX, Inc. 2,400 92,055 
Dmg Mori Co. Ltd. 30,700 528,679 
Doshisha Co. Ltd. 5,200 81,477 
Doutor Nichires Holdings Co., Ltd. 8,000 114,755 
Dowa Holdings Co. Ltd. 13,300 555,460 
DTS Corp. 10,000 221,887 
Duskin Co. Ltd. 10,200 245,716 
Dydo Group Holdings, Inc. 2,500 119,116 
Eagle Industry Co. Ltd. 6,800 72,635 
Earth Corp. 4,200 257,735 
Ebara Corp. 25,700 1,402,369 
eBase Co. Ltd. 6,800 45,300 
EDION Corp. 20,800 197,406 
Edulab, Inc. 1,000 14,128 
eGuarantee, Inc. 9,300 207,103 
Eiken Chemical Co. Ltd. 8,100 136,162 
Eizo Corp. 3,900 149,151 
Elan Corp. 8,900 96,197 
Elecom Co. Ltd. 12,200 186,606 
Electric Power Development Co. Ltd. 39,100 516,886 
Elematec Corp. 4,700 46,904 
EM Systems Co. Ltd. 9,400 62,313 
en japan, Inc. 8,000 317,695 
Enigmo, Inc. 6,500 61,732 
Enplas Corp. 1,800 47,735 
eRex Co. Ltd. 7,000 160,294 
ES-Con Japan Ltd. 9,100 65,386 
ESPEC Corp. 4,700 95,338 
euglena Co. Ltd. (a) 26,900 190,694 
Exedy Corp. 7,700 114,698 
Exeo Group, Inc. 27,000 624,081 
Ezaki Glico Co. Ltd. 12,800 464,557 
Fancl Corp. 21,200 642,741 
FCC Co. Ltd. 9,100 125,988 
Ferrotec Holdings Corp. 9,500 318,673 
Financial Products Group Co. Ltd. 16,900 97,818 
Food & Life Companies Ltd. 29,800 1,291,634 
FP Corp. 12,500 424,463 
Freee KK (a) 8,800 631,628 
Frontier Real Estate Investment Corp. 124 548,594 
Fuji Co. Ltd. 4,600 81,066 
Fuji Corp. 18,600 433,865 
Fuji Kyuko Co. Ltd. 5,900 237,693 
Fuji Media Holdings, Inc. 12,200 126,459 
Fuji Oil Holdings, Inc. 12,800 300,390 
Fuji Seal International, Inc. 11,300 248,504 
Fuji Soft ABC, Inc. 6,300 320,818 
Fujibo Holdings, Inc. 2,500 90,673 
Fujicco Co. Ltd. 4,900 82,262 
Fujikura Ltd. (a) 63,000 339,812 
Fujimi, Inc. 4,600 289,272 
Fujimori Kogyo Co. Ltd. 3,800 156,247 
Fujio Food Group, Inc. 3,800 45,392 
Fujitec Co. Ltd. 17,300 392,980 
Fujitsu General Ltd. 16,300 399,709 
Fujiya Co. Ltd. 2,800 57,951 
Fukuda Corp. 1,300 52,923 
Fukui Computer Holdings, Inc. 2,300 82,965 
Fukuoka (REIT) Investment Fund 170 252,317 
Fukuoka Financial Group, Inc. 46,700 838,981 
Fukushima Industries Corp. 3,200 127,219 
Fukuyama Transporting Co. Ltd. 7,500 298,762 
Fullcast Holdings Co. Ltd. 4,900 114,376 
Funai Soken Holdings, Inc. 9,900 275,038 
Furukawa Co. Ltd. 8,000 88,528 
Furukawa Electric Co. Ltd. 18,100 396,048 
Fuso Chemical Co. Ltd. 4,700 216,391 
Futaba Industrial Co. Ltd. 14,600 57,159 
Future Corp. 5,600 163,784 
Fuyo General Lease Co. Ltd. 4,500 292,462 
G-7 Holdings, Inc. 5,400 98,801 
G-Tekt Corp. 5,900 73,555 
GA Technologies Co. Ltd. (a) 4,100 42,583 
Gakken Holdings Co. Ltd. 5,000 48,945 
Genky DrugStores Co. Ltd. 1,900 91,631 
Geo Holdings Corp. 7,200 76,493 
giftee, Inc. (a) 3,200 108,174 
Giken Ltd. 4,600 175,527 
Global One Real Estate Investment Corp. 257 264,705 
Glory Ltd. 12,700 273,371 
GMO Financial Gate, Inc. 300 77,912 
GMO Financial Holdings, Inc. 9,200 70,468 
GMO GlobalSign Holdings KK 1,300 53,538 
GMO Internet, Inc. 18,200 502,579 
GNI Group Ltd. (a) 11,300 158,336 
Goldcrest Co. Ltd. 4,500 64,476 
GOLDWIN, Inc. 6,300 381,209 
Grace Technology, Inc. 6,700 61,323 
GREE, Inc. 29,500 248,799 
GS Yuasa Corp. 17,900 389,677 
GungHo Online Entertainment, Inc. 12,800 240,139 
Gunma Bank Ltd. 93,800 289,588 
Gunze Ltd. 3,800 146,460 
H.I.S. Co. Ltd. (a) 11,400 256,351 
H.U. Group Holdings, Inc. 13,800 340,325 
H2O Retailing Corp. 24,100 192,467 
Halows Co. Ltd. 2,600 63,873 
Hamakyorex Co. Ltd. 4,000 110,898 
Hankyu REIT, Inc. 168 247,774 
Hanwa Co. Ltd. 9,200 276,355 
Haseko Corp. 69,200 901,056 
Hazama Ando Corp. 48,100 325,719 
HEALIOS KK (a) 5,600 84,632 
Heiwa Corp. 14,700 262,117 
Heiwa Real Estate (REIT), Inc. 231 322,512 
Heiwa Real Estate Co. Ltd. 8,300 262,039 
Heiwado Co. Ltd. 7,800 135,019 
Hennge K.K. (a) 1,700 84,072 
Hibiya Engineering Ltd. 4,400 73,967 
Hiday Hidaka Corp. 6,600 94,267 
Hioki EE Corp. 2,400 167,630 
Hirata Corp. 2,300 140,234 
Hirogin Holdings, Inc. 77,100 424,763 
Hitachi Transport System Ltd. 9,100 358,505 
Hitachi Zosen Corp. 44,200 346,569 
Hogy Medical Co. Ltd. 6,400 175,468 
Hokkaido Electric Power Co., Inc. 46,500 193,248 
Hokkoku Financial Holdings, Inc. 5,700 99,345 
Hokuetsu Kishu Paper Co. Ltd. 33,700 222,673 
Hokuhoku Financial Group, Inc. 32,200 230,351 
Hokuriku Electric Power Co., Inc. 44,900 213,803 
Hokuto Corp. 5,200 89,800 
Horiba Ltd. 9,200 603,163 
Hoshino Resorts REIT, Inc. 55 359,126 
Hosiden Corp. 13,700 144,446 
Hosokawa Micron Corp. 3,400 94,064 
House Foods Group, Inc. 16,400 470,546 
Hulic (REIT), Inc. 329 498,431 
Hyakujushi Bank Ltd. 6,100 78,928 
Ichibanya Co. Ltd. 3,800 153,630 
Ichigo Real Estate Investment Corp. 325 246,190 
Ichigo, Inc. 68,800 205,957 
Ichikoh Industries Ltd. 7,900 39,192 
Idec Corp. 7,500 158,948 
IDOM, Inc. 15,600 106,848 
IHI Corp. (a) 35,500 829,203 
Iino Kaiun Kaisha Ltd. 19,700 95,011 
Inaba Denki Sangyo Co. Ltd. 13,000 311,839 
Inabata & Co. Ltd. 12,300 182,086 
Inageya Co. Ltd. 5,600 67,684 
Industrial & Infrastructure Fund Investment Corp. 502 920,441 
Infocom Corp. 6,400 122,882 
Infomart Corp. 52,700 514,265 
Information Services Inter-Dentsu Ltd. 6,100 213,423 
INFRONEER Holdings, Inc. 58,316 484,452 
Insource Co. Ltd. 5,700 114,123 
Internet Initiative Japan, Inc. 13,900 486,337 
Invesco Office J-REIT, Inc. 839 166,966 
Invincible Investment Corp. 1,656 654,697 
IR Japan Holdings Ltd. 2,400 221,329 
Iriso Electronics Co. Ltd. 5,300 243,485 
Isetan Mitsukoshi Holdings Ltd. 91,200 666,759 
ITOCHU Advance Logistics Investment Corp. 154 219,310 
Itochu Enex Co. Ltd. 14,000 123,528 
Itochushokuhin Co. Ltd. 1,400 64,699 
Itoham Yonekyu Holdings, Inc. 40,700 248,171 
Iwatani Corp. 12,700 750,131 
Iyo Bank Ltd. 63,100 308,718 
Izumi Co. Ltd. 8,600 260,741 
J-Oil Mills, Inc. 4,900 78,979 
J-Stream, Inc. 2,800 24,742 
J. Front Retailing Co. Ltd. 65,900 610,822 
JAC Recruitment Co. Ltd. 4,000 78,482 
JACCS Co. Ltd. 5,600 149,354 
JAFCO Co. Ltd. 7,900 500,522 
Japan Airport Terminal Co. Ltd. (a) 16,300 808,603 
Japan Aviation Electronics Industry Ltd. 12,600 208,918 
Japan Display, Inc. (a) 159,400 47,713 
Japan Elevator Service Holdings Co. Ltd. 15,600 338,065 
Japan Excellent, Inc. 329 397,244 
Japan Hotel REIT Investment Corp. 1,208 729,522 
Japan Investment Adviser Co. Ltd. 3,800 41,555 
Japan Lifeline Co. Ltd. 15,900 171,213 
Japan Logistics Fund, Inc. 220 658,091 
Japan Material Co. Ltd. 17,500 243,358 
Japan Medical Dynamic Marketing, Inc. 3,900 74,968 
Japan Petroleum Exploration Co. Ltd. 9,100 165,599 
Japan Prime Realty Investment Corp. 220 806,940 
Japan Pulp & Paper Co. Ltd. 2,700 91,083 
Japan Securities Finance Co. Ltd. 25,100 191,613 
Japan Steel Works Ltd. 16,100 472,974 
Japan Wool Textile Co. Ltd. 12,100 96,635 
JCR Pharmaceuticals Co. Ltd. 17,600 431,955 
Jcu Corp. 5,200 208,855 
JDC Corp. 10,600 55,629 
JEOL Ltd. 9,900 750,305 
JGC Corp. 59,000 554,441 
JIG-SAW, Inc. (a) 1,300 89,448 
JINS Holdings, Inc. 3,500 221,292 
Jm Holdings Co. Ltd. 3,300 54,168 
JMDC, Inc. (a) 6,900 518,742 
Joshin Denki Co. Ltd. 4,700 97,828 
Joyful Honda Co. Ltd. 15,100 207,673 
JSP Corp. 3,400 45,752 
JTEKT Corp. 55,800 493,920 
JTOWER, Inc. (a) 2,200 209,014 
Juroku Financial Group, Inc. 7,600 138,032 
Justsystems Corp. 8,700 449,671 
K's Holdings Corp. 45,900 473,813 
Kadokawa Corp. 12,500 660,008 
KAGA ELECTRONICS Co. Ltd. 4,200 115,445 
Kagome Co. Ltd. 20,200 512,591 
Kaken Pharmaceutical Co. Ltd. 8,100 319,495 
Kamakura Shinsho Ltd. 6,700 54,133 
Kameda Seika Co. Ltd. 3,700 144,709 
Kamei Corp. 5,600 57,066 
Kamigumi Co. Ltd. 27,800 559,752 
Kanamoto Co. Ltd. 8,200 175,651 
Kandenko Co. Ltd. 27,800 215,501 
Kaneka Corp. 12,900 494,701 
Kanematsu Corp. 20,400 236,909 
Kanematsu Electric Ltd. 3,200 104,517 
Kanto Denka Kogyo Co. Ltd. 10,900 100,261 
Kappa Create Co. Ltd. (a) 6,600 80,211 
Katakura Industries Co. Ltd. 5,800 88,172 
Katitas Co. Ltd. 13,800 503,890 
Kato Sangyo 6,300 177,626 
Kawasaki Heavy Industries Ltd. (a) 38,400 779,230 
Kawasaki Kisen Kaisha Ltd. (a) 12,700 612,145 
KeePer Technical Laboratory Co. Ltd. 3,800 109,581 
Keihan Electric Railway Co., Ltd. 26,000 683,972 
Keihanshin Bldg Co. Ltd. 7,900 98,694 
Keikyu Corp. 59,600 672,671 
Keiyo Co. Ltd. 9,300 67,731 
Kenedix Office Investment Corp. 115 728,150 
Kenedix Residential Investment Corp. 253 486,522 
Kenedix Retail REIT Corp. 157 400,593 
Kewpie Corp. 28,400 622,936 
Key Coffee, Inc. 4,400 86,085 
Kfc Holdings Japan Ltd. 3,800 96,357 
KH Neochem Co. Ltd. 9,100 233,877 
Kinden Corp. 33,300 546,474 
Kintetsu Department Store Co. Ltd. (a) 2,200 49,214 
Kintetsu World Express, Inc. 9,900 237,765 
Kisoji Co. Ltd. 6,000 112,682 
Kissei Pharmaceutical Co. Ltd. 6,900 138,023 
Kitanotatsujin Corp. 18,800 68,490 
Kitz Corp. 15,800 105,699 
Koa Corp. 8,300 112,202 
Kobe Steel Ltd. 83,800 492,358 
Kohnan Shoji Co. Ltd. 6,600 206,404 
Kojima Co. Ltd. 8,700 44,802 
Kokuyo Co. Ltd. 22,600 343,947 
KOMEDA Holdings Co. Ltd. 12,400 224,903 
KOMERI Co. Ltd. 7,900 182,437 
Komori Corp. 11,500 75,115 
Konica Minolta, Inc. 122,400 605,842 
Konishi Co. Ltd. 7,500 116,655 
Konoike Transport Co. Ltd. 6,900 75,526 
Koshidaka Holdings Co. Ltd. 11,200 68,629 
Kotobuki Spirits Co. Ltd. 5,000 334,307 
Kumagai Gumi Co. Ltd. 9,500 235,139 
Kumiai Chemical Industry Co. Ltd. 21,100 157,341 
Kura Sushi, Inc. 5,700 184,428 
Kuraray Co. Ltd. 81,600 738,403 
Kureha Chemical Industry Co. Ltd. 4,200 272,949 
Kusuri No Aoki Holdings Co. Ltd. 4,200 279,575 
Kyb Corp. 5,000 133,804 
Kyoei Steel Ltd. 5,300 65,396 
Kyokuto Kaihatsu Kogyo Co. Ltd. 8,100 110,702 
Kyorin Holdings, Inc. 10,300 158,217 
Kyoritsu Maintenance Co. Ltd. 7,900 296,024 
Kyudenko Corp. 11,500 364,782 
Kyushu Electric Power Co., Inc. 108,700 765,725 
Kyushu Financial Group, Inc. 96,400 324,634 
Kyushu Railway Co. 36,000 805,845 
LaSalle Logiport REIT 482 804,223 
LEC, Inc. 5,700 52,119 
Leopalace21 Corp. (a) 47,800 102,970 
LIFE Corp. 4,000 131,297 
Lifenet Insurance Co. (a) 9,700 96,628 
LIFULL Co. Ltd. 20,100 63,078 
Link & Motivation, Inc. 9,000 95,090 
Lintec Corp. 11,400 254,487 
LITALICO, Inc. 5,200 157,012 
M&A Capital Partners Co. Ltd. (a) 3,900 219,979 
Mabuchi Motor Co. Ltd. 13,000 448,218 
Macnica Fuji Electronics Holdings, Inc. 12,600 296,222 
Maeda Kosen Co. Ltd. 4,700 136,324 
Makino Milling Machine Co. Ltd. 6,400 230,260 
Makuake, Inc. (a) 1,300 52,576 
Mandom Corp. 9,600 139,553 
Mani, Inc. 20,300 346,044 
Marudai Food Co. Ltd. 4,600 68,428 
Maruha Nichiro Corp. 10,900 245,912 
Marui Group Co. Ltd. 51,400 1,008,659 
Maruichi Steel Tube Ltd. 15,400 349,915 
Marusan Securities Co. Ltd. 14,600 76,941 
Maruwa Ceramic Co. Ltd. 2,300 257,800 
Maruwa Unyu Kikan Co. Ltd. 10,200 142,847 
Maruzen Showa Unyu Co. Ltd. 3,300 100,780 
Marvelous, Inc. 8,100 51,419 
Matsuda Sangyo Co. Ltd. 3,200 95,611 
Matsui Securities Co. Ltd. 31,500 225,982 
Matsumotokiyoshi Holdings Co. Ltd. 30,770 1,364,327 
Matsuya Co. Ltd. (a) 7,300 69,716 
Matsuyafoods Holdings Co. Ltd. 2,300 73,560 
Max Co. Ltd. 6,900 109,891 
Maxell Ltd. 12,200 146,806 
Maxvalu Tokai Co. Ltd. 2,600 59,568 
MCJ Co. Ltd. 18,100 203,782 
Mebuki Financial Group, Inc. 268,000 548,735 
Media Do Co. Ltd. 2,300 86,421 
Medical Data Vision Co. Ltd. 6,900 89,015 
Medley, Inc. (a) 5,700 168,079 
MedPeer, Inc. (a) 3,500 105,168 
Megachips Corp. 4,300 135,956 
Megmilk Snow Brand Co. Ltd. 12,200 236,069 
Meidensha Corp. 9,400 197,864 
Meiko Electronics Co. Ltd. 5,500 152,630 
Meisei Industrial Co. Ltd. 8,800 52,440 
Meitec Corp. 6,500 390,959 
Melco Holdings, Inc. 1,500 61,991 
Menicon Co. Ltd. 15,400 578,182 
Metawater Co. Ltd. 6,100 103,217 
Micronics Japan Co. Ltd. 7,500 99,303 
Mie Kotsu Group Holdings, Inc. 13,200 57,694 
Milbon Co. Ltd. 6,800 407,143 
Mimasu Semiconductor Industries Co. Ltd. 4,400 96,273 
Mirai Corp. 455 210,065 
Mirait Holdings Corp. 24,900 478,895 
Miroku Jyoho Service Co., Ltd. 4,900 77,364 
Mitani Sekisan Co. Ltd. 2,700 171,326 
Mitsubishi Estate Logistics REIT Investment Corp. 100 432,416 
Mitsubishi Logisnext Co. Ltd. 7,000 64,374 
Mitsubishi Logistics Corp. 14,300 399,334 
Mitsubishi Materials Corp. 30,300 588,207 
Mitsubishi Motors Corp. of Japan (a) 179,800 575,454 
Mitsubishi Pencil Co. Ltd. 9,300 111,577 
Mitsubishi Research Institute, Inc. 2,100 78,434 
Mitsubishi Shokuhin Co. Ltd. 4,700 120,989 
Mitsuboshi Belting Ltd. 6,000 106,644 
Mitsui Fudosan Logistics Park, Inc. 139 738,916 
Mitsui High-Tec, Inc. 5,300 409,377 
Mitsui Mining & Smelting Co. Ltd. 15,600 447,645 
Mitsui OSK Lines Ltd. 29,300 1,847,409 
Mitsui Sugar Co. Ltd. 4,200 74,635 
Mitsui-Soko Co. Ltd. 5,100 102,292 
Mitsuuroko Group Holdings Co. Ltd. 7,900 94,532 
mixi, Inc. 11,500 263,515 
Mizuho Leasing Co. Ltd. 7,200 222,457 
Mizuno Corp. 4,900 114,039 
Mochida Pharmaceutical Co. Ltd. 6,700 195,382 
Modalis Therapeutics Corp. (a) 3,100 28,958 
Modec, Inc. 5,200 89,440 
Monex Group, Inc. 41,600 270,896 
Money Forward, Inc. (a) 11,500 781,458 
Mori Hills REIT Investment Corp. 416 564,030 
Mori Trust Hotel (REIT), Inc. 88 109,261 
MORI TRUST Sogo (REIT), Inc. 267 344,948 
Morinaga & Co. Ltd. 10,100 356,921 
Morinaga Milk Industry Co. Ltd. 10,000 586,047 
Morita Holdings Corp. 8,300 104,429 
MOS Food Services, Inc. 6,500 181,249 
MTI Ltd. 5,800 37,149 
Musashi Seimitsu Industry Co. Ltd. 12,300 231,500 
Nachi-Fujikoshi Corp. 4,000 151,521 
Nafco Co. Ltd. 3,600 54,455 
Nagaileben Co. Ltd. 5,600 115,100 
Nagase & Co. Ltd. 27,100 458,689 
Nagatanien Holdings Co. Ltd. 3,100 56,763 
Nagoya Railroad Co. Ltd. (a) 50,500 834,397 
Nakanishi, Inc. 19,200 445,349 
Nankai Electric Railway Co. Ltd. 27,600 547,771 
NEC Networks & System Integration Corp. 17,900 288,019 
Net One Systems Co. Ltd. 23,300 764,086 
Nextage Co. Ltd. 11,700 214,423 
NGK Spark Plug Co. Ltd. 41,500 662,963 
NHK Spring Co. Ltd. 53,000 399,821 
Nichi-iko Pharmaceutical Co. Ltd. 13,300 100,971 
Nichias Corp. 15,700 384,414 
Nichicon Corp. 12,500 118,293 
Nichiden Corp. 3,800 76,456 
Nichiha Corp. 6,700 192,603 
Nichirei Corp. 30,200 735,534 
Nichireki Co. Ltd. 6,100 72,383 
Nifco, Inc. 21,800 695,410 
Nihon Chouzai Co. Ltd. 3,200 46,112 
Nihon Kohden Corp. 21,600 687,296 
Nihon Nohyaku Co. Ltd. 10,000 47,010 
Nihon Parkerizing Co. Ltd. 21,900 218,504 
Nihon Unisys Ltd. 19,300 542,268 
Nikkiso Co. Ltd. 12,700 112,459 
Nikkon Holdings Co. Ltd. 15,800 308,690 
Nikon Corp. 81,900 903,010 
Nippn Corp. 13,000 186,273 
Nippo Corp. 14,600 516,489 
Nippon Accommodations Fund, Inc. 122 680,426 
Nippon Carbon Co. Ltd. 2,800 108,096 
Nippon Ceramic Co. Ltd. 5,100 132,494 
Nippon Densetsu Kogyo Co. Ltd. 9,000 138,725 
Nippon Electric Glass Co. Ltd. 21,600 551,512 
Nippon Gas Co. Ltd. 28,700 355,983 
Nippon Kanzai Co. Ltd. 5,100 123,843 
Nippon Kayaku Co. Ltd. 36,300 382,314 
Nippon Koei Co. Ltd. 3,000 91,115 
Nippon Light Metal Holding Co. Ltd. 14,900 247,299 
Nippon Paper Industries Co. Ltd. 26,400 270,608 
Nippon Parking Development Co. Ltd. 51,500 65,085 
Nippon REIT Investment Corp. 120 461,305 
Nippon Seiki Co. Ltd. 12,100 121,734 
Nippon Sheet Glass Co. Ltd. (a) 24,200 135,243 
Nippon Shokubai Co. Ltd. 7,200 376,162 
Nippon Signal Co. Ltd. 10,900 94,257 
Nippon Soda Co. Ltd. 5,400 162,247 
Nippon Steel & Sumikin Bussan Corp. 3,900 176,357 
Nippon Suisan Kaisha Co. Ltd. 76,400 434,204 
Nippon Television Network Corp. 14,600 157,295 
Nipro Corp. 37,100 376,998 
Nishi-Nippon Financial Holdings, Inc. 32,300 188,340 
Nishi-Nippon Railroad Co. Ltd. 16,100 396,596 
Nishimatsu Construction Co. Ltd. 12,000 346,142 
Nishimatsuya Chain Co. Ltd. 10,300 131,421 
Nishio Rent All Co. Ltd. 4,900 121,167 
Nissan Shatai Co. Ltd. 16,700 118,447 
Nissei ASB Machine Co. Ltd. 2,100 68,551 
Nissha Co. Ltd. 10,200 167,097 
Nisshin Oillio Group Ltd. 6,300 167,001 
Nisshinbo Holdings, Inc. 38,200 294,847 
Nissin Electric Co. Ltd. 12,700 157,392 
Nitta Corp. 5,200 119,211 
Nittetsu Mining Co. Ltd. 1,300 74,880 
Nitto Boseki Co. Ltd. 6,400 205,136 
Nitto Kogyo Corp. 7,000 104,156 
Nitto Kohki Co. Ltd. 3,300 54,830 
Nittoku Co. Ltd. 3,600 125,156 
Noevir Holdings Co. Ltd. 4,100 200,552 
NOF Corp. 18,400 923,433 
Nohmi Bosai Ltd. 5,700 104,550 
Nojima Co. Ltd. 8,300 182,028 
NOK Corp. 23,100 268,139 
NOMURA Co. Ltd. 20,700 204,090 
Noritake Co. Ltd. 2,300 100,566 
Noritsu Koki Co. Ltd. 4,800 99,828 
Noritz Corp. 6,800 109,102 
North Pacific Bank Ltd. 68,900 142,593 
NS Solutions Corp. 8,500 285,713 
Ns United Kaiun Kaisha Ltd. 2,500 78,732 
NSD Co. Ltd. 18,400 350,603 
NTN Corp. (a) 107,500 233,117 
Ntt Ud (REIT) Investment Corp. 338 448,674 
Obara Group, Inc. 2,800 89,794 
OBIC Business Consultants Ltd. 8,100 399,858 
Ogaki Kyoritsu Bank Ltd. 9,600 159,533 
Ohsho Food Service Corp. 3,400 178,543 
Oiles Corp. 5,500 81,719 
Oisix Ra Daichi, Inc. (a) 6,800 284,809 
Okamoto Industries, Inc. 2,800 98,257 
Okamura Corp. 15,000 197,953 
Okasan Securities Group, Inc. 39,000 133,393 
Oki Electric Industry Co. Ltd. 22,600 185,639 
Okinawa Cellular Telephone Co. 3,300 148,686 
Okinawa Financial Group, Inc. 5,600 123,107 
Okuma Corp. 6,300 300,186 
Okumura Corp. 8,600 222,091 
Okuwa Co. Ltd. 6,700 64,369 
One (REIT), Inc. 57 152,869 
Onward Holdings Co. Ltd. 24,900 73,644 
Open Door, Inc. (a) 3,000 66,315 
Open House Co. Ltd. 20,400 1,300,970 
Optex Group Co. Ltd. 8,600 109,537 
Optim Corp. (a) 4,500 70,756 
Optorun Co. Ltd. 7,000 141,896 
Organo Corp. 1,700 107,998 
Orient Corp. 141,300 193,911 
Oro Co. Ltd. 1,800 59,580 
Osaka Organic Chemical Industry Ltd. 3,900 116,867 
Osaka Soda Co. Ltd. 3,200 81,322 
Osaka Steel Co. Ltd. 3,600 36,767 
OSG Corp. 22,600 375,995 
Outsourcing, Inc. 30,600 587,010 
Pacific Industrial Co. Ltd. 10,800 110,004 
Pal Group Holdings Co. Ltd. 5,500 79,549 
PALTAC Corp. 7,800 345,382 
Paramount Bed Holdings Co. Ltd. 9,800 182,859 
Park24 Co. Ltd. (a) 29,300 448,811 
Pasona Group, Inc. 5,600 156,384 
Penta-Ocean Construction Co. Ltd. 73,700 507,862 
Pharma Foods International Co. Ltd. 5,800 131,456 
Pilot Corp. 7,300 267,719 
Piolax, Inc. 7,000 100,698 
PKSHA Technology, Inc. (a) 4,000 62,720 
Plaid, Inc. 4,000 102,040 
Plenus Co. Ltd. 5,900 100,440 
PR TIMES, Inc. (a) 1,300 41,820 
Premier Anti-Aging Co. Ltd. 800 84,411 
Pressance Corp. 5,500 91,157 
Prestige International, Inc. 25,500 174,862 
Prima Meat Packers Ltd. 6,700 157,473 
Proto Corp. 6,200 76,576 
Qol Holdings Co. Ltd. 6,200 92,101 
Raito Kogyo Co. Ltd. 11,800 209,830 
Raiznext Corp. 7,300 78,901 
Raksul, Inc. (a) 6,100 335,604 
Rakus Co. Ltd. 19,600 621,211 
Relia, Inc. 9,800 100,424 
Relo Group, Inc. 31,000 644,796 
Rengo Co. Ltd. 47,900 363,232 
RENOVA, Inc. (a) 9,500 417,914 
Resorttrust, Inc. 22,200 393,410 
Restar Holdings Corp. 4,500 75,214 
Retail Partners Co. Ltd. 5,600 58,540 
Ricoh Leasing Co. Ltd. 3,700 117,308 
Riken Kieki Co. Ltd. 3,500 97,118 
Riken Vitamin Co. Ltd. 5,500 90,313 
Ringer Hut Co. Ltd. (a) 5,700 110,562 
Riso Kagaku Corp. 5,200 109,747 
Riso Kyoiku Co. Ltd. 30,000 125,324 
Rock Field Co. Ltd. 4,900 72,334 
Rohto Pharmaceutical Co. Ltd. 25,600 782,175 
Roland Corp. 3,300 135,682 
Rorze Corp. 2,800 268,373 
Round One Corp. 15,800 190,117 
Royal Holdings Co. Ltd. (a) 7,300 132,511 
RPA Holdings, Inc. (a) 5,700 21,888 
RS Technologies Co. Ltd. 1,900 103,324 
Ryobi Ltd. 6,100 63,949 
Ryosan Co. Ltd. 5,000 103,074 
Ryoyo Electro Corp. 3,600 74,966 
S Foods, Inc. 4,700 136,099 
S-Pool, Inc. 16,800 187,863 
S.T. Corp. 3,400 48,216 
Saibu Gas Co. Ltd. 5,500 112,306 
Saizeriya Co. Ltd. 7,900 213,249 
Sakai Moving Service Co. Ltd. 2,800 115,301 
Sakata INX Corp. 10,700 103,364 
Sakata Seed Corp. 7,800 235,327 
SAMTY Co. Ltd. 8,300 184,571 
Samty Residential Investment Corp. 94 99,196 
San-A Co. Ltd. 4,600 165,754 
San-Ai Oil Co. Ltd. 15,000 195,493 
SanBio Co. Ltd. (a) 7,600 80,220 
Sangetsu Corp. 12,100 166,502 
Sanken Electric Co. Ltd. (a) 6,000 315,446 
Sanki Engineering Co. Ltd. 10,400 130,992 
Sankyo Co. Ltd. (Gunma) 12,100 293,690 
Sankyu, Inc. 15,000 677,201 
Sanrio Co. Ltd. 13,200 295,755 
Sansan, Inc. (a) 4,200 487,992 
Sanshin Electronic Co. Ltd. 2,300 33,020 
Sanwa Holdings Corp. 50,100 584,349 
Sanyo Chemical Industries Ltd. 3,100 153,496 
Sanyo Denki Co. Ltd. 2,400 137,881 
Sanyo Special Steel Co. Ltd. (a) 5,000 82,455 
Sapporo Holdings Ltd. 17,200 373,191 
Sato Holding Corp. 7,000 161,348 
Sawai Group Holdings Co. Ltd. 10,600 467,611 
SB Technology Corp. 2,500 68,828 
SBS Holdings, Inc. 4,700 167,218 
Screen Holdings Co. Ltd. 10,300 957,378 
Sega Sammy Holdings, Inc. 47,000 668,360 
Seibu Holdings, Inc. (a) 61,100 667,428 
Seikagaku Corp. 10,300 90,899 
Seiko Holdings Corp. 6,600 139,189 
Seino Holdings Co. Ltd. 33,400 404,671 
Seiren Co. Ltd. 11,300 228,060 
Sekisui House (REIT), Inc. 1,096 828,576 
Sekisui Jushi Corp. 6,500 121,093 
SENKO Co. Ltd. 29,300 260,613 
Senshu Ikeda Holdings, Inc. 55,500 77,974 
Septeni Holdings Co. Ltd. 18,700 78,923 
Seria Co. Ltd. 12,300 406,068 
Seven Bank Ltd. 161,500 341,403 
Shibaura Machine Co. Ltd. 5,200 121,217 
Shibuya Corp. 3,700 97,750 
SHIFT, Inc. (a) 3,100 714,920 
Shiga Bank Ltd. 10,400 168,287 
Shikoku Chemicals Corp. 9,200 113,060 
Shikoku Electric Power Co., Inc. 42,800 278,747 
Shima Seiki Manufacturing Ltd. 6,700 128,831 
Shimamura Co. Ltd. 6,000 508,035 
Shin Nippon Air Technologies Co. Ltd. 2,600 55,947 
Shin-Etsu Polymer Co. Ltd. 11,200 101,167 
Shinko Electric Industries Co. Ltd. 18,100 729,198 
Shinmaywa Industries Ltd. 14,300 116,875 
Shinnihon Corp. 6,900 50,506 
Shinnihonseiyaku Co. Ltd. 2,400 35,571 
Shinsei Bank Ltd. 35,200 581,317 
Ship Healthcare Holdings, Inc. 20,400 535,834 
Shizuoka Gas Co. Ltd. 12,400 130,800 
SHO-BOND Holdings Co. Ltd. 10,600 444,028 
Shochiku Co. Ltd. (a) 2,400 261,150 
Shoei Co. Ltd. 6,200 275,877 
Shoei Foods Corp. 2,700 93,081 
Showa Denko K.K. 46,773 1,173,068 
Showa Sangyo Co. Ltd. 4,500 111,947 
Siix Corp. 7,500 83,085 
Sinfonia Technology Co. Ltd. 5,300 61,072 
Sinko Industries Ltd. 4,800 87,127 
SKY Perfect JSAT Holdings, Inc. 35,000 131,260 
Skylark Co. Ltd. (a) 60,700 822,460 
SMS Co., Ltd. 18,700 725,529 
Snow Peak, Inc. 3,600 189,990 
Sodick Co. Ltd. 12,900 99,444 
Software Service, Inc. 600 37,853 
Sojitz Corp. 64,360 1,061,879 
Solasto Corp. 14,200 171,863 
Sosei Group Corp. (a) 19,900 318,253 
SOSiLA Logistics REIT, Inc. 156 234,578 
Sotetsu Holdings, Inc. 19,900 384,923 
Sourcenext Corp. 22,400 40,196 
Sparx Group Co. Ltd. 23,800 61,739 
SRE Holdings Corp. (a) 1,600 111,153 
Star Asia Investment Corp. 383 203,184 
Star Micronics Co. Ltd. 9,000 118,122 
Starts Corp., Inc. 7,800 187,440 
Starts Proceed Investment Corp. 58 121,851 
Starzen Co. Ltd. 3,600 67,846 
Strike Co. Ltd. 2,100 79,250 
Sugi Holdings Co. Ltd. 9,400 673,052 
Sumitomo Bakelite Co. Ltd. 9,400 422,461 
Sumitomo Densetsu Co. Ltd. 4,200 80,621 
Sumitomo Forestry Co. Ltd. 34,600 660,893 
Sumitomo Heavy Industries Ltd. 29,900 769,791 
Sumitomo Mitsui Construction Co. Ltd. 38,700 164,229 
Sumitomo Osaka Cement Co. Ltd. 9,400 263,396 
Sumitomo Riko Co. Ltd. 9,800 63,841 
Sumitomo Rubber Industries Ltd. 46,200 569,372 
Sumitomo Seika Chemicals Co. Ltd. 2,200 62,659 
Sun Corp. 3,500 90,523 
Sun Frontier Fudousan Co. Ltd. 7,300 68,504 
Sundrug Co. Ltd. 19,400 567,762 
Suzuken Co. Ltd. 18,200 506,651 
SystemPro Co. Ltd. 18,400 340,028 
T Hasegawa Co. Ltd. 8,800 214,901 
T-Gaia Corp. 5,100 90,872 
Tachi-S Co. Ltd. 7,500 90,836 
Tadano Ltd. 26,000 283,922 
Taihei Dengyo Kaisha Ltd. 3,000 70,865 
Taiheiyo Cement Corp. 29,800 633,139 
Taikisha Ltd. 6,600 188,500 
Taiko Pharmaceutical Co. Ltd. 7,000 49,725 
Taiyo Holdings Co. Ltd. 9,400 251,303 
Taiyo Yuden Co. Ltd. 31,600 1,601,692 
Takamatsu Construction Group C 4,000 70,186 
Takara Bio, Inc. 12,900 336,650 
Takara Holdings, Inc. 37,900 518,406 
Takara Leben Co. Ltd. 23,600 64,313 
Takara Leben Real Estate Investment Corp. 147 143,312 
Takara Standard Co. Ltd. 8,000 106,356 
Takasago International Corp. 3,100 80,792 
Takasago Thermal Engineering Co. Ltd. 12,100 221,354 
Takashimaya Co. Ltd. 38,700 358,335 
Takeuchi Manufacturing Co. Ltd. 9,400 241,339 
Taki Chemical Co. Ltd. 1,400 77,495 
Takuma Co. Ltd. 16,600 217,151 
Tama Home Co. Ltd. 3,900 80,379 
Tamron Co. Ltd. 4,200 98,730 
Tamura Corp. 19,300 132,621 
Tatsuta Electric Wire & Cable Co. Ltd. 10,600 47,678 
Tbs Holdings, Inc. 9,100 143,940 
Techmatrix Corp. 9,500 150,635 
TechnoPro Holdings, Inc. 29,300 936,406 
Teijin Ltd. 48,200 646,976 
Teikoku Sen-I Co. Ltd. 4,700 84,714 
Tenma Corp. 4,000 95,263 
The Aomori Bank Ltd. 5,000 86,231 
The Awa Bank Ltd. 9,300 173,235 
The Chugoku Bank Ltd. 40,700 295,245 
The Hachijuni Bank Ltd. 99,100 331,211 
The Hyakugo Bank Ltd. 57,300 166,101 
The Keiyo Bank Ltd. 28,200 109,839 
The Kiyo Bank Ltd. 16,600 217,993 
The Monogatari Corp. 2,600 161,965 
The Musashino Bank Ltd. 7,500 117,808 
The Nanto Bank Ltd. 7,300 125,848 
The Nippon Road Co. Ltd. 1,700 122,974 
The Okinawa Electric Power Co., Inc. 11,900 145,994 
The Pack Corp. 3,500 92,985 
The San-In Godo Bank Ltd. 39,300 192,332 
The Sumitomo Warehouse Co. Ltd. 14,700 236,328 
The Suruga Bank Ltd. 43,300 158,842 
The Toho Bank Ltd. 46,700 83,596 
TKC Corp. 7,900 242,184 
TKP Corp. (a) 3,500 56,658 
TOA Corp. 3,500 76,810 
Toagosei Co. Ltd. 25,900 289,461 
Toc Co. Ltd. 10,200 57,183 
Tocalo Co. Ltd. 15,100 185,169 
Toda Corp. 61,300 386,169 
Toei Animation Co. Ltd. 2,200 341,624 
Toei Co. Ltd. 1,600 313,859 
Toenec Corp. 2,200 64,745 
Toho Holdings Co. Ltd. 14,700 237,993 
Toho Titanium Co. Ltd. 8,400 88,450 
Tokai Carbon Co. Ltd. 51,700 676,274 
Tokai Corp. 5,300 101,951 
TOKAI Holdings Corp. 25,900 196,667 
Tokai Rika Co. Ltd. 13,600 190,369 
Tokai Tokyo Financial Holdings 51,500 178,535 
Token Corp. 1,800 146,773 
Tokushu Tokai Paper Co. Ltd. 2,200 85,789 
Tokuyama Corp. 16,900 289,402 
Tokyo Ohka Kogyo Co. Ltd. 8,500 540,383 
Tokyo Seimitsu Co. Ltd. 10,200 415,304 
Tokyo Steel Manufacturing Co. Ltd. 23,000 255,938 
Tokyo Tatemono Co. Ltd. 50,700 745,209 
Tokyotokeiba Co. Ltd. 4,300 170,373 
Tokyu Construction Co. Ltd. 21,200 149,903 
Tokyu Fudosan Holdings Corp. 164,900 955,499 
Tokyu REIT, Inc. 224 375,827 
TOMONY Holdings, Inc. 37,300 99,653 
Tomy Co. Ltd. 21,900 207,858 
Tonami Holdings Co. Ltd. 1,400 55,320 
Topcon Corp. 27,900 497,429 
Toppan Forms Co. Ltd. 12,200 117,289 
Topre Corp. 8,700 100,633 
TORIDOLL Holdings Corp. 11,900 286,488 
Torii Pharmaceutical Co. Ltd. 3,500 90,867 
Tosei Corp. 8,000 76,902 
Toshiba Tec Corp. 6,900 271,663 
Tosho Co. Ltd. 4,100 70,285 
Totetsu Kogyo Co. Ltd. 6,500 141,424 
Towa Pharmaceutical Co. Ltd. 6,700 172,249 
Toyo Construction Co. Ltd. 19,800 99,112 
Toyo Gosei Co. Ltd. 1,400 194,784 
Toyo Ink South Carolina Holdings Co. Ltd. 9,900 174,350 
Toyo Seikan Group Holdings Ltd. 38,000 451,213 
Toyo Tanso Co. Ltd. 3,300 89,712 
Toyo Tire Corp. 29,300 487,213 
Toyobo Co. Ltd. 21,600 259,359 
Toyoda Gosei Co. Ltd. 17,700 362,183 
Toyota Boshoku Corp. 17,800 342,242 
TPR Co. Ltd. 6,400 81,553 
Trancom Co. Ltd. 1,900 133,313 
Trans Cosmos, Inc. 6,500 195,989 
Tri Chemical Laboratories, Inc. 6,900 206,386 
Trusco Nakayama Corp. 12,600 304,667 
TS tech Co. Ltd. 24,100 322,459 
Tsubaki Nakashima Co. Ltd. 11,600 162,434 
Tsubakimoto Chain Co. 6,700 197,967 
Tsugami Corp. 11,500 158,104 
Tsukishima Kikai Co. Ltd. 6,000 61,344 
Tsumura & Co. 15,600 486,181 
Tsurumi Manufacturing Co. Ltd. 4,500 69,344 
TV Asahi Corp. 5,800 88,016 
Uacj Corp. (a) 8,400 194,689 
Ube Industries Ltd. 27,000 503,047 
Uchida Yoko Co. Ltd. 2,000 84,609 
Ulvac, Inc. 12,000 673,260 
Union Tool Co. 2,300 77,688 
Unipres Corp. 9,700 79,139 
United Arrows Ltd. (a) 5,600 112,174 
United Super Markets Holdings, Inc. 14,100 128,703 
Universal Entertainment Corp. (a) 6,400 152,032 
USEN-NEXT HOLDINGS Co. Ltd. 3,900 114,808 
Ushio, Inc. 25,700 459,783 
UT Group Co. Ltd. 7,100 227,119 
Uzabase, Inc. (a) 5,400 96,763 
V Technology Co. Ltd. 2,300 86,735 
V-cube, Inc. 5,300 80,144 
Valor Holdings Co. Ltd. 9,600 203,319 
ValueCommerce Co. Ltd. 4,100 161,816 
Vector, Inc. 7,600 86,235 
Vision, Inc. (a) 7,700 103,317 
VT Holdings Co. Ltd. 18,900 84,568 
Wacoal Holdings Corp. 10,300 206,271 
Wacom Co. Ltd. 41,100 265,878 
Wakita & Co. Ltd. 9,100 82,337 
WDB Holdings Co. Ltd. 2,400 75,649 
WealthNavi, Inc. 6,200 170,014 
Weathernews, Inc. 1,400 102,170 
West Holdings Corp. 6,200 346,529 
World Co. Ltd. (a) 6,400 78,553 
World Holdings Co. Ltd. 2,100 52,455 
WOWOW INC. 1,600 32,580 
Xebio Holdings Co. Ltd. 6,800 63,194 
YA-MAN Ltd. 7,900 83,922 
YAKUODO Holdings Co. Ltd. 2,600 54,939 
YAMABIKO Corp. 9,100 99,169 
Yamaguchi Financial Group, Inc. 54,800 305,922 
Yamashin-Filter Corp. 10,400 62,978 
Yamato Kogyo Co. Ltd. 11,000 368,833 
Yamazaki Baking Co. Ltd. 32,400 492,182 
Yamazen Co. Ltd. 15,500 143,611 
Yaoko Co. Ltd. 4,800 285,712 
Yellow Hat Ltd. 8,700 141,748 
Yodogawa Steel Works Ltd. 4,900 107,066 
Yokogawa Bridge Holdings Corp. 8,400 169,312 
Yokohama Reito Co. Ltd. 12,100 92,526 
Yokohama Rubber Co. Ltd. 32,200 544,861 
Yokowo Co. Ltd. 4,600 102,232 
Yondoshi Holdings, Inc. 3,900 59,162 
YONEX Co. Ltd. 15,400 101,393 
Yoshinoya Holdings Co. Ltd. 17,300 337,322 
Yuasa Trading Co. Ltd. 4,500 120,265 
Yukiguni Maitake Co. Ltd. 5,500 68,987 
Yurtec Corp. 9,600 56,234 
Zenkoku Hosho Co. Ltd. 14,000 676,545 
Zenrin Co. Ltd. 8,500 78,373 
Zensho Holdings Co. Ltd. 25,100 579,725 
Zeon Corp. 35,400 419,985 
ZERIA Pharmaceutical Co. Ltd. 6,300 112,785 
ZIGExN Co. Ltd. 15,800 56,235 
Zojirushi Thermos 8,800 122,057 
Zuken, Inc. 3,700 142,664 
TOTAL JAPAN  236,972,103 
Liechtenstein - 0.0%   
Implantica AG SDR (a) 5,730 50,775 
Liechtensteinische Landesbank AG 3,377 199,168 
TOTAL LIECHTENSTEIN  249,943 
Luxembourg - 0.8%   
ADLER Group SA (b)(c) 20,657 280,106 
Aperam SA 12,970 773,355 
B&M European Value Retail SA 242,780 2,103,849 
B&S Group SARL (c) 7,708 69,591 
eDreams ODIGEO SA (a) 15,882 139,166 
Grand City Properties SA 27,413 702,238 
Millicom International Cellular SA (depository receipt) (a) 27,382 957,796 
NeoGames SA 1,676 62,263 
SES SA (France) (depositary receipt) 103,565 929,994 
Solutions 30 SE (a) 22,588 204,063 
Stabilus SA 6,700 503,438 
Subsea 7 SA 60,322 540,962 
TOTAL LUXEMBOURG  7,266,821 
Malta - 0.1%   
Kambi Group PLC (a) 6,595 178,928 
Kindred Group PLC (depositary receipt) 62,148 868,393 
Media and Games Invest PLC (a)(b) 24,783 143,532 
TOTAL MALTA  1,190,853 
Marshall Islands - 0.0%   
Atlas Corp. (b) 23,565 329,910 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 1,726,400 339,263 
Netherlands - 3.0%   
Aalberts Industries NV 26,825 1,483,814 
Accell Group NV (a) 7,007 288,768 
AerCap Holdings NV (a) 35,312 2,084,820 
Alfen Beheer BV (a)(c) 5,624 632,581 
AMG Advanced Metallurgical Group NV 8,996 265,600 
Arcadis NV 19,572 954,785 
ASR Nederland NV 38,025 1,778,496 
Basic-Fit NV (a)(c) 13,408 650,985 
BE Semiconductor Industries NV 18,045 1,647,107 
Boskalis Westminster 21,147 630,705 
Brack Capital Properties NV (a) 710 82,547 
Brunel International NV 5,347 73,432 
CM.com NV (a) 3,119 124,212 
Corbion NV 16,014 760,851 
COSMO Pharmaceuticals NV (a) 2,018 153,620 
Eurocommercial Properties NV 11,321 264,228 
Euronext NV (c) 21,650 2,437,669 
Fastned BV unit (a)(b) 1,095 65,569 
Flow Traders BV (c) 8,814 299,149 
ForFarmers NV 9,151 43,637 
Fugro NV (Certificaten Van Aandelen) (a) 28,398 240,630 
IMCD NV 15,383 3,415,177 
Intertrust NV (a)(c) 24,248 366,641 
Koninklijke BAM Groep NV (a) 72,780 211,176 
Mediaset NV 79,555 223,292 
Meltwater Holding BV (a) 36,133 167,665 
NSI NV 5,226 209,632 
OCI NV (a) 25,780 730,141 
Pharming Group NV (a)(b) 166,928 139,902 
PostNL NV 130,495 566,148 
RHI Magnesita NV 7,680 352,941 
SBM Offshore NV 40,466 638,997 
Shop Apotheke Europe NV (a)(c) 3,670 555,770 
Sif Holdings NV 3,530 57,538 
Signify NV (c) 34,611 1,674,432 
Sligro Food Group NV (a) 6,632 177,482 
Technip Energies NV (a) 29,150 449,018 
TKH Group NV (depositary receipt) 11,061 629,864 
TomTom Group BV (a) 17,532 150,888 
Van Lanschot NV (Bearer) 8,452 234,492 
VastNed Retail NV 3,048 86,854 
Wereldhave NV 9,273 143,750 
TOTAL NETHERLANDS  26,145,005 
New Zealand - 1.0%   
Air New Zealand Ltd. (a) 153,507 183,705 
Argosy Property Ltd. 227,700 254,545 
Chorus Ltd. 124,319 567,484 
Contact Energy Ltd. 209,873 1,230,231 
Fletcher Building Ltd. 211,322 1,085,777 
Genesis Energy Ltd. 142,018 331,771 
Goodman Property Trust 297,223 529,280 
Infratil Ltd. 194,870 1,156,251 
Kiwi Property Group Ltd. 424,642 356,029 
Oceania Healthcare Ltd. 191,255 191,875 
Precinct Properties New Zealand Ltd. 337,760 404,205 
Pushpay Holdings Ltd. (a) 249,931 340,291 
Restaurant Brands NZ Ltd. (a) 7,934 88,580 
SKYCITY Entertainment Group Ltd. 206,473 473,467 
Summerset Group Holdings Ltd. 59,524 618,923 
Synlait Milk Ltd. (a) 28,305 73,020 
Z Energy Ltd. 139,493 359,858 
TOTAL NEW ZEALAND  8,245,292 
Norway - 2.2%   
Aker ASA (A Shares) 7,027 646,312 
Aker BioMarine ASA (a) 5,934 29,958 
Aker Carbon Capture A/S (a) 70,810 254,644 
Aker Horizons Holding ASA (a) 30,419 125,307 
Aker Solutions ASA (a) 66,008 186,978 
Atea ASA 23,076 431,588 
Atlantic Sapphire A/S (a) 16,836 84,400 
Austevoll Seafood ASA 24,558 331,688 
Bonheur A/S 5,068 200,071 
Borregaard ASA 25,825 626,679 
BW Energy Ltd. (a) 20,743 67,646 
Crayon Group Holding A/S (a)(c) 14,699 342,946 
DNO ASA (A Shares) (a) 117,121 170,526 
Elkem ASA (c) 78,878 312,416 
Entra ASA (c) 32,010 798,744 
Europris ASA (c) 42,513 314,020 
Fjordkraft Holding ASA (c) 25,802 153,476 
Grieg Seafood ASA (a) 13,602 151,108 
Hexagon Composites ASA 29,370 118,274 
Hexagon Purus Holding A/S 15,046 54,544 
Kahoot! A/S (a) 70,580 420,243 
Kongsberg Gruppen ASA 24,368 799,008 
Leroy Seafood Group ASA 80,705 733,691 
LINK Mobility Group Holding ASA 43,483 138,974 
NEL ASA (a)(b) 395,502 834,740 
Nordic VLSI ASA (a) 46,819 1,385,522 
Norway Royal Salmon ASA 3,498 73,456 
Ocean Yield ASA 16,395 79,569 
Pexip Holding ASA (a) 19,811 93,381 
Protector Forsikring ASA 16,856 195,339 
Quantafuel ASA (a) 33,366 108,615 
REC Silicon ASA (a) 82,803 149,867 
Salmar ASA 15,332 1,166,974 
Sbanken ASA (c) 25,720 301,410 
Scatec Solar AS (c) 32,239 633,873 
Selvaag Bolig ASA 11,582 71,154 
Sparebank 1 Oestlandet 11,228 185,009 
Sparebank 1 Sr Bank ASA (primary capital certificate) 49,145 752,774 
Sparebanken Midt-Norge 35,944 598,223 
Sparebanken Nord-Norge 26,897 326,028 
Storebrand ASA (A Shares) 127,515 1,366,636 
TGS ASA 32,078 295,115 
Tomra Systems ASA 31,975 2,063,563 
Vaccibody A/S (a) 34,921 268,690 
Veidekke ASA 29,240 420,884 
Volue A/S 13,594 95,101 
Wallenius Wilhelmsen ASA (a) 27,359 124,684 
XXL ASA (c) 37,397 61,886 
TOTAL NORWAY  19,145,734 
Portugal - 0.2%   
Altri SGPS SA 19,255 124,649 
Banco Comercial Portugues SA (Reg.) (a) 2,221,567 400,885 
Corticeira Amorim SGPS SA 10,432 145,436 
CTT Correios de Portugal SA 30,379 167,162 
NOS SGPS 54,306 211,812 
REN - Redes Energeticas Nacionais SGPS SA 109,170 332,538 
Semapa 4,622 64,864 
Sonae SGPS SA 245,951 270,530 
The Navigator Co. SA 59,541 232,643 
TOTAL PORTUGAL  1,950,519 
Singapore - 1.9%   
AEM Holdings Ltd. 72,000 223,715 
AIMS APAC (REIT) 143,100 152,810 
Ara Logos Logistics Trust 355,600 237,330 
Ascendas India Trust 230,500 237,594 
Ascott Residence Trust 509,100 388,857 
CapitaRetail China Trust 287,600 260,194 
CDL Hospitality Trusts unit 219,800 195,595 
China Aviation Oil Singapore Corp. Ltd. 73,000 54,134 
ComfortDelgro Corp. Ltd. 587,200 679,297 
Cosco Shipping International Singapore (a) 305,300 62,260 
Cromwell European (REIT) 85,290 261,277 
ESR (REIT) 762,260 271,327 
Far East Hospitality Trust unit 239,100 114,364 
First Resources Ltd. 147,800 195,094 
Fortune (REIT) 409,000 424,218 
Frasers Centrepoint Trust 275,300 492,008 
Frasers Hospitality Trust unit 162,200 57,735 
Frasers Logistics & Industrial Trust 693,300 781,473 
Haw Par Corp. Ltd. 32,900 307,408 
Hutchison Port Holdings Trust 1,393,700 299,646 
iFast Corp. Ltd. 37,100 237,979 
Japfa Ltd. 111,800 56,791 
Kenon Holdings Ltd. 6,636 265,075 
Keppel (REIT) 495,600 415,297 
Keppel DC (REIT) 353,700 626,877 
Keppel Infrastructure Trust 940,800 369,762 
Keppel Pacific Oak U.S. (REIT) 201,100 159,875 
Manulife U.S. REIT 392,500 278,675 
Mapletree Greater China Commercial Trust 608,200 460,040 
Mapletree Industrial (REIT) 475,835 970,372 
Nanofilm Technologies International Ltd. 70,500 197,620 
NetLink NBN Trust 842,900 637,566 
Olam International Ltd. 199,900 252,006 
OUE Commercial (REIT) 586,100 195,584 
Oue Ltd. 77,600 79,413 
Oxley Holdings Ltd. 232,800 34,527 
Parkway Life REIT 107,600 371,832 
Raffles Medical Group Ltd. 250,600 254,595 
Riverstone Holdings Ltd. 137,800 87,881 
Sasseur (REIT) 143,700 90,578 
SATS Ltd. (a) 182,200 566,124 
Sembcorp Industries Ltd. 268,700 400,509 
Sembcorp Marine Ltd. (a) 5,115,600 299,690 
Sheng Siong Group Ltd. 182,000 191,650 
SIA Engineering Co. Ltd. (a) 76,100 122,460 
Singapore Post Ltd. 407,100 197,739 
Singapore Press Holdings Ltd. 438,900 647,691 
SPH REIT 267,900 193,699 
Starhill Global (REIT) 399,831 191,243 
StarHub Ltd. 162,400 149,333 
Suntec (REIT) 535,300 591,470 
Yangzijiang Shipbuilding Holdings Ltd. 646,700 680,989 
Yanlord Land Group Ltd. 162,300 134,799 
TOTAL SINGAPORE  16,106,077 
Slovenia - 0.0%   
Prime U.S. (REIT) 129,513 112,029 
Spain - 1.9%   
Acciona SA 6,651 1,274,763 
Acerinox SA 43,844 609,978 
Almirall SA 19,719 292,918 
Applus Services SA 38,921 352,293 
Atresmedia Corporacion de Medios de Comunicacion SA (a) 24,043 98,167 
Audax Renovables SA (b) 29,600 47,665 
Banco de Sabadell SA (a) 1,520,314 1,223,911 
Bankinter SA 182,201 1,002,993 
Cie Automotive SA 13,275 360,936 
Compania de Distribucion Integral Logista Holdings SA 17,989 383,465 
Construcciones y Auxiliar de Ferrocarriles 5,088 223,212 
Corporacion Financiera Alba SA 4,738 269,749 
Distribuidora Internacional de Alimentacion SA (a) 3,949,564 72,138 
Ebro Foods SA 18,550 367,976 
Ence Energia y Celulosa SA (a) 39,234 100,868 
Faes Farma SA 79,509 324,267 
Fluidra SA 23,730 906,624 
Gestamp Automocion SA (a)(c) 46,603 208,058 
Global Dominion Access SA (c) 24,364 130,544 
Grenergy Renovables SA (a) 2,968 121,115 
Grupo Catalana Occidente SA 11,336 402,961 
Grupo Empresarial San Jose SA 6,412 31,873 
Indra Sistemas SA (a) 36,175 437,001 
Inmobiliaria Colonial SA 75,357 732,618 
Laboratorios Farmaceuticos ROVI SA 5,359 375,417 
Lar Espana Real Estate Socimi SA 15,509 94,303 
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 176,607 355,234 
MAPFRE SA (Reg.) 291,944 617,770 
Mediaset Espana Comunicacion SA (a) 44,149 229,663 
Melia Hotels International SA (a) 33,288 244,816 
Merlin Properties Socimi SA 94,915 1,027,873 
Metrovacesa SA (c) 10,100 88,268 
Miquel y Costas & Miquel SA 3,603 49,898 
Miquel y Costas & Miquel SA rights (a) 3,603 18,145 
Neinor Homes SLU (c) 11,672 150,310 
Pharma Mar SA 4,017 311,775 
Promotora de Informaciones SA (a) 59,183 41,255 
Prosegur Cash SA (c) 123,774 84,705 
Prosegur Compania de Seguridad SA (Reg.) 59,201 167,669 
Sacyr SA 112,406 319,656 
Solaria Energia y Medio Ambiente SA (a) 20,482 408,905 
Solarpack Corp. Tecnologica SL (a) 3,960 121,082 
Soltec Power Holdings SA 9,516 84,704 
Talgo SA (a)(c) 18,383 101,154 
Tecnicas Reunidas SA (a) 8,975 81,133 
Unicaja Banco SA (c) 356,725 381,446 
Viscofan Envolturas Celulosicas SA 10,623 726,373 
Zardoya Otis SA 50,171 402,504 
TOTAL SPAIN  16,460,151 
Sweden - 7.5%   
AAK AB 48,619 1,062,621 
AcadeMedia AB (c) 23,083 165,301 
AddTech AB (B Shares) 70,082 1,566,808 
AFRY AB (B Shares) 24,952 743,214 
Alimak Group AB (c) 9,793 132,960 
Ambea AB (c) 18,847 131,016 
Arjo AB 58,520 797,257 
Atrium Ljungberg AB (B Shares) 12,045 276,581 
Attendo AB (a)(c) 27,781 119,366 
Avanza Bank Holding AB 33,470 1,328,589 
Axfood AB 28,200 691,209 
Bactiguard Holding AB (a) 4,747 92,198 
Beijer Alma AB (B Shares) 12,273 307,968 
Beijer Ref AB (B Shares) 66,980 1,375,789 
Betsson AB (B Shares) 29,785 207,399 
BHG Group AB (a) 26,444 304,377 
BICO Group AB (a) 8,191 411,076 
Bilia AB (A Shares) 19,548 347,120 
Billerud AB 50,508 1,055,681 
BioArctic AB (a)(c) 8,838 121,435 
BioGaia AB 4,461 274,267 
Biotage AB (A Shares) 17,684 571,621 
Bonava AB 21,199 209,201 
BONESUPPORT Holding AB (a)(c) 12,779 55,577 
Boozt AB (a)(c) 12,907 217,471 
Bravida Holding AB (c) 54,766 823,276 
Bufab AB 7,241 308,594 
Bure Equity AB 15,008 695,876 
Calliditas Therapeutics AB (a) 7,380 58,349 
Camurus AB (a) 8,268 155,386 
Castellum AB 63,461 1,687,761 
Catena AB 7,661 466,547 
Cellavision AB 3,830 174,196 
Cibus Nordic Real Estate AB 9,608 254,185 
Cint Group AB 29,519 445,466 
Clas Ohlson AB (B Shares) 10,185 109,582 
Cloetta AB 56,746 180,123 
Collector AB (a) 16,225 79,840 
Coor Service Management Holding AB (c) 24,735 239,919 
Corem Property Group AB 168,391 558,820 
Creades AB (A Shares) 13,656 189,861 
Desenio Group AB (a) 15,408 33,730 
Dios Fastigheter AB 23,639 275,119 
Dometic Group AB (c) 79,876 1,161,215 
Duni AB 8,793 122,660 
Dustin Group AB (c) 17,247 211,069 
Electrolux Professional AB (a) 60,399 465,581 
Elekta AB (B Shares) 99,419 1,154,409 
Enad Global 7 AB (a) 13,465 44,842 
Fabege AB 71,183 1,203,513 
Fagerhult AB 21,823 175,082 
Fingerprint Cards AB (a) 77,854 186,476 
Fortnox AB 13,231 936,708 
Garo AB 7,355 184,988 
Getinge AB (B Shares) 61,649 2,758,699 
Granges AB 28,837 313,789 
Hansa Medical AB (a) 9,606 108,878 
Hexatronic Group AB 7,550 330,115 
HEXPOL AB (B Shares) 71,026 829,519 
HMS Networks AB 6,904 393,917 
Holmen AB (B Shares) 25,298 1,121,737 
Hufvudstaden AB (A Shares) 29,891 477,532 
Indutrade AB 73,775 2,146,760 
Instalco AB 11,257 596,406 
Intrum AB 18,080 512,000 
Investment AB Oresund 7,458 129,742 
INVISIO AB 10,721 193,747 
Inwido AB 14,228 260,935 
JM AB (B Shares) 15,075 609,986 
K-Fast Holding AB (a) 16,084 147,487 
Karo Bio AB (a) 15,249 100,500 
Know IT AB 5,292 212,592 
Kungsleden AB 43,960 604,015 
LeoVegas AB (c) 20,018 75,569 
Lifco AB 62,764 1,827,815 
Lime Technologies AB 2,692 108,645 
Lindab International AB 21,214 695,112 
Loomis AB (B Shares) 20,390 550,587 
Mekonomen AB (a) 10,905 224,754 
MIPS AB 7,073 854,064 
Modern Times Group MTG AB (B Shares) (a) 27,511 314,897 
Munters Group AB (c) 35,487 261,979 
Mycronic AB 20,014 464,228 
NCC AB (B Shares) 21,941 379,905 
New Wave Group AB (B Shares) (a) 10,796 183,034 
Nobia AB 34,265 210,865 
Nobina AB (c) 24,080 230,482 
Nolato AB (B Shares) 55,041 726,787 
Nordic Entertainment Group AB (B Shares) (a) 19,852 1,148,402 
Nordnet AB 30,423 583,273 
Nyfosa AB 47,009 793,154 
Oncopeptides AB (a)(c) 16,768 7,583 
Pandox AB (a) 25,087 442,265 
Paradox Interactive AB 10,068 147,714 
Peab AB 49,485 620,579 
Platzer Fastigheter Holding AB 15,945 259,932 
PowerCell Sweden AB (a) 12,503 279,236 
Ratos AB (B Shares) 58,622 337,070 
Re:NewCell AB 5,321 134,450 
Resurs Holding AB (c) 35,754 192,342 
Saab AB (B Shares) 19,933 554,262 
Sagax AB 38,018 1,487,430 
Sagax AB (D Shares) 46,315 176,620 
Samhallsbyggnadsbolaget I Norden AB:   
(B Shares) 226,950 1,522,161 
(D Shares) 34,496 125,484 
SAS AB (a) 973,889 169,478 
Scandi Standard 12,577 62,607 
Scandic Hotels Group AB (a)(b)(c) 42,383 204,315 
Sdiptech AB (a) 6,727 350,528 
Sedana Medical AB (a) 17,320 171,929 
SkiStar AB 11,136 232,108 
SSAB Svenskt Stal AB:   
(A Shares) (a) 73,357 417,694 
(B Shares) (a) 152,724 761,486 
Stillfront Group AB (a) 82,537 368,283 
Storytel AB (a) 10,939 215,647 
Svolder AB (B Shares) 5,609 227,417 
Sweco AB (B Shares) 53,766 855,824 
Swedencare AB 17,780 292,952 
Swedish Orphan Biovitrum AB (a) 53,339 1,447,134 
Thule Group AB (c) 28,233 1,626,652 
Tobii AB (a) 24,544 177,478 
Trelleborg AB (B Shares) 65,375 1,493,166 
Troax Group AB 10,440 427,909 
Vitrolife AB 16,100 1,047,962 
Wallenstam AB (B Shares) 43,583 763,261 
Wihlborgs Fastigheter AB 37,195 880,068 
Xvivo Perfusion AB (a) 6,162 244,672 
TOTAL SWEDEN  65,356,881 
Switzerland - 5.3%   
Allreal Holding AG 3,844 812,799 
ALSO Holding AG 1,749 517,670 
ams AG (a) 74,059 1,463,223 
APG SGA SA (a) 370 83,650 
Arbonia AG 14,028 304,583 
Aryzta AG (a) 264,859 346,261 
Ascom Holding AG (Reg.) (a) 8,798 136,640 
Autoneum Holding AG (a) 755 118,082 
Bachem Holding AG (B Shares) 1,672 1,344,028 
Basilea Pharmaceutica AG (a) 3,291 153,839 
Belimo Holding AG (Reg.) 2,652 1,540,917 
Bell AG 605 194,266 
BKW AG 5,731 758,625 
Bobst Group SA (a) 2,243 182,752 
Bossard Holding AG 1,530 561,468 
Bucher Industries AG 1,801 907,975 
Burckhardt Compression Holding AG 779 327,561 
Burkhalter Holding AG 1,172 84,738 
Bystronic AG 372 511,114 
Cembra Money Bank AG 8,097 539,888 
COLTENE Holding AG 795 100,374 
Comet Holding AG 1,896 704,063 
Daetwyler Holdings AG 2,039 791,683 
DKSH Holding AG 9,653 772,788 
Dorma Kaba Holding AG 798 591,353 
Dufry AG (a) 19,612 1,038,383 
EFG International 24,401 171,361 
Emmi AG 574 598,387 
Flughafen Zuerich AG (a) 5,384 970,249 
Forbo Holding AG (Reg.) 291 565,092 
Galenica AG (c) 13,441 983,559 
GAM Holding Ltd. (a) 42,125 67,862 
Georg Fischer AG (Reg.) 1,105 1,671,500 
Gurit-Heberlein AG (Bearer) 85 147,422 
Helvetia Holding AG (Reg.) 10,033 1,194,405 
Huber+Suhner AG 4,050 360,059 
Idorsia Ltd. (a) 29,319 603,287 
Implenia AG (a) 3,496 71,325 
INFICON Holding AG 465 595,216 
Interroll Holding AG 173 839,870 
Intershop Holding AG 304 190,249 
Kardex AG 1,682 518,047 
Komax Holding AG (Reg.) (a) 982 250,112 
Landis+Gyr Group AG 5,877 404,381 
LEM Holding SA 124 300,655 
Leonteq AG 2,515 166,458 
Medacta Group SA (a)(c) 1,919 321,929 
Medartis Holding AG (a)(c) 1,091 143,703 
medmix AG (c) 6,686 319,659 
Metall Zug AG 51 115,301 
Meyer Burger Technology AG (a) 605,290 289,027 
Mobilezone Holding AG 10,779 144,803 
Mobimo Holding AG 1,761 593,347 
Molecular Partners AG (a) 5,480 102,945 
OC Oerlikon Corp. AG (Reg.) 50,871 516,433 
Orior AG 1,653 169,705 
Peach Property Group AG 2,032 137,597 
PSP Swiss Property AG 12,379 1,546,699 
Relief Therapeutics Holding AG (a) 598,107 51,606 
Rieter Holding AG (Reg.) (a) 813 168,709 
Schweiter Technologies AG 273 391,789 
Sensirion Holding AG (a)(c) 2,488 358,146 
SFS Group AG 4,561 613,713 
Siegfried Holding AG 1,069 1,026,852 
Sig Combibloc Group AG 86,490 2,259,547 
Softwareone Holding AG 25,739 595,966 
St.Galler Kantonalbank AG 827 381,164 
Stadler Rail AG 13,495 592,507 
Sulzer AG (Reg.) 5,087 500,311 
Swiss Steel Holding AG (a) 244,536 93,744 
Swissquote Group Holding SA 2,497 505,618 
Tecan Group AG 3,245 1,984,709 
TX Group AG (a) 709 117,083 
u-blox Holding AG (a) 1,790 130,985 
V-ZUG Holding AG (a) 594 83,430 
Valiant Holding AG 4,349 430,340 
Valora Holding AG (a) 1,018 193,682 
VAT Group AG (c) 7,280 3,476,191 
Vetropack Holding AG 3,600 221,363 
Vontobel Holdings AG 7,684 710,829 
VZ Holding AG 3,814 387,815 
Ypsomed Holding AG 840 139,450 
Zehnder Group AG 2,654 285,517 
Zur Rose Group AG (a) 2,416 857,580 
TOTAL SWITZERLAND  46,518,013 
United Kingdom - 15.0%   
A.G. Barr PLC 23,816 161,826 
AB Dynamics PLC 4,187 104,861 
Abcam PLC (a) 58,183 1,317,020 
Advanced Medical Solutions Group PLC 52,747 234,607 
Airtel Africa PLC (c) 257,330 385,977 
AJ Bell PLC 82,582 463,372 
Alliance Pharma PLC 123,232 173,371 
Alpha FX Group PLC 7,710 221,582 
AO World PLC (a) 84,142 168,468 
Argo Blockchain PLC (a) 98,232 164,011 
Ascential PLC (a) 109,059 602,981 
Ashmore Group PLC 125,064 577,481 
ASOS PLC (a) 18,931 643,037 
Assura PLC 719,280 717,606 
Aston Martin Lagonda Global Holdings PLC (a)(c) 18,642 435,754 
Auction Technology Group PLC 22,679 438,868 
Avacta Group PLC (a) 71,048 113,762 
Avast PLC (c) 180,370 1,381,347 
Avon Rubber PLC 8,283 220,479 
Babcock International Group PLC (a) 69,157 302,201 
Bakkavor Group PLC (c) 38,235 66,141 
Balfour Beatty PLC 178,406 620,160 
Bank of Georgia Group PLC 10,616 220,543 
Beazley PLC (a) 164,318 877,022 
Bellway PLC 33,272 1,508,555 
Biffa PLC (a)(c) 82,482 449,265 
Big Yellow Group PLC 44,953 909,887 
Blue Prism Group PLC (a) 22,384 345,854 
Bodycote PLC 51,751 566,237 
Brewin Dolphin Holding PLC 82,174 423,409 
Britvic PLC 71,933 874,182 
Bytes Technology Group PLC 57,712 421,763 
Cairn Energy PLC 133,804 334,922 
Capita Group PLC (a) 450,886 292,116 
Capital & Counties Properties PLC 195,824 442,192 
Carnival PLC (a) 42,776 863,461 
Central Asia Metals PLC 47,075 158,162 
Centrica PLC (a) 1,582,631 1,306,477 
Ceres Power Holdings PLC (a) 25,815 439,848 
Chemring Group PLC 77,338 309,585 
Cineworld Group PLC (a)(b) 257,601 215,754 
Civitas Social Housing PLC 169,591 217,936 
Clinigen Group PLC 33,635 282,171 
Clipper Logistics PLC 20,524 201,111 
Close Brothers Group PLC 41,045 808,879 
CLS Holdings PLC 50,435 154,611 
CMC Markets PLC (c) 35,262 121,851 
Coats Group PLC (a) 394,625 347,801 
Computacenter PLC 20,053 738,231 
ContourGlobal PLC (c) 52,573 143,178 
ConvaTec Group PLC (c) 434,737 1,272,023 
Countryside Properties PLC (a)(c) 134,381 865,099 
Craneware PLC 7,199 224,630 
Cranswick PLC 14,208 672,775 
Crest Nicholson Holdings PLC 69,640 339,289 
Currys PLC 299,745 498,002 
Custodian (REIT) PLC 104,728 139,312 
CVS Group PLC 18,255 623,323 
Dechra Pharmaceuticals PLC 29,233 2,048,349 
Derwent London PLC 27,128 1,255,602 
Diploma PLC 33,603 1,381,461 
Diversified Gas & Oil PLC 215,804 340,821 
Domino's Pizza UK & IRL PLC 111,903 592,671 
dotdigital Group PLC 72,323 238,041 
Dr. Martens Ltd. (a) 121,443 612,949 
Draper Esprit PLC (a) 36,930 488,727 
Drax Group PLC 107,653 781,578 
DS Smith PLC 370,104 1,941,943 
Dunelm Group PLC 32,984 577,344 
easyJet PLC (a) 81,831 697,697 
Electrocomponents PLC 126,733 1,951,205 
Elementis PLC (a) 155,009 295,932 
EMIS Group PLC 15,435 284,746 
Empiric Student Property PLC 163,691 198,257 
Energean PLC (a) 30,752 377,719 
Equiniti Group PLC (a)(c) 97,886 238,988 
Ergomed PLC (a) 10,060 197,565 
Essentra PLC 81,993 325,974 
Eurasia Mining PLC (a) 473,148 155,406 
Euromoney Institutional Invest 29,706 426,055 
FD Technologies PLC (a) 6,067 173,533 
Ferrexpo PLC 79,676 340,207 
Fever-Tree Drinks PLC 28,314 879,218 
Firstgroup PLC (a) 330,300 455,648 
Forterra PLC (c) 61,632 218,457 
Frasers Group PLC (a) 56,179 494,747 
Frontier Developments PLC (a) 5,889 198,664 
Funding Circle Holdings PLC (a)(c) 47,148 101,303 
Future PLC 30,920 1,492,893 
Games Workshop Group PLC 8,861 1,169,622 
Gamma Communications PLC 22,003 545,633 
GB Group PLC 50,568 613,501 
GCP Student Living PLC 124,220 357,853 
Genuit Group PLC 67,203 610,685 
Genus PLC 17,597 1,331,755 
Grainger Trust PLC 181,146 765,538 
Great Portland Estates PLC 62,022 621,323 
Greatland Gold PLC (a) 1,041,280 247,245 
Greggs PLC 27,386 1,144,987 
Halfords Group PLC 53,291 194,289 
Hammerson PLC (b) 850,526 374,338 
Harbour Energy PLC (a) 61,586 296,172 
Hays PLC 452,874 1,028,836 
Helical Bar PLC 29,937 188,463 
Hill & Smith Holdings PLC 21,375 536,496 
Hochschild Mining PLC 90,890 177,377 
HomeServe PLC 81,453 953,090 
Hotel Chocolat Group Ltd. (a) 13,292 96,047 
Howden Joinery Group PLC 160,802 2,024,163 
Hunting PLC 37,308 86,492 
Ibstock PLC (c) 111,985 305,901 
Ideagen PLC 58,064 227,266 
IG Design Group PLC 21,453 73,986 
IG Group Holdings PLC 99,852 1,084,337 
IMI PLC 72,697 1,625,658 
Inchcape PLC 105,888 1,196,982 
Indivior PLC (a) 198,350 660,171 
IntegraFin Holdings PLC 76,585 598,991 
Intermediate Capital Group PLC 78,392 2,350,579 
Investec PLC 188,205 854,610 
iomart Group PLC 24,690 49,400 
IP Group PLC 273,587 451,547 
IQE PLC (a) 201,750 129,631 
ITM Power PLC (a)(b) 104,588 699,925 
ITV PLC (a) 978,082 1,440,954 
J.D. Wetherspoon PLC (a) 26,232 367,255 
Jet2 PLC (a) 43,464 725,391 
John Wood Group PLC (a) 187,208 546,994 
Johnson Service Group PLC (a) 118,956 216,195 
Judges Scientific PLC 1,332 134,895 
Jupiter Fund Management PLC 119,437 407,658 
Just Group PLC (a) 281,591 354,156 
Kainos Group PLC 21,546 583,838 
Keller Group PLC 19,267 241,793 
Keywords Studios PLC 19,350 751,014 
Learning Technologies Group PLC 150,405 403,028 
Liontrust Asset Management PLC 16,450 490,776 
Londonmetric Properity PLC 233,040 833,675 
Luceco PLC (c) 21,704 112,871 
LXI REIT PLC 186,148 373,977 
Marks & Spencer Group PLC (a) 529,151 1,329,575 
Marshalls PLC 54,417 527,637 
Marston's PLC (a) 172,431 187,604 
Mediclinic International PLC (London) (a) 108,889 497,727 
Meggitt PLC (a) 210,879 2,164,488 
Micro Focus International PLC 91,418 447,991 
Mitchells & Butlers PLC (a) 71,671 248,352 
Mitie Group PLC (a) 384,863 344,465 
Moneysupermarket.com Group PLC 147,342 427,487 
Moonpig Group PLC (a) 42,165 192,157 
Morgan Advanced Materials PLC 77,112 365,139 
Morgan Sindall PLC 10,723 333,855 
Naked Wines PLC (a) 16,113 163,622 
National Express Group PLC Class L (a) 147,954 462,875 
NCC Group Ltd. 83,562 284,182 
Network International Holdings PLC (a)(c) 126,798 560,847 
Ninety One PLC 93,536 333,847 
Numis Corp. PLC 18,372 84,732 
On The Beach Group PLC (a)(c) 42,912 175,301 
OSB Group PLC 120,714 834,276 
Oxford BioMedica PLC (a) 15,476 322,355 
Pagegroup PLC 88,833 807,241 
Paragon Banking Group PLC 69,474 521,506 
Pennon Group PLC 75,966 1,212,212 
Petropavlovsk PLC (a) 639,618 208,683 
Pets At Home Group PLC 135,017 891,367 
Polar Capital Holdings PLC 19,919 226,259 
Premier Foods PLC 160,373 240,987 
Primary Health Properties PLC 357,100 750,657 
Provident Financial PLC (a) 68,115 343,604 
PZ Cussons PLC Class L 58,104 170,964 
QinetiQ Group PLC 155,080 571,760 
Quilter PLC (c) 469,898 1,000,631 
Rank Group PLC (a) 70,971 159,289 
Rathbone Brothers PLC 15,910 429,376 
Reach PLC 80,739 349,718 
Redde Northgate PLC 63,462 345,667 
Redrow PLC 76,246 673,243 
Renalytix AI PLC (a) 12,752 153,186 
Renishaw PLC 9,842 676,831 
Restore PLC 33,360 216,404 
Rightmove PLC 233,400 2,208,467 
Rotork PLC 235,558 1,141,845 
Royal Mail PLC 216,110 1,243,660 
RWS Holdings PLC 79,136 673,636 
S4 Capital PLC (a) 74,473 739,939 
Sabre Insurance Group PLC (c) 66,815 179,953 
Safestore Holdings PLC 56,879 935,658 
Saga PLC (a) 29,006 123,852 
Savills PLC 38,455 746,259 
Secure Income (REIT) PLC 74,215 415,409 
Senior Engineering Group PLC (a) 112,655 246,987 
Serco Group PLC 323,509 559,178 
Serica Energy PLC 42,812 120,696 
Shaftesbury PLC 51,998 444,406 
SIG PLC (a) 189,031 134,394 
Silence Therapeutics PLC (a) 10,844 74,945 
Smart Metering Systems PLC 34,082 380,606 
Softcat PLC 32,199 856,201 
Solgold PLC (a) 255,117 97,061 
Spectris PLC 31,054 1,599,661 
Spire Healthcare Group PLC (a)(c) 75,119 241,590 
Spirent Communications PLC 165,665 652,956 
SSP Group PLC (a) 204,229 719,706 
Stagecoach Group PLC (a) 110,183 120,105 
SThree PLC 33,833 272,720 
Sumo Group PLC (a) 30,507 202,698 
Synthomer PLC 92,009 637,779 
Tate & Lyle PLC 126,354 1,120,879 
TBC Bank Group PLC 11,310 243,009 
Team17 Group PLC (a) 28,051 272,563 
Telecom Plus PLC 16,929 289,139 
The Go-Ahead Group PLC (a) 11,887 127,703 
The Restaurant Group PLC (a) 208,148 251,532 
The Weir Group PLC 70,025 1,662,698 
TI Fluid Systems PLC (c) 62,254 226,200 
TORM PLC (a) 6,387 51,960 
Trainline PLC (a)(c) 130,668 566,520 
Travis Perkins PLC 60,681 1,281,384 
Tritax Big Box REIT PLC 465,302 1,432,775 
Tullow Oil PLC (a) 324,701 204,277 
Ultra Electronics Holdings PLC 19,167 850,409 
Unite Group PLC 91,203 1,358,621 
Vesuvius PLC 58,570 378,336 
Victoria PLC (a) 17,299 255,685 
Victrex PLC 23,401 732,742 
Virgin Money UK PLC (a) 350,046 973,920 
Vistry Group PLC 60,028 1,002,246 
Volex PLC (a) 32,599 200,760 
Warehouse (REIT) PLC 107,225 240,658 
Watkin Jones PLC 53,773 177,722 
WH Smith PLC (a) 35,398 756,694 
Wickes Group PLC 67,681 198,588 
Workspace Group PLC 36,796 413,936 
Young & Co.'s Brewery PLC Class A (a) 6,037 122,690 
TOTAL UNITED KINGDOM  130,947,539 
United States of America - 0.2%   
Coronado Global Resources, Inc. unit (a)(c) 199,236 204,580 
Fiverr International Ltd. (a)(b) 7,257 1,236,230 
Nano-X Imaging Ltd. (a)(b) 8,863 200,747 
TOTAL UNITED STATES OF AMERICA  1,641,557 
TOTAL COMMON STOCKS   
(Cost $866,220,470)  861,364,939 
Nonconvertible Preferred Stocks - 0.2%   
Germany - 0.2%   
Draegerwerk AG & Co. KGaA (non-vtg.) 2,245 176,734 
Jungheinrich AG 13,006 658,831 
Sixt AG Preference Shares 3,991 394,924 
Sto SE & Co. KGaA 689 154,996 
TOTAL GERMANY  1,385,485 
Italy - 0.0%   
Danieli & C. Officine Meccaniche SpA 10,094 217,971 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,565,810)  1,603,456 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund 0.06% (e) 93,737 93,755 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 14,260,049 14,261,475 
TOTAL MONEY MARKET FUNDS   
(Cost $14,355,230)  14,355,230 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $882,141,510)  877,323,625 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (3,904,852) 
NET ASSETS - 100%  $873,418,773 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 92 Dec. 2021 $10,762,160 $40,452 $40,452 

The notional amount of futures purchased as a percentage of Net Assets is 1.2%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $9,745,295.

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 $42,813,395 or 4.9% of net assets.

 (d) Level 3 security

 (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.

Fund 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 0.06% $-- $730,653,405 $730,559,650 $2,511 $-- $-- $93,755 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 19,830,565 5,569,090 57,826 -- -- 14,261,475 0.0% 
Total $-- $750,483,970 $736,128,740 $60,337 $-- $-- $14,355,230  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $38,480,631 $30,955,107 $7,525,524 $-- 
Consumer Discretionary 111,161,703 72,365,084 38,796,619 -- 
Consumer Staples 47,311,368 27,272,358 20,039,010 -- 
Energy 13,944,147 12,212,889 1,731,258 -- 
Financials 93,603,326 78,423,772 15,179,554 -- 
Health Care 63,760,762 49,765,635 13,995,127 -- 
Industrials 205,486,363 145,548,184 59,931,562 6,617 
Information Technology 86,657,028 56,412,024 30,245,004 -- 
Materials 75,447,899 51,099,042 24,348,857 -- 
Real Estate 102,173,602 76,957,232 25,216,370 -- 
Utilities 24,941,566 20,653,851 4,287,715 -- 
Money Market Funds 14,355,230 14,355,230 -- -- 
Total Investments in Securities: $877,323,625 $636,020,408 $241,296,600 $6,617 
Derivative Instruments:     
Assets     
Futures Contracts $40,452 $40,452 $-- $-- 
Total Assets $40,452 $40,452 $-- $-- 
Total Derivative Instruments: $40,452 $40,452 $-- $-- 

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, 2021. 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) $40,452 $0 
Total Equity Risk 40,452 0 
Total Value of Derivatives $40,452 $0 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $12,848,540) — See accompanying schedule:
Unaffiliated issuers (cost $867,786,280) 		$862,968,395  
Fidelity Central Funds (cost $14,355,230) 14,355,230  
Total Investment in Securities (cost $882,141,510)  $877,323,625 
Segregated cash with brokers for derivative instruments  551,369 
Foreign currency held at value (cost $7,602,288)  7,561,052 
Receivable for investments sold  445,656 
Receivable for fund shares sold  68,162 
Dividends receivable  2,125,669 
Distributions receivable from Fidelity Central Funds  42,971 
Prepaid expenses  15,235 
Receivable from investment adviser for expense reductions  32,576 
Other receivables  2,781 
Total assets  888,169,096 
Liabilities   
Payable for fund shares redeemed 97,872  
Accrued management fee 71,972  
Payable for daily variation margin on futures contracts 62,950  
Other payables and accrued expenses 256,054  
Collateral on securities loaned 14,261,475  
Total liabilities  14,750,323 
Net Assets  $873,418,773 
Net Assets consist of:   
Paid in capital  $871,911,521 
Total accumulated earnings (loss)  1,507,252 
Net Assets  $873,418,773 
Net Asset Value, offering price and redemption price per share ($873,418,773 ÷ 86,283,760 shares)  $10.12 

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


Statement of Operations

  For the period
May 27, 2021 (commencement of operations) through
October 31, 2021 
Investment Income   
Dividends  $7,502,608 
Income from Fidelity Central Funds (including $57,826 from security lending)  60,337 
Income before foreign taxes withheld  7,562,945 
Less foreign taxes withheld  (602,719) 
Total income  6,960,226 
Expenses   
Management fee $331,224  
Custodian fees and expenses 117,216  
Independent trustees' fees and expenses 736  
Registration fees 151,631  
Audit 45,454  
Legal 88  
Miscellaneous 510  
Total expenses before reductions 646,859  
Expense reductions (308,450)  
Total expenses after reductions  338,409 
Net investment income (loss)  6,621,817 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (184,724)  
Foreign currency transactions (146,354)  
Futures contracts 93,619  
Total net realized gain (loss)  (237,459) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (4,817,885)  
Assets and liabilities in foreign currencies (53,441)  
Futures contracts 40,452  
Total change in net unrealized appreciation (depreciation)  (4,830,874) 
Net gain (loss)  (5,068,333) 
Net increase (decrease) in net assets resulting from operations  $1,553,484 

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


Statement of Changes in Net Assets

 For the period
May 27, 2021 (commencement of operations) through
October 31, 2021 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $6,621,817 
Net realized gain (loss) (237,459) 
Change in net unrealized appreciation (depreciation) (4,830,874) 
Net increase (decrease) in net assets resulting from operations 1,553,484 
Share transactions  
Proceeds from sales of shares 883,521,251 
Cost of shares redeemed (11,655,962) 
Net increase (decrease) in net assets resulting from share transactions 871,865,289 
Total increase (decrease) in net assets 873,418,773 
Net Assets  
Beginning of period – 
End of period $873,418,773 
Other Information  
Shares  
Sold 87,430,958 
Redeemed (1,147,198) 
Net increase (decrease) 86,283,760 

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


Financial Highlights

Fidelity SAI International Small Cap Index Fund

  
Years ended October 31, 2021 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .09 
Net realized and unrealized gain (loss) .03C 
Total from investment operations .12 
Net asset value, end of period $10.12 
Total ReturnD,E 1.20% 
Ratios to Average Net AssetsF,G  
Expenses before reductions .19%H,I 
Expenses net of fee waivers, if any .10%H 
Expenses net of all reductions .10%H 
Net investment income (loss) 2.00%H 
Supplemental Data  
Net assets, end of period (000 omitted) $873,419 
Portfolio turnover rateJ 1%K 

 A For the period May 27, 2021 (commencement of operations) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Audit fees are not annualized.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Amount not annualized.

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI International Small Cap Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005%. 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of*business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, 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 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 $54,413,215 
Gross unrealized depreciation (61,744,071) 
Net unrealized appreciation (depreciation) $(7,330,856) 
Tax Cost $884,654,481 

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

Undistributed ordinary income $8,943,309 
Capital loss carryforward $(51,760) 
Net unrealized appreciation (depreciation) on securities and other investments $(7,384,297) 

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.

No expiration  
Short-term $(51,760) 
Total capital loss carryforward $(51,760) 

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

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

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity SAI International Small Cap Index Fund 880,867,039 6,568,056 

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 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. 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 $5,772 $– $– 

8. 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, 2023. 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 $308,450.

9. Other.

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

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund Strategic Advisers International Fund 
Fidelity SAI International Small Cap Index Fund 56% 19% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity SAI International Small Cap Index Fund 75% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and 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, 2021, the related statement of operations, the statement of changes in net assets and the financial highlights for the period 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, 2021, and the results of its operations, the changes in its net assets and the financial highlights for the period 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 audit. 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 audit 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 audit 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 audit 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 audit 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, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 15, 2021


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 318 funds. Mr. Chiel oversees 179 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 Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. 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 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 Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

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

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a 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 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) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-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 and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

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 The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

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 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 currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-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) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

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 Presiding Director (2013-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, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-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 Investment 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.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

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).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); 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 serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). 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).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

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 for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as 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 an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 27, 2021 to October 31, 2021). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period May 27, 2021 to October 31, 2021).

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
 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
 
Fidelity SAI International Small Cap Index Fund .10%    
Actual  $1,000.00 $1,012.00 $.44 
Hypothetical-C  $1,000.00 $1,024.70 $.51 

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

 B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 158/365 (to reflect the period May 27, 2021 to October 31, 2021.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Small Cap Index Fund

At its February 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and the sub-adviser are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether the structure provides appropriate incentives to act in the best interests of the fund.

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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

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

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

Competitiveness of Management Fee and Total Expense Ratio.  In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets exceed a certain limit through February 28, 2023.

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

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

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

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





Fidelity Investments

SCI-ANN-1221
1.9903806.100

Fidelity® SAI Japan Stock Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 99.2% 
   United States of America 0.8% 


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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Toyota Motor Corp. (Automobiles) 4.7 
Sony Group Corp. (Household Durables) 3.6 
Keyence Corp. (Electronic Equipment & Components) 2.9 
Recruit Holdings Co. Ltd. (Professional Services) 2.3 
Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) 1.7 
Mitsubishi UFJ Financial Group, Inc. (Banks) 1.7 
SoftBank Group Corp. (Wireless Telecommunication Services) 1.6 
Shin-Etsu Chemical Co. Ltd. (Chemicals) 1.6 
Hitachi Ltd. (Industrial Conglomerates) 1.4 
Daikin Industries Ltd. (Building Products) 1.4 
 22.9 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Industrials 22.0 
Consumer Discretionary 19.3 
Information Technology 14.4 
Health Care 9.8 
Financials 9.0 
Communication Services 7.8 
Consumer Staples 6.9 
Materials 4.9 
Real Estate 3.5 
Utilities 0.9 

Asset Allocation as of October 31, 2021

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

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
COMMUNICATION SERVICES - 7.8%   
Diversified Telecommunication Services - 0.9%   
Nippon Telegraph & Telephone Corp. 554,600 $15,539,306 
Entertainment - 2.0%   
Capcom Co. Ltd. 75,900 2,042,881 
Koei Tecmo Holdings Co. Ltd. 25,300 1,177,670 
Konami Holdings Corp. 40,200 2,212,229 
Nexon Co. Ltd. 210,600 3,584,654 
Nintendo Co. Ltd. 48,200 21,287,869 
Square Enix Holdings Co. Ltd. 37,000 2,026,863 
Toho Co. Ltd. 48,200 2,264,637 
  34,596,803 
Interactive Media & Services - 0.5%   
Kakaku.com, Inc. 57,900 1,921,409 
Z Holdings Corp. 1,154,400 7,166,540 
  9,087,949 
Media - 0.5%   
CyberAgent, Inc. 174,300 2,920,492 
Dentsu Group, Inc. 93,200 3,405,874 
Hakuhodo DY Holdings, Inc. 100,700 1,641,772 
  7,968,138 
Wireless Telecommunication Services - 3.9%   
KDDI Corp. 694,900 21,250,047 
SoftBank Corp. 1,237,500 16,891,476 
SoftBank Group Corp. 519,600 28,129,795 
  66,271,318 
TOTAL COMMUNICATION SERVICES  133,463,514 
CONSUMER DISCRETIONARY - 19.3%   
Auto Components - 2.4%   
Aisin Seiki Co. Ltd. 63,500 2,323,641 
Bridgestone Corp. 246,000 10,882,865 
DENSO Corp. 186,700 13,534,849 
Koito Manufacturing Co. Ltd. 45,000 2,553,219 
Stanley Electric Co. Ltd. 56,000 1,411,492 
Sumitomo Electric Industries Ltd. 325,000 4,313,681 
Toyota Industries Corp. 63,200 5,372,797 
  40,392,544 
Automobiles - 7.4%   
Honda Motor Co. Ltd. 702,400 20,775,491 
Isuzu Motors Ltd. 251,200 3,379,345 
Mazda Motor Corp. (a) 245,000 2,203,597 
Nissan Motor Co. Ltd. (a) 1,000,200 5,090,879 
Subaru Corp. 265,100 5,199,882 
Suzuki Motor Corp. 158,700 7,077,528 
Toyota Motor Corp. 4,569,000 80,616,187 
Yamaha Motor Co. Ltd. 128,300 3,576,211 
  127,919,120 
Hotels, Restaurants & Leisure - 0.9%   
McDonald's Holdings Co. (Japan) Ltd. 34,400 1,537,390 
Oriental Land Co. Ltd. 86,200 13,614,407 
  15,151,797 
Household Durables - 5.1%   
Casio Computer Co. Ltd. 83,700 1,184,448 
Iida Group Holdings Co. Ltd. 63,400 1,563,096 
Panasonic Corp. 951,400 11,765,045 
Rinnai Corp. 15,600 1,601,691 
Sekisui Chemical Co. Ltd. 162,500 2,669,668 
Sekisui House Ltd. 265,500 5,519,953 
Sharp Corp. 92,300 1,088,696 
Sony Group Corp. 543,300 62,912,172 
  88,304,769 
Internet & Direct Marketing Retail - 0.5%   
Mercari, Inc. (a) 44,200 2,391,637 
Rakuten Group, Inc. 373,500 4,089,091 
ZOZO, Inc. 53,700 1,723,692 
  8,204,420 
Leisure Products - 1.1%   
Bandai Namco Holdings, Inc. 86,100 6,579,641 
SHIMANO, Inc. 32,000 8,928,436 
Yamaha Corp. 57,800 3,651,693 
  19,159,770 
Multiline Retail - 0.3%   
Pan Pacific International Holdings Ltd. 177,600 3,729,049 
Ryohin Keikaku Co. Ltd. 108,900 2,146,010 
  5,875,059 
Specialty Retail - 1.6%   
ABC-MART, Inc. 14,200 682,508 
Fast Retailing Co. Ltd. 25,100 16,661,825 
Hikari Tsushin, Inc. 9,000 1,387,387 
Nitori Holdings Co. Ltd. 34,500 6,338,013 
USS Co. Ltd. 94,500 1,523,180 
Yamada Holdings Co. Ltd. 291,500 1,113,909 
  27,706,822 
TOTAL CONSUMER DISCRETIONARY  332,714,301 
CONSUMER STAPLES - 6.9%   
Beverages - 1.1%   
Asahi Group Holdings 196,600 8,921,764 
ITO EN Ltd. 23,100 1,538,593 
Kirin Holdings Co. Ltd. 354,400 6,168,632 
Suntory Beverage & Food Ltd. 59,900 2,324,265 
  18,953,254 
Food & Staples Retailing - 1.6%   
AEON Co. Ltd. 281,800 6,482,711 
Cosmos Pharmaceutical Corp. 8,600 1,314,228 
Kobe Bussan Co. Ltd. 58,900 2,028,909 
Lawson, Inc. 21,600 1,044,568 
Seven & i Holdings Co. Ltd. 324,600 13,628,259 
Tsuruha Holdings, Inc. 17,000 2,096,869 
Welcia Holdings Co. Ltd. 40,600 1,515,655 
  28,111,199 
Food Products - 1.4%   
Ajinomoto Co., Inc. 201,100 6,021,072 
Kikkoman Corp. 62,700 5,128,238 
Meiji Holdings Co. Ltd. 52,600 3,319,522 
NH Foods Ltd. 35,500 1,248,453 
Nisshin Seifun Group, Inc. 85,200 1,345,360 
Nissin Food Holdings Co. Ltd. 27,300 2,086,808 
Toyo Suisan Kaisha Ltd. 38,200 1,646,004 
Yakult Honsha Co. Ltd. 55,300 2,794,210 
  23,589,667 
Household Products - 0.6%   
Lion Corp. 96,700 1,610,479 
Pigeon Corp. 49,800 1,153,178 
Unicharm Corp. 173,900 7,033,005 
  9,796,662 
Personal Products - 1.6%   
Kao Corp. 207,700 11,749,188 
Kobayashi Pharmaceutical Co. Ltd. 23,000 1,841,519 
Kose Corp. 14,400 1,672,213 
Pola Orbis Holdings, Inc. 39,500 843,395 
Shiseido Co. Ltd. 172,300 11,497,059 
  27,603,374 
Tobacco - 0.6%   
Japan Tobacco, Inc. 517,000 10,149,317 
TOTAL CONSUMER STAPLES  118,203,473 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
ENEOS Holdings, Inc. 1,322,200 5,331,442 
Idemitsu Kosan Co. Ltd. 89,800 2,452,645 
INPEX Corp. 441,000 3,677,641 
  11,461,728 
FINANCIALS - 9.0%   
Banks - 4.4%   
Chiba Bank Ltd. 228,400 1,415,672 
Concordia Financial Group Ltd. 469,000 1,864,121 
Japan Post Bank Co. Ltd. 174,500 1,361,453 
Mitsubishi UFJ Financial Group, Inc. 5,266,500 28,878,844 
Mizuho Financial Group, Inc. 1,039,300 13,716,658 
Resona Holdings, Inc. 920,000 3,456,072 
Shizuoka Bank Ltd. 192,300 1,548,473 
Sumitomo Mitsui Financial Group, Inc. 562,400 18,249,687 
Sumitomo Mitsui Trust Holdings, Inc. 145,500 4,786,056 
  75,277,036 
Capital Markets - 1.0%   
Daiwa Securities Group, Inc. 622,300 3,496,175 
Japan Exchange Group, Inc. 219,500 5,197,337 
Nomura Holdings, Inc. 1,323,500 6,303,192 
SBI Holdings, Inc. Japan 105,400 2,731,912 
  17,728,616 
Consumer Finance - 0.0%   
ACOM Co. Ltd. 171,900 573,308 
Diversified Financial Services - 0.8%   
Mitsubishi UFJ Lease & Finance Co. Ltd. 284,400 1,426,039 
ORIX Corp. 526,300 10,460,900 
Tokyo Century Corp. 15,900 910,368 
  12,797,307 
Insurance - 2.8%   
Dai-ichi Mutual Life Insurance Co. 439,000 9,235,929 
Japan Post Holdings Co. Ltd. 1,055,200 8,108,057 
Japan Post Insurance Co. Ltd. 97,000 1,573,795 
MS&AD Insurance Group Holdings, Inc. 191,800 6,196,551 
Sompo Holdings, Inc. 136,700 5,928,247 
T&D Holdings, Inc. 231,800 2,972,987 
Tokio Marine Holdings, Inc. 270,500 14,247,246 
  48,262,812 
TOTAL FINANCIALS  154,639,079 
HEALTH CARE - 9.8%   
Biotechnology - 0.0%   
PeptiDream, Inc. (a) 41,300 998,312 
Health Care Equipment & Supplies - 3.4%   
ASAHI INTECC Co. Ltd. 90,200 2,377,615 
Hoya Corp. 159,300 23,450,323 
Olympus Corp. 502,100 10,877,015 
Sysmex Corp. 72,200 8,952,144 
Terumo Corp. 278,200 12,273,018 
  57,930,115 
Health Care Providers & Services - 0.1%   
Medipal Holdings Corp. 79,000 1,429,286 
Health Care Technology - 0.6%   
M3, Inc. 190,100 11,202,658 
Pharmaceuticals - 5.7%   
Astellas Pharma, Inc. 802,100 13,522,427 
Chugai Pharmaceutical Co. Ltd. 289,400 10,820,488 
Daiichi Sankyo Kabushiki Kaisha 755,000 19,050,448 
Eisai Co. Ltd. 102,200 7,241,504 
Hisamitsu Pharmaceutical Co., Inc. 22,000 750,565 
Kyowa Hakko Kirin Co., Ltd. 116,300 3,824,883 
Nippon Shinyaku Co. Ltd. 21,200 1,698,468 
Ono Pharmaceutical Co. Ltd. 159,300 3,342,392 
Otsuka Holdings Co. Ltd. 168,200 6,652,189 
Santen Pharmaceutical Co. Ltd. 155,300 2,188,946 
Shionogi & Co. Ltd. 114,100 7,439,355 
Sumitomo Dainippon Pharma Co., Ltd. 77,200 1,091,729 
Taisho Pharmaceutical Holdings Co. Ltd. 16,500 885,408 
Takeda Pharmaceutical Co. Ltd. 679,800 19,079,152 
  97,587,954 
TOTAL HEALTH CARE  169,148,325 
INDUSTRIALS - 22.0%   
Air Freight & Logistics - 0.4%   
SG Holdings Co. Ltd. 138,000 3,465,330 
Yamato Holdings Co. Ltd. 125,600 3,087,650 
  6,552,980 
Airlines - 0.2%   
Ana Holdings, Inc. (a) 68,900 1,605,441 
Japan Airlines Co. Ltd. (a) 62,200 1,338,632 
  2,944,073 
Building Products - 2.0%   
AGC, Inc. 83,300 4,147,974 
Daikin Industries Ltd. 107,300 23,500,292 
LIXIL Group Corp. 114,700 2,946,630 
Toto Ltd. 61,000 2,947,172 
  33,542,068 
Commercial Services & Supplies - 0.7%   
Dai Nippon Printing Co. Ltd. 95,700 2,370,974 
Secom Co. Ltd. 90,500 6,169,608 
Sohgo Security Services Co., Ltd. 30,800 1,317,738 
Toppan, Inc. 113,000 1,824,062 
  11,682,382 
Construction & Engineering - 0.5%   
Kajima Corp. 193,600 2,383,751 
Obayashi Corp. 279,800 2,362,139 
SHIMIZU Corp. 237,800 1,742,323 
Taisei Corp. 82,200 2,579,366 
  9,067,579 
Electrical Equipment - 2.0%   
Fuji Electric Co. Ltd. 54,700 2,674,701 
Mitsubishi Electric Corp. 786,300 10,559,569 
Nidec Corp. 192,700 21,343,034 
  34,577,304 
Industrial Conglomerates - 1.8%   
Hitachi Ltd. 417,000 24,029,442 
Toshiba Corp. 176,500 7,612,826 
  31,642,268 
Machinery - 5.3%   
Daifuku Co. Ltd. 43,600 4,013,793 
FANUC Corp. 82,600 16,323,510 
Harmonic Drive Systems, Inc. 18,700 847,704 
Hino Motors Ltd. 123,800 1,171,109 
Hitachi Construction Machinery Co. Ltd. 46,300 1,477,246 
Hoshizaki Corp. 23,400 1,967,728 
Komatsu Ltd. 377,300 9,881,985 
Kubota Corp. 442,600 9,428,714 
Kurita Water Industries Ltd. 42,600 2,104,081 
Makita Corp. 96,500 4,478,751 
Minebea Mitsumi, Inc. 156,400 3,959,585 
Misumi Group, Inc. 122,500 5,123,411 
Mitsubishi Heavy Industries Ltd. 138,100 3,531,614 
Miura Co. Ltd. 37,800 1,453,994 
Nabtesco Corp. 48,500 1,573,999 
NGK Insulators Ltd. 111,100 1,849,944 
NSK Ltd. 166,300 1,117,445 
SMC Corp. 24,700 14,740,101 
THK Co. Ltd. 51,900 1,116,039 
Yaskawa Electric Corp. 103,400 4,478,471 
  90,639,224 
Marine - 0.3%   
Nippon Yusen KK 69,600 5,015,187 
Professional Services - 2.6%   
Nihon M&A Center Holdings, Inc. 130,500 4,006,924 
Persol Holdings Co. Ltd. 76,500 2,056,217 
Recruit Holdings Co. Ltd. 584,600 38,887,018 
  44,950,159 
Road & Rail - 2.4%   
Central Japan Railway Co. 62,100 9,211,954 
East Japan Railway Co. 130,300 8,115,931 
Hankyu Hanshin Holdings, Inc. 98,600 3,057,151 
Keio Corp. 44,300 2,236,163 
Keisei Electric Railway Co. 55,700 1,792,472 
Kintetsu Group Holdings Co. Ltd. (a) 73,900 2,326,226 
Nippon Express Co. Ltd. 33,100 2,071,878 
Odakyu Electric Railway Co. Ltd. 127,000 2,753,286 
Tobu Railway Co. Ltd. 81,400 2,026,668 
Tokyu Corp. 215,400 3,036,754 
West Japan Railway Co. 93,000 4,390,125 
  41,018,608 
Trading Companies & Distributors - 3.8%   
Itochu Corp. 512,100 14,605,536 
Marubeni Corp. 673,900 5,718,258 
Mitsubishi Corp. 544,100 17,301,278 
Mitsui & Co. Ltd. 654,200 14,971,049 
MonotaRO Co. Ltd. 108,000 2,461,511 
Sumitomo Corp. 485,200 6,913,938 
Toyota Tsusho Corp. 91,500 3,968,923 
  65,940,493 
TOTAL INDUSTRIALS  377,572,325 
INFORMATION TECHNOLOGY - 14.4%   
Electronic Equipment & Components - 6.2%   
Azbil Corp. 53,200 2,268,066 
Hamamatsu Photonics K.K. 60,400 3,584,885 
Hirose Electric Co. Ltd. 14,000 2,341,232 
Ibiden Co. Ltd. 45,500 2,733,909 
Keyence Corp. 83,800 50,582,919 
Kyocera Corp. 138,300 8,097,044 
Murata Manufacturing Co. Ltd. 247,500 18,359,200 
OMRON Corp. 80,000 7,650,771 
Shimadzu Corp. 102,100 4,148,040 
TDK Corp. 167,400 6,085,491 
Yokogawa Electric Corp. 98,400 1,966,254 
  107,817,811 
IT Services - 2.7%   
Fujitsu Ltd. 84,700 14,638,681 
GMO Payment Gateway, Inc. 17,900 2,267,864 
ITOCHU Techno-Solutions Corp. 41,400 1,307,796 
NEC Corp. 105,800 5,417,176 
Nomura Research Institute Ltd. 144,600 5,788,926 
NTT Data Corp. 271,900 5,454,539 
OBIC Co. Ltd. 30,000 5,547,709 
Otsuka Corp. 49,100 2,418,496 
SCSK Corp. 67,200 1,359,933 
TIS, Inc. 96,500 2,628,937 
  46,830,057 
Semiconductors & Semiconductor Equipment - 3.5%   
Advantest Corp. 86,000 7,050,962 
Disco Corp. 12,400 3,343,010 
Lasertec Corp. 32,500 7,049,762 
Renesas Electronics Corp. (a) 540,100 6,644,002 
ROHM Co. Ltd. 37,700 3,447,196 
Sumco Corp. 143,500 2,742,086 
Tokyo Electron Ltd. 64,400 30,012,531 
  60,289,549 
Software - 0.3%   
Oracle Corp. Japan 16,600 1,570,767 
Trend Micro, Inc. 57,600 3,255,575 
  4,826,342 
Technology Hardware, Storage & Peripherals - 1.7%   
Brother Industries Ltd. 101,700 1,966,262 
Canon, Inc. 431,000 9,800,670 
FUJIFILM Holdings Corp. 155,200 11,993,456 
Ricoh Co. Ltd. 288,900 2,813,262 
Seiko Epson Corp. 120,500 2,145,631 
  28,719,281 
TOTAL INFORMATION TECHNOLOGY  248,483,040 
MATERIALS - 4.9%   
Chemicals - 3.9%   
Asahi Kasei Corp. 540,500 5,678,141 
JSR Corp. 87,700 3,180,842 
Kansai Paint Co. Ltd. 76,400 1,769,118 
Mitsubishi Chemical Holdings Corp. 551,600 4,565,831 
Mitsubishi Gas Chemical Co., Inc. 68,100 1,370,597 
Mitsui Chemicals, Inc. 79,300 2,357,894 
Nippon Paint Holdings Co. Ltd. 306,400 3,278,431 
Nippon Sanso Holdings Corp. 65,300 1,541,640 
Nissan Chemical Corp. 52,700 2,933,212 
Nitto Denko Corp. 61,300 4,789,992 
Shin-Etsu Chemical Co. Ltd. 152,600 27,213,627 
Sumitomo Chemical Co. Ltd. 641,900 3,162,201 
Toray Industries, Inc. 597,500 3,723,331 
Tosoh Corp. 112,100 1,887,879 
  67,452,736 
Metals & Mining - 0.9%   
Hitachi Metals Ltd. (a) 92,400 1,749,193 
JFE Holdings, Inc. 211,800 3,236,400 
Nippon Steel & Sumitomo Metal Corp. 368,500 6,460,823 
Sumitomo Metal Mining Co. Ltd. 106,500 4,131,380 
  15,577,796 
Paper & Forest Products - 0.1%   
Oji Holdings Corp. 349,600 1,732,876 
TOTAL MATERIALS  84,763,408 
REAL ESTATE - 3.5%   
Equity Real Estate Investment Trusts (REITs) - 1.4%   
Daiwa House REIT Investment Corp. 946 2,714,674 
GLP J-REIT 1,778 2,900,171 
Japan Real Estate Investment Corp. 537 3,291,400 
Japan Retail Fund Investment Corp. 3,011 2,765,661 
Nippon Building Fund, Inc. 641 4,164,542 
Nippon Prologis REIT, Inc. 890 2,972,630 
Nomura Real Estate Master Fund, Inc. 1,828 2,737,369 
ORIX JREIT, Inc. 1,130 1,874,789 
United Urban Investment Corp. 1,276 1,590,610 
  25,011,846 
Real Estate Management & Development - 2.1%   
Daito Trust Construction Co. Ltd. 28,200 3,496,352 
Daiwa House Industry Co. Ltd. 244,000 8,049,609 
Hulic Co. Ltd. 163,400 1,571,173 
Mitsubishi Estate Co. Ltd. 509,600 7,744,387 
Mitsui Fudosan Co. Ltd. 395,100 9,033,503 
Nomura Real Estate Holdings, Inc. 51,000 1,243,349 
Sumitomo Realty & Development Co. Ltd. 133,300 4,817,452 
  35,955,825 
TOTAL REAL ESTATE  60,967,671 
UTILITIES - 0.9%   
Electric Utilities - 0.5%   
Chubu Electric Power Co., Inc. 277,600 2,873,476 
Kansai Electric Power Co., Inc. 303,300 2,792,517 
Tohoku Electric Power Co., Inc. 184,200 1,195,115 
Tokyo Electric Power Co., Inc. (a) 657,800 1,822,107 
  8,683,215 
Gas Utilities - 0.4%   
Osaka Gas Co. Ltd. 161,600 2,604,667 
Toho Gas Co. Ltd. 31,900 944,956 
Tokyo Gas Co. Ltd. 162,000 2,811,176 
  6,360,799 
TOTAL UTILITIES  15,044,014 
TOTAL COMMON STOCKS   
(Cost $1,735,447,524)  1,706,460,878 
Money Market Funds - 0.1%   
Fidelity Cash Central Fund 0.06% (b) 1,114,251 1,114,474 
Fidelity Securities Lending Cash Central Fund 0.06% (b)(c) 1,042,396 1,042,500 
TOTAL MONEY MARKET FUNDS   
(Cost $2,156,974)  2,156,974 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $1,737,604,498)  1,708,617,852 
NET OTHER ASSETS (LIABILITIES) - 0.7%  11,679,686 
NET ASSETS - 100%  $1,720,297,538 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME Yen Denominated Nikkei 225 Contracts (United States) 107 Dec. 2021 $13,607,940 $(326,360) $(326,360) 

The notional amount of futures purchased as a percentage of Net Assets is 0.8%

Legend

 (a) Non-income producing

 (b) 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.

 (c) 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.

Fund 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 0.06% $-- $1,133,228,525 $1,132,114,051 $3,451 $-- $-- $1,114,474 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 1,042,500 -- 2 -- -- 1,042,500 0.0% 
Total $-- $1,134,271,025 $1,132,114,051 $3,453 $-- $-- $2,156,974  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $133,463,514 $-- $133,463,514 $-- 
Consumer Discretionary 332,714,301 -- 332,714,301 -- 
Consumer Staples 118,203,473 -- 118,203,473 -- 
Energy 11,461,728 -- 11,461,728 -- 
Financials 154,639,079 -- 154,639,079 -- 
Health Care 169,148,325 -- 169,148,325 -- 
Industrials 377,572,325 -- 377,572,325 -- 
Information Technology 248,483,040 -- 248,483,040 -- 
Materials 84,763,408 -- 84,763,408 -- 
Real Estate 60,967,671 -- 60,967,671 -- 
Utilities 15,044,014 -- 15,044,014 -- 
Money Market Funds 2,156,974 2,156,974 -- -- 
Total Investments in Securities: $1,708,617,852 $2,156,974 $1,706,460,878 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(326,360) $(326,360) $-- $-- 
Total Liabilities $(326,360) $(326,360) $-- $-- 
Total Derivative Instruments: $(326,360) $(326,360) $-- $-- 

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, 2021. 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 $(326,360) 
Total Equity Risk 0 (326,360) 
Total Value of Derivatives $0 $(326,360) 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $1,035,851) — See accompanying schedule:
Unaffiliated issuers (cost $1,735,447,524) 		$1,706,460,878  
Fidelity Central Funds (cost $2,156,974) 2,156,974  
Total Investment in Securities (cost $1,737,604,498)  $1,708,617,852 
Segregated cash with brokers for derivative instruments  918,170 
Foreign currency held at value (cost $2,060,497)  2,041,293 
Dividends receivable  13,024,381 
Distributions receivable from Fidelity Central Funds  51 
Receivable for daily variation margin on futures contracts  40,196 
Prepaid expenses  15,935 
Total assets  1,724,657,878 
Liabilities   
Payable for investments purchased $2,891,638  
Accrued management fee 156,561  
Other payables and accrued expenses 269,641  
Collateral on securities loaned 1,042,500  
Total liabilities  4,360,340 
Net Assets  $1,720,297,538 
Net Assets consist of:   
Paid in capital  $1,737,483,346 
Total accumulated earnings (loss)  (17,185,808) 
Net Assets  $1,720,297,538 
Net Asset Value, offering price and redemption price per share ($1,720,297,538 ÷ 168,938,456 shares)  $10.18 

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


Statement of Operations

  For the period
May 27, 2021 (commencement of operations) through
October 31, 2021 
Investment Income   
Dividends  $16,579,149 
Income from Fidelity Central Funds (including $2 from security lending)  3,453 
Income before foreign taxes withheld  16,582,602 
Less foreign taxes withheld  (1,758,942) 
Total income  14,823,660 
Expenses   
Management fee $615,788  
Custodian fees and expenses 39,797  
Independent trustees' fees and expenses 1,342  
Registration fees 203,178  
Audit 41,998  
Legal 177  
Miscellaneous 699  
Total expenses  902,979 
Net investment income (loss)  13,920,681 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (299,853)  
Foreign currency transactions (1,404,094)  
Futures contracts 171,817  
Total net realized gain (loss)  (1,532,130) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (28,986,646)  
Assets and liabilities in foreign currencies (257,936)  
Futures contracts (326,360)  
Total change in net unrealized appreciation (depreciation)  (29,570,942) 
Net gain (loss)  (31,103,072) 
Net increase (decrease) in net assets resulting from operations  $(17,182,391) 

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


Statement of Changes in Net Assets

 For the period
May 27, 2021 (commencement of operations) through
October 31, 2021 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $13,920,681 
Net realized gain (loss) (1,532,130) 
Change in net unrealized appreciation (depreciation) (29,570,942) 
Net increase (decrease) in net assets resulting from operations (17,182,391) 
Share transactions  
Proceeds from sales of shares 1,742,860,150 
Cost of shares redeemed (5,380,221) 
Net increase (decrease) in net assets resulting from share transactions 1,737,479,929 
Total increase (decrease) in net assets 1,720,297,538 
Net Assets  
Beginning of period – 
End of period $1,720,297,538 
Other Information  
Shares  
Sold 169,437,550 
Redeemed (499,094) 
Net increase (decrease) 168,938,456 

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


Financial Highlights

Fidelity SAI Japan Stock Index Fund

  
Years ended October 31, 2021 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .10 
Net realized and unrealized gain (loss) .08C 
Total from investment operations .18 
Net asset value, end of period $10.18 
Total ReturnD 1.80% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .14%G,H 
Expenses net of fee waivers, if any .14%G,H 
Expenses net of all reductions .14%G,H 
Net investment income (loss) 2.27%G,H 
Supplemental Data  
Net assets, end of period (000 omitted) $1,720,298 
Portfolio turnover rateI –%J,K 

 A For the period May 27, 2021 (commencement of operations) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Audit fees are not annualized.

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Amount represents less than 1%.

 K Amount not annualized.

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI Japan Stock Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005%. 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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, 2021, 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 $73,500,953 
Gross unrealized depreciation (104,131,252) 
Net unrealized appreciation (depreciation) $(30,630,299) 
Tax Cost $1,739,248,151 

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

Undistributed ordinary income $13,795,244 
Capital loss carryforward $(92,816) 
Net unrealized appreciation (depreciation) on securities and other investments $(30,888,235) 

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.

No expiration  
Short-term $(89) 
Long-term (92,727) 
Total capital loss carryforward $(92,816) 

4. Derivative Instruments.

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

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

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

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

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

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

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

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin 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. 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 1,737,692,441 1,931,614 

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 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. 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 $1 $– $– 

8. Other.

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

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund Strategic Advisers International Fund 
Fidelity SAI Japan Stock Index Fund 25% 75% 

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% 

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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, 2021, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights 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, 2021, and the results of its operations, changes in its net assets, and the financial highlights 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 audit. 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 audit 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 audit 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 audit 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, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2021



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 318 funds. Mr. Chiel oversees 179 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 Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. 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 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 Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

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

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a 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 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) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-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 and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

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 The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

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 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 currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-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) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

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 Presiding Director (2013-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, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-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 Investment 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.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

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).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); 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 serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). 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).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

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 for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as 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 an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 27, 2021 to October 31, 2021). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 27, 2021 to October 31, 2021).

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
 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
 
Fidelity SAI Japan Stock Index Fund .15%    
Actual  $1,000.00 $1,018.00 $.66 
Hypothetical-C  $1,000.00 $1,024.45 $.77 

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

 B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 158/365 (to reflect the period May 27, 2021 to October 31, 2021.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Japan Stock Index Fund

At its February 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the fund's sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and the sub-adviser are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophies. The Board considered the structure of the investment personnel compensation program and whether the structure provides appropriate incentives to act in the best interests of the fund.

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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

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

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

Competitiveness of Management Fee and Total Expense Ratio.  In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets exceed a certain limit through February 28, 2023.

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

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

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

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





Fidelity Investments

JSI-ANN-1221
1.9901432.100

Fidelity® Series International Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® Series International Index Fund 34.15% 8.87% 

 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.


Period Ending Values
$13,133Fidelity® Series International Index Fund
$13,205MSCI EAFE Index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 34.15%, roughly in line with the 34.45% advance of the benchmark MSCI EAFE 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, the U.K., Europe ex U.K. and Asia Pacific ex Japan contributed to the fund's relative result. By sector, financials gained 53% and contributed most, followed by industrials, which gained about 35%, and consumer discretionary, which advanced approximately 38%. The information technology sector rose 49%, health care gained roughly 21%, driven by the pharmaceuticals, biotechnology & life sciences industry (+22%), and materials advanced 34%. Other notable contributors included the energy (+80%), consumer staples (+18%), real estate (+28%), communication services (+12%), and utilities (+13%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment segment, followed by LVMH Moët Hennessy Louis Vuitton (+68%), within the consumer durables & apparel group. In energy, Royal Dutch Shell advanced roughly 94% and Novo-Nordisk (+73%) from the pharmaceuticals, biotechnology & life sciences industry also helped. Nestle, within the food, beverage & tobacco category, rose 20% and boosted the fund. In contrast, the biggest individual detractor was Unilever (-3%), from the household & personal products segment, followed by SoftBank Group (-17%), which is in the telecommunication services group. Within media & entertainment, Nintendo returned -16% and hurt. Other detractors were Kao (-19%), a stock in the household & personal products industry, and Just Eat Takeaway (-35%), from the retailing 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.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 2.2 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.9 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.6 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.2 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 1.1 
Toyota Motor Corp. (Japan, Automobiles) 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.0 
SAP SE (Germany, Software) 0.9 
Sony Group Corp. (Japan, Household Durables) 0.8 
 12.9 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 16.9 
Industrials 14.8 
Consumer Discretionary 13.1 
Health Care 12.5 
Consumer Staples 10.2 
Information Technology 9.5 
Materials 7.6 
Communication Services 4.3 
Energy 3.3 
Utilities 3.2 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 22.5% 
   United Kingdom 13.3% 
   France 10.4% 
   Switzerland 9.8% 
   Germany 8.7% 
   Australia 6.7% 
   Netherlands 6.3% 
   Sweden 3.5% 
   Denmark 2.7% 
   Other* 16.1% 


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

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

Asset Allocation as of October 31, 2021

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

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
Australia - 6.7%   
Afterpay Ltd. (a) 3,380 $313,121 
AGL Energy Ltd. 9,932 42,736 
Ampol Ltd. 3,708 85,214 
APA Group unit 18,367 113,296 
Aristocrat Leisure Ltd. 9,365 328,852 
ASX Ltd. 3,015 188,292 
Aurizon Holdings Ltd. 28,639 72,602 
AusNet Services 29,606 55,010 
Australia & New Zealand Banking Group Ltd. 44,301 937,778 
BHP Group Ltd. 45,861 1,259,664 
BlueScope Steel Ltd. 7,841 121,625 
Brambles Ltd. 22,497 169,911 
Cochlear Ltd. 1,024 169,806 
Coles Group Ltd. 20,759 267,658 
Commonwealth Bank of Australia 27,620 2,174,952 
Computershare Ltd. 8,459 119,375 
Crown Ltd. (a) 5,898 44,190 
CSL Ltd. 7,086 1,601,745 
Dexus unit 16,744 136,915 
Dominos Pizza Enterprises Ltd. 943 96,092 
Endeavour Group Ltd. 20,867 106,741 
Evolution Mining Ltd. 28,211 77,035 
Fortescue Metals Group Ltd. 26,363 276,254 
Goodman Group unit 25,890 426,519 
Insurance Australia Group Ltd. 38,375 138,564 
Lendlease Group unit 10,717 84,327 
Macquarie Group Ltd. 5,352 791,293 
Magellan Financial Group Ltd. 2,112 55,082 
Medibank Private Ltd. 42,864 107,052 
Mirvac Group unit 61,303 130,045 
National Australia Bank Ltd. 51,356 1,116,581 
Newcrest Mining Ltd. 12,721 238,182 
Northern Star Resources Ltd. 17,206 119,595 
Orica Ltd. 6,334 72,091 
Origin Energy Ltd. 27,403 104,100 
Qantas Airways Ltd. (a) 14,375 57,853 
QBE Insurance Group Ltd. 22,963 204,350 
Ramsay Health Care Ltd. 2,851 151,027 
REA Group Ltd. 823 99,143 
Reece Ltd. 4,526 67,719 
Rio Tinto Ltd. 5,778 392,446 
Santos Ltd. 29,183 153,231 
Scentre Group unit 80,795 183,550 
SEEK Ltd. 5,228 128,601 
Sonic Healthcare Ltd. 7,069 212,866 
South32 Ltd. 73,440 197,226 
Stockland Corp. Ltd. unit 37,164 127,203 
Suncorp Group Ltd. 19,971 176,072 
Sydney Airport unit (a) 20,586 126,829 
Tabcorp Holdings Ltd. 34,589 129,057 
Telstra Corp. Ltd. 64,769 186,120 
The GPT Group unit 29,910 116,099 
Transurban Group unit 47,365 478,872 
Treasury Wine Estates Ltd. 11,232 97,336 
Vicinity Centres unit 60,218 78,141 
Washington H. Soul Pattinson & Co. Ltd. 3,370 82,339 
Wesfarmers Ltd. 17,650 760,120 
Westpac Banking Corp. 57,115 1,111,180 
WiseTech Global Ltd. 2,277 87,494 
Woodside Petroleum Ltd. 14,999 262,443 
Woolworths Group Ltd. 19,733 565,265 
TOTAL AUSTRALIA  18,374,877 
Austria - 0.2%   
Erste Group Bank AG 4,349 186,518 
OMV AG 2,292 138,837 
Raiffeisen International Bank-Holding AG 2,302 67,326 
Verbund AG 1,060 110,405 
Voestalpine AG 1,818 69,017 
TOTAL AUSTRIA  572,103 
Bailiwick of Jersey - 0.8%   
Experian PLC 14,375 658,452 
Ferguson PLC 3,477 523,191 
Glencore Xstrata PLC 155,569 777,935 
WPP PLC 18,744 270,940 
TOTAL BAILIWICK OF JERSEY  2,230,518 
Belgium - 0.8%   
Ageas 2,726 132,668 
Anheuser-Busch InBev SA NV 11,863 725,627 
Colruyt NV 847 41,554 
Elia System Operator SA/NV 480 55,987 
Groupe Bruxelles Lambert SA 1,760 203,965 
KBC Groep NV 3,892 362,452 
Proximus 2,362 44,466 
Sofina SA 240 106,093 
Solvay SA Class A 1,153 137,019 
UCB SA 1,968 234,553 
Umicore SA 3,069 175,898 
TOTAL BELGIUM  2,220,282 
Bermuda - 0.1%   
CK Infrastructure Holdings Ltd. 10,581 63,781 
Hongkong Land Holdings Ltd. 18,130 99,896 
Jardine Matheson Holdings Ltd. 3,375 195,514 
TOTAL BERMUDA  359,191 
Cayman Islands - 0.6%   
Budweiser Brewing Co. APAC Ltd. (b) 26,780 73,830 
Chow Tai Fook Jewellery Group Ltd. 31,200 63,840 
CK Asset Holdings Ltd. 31,226 192,842 
CK Hutchison Holdings Ltd. 42,056 282,968 
ESR Cayman Ltd. (a)(b) 31,023 100,679 
Futu Holdings Ltd. ADR (a)(c) 796 42,602 
Melco Crown Entertainment Ltd. sponsored ADR (a) 3,417 37,006 
Sands China Ltd. (a) 37,662 85,838 
Sea Ltd. ADR (a) 1,072 368,307 
SITC International Holdings Co. Ltd. 21,000 71,120 
WH Group Ltd. (b) 129,577 90,931 
Wharf Real Estate Investment Co. Ltd. 25,814 145,651 
Wynn Macau Ltd. (a) 23,403 21,055 
Xinyi Glass Holdings Ltd. 28,050 79,133 
TOTAL CAYMAN ISLANDS  1,655,802 
Denmark - 2.7%   
A.P. Moller - Maersk A/S:   
Series A 48 131,431 
Series B 91 263,713 
Ambu A/S Series B 2,611 74,374 
Carlsberg A/S Series B 1,563 257,828 
Chr. Hansen Holding A/S 1,642 130,646 
Coloplast A/S Series B 1,850 301,577 
Danske Bank A/S 10,735 181,669 
Demant A/S (a) 1,682 81,473 
DSV A/S 3,138 729,274 
Genmab A/S (a) 1,022 458,034 
GN Store Nord A/S 1,936 117,484 
Novo Nordisk A/S Series B 26,216 2,874,713 
Novozymes A/S Series B 3,198 235,166 
ORSTED A/S (b) 2,945 415,549 
Pandora A/S 1,557 217,424 
Rockwool International A/S Series B 131 59,851 
Tryg A/S 5,605 132,874 
Vestas Wind Systems A/S 15,722 679,943 
TOTAL DENMARK  7,343,023 
Finland - 1.2%   
Elisa Corp. (A Shares) 2,213 133,488 
Fortum Corp. 6,913 205,380 
Kesko Oyj 4,251 138,039 
Kone OYJ (B Shares) 5,292 360,691 
Neste Oyj 6,587 366,946 
Nokia Corp. (a) 83,938 481,763 
Nordea Bank ABP 50,443 617,087 
Orion Oyj (B Shares) 1,651 71,437 
Sampo Oyj (A Shares) 7,766 412,965 
Stora Enso Oyj (R Shares) 9,058 150,574 
UPM-Kymmene Corp. 8,310 293,186 
Wartsila Corp. 7,367 102,152 
TOTAL FINLAND  3,333,708 
France - 10.4%   
Accor SA (a) 2,645 94,511 
Aeroports de Paris SA (a) 462 61,365 
Air Liquide SA 7,376 1,231,481 
Alstom SA 4,921 175,374 
Amundi SA (b) 947 84,349 
Arkema SA 955 130,490 
Atos Origin SA 1,541 80,127 
AXA SA 30,130 876,572 
bioMerieux SA 645 82,055 
BNP Paribas SA 17,512 1,172,205 
Bollore SA 13,762 79,703 
Bouygues SA 3,557 143,916 
Bureau Veritas SA 4,579 145,355 
Capgemini SA 2,497 581,059 
Carrefour SA 9,812 177,570 
CNP Assurances 2,677 67,029 
Compagnie de St. Gobain 7,878 543,681 
Compagnie Generale des Etablissements Michelin SCA Series B 2,638 414,740 
Covivio 810 70,040 
Credit Agricole SA 18,162 274,010 
Danone SA 10,169 662,874 
Dassault Aviation SA 393 41,001 
Dassault Systemes SA 10,333 603,421 
Edenred SA 3,840 207,614 
EDF SA 7,236 106,484 
Eiffage SA 1,328 136,569 
ENGIE 28,423 404,010 
EssilorLuxottica SA 4,443 918,850 
Eurazeo SA 616 57,715 
Faurecia SA 1,826 95,094 
Gecina SA 715 100,053 
Getlink SE 6,850 105,199 
Hermes International SCA 493 781,059 
Ipsen SA 587 60,664 
Kering SA 1,168 876,625 
Klepierre SA 3,213 76,365 
L'Oreal SA 3,928 1,796,882 
La Francaise des Jeux SAEM (b) 1,488 77,234 
Legrand SA 4,164 454,251 
LVMH Moet Hennessy Louis Vuitton SE 4,322 3,388,974 
Orange SA 31,048 338,577 
Orpea 805 83,938 
Pernod Ricard SA 3,261 749,043 
Publicis Groupe SA 3,476 232,818 
Remy Cointreau SA 354 71,451 
Renault SA (a) 2,991 107,393 
Safran SA 5,321 716,152 
Sanofi SA 17,666 1,774,447 
Sartorius Stedim Biotech 431 237,260 
Schneider Electric SA 8,387 1,446,071 
SCOR SE 2,471 83,123 
SEB SA 430 67,255 
Societe Generale Series A 12,619 421,524 
Sodexo SA 1,378 133,809 
Suez Environnement SA 5,467 124,406 
Teleperformance 915 381,950 
Thales SA 1,660 152,864 
Total SA 38,896 1,947,716 
Ubisoft Entertainment SA (a) 1,442 75,509 
Valeo SA 3,574 104,652 
Veolia Environnement SA 10,201 332,898 
VINCI SA 8,289 885,097 
Vivendi SA 11,078 142,597 
Wendel SA 418 55,617 
Worldline SA (a)(b) 3,700 215,485 
TOTAL FRANCE  28,318,222 
Germany - 8.1%   
adidas AG 2,964 970,695 
Allianz SE 6,419 1,492,606 
BASF AG 14,299 1,029,151 
Bayer AG 15,295 861,991 
Bayerische Motoren Werke AG (BMW) 5,131 517,458 
Bechtle AG 1,276 95,584 
Beiersdorf AG 1,569 166,685 
Brenntag SE 2,405 228,642 
Carl Zeiss Meditec AG 627 126,081 
Commerzbank AG (a) 15,593 113,849 
Continental AG (a) 1,712 201,282 
Covestro AG (b) 3,008 192,640 
Daimler AG (Germany) 13,325 1,320,713 
Delivery Hero AG (a)(b) 2,522 313,555 
Deutsche Bank AG (a) 32,177 414,593 
Deutsche Borse AG 2,958 491,033 
Deutsche Lufthansa AG (a) 9,301 61,415 
Deutsche Post AG 15,432 954,764 
Deutsche Telekom AG 51,891 965,025 
E.ON AG 34,945 442,987 
Evonik Industries AG 3,263 105,692 
Fresenius Medical Care AG & Co. KGaA 3,192 212,042 
Fresenius SE & Co. KGaA 6,511 295,537 
GEA Group AG 2,387 117,522 
Hannover Reuck SE 939 171,506 
HeidelbergCement AG 2,316 174,406 
HelloFresh AG (a) 2,571 208,045 
Henkel AG & Co. KGaA 1,651 137,607 
Infineon Technologies AG 20,331 952,128 
KION Group AG 1,123 122,549 
Knorr-Bremse AG 1,129 118,949 
Lanxess AG 1,293 87,082 
LEG Immobilien AG 1,122 166,863 
Merck KGaA 2,012 474,943 
MTU Aero Engines AG 831 184,778 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2,181 645,941 
Nemetschek Se 900 103,208 
Puma AG 1,644 203,920 
Rational AG 80 79,496 
RWE AG 9,999 384,563 
SAP SE 16,258 2,354,340 
Scout24 AG (b) 1,362 94,783 
Siemens AG 11,910 1,936,351 
Siemens Healthineers AG (b) 4,391 291,667 
Symrise AG 2,003 276,814 
TeamViewer AG (a)(b) 2,424 36,179 
Telefonica Deutschland Holding AG 16,429 42,789 
Uniper SE 1,422 62,811 
United Internet AG 1,508 55,575 
Vitesco Technologies Group AG (a) 15 860 
Volkswagen AG 502 162,952 
Vonovia SE 8,508 515,957 
Zalando SE (a)(b) 3,453 325,640 
TOTAL GERMANY  22,064,244 
Hong Kong - 2.2%   
AIA Group Ltd. 188,245 2,109,664 
BOC Hong Kong (Holdings) Ltd. 57,710 183,206 
CLP Holdings Ltd. 25,736 251,979 
Galaxy Entertainment Group Ltd. (a) 33,635 181,998 
Hang Lung Properties Ltd. 31,400 72,885 
Hang Seng Bank Ltd. 11,876 225,904 
Henderson Land Development Co. Ltd. 22,140 92,704 
Hong Kong & China Gas Co. Ltd. 174,697 271,397 
Hong Kong Exchanges and Clearing Ltd. 18,767 1,135,596 
Link (REIT) 32,410 287,422 
MTR Corp. Ltd. 24,111 131,393 
New World Development Co. Ltd. 23,305 101,092 
Power Assets Holdings Ltd. 21,803 132,967 
Sino Land Ltd. 50,748 66,660 
SJM Holdings Ltd. (a) 29,285 21,868 
Sun Hung Kai Properties Ltd. 20,180 267,553 
Swire Pacific Ltd. (A Shares) 7,856 49,425 
Swire Properties Ltd. 18,365 49,214 
Techtronic Industries Co. Ltd. 21,292 438,127 
TOTAL HONG KONG  6,071,054 
Ireland - 0.8%   
CRH PLC 12,203 583,960 
DCC PLC (United Kingdom) 1,534 128,187 
Flutter Entertainment PLC (Ireland) (a) 2,593 490,392 
James Hardie Industries PLC CDI 6,916 268,712 
Kerry Group PLC Class A 2,476 332,308 
Kingspan Group PLC (Ireland) 2,402 276,672 
Smurfit Kappa Group PLC 3,831 200,573 
TOTAL IRELAND  2,280,804 
Isle of Man - 0.1%   
Entain PLC (a) 9,114 255,446 
Israel - 0.6%   
Azrieli Group 660 61,613 
Bank Hapoalim BM (Reg.) 17,681 173,773 
Bank Leumi le-Israel BM 22,614 215,610 
Check Point Software Technologies Ltd. (a) 1,708 204,277 
CyberArk Software Ltd. (a) 619 111,488 
Elbit Systems Ltd. (Israel) 413 64,997 
Icl Group Ltd. 10,990 93,946 
Israel Discount Bank Ltd. (Class A) (a) 18,114 109,222 
Mizrahi Tefahot Bank Ltd. 2,191 79,557 
NICE Systems Ltd. (a) 983 276,539 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 17,160 149,978 
Wix.com Ltd. (a) 872 162,157 
TOTAL ISRAEL  1,703,157 
Italy - 1.8%   
Amplifon SpA 1,939 98,513 
Assicurazioni Generali SpA 17,226 375,365 
Atlantia SpA (a) 7,711 148,907 
DiaSorin SpA 392 88,523 
Enel SpA 126,612 1,059,969 
Eni SpA 39,279 562,964 
FinecoBank SpA 9,495 181,272 
Infrastrutture Wireless Italiane SpA (b) 5,224 57,708 
Intesa Sanpaolo SpA 257,104 730,736 
Mediobanca SpA 9,663 115,223 
Moncler SpA 3,195 229,435 
Nexi SpA (a)(b) 6,843 118,855 
Poste Italiane SpA (b) 8,130 115,975 
Prysmian SpA 3,965 149,882 
Recordati SpA 1,627 101,790 
Snam Rete Gas SpA 31,388 177,685 
Telecom Italia SpA 155,507 55,477 
Telecom Italia SpA (Risparmio Shares) 96,331 36,581 
Terna - Rete Elettrica Naziona 21,877 162,917 
UniCredit SpA 33,178 438,153 
TOTAL ITALY  5,005,930 
Japan - 22.5%   
ABC-MART, Inc. 559 26,868 
ACOM Co. Ltd. 6,026 20,097 
Advantest Corp. 3,133 256,868 
AEON Co. Ltd. 10,191 234,440 
AGC, Inc. 2,994 149,088 
Aisin Seiki Co. Ltd. 2,274 83,212 
Ajinomoto Co., Inc. 7,283 218,058 
Ana Holdings, Inc. (a) 2,463 57,390 
Asahi Group Holdings 7,062 320,476 
ASAHI INTECC Co. Ltd. 3,226 85,035 
Asahi Kasei Corp. 19,493 204,781 
Astellas Pharma, Inc. 29,013 489,124 
Azbil Corp. 1,907 81,301 
Bandai Namco Holdings, Inc. 3,137 239,725 
Bridgestone Corp. 8,884 393,022 
Brother Industries Ltd. 3,674 71,033 
Canon, Inc. 15,571 354,075 
Capcom Co. Ltd. 2,694 72,510 
Casio Computer Co. Ltd. 3,026 42,821 
Central Japan Railway Co. 2,240 332,283 
Chiba Bank Ltd. 8,205 50,856 
Chubu Electric Power Co., Inc. 9,995 103,460 
Chugai Pharmaceutical Co. Ltd. 10,422 389,672 
Concordia Financial Group Ltd. 16,926 67,275 
Cosmos Pharmaceutical Corp. 334 51,041 
CyberAgent, Inc. 6,272 105,091 
Dai Nippon Printing Co. Ltd. 3,405 84,359 
Dai-ichi Mutual Life Insurance Co. 15,811 332,641 
Daifuku Co. Ltd. 1,570 144,533 
Daiichi Sankyo Kabushiki Kaisha 27,246 687,481 
Daikin Industries Ltd. 3,917 857,881 
Daito Trust Construction Co. Ltd. 1,009 125,100 
Daiwa House Industry Co. Ltd. 8,850 291,963 
Daiwa House REIT Investment Corp. 34 97,568 
Daiwa Securities Group, Inc. 22,456 126,161 
DENSO Corp. 6,722 487,313 
Dentsu Group, Inc. 3,363 122,897 
Disco Corp. 448 120,780 
East Japan Railway Co. 4,702 292,871 
Eisai Co. Ltd. 3,721 263,656 
ENEOS Holdings, Inc. 47,714 192,395 
FANUC Corp. 3,021 597,014 
Fast Retailing Co. Ltd. 897 595,445 
Fuji Electric Co. Ltd. 2,011 98,333 
FUJIFILM Holdings Corp. 5,600 432,754 
Fujitsu Ltd. 3,028 523,329 
GLP J-REIT 64 104,393 
GMO Payment Gateway, Inc. 669 84,760 
Hakuhodo DY Holdings, Inc. 3,680 59,997 
Hamamatsu Photonics K.K. 2,141 127,074 
Hankyu Hanshin Holdings, Inc. 3,575 110,845 
Harmonic Drive Systems, Inc. 664 30,100 
Hikari Tsushin, Inc. 290 44,705 
Hino Motors Ltd. 4,479 42,370 
Hirose Electric Co. Ltd. 453 75,756 
Hisamitsu Pharmaceutical Co., Inc. 785 26,782 
Hitachi Construction Machinery Co. Ltd. 1,683 53,698 
Hitachi Ltd. 15,025 865,809 
Hitachi Metals Ltd. (a) 3,347 63,361 
Honda Motor Co. Ltd. 25,338 749,444 
Hoshizaki Corp. 884 74,336 
Hoya Corp. 5,728 843,211 
Hulic Co. Ltd. 5,900 56,731 
Ibiden Co. Ltd. 1,677 100,764 
Idemitsu Kosan Co. Ltd. 3,207 87,591 
Iida Group Holdings Co. Ltd. 2,337 57,618 
INPEX Corp. 15,910 132,679 
Isuzu Motors Ltd. 9,026 121,425 
ITO EN Ltd. 789 52,552 
Itochu Corp. 18,550 529,062 
ITOCHU Techno-Solutions Corp. 1,465 46,278 
Japan Airlines Co. Ltd. (a) 2,237 48,143 
Japan Exchange Group, Inc. 7,963 188,548 
Japan Post Bank Co. Ltd. 6,362 49,636 
Japan Post Holdings Co. Ltd. 38,403 295,085 
Japan Post Insurance Co. Ltd. 3,467 56,251 
Japan Real Estate Investment Corp. 19 116,455 
Japan Retail Fund Investment Corp. 109 100,119 
Japan Tobacco, Inc. 18,708 367,260 
JFE Holdings, Inc. 7,620 116,437 
JSR Corp. 3,141 113,923 
Kajima Corp. 6,954 85,623 
Kakaku.com, Inc. 2,124 70,485 
Kansai Electric Power Co., Inc. 10,980 101,094 
Kansai Paint Co. Ltd. 2,791 64,628 
Kao Corp. 7,506 424,600 
KDDI Corp. 25,100 767,558 
Keio Corp. 1,573 79,401 
Keisei Electric Railway Co. 2,019 64,973 
Keyence Corp. 3,005 1,813,862 
Kikkoman Corp. 2,242 183,373 
Kintetsu Group Holdings Co. Ltd. (a) 2,687 84,581 
Kirin Holdings Co. Ltd. 12,774 222,342 
Kobayashi Pharmaceutical Co. Ltd. 781 62,532 
Kobe Bussan Co. Ltd. 2,105 72,510 
Koei Tecmo Holdings Co. Ltd. 948 44,128 
Koito Manufacturing Co. Ltd. 1,672 94,866 
Komatsu Ltd. 13,668 357,983 
Konami Holdings Corp. 1,455 80,069 
Kose Corp. 556 64,566 
Kubota Corp. 15,943 339,634 
Kurita Water Industries Ltd. 1,565 77,298 
Kyocera Corp. 5,038 294,960 
Kyowa Hakko Kirin Co., Ltd. 4,247 139,676 
Lasertec Corp. 1,125 244,030 
Lawson, Inc. 785 37,962 
Lion Corp. 3,477 57,907 
LIXIL Group Corp. 4,143 106,433 
M3, Inc. 6,838 402,966 
Makita Corp. 3,473 161,189 
Marubeni Corp. 24,372 206,804 
Mazda Motor Corp. (a) 8,872 79,797 
McDonald's Holdings Co. (Japan) Ltd. 1,214 54,256 
Medipal Holdings Corp. 2,896 52,395 
Meiji Holdings Co. Ltd. 1,891 119,339 
Mercari, Inc. (a) 1,643 88,902 
Minebea Mitsumi, Inc. 5,611 142,054 
Misumi Group, Inc. 4,467 186,827 
Mitsubishi Chemical Holdings Corp. 19,947 165,110 
Mitsubishi Corp. 19,635 624,353 
Mitsubishi Electric Corp. 28,456 382,148 
Mitsubishi Estate Co. Ltd. 18,384 279,381 
Mitsubishi Gas Chemical Co., Inc. 2,470 49,712 
Mitsubishi Heavy Industries Ltd. 5,012 128,171 
Mitsubishi UFJ Financial Group, Inc. 190,321 1,043,625 
Mitsubishi UFJ Lease & Finance Co. Ltd. 10,278 51,536 
Mitsui & Co. Ltd. 23,629 540,738 
Mitsui Chemicals, Inc. 2,910 86,525 
Mitsui Fudosan Co. Ltd. 14,241 325,604 
Miura Co. Ltd. 1,350 51,928 
Mizuho Financial Group, Inc. 37,499 494,911 
MonotaRO Co. Ltd. 3,922 89,389 
MS&AD Insurance Group Holdings, Inc. 6,943 224,310 
Murata Manufacturing Co. Ltd. 8,961 664,714 
Nabtesco Corp. 1,787 57,995 
NEC Corp. 3,835 196,360 
Nexon Co. Ltd. 7,614 129,599 
NGK Insulators Ltd. 4,041 67,287 
NH Foods Ltd. 1,339 47,090 
Nidec Corp. 6,949 769,656 
Nihon M&A Center Holdings, Inc. 4,696 144,188 
Nintendo Co. Ltd. 1,787 789,241 
Nippon Building Fund, Inc. 23 149,430 
Nippon Express Co. Ltd. 1,223 76,553 
Nippon Paint Holdings Co. Ltd. 11,105 118,822 
Nippon Prologis REIT, Inc. 32 106,881 
Nippon Sanso Holdings Corp. 2,350 55,480 
Nippon Shinyaku Co. Ltd. 775 62,090 
Nippon Steel & Sumitomo Metal Corp. 13,282 232,870 
Nippon Telegraph & Telephone Corp. 20,045 561,640 
Nippon Yusen KK 2,555 184,106 
Nissan Chemical Corp. 1,907 106,141 
Nissan Motor Co. Ltd. (a) 36,164 184,070 
Nisshin Seifun Group, Inc. 3,120 49,267 
Nissin Food Holdings Co. Ltd. 1,006 76,899 
Nitori Holdings Co. Ltd. 1,235 226,882 
Nitto Denko Corp. 2,163 169,017 
Nomura Holdings, Inc. 47,785 227,577 
Nomura Real Estate Holdings, Inc. 1,893 46,150 
Nomura Real Estate Master Fund, Inc. 66 98,833 
Nomura Research Institute Ltd. 5,239 209,738 
NSK Ltd. 6,208 41,714 
NTT Data Corp. 9,845 197,499 
Obayashi Corp. 10,093 85,208 
OBIC Co. Ltd. 1,116 206,375 
Odakyu Electric Railway Co. Ltd. 4,593 99,574 
Oji Holdings Corp. 12,655 62,728 
Olympus Corp. 18,153 393,249 
OMRON Corp. 2,911 278,392 
Ono Pharmaceutical Co. Ltd. 5,721 120,037 
Oracle Corp. Japan 564 53,368 
Oriental Land Co. Ltd. 3,134 494,983 
ORIX Corp. 19,004 377,729 
ORIX JREIT, Inc. 41 68,023 
Osaka Gas Co. Ltd. 5,836 94,065 
Otsuka Corp. 1,775 87,430 
Otsuka Holdings Co. Ltd. 6,054 239,431 
Pan Pacific International Holdings Ltd. 6,394 134,254 
Panasonic Corp. 34,409 425,503 
PeptiDream, Inc. (a) 1,459 35,267 
Persol Holdings Co. Ltd. 2,800 75,260 
Pigeon Corp. 1,791 41,473 
Pola Orbis Holdings, Inc. 1,448 30,917 
Rakuten Group, Inc. 13,446 147,207 
Recruit Holdings Co. Ltd. 21,073 1,401,755 
Renesas Electronics Corp. (a) 19,503 239,915 
Resona Holdings, Inc. 33,177 124,633 
Ricoh Co. Ltd. 10,425 101,517 
Rinnai Corp. 562 57,702 
ROHM Co. Ltd. 1,346 123,075 
Ryohin Keikaku Co. Ltd. 3,904 76,933 
Santen Pharmaceutical Co. Ltd. 5,609 79,059 
SBI Holdings, Inc. Japan 3,797 98,416 
SCSK Corp. 2,458 49,743 
Secom Co. Ltd. 3,249 221,492 
Seiko Epson Corp. 4,344 77,350 
Sekisui Chemical Co. Ltd. 5,898 96,897 
Sekisui House Ltd. 9,534 198,219 
Seven & i Holdings Co. Ltd. 11,759 493,699 
SG Holdings Co. Ltd. 4,937 123,973 
Sharp Corp. 3,360 39,632 
Shimadzu Corp. 3,674 149,264 
SHIMANO, Inc. 1,124 313,611 
SHIMIZU Corp. 8,623 63,179 
Shin-Etsu Chemical Co. Ltd. 5,494 979,762 
Shionogi & Co. Ltd. 4,141 269,994 
Shiseido Co. Ltd. 6,269 418,311 
Shizuoka Bank Ltd. 6,899 55,553 
SMC Corp. 896 534,702 
SoftBank Corp. 44,713 610,318 
SoftBank Group Corp. 18,824 1,019,083 
Sohgo Security Services Co., Ltd. 1,121 47,961 
Sompo Holdings, Inc. 4,959 215,056 
Sony Group Corp. 19,613 2,271,114 
Square Enix Holdings Co. Ltd. 1,355 74,227 
Stanley Electric Co. Ltd. 2,011 50,688 
Subaru Corp. 9,528 186,890 
Sumco Corp. 5,149 98,390 
Sumitomo Chemical Co. Ltd. 23,226 114,419 
Sumitomo Corp. 17,475 249,013 
Sumitomo Dainippon Pharma Co., Ltd. 2,735 38,677 
Sumitomo Electric Industries Ltd. 11,744 155,877 
Sumitomo Metal Mining Co. Ltd. 3,886 150,747 
Sumitomo Mitsui Financial Group, Inc. 20,287 658,306 
Sumitomo Mitsui Trust Holdings, Inc. 5,255 172,857 
Sumitomo Realty & Development Co. Ltd. 4,822 174,267 
Suntory Beverage & Food Ltd. 2,232 86,607 
Suzuki Motor Corp. 5,718 255,005 
Sysmex Corp. 2,580 319,897 
T&D Holdings, Inc. 8,396 107,684 
Taisei Corp. 3,016 94,639 
Taisho Pharmaceutical Holdings Co. Ltd. 614 32,948 
Takeda Pharmaceutical Co. Ltd. 24,578 689,802 
TDK Corp. 6,051 219,972 
Terumo Corp. 10,080 444,687 
THK Co. Ltd. 1,906 40,986 
TIS, Inc. 3,472 94,587 
Tobu Railway Co. Ltd. 2,915 72,577 
Toho Co. Ltd. 1,790 84,102 
Toho Gas Co. Ltd. 1,125 33,325 
Tohoku Electric Power Co., Inc. 6,697 43,451 
Tokio Marine Holdings, Inc. 9,756 513,849 
Tokyo Century Corp. 573 32,808 
Tokyo Electric Power Co., Inc. (a) 23,725 65,718 
Tokyo Electron Ltd. 2,350 1,095,178 
Tokyo Gas Co. Ltd. 5,815 100,907 
Tokyu Corp. 7,817 110,206 
Toppan, Inc. 4,038 65,182 
Toray Industries, Inc. 21,602 134,613 
Toshiba Corp. 6,344 273,630 
Tosoh Corp. 4,027 67,819 
Toto Ltd. 2,235 107,982 
Toyo Suisan Kaisha Ltd. 1,447 62,350 
Toyota Industries Corp. 2,241 190,513 
Toyota Motor Corp. 165,090 2,912,875 
Toyota Tsusho Corp. 3,257 141,276 
Trend Micro, Inc. 2,120 119,823 
Tsuruha Holdings, Inc. 660 81,408 
Unicharm Corp. 6,274 253,738 
United Urban Investment Corp. 46 57,342 
USS Co. Ltd. 3,468 55,898 
Welcia Holdings Co. Ltd. 1,455 54,317 
West Japan Railway Co. 3,370 159,083 
Yakult Honsha Co. Ltd. 2,014 101,764 
Yamada Holdings Co. Ltd. 10,615 40,563 
Yamaha Corp. 2,123 134,127 
Yamaha Motor Co. Ltd. 4,672 130,226 
Yamato Holdings Co. Ltd. 4,512 110,919 
Yaskawa Electric Corp. 3,698 160,168 
Yokogawa Electric Corp. 3,579 71,516 
Z Holdings Corp. 41,717 258,980 
ZOZO, Inc. 1,982 63,619 
TOTAL JAPAN  61,659,522 
Luxembourg - 0.3%   
ArcelorMittal SA (Netherlands) 11,158 378,253 
Aroundtown SA 15,549 108,028 
Eurofins Scientific SA 2,079 244,995 
InPost SA 3,114 44,407 
Tenaris SA 7,374 82,119 
TOTAL LUXEMBOURG  857,802 
Multi-National - 0.0%   
HK Electric Investments & HK Electric Investments Ltd. unit 42,254 42,088 
HKT Trust/HKT Ltd. unit 59,292 80,473 
TOTAL MULTI-NATIONAL  122,561 
Netherlands - 6.3%   
ABN AMRO Group NV GDR (b) 6,581 96,815 
Adyen BV (a)(b) 308 929,332 
AEGON NV 27,842 141,223 
Airbus Group NV (a) 9,178 1,177,373 
Akzo Nobel NV 2,966 340,881 
Argenx SE (a) 714 214,956 
ASM International NV (Netherlands) 736 333,009 
ASML Holding NV (Netherlands) 6,531 5,309,052 
CNH Industrial NV 15,927 274,885 
Davide Campari Milano NV 8,132 115,439 
EXOR NV 1,688 159,033 
Ferrari NV 1,963 465,192 
Heineken Holding NV 1,792 166,138 
Heineken NV (Bearer) 4,035 446,949 
ING Groep NV (Certificaten Van Aandelen) 60,777 921,921 
JDE Peet's BV 1,188 34,594 
Just Eat Takeaway.com NV (a)(b) 2,793 200,567 
Koninklijke Ahold Delhaize NV 16,275 529,235 
Koninklijke DSM NV 2,721 594,652 
Koninklijke KPN NV 52,320 156,329 
Koninklijke Philips Electronics NV 14,184 669,133 
Koninklijke Vopak NV 1,107 44,021 
NN Group NV 4,203 225,054 
Prosus NV 14,528 1,279,899 
Prosus NV rights (a)(d) 14,528 2,351 
QIAGEN NV (Germany) (a) 3,557 195,685 
Randstad NV 1,861 133,812 
Stellantis NV (Italy) 31,616 630,455 
STMicroelectronics NV (France) 10,632 504,795 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 1,940 138,618 
Universal Music Group NV 11,292 327,840 
Wolters Kluwer NV 4,165 436,408 
TOTAL NETHERLANDS  17,195,646 
New Zealand - 0.3%   
Auckland International Airport Ltd. (a) 19,463 111,438 
Fisher & Paykel Healthcare Corp. 8,973 200,682 
Mercury Nz Ltd. 10,741 47,221 
Meridian Energy Ltd. 20,092 71,846 
Ryman Healthcare Group Ltd. 6,610 68,446 
Spark New Zealand Ltd. 28,915 94,589 
The a2 Milk Co. Ltd. (a) 11,570 54,472 
Xero Ltd. (a) 2,073 233,148 
TOTAL NEW ZEALAND  881,842 
Norway - 0.7%   
Adevinta ASA Class B (a) 4,270 70,283 
DNB Bank ASA 14,484 344,273 
Equinor ASA 15,215 384,972 
Gjensidige Forsikring ASA 3,116 77,495 
Mowi ASA 6,840 198,045 
Norsk Hydro ASA 20,930 153,741 
Orkla ASA 11,683 113,623 
Schibsted ASA:   
(A Shares) 1,125 58,022 
(B Shares) 1,531 69,121 
Telenor ASA 10,893 171,946 
Yara International ASA 2,713 141,561 
TOTAL NORWAY  1,783,082 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 30,722 99,145 
Portugal - 0.2%   
Energias de Portugal SA 43,207 243,943 
Galp Energia SGPS SA Class B 7,803 81,057 
Jeronimo Martins SGPS SA 3,916 88,727 
TOTAL PORTUGAL  413,727 
Singapore - 1.0%   
Ascendas Real Estate Investment Trust 51,751 118,584 
CapitaLand Investment Ltd. (a) 41,053 104,725 
CapitaMall Trust 75,523 120,411 
City Developments Ltd. 6,568 35,653 
DBS Group Holdings Ltd. 28,098 656,974 
Genting Singapore Ltd. 94,894 54,889 
Keppel Corp. Ltd. 22,616 90,229 
Mapletree Commercial Trust 33,677 54,443 
Mapletree Logistics Trust (REIT) 46,643 69,869 
Oversea-Chinese Banking Corp. Ltd. 52,328 457,894 
Singapore Airlines Ltd. (a) 20,962 80,832 
Singapore Exchange Ltd. 12,489 89,650 
Singapore Technologies Engineering Ltd. 24,193 68,713 
Singapore Telecommunications Ltd. 128,362 237,972 
United Overseas Bank Ltd. 18,366 364,324 
UOL Group Ltd. 7,444 39,911 
Venture Corp. Ltd. 4,257 59,380 
Wilmar International Ltd. 29,822 95,537 
TOTAL SINGAPORE  2,799,990 
Spain - 2.4%   
ACS Actividades de Construccion y Servicios SA 3,818 99,880 
Aena SME SA (a)(b) 1,168 191,828 
Amadeus IT Holding SA Class A (a) 7,014 468,977 
Banco Bilbao Vizcaya Argentaria SA 103,808 726,462 
Banco Santander SA (Spain) 269,960 1,022,510 
CaixaBank SA 69,023 198,418 
Cellnex Telecom SA (b) 7,932 487,628 
EDP Renovaveis SA 4,486 124,978 
Enagas SA 3,872 86,857 
Endesa SA 4,943 113,968 
Ferrovial SA 7,416 233,697 
Grifols SA 4,646 106,315 
Iberdrola SA 92,173 1,089,410 
Industria de Diseno Textil SA 16,981 613,242 
Naturgy Energy Group SA 3,019 79,327 
Red Electrica Corporacion SA 6,730 140,116 
Repsol SA 22,583 289,255 
Siemens Gamesa Renewable Energy SA (a) 3,712 100,540 
Telefonica SA 80,078 347,832 
TOTAL SPAIN  6,521,240 
Sweden - 3.5%   
Alfa Laval AB 4,897 209,668 
ASSA ABLOY AB (B Shares) 15,605 457,892 
Atlas Copco AB:   
(A Shares) 10,449 671,374 
(B Shares) 6,082 328,958 
Boliden AB 4,257 150,145 
Electrolux AB (B Shares) 3,509 79,635 
Embracer Group AB (a) 7,275 67,633 
Epiroc AB:   
(A Shares) 10,284 255,903 
(B Shares) 6,041 128,375 
EQT AB 4,607 242,796 
Ericsson (B Shares) 45,441 496,007 
Essity AB (B Shares) 9,472 306,395 
Evolution AB (b) 2,645 427,857 
Fastighets AB Balder (a) 1,637 118,601 
H&M Hennes & Mauritz AB (B Shares) (c) 11,368 213,143 
Hexagon AB (B Shares) 30,677 493,706 
Husqvarna AB (B Shares) 6,512 92,622 
ICA Gruppen AB 1,568 81,066 
Industrivarden AB:   
(A Shares) 2,036 67,140 
(C Shares) 2,463 79,987 
Investor AB (B Shares) 28,372 653,798 
Kinnevik AB (B Shares) (a) 3,766 147,627 
L E Lundbergforetagen AB 1,183 68,131 
Latour Investment AB (B Shares) 2,305 83,525 
Lundin Petroleum AB 3,116 123,073 
Nibe Industrier AB (B Shares) 22,206 330,582 
Sandvik AB 17,575 445,679 
Securitas AB (B Shares) 4,876 80,623 
Sinch AB (a)(b) 7,877 149,368 
Skandinaviska Enskilda Banken AB (A Shares) 25,339 396,106 
Skanska AB (B Shares) 5,296 134,435 
SKF AB (B Shares) 5,940 137,641 
Svenska Cellulosa AB SCA (B Shares) 9,431 147,044 
Svenska Handelsbanken AB (A Shares) 22,709 260,298 
Swedbank AB (A Shares) 14,100 305,774 
Swedish Match Co. AB 24,596 216,461 
Tele2 AB (B Shares) 7,795 109,963 
Telia Co. AB (c) 41,356 162,742 
Volvo AB:   
(A Shares) 3,201 75,590 
(B Shares) 22,172 516,142 
TOTAL SWEDEN  9,513,505 
Switzerland - 9.8%   
ABB Ltd. (Reg.) 27,003 893,347 
Adecco SA (Reg.) 2,412 121,364 
Alcon, Inc. (Switzerland) 7,779 642,813 
Baloise Holdings AG 721 114,969 
Banque Cantonale Vaudoise 478 38,476 
Barry Callebaut AG 55 127,228 
Clariant AG (Reg.) 3,353 70,532 
Coca-Cola HBC AG 3,121 108,191 
Compagnie Financiere Richemont SA Series A 8,127 1,005,720 
Credit Suisse Group AG 39,713 413,083 
Ems-Chemie Holding AG 109 108,036 
Geberit AG (Reg.) 577 450,458 
Givaudan SA 144 677,693 
Holcim Ltd. 8,150 406,877 
Julius Baer Group Ltd. 3,484 252,005 
Kuehne & Nagel International AG 846 266,385 
Lindt & Spruengli AG 2 240,061 
Lindt & Spruengli AG (participation certificate) 13 153,200 
Logitech International SA (Reg.) 2,695 224,348 
Lonza Group AG 1,159 950,137 
Nestle SA (Reg. S) 44,851 5,916,171 
Novartis AG 34,568 2,859,214 
Partners Group Holding AG 353 615,899 
Roche Holding AG:   
(Bearer) 497 213,326 
(participation certificate) 10,939 4,237,705 
Schindler Holding AG:   
(participation certificate) 633 164,680 
(Reg.) 314 80,523 
SGS SA (Reg.) 94 278,017 
Siemens Energy AG (a) 6,221 178,492 
Sika AG 2,207 747,237 
Sonova Holding AG 852 352,022 
Straumann Holding AG 161 334,450 
Swatch Group AG (Bearer) 452 124,009 
Swatch Group AG (Bearer) (Reg.) 810 43,030 
Swiss Life Holding AG 498 273,367 
Swiss Prime Site AG 1,181 119,957 
Swiss Re Ltd. 4,695 454,527 
Swisscom AG 403 219,370 
Temenos Group AG 1,040 158,851 
UBS Group AG 57,077 1,037,622 
Vifor Pharma AG 759 97,901 
Zurich Insurance Group Ltd. 2,342 1,038,023 
TOTAL SWITZERLAND  26,809,316 
United Kingdom - 13.3%   
3i Group PLC 15,153 282,861 
Abrdn PLC 33,956 118,035 
Admiral Group PLC 3,006 118,068 
Anglo American PLC (United Kingdom) 20,160 766,947 
Antofagasta PLC 6,138 119,744 
Ashtead Group PLC 6,988 585,664 
Associated British Foods PLC 5,542 135,611 
AstraZeneca PLC (United Kingdom) 24,117 3,017,069 
Auto Trader Group PLC (b) 15,050 124,771 
Aveva Group PLC 1,877 91,397 
Aviva PLC 61,176 330,452 
BAE Systems PLC 50,246 378,863 
Barclays PLC 264,562 730,052 
Barratt Developments PLC 15,844 143,760 
Berkeley Group Holdings PLC 1,746 104,062 
BHP Group PLC 32,880 868,412 
BP PLC 315,144 1,509,824 
British American Tobacco PLC (United Kingdom) 33,937 1,180,478 
British Land Co. PLC 13,703 92,697 
BT Group PLC (a) 138,955 264,142 
Bunzl PLC 5,248 194,062 
Burberry Group PLC 6,303 166,395 
Compass Group PLC (a) 27,777 589,446 
Croda International PLC 2,172 281,138 
Diageo PLC 36,409 1,811,409 
Direct Line Insurance Group PLC 21,030 84,154 
Evraz PLC 8,007 68,115 
GlaxoSmithKline PLC 78,337 1,626,341 
Halma PLC 5,912 239,652 
Hargreaves Lansdown PLC 5,539 116,511 
Hikma Pharmaceuticals PLC 2,694 88,743 
HSBC Holdings PLC (United Kingdom) 318,009 1,916,058 
Imperial Brands PLC 14,731 310,869 
Informa PLC (a) 23,401 166,340 
InterContinental Hotel Group PLC (a) 2,853 199,844 
Intertek Group PLC 2,513 168,347 
J Sainsbury PLC 26,102 106,951 
JD Sports Fashion PLC 8,029 119,550 
Johnson Matthey PLC 3,012 112,656 
Kingfisher PLC 32,855 150,791 
Land Securities Group PLC 10,963 103,073 
Legal & General Group PLC 92,913 367,354 
Lloyds Banking Group PLC 1,104,783 756,092 
London Stock Exchange Group PLC 5,122 498,595 
M&G PLC 40,471 110,662 
Melrose Industries PLC 68,070 147,002 
Mondi PLC 7,560 188,819 
National Grid PLC 55,339 708,536 
NatWest Group PLC 90,112 272,667 
Next PLC 2,070 225,669 
NMC Health PLC (a) 941 179 
Ocado Group PLC (a) 7,585 187,160 
Pearson PLC 11,774 96,884 
Persimmon PLC 4,965 184,888 
Phoenix Group Holdings PLC 10,115 90,892 
Prudential PLC (a) 40,723 832,907 
Reckitt Benckiser Group PLC 11,106 901,616 
RELX PLC (London Stock Exchange) 30,100 932,618 
Rentokil Initial PLC 28,948 233,105 
Rio Tinto PLC 17,483 1,090,091 
Rolls-Royce Holdings PLC (a) 130,269 235,115 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 63,829 1,462,251 
Class B (United Kingdom) 57,719 1,324,577 
Sage Group PLC 16,741 162,851 
Schroders PLC 1,936 95,912 
Segro PLC 18,691 330,616 
Severn Trent PLC 3,888 145,687 
Smith & Nephew PLC 13,687 236,376 
Smiths Group PLC 6,170 114,458 
Spirax-Sarco Engineering PLC 1,148 245,169 
SSE PLC 16,234 365,583 
St. James's Place Capital PLC 8,397 181,512 
Standard Chartered PLC (United Kingdom) 41,274 279,547 
Taylor Wimpey PLC 56,725 119,979 
Tesco PLC 120,347 444,353 
Unilever PLC 40,789 2,183,920 
United Utilities Group PLC 10,611 150,808 
Vodafone Group PLC 435,314 641,589 
Whitbread PLC (a) 3,144 140,699 
TOTAL UNITED KINGDOM  36,270,092 
United States of America - 0.1%   
Coca-Cola European Partners PLC 3,186 167,743 
TOTAL COMMON STOCKS   
(Cost $230,458,852)  266,883,574 
Nonconvertible Preferred Stocks - 0.6%   
Germany - 0.6%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 926 78,786 
Fuchs Petrolub AG 1,082 51,833 
Henkel AG & Co. KGaA 2,741 245,186 
Porsche Automobil Holding SE (Germany) 2,384 248,118 
Sartorius AG (non-vtg.) 408 264,312 
Volkswagen AG 2,894 648,418 
TOTAL NONCONVERTIBLE PREFERRED STOCK   
(Cost $1,250,337)  1,536,653 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund 0.06% (e) 4,834,327 4,835,293 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 410,784 410,825 
TOTAL MONEY MARKET FUNDS   
(Cost $5,246,118)  5,246,118 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $236,955,307)  273,666,345 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (13,212) 
NET ASSETS - 100%  $273,653,133 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 45 Dec. 2021 $5,264,100 $93,038 $93,038 

The notional amount of futures purchased as a percentage of Net Assets is 1.9%

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,213,225 or 1.9% of net assets.

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

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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.

Fund 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 0.06% $2,168,970 $93,939,787 $91,273,464 $3,997 $-- $-- $4,835,293 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 94,325 9,244,819  8,928,319  42,642 -- -- 410,825 0.0% 
Total $2,263,295 $103,184,606 $100,201,783  $46,639 $-- $-- $5,246,118  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $12,213,601 $4,290,743 $7,922,858 $-- 
Consumer Discretionary 34,603,652 15,437,216 19,166,436 -- 
Consumer Staples 27,412,855 7,502,727 19,910,128 -- 
Energy 9,412,649 1,740,221 7,672,428 -- 
Financials 46,767,748 25,517,646 21,250,102 -- 
Health Care 34,014,454 9,325,331 24,689,123 -- 
Industrials 41,868,699 18,895,103 22,973,596 -- 
Information Technology 25,919,917 4,484,243 21,435,674 -- 
Materials 19,619,808 8,627,125 10,992,683 -- 
Real Estate 7,553,139 4,994,642 2,558,497 -- 
Utilities 9,033,705 4,744,811 4,288,894 -- 
Money Market Funds 5,246,118 5,246,118 -- -- 
Total Investments in Securities: $273,666,345 $110,805,926 $162,860,419 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $93,038 $93,038 $-- $-- 
Total Assets $93,038 $93,038 $-- $-- 
Total Derivative Instruments: $93,038 $93,038 $-- $-- 

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, 2021. 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) $93,038 $0 
Total Equity Risk 93,038 0 
Total Value of Derivatives $93,038 $0 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $374,474) — See accompanying schedule:
Unaffiliated issuers (cost $231,709,189) 		$268,420,227  
Fidelity Central Funds (cost $5,246,118) 5,246,118  
Total Investment in Securities (cost $236,955,307)  $273,666,345 
Segregated cash with brokers for derivative instruments  296,891 
Foreign currency held at value (cost $64,049)  63,941 
Receivable for investments sold  147,317 
Receivable for fund shares sold  802,859 
Dividends receivable  571,444 
Reclaims receivable  293,913 
Distributions receivable from Fidelity Central Funds  837 
Total assets  275,843,547 
Liabilities   
Payable for investments purchased   
Regular delivery $106,673  
Delayed delivery 2,351  
Payable for fund shares redeemed 1,544,373  
Accrued management fee 9,047  
Payable for daily variation margin on futures contracts 33,188  
Other payables and accrued expenses 83,957  
Collateral on securities loaned 410,825  
Total liabilities  2,190,414 
Net Assets  $273,653,133 
Net Assets consist of:   
Paid in capital  $233,581,113 
Total accumulated earnings (loss)  40,072,020 
Net Assets  $273,653,133 
Net Asset Value, offering price and redemption price per share ($273,653,133 ÷ 21,811,576 shares)  $12.55 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $5,717,131 
Non-Cash dividends  627,006 
Interest  399 
Income from Fidelity Central Funds (including $42,642 from security lending)  46,639 
Income before foreign taxes withheld  6,391,175 
Less foreign taxes withheld  (650,122) 
Total income  5,741,053 
Expenses   
Custodian fees and expenses $126,941  
Independent trustees' fees and expenses 744  
Total expenses before reductions 127,685  
Expense reductions (99,723)  
Total expenses after reductions  27,962 
Net investment income (loss)  5,713,091 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (993,414)  
Foreign currency transactions 12,429  
Futures contracts 941,247  
Total net realized gain (loss)  (39,738) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 41,570,706  
Assets and liabilities in foreign currencies (13,250)  
Futures contracts 254,146  
Total change in net unrealized appreciation (depreciation)  41,811,602 
Net gain (loss)  41,771,864 
Net increase (decrease) in net assets resulting from operations  $47,484,955 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,713,091 $2,963,577 
Net realized gain (loss) (39,738) (1,743,743) 
Change in net unrealized appreciation (depreciation) 41,811,602 (8,323,243) 
Net increase (decrease) in net assets resulting from operations 47,484,955 (7,103,409) 
Distributions to shareholders (2,911,605) (2,090,585) 
Share transactions   
Proceeds from sales of shares 124,316,809 58,502,909 
Reinvestment of distributions 2,911,605 2,090,585 
Cost of shares redeemed (27,378,788) (24,758,269) 
Net increase (decrease) in net assets resulting from share transactions 99,849,626 35,835,225 
Total increase (decrease) in net assets 144,422,976 26,641,231 
Net Assets   
Beginning of period 129,230,157 102,588,926 
End of period $273,653,133 $129,230,157 
Other Information   
Shares   
Sold 10,345,101 6,056,616 
Issued in reinvestment of distributions 264,932 201,018 
Redeemed (2,344,720) (2,563,671) 
Net increase (decrease) 8,265,313 3,693,963 

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


Financial Highlights

Fidelity Series International Index Fund

     
Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $9.54 $10.41 $9.43 $10.00 
Income from Investment Operations     
Net investment income (loss)B .33 .24 .33 .05 
Net realized and unrealized gain (loss) 2.90 (.90) .71 (.62) 
Total from investment operations 3.23 (.66) 1.04 (.57) 
Distributions from net investment income (.22) (.20) (.06) – 
Distributions from net realized gain – (.01) – – 
Total distributions (.22) (.21) (.06) – 
Net asset value, end of period $12.55 $9.54 $10.41 $9.43 
Total ReturnC,D 34.15% (6.52)% 11.06% (5.70)% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .06% .11% .24% 1.18%G 
Expenses net of fee waivers, if any .01% .02% .01% .01%G 
Expenses net of all reductions .01% .02% .01% .01%G 
Net investment income (loss) 2.73% 2.47% 3.33% 2.29%G 
Supplemental Data     
Net assets, end of period (000 omitted) $273,653 $129,230 $102,589 $9,630 
Portfolio turnover rateH 6%I 3% 2% 1%J 

 A For the period August 17, 2018 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

 J Amount not annualized.

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


Notes to Financial Statements

For the period ended October 31, 2021

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 and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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, 2021 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, 2021, 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.

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, partnerships, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $46,942,145 
Gross unrealized depreciation (12,171,797 ) 
Net unrealized appreciation (depreciation) $34,770,348 
Tax Cost $238,895,997 

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

Undistributed ordinary income $6,107,083 
Capital loss carryforward $(802,085) 
Net unrealized appreciation (depreciation) on securities and other investments $34,767,023 

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.

No expiration  
Short-term $(224,047) 
Long-term (578,038) 
Total capital loss carryforward $(802,085) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $2,911,605 $ 2,090,585 

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

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

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Series International Index Fund 85,833,660 11,036,449 

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity Series International Index Fund 2,414,477 27,766,481 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Series International Index Fund 6,993 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series International Index Fund $2,949 $– $– 

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, 2025. 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 $99,723.

10. Other.

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

At the end of the period, mutual funds and accounts managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and 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, 2021, 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 three years in the period then ended and for the period from August 17, 2018 (commencement of operations) through October 31, 2018, 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, 2021, 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 three years in the period then ended and for the period from August 17, 2018 (commencement of operations) through October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements 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, 2021, 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 16, 2021


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 318 funds. Mr. Chiel oversees 179 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 Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. 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 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 Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

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

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a 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 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) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-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 and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

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 The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

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 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 currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-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) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

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 Presiding Director (2013-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, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-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 Investment 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.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

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).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); 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 serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). 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).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

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 for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as 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 an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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, 2021 to October 31, 2021).

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, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Series International Index Fund .01%    
Actual  $1,000.00 $1,043.20 $.05 
Hypothetical-C  $1,000.00 $1,025.16 $.05 

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

 B 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.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 94% 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 will notify shareholders in January 2022 of amounts for use in preparing 2021 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), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to 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.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with 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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. 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. The Board also considered Fidelity's and Geode's investments in business continuity planning, and their success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

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 the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, 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 and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds 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 29, 2024.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

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; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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

Board Approval of Investment Advisory Contracts

Fidelity Series International Index Fund

At its July 2021 meeting, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), voted to approve an amended and restated sub-advisory agreement with Geode Capital Management, LLC (Geode) for the fund (the Amended Contract) to decrease the sub-advisory fee rate paid by Fidelity Management & Research Company LLC (FMR), the fund's investment adviser, to Geode on behalf of the fund by 0.35 basis points, effective August 1, 2021. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and Geode to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family and the investment performance of the fund in connection with the annual renewal of the fund's current management contract and sub-advisory agreement (Advisory Contracts). At its May 2021 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing Advisory Contracts should continue to benefit the fund's shareholders. The Board noted that approval of the Amended Contract would not change the fund's portfolio manager, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the fund under the Amended Contract should continue to benefit the fund's shareholders.

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 also considered that FMR undertakes to pay all operating expenses of the fund with certain exceptions. Based on its review, the Board considered that the fund does not pay a management fee and concluded at its May 2021 and July 2021 meetings 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 that it previously reviewed information regarding the level of Fidelity's profits in respect of all Fidelity funds. Because the fund pays no advisory fees and FMR bears all expenses of the fund, with certain exceptions, the Board did not consider the costs and services provided by and the profits realized by Fidelity in connection with the operation of the fund to be relevant in its decision to approve the Amended Contract.

Economies of Scale.  The Board did not consider the realization of economies of scale to be a material factor in its decision to approve the Amended Contract because the fund pays no advisory fees and FMR will continue to bear all expenses of the fund with certain exceptions.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the sub-advisory fee arrangement is fair and reasonable, and that the fund's Amended Contract should be approved.





Fidelity Investments

IIF-ANN-1221
1.9891249.103

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, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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 and Management Fees


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

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

The funds or securities referred to herein are not sponsored, endorsed, or promoted by 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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity ZERO® Extended Market Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity ZERO® Extended Market Index Fund 51.93% 13.17% 

 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.


Period Ending Values
$14,739Fidelity ZERO® Extended Market Index Fund
$14,724Fidelity U.S. Extended Investable Market Index℠
$16,766S&P 500 Index

Fidelity ZERO® Extended Market Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 51.93%, roughly in line with the 51.87% advance of the benchmark Fidelity U.S. Extended Investable Market Index. By sector, financials gained 66% and contributed most, followed by information technology, which gained 49%, and industrials, which advanced about 54%. The consumer discretionary sector rose 56%, real estate gained 64%, and health care advanced 21%. Other notable contributors included the energy (+177%), materials (+58%), communication services (+52%), consumer staples (+21%), and utilities (+24%) sectors. Turning to individual stocks, the top contributor was Moderna (+159%), from the pharmaceuticals, biotechnology & life sciences industry. In software & services, CrowdStrike Holdings (+93%) was helpful, and Devon Energy (+375%) from the energy sector also contributed. Plug Power, within the capital goods group, rose 299%, and Zillow, within the real estate sector, gained roughly 106% and boosted the fund. Conversely, the biggest individual detractor was Zoom Video Communications (-9%), from the software & services segment, followed by Boston Beer Company (-53%), which is in the food, beverage & tobacco category. Within health care equipment & services, Quidel returned approximately -50% and hurt. Other detractors were Sarepta Therapeutics (-42%), a stock in the pharmaceuticals, biotechnology & life sciences industry, and Virgin Galactic (-63%), from the capital goods 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.

Fidelity ZERO® Extended Market Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Snowflake Computing, Inc. 1.2 
Airbnb, Inc. Class A 0.9 
Palantir Technologies, Inc. 0.6 
Bill.Com Holdings, Inc. 0.4 
Devon Energy Corp. 0.4 
Bath & Body Works, Inc. 0.3 
Diamondback Energy, Inc. 0.3 
AMC Entertainment Holdings, Inc. Class A 0.3 
Signature Bank 0.3 
Molina Healthcare, Inc. 0.3 
 5.0 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 16.3 
Industrials 15.9 
Information Technology 14.8 
Consumer Discretionary 13.6 
Health Care 12.9 
Real Estate 8.3 
Materials 5.0 
Communication Services 3.7 
Energy 3.4 
Consumer Staples 3.1 

Asset Allocation (% of fund's net assets)

As of October 31, 2021* 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 5.2%

Fidelity ZERO® Extended Market Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.7%   
 Shares Value 
COMMUNICATION SERVICES - 3.7%   
Diversified Telecommunication Services - 0.7%   
Anterix, Inc. (a) 3,696 $236,914 
ATN International, Inc. 2,222 90,613 
Bandwidth, Inc. (a) 4,762 406,103 
Cogent Communications Group, Inc. 8,635 661,355 
Consolidated Communications Holdings, Inc. (a) 15,421 114,115 
EchoStar Holding Corp. Class A (a)(b) 8,267 193,944 
Globalstar, Inc. (a)(b) 138,251 228,114 
IDT Corp. Class B (a) 3,891 188,208 
Iridium Communications, Inc. (a) 27,577 1,118,247 
Liberty Global PLC:   
Class A (a) 28,816 828,172 
Class C (a) 79,605 2,295,808 
Liberty Latin America Ltd. Class C (a) 40,092 482,307 
Lumen Technologies, Inc. 207,492 2,460,855 
Ooma, Inc. (a) 4,671 107,900 
Radius Global Infrastructure, Inc. (a) 11,915 206,487 
  9,619,142 
Entertainment - 0.9%   
AMC Entertainment Holdings, Inc. Class A (a)(b) 106,846 3,779,143 
Cinemark Holdings, Inc. (a)(b) 21,777 409,408 
Lions Gate Entertainment Corp.:   
Class A (a) 14,949 193,590 
Class B (a) 22,276 252,164 
Live Nation Entertainment, Inc. (a) 27,403 2,771,813 
LiveOne, Inc. (a) 10,888 24,934 
Madison Square Garden Entertainment Corp. (a) 5,127 361,300 
Madison Square Garden Sports Corp. (a) 3,544 671,623 
Marcus Corp. (a)(b) 4,102 76,174 
Playtika Holding Corp. (b) 21,286 601,968 
Sciplay Corp. (A Shares) (a) 5,035 101,757 
Warner Music Group Corp. Class A 20,238 1,001,579 
World Wrestling Entertainment, Inc. Class A (b) 9,402 574,368 
Zynga, Inc. (a) 212,719 1,569,866 
  12,389,687 
Interactive Media & Services - 0.5%   
Angi, Inc. (a)(b) 15,635 195,907 
Bumble, Inc. (b) 14,806 777,611 
CarGurus, Inc. Class A (a) 17,788 596,610 
Cars.com, Inc. (a) 14,133 184,012 
Eventbrite, Inc. (a)(b) 15,856 320,925 
EverQuote, Inc. Class A (a) 3,950 54,471 
Liberty TripAdvisor Holdings, Inc. (a) 14,380 44,434 
MediaAlpha, Inc. Class A (b) 4,561 79,954 
QuinStreet, Inc. (a) 10,445 146,230 
TripAdvisor, Inc. (a)(b) 20,215 666,489 
TrueCar, Inc. (a) 19,691 82,505 
Yelp, Inc. (a) 14,171 547,426 
Ziff Davis, Inc. (a) 10,079 1,292,833 
Zoominfo Technologies, Inc. (a) 37,891 2,547,033 
  7,536,440 
Media - 1.5%   
Altice U.S.A., Inc. Class A (a) 47,735 778,081 
AMC Networks, Inc. Class A (a)(b) 5,971 237,586 
Audacy, Inc. Class A (a)(b) 24,537 79,255 
Boston Omaha Corp. (a)(b) 3,728 132,158 
Cable One, Inc. 1,033 1,767,680 
Cardlytics, Inc. (a)(b) 6,927 544,878 
Cbdmd, Inc. (a) 6,249 11,061 
Clear Channel Outdoor Holdings, Inc. (a) 100,734 292,129 
DISH Network Corp. Class A (a) 51,896 2,131,369 
E.W. Scripps Co. Class A 11,910 221,526 
Fluent, Inc. (a)(b) 9,949 23,679 
Gannett Co., Inc. (a)(b) 29,725 172,405 
Gray Television, Inc. 17,931 420,303 
iHeartMedia, Inc. (a) 22,216 430,546 
Interpublic Group of Companies, Inc. 82,098 3,002,324 
John Wiley & Sons, Inc. Class A 8,903 482,276 
Loral Space & Communications Ltd. 2,748 136,905 
Magnite, Inc.(a) 23,904 646,125 
Meredith Corp. (a) 8,342 485,838 
National CineMedia, Inc. 12,850 40,863 
News Corp.:   
Class A 83,609 1,914,646 
Class B 23,453 529,100 
Nexstar Broadcasting Group, Inc. Class A 8,694 1,303,491 
PubMatic, Inc. (b) 4,103 117,264 
Scholastic Corp. 6,339 229,408 
Sinclair Broadcast Group, Inc. Class A 10,303 269,217 
Sirius XM Holdings, Inc. (b) 193,267 1,176,996 
TechTarget, Inc. (a)(b) 5,214 491,732 
Tegna, Inc. 46,117 906,660 
The New York Times Co. Class A 34,853 1,902,625 
WideOpenWest, Inc. (a) 10,703 203,892 
  21,082,018 
Wireless Telecommunication Services - 0.1%   
Gogo, Inc. (a) 13,713 222,973 
NII Holdings, Inc. (a)(c) 10,174 2,645 
Shenandoah Telecommunications Co. 10,723 296,384 
Telephone & Data Systems, Inc. 20,090 376,487 
U.S. Cellular Corp. (a) 3,137 95,898 
  994,387 
TOTAL COMMUNICATION SERVICES  51,621,674 
CONSUMER DISCRETIONARY - 13.6%   
Auto Components - 1.2%   
Adient PLC (a) 19,715 820,538 
American Axle & Manufacturing Holdings, Inc. (a) 23,370 212,200 
Autoliv, Inc. 16,305 1,579,139 
BorgWarner, Inc. 49,737 2,241,647 
Cooper-Standard Holding, Inc. (a) 3,328 86,328 
Dana, Inc. 30,458 675,863 
Dorman Products, Inc. (a) 5,972 623,357 
Fox Factory Holding Corp. (a) 8,798 1,416,038 
Gentex Corp. 49,775 1,761,537 
Gentherm, Inc. (a) 6,943 511,213 
LCI Industries 5,273 736,322 
Lear Corp. 12,377 2,126,987 
Modine Manufacturing Co. (a) 11,579 127,369 
Motorcar Parts of America, Inc. (a) 3,798 71,858 
Patrick Industries, Inc. 4,773 371,864 
Standard Motor Products, Inc. 4,180 200,222 
Stoneridge, Inc. (a) 5,658 107,389 
Tenneco, Inc. (a) 15,410 204,491 
The Goodyear Tire & Rubber Co. (a) 58,643 1,121,254 
Veoneer, Inc. (a)(b) 21,003 739,306 
Visteon Corp. (a) 5,856 662,782 
XPEL, Inc. (a) 3,553 269,673 
  16,667,377 
Automobiles - 0.2%   
Harley-Davidson, Inc. 32,064 1,170,015 
Thor Industries, Inc. 11,488 1,171,316 
Winnebago Industries, Inc. 6,898 466,926 
Workhorse Group, Inc. (a)(b) 23,488 158,074 
  2,966,331 
Distributors - 0.2%   
Funko, Inc. (a) 5,031 82,458 
LKQ Corp. 56,195 3,095,221 
  3,177,679 
Diversified Consumer Services - 0.8%   
2U, Inc. (a)(b) 15,286 451,548 
Adtalem Global Education, Inc. (a) 10,097 372,882 
American Public Education, Inc. (a) 4,236 105,858 
Aspen Group, Inc. (a) 4,830 22,943 
Bright Horizons Family Solutions, Inc. (a) 12,617 2,094,422 
Carriage Services, Inc. 3,287 169,116 
Frontdoor, Inc. (a) 17,930 668,430 
Graham Holdings Co. 816 478,054 
Grand Canyon Education, Inc. (a) 9,520 758,744 
H&R Block, Inc. 37,240 859,127 
Houghton Mifflin Harcourt Co. (a) 26,232 372,232 
Laureate Education, Inc. Class A 20,695 358,437 
OneSpaWorld Holdings Ltd. (a)(b) 10,963 118,400 
Perdoceo Education Corp. (a) 14,804 157,218 
Regis Corp. (a)(b) 4,397 11,872 
Service Corp. International 34,787 2,382,562 
Strategic Education, Inc. 4,641 316,563 
Stride, Inc. (a) 8,854 314,317 
Terminix Global Holdings, Inc. (a) 26,092 1,056,204 
Vivint Smart Home, Inc. Class A (a) 8,101 73,476 
WW International, Inc. (a) 11,173 193,963 
Xpresspa Group, Inc. (a)(b) 18,934 25,182 
  11,361,550 
Hotels, Restaurants & Leisure - 3.3%   
Accel Entertainment, Inc. (a) 12,512 152,396 
Airbnb, Inc. Class A 70,062 11,956,781 
ARAMARK Holdings Corp. 52,796 1,925,998 
Bally's Corp. (a) 6,189 283,518 
BJ's Restaurants, Inc. (a)(b) 5,052 168,333 
Bloomin' Brands, Inc. (a)(b) 17,307 374,177 
Boyd Gaming Corp. (a) 17,120 1,091,914 
Brinker International, Inc. (a) 9,375 393,375 
Carrols Restaurant Group, Inc. 8,293 30,435 
Century Casinos, Inc. (a) 6,032 89,274 
Choice Hotels International, Inc. 6,791 954,950 
Churchill Downs, Inc. 7,179 1,651,170 
Chuy's Holdings, Inc. (a) 4,245 123,784 
Cracker Barrel Old Country Store, Inc. 5,024 669,046 
Dave & Buster's Entertainment, Inc. (a) 7,874 292,362 
Del Taco Restaurants, Inc. 7,268 60,615 
Denny's Corp. (a)(b) 13,012 206,891 
Dine Brands Global, Inc. (a) 3,569 301,616 
Drive Shack, Inc. (a) 18,940 49,244 
El Pollo Loco Holdings, Inc. (a) 4,275 62,843 
Everi Holdings, Inc. (a) 18,843 452,232 
Fiesta Restaurant Group, Inc. (a)(b) 3,367 35,488 
GAN Ltd. (a)(b) 8,224 117,439 
Golden Entertainment, Inc. (a) 4,256 221,184 
Hilton Grand Vacations, Inc. (a) 18,541 932,241 
Hyatt Hotels Corp. Class A (a) 10,047 856,004 
Jack in the Box, Inc. 4,387 434,094 
Lindblad Expeditions Holdings (a) 6,218 92,959 
Marriott Vacations Worldwide Corp. 8,923 1,402,874 
Monarch Casino & Resort, Inc. (a) 2,772 200,194 
Noodles & Co. (a) 7,730 93,920 
Norwegian Cruise Line Holdings Ltd. (a)(b) 76,752 1,974,061 
Papa John's International, Inc. 6,783 841,635 
Planet Fitness, Inc. (a) 17,377 1,382,340 
Playa Hotels & Resorts NV (a) 26,703 227,243 
PlayAGS, Inc. (a) 5,484 48,369 
RCI Hospitality Holdings, Inc. 1,762 119,464 
Red Robin Gourmet Burgers, Inc. (a) 3,288 65,333 
Red Rock Resorts, Inc. (a) 12,632 687,307 
Ruth's Hospitality Group, Inc. (a) 6,631 128,244 
Scientific Games Corp. Class A (a) 19,976 1,599,079 
SeaWorld Entertainment, Inc. (a) 10,746 682,371 
Shake Shack, Inc. Class A (a) 8,051 556,888 
Six Flags Entertainment Corp. (a) 16,205 666,512 
Texas Roadhouse, Inc. Class A 14,540 1,291,297 
The Cheesecake Factory, Inc. (a) 10,018 407,132 
Travel+Leisure Co. 18,069 981,869 
Vail Resorts, Inc. 8,392 2,892,806 
Wendy's Co. 37,079 826,862 
Wingstop, Inc. 6,196 1,068,624 
Wyndham Hotels & Resorts, Inc. 19,361 1,635,424 
Wynn Resorts Ltd. (a) 21,944 1,970,571 
  45,730,782 
Household Durables - 1.7%   
Bassett Furniture Industries, Inc. 1,767 29,845 
Beazer Homes U.S.A., Inc. (a) 6,498 117,679 
Casper Sleep, Inc. (a)(b) 4,928 17,938 
Cavco Industries, Inc. (a) 1,747 419,944 
Century Communities, Inc. 6,302 422,612 
Dream Finders Homes, Inc. (b) 3,696 58,656 
Ethan Allen Interiors, Inc. (b) 4,663 108,228 
Flexsteel Industries, Inc. 1,281 35,868 
GoPro, Inc. Class A (a) 26,284 226,305 
Green Brick Partners, Inc. (a) 10,441 271,988 
Helen of Troy Ltd. (a) 5,033 1,132,173 
Hooker Furnishings Corp. 2,654 66,907 
Hovnanian Enterprises, Inc. Class A (a) 1,020 85,945 
Installed Building Products, Inc. 4,828 613,397 
iRobot Corp. (a)(b) 5,757 480,249 
KB Home 18,790 754,419 
La-Z-Boy, Inc. 9,132 303,548 
Leggett & Platt, Inc. 27,568 1,291,561 
LGI Homes, Inc. (a) 4,538 677,523 
Lovesac (a)(b) 2,769 216,010 
M.D.C. Holdings, Inc. 11,869 581,344 
M/I Homes, Inc. (a) 6,216 355,928 
Meritage Homes Corp. (a) 7,850 853,374 
Mohawk Industries, Inc. (a) 11,584 2,052,801 
Newell Brands, Inc. 78,305 1,792,401 
Purple Innovation, Inc. (a) 11,862 228,937 
Skyline Champion Corp. (a) 11,074 701,206 
Sonos, Inc. (a) 26,229 855,590 
Taylor Morrison Home Corp. (a) 26,106 797,016 
Tempur Sealy International, Inc. 40,950 1,821,047 
Toll Brothers, Inc. 24,055 1,447,389 
TopBuild Corp. (a) 6,829 1,754,848 
TRI Pointe Homes, Inc. (a) 23,706 573,448 
Tupperware Brands Corp. (a)(b) 10,600 235,744 
Universal Electronics, Inc. (a) 3,056 125,846 
VOXX International Corp.(a) 2,842 32,143 
Vuzix Corp. (a)(b) 12,186 130,268 
Whirlpool Corp. 13,085 2,758,711 
ZAGG, Inc. rights (a)(c) 4,373 394 
  24,429,230 
Internet & Direct Marketing Retail - 0.4%   
1-800-FLOWERS.com, Inc. Class A (a)(b) 5,466 175,568 
CarParts.com, Inc. (a)(b) 9,469 144,213 
Chewy, Inc. (a)(b) 18,066 1,369,403 
Duluth Holdings, Inc. (a)(b) 2,424 34,736 
Groupon, Inc. (a)(b) 4,609 97,803 
Lands' End, Inc. (a)(b) 2,578 67,750 
Liquidity Services, Inc. (a) 5,654 124,840 
Overstock.com, Inc. (a)(b) 8,999 856,975 
PetMed Express, Inc. 4,512 128,276 
Poshmark, Inc. (b) 3,357 81,676 
Quotient Technology, Inc. (a) 18,757 120,795 
Qurate Retail, Inc. Series A 76,689 800,633 
Revolve Group, Inc. (a) 7,851 589,139 
Shutterstock, Inc. 4,961 601,025 
Stitch Fix, Inc. (a) 14,771 511,077 
The RealReal, Inc. (a) 16,548 215,620 
Waitr Holdings, Inc. (a)(b) 18,614 36,111 
  5,955,640 
Leisure Products - 0.7%   
Acushnet Holdings Corp. 7,281 370,894 
American Outdoor Brands, Inc. (a) 3,142 71,575 
AMMO, Inc. (b) 18,049 109,016 
Brunswick Corp. 16,056 1,494,653 
Callaway Golf Co. (a) 24,568 664,564 
Clarus Corp. (b) 5,274 145,457 
Johnson Outdoors, Inc. Class A 1,539 163,411 
Malibu Boats, Inc. Class A (a) 4,264 301,081 
MasterCraft Boat Holdings, Inc. (a) 3,949 105,754 
Mattel, Inc. (a) 72,285 1,576,536 
Nautilus, Inc. (a)(b) 6,496 66,454 
Polaris, Inc. 11,792 1,355,490 
Smith & Wesson Brands, Inc. 9,827 211,281 
Sturm, Ruger & Co., Inc. 3,733 294,459 
Vista Outdoor, Inc. (a) 11,731 490,825 
YETI Holdings, Inc. (a) 18,195 1,789,114 
  9,210,564 
Multiline Retail - 0.4%   
Big Lots, Inc. 7,094 313,910 
Dillard's, Inc. Class A (b) 917 211,955 
Franchise Group, Inc. 5,662 208,362 
Kohl's Corp. 32,403 1,572,518 
Macy's, Inc. 64,993 1,720,365 
Nordstrom, Inc. (a) 23,379 671,679 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 12,660 856,576 
  5,555,365 
Specialty Retail - 3.2%   
Abercrombie & Fitch Co. Class A (a) 12,628 499,311 
Academy Sports & Outdoors, Inc. 18,192 778,254 
Advance Auto Parts, Inc. 13,630 3,073,838 
America's Car Mart, Inc. (a) 1,341 160,236 
American Eagle Outfitters, Inc. (b) 32,010 759,917 
Asbury Automotive Group, Inc. (a) 4,048 792,234 
AutoNation, Inc. (a)(b) 9,124 1,105,099 
Barnes & Noble Education, Inc. (a)(b) 6,967 72,317 
Bath & Body Works, Inc. 55,106 3,807,274 
Bed Bath & Beyond, Inc. (a)(b) 21,453 301,200 
Big 5 Sporting Goods Corp. (b) 4,384 106,005 
Boot Barn Holdings, Inc. (a) 6,085 635,822 
Caleres, Inc. 7,759 178,923 
Camping World Holdings, Inc. (b) 8,568 319,158 
Chico's FAS, Inc. (a)(b) 27,150 148,239 
Citi Trends, Inc. (a)(b) 1,913 147,990 
Conn's, Inc. (a) 4,155 92,532 
Designer Brands, Inc. Class A (a)(b) 12,585 170,275 
Dick's Sporting Goods, Inc. 13,591 1,688,138 
Five Below, Inc. (a) 11,681 2,304,661 
Floor & Decor Holdings, Inc. Class A (a) 21,938 2,981,813 
Foot Locker, Inc. 18,856 898,866 
GameStop Corp. Class A (a)(b) 12,955 2,377,372 
Gap, Inc. 45,034 1,021,821 
Genesco, Inc. (a) 2,865 173,590 
Group 1 Automotive, Inc. 3,756 675,329 
GrowGeneration Corp. (a)(b) 11,067 233,292 
Guess?, Inc. 8,445 174,896 
Haverty Furniture Companies, Inc. 3,435 98,585 
Hibbett, Inc. (b) 3,098 239,909 
Leslie's, Inc. (b) 26,778 553,769 
Lithia Motors, Inc. Class A (sub. vtg.) 6,313 2,015,236 
Lumber Liquidators Holdings, Inc. (a)(b) 5,839 105,569 
MarineMax, Inc. (a) 4,461 231,035 
Monro, Inc. (b) 6,798 419,844 
Murphy U.S.A., Inc. 4,979 811,328 
National Vision Holdings, Inc. (a)(b) 17,051 1,051,024 
OneWater Marine, Inc. Class A 2,084 92,405 
Party City Holdco, Inc. (a) 24,208 175,992 
Penske Automotive Group, Inc. 6,542 693,779 
Petco Health & Wellness Co., Inc. (b) 16,730 413,733 
Rent-A-Center, Inc. 12,739 678,479 
RH (a) 3,556 2,345,644 
Sally Beauty Holdings, Inc. (a) 23,161 353,437 
Shoe Carnival, Inc. 3,826 129,587 
Signet Jewelers Ltd. 10,995 980,534 
Sleep Number Corp. (a)(b) 4,851 428,537 
Sonic Automotive, Inc. Class A (sub. vtg.) 4,262 210,671 
Sportsman's Warehouse Holdings, Inc. (a) 9,503 164,022 
The Aaron's Co., Inc. 7,153 167,309 
The Buckle, Inc. 6,239 259,667 
The Cato Corp. Class A (sub. vtg.) 3,759 66,271 
The Children's Place, Inc. (a) 2,857 236,817 
The ODP Corp. (a) 9,659 418,235 
Tilly's, Inc. 4,519 62,724 
TravelCenters of America LLC (a) 2,438 131,433 
Urban Outfitters, Inc. (a) 13,530 432,013 
Victoria's Secret & Co. (a) 15,688 791,773 
Vroom, Inc. (a)(b) 26,129 499,848 
Williams-Sonoma, Inc. 15,671 2,910,575 
Winmark Corp. 622 144,814 
Zumiez, Inc. (a) 4,565 185,796 
  44,178,796 
Textiles, Apparel & Luxury Goods - 1.5%   
Capri Holdings Ltd. (a) 31,503 1,677,220 
Carter's, Inc. 9,224 908,748 
Columbia Sportswear Co. 7,333 761,459 
Crocs, Inc. (a) 13,029 2,103,532 
Deckers Outdoor Corp. (a) 5,776 2,283,311 
Fossil Group, Inc. (a) 9,713 114,808 
G-III Apparel Group Ltd. (a) 8,913 255,447 
Hanesbrands, Inc. 73,015 1,244,176 
Kontoor Brands, Inc. 9,815 520,195 
Lakeland Industries, Inc. (a) 1,626 34,000 
Levi Strauss & Co. Class A 18,768 491,346 
Movado Group, Inc. 3,419 113,853 
Oxford Industries, Inc. 3,238 300,227 
PVH Corp. 14,787 1,616,663 
Ralph Lauren Corp. 10,089 1,283,018 
Samsonite International SA (a)(d) 294,600 634,599 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 28,046 1,296,006 
Steven Madden Ltd. 16,135 727,689 
Superior Group of Companies, Inc. 2,224 57,802 
Tapestry, Inc. 58,271 2,271,404 
Under Armour, Inc.:   
Class A (sub. vtg.) (a) 40,851 897,088 
Class C (non-vtg.) (a) 41,311 779,952 
Unifi, Inc. (a) 2,760 66,295 
Vera Bradley, Inc. (a) 5,080 49,835 
Wolverine World Wide, Inc. 17,213 570,955 
  21,059,628 
TOTAL CONSUMER DISCRETIONARY  190,292,942 
CONSUMER STAPLES - 3.1%   
Beverages - 0.3%   
Boston Beer Co., Inc. Class A (a) 1,968 969,201 
Celsius Holdings, Inc. (a) 7,955 767,817 
Coca-Cola Bottling Co. Consolidated 953 382,534 
MGP Ingredients, Inc. 2,800 179,788 
Molson Coors Beverage Co. Class B 38,948 1,717,217 
National Beverage Corp. (b) 4,773 269,197 
Newage, Inc. (a)(b) 26,443 39,136 
  4,324,890 
Food & Staples Retailing - 0.7%   
Andersons, Inc. 6,646 226,363 
BJ's Wholesale Club Holdings, Inc. (a) 28,443 1,662,209 
Blue Apron Holdings, Inc.:   
rights 10/28/21 (a)(c) 2,335 0 
Class A (a)(b) 3,671 33,590 
Casey's General Stores, Inc. 7,719 1,478,497 
Chefs' Warehouse Holdings (a) 6,844 238,650 
Grocery Outlet Holding Corp. (a)(b) 17,960 398,532 
Ingles Markets, Inc. Class A 2,881 199,336 
Natural Grocers by Vitamin Cottage, Inc. 2,836 34,542 
Performance Food Group Co. (a) 31,865 1,441,254 
PriceSmart, Inc. 5,060 364,067 
Rite Aid Corp. (a)(b) 12,197 165,757 
SpartanNash Co. 7,800 180,492 
Sprouts Farmers Market LLC (a) 23,487 520,002 
U.S. Foods Holding Corp. (a) 46,413 1,609,139 
United Natural Foods, Inc. (a) 11,593 503,020 
Weis Markets, Inc. 3,598 202,603 
  9,258,053 
Food Products - 1.5%   
B&G Foods, Inc. Class A (b) 13,741 404,535 
Beyond Meat, Inc. (a)(b) 12,567 1,243,882 
Bunge Ltd. 29,424 2,725,839 
Cal-Maine Foods, Inc. (a)(b) 7,690 277,301 
Calavo Growers, Inc. 3,526 141,745 
Campbell Soup Co. 42,033 1,679,218 
Darling Ingredients, Inc. (a) 33,784 2,855,424 
Flowers Foods, Inc. 41,430 1,025,393 
Fresh Del Monte Produce, Inc. 6,871 230,110 
Freshpet, Inc. (a) 9,070 1,414,104 
Hostess Brands, Inc. Class A (a) 26,543 501,928 
Ingredion, Inc. 13,802 1,314,364 
J&J Snack Foods Corp. (b) 3,046 449,437 
John B. Sanfilippo & Son, Inc. 1,986 167,817 
Laird Superfood, Inc. (a) 651 11,366 
Lamb Weston Holdings, Inc. 30,083 1,698,185 
Lancaster Colony Corp. 4,151 705,670 
Landec Corp. (a) 5,653 54,947 
Pilgrim's Pride Corp. (a) 9,989 281,290 
Post Holdings, Inc. (a) 12,250 1,243,130 
Sanderson Farms, Inc. 4,386 830,928 
Seaboard Corp. 55 211,751 
Seneca Foods Corp. Class A (a) 1,435 74,089 
The Hain Celestial Group, Inc. (a) 17,539 786,975 
The Simply Good Foods Co. (a) 17,401 689,950 
Tootsie Roll Industries, Inc. (b) 3,983 126,062 
TreeHouse Foods, Inc. (a) 11,408 412,285 
Vital Farms, Inc. (a)(b) 5,279 86,681 
Whole Earth Brands, Inc. Class A (a)(b) 7,590 92,067 
  21,736,473 
Household Products - 0.2%   
Central Garden & Pet Co. (a) 2,163 111,568 
Central Garden & Pet Co. Class A (non-vtg.) (a) 8,003 369,739 
Energizer Holdings, Inc. 13,073 476,772 
Reynolds Consumer Products, Inc. 11,454 309,029 
Spectrum Brands Holdings, Inc. 8,886 833,063 
WD-40 Co. (b) 2,886 655,122 
  2,755,293 
Personal Products - 0.3%   
BellRing Brands, Inc. Class A (a)(b) 7,701 206,541 
Coty, Inc. Class A (a) 68,756 583,051 
Edgewell Personal Care Co. 11,054 386,779 
elf Beauty, Inc. (a)(b) 9,703 313,504 
Herbalife Nutrition Ltd. (a) 21,248 985,907 
Inter Parfums, Inc. 3,619 334,323 
MediFast, Inc. 2,420 474,973 
Nu Skin Enterprises, Inc. Class A 10,228 410,654 
The Honest Co., Inc. (b) 5,365 49,090 
USANA Health Sciences, Inc. (a) 2,568 249,250 
Veru, Inc. (a) 12,986 106,096 
  4,100,168 
Tobacco - 0.1%   
22nd Century Group, Inc. (a)(b) 34,748 95,210 
Turning Point Brands, Inc. 2,938 112,143 
Universal Corp. 5,086 239,042 
Vector Group Ltd. 27,564 365,499 
  811,894 
TOTAL CONSUMER STAPLES  42,986,771 
ENERGY - 3.4%   
Energy Equipment & Services - 0.6%   
Archrock, Inc. 27,531 225,479 
Aspen Aerogels, Inc. (a) 5,064 275,785 
Bristow Group, Inc. (a) 5,031 174,073 
Cactus, Inc. 12,195 530,483 
Championx Corp. (a) 42,076 1,103,653 
Core Laboratories NV 9,642 250,788 
DMC Global, Inc. (a) 3,774 157,678 
Dril-Quip, Inc. (a) 6,891 162,352 
Expro Group Holdings NV (a) 5,874 100,739 
Helix Energy Solutions Group, Inc. (a) 28,972 109,514 
Helmerich & Payne, Inc. 22,536 699,517 
Liberty Oilfield Services, Inc. Class A (a) 21,349 275,829 
Nabors Industries Ltd. (a) 1,557 159,593 
Newpark Resources, Inc. (a) 19,887 67,616 
Nextier Oilfield Solutions, Inc. (a) 32,233 143,759 
NOV, Inc. (a) 81,320 1,140,106 
Oceaneering International, Inc. (a) 21,410 291,176 
Oil States International, Inc. (a) 12,300 74,538 
Patterson-UTI Energy, Inc. 40,443 346,192 
ProPetro Holding Corp. (a) 16,936 162,416 
RPC, Inc. (a)(b) 17,227 92,854 
Select Energy Services, Inc. Class A (a) 12,893 77,487 
Solaris Oilfield Infrastructure, Inc. Class A 7,022 53,297 
TechnipFMC PLC (a) 88,802 654,471 
TETRA Technologies, Inc. (a) 26,398 85,266 
Tidewater, Inc. (a) 7,492 90,878 
Transocean Ltd. (United States) (a)(b) 125,610 443,403 
U.S. Silica Holdings, Inc. (a) 16,147 156,303 
  8,105,245 
Oil, Gas & Consumable Fuels - 2.8%   
Alto Ingredients, Inc. (a)(b) 13,439 71,495 
Antero Resources Corp. (a) 59,686 1,185,961 
APA Corp. 78,348 2,053,501 
Arch Resources, Inc. (b) 3,283 299,016 
Berry Corp. 14,108 135,578 
Bonanza Creek Energy, Inc. 6,360 357,050 
Brigham Minerals, Inc. Class A 9,173 212,630 
Callon Petroleum Co. (a)(b) 8,075 417,720 
Centennial Resource Development, Inc. Class A (a)(b) 37,215 267,948 
Clean Energy Fuels Corp. (a)(b) 34,887 321,658 
CNX Resources Corp. (a) 45,470 664,317 
Comstock Resources, Inc. (a) 18,689 184,460 
CONSOL Energy, Inc. (a) 6,640 182,666 
Contango Oil & Gas Co. (a)(b) 29,449 121,624 
Continental Resources, Inc. 12,331 601,876 
Coterra Energy, Inc. 83,082 1,771,308 
CVR Energy, Inc. (b) 5,942 113,908 
Delek U.S. Holdings, Inc. (a) 15,051 292,742 
Denbury, Inc. (a) 10,488 887,914 
Devon Energy Corp. 131,174 5,257,454 
Diamondback Energy, Inc. 35,471 3,802,136 
EQT Corp. (a) 57,614 1,147,095 
Equitrans Midstream Corp. 84,957 875,907 
Green Plains, Inc. (a)(b) 11,010 417,830 
HollyFrontier Corp. 31,133 1,052,295 
International Seaways, Inc. 8,690 152,510 
Kosmos Energy Ltd. (a) 85,918 309,305 
Laredo Petroleum, Inc. (a)(b) 2,772 209,009 
Magnolia Oil & Gas Corp. Class A 29,153 608,715 
Marathon Oil Corp. 164,488 2,684,444 
Matador Resources Co. 23,030 963,806 
Murphy Oil Corp. 30,395 845,893 
National Energy Services Reunited Corp. (a) 8,171 95,601 
Northern Oil & Gas, Inc. 11,093 256,914 
Ovintiv, Inc. 54,122 2,030,657 
Par Pacific Holdings, Inc. (a) 9,769 151,029 
PBF Energy, Inc. Class A (a) 19,388 283,259 
PDC Energy, Inc. 20,645 1,079,940 
Peabody Energy Corp. (a) 17,387 206,731 
Range Resources Corp. (a) 53,844 1,255,642 
Ranger Oil Corp. (a) 3,068 101,367 
Renewable Energy Group, Inc. (a) 10,524 673,536 
Rex American Resources Corp. (a) 1,159 101,934 
SM Energy Co. 25,353 870,115 
Southwestern Energy Co. (a) 141,702 691,506 
Talos Energy, Inc. (a) 8,348 108,274 
Targa Resources Corp. 47,565 2,600,379 
Teekay Corp. (a) 12,716 45,015 
Teekay Tankers Ltd. (a)(b) 4,786 66,430 
Tellurian, Inc. (a)(b) 78,607 308,139 
Uranium Energy Corp. (a)(b) 48,064 178,798 
W&T Offshore, Inc. (a) 19,318 79,397 
World Fuel Services Corp. 13,384 408,614 
  40,063,048 
TOTAL ENERGY  48,168,293 
FINANCIALS - 16.3%   
Banks - 5.8%   
1st Source Corp. 3,770 182,016 
Allegiance Bancshares, Inc. 4,092 160,284 
Ameris Bancorp 13,960 731,364 
Associated Banc-Corp. 31,990 712,737 
Atlantic Union Bankshares Corp. 16,235 582,349 
Banc of California, Inc. 9,410 191,305 
BancFirst Corp. 3,930 255,489 
Bancorp, Inc., Delaware (a) 11,735 358,504 
Bank of Hawaii Corp. 8,440 713,180 
Bank OZK 25,481 1,138,236 
BankUnited, Inc. 19,555 793,151 
Banner Corp. 7,000 404,320 
Berkshire Hills Bancorp, Inc. 9,869 267,943 
BOK Financial Corp. 6,329 640,305 
Brookline Bancorp, Inc., Delaware 15,656 251,279 
Bryn Mawr Bank Corp. 4,158 192,682 
Cadence Bank 22,993 667,257 
Camden National Corp. 3,139 149,416 
Cathay General Bancorp 16,456 694,279 
Central Pacific Financial Corp. 5,555 152,707 
CIT Group, Inc. 20,664 1,023,488 
City Holding Co. 3,249 258,555 
Columbia Banking Systems, Inc. 14,755 503,588 
Comerica, Inc. 27,832 2,368,225 
Commerce Bancshares, Inc. 22,097 1,558,059 
Community Bank System, Inc. 11,295 809,513 
Community Trust Bancorp, Inc. 2,849 124,444 
ConnectOne Bancorp, Inc. 7,732 260,800 
CrossFirst Bankshares, Inc. (a) 9,955 141,660 
Cullen/Frost Bankers, Inc. 11,785 1,526,158 
Customers Bancorp, Inc. (a) 6,107 325,442 
CVB Financial Corp. 25,989 520,300 
Dime Community Bancshares, Inc. 6,832 243,766 
Eagle Bancorp, Inc. 6,513 368,571 
East West Bancorp, Inc. 29,626 2,354,674 
Eastern Bankshares, Inc. 35,524 737,833 
Enterprise Financial Services Corp. 7,984 375,408 
FB Financial Corp. 7,261 329,141 
First Bancorp, North Carolina 5,820 281,804 
First Bancorp, Puerto Rico 42,762 583,701 
First Bancshares, Inc. 4,639 186,720 
First Busey Corp. 10,640 271,214 
First Citizens Bancshares, Inc. (b) 1,493 1,215,153 
First Commonwealth Financial Corp. 19,119 292,521 
First Financial Bancorp, Ohio 19,479 463,211 
First Financial Bankshares, Inc. 26,780 1,358,282 
First Financial Corp., Indiana 2,326 99,669 
First Foundation, Inc. 8,293 220,677 
First Hawaiian, Inc. 27,230 751,276 
First Horizon National Corp. 114,655 1,945,695 
First Interstate Bancsystem, Inc. 7,359 305,914 
First Merchants Corp. 11,003 457,505 
First Midwest Bancorp, Inc., Delaware 23,160 445,830 
Five Star Bancorp 1,216 33,343 
Flushing Financial Corp. 5,958 143,111 
FNB Corp., Pennsylvania 67,365 784,802 
Fulton Financial Corp. 34,180 550,298 
German American Bancorp, Inc. 5,000 197,100 
Glacier Bancorp, Inc. 20,040 1,108,012 
Great Southern Bancorp, Inc. 2,126 119,970 
Great Western Bancorp, Inc. 11,257 383,301 
Hancock Whitney Corp. 18,108 895,984 
Hanmi Financial Corp. 6,982 154,931 
HarborOne Bancorp, Inc. 9,970 143,269 
Heartland Financial U.S.A., Inc. 8,094 405,671 
Heritage Commerce Corp. 12,313 147,633 
Heritage Financial Corp., Washington 7,801 193,777 
Hilltop Holdings, Inc. 12,681 449,415 
Home Bancshares, Inc. 31,783 755,164 
Hope Bancorp, Inc. 24,774 361,453 
Horizon Bancorp, Inc. Indiana 8,221 156,774 
Independent Bank Corp. 4,352 98,051 
Independent Bank Corp., Massachusetts 6,956 587,782 
Independent Bank Group, Inc. 7,838 566,609 
International Bancshares Corp. 10,872 460,973 
Investors Bancorp, Inc. 47,278 723,353 
Lakeland Bancorp, Inc. 9,974 179,333 
Lakeland Financial Corp. (b) 5,181 372,358 
Live Oak Bancshares, Inc. (b) 6,653 593,315 
Midland States Bancorp, Inc. 4,682 120,140 
National Bank Holdings Corp. 6,621 287,153 
NBT Bancorp, Inc. 8,673 318,212 
Nicolet Bankshares, Inc. (a) 2,153 154,779 
OceanFirst Financial Corp. 12,253 271,649 
OFG Bancorp 10,859 281,248 
Old National Bancorp, Indiana (b) 34,665 592,078 
Origin Bancorp, Inc. 4,767 212,608 
Pacific Premier Bancorp, Inc. 19,958 838,036 
PacWest Bancorp 24,433 1,159,835 
Park National Corp. 2,936 377,540 
Peoples Bancorp, Inc. 4,740 151,490 
Peoples United Financial, Inc. 88,897 1,523,695 
Pinnacle Financial Partners, Inc. 15,875 1,533,049 
Popular, Inc. 16,819 1,369,739 
Preferred Bank, Los Angeles 2,952 202,419 
Prosperity Bancshares, Inc. 19,268 1,451,073 
QCR Holdings, Inc. 3,226 177,882 
Renasant Corp. 11,848 443,234 
S&T Bancorp, Inc. 8,226 251,387 
Sandy Spring Bancorp, Inc. 9,682 459,508 
Seacoast Banking Corp., Florida 11,332 412,825 
ServisFirst Bancshares, Inc. 10,264 824,302 
Signature Bank 12,644 3,765,636 
Silvergate Capital Corp. (a) 5,532 866,422 
Simmons First National Corp. Class A 22,793 681,283 
Southside Bancshares, Inc. 6,787 280,439 
Southstate Corp. 14,643 1,143,472 
Sterling Bancorp 40,192 1,022,886 
Stock Yards Bancorp, Inc. 4,994 305,883 
Synovus Financial Corp. 30,479 1,420,017 
Texas Capital Bancshares, Inc. (a) 10,658 645,875 
Tompkins Financial Corp. 2,613 214,553 
TowneBank 13,417 422,904 
Trico Bancshares 5,755 252,242 
TriState Capital Holdings, Inc. (a) 5,902 177,355 
Triumph Bancorp, Inc. (a) 4,942 579,697 
Trustmark Corp. 12,671 403,065 
UMB Financial Corp. 9,020 891,356 
Umpqua Holdings Corp. 46,061 941,947 
United Bankshares, Inc., West Virginia 27,033 999,951 
United Community Bank, Inc. 18,179 633,356 
Univest Corp. of Pennsylvania 6,249 179,346 
Valley National Bancorp 84,822 1,124,740 
Veritex Holdings, Inc. 10,235 419,123 
Washington Trust Bancorp, Inc. 3,631 198,470 
Webster Financial Corp. 18,895 1,057,364 
WesBanco, Inc. 13,755 478,261 
Westamerica Bancorp. 5,632 314,040 
Western Alliance Bancorp. 21,759 2,526,002 
Wintrust Financial Corp. 11,866 1,050,141 
Zions Bancorp NA 33,701 2,122,826 
  81,045,915 
Capital Markets - 3.5%   
Affiliated Managers Group, Inc. 8,596 1,443,096 
Apollo Global Management LLC Class A 43,660 3,359,637 
Ares Management Corp. 34,011 2,882,092 
Artisan Partners Asset Management, Inc. 13,708 679,094 
Assetmark Financial Holdings, Inc. (a) 3,723 95,458 
B. Riley Financial, Inc. 3,327 238,413 
BGC Partners, Inc. Class A 69,828 374,976 
Blucora, Inc. (a) 10,133 167,397 
BrightSphere Investment Group, Inc. 12,217 366,266 
Carlyle Group LP 28,802 1,617,232 
Cboe Global Markets, Inc. 22,222 2,931,971 
Cohen & Steers, Inc. 5,270 500,070 
Coinbase Global, Inc. (a) 5,979 1,909,812 
Cowen Group, Inc. Class A 5,869 221,437 
Diamond Hill Investment Group, Inc. 672 145,730 
Donnelley Financial Solutions, Inc. (a) 6,045 231,644 
Evercore, Inc. Class A 8,233 1,250,099 
FactSet Research Systems, Inc. 7,858 3,488,088 
Federated Hermes, Inc. 20,348 677,792 
Focus Financial Partners, Inc. Class A (a) 10,621 667,636 
Franklin Resources, Inc. 58,429 1,839,929 
Greenhill & Co., Inc. 3,188 50,115 
Hamilton Lane, Inc. Class A 7,160 748,292 
Houlihan Lokey 10,525 1,179,642 
Interactive Brokers Group, Inc. 18,286 1,295,563 
Invesco Ltd. 70,942 1,802,636 
Janus Henderson Group PLC 35,803 1,664,840 
Jefferies Financial Group, Inc. 41,009 1,763,387 
Lazard Ltd. Class A 23,505 1,151,510 
LPL Financial 16,733 2,744,547 
Moelis & Co. Class A 12,721 925,326 
Morningstar, Inc. 4,930 1,561,578 
Open Lending Corp. (a) 21,121 665,734 
Oppenheimer Holdings, Inc. Class A (non-vtg.) 1,812 94,315 
Piper Jaffray Companies 2,998 493,741 
PJT Partners, Inc. 5,375 439,621 
Sculptor Capital Management, Inc. Class A 3,994 105,841 
SEI Investments Co. 22,429 1,413,924 
StepStone Group, Inc. Class A 8,399 394,585 
Stifel Financial Corp. 21,793 1,588,056 
StoneX Group, Inc. (a) 3,512 242,714 
Tradeweb Markets, Inc. Class A 21,950 1,955,745 
Victory Capital Holdings, Inc. 3,525 133,598 
Virtu Financial, Inc. Class A 18,582 462,320 
Virtus Investment Partners, Inc. 1,477 472,640 
WisdomTree Investments, Inc. 25,006 159,788 
  48,597,927 
Consumer Finance - 0.8%   
Credit Acceptance Corp. (a)(b) 1,862 1,113,867 
CURO Group Holdings Corp. 4,305 73,960 
Encore Capital Group, Inc. (a)(b) 6,100 329,522 
Enova International, Inc. (a) 7,716 250,307 
EZCORP, Inc. (non-vtg.) Class A (a) 11,117 82,933 
First Cash Financial Services, Inc. 8,434 746,156 
Green Dot Corp. Class A (a) 11,279 477,778 
LendingClub Corp. (a) 20,571 945,443 
LendingTree, Inc. (a)(b) 2,356 380,235 
Navient Corp. 34,523 680,103 
Nelnet, Inc. Class A 4,074 336,635 
OneMain Holdings, Inc. 21,442 1,132,352 
PRA Group, Inc. (a)(b) 9,650 413,792 
PROG Holdings, Inc. 13,681 553,396 
SLM Corp. 64,026 1,174,877 
Upstart Holdings, Inc. 9,610 3,094,804 
World Acceptance Corp. (a)(b) 895 165,924 
  11,952,084 
Diversified Financial Services - 0.4%   
A-Mark Precious Metals, Inc. 1,664 124,783 
Cannae Holdings, Inc. (a) 17,164 585,292 
Equitable Holdings, Inc. 79,925 2,677,488 
Voya Financial, Inc. 23,620 1,647,967 
  5,035,530 
Insurance - 3.8%   
Alleghany Corp. (a) 2,882 1,877,277 
AMBAC Financial Group, Inc. (a) 9,410 159,123 
American Equity Investment Life Holding Co. 17,119 545,583 
American Financial Group, Inc. 13,749 1,870,414 
American National Group, Inc. 2,656 503,870 
Amerisafe, Inc. 4,052 240,243 
Argo Group International Holdings, Ltd. 7,041 387,959 
Assurant, Inc. 12,224 1,971,853 
Assured Guaranty Ltd. 15,064 837,257 
Athene Holding Ltd. (a) 27,180 2,364,932 
Axis Capital Holdings Ltd. 16,018 834,057 
Brighthouse Financial, Inc. (a) 17,324 870,185 
Brown & Brown, Inc. 48,611 3,067,840 
BRP Group, Inc. (a) 10,657 388,981 
CNO Financial Group, Inc. 26,604 642,221 
eHealth, Inc. (a) 4,860 215,541 
Employers Holdings, Inc. 6,087 234,958 
Enstar Group Ltd. (a) 2,552 588,951 
Erie Indemnity Co. Class A 5,168 1,063,626 
Everest Re Group Ltd. 8,303 2,171,235 
Fidelity National Financial, Inc. 59,266 2,839,434 
First American Financial Corp. 22,800 1,667,592 
Genworth Financial, Inc. Class A (a) 103,525 425,488 
Globe Life, Inc. 19,471 1,733,308 
GoHealth, Inc. (a) 13,837 74,720 
Goosehead Insurance 4,056 585,281 
Greenlight Capital Re, Ltd. (a)(b) 5,173 38,435 
Hanover Insurance Group, Inc. 7,436 936,936 
HCI Group, Inc. 1,413 189,356 
Heritage Insurance Holdings, Inc. 5,910 38,651 
Horace Mann Educators Corp. 8,781 344,040 
James River Group Holdings Ltd. 7,897 252,309 
Kemper Corp. 12,483 792,421 
Kinsale Capital Group, Inc. 4,507 843,485 
Lemonade, Inc. (a)(b) 7,860 488,578 
Lincoln National Corp. 36,825 2,656,924 
Loews Corp. 41,815 2,344,567 
MBIA, Inc. (a)(b) 9,911 154,017 
Mercury General Corp. 5,703 310,756 
National Western Life Group, Inc. 482 103,635 
Old Republic International Corp. 59,056 1,525,416 
Palomar Holdings, Inc. (a) 4,969 454,415 
Primerica, Inc. 8,196 1,378,895 
ProAssurance Corp. 10,931 250,429 
Reinsurance Group of America, Inc. 14,067 1,661,031 
RenaissanceRe Holdings Ltd. 9,785 1,387,513 
RLI Corp. 8,321 901,248 
Root, Inc. (b) 17,676 82,017 
Safety Insurance Group, Inc. 3,021 236,877 
Selective Insurance Group, Inc. 12,574 985,424 
Selectquote, Inc. (a)(b) 25,588 340,065 
Siriuspoint Ltd. (a) 17,611 165,543 
Stewart Information Services Corp. 5,632 400,829 
Trean Insurance Group, Inc. (a) 4,114 38,672 
Trupanion, Inc. (a) 7,156 732,774 
United Fire Group, Inc. 4,539 92,732 
Universal Insurance Holdings, Inc. 6,274 92,667 
Unum Group 42,664 1,086,652 
W.R. Berkley Corp. 29,126 2,318,430 
White Mountains Insurance Group Ltd. 637 672,029 
  52,459,697 
Mortgage Real Estate Investment Trusts - 1.1%   
AG Mortgage Investment Trust, Inc. 3,044 35,219 
AGNC Investment Corp. 109,425 1,742,046 
Annaly Capital Management, Inc. 299,709 2,535,538 
Apollo Commercial Real Estate Finance, Inc. 27,427 415,245 
Arbor Realty Trust, Inc. 30,182 606,960 
Ares Commercial Real Estate Corp. 9,730 151,983 
Armour Residential REIT, Inc. 16,384 172,360 
Blackstone Mortgage Trust, Inc. 32,988 1,085,305 
BrightSpire Capital, Inc. 19,059 186,969 
Broadmark Realty Capital, Inc. 28,259 291,633 
Cherry Hill Mortgage Investment Corp. 3,346 30,516 
Chimera Investment Corp. 49,221 768,340 
Dynex Capital, Inc. 7,134 124,845 
Ellington Financial LLC 10,418 189,399 
Franklin BSP Realty Trust, Inc. (a) 6,920 113,557 
Granite Point Mortgage Trust, Inc. 11,137 149,236 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 16,536 998,774 
Invesco Mortgage Capital, Inc. 58,833 184,736 
KKR Real Estate Finance Trust, Inc. (b) 8,385 182,038 
Ladder Capital Corp. Class A 22,658 271,896 
MFA Financial, Inc. 80,226 361,819 
New Residential Investment Corp. 97,433 1,106,839 
New York Mortgage Trust, Inc. 76,959 337,850 
Orchid Island Capital, Inc. 26,347 130,681 
PennyMac Mortgage Investment Trust 20,948 422,102 
Ready Capital Corp. 11,748 181,742 
Redwood Trust, Inc. 22,863 310,022 
Starwood Property Trust, Inc. 60,998 1,553,619 
TPG RE Finance Trust, Inc. 12,751 166,656 
Two Harbors Investment Corp. 63,602 408,325 
Western Asset Mortgage Capital Corp. 11,997 30,232 
  15,246,482 
Thrifts & Mortgage Finance - 0.9%   
Axos Financial, Inc. (a) 11,334 600,702 
Capitol Federal Financial, Inc. 27,255 330,603 
Columbia Financial, Inc. (a) 8,003 149,016 
Essent Group Ltd. 23,445 1,125,360 
Federal Agricultural Mortgage Corp. Class C (non-vtg.) 1,913 241,210 
Flagstar Bancorp, Inc. 10,873 513,097 
HomeStreet, Inc. 4,108 193,733 
Kearny Financial Corp. 16,341 219,296 
Merchants Bancorp 3,555 157,949 
Meridian Bancorp, Inc. Maryland 11,123 258,054 
Meta Financial Group, Inc. 6,616 366,791 
MGIC Investment Corp. 70,935 1,146,310 
Mr. Cooper Group, Inc. (a) 17,881 783,903 
New York Community Bancorp, Inc. 96,573 1,200,402 
NMI Holdings, Inc. (a) 18,221 442,406 
Northfield Bancorp, Inc. 8,955 157,160 
Northwest Bancshares, Inc. 26,793 369,743 
Ocwen Financial Corp. (a)(b) 1,541 48,403 
PennyMac Financial Services, Inc. 6,916 429,207 
Premier Financial Corp. 7,718 246,050 
Provident Financial Services, Inc. 16,510 408,788 
Radian Group, Inc. 38,625 921,979 
Rocket Companies, Inc. (b) 28,100 463,088 
TFS Financial Corp. 10,345 201,314 
Trustco Bank Corp., New York 3,834 128,669 
Walker & Dunlop, Inc. 6,109 794,598 
Washington Federal, Inc. 13,938 492,848 
Waterstone Financial, Inc. 3,976 82,184 
WSFS Financial Corp. 10,111 523,851 
  12,996,714 
TOTAL FINANCIALS  227,334,349 
HEALTH CARE - 12.9%   
Biotechnology - 5.3%   
4D Molecular Therapeutics, Inc. 4,257 102,296 
Abeona Therapeutics, Inc. (a) 12,035 9,776 
ACADIA Pharmaceuticals, Inc. (a) 24,164 433,744 
Acceleron Pharma, Inc. (a) 11,117 1,936,359 
ADMA Biologics, Inc. (a) 19,676 25,382 
Adverum Biotechnologies, Inc. (a)(b) 17,165 38,965 
Aeglea BioTherapeutics, Inc. (a) 7,687 56,269 
Agenus, Inc. (a) 44,279 170,031 
Agios Pharmaceuticals, Inc. (a)(b) 12,140 570,580 
Akebia Therapeutics, Inc. (a)(b) 37,900 108,773 
Akero Therapeutics, Inc. (a)(b) 4,696 100,917 
Akouos, Inc. (a)(b) 4,805 44,783 
Albireo Pharma, Inc. (a)(b) 3,611 105,513 
Aldeyra Therapeutics, Inc. (a)(b) 10,205 92,866 
Alector, Inc. (a)(b) 12,193 265,076 
Aligos Therapeutics, Inc. 3,795 60,454 
Alkermes PLC (a) 33,266 1,007,627 
Allakos, Inc. (a) 7,212 725,383 
Allogene Therapeutics, Inc. (a)(b) 15,749 271,513 
Allovir, Inc. (a)(b) 5,992 143,868 
Altimmune, Inc. (a)(b) 7,526 81,281 
ALX Oncology Holdings, Inc. (a) 4,312 241,644 
Amicus Therapeutics, Inc. (a) 49,409 518,795 
AnaptysBio, Inc. (a) 3,998 131,534 
Anavex Life Sciences Corp. (a)(b) 15,459 289,702 
Anika Therapeutics, Inc. (a) 3,106 129,365 
Annexon, Inc. (a) 5,265 85,872 
Apellis Pharmaceuticals, Inc. (a) 14,667 450,864 
Applied Genetic Technologies Corp. (a) 7,858 20,352 
Applied Molecular Transport, Inc. (a)(b) 3,036 68,371 
Applied Therapeutics, Inc. (a)(b) 3,182 46,680 
Arbutus Biopharma Corp. (a) 16,255 65,508 
Arcturus Therapeutics Holdings, Inc. (a)(b) 4,480 201,376 
Arcus Biosciences, Inc. (a)(b) 9,765 326,542 
Arcutis Biotherapeutics, Inc. (a) 5,848 123,861 
Ardelyx, Inc. (a)(b) 14,314 17,320 
Arena Pharmaceuticals, Inc. (a) 12,565 721,105 
Arrowhead Pharmaceuticals, Inc. (a) 21,863 1,395,297 
Assembly Biosciences, Inc. (a) 9,778 30,801 
Atara Biotherapeutics, Inc. (a) 17,269 267,324 
Athenex, Inc. (a)(b) 14,997 38,092 
Athersys, Inc. (a)(b) 35,060 41,020 
Atreca, Inc. (a)(b) 5,654 29,288 
Avid Bioservices, Inc. (a) 12,817 393,226 
Avidity Biosciences, Inc. (a)(b) 8,654 194,715 
Avita Medical, Inc. (a) 4,838 79,682 
AVROBIO, Inc. (a) 7,319 41,133 
Beam Therapeutics, Inc. (a)(b) 9,165 813,577 
BeyondSpring, Inc. (a)(b) 4,331 59,854 
BioAtla, Inc. 3,345 97,774 
BioCryst Pharmaceuticals, Inc. (a)(b) 36,798 549,394 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 12,097 1,721,645 
BioXcel Therapeutics, Inc. (a)(b) 3,853 112,276 
Black Diamond Therapeutics, Inc. (a)(b) 5,338 40,889 
bluebird bio, Inc. (a) 13,890 325,165 
Blueprint Medicines Corp. (a) 12,334 1,387,452 
Bolt Biotherapeutics, Inc. (b) 2,502 32,751 
BrainStorm Cell Therpeutic, Inc. (a)(b) 6,444 18,655 
BridgeBio Pharma, Inc. (a)(b) 22,981 1,134,802 
Burning Rock Biotech Ltd. ADR (a) 9,630 135,687 
C4 Therapeutics, Inc. 7,602 337,681 
Calithera Biosciences, Inc. (a) 13,001 25,092 
Capricor Therapeutics, Inc. (a)(b) 3,386 12,596 
CareDx, Inc. (a) 10,848 553,248 
Catalyst Biosciences, Inc. (a) 6,988 22,991 
Catalyst Pharmaceutical Partners, Inc. (a)(b) 21,670 127,853 
Cel-Sci Corp. (a) 8,806 98,627 
Celldex Therapeutics, Inc. (a) 9,582 407,618 
ChemoCentryx, Inc. (a) 10,036 349,353 
Chimerix, Inc. (a) 14,763 77,358 
Chinook Therapeutics, Inc. (a) 7,858 84,395 
Clene, Inc. (a)(b) 4,227 22,953 
Clovis Oncology, Inc. (a)(b) 23,204 100,473 
Codiak Biosciences, Inc. (b) 3,297 47,510 
Coherus BioSciences, Inc. (a)(b) 13,714 229,435 
Concert Pharmaceuticals, Inc. (a) 9,217 25,255 
Corbus Pharmaceuticals Holdings, Inc. (a) 31,562 31,562 
Cortexyme, Inc. (a)(b) 3,483 45,976 
Crinetics Pharmaceuticals, Inc. (a) 6,044 150,677 
Cue Biopharma, Inc. (a) 6,062 74,017 
Cullinan Oncology, Inc. 4,946 109,900 
Cyclerion Therapeutics, Inc. (a)(b) 7,247 18,552 
Cytokinetics, Inc. (a) 17,427 608,377 
CytomX Therapeutics, Inc. (a)(b) 13,971 82,848 
Deciphera Pharmaceuticals, Inc. (a) 8,640 288,490 
Denali Therapeutics, Inc. (a) 19,423 939,102 
DermTech, Inc. (a)(b) 5,303 145,037 
Dicerna Pharmaceuticals, Inc. (a) 14,424 300,163 
Dynavax Technologies Corp. (a)(b) 22,404 447,408 
Dyne Therapeutics, Inc. (a) 5,019 72,826 
Eagle Pharmaceuticals, Inc. (a)(b) 2,629 137,681 
Editas Medicine, Inc. (a)(b) 14,068 516,577 
Eiger Biopharmaceuticals, Inc. (a) 6,643 44,774 
Emergent BioSolutions, Inc. (a) 9,819 468,072 
Enanta Pharmaceuticals, Inc. (a) 3,823 328,205 
Epizyme, Inc. (a)(b) 20,180 84,756 
Exelixis, Inc. (a) 66,156 1,423,016 
Fate Therapeutics, Inc. (a) 16,984 913,739 
FibroGen, Inc. (a) 18,298 203,474 
Flexion Therapeutics, Inc. (a) 10,917 100,982 
Foghorn Therapeutics, Inc. (b) 3,979 50,494 
Forma Therapeutics Holdings, Inc. (a) 6,395 118,691 
Fortress Biotech, Inc. (a) 13,283 43,303 
Frequency Therapeutics, Inc. (a)(b) 6,057 38,038 
G1 Therapeutics, Inc. (a)(b) 7,207 104,429 
Generation Bio Co. (a)(b) 9,024 189,143 
Geron Corp. (a)(b) 63,102 97,177 
Global Blood Therapeutics, Inc. (a) 11,682 426,627 
GlycoMimetics, Inc. (a) 10,123 19,335 
Gossamer Bio, Inc. (a) 10,836 134,583 
Gt Biopharma, Inc. (a) 3,792 24,496 
Halozyme Therapeutics, Inc. (a) 29,375 1,118,306 
Harpoon Therapeutics, Inc. (a) 4,314 27,006 
Heat Biologics, Inc. (a)(b) 5,498 29,359 
Heron Therapeutics, Inc. (a)(b) 21,040 231,650 
Homology Medicines, Inc. (a)(b) 7,217 41,353 
iBio, Inc. (a) 41,322 32,231 
Ideaya Biosciences, Inc. (a) 6,739 144,484 
IGM Biosciences, Inc. (a)(b) 1,511 70,896 
Immatics NV (a)(b) 7,506 107,561 
ImmunityBio, Inc. (a)(b) 13,466 105,439 
ImmunoGen, Inc. (a) 37,978 229,007 
Immunovant, Inc. (a)(b) 8,410 67,616 
Inhibrx, Inc. (a) 4,207 169,079 
Inovio Pharmaceuticals, Inc. (a)(b) 43,217 308,569 
Inozyme Pharma, Inc. (a) 1,692 15,803 
Insmed, Inc. (a)(b) 23,716 715,037 
Intellia Therapeutics, Inc. (a) 14,257 1,895,896 
Intercept Pharmaceuticals, Inc. (a)(b) 5,886 99,238 
Invitae Corp. (a)(b) 42,132 1,116,498 
Ionis Pharmaceuticals, Inc. (a) 29,073 926,557 
Iovance Biotherapeutics, Inc. (a) 27,719 673,849 
Ironwood Pharmaceuticals, Inc. Class A (a) 33,488 427,642 
iTeos Therapeutics, Inc. (a) 4,120 110,210 
Iveric Bio, Inc. (a)(b) 20,131 356,319 
Jounce Therapeutics, Inc. (a) 6,707 58,887 
Kadmon Holdings, Inc. (a)(b) 33,004 311,888 
Kalvista Pharmaceuticals, Inc. (a) 4,741 85,243 
Karuna Therapeutics, Inc. (a) 4,496 631,148 
Karyopharm Therapeutics, Inc. (a)(b) 13,790 75,293 
Keros Therapeutics, Inc. (a) 2,675 111,601 
Kiniksa Pharmaceuticals Ltd. (a)(b) 5,191 53,934 
Kinnate Biopharma, Inc. (b) 3,588 85,287 
Kodiak Sciences, Inc. (a) 7,028 822,909 
Kronos Bio, Inc. (b) 8,417 138,544 
Krystal Biotech, Inc. (a) 3,723 186,485 
Kura Oncology, Inc. (a) 13,585 223,066 
Kymera Therapeutics, Inc. (a) 7,267 427,881 
Ligand Pharmaceuticals, Inc. Class B (a)(b) 3,440 502,034 
Lineage Cell Therapeutics, Inc. (a)(b) 25,389 57,887 
Macrogenics, Inc. (a) 11,320 221,080 
Madrigal Pharmaceuticals, Inc. (a) 2,436 189,399 
Magenta Therapeutics, Inc. (a)(b) 7,509 48,058 
MannKind Corp. (a)(b) 51,051 240,450 
Matinas BioPharma Holdings, Inc. (a) 36,943 41,007 
MediciNova, Inc. (a)(b) 10,069 33,832 
MEI Pharma, Inc. (a) 18,577 52,387 
Mersana Therapeutics, Inc. (a) 13,845 118,513 
Mirati Therapeutics, Inc. (a) 9,622 1,818,750 
Mirum Pharmaceuticals, Inc. (a) 2,989 47,465 
Molecular Templates, Inc. (a)(b) 9,134 47,679 
Morphic Holding, Inc. (a) 5,351 307,683 
Mustang Bio, Inc. (a) 18,711 41,913 
Myriad Genetics, Inc. (a) 16,061 494,197 
Natera, Inc. (a) 18,092 2,072,800 
Neoleukin Therapeutics, Inc. (a) 6,582 48,246 
Neubase Therapeutics, Inc. (a)(b) 7,533 27,872 
Neurocrine Biosciences, Inc. (a) 19,904 2,098,081 
NextCure, Inc. (a) 4,146 34,080 
Nkarta, Inc. (a) 3,364 52,748 
Nurix Therapeutics, Inc. (a) 8,227 275,193 
Olema Pharmaceuticals, Inc. 6,001 162,027 
Oncorus, Inc. (a)(b) 3,926 41,851 
Opko Health, Inc. (a)(b) 84,289 319,455 
ORIC Pharmaceuticals, Inc. (a) 6,496 95,101 
Ovid Therapeutics, Inc. (a) 12,795 43,503 
Oyster Point Pharma, Inc. (a)(b) 2,743 32,313 
Palatin Technologies, Inc. (a)(b) 34,369 14,023 
Passage Bio, Inc. (a)(b) 7,244 63,168 
PDL BioPharma, Inc. (a)(c) 15,583 38,490 
PMV Pharmaceuticals, Inc. (a) 5,585 131,918 
Poseida Therapeutics, Inc. (a)(b) 6,114 39,191 
Praxis Precision Medicines, Inc. 7,183 149,406 
Precigen, Inc. (a)(b) 20,256 97,836 
Precision BioSciences, Inc. (a) 9,273 88,001 
Prelude Therapeutics, Inc. (a)(b) 2,690 47,290 
Protagonist Therapeutics, Inc. (a) 9,214 287,108 
Prothena Corp. PLC (a) 7,150 395,753 
PTC Therapeutics, Inc. (a) 14,523 550,857 
Puma Biotechnology, Inc. (a) 6,894 35,159 
Radius Health, Inc. (a) 9,749 210,578 
RAPT Therapeutics, Inc. (a) 4,015 126,794 
Recro Pharma, Inc. (a) 5,421 10,571 
REGENXBIO, Inc. (a) 7,962 282,173 
Relay Therapeutics, Inc. (a) 12,807 425,833 
Repligen Corp. (a) 10,672 3,100,216 
Replimune Group, Inc. (a) 6,024 177,768 
Revolution Medicines, Inc. (a)(b) 12,759 375,497 
Rhythm Pharmaceuticals, Inc. (a)(b) 7,860 90,469 
Rigel Pharmaceuticals, Inc. (a) 36,636 123,097 
Rocket Pharmaceuticals, Inc. (a)(b) 9,227 274,134 
Rubius Therapeutics, Inc. (a)(b) 8,499 120,771 
Sage Therapeutics, Inc. (a) 10,664 430,399 
Sangamo Therapeutics, Inc. (a) 24,954 202,626 
Sarepta Therapeutics, Inc. (a) 16,754 1,325,744 
Scholar Rock Holding Corp. (a)(b) 5,414 142,388 
Selecta Biosciences, Inc. (a) 20,285 72,823 
Seres Therapeutics, Inc. (a) 13,882 84,403 
Sesen Bio, Inc. (a) 42,326 51,214 
Shattuck Labs, Inc. (b) 5,750 110,975 
Silverback Therapeutics, Inc. 4,570 39,439 
Sorrento Therapeutics, Inc. (a)(b) 61,325 420,690 
Spectrum Pharmaceuticals, Inc. (a) 30,268 55,390 
Spero Therapeutics, Inc. (a)(b) 5,797 101,795 
Springworks Therapeutics, Inc. (a)(b) 5,377 360,582 
Spruce Biosciences, Inc. 1,384 6,588 
SQZ Biotechnologies Co. (b) 3,822 51,177 
Stoke Therapeutics, Inc. (a) 4,399 100,429 
Sutro Biopharma, Inc. (a)(b) 8,792 177,247 
Syndax Pharmaceuticals, Inc. (a)(b) 8,745 170,090 
Syros Pharmaceuticals, Inc. (a) 11,612 47,958 
T2 Biosystems, Inc. (a)(b) 30,543 23,656 
Talaris Therapeutics, Inc. (a)(b) 1,874 31,652 
Taysha Gene Therapies, Inc. (a)(b) 4,705 73,586 
TCR2 Therapeutics, Inc. (a)(b) 6,161 38,814 
TG Therapeutics, Inc. (a)(b) 27,870 870,101 
Travere Therapeutics, Inc. (a) 10,487 302,130 
Trevena, Inc. (a)(b) 32,240 32,562 
Turning Point Therapeutics, Inc. (a) 10,170 422,869 
Twist Bioscience Corp. (a) 10,248 1,217,462 
Ultragenyx Pharmaceutical, Inc. (a) 14,142 1,186,797 
uniQure B.V. (a) 7,441 226,727 
United Therapeutics Corp. (a) 9,407 1,794,479 
UNITY Biotechnology, Inc. (a) 5,370 12,834 
Vanda Pharmaceuticals, Inc. (a) 12,104 207,220 
Vaxart, Inc. (a)(b) 25,159 168,817 
Vaxcyte, Inc. (a) 6,438 150,649 
VBI Vaccines, Inc. (a) 50,765 147,219 
Veracyte, Inc. (a) 14,794 708,337 
Verastem, Inc. (a) 34,606 89,976 
Vericel Corp. (a)(b) 9,629 443,127 
Viking Therapeutics, Inc. (a)(b) 15,430 89,803 
Vir Biotechnology, Inc. (a) 15,064 568,365 
Vor Biopharma, Inc. (a)(b) 2,170 34,134 
Voyager Therapeutics, Inc. (a)(b) 8,625 31,223 
Xbiotech, Inc. 3,456 50,665 
Xencor, Inc. (a) 11,976 473,771 
Y-mAbs Therapeutics, Inc. (a) 7,070 173,639 
Zentalis Pharmaceuticals, Inc. (a) 7,489 602,415 
ZIOPHARM Oncology, Inc. (a)(b) 44,408 66,612 
  73,280,885 
Health Care Equipment & Supplies - 2.5%   
Accelerate Diagnostics, Inc. (a)(b) 6,746 39,801 
Accuray, Inc. (a) 19,363 96,621 
Acutus Medical, Inc. (a)(b) 4,285 33,594 
Alphatec Holdings, Inc. (a) 14,788 173,463 
Angiodynamics, Inc. (a) 7,870 225,082 
Aspira Women's Health, Inc. (a)(b) 12,859 43,078 
Atricure, Inc. (a) 9,437 708,341 
Atrion Corp. 299 217,672 
Avanos Medical, Inc. (a) 9,693 305,717 
AxoGen, Inc. (a) 8,485 128,887 
Axonics Modulation Technologies, Inc. (a) 9,522 698,439 
BioLife Solutions, Inc. (a) 6,029 320,441 
BioSig Technologies, Inc. (a)(b) 7,365 19,886 
Bioventus, Inc. (b) 1,713 25,866 
Cardiovascular Systems, Inc. (a) 8,568 300,565 
Cerus Corp. (a) 35,642 235,237 
Co.-Diagnostics, Inc. (a)(b) 5,745 47,166 
CONMED Corp. (b) 6,129 896,550 
Cryolife, Inc. (a)(b) 8,424 173,871 
CryoPort, Inc. (a)(b) 9,643 786,290 
Cutera, Inc. (a) 3,357 144,351 
CytoSorbents Corp. (a)(b) 8,928 52,586 
Dentsply Sirona, Inc. 45,424 2,598,707 
Eargo, Inc. (a)(b) 4,773 42,002 
Envista Holdings Corp. (a) 33,826 1,322,597 
Glaukos Corp. (a) 9,565 437,216 
Globus Medical, Inc. (a) 16,561 1,278,012 
Haemonetics Corp. (a) 10,703 735,403 
Heska Corp. (a) 2,185 488,413 
Hill-Rom Holdings, Inc. 13,655 2,115,160 
ICU Medical, Inc. (a) 4,175 977,493 
Inari Medical, Inc. (a) 6,565 594,264 
Inogen, Inc. (a) 4,068 161,296 
Integer Holdings Corp. (a) 6,768 609,255 
Integra LifeSciences Holdings Corp. (a) 15,295 1,016,506 
Intersect ENT, Inc. (a) 6,971 188,008 
Invacare Corp. (a) 6,661 32,905 
iRhythm Technologies, Inc. (a) 6,034 423,225 
Lantheus Holdings, Inc. (a) 13,874 324,513 
LeMaitre Vascular, Inc. 4,190 217,922 
LivaNova PLC (a) 11,160 856,195 
Meridian Bioscience, Inc. (a) 9,006 169,403 
Merit Medical Systems, Inc. (a) 10,663 717,193 
Mesa Laboratories, Inc. 1,057 323,125 
Natus Medical, Inc. (a) 7,220 180,861 
Neogen Corp. (a) 22,696 960,268 
Nevro Corp. (a) 7,295 829,733 
NuVasive, Inc. (a) 10,567 563,855 
OraSure Technologies, Inc. (a) 14,763 157,521 
Ortho Clinical Diagnostics Holdings PLC 23,110 456,885 
Orthofix International NV (a) 4,126 148,453 
OrthoPediatrics Corp. (a)(b) 2,953 210,165 
Outset Medical, Inc. (a) 8,304 442,354 
Penumbra, Inc. (a) 7,146 1,976,226 
Pulmonx Corp. 7,057 274,729 
Pulse Biosciences, Inc. (a)(b) 2,868 60,486 
Quidel Corp. (a) 7,922 1,051,804 
Quotient Ltd. (a) 17,730 44,857 
Repro Medical Systems, Inc. (a)(b) 4,787 11,920 
Retractable Technologies, Inc. (a)(b) 2,923 27,652 
Seaspine Holdings Corp. (a) 6,632 99,215 
Shockwave Medical, Inc. (a) 7,305 1,561,079 
SI-BONE, Inc. (a) 5,475 123,461 
Sientra, Inc. (a)(b) 11,005 64,489 
Silk Road Medical, Inc. (a) 7,130 418,602 
SmileDirectClub, Inc. (a)(b) 21,502 110,735 
Staar Surgical Co. (a) 9,912 1,174,176 
Surgalign Holdings, Inc. (a)(b) 20,143 19,363 
SurModics, Inc. (a) 2,874 159,967 
Tactile Systems Technology, Inc. (a) 4,404 151,894 
Talis Biomedical Corp. 3,157 16,890 
Tandem Diabetes Care, Inc. (a) 13,095 1,785,241 
TransMedics Group, Inc. (a) 5,709 156,598 
Vapotherm, Inc. (a)(b) 4,796 109,685 
Varex Imaging Corp. (a) 7,997 214,719 
ViewRay, Inc. (a) 28,963 211,720 
Zynex, Inc. (a)(b) 4,273 53,541 
  35,131,461 
Health Care Providers & Services - 2.4%   
1Life Healthcare, Inc. (a) 23,789 515,270 
Acadia Healthcare Co., Inc. (a) 18,797 1,165,414 
Accolade, Inc. (a) 11,850 471,512 
AdaptHealth Corp. (a) 19,591 533,855 
Addus HomeCare Corp. (a) 3,254 304,249 
Amedisys, Inc. (a) 6,823 1,155,407 
AMN Healthcare Services, Inc. (a) 9,885 975,650 
Apollo Medical Holdings, Inc. (a)(b) 7,751 531,951 
Apria, Inc. (b) 1,545 57,829 
Brookdale Senior Living, Inc. (a) 39,340 255,710 
Castle Biosciences, Inc. (a) 4,827 300,963 
Chemed Corp. 3,295 1,589,014 
Community Health Systems, Inc. (a) 26,716 349,980 
Corvel Corp. (a) 2,004 367,173 
Covetrus, Inc. (a) 21,059 425,181 
Cross Country Healthcare, Inc. (a) 7,763 160,927 
DaVita HealthCare Partners, Inc. (a) 13,942 1,439,372 
Encompass Health Corp. 20,828 1,323,828 
Fulgent Genetics, Inc. (a)(b) 3,962 328,529 
Hanger, Inc. (a) 8,255 154,203 
HealthEquity, Inc. (a) 17,463 1,155,701 
Henry Schein, Inc. (a) 28,973 2,212,089 
InfuSystems Holdings, Inc. (a) 3,639 60,517 
LHC Group, Inc. (a) 6,663 896,773 
Magellan Health Services, Inc. (a) 4,614 437,546 
MEDNAX, Inc. (a) 17,663 480,963 
Modivcare, Inc. (a) 2,525 410,994 
Molina Healthcare, Inc. (a) 12,176 3,600,687 
National Healthcare Corp. 2,861 200,098 
National Research Corp. Class A 3,002 129,987 
Ontrak, Inc. (a)(b) 1,652 14,207 
Option Care Health, Inc. (a) 28,973 791,832 
Owens & Minor, Inc. 15,808 567,191 
Patterson Companies, Inc. 17,623 550,895 
Pennant Group, Inc. (a) 5,607 143,371 
PetIQ, Inc. Class A (a)(b) 5,376 134,669 
Premier, Inc. 25,538 994,705 
Progyny, Inc. (a) 14,436 886,803 
R1 RCM, Inc. (a) 28,153 610,920 
RadNet, Inc. (a) 9,240 287,272 
Select Medical Holdings Corp. 22,306 741,005 
Surgery Partners, Inc. (a) 6,169 253,793 
Tenet Healthcare Corp. (a) 22,353 1,601,816 
The Ensign Group, Inc. 10,977 856,316 
The Joint Corp. (a) 3,050 266,814 
Tivity Health, Inc. (a) 8,839 221,152 
Triple-S Management Corp. (a) 5,087 179,520 
U.S. Physical Therapy, Inc. 2,779 299,743 
Universal Health Services, Inc. Class B 15,796 1,960,284 
  33,353,680 
Health Care Technology - 0.8%   
Allscripts Healthcare Solutions, Inc. (a) 25,331 349,061 
American Well Corp. (a) 36,885 331,965 
Certara, Inc. 19,497 805,421 
Change Healthcare, Inc. (a) 51,913 1,117,687 
Computer Programs & Systems, Inc. (a) 2,953 106,603 
Evolent Health, Inc. (a) 16,332 478,038 
GoodRx Holdings, Inc. (a)(b) 13,178 587,739 
Health Catalyst, Inc. (a)(b) 10,446 549,877 
HealthStream, Inc. (a) 5,418 144,173 
iCAD, Inc. (a) 5,015 52,908 
Inovalon Holdings, Inc. Class A (a) 16,079 655,862 
Inspire Medical Systems, Inc. (a) 5,660 1,525,823 
Nextgen Healthcare, Inc. (a) 11,943 196,582 
Omnicell, Inc. (a) 9,130 1,626,510 
OptimizeRx Corp. (a)(b) 3,634 351,408 
Phreesia, Inc. (a) 10,409 734,251 
Schrodinger, Inc. (a) 9,607 524,350 
Simulations Plus, Inc. (b) 3,380 170,690 
Tabula Rasa HealthCare, Inc. (a)(b) 4,686 127,225 
Vocera Communications, Inc. (a) 7,229 409,017 
  10,845,190 
Life Sciences Tools & Services - 0.9%   
Adaptive Biotechnologies Corp. (a) 22,802 761,815 
Bruker Corp. 21,224 1,704,287 
ChromaDex, Inc. (a)(b) 10,241 63,392 
Codexis, Inc. (a) 12,422 431,913 
Fluidigm Corp. (a)(b) 15,312 78,857 
Frontage Holdings Corp. (a)(d) 144,000 84,211 
Maravai LifeSciences Holdings, Inc. 22,846 966,157 
Medpace Holdings, Inc. (a) 5,995 1,358,167 
Nanostring Technologies, Inc. (a) 9,616 464,453 
NeoGenomics, Inc. (a) 25,795 1,186,570 
Pacific Biosciences of California, Inc. (a) 41,687 1,103,872 
Personalis, Inc. (a)(b) 7,302 143,265 
PPD, Inc. (a) 24,516 1,156,420 
Quanterix Corp. (a) 6,908 349,614 
Seer, Inc. 7,233 267,042 
Sotera Health Co. 20,191 498,718 
Syneos Health, Inc. (a) 21,593 2,015,491 
  12,634,244 
Pharmaceuticals - 1.0%   
AcelRx Pharmaceuticals, Inc. (a) 22,928 20,177 
Aerie Pharmaceuticals, Inc. (a)(b) 9,845 104,652 
Agile Therapeutics, Inc. (a)(b) 20,508 16,271 
Amneal Pharmaceuticals, Inc. (a) 20,001 109,805 
Amphastar Pharmaceuticals, Inc. (a)(b) 8,093 151,177 
Ampio Pharmaceuticals, Inc. (a)(b) 39,865 62,189 
ANI Pharmaceuticals, Inc. (a)(b) 1,882 70,349 
Antares Pharma, Inc. (a) 32,874 122,949 
Aquestive Therapeutics, Inc. (a)(b) 6,404 32,917 
Arvinas Holding Co. LLC (a) 9,054 783,895 
Athira Pharma, Inc. (a) 6,641 86,798 
Avalo Therapeutics, Inc. (a) 17,926 41,947 
Axsome Therapeutics, Inc. (a)(b) 6,009 231,347 
Aytu BioScience, Inc. (a)(b) 4,407 10,973 
Biodelivery Sciences International, Inc. (a) 20,692 84,423 
Cara Therapeutics, Inc. (a) 9,507 160,003 
Collegium Pharmaceutical, Inc. (a) 7,348 144,241 
Corcept Therapeutics, Inc. (a) 21,523 387,414 
CorMedix, Inc. (a)(b) 6,304 30,637 
CymaBay Therapeutics, Inc. (a)(b) 15,713 61,281 
Durect Corp. (a)(b) 45,205 57,862 
Endo International PLC (a) 47,811 203,197 
Esperion Therapeutics, Inc. (a)(b) 5,755 51,450 
Evofem Biosciences, Inc. (a)(b) 32,977 22,675 
Evolus, Inc. (a)(b) 6,957 54,404 
Fulcrum Therapeutics, Inc. (a)(b) 5,815 128,744 
Innoviva, Inc. (a) 13,647 238,140 
Intra-Cellular Therapies, Inc. (a) 15,340 660,694 
Jazz Pharmaceuticals PLC (a) 12,670 1,685,617 
Kala Pharmaceuticals, Inc. (a)(b) 7,376 12,834 
Lannett Co., Inc. (a)(b) 6,309 17,224 
Liquidia Technologies, Inc. (a) 9,105 34,144 
Marinus Pharmaceuticals, Inc. (a)(b) 7,240 83,260 
Nektar Therapeutics (a) 37,636 570,562 
NGM Biopharmaceuticals, Inc. (a) 7,640 141,111 
Ocular Therapeutix, Inc. (a) 16,272 108,046 
Odonate Therapeutics, Inc. (a) 3,545 10,883 
Omeros Corp. (a)(b) 13,619 85,391 
OptiNose, Inc. (a)(b) 8,541 22,634 
Pacira Biosciences, Inc. (a) 9,408 491,850 
Paratek Pharmaceuticals, Inc. (a)(b) 7,851 39,412 
Perrigo Co. PLC 27,966 1,262,665 
Phathom Pharmaceuticals, Inc. (a)(b) 2,860 67,296 
Phibro Animal Health Corp. Class A 4,668 102,416 
Pliant Therapeutics, Inc. (a)(b) 4,503 71,733 
Prestige Brands Holdings, Inc. (a) 10,207 612,318 
Provention Bio, Inc. (a)(b) 11,730 73,430 
Reata Pharmaceuticals, Inc. (a)(b) 5,712 548,409 
Relmada Therapeutics, Inc. (a) 3,001 70,433 
Revance Therapeutics, Inc. (a) 13,588 186,835 
Royalty Pharma PLC 73,921 2,922,097 
SIGA Technologies, Inc. (a) 9,746 70,269 
Supernus Pharmaceuticals, Inc. (a) 11,251 335,842 
Tarsus Pharmaceuticals, Inc. (a)(b) 1,182 32,812 
TherapeuticsMD, Inc. (a)(b) 71,745 52,230 
Theravance Biopharma, Inc. (a) 10,613 82,463 
Tricida, Inc. (a)(b) 5,461 24,957 
Vyne Therapeutics, Inc. (a)(b) 9,434 12,642 
WAVE Life Sciences (a)(b) 9,578 43,963 
Xeris Biopharma Holdings, Inc. (a)(b) 18,551 34,505 
Xeris Biopharma Holdings, Inc. rights (a)(c) 12,393 2,245 
Zogenix, Inc. (a) 10,143 155,492 
Zynerba Pharmaceuticals, Inc. (a)(b) 10,454 40,039 
  14,238,670 
TOTAL HEALTH CARE  179,484,130 
INDUSTRIALS - 15.9%   
Aerospace & Defense - 1.4%   
AAR Corp. (a) 6,676 236,130 
Aerojet Rocketdyne Holdings, Inc. 15,463 680,527 
AeroVironment, Inc. (a)(b) 4,876 434,500 
Astronics Corp. (a) 4,969 64,100 
Axon Enterprise, Inc. (a) 13,691 2,463,832 
BWX Technologies, Inc. 19,790 1,122,885 
Byrna Technologies, Inc. (a) 3,256 54,864 
Curtiss-Wright Corp. 8,473 1,081,833 
Ducommun, Inc. (a) 2,363 114,346 
Hexcel Corp. (a)(b) 17,572 997,035 
Howmet Aerospace, Inc. 80,060 2,376,981 
Huntington Ingalls Industries, Inc. 8,341 1,690,971 
Kaman Corp. 5,743 205,542 
Kratos Defense & Security Solutions, Inc. (a)(b) 25,495 545,338 
Maxar Technologies, Inc. 15,358 407,755 
Mercury Systems, Inc. (a) 11,752 605,698 
Moog, Inc. Class A 5,910 446,382 
National Presto Industries, Inc. 1,028 85,478 
PAE, Inc. (a) 13,150 130,448 
Park Aerospace Corp. 4,034 52,805 
Parsons Corp. (a) 5,586 193,499 
Spirit AeroSystems Holdings, Inc. Class A 22,134 913,913 
Textron, Inc. 46,678 3,447,170 
Triumph Group, Inc. (a) 13,236 270,676 
Vectrus, Inc. (a) 2,514 121,753 
Virgin Galactic Holdings, Inc. (a)(b) 37,047 694,631 
  19,439,092 
Air Freight & Logistics - 0.5%   
Air Transport Services Group, Inc. (a) 11,836 294,598 
Atlas Air Worldwide Holdings, Inc. (a) 5,523 448,026 
C.H. Robinson Worldwide, Inc. 27,449 2,662,279 
Echo Global Logistics, Inc. (a) 5,483 264,445 
Forward Air Corp. 5,548 557,907 
GXO Logistics, Inc. (a) 20,560 1,825,728 
Hub Group, Inc. Class A (a) 7,065 555,097 
  6,608,080 
Airlines - 0.5%   
Alaska Air Group, Inc. (a) 25,985 1,372,008 
Allegiant Travel Co. (a) 3,084 540,533 
American Airlines Group, Inc. (a)(b) 135,328 2,598,298 
Hawaiian Holdings, Inc. (a)(b) 10,477 202,730 
JetBlue Airways Corp. (a) 66,826 937,569 
Mesa Air Group, Inc. (a) 7,382 55,660 
SkyWest, Inc. (a) 10,628 457,323 
Spirit Airlines, Inc. (a) 22,121 483,344 
  6,647,465 
Building Products - 1.9%   
A.O. Smith Corp. 27,752 2,027,839 
AAON, Inc. 8,691 622,710 
Advanced Drain Systems, Inc. 11,586 1,306,901 
Allegion PLC 18,721 2,401,904 
Alpha PRO Tech Ltd. (a)(b) 2,626 15,809 
American Woodmark Corp. (a) 3,409 234,335 
Apogee Enterprises, Inc. 5,607 235,102 
Armstrong World Industries, Inc. 9,855 1,041,181 
Builders FirstSource, Inc. (a) 43,175 2,515,807 
Carlisle Companies, Inc. 10,826 2,413,332 
Cornerstone Building Brands, Inc. (a) 11,003 157,453 
CSW Industrials, Inc. 3,219 446,218 
Gibraltar Industries, Inc. (a) 6,913 450,451 
Griffon Corp. 9,979 264,344 
Insteel Industries, Inc. 4,262 173,336 
Jeld-Wen Holding, Inc. (a) 19,408 531,973 
Lennox International, Inc. 7,113 2,128,779 
Masonite International Corp. (a) 5,055 606,651 
Owens Corning 21,390 1,998,040 
PGT Innovations, Inc. (a) 12,996 277,465 
Quanex Building Products Corp. 7,197 149,122 
Resideo Technologies, Inc. (a) 29,721 732,920 
Simpson Manufacturing Co. Ltd. 9,051 960,221 
The AZEK Co., Inc. (a) 23,251 853,079 
Trex Co., Inc. (a) 24,052 2,559,133 
UFP Industries, Inc. 12,850 1,051,516 
Zurn Water Solutions Corp. 25,273 916,904 
  27,072,525 
Commercial Services & Supplies - 1.3%   
ABM Industries, Inc. 14,132 621,949 
ACCO Brands Corp. 19,651 162,514 
ADT, Inc. (b) 29,533 246,601 
Brady Corp. Class A 10,183 530,432 
BrightView Holdings, Inc. (a) 10,031 159,092 
Casella Waste Systems, Inc. Class A (a) 10,552 915,069 
Cimpress PLC (a) 3,846 343,525 
Clean Harbors, Inc. (a) 10,406 1,171,091 
CoreCivic, Inc. (a) 25,703 221,303 
Covanta Holding Corp. 24,234 489,042 
Deluxe Corp. 9,093 324,347 
Driven Brands Holdings, Inc. 11,207 363,891 
Ennis, Inc. 5,177 98,052 
Harsco Corp. (a) 16,120 275,652 
Healthcare Services Group, Inc. 15,944 305,965 
Herman Miller, Inc. 15,888 618,361 
HNI Corp. 8,877 332,000 
IAA, Inc. (a) 27,908 1,664,712 
Interface, Inc. 11,785 169,233 
KAR Auction Services, Inc. (a) 24,431 358,403 
Kimball International, Inc. Class B 7,309 79,449 
Matthews International Corp. Class A 6,273 215,603 
Montrose Environmental Group, Inc. (a) 4,777 327,463 
MSA Safety, Inc. 7,592 1,161,804 
Pitney Bowes, Inc. 33,660 233,600 
R.R. Donnelley & Sons Co. (a) 15,930 101,952 
Rollins, Inc. 46,988 1,655,387 
SP Plus Corp. (a) 5,177 166,958 
Steelcase, Inc. Class A 18,677 222,256 
Stericycle, Inc. (a) 18,959 1,268,736 
Team, Inc. (a) 6,321 15,297 
Tetra Tech, Inc. 11,277 1,980,918 
The Brink's Co. 10,403 716,559 
U.S. Ecology, Inc. (a) 6,453 207,722 
UniFirst Corp. 3,202 633,868 
Viad Corp. (a) 4,074 180,763 
  18,539,569 
Construction & Engineering - 1.2%   
AECOM (a) 29,924 2,045,904 
Ameresco, Inc. Class A (a)(b) 6,324 519,390 
API Group Corp. (a) 40,728 887,056 
Arcosa, Inc. 9,860 510,058 
Argan, Inc. 3,075 126,875 
Comfort Systems U.S.A., Inc. 7,587 693,983 
Construction Partners, Inc. Class A (a)(b) 7,721 274,945 
Dycom Industries, Inc. (a) 6,307 500,902 
EMCOR Group, Inc. 11,253 1,367,127 
Fluor Corp. (a)(b) 29,590 575,230 
Granite Construction, Inc. 9,345 346,886 
Great Lakes Dredge & Dock Corp. (a) 13,663 207,951 
IES Holdings, Inc. (a) 1,762 87,836 
INNOVATE Corp. (a) 8,943 35,325 
MasTec, Inc. (a) 11,993 1,068,936 
Matrix Service Co. (a) 5,289 54,106 
MYR Group, Inc. (a) 3,499 357,423 
NV5 Global, Inc. (a)(b) 2,353 245,018 
Primoris Services Corp. 11,356 306,044 
Quanta Services, Inc. 29,003 3,517,484 
Sterling Construction Co., Inc. (a) 6,026 144,865 
Tutor Perini Corp. (a) 9,282 126,421 
Valmont Industries, Inc. 4,436 1,060,027 
Willscot Mobile Mini Holdings (a) 46,567 1,618,203 
  16,677,995 
Electrical Equipment - 1.4%   
Acuity Brands, Inc. 7,412 1,522,647 
American Superconductor Corp. (a)(b) 6,064 111,456 
Array Technologies, Inc. 25,117 536,248 
Atkore, Inc. (a) 9,659 913,065 
AZZ, Inc. 5,077 269,741 
Blink Charging Co. (a)(b) 7,494 238,309 
Bloom Energy Corp. Class A (a)(b) 30,473 952,586 
Encore Wire Corp. 4,318 578,871 
Energous Corp. (a)(b) 16,649 31,966 
EnerSys 8,933 714,997 
FuelCell Energy, Inc. (a)(b) 66,255 529,377 
GrafTech International Ltd. 41,683 446,008 
Hubbell, Inc. Class B 11,329 2,258,663 
nVent Electric PLC 35,099 1,244,260 
Orion Energy Systems, Inc. (a) 6,681 27,325 
Powell Industries, Inc. 1,903 49,212 
Regal Rexnord Corp. 8,527 1,298,918 
Sensata Technologies, Inc. PLC (a) 32,969 1,816,592 
Shoals Technologies Group, Inc. 21,281 659,498 
Sunrun, Inc. (a) 42,905 2,474,760 
Thermon Group Holdings, Inc. (a) 6,773 117,037 
TPI Composites, Inc. (a) 7,649 257,236 
Vertiv Holdings Co. 58,688 1,507,108 
Vicor Corp. (a) 4,485 679,881 
  19,235,761 
Industrial Conglomerates - 0.0%   
Raven Industries, Inc. (a) 7,376 426,480 
Machinery - 3.7%   
AGCO Corp. 12,859 1,571,498 
Alamo Group, Inc. (b) 2,119 320,393 
Albany International Corp. Class A 6,742 543,742 
Allison Transmission Holdings, Inc. 22,218 741,192 
Altra Industrial Motion Corp. 13,635 711,065 
Astec Industries, Inc. 4,647 248,057 
Barnes Group, Inc. 9,394 393,984 
Blue Bird Corp. (a) 3,362 65,929 
Chart Industries, Inc. (a) 7,400 1,313,648 
CIRCOR International, Inc. (a) 4,267 121,780 
Colfax Corp. (a)(b) 26,941 1,390,694 
Columbus McKinnon Corp. (NY Shares) 5,970 282,202 
Crane Co. 10,417 1,075,868 
Donaldson Co., Inc. 26,073 1,564,641 
Douglas Dynamics, Inc. 4,460 188,658 
Energy Recovery, Inc. (a) 7,952 161,585 
Enerpac Tool Group Corp. Class A 12,705 265,407 
EnPro Industries, Inc. 4,116 369,041 
ESCO Technologies, Inc. 5,318 449,690 
Evoqua Water Technologies Corp. (a) 25,158 1,052,359 
ExOne Co. (a) 3,769 86,762 
Federal Signal Corp. 12,857 550,408 
Flowserve Corp. 27,272 916,885 
Franklin Electric Co., Inc. 8,197 708,057 
Gorman-Rupp Co. 4,487 190,787 
Graco, Inc. 35,350 2,657,613 
Helios Technologies, Inc. 6,801 619,231 
Hillenbrand, Inc. 15,249 693,220 
Hydrofarm Holdings Group, Inc. (b) 7,341 242,033 
Hyster-Yale Materials Handling Class A 2,076 99,731 
ITT, Inc. 17,897 1,683,571 
John Bean Technologies Corp. 6,633 980,026 
Kadant, Inc. 2,384 529,534 
Kennametal, Inc. 17,544 697,374 
Lincoln Electric Holdings, Inc. 12,326 1,755,222 
Lindsay Corp. 2,212 322,222 
Manitowoc Co., Inc. (a) 7,865 168,547 
Meritor, Inc. (a) 14,254 346,942 
Middleby Corp. (a) 11,574 2,111,561 
Miller Industries, Inc. 2,773 100,216 
Mueller Industries, Inc. 11,900 626,416 
Mueller Water Products, Inc. Class A 32,304 530,109 
Nikola Corp. (a)(b) 41,680 491,824 
NN, Inc. (a) 8,653 43,178 
Nordson Corp. 11,219 2,851,982 
Omega Flex, Inc. 715 103,503 
Oshkosh Corp. 14,374 1,538,018 
Pentair PLC 34,417 2,545,825 
Proto Labs, Inc. (a) 5,722 342,233 
RBC Bearings, Inc. (a) 5,935 1,388,375 
REV Group, Inc. 7,344 110,968 
Snap-On, Inc. 11,263 2,288,979 
SPX Corp. (a) 9,500 551,855 
SPX Flow, Inc. 8,668 647,586 
Standex International Corp. 2,424 269,718 
Tennant Co. 3,907 310,450 
Terex Corp. 14,368 643,686 
The Greenbrier Companies, Inc. 6,566 269,337 
The Shyft Group, Inc. 6,641 273,676 
Timken Co. 14,527 1,030,691 
Toro Co. 22,337 2,132,513 
Trinity Industries, Inc. (b) 16,835 472,222 
Wabash National Corp. 9,838 152,784 
Watts Water Technologies, Inc. Class A 5,755 1,093,565 
Welbilt, Inc. (a) 26,506 627,132 
Woodward, Inc. 13,200 1,490,940 
  51,118,940 
Marine - 0.1%   
Genco Shipping & Trading Ltd. 7,582 130,183 
Kirby Corp. (a) 12,343 646,897 
Matson, Inc. 8,955 745,772 
  1,522,852 
Professional Services - 1.6%   
Acacia Research Corp. (a) 11,886 68,107 
ASGN, Inc. (a) 11,004 1,316,739 
Barrett Business Services, Inc. 1,694 138,908 
Booz Allen Hamilton Holding Corp. Class A 28,105 2,441,200 
CACI International, Inc. Class A (a) 4,876 1,402,533 
CBIZ, Inc. (a) 10,916 400,726 
CRA International, Inc. 1,510 165,828 
Dun & Bradstreet Holdings, Inc. (a) 31,309 589,862 
Exponent, Inc. 10,868 1,247,646 
Forrester Research, Inc. (a) 2,410 128,333 
Franklin Covey Co. (a) 2,403 101,527 
FTI Consulting, Inc. (a) 7,104 1,022,408 
Heidrick & Struggles International, Inc. 4,328 202,897 
Huron Consulting Group, Inc. (a) 4,853 243,426 
ICF International, Inc. 3,622 363,975 
Insperity, Inc. 7,497 937,125 
KBR, Inc. 29,181 1,238,442 
Kelly Services, Inc. Class A (non-vtg.) 7,943 143,212 
Kforce, Inc. 4,120 266,811 
Korn Ferry 11,638 898,570 
Manpower, Inc. 11,352 1,097,171 
ManTech International Corp. Class A 5,777 498,093 
Nielsen Holdings PLC 74,297 1,504,514 
Resources Connection, Inc. 6,269 109,143 
Robert Half International, Inc. 23,302 2,634,757 
Science Applications Internati 12,059 1,082,657 
TriNet Group, Inc. (a) 8,349 845,336 
TrueBlue, Inc. (a) 7,494 208,708 
Upwork, Inc. (a) 24,850 1,170,932 
Willdan Group, Inc. (a) 2,274 76,020 
  22,545,606 
Road & Rail - 1.2%   
AMERCO 2,032 1,497,564 
ArcBest Corp. 5,256 472,252 
Avis Budget Group, Inc. (a) 9,839 1,705,197 
Covenant Transport Group, Inc. Class A (a) 2,659 75,516 
Daseke, Inc. (a) 13,245 125,165 
Heartland Express, Inc. 9,225 150,644 
J.B. Hunt Transport Services, Inc. 17,511 3,452,994 
Knight-Swift Transportation Holdings, Inc. Class A 34,573 1,959,943 
Landstar System, Inc. 7,969 1,401,030 
Marten Transport Ltd. 12,947 215,309 
Ryder System, Inc. 11,204 951,780 
Saia, Inc. (a) 5,484 1,714,518 
Schneider National, Inc. Class B 6,922 172,635 
U.S. Xpress Enterprises, Inc. (a) 4,110 31,113 
Werner Enterprises, Inc. 12,887 584,039 
XPO Logistics, Inc. (a) 20,452 1,754,782 
Yellow Corp. (a) 6,791 59,421 
  16,323,902 
Trading Companies & Distributors - 1.1%   
Air Lease Corp. Class A 22,290 892,715 
Applied Industrial Technologies, Inc. 8,120 791,538 
Beacon Roofing Supply, Inc. (a) 11,577 612,076 
BlueLinx Corp. (a) 2,030 96,689 
Boise Cascade Co. 8,065 456,640 
CAI International, Inc. 3,265 182,611 
DXP Enterprises, Inc. (a) 3,478 114,635 
GATX Corp. 7,361 698,191 
Global Industrial Co. 3,548 143,978 
GMS, Inc. (a) 8,850 438,341 
H&E Equipment Services, Inc. 6,740 303,839 
Herc Holdings, Inc. 5,172 941,511 
McGrath RentCorp. 5,180 373,685 
MRC Global, Inc. (a) 12,344 102,455 
MSC Industrial Direct Co., Inc. Class A 9,708 816,152 
NOW, Inc. (a) 23,485 169,562 
Rush Enterprises, Inc. Class A 8,983 467,835 
SiteOne Landscape Supply, Inc. (a) 9,278 2,179,959 
Textainer Group Holdings Ltd. (a) 9,352 367,440 
Titan Machinery, Inc. (a) 4,127 117,289 
Triton International Ltd. 14,008 871,158 
Univar, Inc. (a) 35,602 910,699 
Veritiv Corp. (a) 2,915 312,692 
Watsco, Inc. 6,858 1,985,940 
WESCO International, Inc. (a) 9,263 1,200,114 
  15,547,744 
TOTAL INDUSTRIALS  221,706,011 
INFORMATION TECHNOLOGY - 14.8%   
Communications Equipment - 0.8%   
ADTRAN, Inc. 10,519 194,391 
Applied Optoelectronics, Inc. (a)(b) 5,217 39,910 
CalAmp Corp. (a) 7,566 72,785 
Calix, Inc. (a) 11,430 715,404 
Casa Systems, Inc. (a) 6,713 42,493 
Ciena Corp. (a) 31,981 1,736,248 
Clearfield, Inc. (a) 2,445 138,118 
CommScope Holding Co., Inc. (a) 41,796 447,635 
Comtech Telecommunications Corp. 5,253 113,307 
Digi International, Inc. (a) 6,907 148,846 
Extreme Networks, Inc. (a) 26,951 264,928 
Harmonic, Inc. (a) 21,886 198,506 
Infinera Corp. (a)(b) 43,836 332,715 
Inseego Corp. (a)(b) 16,715 103,633 
Juniper Networks, Inc. 67,619 1,996,113 
Lumentum Holdings, Inc. (a) 15,706 1,297,001 
NETGEAR, Inc. (a)(b) 6,546 188,721 
NetScout Systems, Inc. (a) 15,549 420,756 
Ondas Holdings, Inc. (b) 5,178 44,375 
Plantronics, Inc. (a)(b) 8,664 231,849 
Resonant, Inc. (a)(b) 9,097 20,377 
Ribbon Communications, Inc. (a) 24,542 134,245 
ViaSat, Inc. (a)(b) 15,307 913,675 
Viavi Solutions, Inc. (a) 46,400 714,560 
  10,510,591 
Electronic Equipment & Components - 1.8%   
908 Devices, Inc. (b) 2,780 91,462 
Advanced Energy Industries, Inc. 8,034 737,682 
Airgain, Inc. (a) 2,149 24,133 
Akoustis Technologies, Inc. (a) 10,733 80,712 
Arlo Technologies, Inc. (a) 16,591 114,478 
Arrow Electronics, Inc. (a) 14,913 1,726,180 
Avnet, Inc. 20,750 790,783 
Badger Meter, Inc. 6,144 628,224 
Belden, Inc. 9,182 552,848 
Benchmark Electronics, Inc. 6,982 162,750 
Coherent, Inc. (a) 5,068 1,289,299 
CTS Corp. 7,128 253,899 
ePlus, Inc. (a) 2,888 319,326 
Fabrinet (a) 7,752 744,192 
FARO Technologies, Inc. (a) 3,690 271,473 
II-VI, Inc. (a)(b) 21,949 1,328,134 
Insight Enterprises, Inc. (a) 7,272 688,658 
Intellicheck, Inc. (a)(b) 3,902 34,689 
IPG Photonics Corp. (a) 7,476 1,188,759 
Itron, Inc. (a) 9,473 736,715 
Jabil, Inc. 30,438 1,825,062 
Kimball Electronics, Inc. (a) 5,298 152,318 
Knowles Corp. (a) 18,741 390,562 
Littelfuse, Inc. 5,117 1,507,212 
Luna Innovations, Inc. (a)(b) 5,988 58,323 
Methode Electronics, Inc. Class A 7,802 328,230 
MicroVision, Inc. (a)(b) 33,906 258,025 
Napco Security Technolgies, Inc. (a) 2,970 142,441 
National Instruments Corp. 27,798 1,180,581 
nLIGHT, Inc. (a) 8,864 249,256 
Novanta, Inc. (a) 7,392 1,275,564 
OSI Systems, Inc. (a) 3,393 315,922 
Par Technology Corp. (a)(b) 5,033 316,173 
PC Connection, Inc. 2,332 107,389 
Plexus Corp. (a) 5,929 517,720 
Rogers Corp. (a) 3,923 788,994 
Sanmina Corp. (a) 13,229 499,395 
ScanSource, Inc. (a) 5,459 195,323 
TD SYNNEX Corp. 8,722 915,810 
TTM Technologies, Inc. (a)(b) 21,935 290,419 
Vishay Intertechnology, Inc. 27,178 522,361 
Vishay Precision Group, Inc. (a) 2,643 90,100 
Vontier Corp. 35,194 1,190,613 
Wrap Technologies, Inc. (a) 4,437 25,291 
  24,907,480 
IT Services - 3.3%   
Affirm Holdings, Inc. 19,363 3,146,488 
Alliance Data Systems Corp. 10,443 890,266 
Amdocs Ltd. 26,508 2,063,383 
BigCommerce Holdings, Inc. (a)(b) 12,151 561,498 
Brightcove, Inc. (a) 8,392 83,249 
Cantaloupe, Inc. (a) 12,182 152,275 
Cass Information Systems, Inc. 2,479 101,614 
Concentrix Corp. 8,947 1,589,703 
Conduent, Inc. (a) 32,668 220,509 
CSG Systems International, Inc. 6,945 347,597 
DXC Technology Co. (a) 52,199 1,700,121 
Euronet Worldwide, Inc. (a) 10,960 1,229,602 
EVERTEC, Inc. 12,435 562,186 
EVO Payments, Inc. Class A (a) 10,123 219,467 
ExlService Holdings, Inc. (a) 6,954 852,769 
Fastly, Inc. Class A (a)(b) 22,161 1,121,568 
Genpact Ltd. 35,877 1,770,530 
GreenSky, Inc. Class A (a) 14,485 177,296 
Grid Dynamics Holdings, Inc. (a) 8,971 257,916 
Hackett Group, Inc. 6,077 128,468 
i3 Verticals, Inc. Class A (a) 4,599 102,972 
International Money Express, Inc. (a) 6,970 116,678 
Jack Henry & Associates, Inc. 15,483 2,577,610 
Limelight Networks, Inc. (a) 26,118 77,832 
Liveramp Holdings, Inc. (a) 14,181 758,825 
Maximus, Inc. 12,857 1,087,316 
MoneyGram International, Inc. (a) 18,877 112,696 
Paysign, Inc. (a) 8,196 20,654 
Perficient, Inc. (a) 6,915 854,694 
Rackspace Technology, Inc. (a)(b) 12,698 168,756 
Repay Holdings Corp. (a) 15,204 319,436 
Sabre Corp. (a)(b) 67,655 702,259 
Sezzle, Inc. unit (a)(b) 18,415 73,419 
Shift4 Payments, Inc. (a)(b) 9,735 614,571 
Snowflake Computing, Inc. (a) 47,461 16,793,577 
SolarWinds, Inc. (b) 9,363 150,744 
Switch, Inc. Class A 26,372 666,684 
The Western Union Co. 84,306 1,536,055 
Ttec Holdings, Inc. 3,779 356,700 
Tucows, Inc. (a)(b) 2,010 165,423 
Unisys Corp. (a) 14,139 361,534 
Verra Mobility Corp. (a) 27,357 407,072 
WEX, Inc. (a) 9,277 1,388,767 
  46,590,779 
Semiconductors & Semiconductor Equipment - 2.1%   
ACM Research, Inc. (a) 2,516 267,124 
Allegro MicroSystems LLC (a) 11,291 376,668 
Alpha & Omega Semiconductor Ltd. (a) 4,349 150,693 
Ambarella, Inc. (a) 7,526 1,398,557 
Amkor Technology, Inc. 20,630 452,210 
Atomera, Inc. (a)(b) 4,613 99,687 
Axcelis Technologies, Inc. (a) 6,900 379,017 
AXT, Inc. (a) 7,945 64,911 
Brooks Automation, Inc. 15,425 1,796,241 
CEVA, Inc. (a) 4,960 226,226 
Cirrus Logic, Inc. (a) 12,017 971,094 
CMC Materials, Inc. 6,100 783,057 
Cohu, Inc. (a) 10,155 325,366 
CyberOptics Corp. (a) 1,503 62,765 
Diodes, Inc. (a) 9,438 906,897 
DSP Group, Inc. (a) 4,703 103,325 
First Solar, Inc. (a) 20,600 2,463,554 
FormFactor, Inc. (a) 16,372 651,278 
Ichor Holdings Ltd. (a) 5,911 258,429 
Impinj, Inc. (a) 3,814 265,912 
Kopin Corp. (a) 15,897 83,300 
Kulicke & Soffa Industries, Inc. (b) 12,982 739,974 
Lattice Semiconductor Corp. (a) 28,397 1,971,888 
MACOM Technology Solutions Holdings, Inc. (a) 10,015 699,247 
MaxLinear, Inc. Class A (a) 14,659 923,517 
MKS Instruments, Inc. 11,538 1,731,277 
NeoPhotonics Corp. (a) 10,931 110,622 
NVE Corp. 1,066 72,456 
Onto Innovation, Inc. (a) 10,351 819,903 
PDF Solutions, Inc. (a) 6,175 145,298 
Photronics, Inc. (a) 13,611 176,807 
Pixelworks, Inc. (a) 9,780 40,000 
Power Integrations, Inc. 12,567 1,297,040 
Rambus, Inc. (a) 22,105 514,383 
Semtech Corp. (a) 13,565 1,153,432 
Silicon Laboratories, Inc. (a)(b) 8,437 1,592,568 
SiTime Corp. (a) 2,680 709,905 
SMART Global Holdings, Inc. (a) 4,736 253,187 
SunPower Corp. (a)(b) 17,330 583,328 
Synaptics, Inc. (a) 7,314 1,423,085 
Ultra Clean Holdings, Inc. (a) 9,435 467,693 
Universal Display Corp. 9,018 1,652,098 
Veeco Instruments, Inc. (a)(b) 10,700 259,903 
  29,423,922 
Software - 6.5%   
8x8, Inc. (a) 23,400 530,244 
A10 Networks, Inc. 12,805 239,325 
ACI Worldwide, Inc. (a) 24,493 751,445 
Agilysys, Inc. (a) 3,964 189,162 
Alarm.com Holdings, Inc. (a) 9,659 813,867 
Altair Engineering, Inc. Class A (a) 9,689 753,707 
Alteryx, Inc. Class A (a) 12,466 912,387 
American Software, Inc. Class A 6,547 189,405 
Anaplan, Inc. (a) 30,178 1,967,907 
AppFolio, Inc. (a) 3,970 522,809 
Appian Corp. Class A (a)(b) 8,279 823,015 
Asana, Inc. (a) 16,263 2,208,515 
Aspen Technology, Inc. (a) 14,147 2,216,693 
Avaya Holdings Corp. (a) 17,115 318,681 
Benefitfocus, Inc. (a)(b) 5,937 65,070 
Bill.Com Holdings, Inc. (a) 18,382 5,410,006 
Blackbaud, Inc. (a) 8,840 627,728 
BlackLine, Inc. (a) 11,128 1,411,809 
Bottomline Technologies, Inc. (a) 8,425 390,078 
Box, Inc. Class A (a) 32,139 830,150 
C3.Ai, Inc. (b) 14,663 661,595 
CDK Global, Inc. 25,328 1,102,275 
Cerence, Inc. (a)(b) 7,948 835,573 
ChannelAdvisor Corp. (a) 6,287 160,381 
CommVault Systems, Inc. (a) 9,437 580,376 
Consensus Cloud Solutions, Inc. (a) 4,541 287,582 
Digimarc Corp. (a)(b) 3,008 151,994 
Digital Turbine, Inc. (a) 18,260 1,571,456 
Dolby Laboratories, Inc. Class A 13,610 1,202,444 
Domo, Inc. Class B (a) 5,947 525,417 
Dropbox, Inc. Class A (a) 59,702 1,820,314 
Duck Creek Technologies, Inc. (a) 15,421 485,762 
Dynatrace, Inc. (a) 40,938 3,070,350 
Ebix, Inc. (b) 4,899 160,736 
eGain Communications Corp. (a) 4,546 46,915 
Elastic NV (a) 14,884 2,582,523 
Envestnet, Inc. (a) 11,338 946,723 
Everbridge, Inc. (a) 7,996 1,273,843 
Five9, Inc. (a) 14,115 2,230,311 
Guidewire Software, Inc. (a) 17,218 2,164,819 
Intelligent Systems Corp. (a)(b) 1,618 68,490 
InterDigital, Inc. 6,233 417,299 
Jamf Holding Corp. (a)(b) 11,371 541,828 
LivePerson, Inc. (a)(b) 13,529 696,879 
Mandiant, Inc. (a) 49,944 871,023 
Manhattan Associates, Inc. (a) 13,204 2,397,054 
McAfee Corp. 15,118 323,072 
MicroStrategy, Inc. Class A (a)(b) 1,622 1,159,827 
Mimecast Ltd. (a) 12,769 963,293 
Mitek Systems, Inc. (a)(b) 9,032 170,073 
Model N, Inc. (a) 6,506 210,859 
Momentive Global, Inc. (a) 26,684 611,597 
N-able, Inc. (a)(b) 13,958 185,641 
nCino, Inc. (a)(b) 11,779 855,862 
NCR Corp. (a) 27,483 1,086,678 
New Relic, Inc. (a) 12,169 987,636 
Nutanix, Inc. Class A (a) 42,387 1,454,298 
ON24, Inc. (a) 1,838 35,161 
Onespan, Inc. (a) 7,061 144,186 
Pagerduty, Inc. (a) 15,320 639,610 
Palantir Technologies, Inc. (a) 326,441 8,448,293 
Paylocity Holding Corp. (a) 8,201 2,502,453 
Pegasystems, Inc. 8,489 1,007,814 
Ping Identity Holding Corp. (a) 10,029 284,122 
Progress Software Corp. 8,977 461,508 
PROS Holdings, Inc. (a) 8,162 244,860 
Q2 Holdings, Inc. (a) 11,754 922,219 
QAD, Inc. Class A 2,402 210,511 
Qualtrics International, Inc. 12,986 601,512 
Qualys, Inc. (a) 7,025 874,472 
Rapid7, Inc. (a) 11,606 1,494,273 
SailPoint Technologies Holding, Inc. (a)(b) 19,429 932,203 
SecureWorks Corp. (a) 2,541 46,805 
ShotSpotter, Inc. (a) 1,650 64,202 
Smartsheet, Inc. (a) 25,999 1,794,191 
Smith Micro Software, Inc. (a) 10,387 59,206 
Sprout Social, Inc. (a) 9,418 1,202,490 
SPS Commerce, Inc. (a) 7,490 1,143,948 
Synchronoss Technologies, Inc. (a) 8,105 21,397 
Telos Corp. 10,897 282,341 
Tenable Holdings, Inc. (a) 18,944 1,008,768 
Teradata Corp. (a) 22,615 1,279,104 
Upland Software, Inc. (a) 5,341 178,229 
Varonis Systems, Inc. (a)(b) 22,183 1,436,127 
Verint Systems, Inc. (a) 13,216 615,866 
Veritone, Inc. (a)(b) 6,067 181,464 
Vertex, Inc. Class A (a)(b) 5,726 119,215 
Viant Technology, Inc. 2,400 28,200 
VirnetX Holding Corp. (a)(b) 12,818 49,349 
VMware, Inc. Class A (a) 16,747 2,540,520 
Vobile Group Ltd. (a)(b) 210,000 184,345 
Vonage Holdings Corp. (a) 52,677 849,153 
Workiva, Inc. (a) 8,969 1,341,314 
Xperi Holding Corp. 21,501 385,298 
Yext, Inc. (a) 23,210 292,214 
Zix Corp. (a) 12,564 106,417 
Zuora, Inc. (a) 23,275 508,792 
  90,556,953 
Technology Hardware, Storage & Peripherals - 0.3%   
3D Systems Corp. (a) 26,162 736,722 
Avid Technology, Inc. (a) 7,350 210,504 
Corsair Gaming, Inc. (a)(b) 6,817 166,676 
Diebold Nixdorf, Inc. (a) 16,425 147,825 
Eastman Kodak Co. (a)(b) 15,330 104,091 
Immersion Corp. (a)(b) 4,993 39,894 
Pure Storage, Inc. Class A (a) 55,214 1,483,048 
Razer, Inc. (a)(d) 939,000 225,548 
Super Micro Computer, Inc. (a) 9,089 321,660 
Turtle Beach Corp. (a)(b) 3,208 92,262 
Xerox Holdings Corp. 28,887 514,189 
  4,042,419 
TOTAL INFORMATION TECHNOLOGY  206,032,144 
MATERIALS - 5.0%   
Chemicals - 2.2%   
AdvanSix, Inc. 5,735 278,721 
American Vanguard Corp. 5,974 93,075 
Amyris, Inc. (a)(b) 38,601 572,067 
Ashland Global Holdings, Inc. (b) 11,716 1,124,853 
Avient Corp. 19,053 1,026,576 
Axalta Coating Systems Ltd. (a) 44,837 1,398,466 
Balchem Corp. 6,745 1,032,592 
Cabot Corp. 11,502 613,632 
CF Industries Holdings, Inc. 44,893 2,549,922 
Chase Corp. 1,640 157,440 
Ecovyst, Inc. 11,472 133,993 
Element Solutions, Inc. 45,582 1,035,167 
Ferro Corp. (a) 16,879 354,797 
FutureFuel Corp. 5,299 37,411 
GCP Applied Technologies, Inc. (a) 11,390 257,528 
H.B. Fuller Co. 10,962 772,931 
Hawkins, Inc. 4,016 147,267 
Huntsman Corp. 43,611 1,420,846 
Ingevity Corp. (a) 8,280 645,095 
Innospec, Inc. 5,035 456,221 
Intrepid Potash, Inc. (a) 1,943 94,644 
Koppers Holdings, Inc. (a) 4,286 150,396 
Kraton Performance Polymers, Inc. (a) 6,874 313,798 
Kronos Worldwide, Inc. 4,478 58,348 
Livent Corp. (a)(b) 33,801 953,864 
Loop Industries, Inc. (a)(b) 4,679 73,507 
Minerals Technologies, Inc. 6,788 481,541 
NewMarket Corp. 1,509 513,075 
Olin Corp. 29,998 1,709,286 
Orion Engineered Carbons SA (a) 12,187 229,116 
Quaker Chemical Corp. (b) 2,811 691,056 
Rayonier Advanced Materials, Inc. (a) 13,190 94,704 
RPM International, Inc. 26,927 2,348,034 
Sensient Technologies Corp. 8,794 840,706 
Stepan Co. 4,448 533,849 
The Chemours Co. LLC 34,583 969,016 
The Mosaic Co. 72,063 2,995,659 
The Scotts Miracle-Gro Co. Class A 8,493 1,260,871 
Tredegar Corp. 5,988 72,215 
Trinseo PLC 7,938 445,004 
Tronox Holdings PLC 23,511 548,277 
Valvoline, Inc. 37,402 1,270,172 
Westlake Chemical Corp. 6,988 680,212 
  31,435,950 
Construction Materials - 0.2%   
Eagle Materials, Inc. 8,749 1,298,002 
Forterra, Inc. (a) 5,915 140,895 
Summit Materials, Inc. (a) 24,685 880,020 
  2,318,917 
Containers & Packaging - 1.1%   
Aptargroup, Inc. 13,669 1,650,942 
Berry Global Group, Inc. (a) 28,144 1,844,558 
Crown Holdings, Inc. 27,374 2,846,622 
Graphic Packaging Holding Co. 58,824 1,172,362 
Greif, Inc. Class A 5,410 349,919 
Myers Industries, Inc. 8,051 165,690 
O-I Glass, Inc. (a) 32,224 420,523 
Pactiv Evergreen, Inc. 9,523 132,465 
Ranpak Holdings Corp. (A Shares) (a) 8,387 289,016 
Sealed Air Corp. 31,016 1,839,869 
Silgan Holdings, Inc. 17,288 694,978 
Sonoco Products Co. 20,336 1,178,471 
TriMas Corp. 9,102 303,552 
WestRock Co. 55,669 2,677,679 
  15,566,646 
Metals & Mining - 1.3%   
Alcoa Corp. 39,007 1,792,372 
Allegheny Technologies, Inc. (a) 25,888 416,797 
Arconic Corp. (a) 22,410 659,302 
Carpenter Technology Corp. 9,691 299,258 
Century Aluminum Co. (a) 10,695 141,281 
Cleveland-Cliffs, Inc. (a) 94,755 2,284,543 
Coeur d'Alene Mines Corp. (a) 54,212 343,162 
Commercial Metals Co. 25,346 815,634 
Compass Minerals International, Inc. 6,912 453,427 
Coronado Global Resources, Inc. unit (a)(d) 164,159 168,562 
Gatos Silver, Inc. 9,383 113,534 
Gold Resource Corp. 15,463 28,452 
Haynes International, Inc. 3,001 120,430 
Hecla Mining Co. 112,372 649,510 
Kaiser Aluminum Corp. 3,228 313,568 
Materion Corp. 4,412 318,458 
McEwen Mining, Inc. (a) 74,486 81,935 
Reliance Steel & Aluminum Co. 13,115 1,916,888 
Royal Gold, Inc. 13,622 1,348,850 
Ryerson Holding Corp. 3,688 97,216 
Schnitzer Steel Industries, Inc. Class A 5,202 279,868 
Steel Dynamics, Inc. 40,449 2,672,870 
SunCoke Energy, Inc. 18,088 130,595 
TimkenSteel Corp. (a)(b) 8,673 120,988 
United States Steel Corp. 56,411 1,488,686 
Warrior Metropolitan Coal, Inc. 11,080 265,588 
Worthington Industries, Inc. 6,683 363,021 
  17,684,795 
Paper & Forest Products - 0.2%   
Clearwater Paper Corp. (a) 3,682 154,018 
Domtar Corp. (a) 10,313 562,987 
Glatfelter Corp. (b) 8,956 147,147 
Louisiana-Pacific Corp. 19,777 1,165,459 
Mercer International, Inc. (SBI) 9,232 99,429 
Neenah, Inc. 3,495 176,637 
Resolute Forest Products 9,680 113,837 
Schweitzer-Mauduit International, Inc. 6,582 229,317 
Verso Corp. 4,942 109,119 
  2,757,950 
TOTAL MATERIALS  69,764,258 
REAL ESTATE - 8.2%   
Equity Real Estate Investment Trusts (REITs) - 7.6%   
Acadia Realty Trust (SBI) 18,201 389,137 
Agree Realty Corp. 14,758 1,048,703 
Alexander & Baldwin, Inc. 15,040 368,931 
Alexanders, Inc. 484 134,930 
American Assets Trust, Inc. 11,123 420,783 
American Campus Communities, Inc. 29,198 1,568,517 
American Finance Trust, Inc. 23,494 194,530 
American Homes 4 Rent Class A 57,728 2,343,757 
Americold Realty Trust 54,752 1,613,541 
Apartment Income (REIT) Corp. 32,960 1,766,986 
Apartment Investment & Management Co. Class A 30,771 233,244 
Apple Hospitality (REIT), Inc. 45,048 707,704 
Armada Hoffler Properties, Inc. 12,910 176,996 
Bluerock Residential Growth (REIT), Inc. 5,804 78,528 
Brandywine Realty Trust (SBI) 35,459 469,832 
Brixmor Property Group, Inc. 62,543 1,466,008 
Broadstone Net Lease, Inc. 33,508 890,978 
Camden Property Trust (SBI) 21,053 3,433,744 
CareTrust (REIT), Inc. 21,068 437,161 
CatchMark Timber Trust, Inc. 10,529 90,128 
Centerspace 3,087 312,528 
Chatham Lodging Trust (a) 10,221 129,704 
City Office REIT, Inc. 9,737 184,711 
Columbia Property Trust, Inc. 23,751 455,307 
Community Healthcare Trust, Inc. 5,017 240,013 
CorEnergy Infrastructure Trust, Inc. 2,800 13,272 
CoreSite Realty Corp. 9,301 1,325,020 
Corporate Office Properties Trust (SBI) 24,047 652,155 
Cousins Properties, Inc. 31,502 1,247,794 
CTO Realty Growth, Inc. 1,397 74,893 
CubeSmart 42,271 2,325,328 
CyrusOne, Inc. 25,926 2,126,451 
DiamondRock Hospitality Co. (a) 43,220 390,709 
Digitalbridge Group, Inc. (a)(b) 103,408 692,834 
Diversified Healthcare Trust (SBI) 48,131 175,197 
Douglas Emmett, Inc. 36,797 1,202,526 
Easterly Government Properties, Inc. 18,077 380,159 
EastGroup Properties, Inc. 8,511 1,683,306 
Empire State Realty Trust, Inc. 29,804 288,503 
EPR Properties 15,705 788,548 
Equity Commonwealth 25,719 666,894 
Equity Lifestyle Properties, Inc. 35,791 3,024,697 
Essential Properties Realty Trust, Inc. 25,224 751,423 
Farmland Partners, Inc. 6,028 67,755 
Federal Realty Investment Trust (SBI) 14,657 1,763,970 
First Industrial Realty Trust, Inc. 27,380 1,594,337 
Four Corners Property Trust, Inc. 16,392 475,368 
Franklin Street Properties Corp. 23,070 103,815 
Gaming & Leisure Properties 46,579 2,258,616 
Getty Realty Corp. 8,206 263,577 
Gladstone Commercial Corp. 8,273 180,848 
Gladstone Land Corp. 6,032 133,548 
Global Medical REIT, Inc. 12,997 215,490 
Global Net Lease, Inc. 20,790 333,056 
Healthcare Realty Trust, Inc. 30,868 1,020,496 
Healthcare Trust of America, Inc. 45,695 1,525,756 
Hersha Hospitality Trust (a) 7,027 62,751 
Highwoods Properties, Inc. (SBI) 22,219 996,300 
Host Hotels & Resorts, Inc. (a) 148,395 2,497,488 
Hudson Pacific Properties, Inc. 32,385 833,914 
Independence Realty Trust, Inc. 22,337 527,823 
Industrial Logistics Properties Trust 14,278 401,069 
Iron Mountain, Inc. 60,464 2,759,577 
iStar Financial, Inc. 14,805 373,678 
JBG SMITH Properties 24,421 704,790 
Kilroy Realty Corp. 21,982 1,481,147 
Kimco Realty Corp. 128,400 2,901,840 
Kite Realty Group Trust 17,396 353,139 
Lamar Advertising Co. Class A 18,106 2,049,599 
Lexington Corporate Properties Trust 58,456 851,704 
Life Storage, Inc. 16,418 2,196,893 
LTC Properties, Inc. 8,513 271,224 
Mack-Cali Realty Corp. (a) 16,180 294,314 
Monmouth Real Estate Investment Corp. Class A 20,462 385,709 
National Health Investors, Inc. 9,490 510,372 
National Retail Properties, Inc. 36,887 1,673,194 
National Storage Affiliates Trust 17,254 1,077,685 
NETSTREIT Corp. 8,729 211,591 
NexPoint Residential Trust, Inc. 4,721 334,341 
Office Properties Income Trust 10,383 266,012 
Omega Healthcare Investors, Inc. 50,398 1,479,685 
One Liberty Properties, Inc. 3,325 103,940 
Outfront Media, Inc. 30,826 767,259 
Paramount Group, Inc. 35,294 299,293 
Park Hotels & Resorts, Inc. (a) 49,759 922,034 
Pebblebrook Hotel Trust 27,007 606,577 
Physicians Realty Trust 46,996 893,394 
Piedmont Office Realty Trust, Inc. Class A 26,808 476,110 
Plymouth Industrial REIT, Inc. 6,763 172,862 
Potlatch Corp. 14,244 744,534 
Preferred Apartment Communities, Inc. Class A 10,416 131,346 
PS Business Parks, Inc. 4,317 767,131 
Rayonier, Inc. 29,710 1,109,074 
Regency Centers Corp. 32,130 2,262,273 
Retail Opportunity Investments Corp. 26,357 468,364 
Retail Value, Inc. 3,803 23,807 
Rexford Industrial Realty, Inc. 29,036 1,951,219 
RLJ Lodging Trust 34,085 491,506 
RPT Realty 16,760 222,740 
Ryman Hospitality Properties, Inc. (a) 11,545 987,559 
Sabra Health Care REIT, Inc. 47,115 666,677 
Safehold, Inc. 2,851 212,970 
Saul Centers, Inc. 2,989 138,690 
Seritage Growth Properties (a) 7,660 117,964 
Service Properties Trust 33,725 363,218 
SITE Centers Corp. 37,596 597,400 
SL Green Realty Corp. 14,049 984,413 
Spirit Realty Capital, Inc. 25,324 1,239,103 
Stag Industrial, Inc. 34,285 1,492,426 
Store Capital Corp. 51,586 1,770,947 
Summit Hotel Properties, Inc. (a) 22,975 229,750 
Sunstone Hotel Investors, Inc. (a) 45,126 556,855 
Tanger Factory Outlet Centers, Inc. 21,227 356,614 
Terreno Realty Corp. 15,012 1,097,828 
The GEO Group, Inc. (b) 26,862 219,731 
The Macerich Co. 44,768 809,853 
UDR, Inc. 58,471 3,246,895 
UMH Properties, Inc. 9,961 238,466 
Uniti Group, Inc. 48,228 690,143 
Universal Health Realty Income Trust (SBI) 2,839 161,738 
Urban Edge Properties 22,899 401,419 
Urstadt Biddle Properties, Inc. Class A 6,524 128,131 
Vornado Realty Trust 33,139 1,412,716 
Washington REIT (SBI) 17,391 440,862 
Whitestone REIT Class B 8,726 80,105 
WP Carey, Inc. 38,536 2,971,511 
Xenia Hotels & Resorts, Inc. (a) 23,423 416,929 
  106,842,957 
Real Estate Management & Development - 0.6%   
Cushman & Wakefield PLC (a) 30,788 566,191 
eXp World Holdings, Inc. (b) 13,780 711,048 
Forestar Group, Inc. (a) 3,788 74,131 
Howard Hughes Corp. (a) 8,599 749,231 
Jones Lang LaSalle, Inc. (a) 10,570 2,729,491 
Kennedy-Wilson Holdings, Inc. 24,942 557,953 
Marcus & Millichap, Inc. (a) 5,145 242,330 
Newmark Group, Inc. 33,794 502,855 
RE/MAX Holdings, Inc. 3,843 122,246 
Realogy Holdings Corp. (a) 23,853 413,134 
Redfin Corp. (a)(b) 21,949 1,126,862 
Tejon Ranch Co. (a) 5,276 96,076 
The RMR Group, Inc. 3,441 119,712 
The St. Joe Co. 6,991 328,717 
  8,339,977 
TOTAL REAL ESTATE  115,182,934 
UTILITIES - 2.8%   
Electric Utilities - 0.8%   
Allete, Inc. 10,971 675,155 
Avangrid, Inc. (b) 14,459 761,989 
Hawaiian Electric Industries, Inc. 22,929 930,000 
IDACORP, Inc. 10,572 1,102,871 
MGE Energy, Inc. 7,405 561,965 
NRG Energy, Inc. 51,054 2,036,544 
OGE Energy Corp. 41,425 1,411,350 
Otter Tail Corp. 8,504 527,333 
Pinnacle West Capital Corp. 23,442 1,511,775 
PNM Resources, Inc. 17,683 879,729 
Portland General Electric Co. 18,711 922,639 
Via Renewables, Inc. Class A, (b) 2,061 22,980 
  11,344,330 
Gas Utilities - 0.7%   
Atmos Energy Corp. 27,210 2,506,585 
Chesapeake Utilities Corp. 3,574 468,444 
National Fuel Gas Co. 18,809 1,080,201 
New Jersey Resources Corp. 20,047 757,977 
Northwest Natural Holding Co. 6,456 291,101 
ONE Gas, Inc. 11,145 750,059 
South Jersey Industries, Inc. (b) 22,969 522,774 
Southwest Gas Corp. 12,409 859,323 
Spire, Inc. 10,802 677,934 
UGI Corp. 43,391 1,883,603 
  9,798,001 
Independent Power and Renewable Electricity Producers - 0.3%   
Clearway Energy, Inc.:   
Class A 7,397 244,027 
Class C 16,872 598,619 
Ormat Technologies, Inc. 9,417 681,132 
Sunnova Energy International, Inc. (a) 19,412 864,999 
Vistra Corp. 100,069 1,960,352 
  4,349,129 
Multi-Utilities - 0.7%   
Avista Corp. 14,653 583,336 
Black Hills Corp. 13,190 875,552 
CenterPoint Energy, Inc. 123,427 3,214,039 
MDU Resources Group, Inc. 42,100 1,293,733 
NiSource, Inc. 81,276 2,005,079 
NorthWestern Energy Corp. 10,558 600,328 
Unitil Corp. 3,174 132,515 
  8,704,582 
Water Utilities - 0.3%   
American States Water Co. 7,750 704,010 
Cadiz, Inc. (a)(b) 6,629 40,238 
California Water Service Group 10,898 663,470 
Essential Utilities, Inc. 46,549 2,191,061 
Middlesex Water Co. 3,603 396,762 
SJW Corp. 5,631 371,196 
York Water Co. 3,013 144,383 
  4,511,120 
TOTAL UTILITIES  38,707,162 
TOTAL COMMON STOCKS   
(Cost $1,149,412,483)  1,391,280,668 
Money Market Funds - 7.0%   
Fidelity Cash Central Fund 0.06% (e) 6,501,457 6,502,757 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 91,227,131 91,236,254 
TOTAL MONEY MARKET FUNDS   
(Cost $97,739,011)  97,739,011 
TOTAL INVESTMENT IN SECURITIES - 106.7%   
(Cost $1,247,151,494)  1,489,019,679 
NET OTHER ASSETS (LIABILITIES) - (6.7)%  (93,945,303) 
NET ASSETS - 100%  $1,395,074,376 

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) 11 Dec. 2021 $1,262,415 $52,607 $52,607 
CME E-mini S&P MidCap 400 Index Contracts (United States) 6 Dec. 2021 1,673,640 87,714 87,714 
TOTAL FUTURES CONTRACTS     $140,321 

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

Legend

 (a) Non-income producing

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

 (c) Level 3 security

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,112,920 or 0.1% of net assets.

 (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.

Fund 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 0.06% $3,251,526 $305,913,798 $302,662,546 $3,479  $(21) $-- $6,502,757 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 27,789,230 362,502,453  299,055,429  296,281 -- -- 91,236,254 0.2% 
Total $31,040,756 $668,416,251  $601,717,975  $299,760  $(21) $-- $97,739,011  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $51,621,674 $51,619,029 $-- $2,645 
Consumer Discretionary 190,292,942 190,292,548 -- 394 
Consumer Staples 42,986,771 42,986,771 -- -- 
Energy 48,168,293 48,168,293 -- -- 
Financials 227,334,349 227,334,349 -- -- 
Health Care 179,484,130 179,443,395 -- 40,735 
Industrials 221,706,011 221,706,011 -- -- 
Information Technology 206,032,144 206,032,144 -- -- 
Materials 69,764,258 69,764,258 -- -- 
Real Estate 115,182,934 115,182,934 -- -- 
Utilities 38,707,162 38,707,162 -- -- 
Money Market Funds 97,739,011 97,739,011 -- -- 
Total Investments in Securities: $1,489,019,679 $1,488,975,905 $-- $43,774 
Derivative Instruments:     
Assets     
Futures Contracts $140,321 $140,321 $-- $-- 
Total Assets $140,321 $140,321 $-- $-- 
Total Derivative Instruments: $140,321 $140,321 $-- $-- 

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, 2021. 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) $140,321 $0 
Total Equity Risk 140,321 0 
Total Value of Derivatives $140,321 $0 

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

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


Fidelity ZERO® Extended Market Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $88,862,889) — See accompanying schedule:
Unaffiliated issuers (cost $1,149,412,483) 		$1,391,280,668  
Fidelity Central Funds (cost $97,739,011) 97,739,011  
Total Investment in Securities (cost $1,247,151,494)  $1,489,019,679 
Segregated cash with brokers for derivative instruments  437,001 
Cash  1,004,079 
Foreign currency held at value (cost $1,249)  1,253 
Receivable for investments sold  2,900,990 
Receivable for fund shares sold  3,264,295 
Dividends receivable  991,570 
Distributions receivable from Fidelity Central Funds  22,239 
Receivable for daily variation margin on futures contracts  3,558 
Other receivables  4,318 
Total assets  1,497,648,982 
Liabilities   
Payable for investments purchased $9,969,389  
Payable for fund shares redeemed 1,223,403  
Deferred dividend income 145,072  
Collateral on securities loaned 91,236,742  
Total liabilities  102,574,606 
Net Assets  $1,395,074,376 
Net Assets consist of:   
Paid in capital  $1,076,148,148 
Total accumulated earnings (loss)  318,926,228 
Net Assets  $1,395,074,376 
Net Asset Value, offering price and redemption price per share ($1,395,074,376 ÷ 99,030,133 shares)  $14.09 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $13,639,189 
Non-Cash dividends  1,123,152 
Interest  181 
Income from Fidelity Central Funds (including $296,281 from security lending)  299,760 
Total income  15,062,282 
Expenses   
Independent trustees' fees and expenses $3,781  
Total expenses before reductions 3,781  
Expense reductions (164)  
Total expenses after reductions  3,617 
Net investment income (loss)  15,058,665 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 78,336,929  
Fidelity Central Funds (21)  
Foreign currency transactions 72  
Futures contracts 1,622,871  
Total net realized gain (loss)  79,959,851 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 249,378,804  
Assets and liabilities in foreign currencies 8  
Futures contracts 117,254  
Total change in net unrealized appreciation (depreciation)  249,496,066 
Net gain (loss)  329,455,917 
Net increase (decrease) in net assets resulting from operations  $344,514,582 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $15,058,665 $8,066,225 
Net realized gain (loss) 79,959,851 8,904,214 
Change in net unrealized appreciation (depreciation) 249,496,066 (19,965,836) 
Net increase (decrease) in net assets resulting from operations 344,514,582 (2,995,397) 
Distributions to shareholders (15,855,199) (9,015,399) 
Share transactions   
Proceeds from sales of shares 683,852,504 357,798,175 
Reinvestment of distributions 15,286,618 8,606,523 
Cost of shares redeemed (224,267,116) (214,889,672) 
Net increase (decrease) in net assets resulting from share transactions 474,872,006 151,515,026 
Total increase (decrease) in net assets 803,531,389 139,504,230 
Net Assets   
Beginning of period 591,542,987 452,038,757 
End of period $1,395,074,376 $591,542,987 
Other Information   
Shares   
Sold 52,486,346 39,795,943 
Issued in reinvestment of distributions 1,368,942 868,467 
Redeemed (17,201,393) (25,092,353) 
Net increase (decrease) 36,653,895 15,572,057 

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


Financial Highlights

Fidelity ZERO Extended Market Index Fund

     
Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $9.48 $9.66 $8.99 $10.00 
Income from Investment Operations     
Net investment income (loss)B .18 .14 .15 .02 
Net realized and unrealized gain (loss) 4.68 (.14) .56 (1.03) 
Total from investment operations 4.86 – .71 (1.01) 
Distributions from net investment income (.14) (.13) (.04) – 
Distributions from net realized gain (.11) (.06) – – 
Total distributions (.25) (.18)C (.04) – 
Net asset value, end of period $14.09 $9.48 $9.66 $8.99 
Total ReturnD,E 51.93% (.06)% 7.97% (10.10)% 
Ratios to Average Net AssetsF,G     
Expenses before reductionsH -% -% -% - %I 
Expenses net of fee waivers, if anyH -% -% -% - %I 
Expenses net of all reductionsH -% -% -% - %I 
Net investment income (loss) 1.38% 1.55% 1.64% 1.31%I 
Supplemental Data     
Net assets, end of period (000 omitted) $1,395,074 $591,543 $452,039 $68,589 
Portfolio turnover rateJ 25% 26% 14% - %K,L 

 A For the period September 13, 2018 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Total distributions per share do not sum due to rounding.

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount represents less than .005%.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Amount represents less than 1%.

 L Amount not annualized.

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


Fidelity ZERO® International Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity ZERO® International Index Fund 30.39% 8.40% 

 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.


Period Ending Values
$12,996Fidelity ZERO® International Index Fund
$13,137Fidelity Global ex U.S. Index℠
$12,949MSCI ACWI (All Country World Index) ex USA Index

Fidelity ZERO® International Index Fund

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 30.39%, roughly in line with the 30.93% advance of the benchmark Fidelity Global ex. U.S. Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, the U.K., and Europe ex U.K. notably contributed. By sector, financials gained roughly 51% and contributed most, followed by information technology, which gained 44%, and industrials, which advanced approximately 37%. The energy sector rose 74%, materials gained 33%, and consumer discretionary advanced 14%, benefiting from the consumer durables & apparel industry (+47%). Other notable contributors included the health care (+18%), consumer staples (+17%), communication services (+11%), real estate (+24%), and utilities (+17%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment industry. In semiconductors & semiconductor equipment, Taiwan Semiconductor (+42%) was helpful and Royal Dutch Shell (+94%) from the energy sector also contributed. LVMH Moët Hennessy Louis Vuitton, within the consumer durables & apparel group, rose 68% and Novo Nordisk, within the pharmaceuticals, biotechnology & life sciences category, gained about 73% and boosted the fund. Conversely, the biggest individual detractor was Alibaba Group Holding (-46%), from the retailing segment. Tencent Holdings, within the media & entertainment industry, returned about -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was China Evergrande New Energy Vehicle Group (-95%), a stock in the health care equipment & services group.

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

Fidelity ZERO® International Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.4 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.3 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 1.2 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.2 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.1 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 1.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.9 
Toyota Motor Corp. (Japan, Automobiles) 0.8 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 0.7 
Novartis AG (Switzerland, Pharmaceuticals) 0.7 
 10.3 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 20.1 
Industrials 11.8 
Information Technology 12.9 
Consumer Discretionary 12.5 
Health Care 8.9 
Consumer Staples 7.7 
Materials 7.6 
Communication Services 6.2 
Energy 4.8 
Utilities 2.3 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 16.0% 
   United Kingdom 8.6% 
   Canada 7.5% 
   Cayman Islands 6.0% 
   France 5.9% 
   Switzerland 5.8% 
   Germany 5.1% 
   Australia 4.4% 
   Taiwan 3.9% 
   Other* 36.8% 


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

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

Asset Allocation as of October 31, 2021

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

Fidelity ZERO® International Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 95.2%   
 Shares Value 
Australia - 4.4%   
Afterpay Ltd. (a) 26,639 $2,467,822 
AGL Energy Ltd. 62,795 270,199 
ALS Ltd. 50,646 503,281 
Altium Ltd. 12,261 338,681 
Alumina Ltd. 247,257 370,138 
AMP Ltd. 338,142 274,717 
Ampol Ltd. 25,228 579,771 
Ansell Ltd. 13,866 328,671 
APA Group unit 125,734 775,584 
ARB Corp. Ltd. 7,728 282,473 
Aristocrat Leisure Ltd. 70,594 2,478,910 
ASX Ltd. 20,257 1,265,086 
Atlas Arteria Ltd. unit 102,531 478,199 
Aurizon Holdings Ltd. 196,204 497,393 
AusNet Services 194,310 361,039 
Australia & New Zealand Banking Group Ltd. 299,572 6,341,434 
Bank of Queensland Ltd. 65,487 433,511 
Beach Energy Ltd. 180,885 189,819 
Bendigo & Adelaide Bank Ltd. 57,855 402,573 
BHP Group Ltd. 310,339 8,524,079 
BlueScope Steel Ltd. 53,343 827,424 
Boral Ltd. (a) 36,635 175,824 
Brambles Ltd. 151,135 1,141,461 
Breville Group Ltd. 10,692 235,742 
carsales.com Ltd. 29,263 542,843 
Challenger Ltd. 61,706 322,143 
Charter Hall Group unit 48,852 636,859 
Cleanaway Waste Management Ltd. 214,501 432,440 
Cochlear Ltd. 6,843 1,134,747 
Coles Group Ltd. 141,216 1,820,778 
Commonwealth Bank of Australia 186,831 14,712,106 
Computershare Ltd. 61,037 861,367 
Crown Ltd. (a) 39,015 292,316 
CSL Ltd. 47,935 10,835,400 
CSR Ltd. 54,480 243,027 
Dexus unit 113,103 924,838 
Dominos Pizza Enterprises Ltd. 6,799 692,817 
Downer EDI Ltd. 72,704 344,557 
Endeavour Group Ltd. 136,254 696,980 
Evolution Mining Ltd. 186,020 507,959 
Fortescue Metals Group Ltd. 178,532 1,870,809 
Goodman Group unit 177,439 2,923,179 
Harvey Norman Holdings Ltd. 65,937 246,022 
IDP Education Ltd. 22,427 631,808 
IGO Ltd. 70,068 508,111 
Iluka Resources Ltd. 45,668 322,925 
Incitec Pivot Ltd. 205,688 462,639 
Insurance Australia Group Ltd. 259,822 938,165 
JB Hi-Fi Ltd. 12,286 466,636 
Lendlease Group unit 73,957 581,933 
Lynas Rare Earths Ltd. (a) 93,797 517,196 
Macquarie Group Ltd. 36,473 5,392,533 
Magellan Financial Group Ltd. 15,507 404,430 
Medibank Private Ltd. 293,530 733,082 
Metcash Ltd. 99,210 303,747 
Mineral Resources Ltd. 17,368 504,181 
Mirvac Group unit 411,982 873,956 
National Australia Bank Ltd. 347,160 7,547,946 
Newcrest Mining Ltd. 85,379 1,598,594 
NEXTDC Ltd. (a) 47,767 421,850 
Nine Entertainment Co. Holdings Ltd. 158,885 329,879 
Northern Star Resources Ltd. 122,460 851,194 
Orica Ltd. 42,217 480,495 
Origin Energy Ltd. 186,745 709,419 
OZ Minerals Ltd. 35,117 663,853 
Qantas Airways Ltd. (a) 97,136 390,927 
QBE Insurance Group Ltd. 155,366 1,382,620 
Qube Holdings Ltd. 208,054 497,697 
Ramsay Health Care Ltd. 19,117 1,012,693 
REA Group Ltd. 5,304 638,948 
Reliance Worldwide Corp. Ltd. 84,297 365,890 
Rio Tinto Ltd. 39,207 2,662,965 
Santos Ltd. 197,645 1,037,776 
Scentre Group unit 547,301 1,243,356 
SEEK Ltd. 37,631 925,669 
Seven Group Holdings Ltd. 16,280 263,670 
Sonic Healthcare Ltd. 50,190 1,511,350 
South32 Ltd. 492,462 1,322,523 
Spark Infrastructure Group unit 179,965 380,414 
Steadfast Group Ltd. 99,489 348,009 
Stockland Corp. Ltd. unit 256,224 876,987 
Suncorp Group Ltd. 136,327 1,201,909 
Sydney Airport unit (a) 138,804 855,161 
Tabcorp Holdings Ltd. 230,961 861,752 
Telstra Corp. Ltd. 436,331 1,253,839 
The GPT Group unit 201,807 783,336 
The Star Entertainment Group Ltd. (a) 94,879 261,224 
Transurban Group unit 319,895 3,234,215 
Treasury Wine Estates Ltd. 74,883 648,930 
Vicinity Centres unit 412,409 535,155 
Washington H. Soul Pattinson & Co. Ltd. 13,118 320,513 
Wesfarmers Ltd. 119,331 5,139,146 
Westpac Banking Corp. 386,098 7,511,591 
WiseTech Global Ltd. 17,159 659,333 
Woodside Petroleum Ltd. 101,257 1,771,728 
Woolworths Group Ltd. 133,407 3,821,534 
WorleyParsons Ltd. 39,182 318,916 
Zip Co. Ltd. (a) 53,292 260,578 
TOTAL AUSTRALIA  139,129,944 
Austria - 0.2%   
Andritz AG 7,514 425,449 
BAWAG Group AG (b) 7,376 464,276 
CA Immobilien Anlagen AG 4,639 198,419 
Erste Group Bank AG 31,342 1,344,183 
IMMOFINANZ Immobilien Anlagen AG 10,027 240,170 
Lenzing AG (a) 1,487 178,773 
Mayr-Melnhof Karton AG 934 183,766 
Oesterreichische Post AG 2,935 123,839 
OMV AG 15,105 914,976 
Raiffeisen International Bank-Holding AG 14,381 420,598 
Verbund AG 7,199 749,816 
Voestalpine AG 11,401 432,817 
Wienerberger AG 11,854 419,593 
TOTAL AUSTRIA  6,096,675 
Bailiwick of Jersey - 0.6%   
Clarivate Analytics PLC (a) 39,180 918,771 
Experian PLC 102,136 4,678,377 
Ferguson PLC 24,449 3,678,892 
Glencore Xstrata PLC 1,152,016 5,760,748 
Polymetal International PLC 35,541 659,067 
WPP PLC 133,808 1,934,163 
TOTAL BAILIWICK OF JERSEY  17,630,018 
Belgium - 0.6%   
Ackermans & Van Haaren SA 2,373 407,912 
Aedifica SA 3,696 492,628 
Ageas 19,019 925,609 
Anheuser-Busch InBev SA NV 89,197 5,455,934 
Cofinimmo SA 2,855 460,403 
Colruyt NV 6,412 314,577 
D'ieteren Group 2,505 431,182 
Elia System Operator SA/NV 3,590 418,739 
Galapagos NV (a) 5,276 279,789 
Groupe Bruxelles Lambert SA 11,060 1,281,732 
KBC Groep NV 35,490 3,305,090 
Melexis NV 2,112 243,171 
Proximus 15,860 298,572 
Sofina SA 1,668 737,347 
Solvay SA Class A 7,688 913,617 
Telenet Group Holding NV 4,960 178,091 
UCB SA 13,299 1,585,023 
Umicore SA 21,019 1,204,693 
Warehouses de Pauw 14,801 674,132 
TOTAL BELGIUM  19,608,241 
Bermuda - 0.2%   
Alibaba Health Information Technology Ltd. (a) 422,000 533,161 
Brilliance China Automotive Holdings Ltd. (a) 232,000 69,113 
China Gas Holdings Ltd. 258,200 645,790 
China Resource Gas Group Ltd. 96,000 515,751 
China Youzan Ltd. (a) 1,460,000 185,772 
Credicorp Ltd. (United States) 6,549 849,143 
Hiscox Ltd. 36,074 411,244 
Hongkong Land Holdings Ltd. 120,939 666,374 
Jardine Matheson Holdings Ltd. 26,561 1,538,679 
Kunlun Energy Co. Ltd. 422,000 386,176 
Man Wah Holdings Ltd. 167,600 260,646 
Nine Dragons Paper (Holdings) Ltd. 188,000 236,314 
TOTAL BERMUDA  6,298,163 
Brazil - 0.8%   
Ambev SA 465,900 1,402,537 
Americanas SA (a) 57,952 304,967 
Atacadao SA 38,500 113,512 
B3 SA - Brasil Bolsa Balcao 642,500 1,355,855 
Banco Bradesco SA 163,963 493,882 
Banco do Brasil SA 152,300 769,083 
Banco Inter SA unit 57,160 359,541 
BB Seguridade Participacoes SA 69,300 271,242 
BR Malls Participacoes SA (a) 96,100 122,087 
BRF SA (a) 51,800 213,210 
BTG Pactual Participations Ltd. unit 120,600 481,862 
CCR SA 116,700 236,344 
Centrais Eletricas Brasileiras SA (Electrobras) 40,551 243,070 
Cogna Educacao (a) 184,400 81,029 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar 19,900 90,019 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 37,000 230,767 
Companhia Siderurgica Nacional SA (CSN) 67,800 273,660 
Compania de Locacao das Americas 33,600 117,461 
Cosan SA 121,000 424,287 
Cyrela Brazil Realty SA 28,900 72,150 
Energisa SA unit 26,800 188,138 
Eneva SA (a) 105,500 269,180 
ENGIE Brasil Energia SA 27,750 191,317 
Equatorial Energia SA 80,200 325,131 
Hapvida Participacoes e Investimentos SA (b) 136,700 279,513 
Hypermarcas SA 41,300 205,336 
JBS SA 84,200 582,588 
Klabin SA unit 84,400 343,055 
Localiza Rent A Car SA 62,730 503,503 
Locaweb Servicos de Internet SA (b) 46,400 150,452 
Lojas Renner SA 94,400 539,089 
Magazine Luiza SA 294,480 564,040 
Natura & Co. Holding SA (a) 89,288 615,419 
Notre Dame Intermedica Participacoes SA 54,860 623,855 
Oi SA (a) 523,800 82,601 
Petro Rio SA (a) 67,700 281,534 
Petroleo Brasileiro SA - Petrobras (ON) 363,800 1,783,611 
Qualicorp Consultoria E Corret 20,900 63,361 
Raia Drogasil SA 112,600 463,863 
Rede D'Oregon Sao Luiz SA (b) 78,100 816,453 
Rumo SA (a) 132,400 375,115 
Sendas Distribuidora SA 84,600 229,196 
Sul America SA unit 28,550 131,373 
Suzano Papel e Celulose SA (a) 82,853 722,714 
Telefonica Brasil SA 44,600 359,721 
TIM SA 86,000 170,970 
Totvs SA 54,300 315,190 
Transmissora Alianca de Energia Eletrica SA unit 21,200 137,707 
Ultrapar Participacoes SA 80,900 187,063 
Ultrapar Participacoes SA rights 11/3/21 (a)(c) 5,798 10 
Vale SA 422,900 5,365,865 
Via S/A (a) 144,686 157,663 
Vibra Energia SA 123,800 460,208 
Weg SA 153,700 1,007,637 
YDUQS Participacoes SA 26,300 97,207 
TOTAL BRAZIL  26,246,243 
British Virgin Islands - 0.0%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 12,713 260,108 
Nomad Foods Ltd. (a) 16,557 450,847 
TOTAL BRITISH VIRGIN ISLANDS  710,955 
Canada - 7.2%   
Agnico Eagle Mines Ltd. (Canada) 25,826 1,370,806 
Air Canada (a) 35,115 629,607 
Alamos Gold, Inc. 42,064 312,013 
Algonquin Power & Utilities Corp. 65,335 941,804 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 86,235 3,234,509 
AltaGas Ltd. 30,058 622,241 
B2Gold Corp. 108,290 447,125 
Ballard Power Systems, Inc. (a) 26,316 476,946 
Bank of Montreal 68,335 7,419,339 
Bank of Nova Scotia 128,109 8,399,131 
Barrick Gold Corp. (Canada) 187,979 3,449,421 
Bausch Health Cos., Inc. (Canada) (a) 30,429 852,927 
BCE, Inc. 31,630 1,628,270 
BlackBerry Ltd. (a) 52,628 568,549 
Boralex, Inc. Class A 9,306 287,993 
Boyd Group Services, Inc. 2,335 453,189 
Brookfield Asset Management Reinsurance Partners Ltd. 928 57,168 
Brookfield Asset Management, Inc. (Canada) Class A 153,734 9,281,678 
Brookfield Renewable Corp. 13,583 562,593 
BRP, Inc. 3,925 345,118 
CAE, Inc. (a) 33,520 1,016,488 
Cameco Corp. 41,970 1,019,746 
Canadian Apartment Properties (REIT) unit 9,203 449,368 
Canadian Imperial Bank of Commerce 47,428 5,754,899 
Canadian National Railway Co. 64,237 8,537,251 
Canadian Natural Resources Ltd. 125,317 5,326,175 
Canadian Pacific Railway Ltd. 70,256 5,437,801 
Canadian Tire Ltd. Class A (non-vtg.) 6,060 860,720 
Canadian Utilities Ltd. Class A (non-vtg.) 12,491 361,831 
Capital Power Corp. 11,763 386,366 
Cargojet, Inc. 1,835 292,168 
CCL Industries, Inc. Class B 15,598 852,622 
Cenovus Energy, Inc. (Canada) 134,408 1,607,335 
CGI, Inc. Class A (sub. vtg.) (a) 23,119 2,065,317 
Colliers International Group, Inc. 3,437 498,609 
Constellation Software, Inc. 2,080 3,655,445 
Descartes Systems Group, Inc. (Canada) (a) 8,916 728,135 
Dollarama, Inc. 30,788 1,391,630 
Element Fleet Management Corp. 47,034 511,157 
Emera, Inc. 26,764 1,245,209 
Empire Co. Ltd. Class A (non-vtg.) 17,330 518,108 
Enbridge, Inc. 213,433 8,940,180 
Fairfax Financial Holdings Ltd. (sub. vtg.) 2,886 1,168,881 
Finning International, Inc. 16,498 488,435 
First Majestic Silver Corp. 23,211 294,076 
First Quantum Minerals Ltd. 58,259 1,379,273 
FirstService Corp. 4,128 823,332 
Fortis, Inc. 49,675 2,211,212 
Franco-Nevada Corp. 20,075 2,864,451 
George Weston Ltd. 7,631 824,513 
Gildan Activewear, Inc. 21,131 776,192 
Great-West Lifeco, Inc. 28,709 844,614 
Hydro One Ltd. (b) 32,156 768,304 
iA Financial Corp, Inc. 11,126 658,156 
Imperial Oil Ltd. 23,705 802,553 
Intact Financial Corp. 18,592 2,492,404 
Ivanhoe Mines Ltd. (a) 60,218 472,460 
Keyera Corp. 23,486 601,952 
Kinaxis, Inc. (a) 2,794 433,639 
Kinross Gold Corp. 134,514 808,649 
Kirkland Lake Gold Ltd. 28,065 1,183,057 
Lightspeed Commerce, Inc. (Canada) (a) 13,208 1,287,396 
Loblaw Companies Ltd. 17,482 1,314,823 
Lundin Mining Corp. 67,365 586,232 
Magna International, Inc. Class A (sub. vtg.) 29,481 2,398,071 
Manulife Financial Corp. 204,937 3,992,430 
Metro, Inc. 26,088 1,312,621 
National Bank of Canada 35,377 2,928,836 
Northland Power, Inc. 23,618 759,341 
Nutrien Ltd. 60,118 4,201,848 
Nuvei Corp. (a)(b) 6,555 787,808 
Onex Corp. (sub. vtg.) 7,963 593,429 
Open Text Corp. 28,764 1,448,891 
Pan American Silver Corp. 22,573 578,095 
Parkland Corp. 15,601 453,937 
Pembina Pipeline Corp. 57,962 1,918,797 
Power Corp. of Canada (sub. vtg.) 60,811 2,025,395 
Premium Brands Holdings Corp. 3,780 408,512 
Primo Water Corp. 17,832 283,529 
Quebecor, Inc. Class B (sub. vtg.) 17,421 443,971 
Restaurant Brands International, Inc. 32,538 1,842,225 
Ritchie Bros. Auctioneers, Inc. 11,684 798,602 
Rogers Communications, Inc. Class B (non-vtg.) 36,982 1,720,010 
Royal Bank of Canada 150,194 15,633,477 
Saputo, Inc. 25,626 612,075 
Shaw Communications, Inc. Class B 47,185 1,358,818 
Shopify, Inc. Class A (a) 11,892 17,363,512 
SNC-Lavalin Group, Inc. 19,067 512,880 
SSR Mining, Inc. 23,370 368,602 
Stantec, Inc. 11,460 633,374 
Sun Life Financial, Inc. 61,746 3,518,863 
Suncor Energy, Inc. 157,034 4,130,136 
TC Energy Corp. 103,175 5,581,421 
Teck Resources Ltd. Class B (sub. vtg.) 49,226 1,373,841 
TELUS Corp. 47,666 1,093,437 
TFI International, Inc. (Canada) 8,630 956,929 
The Toronto-Dominion Bank 191,899 13,930,354 
Thomson Reuters Corp. 17,880 2,150,772 
Tilray, Inc. Class 2 (a)(d) 28,522 293,777 
TMX Group Ltd. 5,931 642,126 
Toromont Industries Ltd. 8,541 759,898 
Tourmaline Oil Corp. 31,986 1,156,055 
Waste Connections, Inc. (Canada) 27,458 3,736,205 
West Fraser Timber Co. Ltd. 10,389 831,808 
Wheaton Precious Metals Corp. 47,440 1,915,080 
WSP Global, Inc. 7,817 1,059,742 
Yamana Gold, Inc. 99,841 392,071 
TOTAL CANADA  224,783,192 
Cayman Islands - 6.0%   
AAC Technology Holdings, Inc. 77,500 334,972 
Airtac International Group 14,650 436,685 
Akeso, Inc. (a)(b) 52,000 291,395 
Alchip Technologies Ltd. 7,000 258,933 
Alibaba Group Holding Ltd. sponsored ADR (a) 194,188 32,029,369 
Anta Sports Products Ltd. 119,000 1,859,829 
ASM Pacific Technology Ltd. 32,800 354,327 
Autohome, Inc. ADR Class A 5,533 217,724 
Baidu, Inc. sponsored ADR (a) 28,704 4,656,937 
BeiGene Ltd. ADR (a) 5,468 1,956,013 
Bilibili, Inc. ADR (a)(d) 22,902 1,678,717 
BizLink Holding, Inc. 13,000 119,752 
Chailease Holding Co. Ltd. 144,949 1,384,681 
China Conch Venture Holdings Ltd. 168,000 820,513 
China Feihe Ltd. (b) 312,000 519,699 
China Literature Ltd. (a)(b) 44,000 306,227 
China Mengniu Dairy Co. Ltd. 287,000 1,827,755 
China Resources Land Ltd. 300,000 1,168,305 
China Resources Mixc Lifestyle Services Ltd. (b) 63,555 334,500 
CIFI Holdings Group Co. Ltd. 421,976 234,296 
CK Asset Holdings Ltd. 207,329 1,280,401 
CK Hutchison Holdings Ltd. 284,000 1,910,854 
Country Garden Holdings Co. Ltd. 751,140 705,717 
Country Garden Services Holdings Co. Ltd. 186,000 1,446,308 
Daqo New Energy Corp. ADR (a) 6,262 487,121 
ENN Energy Holdings Ltd. 80,000 1,385,001 
ESR Cayman Ltd. (a)(b) 150,800 489,390 
Futu Holdings Ltd. ADR (a)(d) 6,585 352,429 
Gaotu Techedu, Inc. ADR (a)(d) 11,891 34,960 
GCL-Poly Energy Holdings Ltd. (a)(c) 1,563,000 397,756 
GDS Holdings Ltd. ADR (a)(d) 12,141 721,175 
Geely Automobile Holdings Ltd. 528,000 1,835,666 
General Interface Solution Holding Ltd. 22,000 76,718 
Hansoh Pharmaceutical Group Co. Ltd. (b) 118,000 263,587 
Hello Group, Inc. ADR 18,129 225,706 
Hengan International Group Co. Ltd. 67,500 352,661 
Himax Technologies, Inc. sponsored ADR (d) 14,808 156,372 
Huazhu Group Ltd. ADR (a) 15,467 717,050 
Hutchison China Meditech Ltd. sponsored ADR (a) 10,778 317,089 
Innovent Biologics, Inc. (a)(b) 103,000 924,028 
iQIYI, Inc. ADR (a) 35,401 293,120 
JD.com, Inc. sponsored ADR (a) 94,526 7,399,495 
JOYY, Inc. ADR 6,031 303,902 
KE Holdings, Inc. ADR (a) 52,851 962,945 
Kingboard Chemical Holdings Ltd. 68,000 297,590 
Kingdee International Software Group Co. Ltd. (a) 274,000 905,058 
Kingsoft Corp. Ltd. 102,400 440,239 
Kuaishou Technology Class B (b) 153,700 2,044,592 
Li Ning Co. Ltd. 228,500 2,540,357 
Longfor Properties Co. Ltd. (b) 166,000 806,478 
Meituan Class B (a)(b) 424,900 14,458,770 
Melco Crown Entertainment Ltd. sponsored ADR (a) 20,694 224,116 
Microport Scientific Corp. 74,900 353,297 
Ming Yuan Cloud Group Holdings Ltd. 75,000 245,807 
Minth Group Ltd. 78,000 311,779 
NetEase, Inc. ADR 38,162 3,724,230 
New Oriental Education & Technology Group, Inc. sponsored ADR 161,595 331,270 
NIO, Inc. sponsored ADR (a) 143,442 5,653,049 
PagSeguro Digital Ltd. (a)(d) 21,218 768,092 
Parade Technologies Ltd. 7,000 448,734 
Pinduoduo, Inc. ADR (a) 46,209 4,108,904 
Ping An Healthcare and Technology Co. Ltd. (a)(b) 53,100 258,317 
Pop Mart International Group Ltd. (b) 75,400 445,297 
RLX Technology, Inc. ADR (d) 76,338 371,003 
Sands China Ltd. (a) 257,600 587,116 
Sapiens International Corp. NV 3,012 103,942 
Sea Ltd. ADR (a) 34,411 11,822,587 
Shenzhou International Group Holdings Ltd. 83,800 1,805,404 
Shimao Property Holdings Ltd. 137,500 216,310 
Silicon Motion Tech Corp. sponsored ADR 3,871 276,428 
Sino Biopharmaceutical Ltd. 1,052,500 779,179 
SITC International Holdings Co. Ltd. 139,000 470,747 
Smoore International Holdings Ltd. (b) 178,000 853,338 
StoneCo Ltd. Class A (a) 24,421 826,895 
Sunac China Holdings Ltd. 259,000 557,913 
Sunac Services Holdings Ltd. (b) 96,000 194,702 
Sunny Optical Technology Group Co. Ltd. 75,700 2,045,131 
TAL Education Group ADR (a) 39,425 161,248 
Tencent Holdings Ltd. 637,000 38,748,578 
Tencent Music Entertainment Group ADR (a) 63,312 497,632 
Tingyi (Cayman Islands) Holding Corp. 198,000 370,526 
Trip.com Group Ltd. ADR (a) 48,623 1,388,673 
Vipshop Holdings Ltd. ADR (a) 39,158 437,003 
Vnet Group, Inc. ADR (a) 11,348 177,937 
Want Want China Holdings Ltd. 603,000 467,334 
Weibo Corp. sponsored ADR (a) 5,826 262,053 
Weimob, Inc. (a)(b) 207,000 320,856 
WH Group Ltd. (b) 827,000 580,351 
Wharf Real Estate Investment Co. Ltd. 163,000 919,697 
Wuxi Biologics (Cayman), Inc. (a)(b) 344,000 5,210,556 
Xinyi Glass Holdings Ltd. 271,000 764,533 
Xinyi Solar Holdings Ltd. 477,097 998,283 
XP, Inc.:   
BDR (a) 1 33 
Class A (a) 10,729 352,018 
XPeng, Inc. ADR (a) 33,079 1,542,474 
Yadea Group Holdings Ltd. (b) 110,000 189,448 
Yihai International Holding Ltd. 45,000 264,604 
Zai Lab Ltd. ADR (a) 7,339 766,192 
Zhen Ding Technology Holding Ltd. 70,000 241,336 
Zhongsheng Group Holdings Ltd. Class H 59,500 537,989 
ZTO Express, Inc. sponsored ADR 44,451 1,303,748 
TOTAL CAYMAN ISLANDS  189,609,853 
Chile - 0.1%   
Aguas Andinas SA 203,700 38,812 
Banco de Chile 4,473,044 388,195 
Banco de Credito e Inversiones 6,133 206,524 
Banco Santander Chile 6,598,380 288,755 
CAP SA 7,719 76,402 
Cencosud SA 143,222 209,507 
Colbun SA 813,774 56,119 
Compania Cervecerias Unidas SA 13,711 114,874 
Empresa Nacional de Telecomunicaciones SA (ENTEL) 11,288 38,700 
Empresas CMPC SA 122,265 225,593 
Empresas COPEC SA 33,871 266,471 
Enel Americas SA 2,017,632 229,417 
Enel Chile SA 2,317,053 94,932 
Falabella SA 78,728 217,709 
Parque Arauco SA (a) 74,549 73,587 
TOTAL CHILE  2,525,597 
China - 1.5%   
Agricultural Bank of China Ltd. (H Shares) 3,219,000 1,096,376 
Anhui Conch Cement Co. Ltd. (H Shares) 125,000 621,747 
Bank of China Ltd. (H Shares) 8,085,000 2,861,296 
Bank of Communications Co. Ltd. (H Shares) 2,238,000 1,331,783 
BYD Co. Ltd. (H Shares) 78,707 3,010,352 
China CITIC Bank Corp. Ltd. (H Shares) 941,000 413,626 
China Construction Bank Corp. (H Shares) 10,865,000 7,394,510 
China International Capital Corp. Ltd. (H Shares) (b) 158,400 394,142 
China Life Insurance Co. Ltd. (H Shares) 775,000 1,346,385 
China Longyuan Power Grid Corp. Ltd. (H Shares) 352,000 822,487 
China Merchants Bank Co. Ltd. (H Shares) 396,500 3,340,476 
China Minsheng Banking Corp. Ltd. (H Shares) 644,500 255,961 
China National Building Materials Co. Ltd. (H Shares) 480,000 603,355 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 274,000 845,190 
China Petroleum & Chemical Corp. (H Shares) 2,680,000 1,305,784 
China Shenhua Energy Co. Ltd. (H Shares) 356,500 767,938 
China Tower Corp. Ltd. (H Shares) (b) 4,470,000 580,258 
China Vanke Co. Ltd. (H Shares) 177,200 414,958 
CITIC Securities Co. Ltd. (H Shares) 167,000 425,415 
Fuyao Glass Industries Group Co. Ltd. (H Shares) (b) 66,400 383,184 
Great Wall Motor Co. Ltd. (H Shares) 326,500 1,472,932 
Guangzhou Automobile Group Co. Ltd. (H Shares) 310,000 293,246 
Haier Smart Home Co. Ltd. 240,200 898,377 
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (b) 12,200 237,869 
Industrial & Commercial Bank of China Ltd. (H Shares) 6,938,000 3,803,150 
New China Life Insurance Co. Ltd. (H Shares) 78,400 227,224 
Nongfu Spring Co. Ltd. (H Shares) (b) 180,000 912,666 
PetroChina Co. Ltd. (H Shares) 2,246,000 1,082,904 
PICC Property & Casualty Co. Ltd. (H Shares) 730,000 683,041 
Ping An Insurance Group Co. of China Ltd. (H Shares) 627,500 4,494,615 
Postal Savings Bank of China Co. Ltd. (H Shares) (b) 982,000 714,365 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 252,000 429,474 
Sinopharm Group Co. Ltd. (H Shares) 142,000 338,734 
Tsingtao Brewery Co. Ltd. (H Shares) 48,000 417,351 
Weichai Power Co. Ltd. (H Shares) 207,000 371,938 
WuXi AppTec Co. Ltd. (H Shares) (b) 39,184 837,517 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 60,200 288,601 
Zijin Mining Group Co. Ltd. (H Shares) 604,000 841,509 
TOTAL CHINA  46,560,736 
Colombia - 0.0%   
Bancolombia SA 30,408 271,963 
Grupo de Inversiones Suramerica SA 28,977 168,903 
Interconexion Electrica SA ESP 49,603 297,823 
TOTAL COLOMBIA  738,689 
Czech Republic - 0.0%   
CEZ A/S 17,210 568,145 
Komercni Banka A/S 8,105 314,473 
MONETA Money Bank A/S (a)(b) 43,521 170,135 
TOTAL CZECH REPUBLIC  1,052,753 
Denmark - 1.6%   
A.P. Moller - Maersk A/S:   
Series A 347 950,138 
Series B 590 1,709,789 
Ambu A/S Series B 18,567 528,878 
Ascendis Pharma A/S sponsored ADR (a) 5,034 763,205 
Carlsberg A/S Series B 10,626 1,752,836 
Chr. Hansen Holding A/S 10,750 855,322 
Coloplast A/S Series B 12,546 2,045,183 
Danske Bank A/S 70,762 1,197,511 
Demant A/S (a) 10,465 506,906 
DSV A/S 22,509 5,231,113 
Genmab A/S (a) 6,940 3,110,328 
GN Store Nord A/S 14,446 876,638 
Novo Nordisk A/S Series B 173,704 19,047,497 
Novozymes A/S Series B 22,302 1,639,985 
ORSTED A/S (b) 19,920 2,810,779 
Pandora A/S 10,520 1,469,040 
Royal Unibrew A/S 4,359 540,828 
SimCorp A/S 4,235 511,622 
Tryg A/S 37,570 890,645 
Vestas Wind Systems A/S 106,390 4,601,140 
TOTAL DENMARK  51,039,383 
Egypt - 0.0%   
Commercial International Bank SAE (a) 190,361 618,098 
Finland - 0.8%   
Elisa Corp. (A Shares) 15,580 939,787 
Fortum Corp. 45,311 1,346,154 
Huhtamaki Oyj 9,788 426,120 
Kesko Oyj 29,081 944,319 
Kojamo OYJ 16,232 362,712 
Kone OYJ (B Shares) 42,599 2,903,452 
Metso Outotec Oyj 74,732 749,867 
Neste Oyj 45,525 2,536,090 
Nokia Corp. (a) 567,592 3,257,700 
Nokian Tyres PLC 13,080 489,904 
Nordea Bank ABP 374,919 4,586,515 
Orion Oyj (B Shares) 11,296 488,768 
Sampo Oyj (A Shares) 52,847 2,810,192 
Stora Enso Oyj (R Shares) 65,055 1,081,427 
TietoEVRY Oyj 11,426 350,024 
UPM-Kymmene Corp. 56,369 1,988,761 
Valmet Corp. 14,209 576,539 
Wartsila Corp. 51,289 711,185 
TOTAL FINLAND  26,549,516 
France - 5.9%   
Air Liquide SA 49,891 8,329,694 
Alstom SA 30,928 1,102,206 
Arkema SA 6,996 955,928 
Atos Origin SA 10,272 534,112 
AXA SA 216,929 6,311,114 
BNP Paribas SA 121,063 8,103,622 
Bouygues SA 23,162 937,135 
Bureau Veritas SA 30,592 971,105 
Capgemini SA 16,459 3,830,055 
Carrefour SA 66,323 1,200,259 
Compagnie de St. Gobain 56,120 3,872,985 
Compagnie Generale des Etablissements Michelin SCA Series B 18,796 2,955,060 
Credit Agricole SA 146,386 2,208,522 
Danone SA 72,474 4,724,276 
Dassault Systemes SA 72,899 4,257,113 
Edenred SA 26,218 1,417,506 
Eiffage SA 8,589 883,274 
ENGIE 187,928 2,671,242 
EssilorLuxottica SA 31,651 6,545,693 
Faurecia SA 13,652 710,966 
Gecina SA 5,726 801,261 
Hermes International SCA 3,672 5,817,542 
Kering SA 7,771 5,832,407 
L'Oreal SA 25,866 11,832,525 
Legrand SA 28,155 3,071,433 
LVMH Moet Hennessy Louis Vuitton SE 28,183 22,098,901 
Orange SA 197,906 2,158,156 
Orpea 5,864 611,446 
Pernod Ricard SA 21,222 4,874,634 
Publicis Groupe SA 24,718 1,655,578 
Renault SA (a) 21,969 788,805 
Safran SA 36,906 4,967,171 
Sanofi SA 121,224 12,176,245 
Sartorius Stedim Biotech 2,520 1,387,228 
Schneider Electric SA 59,972 10,340,263 
Societe Generale Series A 83,729 2,796,880 
Sodexo SA 8,754 850,048 
Suez Environnement SA 39,898 907,913 
Teleperformance 6,187 2,582,649 
Thales SA 11,243 1,035,334 
Total SA 261,442 13,091,699 
Ubisoft Entertainment SA (a) 9,634 504,473 
Valeo SA 23,745 695,289 
Veolia Environnement SA 68,312 2,229,286 
VINCI SA 54,741 5,845,229 
Vivendi SA 85,224 1,097,008 
Worldline SA (a)(b) 26,292 1,531,227 
TOTAL FRANCE  184,102,497 
Germany - 4.8%   
adidas AG 19,636 6,430,688 
Allianz SE 43,424 10,097,357 
BASF AG 96,706 6,960,285 
Bayer AG 103,545 5,835,557 
Bayerische Motoren Werke AG (BMW) 33,559 3,384,406 
Bechtle AG 8,667 649,235 
Beiersdorf AG 10,405 1,105,390 
Brenntag SE 16,270 1,546,780 
Carl Zeiss Meditec AG 3,807 765,535 
Commerzbank AG (a) 104,501 762,993 
Continental AG (a) 11,472 1,348,780 
Covestro AG (b) 20,328 1,301,854 
Daimler AG (Germany) 87,845 8,706,796 
Delivery Hero AG (a)(b) 19,954 2,480,837 
Deutsche Bank AG (a) 217,631 2,804,127 
Deutsche Borse AG 19,983 3,317,210 
Deutsche Post AG 104,537 6,467,612 
Deutsche Telekom AG 340,991 6,341,463 
E.ON AG 236,426 2,997,101 
Evonik Industries AG 20,375 659,969 
Evotec OAI AG (a) 14,414 697,329 
Fresenius Medical Care AG & Co. KGaA 20,840 1,384,383 
Fresenius SE & Co. KGaA 43,751 1,985,873 
GEA Group AG 17,222 847,909 
Hannover Reuck SE 6,375 1,164,381 
HeidelbergCement AG 15,334 1,154,726 
HelloFresh AG (a) 18,322 1,482,616 
Henkel AG & Co. KGaA 11,075 923,075 
Infineon Technologies AG 137,277 6,428,868 
KION Group AG 7,692 839,400 
Knorr-Bremse AG 7,087 746,671 
Lanxess AG 9,206 620,011 
LEG Immobilien AG 7,669 1,140,529 
Merck KGaA 13,646 3,221,209 
MTU Aero Engines AG 5,607 1,246,753 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 14,753 4,369,355 
Puma AG 10,905 1,352,643 
Rational AG 541 537,590 
Rheinmetall AG 4,629 448,638 
RWE AG 71,467 2,748,629 
SAP SE 115,168 16,677,613 
Scout24 AG (b) 8,753 609,132 
Siemens AG 84,199 13,689,240 
Siemens Healthineers AG (b) 29,783 1,978,299 
Symrise AG 13,632 1,883,940 
TAG Immobilien AG 15,853 481,609 
TeamViewer AG (a)(b) 16,619 248,043 
Thyssenkrupp AG 42,583 442,640 
United Internet AG 10,751 396,210 
Vitesco Technologies Group AG (a) 2,175 124,709 
Vonovia SE 60,593 3,674,587 
Zalando SE (a)(b) 20,404 1,924,229 
TOTAL GERMANY  149,434,814 
Greece - 0.1%   
Alpha Bank SA (a) 207,285 263,224 
EFG Eurobank Ergasias SA (a) 281,240 293,707 
Hellenic Telecommunications Organization SA 23,814 421,193 
Jumbo SA 11,518 170,962 
Motor Oil (HELLAS) Corinth Refineries SA 5,938 100,768 
Mytilineos SA 10,462 190,724 
National Bank of Greece SA (a) 62,666 197,042 
OPAP SA 19,756 307,170 
Public Power Corp. of Greece (a) 13,683 148,290 
Terna Energy SA 6,405 86,629 
TOTAL GREECE  2,179,709 
Hong Kong - 1.5%   
AIA Group Ltd. 1,274,400 14,282,215 
Bank of East Asia Ltd. 152,987 251,685 
BOC Hong Kong (Holdings) Ltd. 380,500 1,207,937 
BYD Electronic International Co. Ltd. 70,000 208,277 
China Evergrande New Energy Vehicle Group Ltd. (a)(d) 280,500 134,833 
China Overseas Land and Investment Ltd. 390,000 860,150 
China Resources Beer Holdings Co. Ltd. 164,000 1,359,553 
China Taiping Insurance Group Ltd. 149,200 228,196 
CLP Holdings Ltd. 175,000 1,713,411 
CSPC Pharmaceutical Group Ltd. 896,160 937,567 
Fosun International Ltd. 239,500 281,656 
Galaxy Entertainment Group Ltd. (a) 211,000 1,141,713 
Guangdong Investment Ltd. 302,000 380,387 
Hang Lung Properties Ltd. 200,000 464,238 
Hang Seng Bank Ltd. 76,100 1,447,568 
Henderson Land Development Co. Ltd. 139,500 584,112 
Hong Kong & China Gas Co. Ltd. 1,129,393 1,754,548 
Hong Kong Exchanges and Clearing Ltd. 125,553 7,597,243 
Lenovo Group Ltd. 736,000 799,273 
Link (REIT) 220,642 1,956,725 
MTR Corp. Ltd. 164,113 894,337 
New World Development Co. Ltd. 151,000 655,003 
Power Assets Holdings Ltd. 143,000 872,097 
Sino Land Ltd. 324,728 426,543 
Sun Hung Kai Properties Ltd. 161,000 2,134,592 
Techtronic Industries Co. Ltd. 181,500 3,734,741 
Vitasoy International Holdings Ltd. 102,000 245,414 
Wharf Holdings Ltd. 145,000 503,181 
TOTAL HONG KONG  47,057,195 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 59,399 507,592 
OTP Bank PLC (a) 23,363 1,403,164 
Richter Gedeon PLC 14,212 398,131 
TOTAL HUNGARY  2,308,887 
India - 2.8%   
Adani Green Energy Ltd. (a) 41,127 632,556 
Adani Ports & Special Economic Zone Ltd. 77,488 716,419 
Apollo Hospitals Enterprise Ltd. 10,623 604,039 
Asian Paints Ltd. 47,500 1,964,575 
Aurobindo Pharma Ltd. 28,826 265,108 
Avenue Supermarts Ltd. (a)(b) 15,421 953,683 
Axis Bank Ltd. (a) 239,023 2,366,154 
Bajaj Auto Ltd. 7,265 359,325 
Bajaj Finance Ltd. 27,976 2,762,030 
Bajaj Finserv Ltd. 4,028 957,689 
Bharat Petroleum Corp. Ltd. 105,078 585,566 
Bharti Airtel Ltd. (a) 254,661 2,328,489 
Britannia Industries Ltd. 12,316 603,970 
Cipla Ltd. (a) 54,576 658,982 
Coal India Ltd. 218,561 479,519 
Divi's Laboratories Ltd. 13,350 917,277 
Dr. Reddy's Laboratories Ltd. 12,876 800,140 
Eicher Motors Ltd. 14,608 484,263 
HCL Technologies Ltd. 114,901 1,753,292 
HDFC Standard Life Insurance Co. Ltd. (b) 98,190 891,380 
Hero Motocorp Ltd. 13,589 481,720 
Hindalco Industries Ltd. 154,823 949,738 
Hindustan Unilever Ltd. 94,124 3,005,174 
Housing Development Finance Corp. Ltd. 190,331 7,223,462 
ICICI Bank Ltd. 540,329 5,781,747 
Indian Oil Corp. Ltd. 264,190 450,979 
Info Edge India Ltd. 7,724 626,056 
Infosys Ltd. 388,859 8,693,641 
ITC Ltd. 311,091 926,363 
JSW Steel Ltd. 101,346 904,752 
Kotak Mahindra Bank Ltd. (a) 114,849 3,112,208 
Larsen & Toubro Ltd. 72,531 1,709,518 
Mahindra & Mahindra Ltd. 100,029 1,180,050 
Maruti Suzuki India Ltd. 13,995 1,397,054 
NTPC Ltd. 502,846 889,901 
Oil & Natural Gas Corp. Ltd. 384,121 763,835 
Power Grid Corp. of India Ltd. 359,043 886,411 
Reliance Industries Ltd. 340,538 11,522,774 
Shriram Transport Finance Co. Ltd. 20,563 394,004 
State Bank of India 188,039 1,259,740 
Sun Pharmaceutical Industries Ltd. 114,270 1,211,989 
Tata Consultancy Services Ltd. 109,172 4,948,825 
Tata Consumer Products Ltd. 63,041 680,831 
Tata Motors Ltd. (a) 184,903 1,188,313 
Tata Steel Ltd. 82,553 1,449,345 
Tech Mahindra Ltd. 64,897 1,279,541 
Titan Co. Ltd. 44,250 1,407,139 
Ultratech Cement Ltd. 12,168 1,239,617 
UPL Ltd. (a) 58,162 574,365 
Vedanta Ltd. 137,853 559,100 
Wipro Ltd. 156,128 1,350,668 
TOTAL INDIA  89,133,316 
Indonesia - 0.4%   
Perusahaan Gas Negara Tbk PT Series B (a) 1,088,200 115,983 
PT ACE Hardware Indonesia Tbk 792,800 78,902 
PT Adaro Energy Tbk 1,418,800 168,243 
PT Aneka Tambang Tbk 820,200 135,470 
PT Astra International Tbk 2,096,200 891,449 
PT Bank Central Asia Tbk 5,843,700 3,083,230 
PT Bank Mandiri (Persero) Tbk 1,968,400 995,168 
PT Bank Negara Indonesia (Persero) Tbk 784,700 387,711 
PT Bank Rakyat Indonesia Tbk 6,824,753 2,048,680 
PT Barito Pacific Tbk 2,942,400 194,187 
PT Bukit Asam Tbk 455,700 86,203 
PT Bumi Serpong Damai Tbk (a) 888,000 69,573 
PT Charoen Pokphand Indonesia Tbk 728,200 318,676 
PT Ciputra Development Tbk 865,900 65,703 
PT Gudang Garam Tbk 46,600 110,189 
PT Indah Kiat Pulp & Paper Tbk 288,000 172,282 
PT Indocement Tunggal Prakarsa Tbk 181,400 151,407 
PT Indofood CBP Sukses Makmur Tbk 207,100 128,638 
PT Indofood Sukses Makmur Tbk 433,000 194,074 
PT Jasa Marga Tbk (a) 273,900 81,199 
PT Kalbe Farma Tbk 2,011,100 227,123 
PT Merdeka Copper Gold Tbk (a) 1,278,800 285,231 
PT Mitra Keluarga Karyasehat Tbk 652,600 105,024 
PT Pabrik Kertas Tjiwi Kimia Tbk 148,500 87,523 
PT Sarana Menara Nusantara Tbk 2,510,400 205,545 
PT Semen Gresik (Persero) Tbk 324,400 208,367 
PT Surya Citra Media Tbk (a) 2,965,500 87,913 
PT Telkom Indonesia Persero Tbk 5,018,600 1,341,400 
PT Tower Bersama Infrastructure Tbk 1,023,600 212,415 
PT United Tractors Tbk 161,500 268,454 
PT Vale Indonesia Tbk 240,100 82,194 
PT XL Axiata Tbk 391,600 85,133 
TOTAL INDONESIA  12,673,289 
Ireland - 0.6%   
Bank Ireland Group PLC (a) 98,830 589,745 
CRH PLC 82,546 3,950,142 
DCC PLC (United Kingdom) 10,457 873,825 
Flutter Entertainment PLC (a) 5,875 1,109,150 
Flutter Entertainment PLC (Ireland) (a) 10,227 1,934,147 
ICON PLC (a) 8,384 2,404,280 
James Hardie Industries PLC CDI 47,178 1,833,040 
Kerry Group PLC Class A 16,195 2,173,557 
Kingspan Group PLC (Ireland) 16,364 1,884,868 
Ryanair Holdings PLC sponsored ADR (a) 9,930 1,127,154 
Smurfit Kappa Group PLC 27,208 1,424,481 
TOTAL IRELAND  19,304,389 
Isle of Man - 0.1%   
Entain PLC (a) 61,677 1,728,677 
NEPI Rockcastle PLC 49,933 334,739 
TOTAL ISLE OF MAN  2,063,416 
Israel - 0.6%   
Airport City Ltd. (a) 7,413 141,216 
Alony Hetz Properties & Investments Ltd. 16,190 263,954 
Amot Investments Ltd. 17,034 129,786 
Azrieli Group 3,950 368,742 
Bank Hapoalim BM (Reg.) 124,129 1,219,970 
Bank Leumi le-Israel BM 154,121 1,469,443 
Bezeq The Israel Telecommunication Corp. Ltd. (a) 223,979 280,367 
Check Point Software Technologies Ltd. (a) 10,907 1,304,477 
Clal Insurance Enterprises Holdings Ltd. (a) 6,585 162,567 
Cognyte Software Ltd. (a) 7,478 148,887 
Compugen Ltd. (a)(d) 9,501 61,661 
CyberArk Software Ltd. (a) 4,216 759,344 
Danel Adir Yeoshua Ltd. 521 109,984 
Elbit Systems Ltd. (Israel) 2,510 395,020 
Electra Israel Ltd. 220 144,611 
Energix-Renewable Energies Ltd. 20,723 97,251 
Enlight Renewable Energy Ltd. (a) 89,314 220,156 
First International Bank of Israel 5,750 230,047 
Formula Systems (1985) Ltd. 897 96,153 
Gav-Yam Lands Corp. Ltd. 6,086 72,355 
Global-e Online Ltd. (a)(d) 2,903 167,968 
Harel Insurance Investments and Financial Services Ltd. 12,544 139,895 
Icl Group Ltd. 71,085 607,660 
InMode Ltd. (a) 5,227 495,206 
Israel Corp. Ltd. (Class A) (a) 463 170,343 
Israel Discount Bank Ltd. (Class A) (a) 124,679 751,774 
Kornit Digital Ltd. (a) 4,866 813,984 
Melisron Ltd. (a) 2,411 203,663 
Mivne Real Estate KD Ltd. 61,764 224,855 
Mizrahi Tefahot Bank Ltd. 15,436 560,493 
Nano Dimension Ltd. ADR (a)(d) 24,907 146,453 
NICE Systems Ltd. (a) 6,648 1,870,226 
Nova Ltd. (a) 2,776 293,887 
Paz Oil Co. Ltd. (a) 1,113 141,466 
Plus500 Ltd. 10,669 192,223 
Radware Ltd. (a) 4,165 147,566 
Reit 1 Ltd. 21,377 133,625 
Shapir Engineering and Industry Ltd. 14,576 119,119 
Shikun & Binui Ltd. (a) 22,653 134,586 
Shufersal Ltd. 27,490 227,263 
Strauss Group Ltd. 5,558 163,226 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 115,618 1,010,501 
The Phoenix Holdings Ltd. 17,688 222,864 
Tower Semiconductor Ltd. (a) 11,877 385,472 
Wix.com Ltd. (a) 5,989 1,113,714 
TOTAL ISRAEL  18,114,023 
Italy - 1.2%   
A2A SpA 168,736 354,617 
Amplifon SpA 9,787 497,240 
Assicurazioni Generali SpA 128,161 2,792,705 
Atlantia SpA (a) 52,308 1,010,119 
Azimut Holding SpA 11,889 342,080 
Banco BPM SpA 156,377 485,553 
Buzzi Unicem SpA 9,677 225,634 
DiaSorin SpA 2,085 470,844 
Enel SpA 814,403 6,818,010 
Eni SpA 265,431 3,804,275 
FinecoBank SpA 63,973 1,221,330 
Hera SpA 84,609 345,947 
Infrastrutture Wireless Italiane SpA (b) 38,207 422,063 
Interpump Group SpA 8,806 648,958 
Intesa Sanpaolo SpA 1,801,911 5,121,353 
Italgas SpA 49,032 311,179 
Leonardo SpA (a) 43,691 320,112 
Mediobanca SpA 76,520 912,435 
Moncler SpA 22,200 1,594,198 
Nexi SpA (a)(b) 48,356 839,891 
Pirelli & C. SpA (b) 47,937 294,365 
Poste Italiane SpA (b) 48,416 690,656 
Prada SpA 51,800 324,894 
Prysmian SpA 28,015 1,059,001 
Recordati SpA 10,552 660,162 
Reply SpA 2,355 456,543 
Snam Rete Gas SpA 215,420 1,219,478 
Telecom Italia SpA 1,251,068 446,319 
Telecom Italia SpA (Risparmio Shares) 465,378 176,725 
Terna - Rete Elettrica Naziona 147,827 1,100,861 
UniCredit SpA 236,374 3,121,589 
TOTAL ITALY  38,089,136 
Japan - 16.0%   
ACOM Co. Ltd. 44,700 149,080 
Activia Properties, Inc. 80 327,974 
Advance Residence Investment Corp. 147 483,146 
Advantest Corp. 21,000 1,721,747 
Aeon (REIT) Investment Corp. 176 237,924 
AEON Co. Ltd. 92,100 2,118,729 
AGC, Inc. 23,700 1,180,156 
Aica Kogyo Co. Ltd. 6,600 202,295 
Ain Holdings, Inc. 2,900 171,171 
Air Water, Inc. 24,600 376,382 
Aisin Seiki Co. Ltd. 19,400 709,900 
Ajinomoto Co., Inc. 57,400 1,718,595 
Alfresa Holdings Corp. 21,300 300,266 
Alps Electric Co. Ltd. 23,200 226,689 
Amada Co. Ltd. 37,400 369,492 
Ana Holdings, Inc. (a) 16,800 391,457 
Anritsu Corp. 13,700 227,180 
Aozora Bank Ltd. 11,700 267,637 
As One Corp. 1,700 233,040 
Asahi Group Holdings 53,400 2,423,307 
ASAHI INTECC Co. Ltd. 24,800 653,712 
Asahi Kasei Corp. 147,300 1,547,438 
Asics Corp. 19,700 490,952 
Astellas Pharma, Inc. 196,300 3,309,379 
Azbil Corp. 13,900 592,596 
Bandai Namco Holdings, Inc. 23,400 1,788,195 
Bank of Kyoto Ltd. 8,200 368,781 
BayCurrent Consulting, Inc. 1,500 622,530 
Benefit One, Inc. 8,100 408,779 
Bic Camera, Inc. 19,500 168,178 
Bridgestone Corp. 63,900 2,826,890 
Brother Industries Ltd. 27,900 539,417 
Calbee, Inc. 12,500 322,069 
Canon, Inc. 109,500 2,489,961 
Capcom Co. Ltd. 17,400 468,328 
Casio Computer Co. Ltd. 24,500 346,702 
Central Japan Railway Co. 21,700 3,218,992 
Chiba Bank Ltd. 79,100 490,279 
Chubu Electric Power Co., Inc. 74,600 772,195 
Chugai Pharmaceutical Co. Ltd. 67,700 2,531,261 
Chugoku Electric Power Co., Inc. 33,400 277,048 
Coca-Cola West Co. Ltd. 16,300 224,314 
COMSYS Holdings Corp. 13,500 334,274 
Concordia Financial Group Ltd. 128,900 512,335 
Cosmos Pharmaceutical Corp. 2,200 336,198 
CyberAgent, Inc. 43,100 722,164 
Dai Nippon Printing Co. Ltd. 29,400 728,387 
Dai-ichi Mutual Life Insurance Co. 117,200 2,465,720 
Daicel Chemical Industries Ltd. 31,600 236,598 
Daifuku Co. Ltd. 13,300 1,224,391 
Daiichi Sankyo Kabushiki Kaisha 192,800 4,864,803 
Daikin Industries Ltd. 30,900 6,767,558 
Daio Paper Corp. 12,700 223,476 
Daito Trust Construction Co. Ltd. 7,300 905,084 
Daiwa House Industry Co. Ltd. 70,100 2,312,613 
Daiwa House REIT Investment Corp. 221 634,189 
Daiwa Office Investment Corp. 31 200,102 
Daiwa Securities Group, Inc. 162,700 914,073 
Daiwa Securities Living Invest 212 214,166 
Denka Co. Ltd. 9,500 311,022 
DENSO Corp. 54,800 3,972,735 
Dentsu Group, Inc. 26,000 950,137 
Dic Corp. 8,100 214,462 
Disco Corp. 3,100 835,753 
Dmg Mori Co. Ltd. 14,000 241,091 
Dowa Holdings Co. Ltd. 5,800 242,231 
East Japan Railway Co. 39,900 2,485,231 
Ebara Corp. 9,000 491,102 
Eisai Co. Ltd. 31,300 2,217,799 
Electric Power Development Co. Ltd. 17,100 226,055 
ENEOS Holdings, Inc. 341,300 1,376,207 
Exeo Group, Inc. 11,400 263,501 
Ezaki Glico Co. Ltd. 6,300 228,649 
Fancl Corp. 8,800 266,798 
FANUC Corp. 20,200 3,991,948 
Fast Retailing Co. Ltd. 6,900 4,580,342 
Food & Life Companies Ltd. 12,200 528,790 
FP Corp. 6,000 203,742 
Freee KK (a) 4,100 294,281 
Frontier Real Estate Investment Corp. 54 238,904 
Fuji Corp. 10,300 240,258 
Fuji Electric Co. Ltd. 15,900 777,473 
FUJIFILM Holdings Corp. 42,300 3,268,835 
Fujitsu Ltd. 19,400 3,352,897 
Fukuoka Financial Group, Inc. 20,700 371,882 
Furukawa Electric Co. Ltd. 6,700 146,603 
GLP J-REIT 474 773,161 
GMO Internet, Inc. 6,800 187,777 
GMO Payment Gateway, Inc. 4,800 608,142 
GOLDWIN, Inc. 3,800 229,935 
GS Yuasa Corp. 8,900 193,750 
Hakuhodo DY Holdings, Inc. 31,300 510,303 
Hamamatsu Photonics K.K. 15,500 919,962 
Hankyu Hanshin Holdings, Inc. 25,800 799,944 
Harmonic Drive Systems, Inc. 5,300 240,258 
Haseko Corp. 23,600 307,297 
Hikari Tsushin, Inc. 2,200 339,139 
Hino Motors Ltd. 31,400 297,034 
Hirose Electric Co. Ltd. 3,500 585,308 
Hisamitsu Pharmaceutical Co., Inc. 8,800 300,226 
Hitachi Construction Machinery Co. Ltd. 10,400 331,822 
Hitachi Ltd. 102,000 5,877,705 
Hitachi Metals Ltd. (a) 21,000 397,544 
Honda Motor Co. Ltd. 181,100 5,356,551 
Horiba Ltd. 4,800 314,694 
Hoshizaki Corp. 6,200 521,364 
House Foods Group, Inc. 7,900 226,665 
Hoya Corp. 39,000 5,741,134 
Hulic Co. Ltd. 52,600 505,775 
Ibiden Co. Ltd. 14,000 841,203 
Idemitsu Kosan Co. Ltd. 26,057 711,677 
IHI Corp. (a) 16,600 387,740 
Iida Group Holdings Co. Ltd. 19,200 473,367 
Industrial & Infrastructure Fund Investment Corp. 220 403,381 
Infomart Corp. 21,700 211,756 
INPEX Corp. 113,600 947,347 
Invincible Investment Corp. 626 247,488 
Isetan Mitsukoshi Holdings Ltd. 42,000 307,060 
Isuzu Motors Ltd. 66,000 887,885 
ITO EN Ltd. 6,900 459,580 
Itochu Corp. 156,800 4,472,072 
ITOCHU Techno-Solutions Corp. 10,200 322,211 
Iwatani Corp. 5,800 342,580 
Iyo Bank Ltd. 36,600 179,066 
J. Front Retailing Co. Ltd. 28,900 267,872 
Japan Airlines Co. Ltd. (a) 15,200 327,125 
Japan Airport Terminal Co. Ltd. (a) 9,800 486,154 
Japan Exchange Group, Inc. 56,200 1,330,708 
Japan Hotel REIT Investment Corp. 458 276,590 
Japan Logistics Fund, Inc. 93 278,193 
Japan Post Holdings Co. Ltd. 126,700 973,551 
Japan Post Insurance Co. Ltd. 21,200 343,964 
Japan Prime Realty Investment Corp. 102 374,127 
Japan Real Estate Investment Corp. 146 894,868 
Japan Retail Fund Investment Corp. 733 673,274 
Japan Steel Works Ltd. 7,400 217,392 
Japan Tobacco, Inc. 115,500 2,267,401 
JCR Pharmaceuticals Co. Ltd. 8,200 201,252 
JFE Holdings, Inc. 60,900 930,579 
JGC Corp. 28,600 268,763 
JSR Corp. 22,600 819,692 
JTEKT Corp. 27,500 243,420 
Justsystems Corp. 3,000 155,059 
K's Holdings Corp. 21,600 222,971 
Kadokawa Corp. 5,600 295,684 
Kagome Co. Ltd. 8,500 215,694 
Kajima Corp. 53,300 656,270 
Kakaku.com, Inc. 13,800 457,952 
Kamigumi Co. Ltd. 12,000 241,619 
Kaneka Corp. 7,400 283,782 
Kansai Electric Power Co., Inc. 86,300 794,574 
Kansai Paint Co. Ltd. 27,200 629,843 
Kao Corp. 50,200 2,839,717 
Kawasaki Heavy Industries Ltd. (a) 18,100 367,293 
KDDI Corp. 174,600 5,339,269 
Keihan Electric Railway Co., Ltd. 11,800 310,418 
Keikyu Corp. 28,200 318,277 
Keio Corp. 13,100 661,258 
Keisei Electric Railway Co. 18,100 582,473 
Kenedix Office Investment Corp. 44 278,597 
Kewpie Corp. 12,200 267,599 
Keyence Corp. 20,200 12,193,019 
Kikkoman Corp. 20,300 1,660,339 
Kinden Corp. 13,000 213,338 
Kintetsu Group Holdings Co. Ltd. (a) 20,400 642,152 
Kirin Holdings Co. Ltd. 87,300 1,519,530 
Kobayashi Pharmaceutical Co. Ltd. 6,100 488,403 
Kobe Bussan Co. Ltd. 12,900 444,362 
Koei Tecmo Holdings Co. Ltd. 6,240 290,461 
Koito Manufacturing Co. Ltd. 13,700 777,313 
Komatsu Ltd. 103,000 2,697,706 
Konami Holdings Corp. 10,400 572,318 
Konica Minolta, Inc. 55,100 272,728 
Kose Corp. 3,600 418,053 
Kubota Corp. 121,300 2,584,056 
Kuraray Co. Ltd. 36,700 332,101 
Kurita Water Industries Ltd. 11,300 558,125 
Kyocera Corp. 37,300 2,183,801 
Kyowa Hakko Kirin Co., Ltd. 26,900 884,689 
Kyushu Electric Power Co., Inc. 48,100 338,835 
Kyushu Railway Co. 16,700 373,823 
LaSalle Logiport REIT 185 308,675 
Lasertec Corp. 8,100 1,757,018 
Lawson, Inc. 5,300 256,306 
Lion Corp. 31,400 522,948 
LIXIL Group Corp. 30,800 791,249 
M3, Inc. 45,200 2,663,651 
Mabuchi Motor Co. Ltd. 6,000 206,870 
Makita Corp. 29,300 1,359,870 
Mani, Inc. 9,100 155,123 
Marubeni Corp. 182,800 1,551,117 
Marui Group Co. Ltd. 23,500 461,157 
Matsumotokiyoshi Holdings Co. Ltd. 10,000 443,395 
Mazda Motor Corp. (a) 63,700 572,935 
McDonald's Holdings Co. (Japan) Ltd. 7,700 344,125 
Mebuki Financial Group, Inc. 130,000 266,177 
Medipal Holdings Corp. 21,200 383,555 
Meiji Holdings Co. Ltd. 15,400 971,875 
Menicon Co. Ltd. 7,100 266,564 
Mercari, Inc. (a) 11,700 633,080 
Minebea Mitsumi, Inc. 42,700 1,081,038 
Misumi Group, Inc. 29,900 1,250,531 
Mitsubishi Chemical Holdings Corp. 149,500 1,237,476 
Mitsubishi Corp. 156,300 4,970,024 
Mitsubishi Electric Corp. 225,800 3,032,368 
Mitsubishi Estate Co. Ltd. 146,200 2,221,800 
Mitsubishi Gas Chemical Co., Inc. 22,300 448,815 
Mitsubishi Heavy Industries Ltd. 35,700 912,952 
Mitsubishi Logistics Corp. 7,700 215,026 
Mitsubishi Materials Corp. 13,900 269,837 
Mitsubishi UFJ Financial Group, Inc. 1,358,200 7,447,687 
Mitsubishi UFJ Lease & Finance Co. Ltd. 83,700 419,689 
Mitsui & Co. Ltd. 172,900 3,956,732 
Mitsui Chemicals, Inc. 21,500 639,278 
Mitsui Fudosan Co. Ltd. 101,700 2,325,252 
Mitsui Fudosan Logistics Park, Inc. 54 287,061 
Mitsui Mining & Smelting Co. Ltd. 6,500 186,519 
Mitsui OSK Lines Ltd. 12,800 807,059 
Miura Co. Ltd. 12,300 473,125 
Mizuho Financial Group, Inc. 266,940 3,523,068 
MonotaRO Co. Ltd. 26,300 599,424 
Mori Hills REIT Investment Corp. 174 235,916 
Morinaga & Co. Ltd. 4,900 173,160 
Morinaga Milk Industry Co. Ltd. 4,900 287,163 
MS&AD Insurance Group Holdings, Inc. 48,900 1,579,830 
Murata Manufacturing Co. Ltd. 67,700 5,021,890 
Nabtesco Corp. 12,500 405,670 
Nagoya Railroad Co. Ltd. (a) 19,800 327,150 
Nankai Electric Railway Co. Ltd. 12,100 240,146 
NEC Corp. 29,000 1,484,859 
Net One Systems Co. Ltd. 8,700 285,303 
Nexon Co. Ltd. 48,700 828,930 
NGK Insulators Ltd. 29,100 484,549 
NGK Spark Plug Co. Ltd. 17,500 279,563 
NH Foods Ltd. 11,000 386,845 
Nichirei Corp. 14,500 353,154 
Nidec Corp. 57,800 6,401,803 
Nifco, Inc. 9,800 312,616 
Nihon Kohden Corp. 9,000 286,373 
Nihon M&A Center Holdings, Inc. 31,500 967,189 
Nihon Unisys Ltd. 8,200 230,394 
Nikon Corp. 37,100 409,056 
Nintendo Co. Ltd. 12,500 5,520,713 
Nippon Accommodations Fund, Inc. 51 284,440 
Nippon Building Fund, Inc. 172 1,117,475 
Nippon Electric Glass Co. Ltd. 9,300 237,456 
Nippon Express Co. Ltd. 9,100 569,610 
Nippon Gas Co. Ltd. 13,200 163,727 
Nippon Paint Holdings Co. Ltd. 151,400 1,619,956 
Nippon Sanso Holdings Corp. 22,000 519,389 
Nippon Shinyaku Co. Ltd. 6,500 520,757 
Nippon Shokubai Co. Ltd. 3,600 188,081 
Nippon Steel & Sumitomo Metal Corp. 99,400 1,742,757 
Nippon Telegraph & Telephone Corp. 135,500 3,796,567 
Nippon Yusen KK 18,100 1,304,237 
Nishi-Nippon Railroad Co. Ltd. 8,200 201,993 
Nissan Chemical Corp. 15,000 834,880 
Nissan Motor Co. Ltd. (a) 253,500 1,290,280 
Nisshin Seifun Group, Inc. 27,600 435,821 
Nissin Food Holdings Co. Ltd. 8,900 680,315 
Nitori Holdings Co. Ltd. 9,200 1,690,137 
Nitto Denko Corp. 15,800 1,234,615 
NOF Corp. 9,000 451,679 
Nomura Holdings, Inc. 322,600 1,536,388 
Nomura Real Estate Holdings, Inc. 12,800 312,056 
Nomura Real Estate Master Fund, Inc. 499 747,236 
Nomura Research Institute Ltd. 45,700 1,829,557 
NSK Ltd. 49,600 333,285 
NTT Data Corp. 67,800 1,360,124 
Obayashi Corp. 76,500 645,832 
OBIC Co. Ltd. 7,000 1,294,465 
Odakyu Electric Railway Co. Ltd. 36,300 786,963 
Oji Holdings Corp. 105,100 520,953 
Olympus Corp. 136,800 2,963,505 
OMRON Corp. 21,900 2,094,399 
Ono Pharmaceutical Co. Ltd. 52,300 1,097,345 
Open House Co. Ltd. 7,900 503,807 
Oracle Corp. Japan 3,600 340,648 
Oriental Land Co. Ltd. 24,100 3,806,348 
ORIX Corp. 128,500 2,554,105 
ORIX JREIT, Inc. 292 484,459 
Osaka Gas Co. Ltd. 43,700 704,356 
Otsuka Corp. 12,400 610,781 
Otsuka Holdings Co. Ltd. 59,100 2,337,363 
Pan Pacific International Holdings Ltd. 56,000 1,175,826 
Panasonic Corp. 245,600 3,037,098 
Park24 Co. Ltd. (a) 12,800 196,067 
Penta-Ocean Construction Co. Ltd. 28,000 192,946 
PeptiDream, Inc. (a) 10,700 258,643 
Persol Holdings Co. Ltd. 19,900 534,885 
Pigeon Corp. 13,200 305,662 
Rakuten Group, Inc. 96,400 1,055,390 
Recruit Holdings Co. Ltd. 178,600 11,880,297 
Relo Group, Inc. 12,000 249,598 
Renesas Electronics Corp. (a) 146,200 1,798,469 
Rengo Co. Ltd. 27,200 206,261 
Resona Holdings, Inc. 254,900 957,557 
Ricoh Co. Ltd. 78,200 761,499 
Rinnai Corp. 4,200 431,225 
ROHM Co. Ltd. 9,200 841,226 
Rohto Pharmaceutical Co. Ltd. 11,900 363,589 
Ryohin Keikaku Co. Ltd. 27,600 543,892 
Sankyu, Inc. 6,700 302,483 
Santen Pharmaceutical Co. Ltd. 43,100 607,492 
Sanwa Holdings Corp. 23,400 272,929 
Sawai Group Holdings Co. Ltd. 4,900 216,160 
SBI Holdings, Inc. Japan 25,500 660,946 
Screen Holdings Co. Ltd. 5,100 474,041 
SCSK Corp. 16,500 333,912 
Secom Co. Ltd. 22,600 1,540,698 
Sega Sammy Holdings, Inc. 18,400 261,656 
Seibu Holdings, Inc. (a) 29,100 317,875 
Seiko Epson Corp. 32,600 580,478 
Seino Holdings Co. Ltd. 18,000 218,086 
Sekisui Chemical Co. Ltd. 45,900 754,079 
Sekisui House (REIT), Inc. 450 340,200 
Sekisui House Ltd. 67,900 1,411,694 
Seven & i Holdings Co. Ltd. 84,000 3,526,721 
SG Holdings Co. Ltd. 52,800 1,325,866 
Sharp Corp. 22,500 265,392 
Shimadzu Corp. 28,800 1,170,064 
Shimamura Co. Ltd. 2,700 228,616 
SHIMANO, Inc. 8,900 2,483,221 
SHIMIZU Corp. 71,700 525,335 
Shin-Etsu Chemical Co. Ltd. 41,700 7,436,489 
Shinsei Bank Ltd. 13,300 219,645 
Shionogi & Co. Ltd. 29,900 1,949,489 
Ship Healthcare Holdings, Inc. 8,800 231,144 
Shiseido Co. Ltd. 42,300 2,822,551 
Shizuoka Bank Ltd. 63,200 508,911 
SHO-BOND Holdings Co. Ltd. 4,800 201,069 
Shochiku Co. Ltd. (a) 1,600 174,100 
Showa Denko K.K. 19,200 481,537 
Skylark Co. Ltd. (a) 24,300 329,255 
SMC Corp. 6,500 3,878,974 
SMS Co., Ltd. 7,900 306,507 
SoftBank Corp. 291,800 3,982,976 
SoftBank Group Corp. 132,500 7,173,206 
Sohgo Security Services Co., Ltd. 9,100 389,332 
Sojitz Corp. 23,040 380,138 
Sompo Holdings, Inc. 37,200 1,613,246 
Sony Group Corp. 132,800 15,377,759 
Sotetsu Holdings, Inc. 10,200 197,297 
Square Enix Holdings Co. Ltd. 9,300 509,455 
Stanley Electric Co. Ltd. 15,400 388,160 
Subaru Corp. 65,000 1,274,962 
Sugi Holdings Co. Ltd. 3,900 279,245 
Sumco Corp. 27,100 517,843 
Sumitomo Chemical Co. Ltd. 171,400 844,370 
Sumitomo Corp. 131,200 1,869,556 
Sumitomo Dainippon Pharma Co., Ltd. 20,600 291,316 
Sumitomo Electric Industries Ltd. 84,500 1,121,557 
Sumitomo Forestry Co. Ltd. 19,800 378,199 
Sumitomo Heavy Industries Ltd. 12,300 316,670 
Sumitomo Metal Mining Co. Ltd. 29,000 1,124,977 
Sumitomo Mitsui Financial Group, Inc. 144,600 4,692,220 
Sumitomo Mitsui Trust Holdings, Inc. 39,600 1,302,597 
Sumitomo Realty & Development Co. Ltd. 50,200 1,814,224 
Sundrug Co. Ltd. 6,800 199,009 
Suntory Beverage & Food Ltd. 13,300 516,072 
Suzuken Co. Ltd. 7,800 217,136 
Suzuki Motor Corp. 51,400 2,292,281 
Sysmex Corp. 17,900 2,219,437 
T&D Holdings, Inc. 61,500 788,778 
Taiheiyo Cement Corp. 12,900 274,077 
Taisei Corp. 21,300 668,376 
Taisho Pharmaceutical Holdings Co. Ltd. 6,000 321,967 
Taiyo Yuden Co. Ltd. 13,700 694,405 
Takara Holdings, Inc. 21,700 296,818 
Takeda Pharmaceutical Co. Ltd. 166,884 4,683,738 
TDK Corp. 40,800 1,483,202 
TechnoPro Holdings, Inc. 11,600 370,727 
Teijin Ltd. 21,500 288,589 
Terumo Corp. 80,000 3,529,265 
THK Co. Ltd. 13,600 292,449 
TIS, Inc. 24,300 662,002 
Tobu Railway Co. Ltd. 22,100 550,238 
Toda Corp. 26,400 166,311 
Toho Co. Ltd. 14,900 700,064 
Toho Gas Co. Ltd. 10,900 322,885 
Tohoku Electric Power Co., Inc. 54,500 353,603 
Tokai Carbon Co. Ltd. 23,400 306,089 
Tokio Marine Holdings, Inc. 73,400 3,865,981 
Tokyo Century Corp. 5,000 286,279 
Tokyo Electric Power Co., Inc. (a) 87,800 243,206 
Tokyo Electron Ltd. 16,600 7,736,149 
Tokyo Gas Co. Ltd. 43,000 746,176 
Tokyo Ohka Kogyo Co. Ltd. 4,500 286,085 
Tokyo Seimitsu Co. Ltd. 4,300 175,079 
Tokyo Tatemono Co. Ltd. 21,800 320,425 
Tokyu Corp. 59,400 837,434 
Tokyu Fudosan Holdings Corp. 63,900 370,263 
Toppan, Inc. 36,900 595,645 
Toray Industries, Inc. 171,300 1,067,459 
Toshiba Corp. 47,900 2,066,030 
Tosoh Corp. 34,800 586,068 
Toto Ltd. 16,900 816,512 
Toyo Suisan Kaisha Ltd. 10,800 465,362 
Toyo Tire Corp. 13,800 229,472 
Toyoda Gosei Co. Ltd. 6,900 141,190 
Toyota Industries Corp. 21,600 1,836,272 
Toyota Motor Corp. 1,357,500 23,951,955 
Toyota Tsusho Corp. 25,200 1,093,080 
Trend Micro, Inc. 14,800 836,502 
Tsumura & Co. 7,500 233,741 
Tsuruha Holdings, Inc. 4,200 518,050 
Ube Industries Ltd. 9,900 184,450 
Ulvac, Inc. 5,100 286,136 
Unicharm Corp. 47,100 1,904,857 
United Urban Investment Corp. 320 398,899 
USS Co. Ltd. 23,800 383,616 
Welcia Holdings Co. Ltd. 10,900 406,912 
West Japan Railway Co. 25,200 1,189,582 
Workman Co. Ltd. 2,400 127,608 
Yakult Honsha Co. Ltd. 17,000 858,980 
Yamada Holdings Co. Ltd. 75,600 288,890 
Yamaha Corp. 17,200 1,086,663 
Yamaha Motor Co. Ltd. 33,200 925,411 
Yamato Holdings Co. Ltd. 36,300 892,370 
Yamazaki Baking Co. Ltd. 19,400 294,702 
Yaskawa Electric Corp. 28,200 1,221,401 
Yokogawa Electric Corp. 25,500 509,547 
Yokohama Rubber Co. Ltd. 14,600 247,049 
Z Holdings Corp. 272,000 1,688,582 
Zenkoku Hosho Co. Ltd. 5,800 280,283 
Zensho Holdings Co. Ltd. 8,900 205,560 
Zeon Corp. 20,500 243,212 
ZOZO, Inc. 11,800 378,763 
TOTAL JAPAN  501,470,677 
Korea (South) - 3.5%   
Alteogen, Inc. 3,225 192,170 
AMOREPACIFIC Corp. 3,122 483,329 
AMOREPACIFIC Group, Inc. 3,556 150,577 
BGF Retail Co. Ltd. 942 130,192 
Binex Co. Ltd. (a) 2,406 34,044 
BNK Financial Group, Inc. 31,643 237,335 
Bukwang Pharmaceutical Co. Ltd. 5,114 56,967 
Cellivery Therapeutics, Inc. 1,315 56,061 
Celltrion Healthcare Co. Ltd. 9,321 644,800 
Celltrion Pharm, Inc. 1,804 174,816 
Celltrion, Inc. (a) 10,621 1,819,138 
CHA Biotech Co. Ltd. (a) 6,023 100,352 
Cheil Worldwide, Inc. 8,224 167,186 
Chong Kun Dang Pharmaceutical Corp. 855 85,433 
Chunbo Co. Ltd. 504 121,919 
CJ CheilJedang Corp. 851 275,161 
CJ Corp. 1,661 135,860 
CJ ENM Co. Ltd. 1,117 168,082 
CJ Logistics Corp. (a) 907 109,718 
Com2uS Corp. 690 75,626 
Cosmax, Inc. (a) 979 103,633 
Coway Co. Ltd. 5,725 386,194 
CS Wind Corp. 2,502 148,603 
Daewoo Engineering & Construction Co. Ltd. (a) 20,906 111,355 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 3,821 84,433 
Daewoong Co. Ltd. 1,791 48,280 
DB HiTek Co. Ltd. 4,411 216,911 
Db Insurance Co. Ltd. 4,919 248,701 
DGB Financial Group Co. Ltd. 16,583 146,186 
DL E&C Co. Ltd. (a) 1,593 183,489 
DL Holdings Co. Ltd. 1,180 66,189 
Dong Suh Companies, Inc. 4,774 140,240 
Dongjin Semichem Co. Ltd. 4,032 120,749 
DongKook Pharmaceutical Co. Ltd. 3,481 66,567 
Doosan Bobcat, Inc. (a) 5,402 175,647 
Doosan Fuel Cell Co. Ltd. (a) 4,301 192,084 
Doosan Heavy Industries & Construction Co. Ltd. (a) 27,568 573,737 
Douzone Bizon Co. Ltd. 2,116 146,952 
E-Mart, Inc. 2,152 308,197 
Ecopro BM Co. Ltd. 1,177 411,701 
Ecopro Co. Ltd. 1,778 152,092 
Ecopro HN Co. Ltd. 1,384 128,220 
EO Technics Co. Ltd. 1,095 100,481 
F&F Co. Ltd. (a) 371 275,623 
F&F Holdings Co. Ltd. 439 14,634 
Fila Holdings Corp. 4,685 148,503 
GemVax & Kael Co. Ltd. (a) 3,562 56,601 
Genexine Co. Ltd. (a) 2,374 132,799 
Green Cross Corp. 557 130,373 
Green Cross Holdings Corp. 3,715 92,775 
GS Engineering & Construction Corp. 8,340 294,419 
GS Holdings Corp. 9,734 350,705 
GS Retail Co. Ltd. 3,686 101,244 
Hana Financial Group, Inc. 31,540 1,209,944 
HanAll BioPharma Co. Ltd. (a) 4,391 76,497 
Hanjin Kal Corp. (a) 2,444 114,109 
Hankook Tire Co. Ltd. 8,231 290,141 
Hanmi Pharm Co. Ltd. 623 140,105 
Hanmi Science Co. Ltd. 3,800 183,743 
Hanon Systems 15,468 190,637 
Hansol Chemical Co. Ltd. 1,027 288,343 
Hanssem Co. Ltd. 1,259 109,061 
Hanwha Aerospace Co. Ltd. 3,348 128,652 
Hanwha Corp. 4,484 128,419 
Hanwha Life Insurance Co. Ltd. 28,247 83,737 
Hanwha Solutions Corp. (a) 12,595 439,603 
HDC Hyundai Development Co. 4,365 95,231 
Helixmith Co., Ltd. (a) 2,867 58,228 
Hite Jinro Co. Ltd. 3,194 94,828 
HLB Life Science Co. Ltd. 8,189 104,333 
HLB, Inc. 10,318 369,687 
HMM Co. Ltd. (a) 32,001 728,439 
Hotel Shilla Co. 3,498 260,682 
HUGEL, Inc. (a) 785 121,350 
HYBE Co. Ltd. (a) 1,934 552,750 
Hyosung Corp. 898 79,099 
Hyosung TNC Co. Ltd. 236 120,710 
Hyundai Bioscience Co. Ltd. (a) 3,288 66,047 
Hyundai Department Store Co. Ltd. 1,691 119,453 
Hyundai Doosan Infracore Co. Lt (a) 4,152 37,181 
Hyundai Elevator Co. Ltd. 2,209 91,260 
Hyundai Engineering & Construction Co. Ltd. 7,681 330,349 
Hyundai Fire & Marine Insurance Co. Ltd. 6,116 136,842 
Hyundai Glovis Co. Ltd. 2,291 328,237 
Hyundai Heavy Industries Holdi 5,659 305,228 
Hyundai Mipo Dockyard Co. Ltd. (a) 2,235 144,608 
Hyundai Mobis 7,036 1,513,170 
Hyundai Motor Co. 14,377 2,558,226 
Hyundai Rotem Co. Ltd. (a) 7,995 154,030 
Hyundai Steel Co. 9,036 343,611 
Hyundai Wia Corp. 1,612 115,815 
Il-Yang Pharmaceutical Co. Ltd. 1,175 29,847 
Iljin Materials Co. Ltd. 2,155 185,283 
Industrial Bank of Korea 28,600 269,301 
IS Dongseo Co. Ltd. 1,814 69,977 
JB Financial Group Co. Ltd. 12,995 98,282 
JYP Entertainment Corp. 2,728 122,064 
Kakao Corp. 32,813 3,512,075 
Kakao Games Corp. (a) 4,472 304,097 
Kangwon Land, Inc. (a) 11,871 281,017 
KB Financial Group, Inc. 41,135 1,980,889 
Kia Corp. 28,203 2,047,491 
Kiwoom Securities Co. Ltd. 1,589 142,517 
KMW Co. Ltd. (a) 3,360 118,122 
Koh Young Technology, Inc. 5,425 85,286 
Kolon Industries, Inc. 1,827 139,077 
Korea Aerospace Industries Ltd. 7,939 207,524 
Korea Electric Power Corp. 27,007 520,581 
Korea Gas Corp. (a) 2,871 108,509 
Korea Investment Holdings Co. Ltd. 4,328 322,038 
Korea Petro Chemical Industries Co. Ltd. 536 84,763 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 4,493 395,212 
Korea Zinc Co. Ltd. 1,286 589,066 
Korean Air Lines Co. Ltd. (a) 18,333 475,536 
KT&G Corp. 11,956 826,193 
Kumho Petro Chemical Co. Ltd. 1,923 281,495 
L&F Co. Ltd. 2,439 384,171 
Leeno Industrial, Inc. 845 123,212 
LegoChem Biosciences, Inc. (a) 2,215 85,060 
LG Chemical Ltd. 4,931 3,520,129 
LG Corp. 12,474 970,188 
LG Display Co. Ltd. (a) 23,360 392,770 
LG Electronics, Inc. 10,664 1,097,578 
LG Household & Health Care Ltd. 892 888,215 
LG Innotek Co. Ltd. 1,551 277,374 
LG Uplus Corp. 22,382 274,047 
Lotte Chemical Corp. 1,685 322,434 
Lotte Confectionery Co. Ltd. 4,679 130,386 
Lotte Fine Chemical Co. Ltd. 1,855 134,736 
Lotte Shopping Co. Ltd. 1,134 101,541 
LS Corp. 3,145 167,754 
LS Electric Co. Ltd. 1,415 71,247 
LX Holdings Corp. (a) 5,310 40,048 
LX International Corp. 3,292 76,342 
Mando Corp. (a) 3,202 170,990 
Mcnex Co. Ltd. 1,864 68,990 
MedPacto, Inc. (a) 1,771 85,367 
Meritz Fire & Marine Insurance Co. Ltd. 6,044 142,928 
Meritz Securities Co. Ltd. 33,033 131,319 
Mezzion Pharma Co. Ltd. (a) 657 87,757 
Mirae Asset Securities Co. Ltd. 29,893 221,875 
NAVER Corp. 15,576 5,387,750 
NCSOFT Corp. 1,701 909,276 
NEPES Corp. Ltd. (a) 2,317 69,321 
Netmarble Corp. (b) 2,736 288,240 
NH Investment & Securities Co. Ltd. 14,626 164,350 
NHN Corp. (a) 950 64,760 
NHN KCP Corp. 1,579 77,078 
NongShim Co. Ltd. 464 111,931 
Oci Co. Ltd. (a) 2,067 227,836 
Orion Corp./Republic of Korea 2,528 254,356 
Oscotec, Inc. (a) 3,040 77,592 
Ottogi Corp. 231 94,667 
Pan Ocean Co., Ltd. (Korea) 26,134 134,535 
Paradise Co. Ltd. (a) 4,130 61,273 
Pearl Abyss Corp. (a) 4,118 364,786 
Pharmicell Co. Ltd. (a) 6,877 73,289 
POSCO 7,998 2,018,150 
POSCO Chemtech Co. Ltd. 3,324 412,593 
Posco International Corp. 4,636 85,936 
S-Oil Corp. 4,389 382,059 
S1 Corp. 1,857 131,718 
Sam Chun Dang Pharm Co. Ltd. (a) 1,818 73,071 
Samsung Biologics Co. Ltd. (a)(b) 1,729 1,281,483 
Samsung C&T Corp. 9,405 916,156 
Samsung Electro-Mechanics Co. Ltd. 6,075 823,094 
Samsung Electronics Co. Ltd. 541,576 32,259,660 
Samsung Engineering Co. Ltd. (a) 17,338 366,872 
Samsung Fire & Marine Insurance Co. Ltd. 3,355 661,628 
Samsung Heavy Industries Co. Ltd. (a) 74,930 407,380 
Samsung Heavy Industries Co. Ltd. rights 10/29/21(a) 15,786 16,800 
Samsung Life Insurance Co. Ltd. 9,952 572,735 
Samsung SDI Co. Ltd. 5,616 3,525,132 
Samsung SDS Co. Ltd. 4,167 544,917 
Samsung Securities Co. Ltd. 6,739 272,560 
Seegene, Inc. 4,457 202,873 
Seoul Semiconductor Co. Ltd. 4,340 55,292 
Shin Poong Pharmaceutical Co. 3,868 171,367 
Shinhan Financial Group Co. Ltd. 54,832 1,780,922 
Shinsegae Co. Ltd. 790 167,181 
SillaJen, Inc. (a)(c) 4,518 46,543 
SK Biopharmaceuticals Co. Ltd. (a) 3,031 244,155 
SK Chemicals Co. Ltd. 1,309 201,213 
SK Hynix, Inc. 56,711 4,973,489 
SK Innovation Co., Ltd. (a) 5,427 1,126,001 
SK Materials Co., Ltd. 430 140,045 
SK, Inc. 3,600 747,424 
SKC Co. Ltd. 2,043 312,485 
Solus Advanced Materials Co. Lt 1,506 105,862 
Soulbrain Co. Ltd. 487 108,759 
ST Pharm Co. Ltd. (a) 1,103 82,254 
Studio Dragon Corp. (a) 980 72,057 
Vaxcell-Bio Therapeutics Co. Ltd. 1,087 59,586 
WONIK IPS Co. Ltd. 3,547 122,474 
Woori Financial Group, Inc. 58,423 660,758 
Yuhan Corp. 5,397 275,459 
Zinus, Inc. 1,024 68,231 
TOTAL KOREA (SOUTH)  111,289,582 
Kuwait - 0.2%   
Agility Public Warehousing Co. KSC 139,331 462,203 
Boubyan Bank KSC 96,084 249,254 
Gulf Bank 210,668 171,917 
Kuwait Finance House KSCP 510,029 1,407,677 
Mabanee Co. SAKC 58,689 153,220 
Mobile Telecommunication Co. 222,312 439,535 
National Bank of Kuwait 760,014 2,495,982 
TOTAL KUWAIT  5,379,788 
Luxembourg - 0.4%   
ArcelorMittal SA (Netherlands) 70,776 2,399,285 
Aroundtown SA 102,102 709,360 
B&M European Value Retail SA 88,032 762,855 
Eurofins Scientific SA 13,483 1,588,872 
Globant SA (a) 4,355 1,390,072 
InPost SA 22,260 317,437 
Millicom International Cellular SA (depository receipt) (a) 9,643 337,303 
SES SA (France) (depositary receipt) 40,502 363,700 
Spotify Technology SA (a) 14,459 4,184,435 
Subsea 7 SA 23,098 207,141 
Tenaris SA 47,539 529,408 
TOTAL LUXEMBOURG  12,789,868 
Malaysia - 0.5%   
AMMB Holdings Bhd (a) 223,600 181,429 
Axiata Group Bhd 507,228 483,833 
Bursa Malaysia Bhd 59,200 107,363 
CIMB Group Holdings Bhd 727,511 917,075 
Dialog Group Bhd 429,600 293,593 
DiGi.com Bhd 363,500 371,312 
Gamuda Bhd (a) 282,200 220,799 
Genting Bhd 218,200 272,948 
Genting Malaysia Bhd 292,600 223,990 
Hartalega Holdings Bhd 184,300 260,806 
Hong Leong Bank Bhd 80,800 367,220 
IHH Healthcare Bhd 331,200 523,074 
IJM Corp. Bhd 329,000 146,981 
Inari Amertron Bhd 313,200 292,703 
IOI Corp. Bhd 339,300 322,011 
Kossan Rubber Industries Bhd 122,100 69,586 
Kuala Lumpur Kepong Bhd 61,620 321,716 
Malayan Banking Bhd 727,822 1,414,868 
Malaysia Airports Holdings Bhd (a) 122,700 192,006 
Malaysian Pacific Industries Bhd 10,100 116,293 
Maxis Bhd 259,800 292,989 
MISC Bhd 137,200 234,244 
MR DIY Group M Sdn Bhd (b) 155,000 141,113 
My E.G.Services Bhd 423,518 106,365 
Nestle (Malaysia) Bhd 6,800 220,865 
Pentamaster Corp. Bhd 55,600 71,833 
Petronas Chemicals Group Bhd 253,100 531,137 
Petronas Dagangan Bhd 40,300 198,142 
Petronas Gas Bhd 103,000 416,378 
PPB Group Bhd 76,400 335,415 
Press Metal Bhd 392,900 527,535 
Public Bank Bhd 1,594,500 1,605,667 
QL Resources Bhd 107,300 130,854 
RHB Bank Bhd 211,555 285,070 
Scientex Bhd 96,600 108,707 
Sime Darby Bhd 274,300 150,365 
Sime Darby Plantation Bhd 264,467 256,101 
Supermax Corp. Bhd 159,800 74,092 
Telekom Malaysia Bhd 173,000 241,891 
Tenaga Nasional Bhd 297,000 692,833 
TIME dotCom Bhd 124,400 135,786 
Top Glove Corp. Bhd 486,800 319,753 
V.S. Industry Bhd 271,600 103,629 
V.S. Industry Bhd warrants 6/14/24 (a) 38,200 4,659 
Westports Holdings Bhd 109,200 117,876 
TOTAL MALAYSIA  14,402,905 
Malta - 0.0%   
Kindred Group PLC (depositary receipt) 24,109 336,875 
Marshall Islands - 0.0%   
Star Bulk Carriers Corp. 7,262 150,251 
Mexico - 0.5%   
Alfa SA de CV Series A 306,900 222,260 
America Movil S.A.B. de CV Series L 2,450,600 2,184,210 
Arca Continental S.A.B. de CV 43,500 265,230 
CEMEX S.A.B. de CV unit (a) 1,616,400 1,039,496 
Coca-Cola FEMSA S.A.B. de CV unit 57,450 309,602 
Controladora Vuela Compania de Aviacion S.A.B. de CV (a) 85,615 155,735 
Fibra Uno Administracion SA de CV 313,300 311,352 
Fomento Economico Mexicano S.A.B. de CV unit 193,400 1,589,998 
Gruma S.A.B. de CV Series B 20,540 241,186 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 35,500 447,509 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 21,010 423,700 
Grupo Aeroportuario Norte S.A.B. de CV (a) 28,700 173,179 
Grupo Bimbo S.A.B. de CV Series A 156,300 462,644 
Grupo Elektra SA de CV 6,125 470,341 
Grupo Financiero Banorte S.A.B. de CV Series O 258,500 1,636,656 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 211,400 212,242 
Grupo Mexico SA de CV Series B 328,800 1,442,453 
Grupo Televisa SA de CV 268,600 545,341 
Industrias Penoles SA de CV (a) 11,990 153,742 
Kimberly-Clark de Mexico SA de CV Series A 146,800 232,236 
Orbia Advance Corp. S.A.B. de CV 110,300 286,679 
Promotora y Operadora de Infraestructura S.A.B. de CV 20,355 149,687 
Wal-Mart de Mexico SA de CV Series V 532,500 1,857,336 
TOTAL MEXICO  14,812,814 
Multi-National - 0.0%   
HKT Trust/HKT Ltd. unit 384,000 521,180 
Netherlands - 3.9%   
Adyen BV (a)(b) 3,209 9,682,549 
Airbus Group NV (a) 64,622 8,289,842 
Akzo Nobel NV 19,683 2,262,158 
ASM International NV (Netherlands) 4,066 1,839,696 
ASML Holding NV (Netherlands) 44,185 35,917,998 
CNH Industrial NV 105,574 1,822,110 
Davide Campari Milano NV 56,165 797,300 
Euronext NV (b) 10,361 1,166,591 
EXOR NV 12,001 1,130,662 
Ferrari NV 13,479 3,194,253 
Heineken Holding NV 10,493 972,819 
Heineken NV (Bearer) 24,859 2,753,580 
IMCD NV 5,955 1,322,068 
ING Groep NV (Certificaten Van Aandelen) 410,927 6,233,313 
Just Eat Takeaway.com NV (a)(b) 15,875 1,139,995 
Koninklijke Ahold Delhaize NV 110,010 3,577,336 
Koninklijke DSM NV 18,409 4,023,136 
Koninklijke KPN NV 375,699 1,122,565 
Koninklijke Philips Electronics NV 96,625 4,558,301 
NN Group NV 33,345 1,785,489 
Prosus NV 91,752 8,083,237 
Prosus NV rights (a)(e) 91,752 14,849 
QIAGEN NV (Germany) (a) 24,261 1,334,696 
Randstad NV 13,198 948,978 
RHI Magnesita NV 3,448 158,456 
Stellantis NV (Italy) 234,258 4,671,339 
STMicroelectronics NV (Italy) 68,921 3,271,069 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 12,314 879,864 
Universal Music Group NV 85,207 2,473,810 
Wolters Kluwer NV 28,180 2,952,696 
Yandex NV Series A (a)(d) 33,835 2,802,891 
TOTAL NETHERLANDS  121,183,646 
New Zealand - 0.3%   
Auckland International Airport Ltd. (a) 128,273 734,444 
Chorus Ltd. 49,139 224,307 
Contact Energy Ltd. 82,657 484,518 
Fisher & Paykel Healthcare Corp. 61,066 1,365,746 
Fletcher Building Ltd. 83,273 427,859 
Goodman Property Trust 101,843 181,357 
Infratil Ltd. 75,011 445,074 
Mercury Nz Ltd. 67,253 295,667 
Meridian Energy Ltd. 127,776 456,906 
Ryman Healthcare Group Ltd. 44,122 456,878 
Spark New Zealand Ltd. 196,134 641,609 
Summerset Group Holdings Ltd. 24,543 255,195 
The a2 Milk Co. Ltd. (a)(d) 79,684 375,157 
Xero Ltd. (a) 13,605 1,530,139 
TOTAL NEW ZEALAND  7,874,856 
Norway - 0.6%   
Adevinta ASA Class B (a) 29,101 478,994 
Aker ASA (A Shares) 2,622 241,160 
Aker BP ASA 11,317 433,904 
Borregaard ASA 10,517 255,210 
DNB Bank ASA 94,124 2,237,254 
Entra ASA (b) 19,236 479,995 
Equinor ASA 113,284 2,866,328 
Gjensidige Forsikring ASA 20,270 504,117 
Kahoot! A/S (a) 34,827 207,365 
Kongsberg Gruppen ASA 9,391 307,924 
Leroy Seafood Group ASA 29,575 268,867 
LINK Mobility Group Holding ASA 33,370 106,653 
Mowi ASA 46,811 1,355,363 
NEL ASA (a)(d) 73,188 154,469 
Nordic VLSI ASA (a) 18,963 561,175 
Norsk Hydro ASA 143,541 1,054,376 
Orkla ASA 78,479 763,247 
Pexip Holding ASA (a) 9,475 44,661 
Salmar ASA 6,102 464,445 
Scatec Solar AS (b) 13,270 260,911 
Schibsted ASA:   
(A Shares) 8,552 441,069 
(B Shares) 9,846 444,520 
Sparebank 1 Sr Bank ASA (primary capital certificate) 19,587 300,022 
Sparebanken Midt-Norge 14,197 236,283 
Storebrand ASA (A Shares) 50,200 538,016 
Telenor ASA 67,058 1,058,510 
TGS ASA 13,843 127,354 
Tomra Systems ASA 12,471 804,838 
Yara International ASA 16,530 862,513 
TOTAL NORWAY  17,859,543 
Pakistan - 0.0%   
Habib Bank Ltd. 90,719 66,833 
Hub Power Co. Ltd. 124,473 55,241 
Lucky Cement Ltd. (a) 15,550 70,171 
Pakistan Petroleum Ltd. 52,631 23,314 
Pakistan State Oil Co. Ltd. 43,209 48,018 
TRG Pakistan Ltd. 46,000 32,132 
United Bank Ltd. 33,487 27,382 
TOTAL PAKISTAN  323,091 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 195,418 630,644 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR (a) 25,668 202,264 
Philippines - 0.2%   
Ayala Corp. 26,160 446,963 
Ayala Land, Inc. 619,800 430,706 
Bank of the Philippine Islands (BPI) 188,800 325,008 
BDO Unibank, Inc. 184,020 452,126 
Globe Telecom, Inc. 3,285 194,850 
International Container Terminal Services, Inc. 86,470 308,149 
JG Summit Holdings, Inc. 318,435 379,525 
Jollibee Food Corp. 46,490 216,481 
Manila Electric Co. 30,840 175,234 
Megaworld Corp. 1,247,000 75,793 
Metro Pacific Investments Corp. 1,251,000 92,878 
Metropolitan Bank & Trust Co. 185,314 175,005 
PLDT, Inc. 9,070 294,851 
SM Investments Corp. 50,860 971,687 
SM Prime Holdings, Inc. 1,173,900 769,275 
Universal Robina Corp. 93,730 256,083 
TOTAL PHILIPPINES  5,564,614 
Poland - 0.2%   
Allegro.eu SA (a)(b) 40,926 462,843 
Bank Polska Kasa Opieki SA 18,785 620,336 
CCC SA (a) 3,665 110,695 
CD Projekt RED SA 7,504 327,045 
Cyfrowy Polsat SA 29,869 267,123 
Dino Polska SA (a)(b) 5,122 457,554 
Grupa Lotos SA (a) 8,274 128,538 
KGHM Polska Miedz SA (Bearer) 14,539 559,017 
LPP SA 112 402,281 
Orange Polska SA (a) 63,141 123,207 
PGE Polska Grupa Energetyczna SA (a) 80,841 198,736 
Polish Oil & Gas Co. SA 169,005 254,843 
Polski Koncern Naftowy Orlen SA 31,118 671,241 
Powszechna Kasa Oszczednosci Bank SA (a) 90,227 1,103,625 
Powszechny Zaklad Ubezpieczen SA 60,361 603,663 
Santander Bank Polska SA 3,607 334,965 
TOTAL POLAND  6,625,712 
Portugal - 0.1%   
Banco Comercial Portugues SA (Reg.) (a) 883,164 159,368 
Energias de Portugal SA 307,653 1,736,979 
Galp Energia SGPS SA Class B 45,988 477,721 
Jeronimo Martins SGPS SA 26,305 596,008 
REN - Redes Energeticas Nacionais SGPS SA 39,599 120,621 
TOTAL PORTUGAL  3,090,697 
Qatar - 0.2%   
Barwa Real Estate Co. 198,891 172,070 
Industries Qatar QSC (a) 208,545 908,411 
Masraf al Rayan 386,150 506,418 
Mesaieed Petrochemical Holding Co. 442,546 291,708 
Ooredoo QSC 87,381 166,074 
Qatar Electricity & Water Co. 56,830 262,220 
Qatar Fuel Co. 51,335 259,283 
Qatar Gas Transport Co. Ltd. (Nakilat) 284,857 254,267 
Qatar International Islamic Bank QSC 77,954 209,604 
Qatar Islamic Bank (a) 122,281 618,626 
Qatar National Bank SAQ (a) 464,376 2,614,586 
The Commercial Bank of Qatar (a) 209,590 351,715 
TOTAL QATAR  6,614,982 
Russia - 0.8%   
Alrosa Co. Ltd. 260,720 459,384 
Gazprom OAO 1,273,040 6,272,698 
Lukoil PJSC 37,977 3,877,915 
Magnit OJSC 7,941 724,348 
MMC Norilsk Nickel PJSC 6,351 1,982,048 
Mobile TeleSystems OJSC sponsored ADR 42,707 392,477 
Novatek PJSC 102,587 2,602,242 
Polyus PJSC 3,443 683,525 
Sberbank of Russia 1,133,540 5,702,606 
Severstal PAO 20,009 454,663 
Surgutneftegas OJSC 1,002,400 482,272 
Tatneft PAO 164,980 1,260,082 
TOTAL RUSSIA  24,894,260 
Saudi Arabia - 0.8%   
Abdullah Al Othaim Markets Co. 4,578 141,335 
Advanced Polypropylene Co. 11,115 220,469 
Al Rajhi Bank 129,019 4,767,398 
Alinma Bank 103,079 691,151 
Almarai Co. Ltd. 27,442 387,022 
Bank Al-Jazira 42,008 215,029 
Bank Albilad (a) 38,757 436,041 
Banque Saudi Fransi 62,230 700,956 
Bupa Arabia for Cooperative Insurance Co. (a) 2,191 84,465 
Dar Al Arkan Real Estate Development Co. (a) 55,952 147,529 
Dr Sulaiman Al Habib Medical Services Group Co. 8,856 391,459 
Emaar The Economic City (a) 46,627 157,872 
Etihad Etisalat Co. 39,493 318,500 
Jarir Marketing Co. 6,216 336,081 
Mobile Telecommunications Co. Saudi Arabia (a) 43,290 156,730 
Mouwasat Medical Services Co. 5,114 245,140 
National Industrialization Co. (a) 34,435 228,594 
National Petrochemical Co. 11,661 149,536 
Qassim Cement Co. 5,213 113,408 
Riyad Bank 141,261 1,112,870 
Sabic Agriculture-Nutrients Co. 20,717 905,806 
Sahara International Petrochemical Co. 37,751 441,832 
Saudi Airlines Catering Co. 3,919 99,258 
Saudi Arabian Mining Co. (a) 42,775 930,561 
Saudi Basic Industries Corp. 94,797 3,260,234 
Saudi Cement Co. 7,713 121,733 
Saudi Dairy & Foodstuffs Co. 1,599 69,913 
Saudi Electricity Co. 83,452 634,083 
Saudi Ground Services Co. (a) 10,121 100,646 
Saudi Industrial Investment Group 23,155 233,655 
Saudi Kayan Petrochemical Co. (a) 77,444 420,368 
Saudi Telecom Co. 63,766 1,989,022 
Southern Province Cement Co. 6,717 128,219 
The Co. for Cooperative Insurance 6,497 148,962 
The Saudi British Bank 39,135 345,870 
The Saudi National Bank 231,201 4,061,997 
The Savola Group 27,843 271,682 
United Electronics Co. 2,931 110,023 
Yamama Cement Co. (a) 10,392 76,744 
Yanbu Cement Co. 8,032 82,014 
Yanbu National Petrochemical Co. 28,421 576,618 
TOTAL SAUDI ARABIA  26,010,825 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 356,897 817,806 
CapitaLand Investment Ltd. (a) 257,673 657,319 
CapitaMall Trust 527,338 840,769 
City Developments Ltd. 51,300 278,469 
ComfortDelgro Corp. Ltd. 202,300 234,029 
DBS Group Holdings Ltd. 190,757 4,460,191 
Flex Ltd. (a) 51,270 866,463 
Frasers Centrepoint Trust 106,800 190,870 
Frasers Logistics & Industrial Trust 299,200 337,252 
Genting Singapore Ltd. 621,500 359,488 
Keppel Corp. Ltd. 152,400 608,018 
Keppel DC (REIT) 134,400 238,202 
Mapletree Commercial Trust 229,718 371,365 
Mapletree Industrial (REIT) 206,311 420,731 
Mapletree Logistics Trust (REIT) 298,161 446,633 
Oversea-Chinese Banking Corp. Ltd. 423,322 3,704,264 
Singapore Airlines Ltd. (a) 137,750 531,183 
Singapore Exchange Ltd. 88,800 637,437 
Singapore Technologies Engineering Ltd. 160,800 456,703 
Singapore Telecommunications Ltd. 745,300 1,381,720 
Suntec (REIT) 229,200 253,250 
United Overseas Bank Ltd. 162,100 3,215,554 
UOL Group Ltd. 48,900 262,178 
Venture Corp. Ltd. 29,100 405,911 
Wilmar International Ltd. 332,200 1,064,222 
TOTAL SINGAPORE  23,040,027 
South Africa - 0.8%   
Absa Group Ltd. 76,550 701,604 
Anglo American Platinum Ltd. 6,572 664,041 
AngloGold Ashanti Ltd. 43,898 809,863 
Aspen Pharmacare Holdings Ltd. 39,782 633,517 
Bid Corp. Ltd. 35,771 767,736 
Bidvest Group Ltd./The 36,095 452,257 
Capitec Bank Holdings Ltd. 10,167 1,136,028 
Clicks Group Ltd. 26,043 475,406 
Discovery Ltd. (a) 43,500 398,491 
Exxaro Resources Ltd. 24,846 272,045 
FirstRand Ltd. 591,957 2,248,080 
Foschini Group Ltd./The (a) 33,287 282,640 
Gold Fields Ltd. 93,269 866,677 
Growthpoint Properties Ltd. 352,916 299,430 
Harmony Gold Mining Co. Ltd. 60,699 217,854 
Impala Platinum Holdings Ltd. 86,104 1,114,388 
Kumba Iron Ore Ltd. 6,088 185,011 
Mr Price Group Ltd. 27,308 357,480 
MTN Group Ltd. (a) 178,989 1,605,101 
MultiChoice Group Ltd. 47,193 375,289 
Naspers Ltd. Class N 22,948 3,886,331 
Nedbank Group Ltd. 42,627 485,320 
Northam Platinum Holdings Ltd. (a) 36,131 541,078 
Old Mutual Ltd. 499,673 509,977 
Remgro Ltd. 55,786 491,684 
Sanlam Ltd. 192,864 792,289 
Sasol Ltd. (a) 60,080 1,009,102 
Shoprite Holdings Ltd. 54,555 648,196 
Sibanye Stillwater Ltd. 290,266 1,015,859 
Spar Group Ltd./The 20,819 265,747 
Standard Bank Group Ltd. 136,089 1,206,582 
Tiger Brands Ltd. 17,569 221,605 
Vodacom Group Ltd. 75,149 667,018 
Woolworths Holdings Ltd. 110,894 391,378 
TOTAL SOUTH AFRICA  25,995,104 
Spain - 1.5%   
Acciona SA 2,594 497,178 
ACS Actividades de Construccion y Servicios SA 28,443 744,077 
Aena SME SA (a)(b) 7,699 1,264,457 
Amadeus IT Holding SA Class A (a) 47,428 3,171,180 
Banco Bilbao Vizcaya Argentaria SA 702,663 4,917,328 
Banco Santander SA (Spain) 1,827,053 6,920,208 
Bankinter SA 68,102 374,893 
CaixaBank SA 454,907 1,307,706 
Cellnex Telecom SA (b) 60,150 3,697,786 
EDP Renovaveis SA 25,585 712,788 
Enagas SA 26,044 584,224 
Endesa SA 33,749 778,131 
Ferrovial SA 52,831 1,664,840 
Grifols SA 29,382 672,349 
Grifols SA ADR 29,842 391,229 
Iberdrola SA 611,334 7,225,470 
Industria de Diseno Textil SA 118,280 4,271,498 
International Consolidated Airlines Group SA CDI (a) 261,418 585,483 
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 72,348 145,524 
Naturgy Energy Group SA 34,743 912,903 
Red Electrica Corporacion SA 44,886 934,507 
Repsol SA 147,718 1,892,052 
Siemens Gamesa Renewable Energy SA (a) 23,189 628,076 
Telefonica SA 564,264 2,450,973 
TOTAL SPAIN  46,744,860 
Sweden - 2.6%   
AAK AB 17,920 391,661 
AddTech AB (B Shares) 28,043 626,951 
AFRY AB (B Shares) 9,383 279,480 
Alfa Laval AB 31,354 1,342,439 
ASSA ABLOY AB (B Shares) 104,470 3,065,428 
Atlas Copco AB:   
(A Shares) 67,248 4,320,848 
(B Shares) 42,145 2,279,501 
Avanza Bank Holding AB 12,289 487,811 
Axfood AB 10,411 255,183 
Beijer Ref AB (B Shares) 26,405 542,366 
Billerud AB 19,967 417,335 
Boliden AB 28,855 1,017,720 
Bravida Holding AB (b) 22,367 336,234 
Castellum AB 23,932 636,478 
Dometic Group AB (b) 34,211 497,350 
Electrolux AB (B Shares) 26,835 609,006 
Elekta AB (B Shares) 35,268 409,516 
Embracer Group AB (a) 61,506 571,802 
Epiroc AB:   
(A Shares) 66,454 1,653,612 
(B Shares) 40,842 867,916 
EQT AB 29,133 1,535,351 
Ericsson (B Shares) 303,967 3,317,924 
Essity AB (B Shares) 63,471 2,053,126 
Evolution AB (b) 19,039 3,079,760 
Fabege AB 29,148 492,814 
Fastighets AB Balder (a) 11,072 802,166 
Getinge AB (B Shares) 22,942 1,026,620 
H&M Hennes & Mauritz AB (B Shares) 78,391 1,469,786 
Hexagon AB (B Shares) 208,113 3,349,308 
HEXPOL AB (B Shares) 26,615 310,839 
Holmen AB (B Shares) 9,674 428,954 
Husqvarna AB (B Shares) 43,982 625,571 
ICA Gruppen AB 9,628 497,768 
Industrivarden AB:   
(A Shares) 18,267 602,377 
(C Shares) 19,312 627,168 
Indutrade AB 28,463 828,238 
Investor AB:   
(A Shares) 59,885 1,384,300 
(B Shares) 192,654 4,439,477 
JM AB (B Shares) 5,446 220,364 
Kinnevik AB (B Shares) (a) 25,819 1,012,106 
L E Lundbergforetagen AB 6,500 374,348 
Latour Investment AB (B Shares) 14,436 523,112 
Lifco AB 21,985 640,248 
Lundin Petroleum AB 19,979 789,110 
Nibe Industrier AB (B Shares) 148,444 2,209,894 
Nolato AB (B Shares) 20,793 274,561 
Nordic Entertainment Group AB (B Shares) (a) 8,230 476,090 
Peab AB 21,745 272,699 
PowerCell Sweden AB (a) 5,710 127,524 
Saab AB (B Shares) 8,915 247,893 
Samhallsbyggnadsbolaget I Norden AB (B Shares) 108,493 727,666 
Sandvik AB 115,308 2,924,063 
Sectra AB (B Shares) 14,757 360,162 
Securitas AB (B Shares) 34,090 563,668 
Sinch AB (a)(b) 59,461 1,127,530 
Skandinaviska Enskilda Banken AB (A Shares) 168,606 2,635,696 
Skanska AB (B Shares) 42,503 1,078,907 
SKF AB (B Shares) 39,679 919,437 
SSAB Svenskt Stal AB (B Shares) (a) 68,390 340,994 
Stillfront Group AB (a) 31,623 141,103 
Svenska Cellulosa AB SCA (B Shares) 62,398 972,880 
Svenska Handelsbanken AB (A Shares) 161,447 1,850,560 
Sweco AB (B Shares) 21,660 344,774 
Swedbank AB (A Shares) 97,469 2,113,720 
Swedish Match Co. AB 166,850 1,468,389 
Swedish Orphan Biovitrum AB (a) 21,011 570,047 
Tele2 AB (B Shares) 51,941 732,726 
Telia Co. AB 261,187 1,027,808 
Thule Group AB (b) 10,019 577,247 
Trelleborg AB (B Shares) 25,797 589,204 
Volvo AB (B Shares) 167,116 3,890,292 
Wallenstam AB (B Shares) 22,614 396,035 
Wihlborgs Fastigheter AB 13,371 316,370 
TOTAL SWEDEN  80,317,411 
Switzerland - 5.8%   
ABB Ltd. (Reg.) 188,220 6,226,926 
Adecco SA (Reg.) 17,253 868,115 
Alcon, Inc. (Switzerland) 52,641 4,349,954 
ams AG (a) 29,519 583,223 
Baloise Holdings AG 5,131 818,180 
Compagnie Financiere Richemont SA Series A 54,980 6,803,802 
Credit Suisse Group AG 265,075 2,757,234 
CRISPR Therapeutics AG (a)(d) 7,398 675,659 
Geberit AG (Reg.) 3,779 2,950,228 
Givaudan SA 835 3,929,680 
Holcim Ltd. 54,396 2,715,641 
Julius Baer Group Ltd. 23,499 1,699,732 
Kuehne & Nagel International AG 5,333 1,679,231 
Lindt & Spruengli AG 11 1,320,336 
Lindt & Spruengli AG (participation certificate) 112 1,319,878 
Logitech International SA (Reg.) 18,153 1,511,164 
Lonza Group AG 7,845 6,431,255 
Nestle SA (Reg. S) 296,530 39,114,450 
Novartis AG 256,681 21,230,788 
Partners Group Holding AG 2,392 4,173,460 
Roche Holding AG:   
(Bearer) 2,671 1,146,465 
(participation certificate) 74,243 28,761,307 
Schindler Holding AG (participation certificate) 4,274 1,111,912 
SGS SA (Reg.) 636 1,881,048 
Siemens Energy AG (a) 42,460 1,218,259 
Sig Combibloc Group AG 35,544 928,585 
Sika AG 14,926 5,053,582 
Sonova Holding AG 5,722 2,364,168 
Straumann Holding AG 1,212 2,517,720 
Swatch Group AG (Bearer) 3,095 849,131 
Swiss Life Holding AG 3,316 1,820,251 
Swiss Prime Site AG 7,828 795,111 
Swiss Re Ltd. 30,396 2,942,662 
Swisscom AG 2,670 1,453,395 
Temenos Group AG 7,067 1,079,423 
UBS Group AG 389,857 7,087,341 
VAT Group AG (b) 2,827 1,349,896 
Zurich Insurance Group Ltd. 15,839 7,020,174 
TOTAL SWITZERLAND  180,539,366 
Taiwan - 3.9%   
Accton Technology Corp. 52,000 454,732 
Acer, Inc. 331,000 309,068 
Advanced Ceramic X Corp. 5,000 61,591 
Advanced Wireless Semiconductor Co. 15,000 85,922 
Advantech Co. Ltd. 46,696 608,750 
AP Memory Technology Corp. 6,000 115,927 
ASE Technology Holding Co. Ltd. 360,000 1,286,039 
Asia Cement Corp. 241,000 383,419 
ASMedia Technology, Inc. 3,000 175,076 
ASPEED Tech, Inc. 3,000 298,438 
ASUSTeK Computer, Inc. 75,000 950,799 
AU Optronics Corp. 940,000 645,143 
Capital Securities Corp. 214,000 116,434 
Catcher Technology Co. Ltd. 78,000 450,997 
Cathay Financial Holding Co. Ltd. 901,716 1,881,476 
Chang Hwa Commercial Bank 615,393 362,451 
Cheng Loong Corp. 111,000 135,536 
Cheng Shin Rubber Industry Co. Ltd. 208,000 254,724 
Chicony Electronics Co. Ltd. 66,000 188,199 
China Airlines Ltd. (a) 287,000 177,281 
China Development Finance Holding Corp. 1,547,000 788,917 
China Life Insurance Co. Ltd. 272,107 283,394 
China Petrochemical Development Corp. (a) 328,300 142,662 
China Steel Corp. 1,315,000 1,586,784 
Chipbond Technology Corp. 70,000 161,645 
Chroma ATE, Inc. 44,000 286,012 
Chunghwa Telecom Co. Ltd. 399,000 1,581,258 
Compal Electronics, Inc. 429,000 376,694 
Compeq Manufacturing Co. Ltd. 128,000 185,484 
CTBC Financial Holding Co. Ltd. 2,066,000 1,721,358 
Delta Electronics, Inc. 202,000 1,777,339 
E Ink Holdings, Inc. 95,000 313,539 
E.SUN Financial Holdings Co. Ltd. 1,401,608 1,336,423 
ECLAT Textile Co. Ltd. 22,000 479,583 
Elan Microelectronics Corp. 28,000 167,930 
Elite Material Co. Ltd. 29,000 250,476 
eMemory Technology, Inc. 6,000 495,601 
ENNOSTAR, Inc. (a) 71,500 187,448 
Eternal Materials Co. Ltd. 98,000 129,517 
EVA Airways Corp. 253,619 171,690 
Evergreen Marine Corp. (Taiwan) 278,643 995,690 
Far Eastern New Century Corp. 387,000 404,442 
Far EasTone Telecommunications Co. Ltd. 159,000 349,463 
Feng Hsin Iron & Steel Co. 56,000 157,472 
Feng Tay Enterprise Co. Ltd. 55,480 430,371 
First Financial Holding Co. Ltd. 1,083,703 891,248 
FLEXium Interconnect, Inc. 33,000 113,891 
Formosa Chemicals & Fibre Corp. 425,000 1,228,677 
Formosa Petrochemical Corp. 179,000 642,844 
Formosa Plastics Corp. 452,000 1,745,017 
Formosa Taffeta Co. Ltd. 90,000 96,965 
Foxconn Technology Co. Ltd. 115,000 284,144 
Fubon Financial Holding Co. Ltd. 826,314 2,184,116 
Genius Electronic Optical Co. Ltd. 11,000 168,881 
Giant Manufacturing Co. Ltd. 35,000 405,369 
Gigabyte Technology Co. Ltd. 53,000 214,132 
Global Unichip Corp. 9,000 193,284 
GlobalWafers Co. Ltd. 22,000 600,467 
Great Wall Enterprise Co. Ltd. 70,740 136,424 
HannStar Display Corp. 250,000 126,594 
Highwealth Construction Corp. 99,200 160,138 
HIWIN Technologies Corp. 29,210 324,148 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1,314,800 5,052,383 
Hota Industrial Manufacturing Co. Ltd. 23,000 77,396 
Hotai Motor Co. Ltd. 37,000 813,216 
Hua Nan Financial Holdings Co. Ltd. 1,033,878 755,590 
IBF Financial Holdings Co. Ltd. 263,070 150,218 
Innolux Corp. 1,081,000 648,328 
International Games Systems Co. Ltd. 6,000 153,852 
Inventec Corp. 332,000 316,560 
ITEQ Corp. 23,000 106,141 
King Yuan Electronics Co. Ltd. 112,000 159,885 
King's Town Bank 98,000 146,059 
Kinsus Interconnect Technology Corp. 26,000 227,833 
Largan Precision Co. Ltd. 10,000 743,401 
Lien Hwa Industrial Corp. 98,874 198,139 
Lite-On Technology Corp. 231,000 508,540 
Lotes Co. Ltd. 7,135 148,107 
Macronix International Co. Ltd. 206,340 290,484 
Makalot Industrial Co. Ltd. 22,459 195,594 
MediaTek, Inc. 167,000 5,475,705 
Mega Financial Holding Co. Ltd. 1,127,000 1,351,833 
Merida Industry Co. Ltd. 21,000 217,957 
Merry Electronics Co. Ltd. 26,406 77,952 
Micro-Star International Co. Ltd. 72,000 362,004 
MiTAC Holdings Corp. 82,000 84,665 
momo.com, Inc. 6,200 398,563 
Nan Ya Plastics Corp. 588,000 1,797,048 
Nan Ya Printed Circuit Board Corp. 23,000 405,154 
Nanya Technology Corp. 122,000 291,363 
Nien Made Enterprise Co. Ltd. 19,000 260,657 
Novatek Microelectronics Corp. 60,000 895,313 
Oneness Biotech Co. Ltd. (a) 26,000 244,640 
Pegatron Corp. 220,000 537,260 
Phison Electronics Corp. 17,000 238,409 
PixArt Imaging, Inc. 15,000 84,845 
Pou Chen Corp. 253,000 309,833 
Powertech Technology, Inc. 79,000 276,337 
Poya International Co. Ltd. 7,150 127,619 
President Chain Store Corp. 59,000 595,403 
Primax Electronics Ltd. 46,000 85,078 
Qisda Corp. 180,000 200,395 
Quanta Computer, Inc. 295,000 826,360 
Radiant Opto-Electronics Corp. 48,000 167,729 
Realtek Semiconductor Corp. 50,000 896,032 
RichWave Technology Corp. 7,000 72,401 
Ruentex Development Co. Ltd. 150,080 382,139 
Ruentex Industries Ltd. 57,580 224,365 
Shin Kong Financial Holding Co. Ltd. 1,437,432 506,418 
Simplo Technology Co. Ltd. 19,000 204,022 
SINBON Electronics Co. Ltd. 21,000 173,460 
Sino-American Silicon Products, Inc. 57,000 387,915 
Sinopac Holdings Co. 1,178,180 598,716 
Standard Foods Corp. 38,000 70,691 
Synnex Technology International Corp. 145,000 280,158 
Ta Chen Stainless Pipe Co. Ltd. 200,633 318,116 
Taichung Commercial Bank Co. Ltd. 315,694 135,484 
Taishin Financial Holdings Co. Ltd. 1,138,526 746,206 
Taiwan Business Bank 598,165 203,219 
Taiwan Cement Corp. 535,859 928,540 
Taiwan Cooperative Financial Holding Co. Ltd. 1,021,556 829,131 
Taiwan Fertilizer Co. Ltd. 75,000 182,887 
Taiwan High Speed Rail Corp. 216,000 225,347 
Taiwan Mobile Co. Ltd. 172,000 605,969 
Taiwan Semiconductor Manufacturing Co. Ltd. 1,994,000 42,257,829 
Taiwan Surface Mounting Technology Co. Ltd. 26,000 104,579 
Taiwan Union Technology Corp. 25,000 85,743 
TECO Electric & Machinery Co. Ltd. 129,000 139,679 
The Shanghai Commercial & Savings Bank Ltd. 448,000 707,919 
Tong Hsing Electronics Industries Ltd. 18,000 170,659 
Tripod Technology Corp. 47,000 198,330 
Tung Ho Steel Enterprise Corp. 90,000 130,580 
TXC Corp. 27,000 99,389 
Uni-President Enterprises Corp. 503,000 1,203,081 
Unimicron Technology Corp. 137,000 934,818 
United Integrated Services Co. 19,000 125,211 
United Microelectronics Corp. 1,216,000 2,521,077 
United Renewable Energy Co. Ltd. (a) 172,004 147,635 
Vanguard International Semiconductor Corp. 98,000 508,565 
Voltronic Power Technology Corp. 7,250 423,101 
Walsin Lihwa Corp. 251,000 233,918 
Walsin Technology Corp. 39,000 211,492 
Wan Hai Lines Ltd. 14,500 83,318 
Win Semiconductors Corp. 40,000 513,557 
Winbond Electronics Corp. 306,000 289,021 
Wistron Corp. 312,000 327,183 
Wiwynn Corp. 9,000 287,341 
WPG Holding Co. Ltd. 154,040 287,114 
XinTec, Inc. 16,000 77,572 
Yageo Corp. 42,000 654,624 
Yang Ming Marine Transport Corp. (a) 177,000 613,414 
YFY, Inc. 140,000 160,891 
Yuanta Financial Holding Co. Ltd. 1,288,160 1,142,667 
TOTAL TAIWAN  121,834,904 
Thailand - 0.5%   
Advanced Info Service PCL (For. Reg.) 34,600 197,089 
Advanced Information Service PCL NVDR 84,000 478,481 
Airports of Thailand PCL:   
(depositary receipt) 103,800 201,781 
(For. Reg.) 351,900 684,073 
Asset World Corp. PCL NVDR (a) 943,300 129,640 
B. Grimm Power PCL:   
unit 80,200 102,728 
(For. Reg.) 30,800 39,451 
Bangkok Bank PCL:   
(For. Reg.) 11,400 42,089 
NVDR 51,900 191,614 
Bangkok Chain Hospital PCL unit 155,500 95,137 
Bangkok Commercial Asset Management PCL 98,700 56,519 
Bangkok Commercial Asset Management PCL unit 143,300 82,058 
Bangkok Dusit Medical Services PCL:   
unit 262,600 185,989 
(For. Reg.) 172,600 122,245 
Bangkok Expressway and Metro PCL 573,400 155,533 
Bangkok Expressway and Metro PCL NVDR 249,400 67,649 
Banpu PCL NVDR 315,500 108,400 
BCPG PCL NVDR 101,000 39,876 
Berli Jucker PCL:   
unit 63,700 64,794 
(For. Reg) 39,000 39,670 
BTS Group Holdings PCL:   
unit 595,500 171,399 
warrants 11/7/24 (a) 57,780 578 
warrants 11/7/24 (a) 10,370 104 
warrants 11/20/26 (a) 115,560 562 
warrants 11/20/26 (a) 20,740 101 
(For. Reg.) 313,800 90,319 
Bumrungrad Hospital PCL:   
NVDR 17,400 76,302 
(For. Reg.) 26,700 117,084 
Carabao Group PCL 16,700 62,411 
Carabao Group PCL NVDR 26,600 99,409 
Central Pattana PCL:   
unit 60,100 107,321 
(For. Reg.) 91,900 164,107 
Central Retail Corp. PCL 237,408 248,642 
Central Retail Corp. PCL NVDR 60,500 63,363 
Charoen Pokphand Foods PCL:   
(For. Reg.) 251,200 191,163 
(NVDR) 124,800 94,973 
Com7 PCL unit 41,800 90,390 
CP ALL PCL:   
unit 231,000 445,570 
(For. Reg.) 239,400 461,772 
Delta Electronics PCL:   
(For. Reg.) 36,700 460,133 
NVDR 3,600 45,136 
Electricity Generating PCL NVDR 27,700 149,019 
Energy Absolute PCL:   
unit 35,400 69,882 
(For. Reg.) 163,700 323,157 
Global Power Synergy Public Co. Ltd. 44,294 104,127 
Global Power Synergy Public Co. Ltd. unit 36,800 86,510 
Gulf Energy Development PCL:   
unit 219,700 286,378 
(For. Reg.) 398,000 518,791 
Hana Microelectronics PCL NVDR 70,400 169,741 
Home Product Center PCL:   
unit 299,300 131,699 
(For. Reg.) 164,700 72,472 
Indorama Ventures PCL:   
unit 225,600 285,570 
(For. Reg.) 178,000 225,316 
Intouch Holdings PCL:   
(For. Reg.) 45,100 102,284 
NVDR 59,900 135,849 
IRPC PCL:   
(For. Reg.) 672,700 87,179 
NVDR 474,800 61,532 
JMT Network Services PCL unit 57,600 84,629 
Kasikornbank PCL:   
NVDR 51,800 220,127 
(For. Reg.) 72,300 307,242 
KCE Electronics PCL NVDR 61,100 160,208 
Kerry Express Thailand PCL NVDR 46,790 53,587 
Kiatnakin Bank PCL (For. Reg.) 51,800 93,671 
Krung Thai Bank PCL:   
(For. Reg.) 210,200 72,854 
NVDR 189,700 65,749 
Krungthai Card PCL:   
(For. Reg.) 62,400 108,608 
NVDR 15,400 26,804 
Land & House PCL:   
NVDR 248,400 63,260 
(For. Reg.) 205,900 52,437 
Minor International PCL:   
unit (a) 52,448 51,768 
warrants 2/15/24 (a) 10,300 1,254 
warrants 2/15/24 (a) 1,584 193 
(For. Reg.) (a) 233,456 230,431 
MK Restaurants Group PCL unit 36,000 59,403 
Muangthai Leasing PCL 29,100 53,061 
Muangthai Leasing PCL unit 52,900 96,457 
Osotspa PCL 72,200 71,264 
Osotspa PCL unit 94,600 93,374 
PTT Exploration and Production PCL:   
(For. Reg.) 110,900 392,729 
NVDR 47,600 168,565 
PTT Global Chemical PCL:   
(For. Reg.) 63,600 120,280 
NVDR 152,300 288,030 
PTT PCL:   
(For. Reg.) 454,800 520,868 
NVDR 452,400 518,119 
Ratchaburi Electric Generating Holding PCL unit 43,900 60,200 
SCG Packaging PCL NVDR 132,000 255,606 
Siam Cement PCL:   
(For. Reg.) 7,000 83,333 
NVDR 25,400 302,381 
Siam Commercial Bank PCL:   
(For. Reg.) 11,600 44,051 
(NVDR) 153,900 584,430 
Siam Global House PCL unit 175,345 107,807 
Sri Trang Agro-Industry PCL NVDR 89,000 87,176 
Sri Trang Gloves Thailand PCL NVDR 136,100 125,107 
Srisawad Corp. PCL:   
unit 47,300 91,236 
warrants 8/29/25 (a) 2,460 830 
(For. Reg.) 26,600 51,308 
Star Petroleum Refining PCL unit (a) 236,700 74,905 
Thai Beverage PCL 900,100 473,913 
Thai Oil PCL:   
(For. Reg.) 71,500 120,136 
NVDR 9,800 16,466 
Thai Union Frozen Products PCL:   
(For. Reg.) 86,400 54,423 
NVDR 139,900 88,123 
Thanachart Capital PCL:   
(For. Reg.) 28,000 29,747 
NVDR 25,100 26,666 
TISCO Financial Group PCL 8,600 23,910 
TISCO Financial Group PCL NVDR 38,300 106,485 
TMBThanachart Bank PCL:   
unit 2,497,100 87,301 
(For. Reg.) 2,626,425 91,822 
TOA Paint Thailand PCL NVDR 68,700 68,327 
Total Access Communication PCL:   
(For. Reg.) 43,200 49,801 
NVDR 43,200 49,801 
True Corp. PCL:   
unit 824,100 100,839 
(For. Reg.) 923,800 113,039 
TTW PCL unit 204,600 72,146 
VGI PCL 148,200 29,703 
VGI PCL unit 387,800 77,724 
WHA Corp. PCL 369,000 37,590 
WHA Corp. PCL unit 475,500 48,439 
TOTAL THAILAND  16,494,904 
Turkey - 0.1%   
AG Anadolu Grubu Holding A/S 6,729 19,220 
Akbank TAS 344,409 209,927 
Aksa Akrilik Kimya Sanayii 12,254 29,877 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 27,409 63,291 
Arcelik A/S 22,023 77,152 
Aselsan A/S 60,631 103,616 
Bera Holding A/S (a) 27,212 27,229 
Bim Birlesik Magazalar A/S JSC 49,079 317,273 
Coca-Cola Icecek Sanayi A/S 6,801 60,200 
Dogan Sirketler Grubu Holding A/S 75,022 20,757 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 173,683 35,589 
Enerjisa Enerji A/S (b) 38,015 46,501 
Enka Insaat ve Sanayi A/S 168,344 192,613 
Eregli Demir ve Celik Fabrikalari T.A.S. 149,130 305,426 
Ford Otomotiv Sanayi A/S 8,189 158,090 
Haci Omer Sabanci Holding A/S 153,178 177,173 
Hektas Ticaret A/S (a) 31,135 28,693 
Is Yatirim Menkul Degerler A/S 10,546 17,551 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a) 61,395 47,640 
Koc Holding A/S 118,092 289,641 
KOZA, Inc. (a) 11,835 20,743 
Koza Altin Isletmeleri A/S (a) 5,167 57,668 
Logo Yazilim Sanayi Ve Ticar 5,820 25,728 
Migros Turk Ticaret A/S (a) 6,506 23,821 
MLP Saglik Hizmetleri A/S (a)(b) 6,537 18,440 
Nuh Cimento Sanayi A/S 4,829 21,890 
Otokar Otomotiv ve Savunma Sanayi A.S. 562 19,700 
Oyak Cimento Fabrikalari A/S (a) 44,738 32,016 
Pegasus Hava Tasimaciligi A/S (a) 2,534 20,994 
Petkim Petrokimya Holding A/S 147,466 100,162 
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S 20,490 39,386 
Sok Marketler Ticaret A/S 43,806 50,577 
TAV Havalimanlari Holding A/S (a) 23,832 65,889 
Tekfen Holding A/S 14,772 23,247 
Tofas Turk Otomobil Fabrikasi A/S 14,762 90,286 
Turk Hava Yollari AO (a) 79,438 123,693 
Turk Sise ve Cam Fabrikalari A/S 161,647 145,607 
Turk Traktor ve Ziraat Makinalari A/S 1,037 17,787 
Turkcell Iletisim Hizmet A/S 134,388 213,729 
Turkiye Garanti Bankasi A/S 232,995 238,714 
Turkiye Halk Bankasi A/S (a) 46,792 21,561 
Turkiye Is Bankasi A/S Series C 192,723 112,859 
Turkiye Petrol Rafinerileri A/S (a) 13,284 193,167 
Turkiye Sinai Kalkinma Bankasi A/S 50,147 6,729 
Turkiye Vakiflar Bankasi TAO (a) 75,722 27,094 
Ulker Biskuvi Sanayi A/S 11,675 24,506 
Yapi ve Kredi Bankasi A/S 225,793 64,116 
TOTAL TURKEY  4,027,568 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC 296,346 669,636 
Abu Dhabi National Oil Co. for Distribution PJSC 301,271 351,045 
Aldar Properties PJSC (a) 405,342 445,825 
Dubai Islamic Bank Pakistan Ltd. (a) 185,863 258,568 
Emaar Properties PJSC (a) 369,846 403,763 
Emirates NBD Bank PJSC 260,090 987,778 
Emirates Telecommunications Corp. 182,905 1,274,755 
First Abu Dhabi Bank PJSC 458,970 2,226,657 
TOTAL UNITED ARAB EMIRATES  6,618,027 
United Kingdom - 8.6%   
3i Group PLC 103,121 1,924,962 
Abrdn PLC 231,395 804,356 
Admiral Group PLC 28,517 1,120,073 
Anglo American PLC (United Kingdom) 143,619 5,463,698 
Antofagasta PLC 36,177 705,766 
Ashtead Group PLC 47,354 3,968,739 
Associated British Foods PLC 37,646 921,185 
AstraZeneca PLC (United Kingdom) 163,209 20,417,665 
Atlassian Corp. PLC (a) 14,248 6,527,436 
Auto Trader Group PLC (b) 102,350 848,526 
Avast PLC (b) 68,407 523,889 
Aveva Group PLC 13,040 634,957 
Aviva PLC 415,148 2,242,491 
BAE Systems PLC 339,004 2,556,145 
Barclays PLC 1,677,220 4,628,247 
Barratt Developments PLC 107,814 978,249 
Bellway PLC 13,268 601,572 
Berkeley Group Holdings PLC 11,653 694,523 
BHP Group PLC 222,540 5,877,628 
BP PLC 2,138,745 10,246,517 
British American Tobacco PLC (United Kingdom) 240,755 8,374,519 
British Land Co. PLC 99,595 673,735 
BT Group PLC (a) 929,624 1,767,137 
Bunzl PLC 35,144 1,299,563 
Burberry Group PLC 43,095 1,137,679 
Centrica PLC (a) 616,580 508,993 
Compass Group PLC (a) 187,975 3,988,948 
ConvaTec Group PLC (b) 162,411 475,208 
Croda International PLC 15,125 1,957,742 
Dechra Pharmaceuticals PLC 11,501 805,872 
Derwent London PLC 11,532 533,751 
Diageo PLC 245,518 12,214,935 
Diploma PLC 12,800 526,224 
Direct Line Insurance Group PLC 145,373 581,730 
DS Smith PLC 147,998 776,549 
Electrocomponents PLC 50,199 772,873 
Evraz PLC 52,301 444,920 
Games Workshop Group PLC 3,545 467,928 
Genus PLC 7,038 532,642 
GlaxoSmithKline PLC 528,455 10,971,164 
Halma PLC 40,043 1,623,201 
Hargreaves Lansdown PLC 37,353 785,706 
Hikma Pharmaceuticals PLC 19,119 629,799 
HomeServe PLC 31,107 363,986 
Howden Joinery Group PLC 62,667 788,847 
HSBC Holdings PLC (United Kingdom) 2,185,159 13,165,955 
IG Group Holdings PLC 45,379 492,791 
IMI PLC 29,893 668,470 
Imperial Brands PLC 100,149 2,113,448 
Informa PLC (a) 157,736 1,121,227 
InterContinental Hotel Group PLC (a) 19,716 1,381,048 
Intermediate Capital Group PLC 31,193 935,320 
Intertek Group PLC 16,897 1,131,939 
ITV PLC (a) 387,597 571,025 
J Sainsbury PLC 184,097 754,326 
JD Sports Fashion PLC 51,773 770,891 
Johnson Matthey PLC 21,050 787,322 
Kingfisher PLC 220,202 1,010,637 
Land Securities Group PLC 79,579 748,197 
Legal & General Group PLC 629,768 2,489,940 
Lloyds Banking Group PLC 7,471,043 5,113,037 
London Stock Exchange Group PLC 34,120 3,321,368 
M&G PLC 270,725 740,260 
Meggitt PLC (a) 82,822 850,095 
Melrose Industries PLC 465,004 1,004,210 
Mondi PLC 50,706 1,266,435 
National Grid PLC 408,446 5,229,563 
NatWest Group PLC 557,025 1,685,482 
Network International Holdings PLC (a)(b) 31,979 141,448 
Next PLC 13,988 1,524,953 
Ocado Group PLC (a) 68,054 1,679,229 
Pearson PLC 78,765 648,127 
Pennon Group PLC 30,031 479,213 
Persimmon PLC 33,273 1,239,028 
Phoenix Group Holdings PLC 89,825 807,158 
Prudential PLC (a) 275,585 5,636,534 
Quilter PLC (b) 177,258 377,465 
Reckitt Benckiser Group PLC 77,610 6,300,596 
RELX PLC (London Stock Exchange) 208,710 6,466,665 
Rentokil Initial PLC 196,796 1,584,709 
Rightmove PLC 93,295 882,772 
Rio Tinto PLC 112,517 7,015,599 
Rolls-Royce Holdings PLC (a) 880,659 1,589,449 
Rotork PLC 93,993 455,622 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 417,384 9,561,800 
Class B (United Kingdom) 404,353 9,279,383 
Royal Mail PLC 83,752 481,972 
Sage Group PLC 117,187 1,139,955 
Schroders PLC 12,777 632,992 
Segro PLC 127,257 2,250,987 
Severn Trent PLC 26,559 995,190 
Smith & Nephew PLC 93,140 1,608,535 
Smiths Group PLC 41,988 778,907 
Spectris PLC 12,848 661,829 
Spirax-Sarco Engineering PLC 7,838 1,673,901 
SSE PLC 110,532 2,489,135 
St. James's Place Capital PLC 56,682 1,225,252 
Standard Chartered PLC (United Kingdom) 270,974 1,835,294 
Tate & Lyle PLC 49,870 442,394 
Taylor Wimpey PLC 381,707 807,346 
Tesco PLC 813,271 3,002,813 
The Weir Group PLC 27,443 651,616 
Travis Perkins PLC 23,693 500,319 
Tritax Big Box REIT PLC 185,448 571,038 
Unilever PLC 276,961 14,829,012 
Unite Group PLC 42,500 633,108 
United Utilities Group PLC 71,595 1,017,536 
Vodafone Group PLC 2,821,943 4,159,128 
Whitbread PLC (a) 21,461 960,414 
Wickes Group PLC 22,475 65,946 
TOTAL UNITED KINGDOM  271,127,630 
United States of America - 0.2%   
Coca-Cola European Partners PLC 21,341 1,123,604 
Farfetch Ltd. Class A (a) 32,887 1,289,499 
Fiverr International Ltd. (a)(d) 3,281 558,918 
Jackson Financial, Inc. (a) 6,641 179,772 
Kolon TissueGene, Inc. unit (a)(c) 911 6,213 
Li Auto, Inc. ADR (a) 28,593 932,990 
Stratasys Ltd. (a) 7,106 224,123 
Tilray, Inc. Class 2 (a)(d) 17,452 179,756 
Yum China Holdings, Inc. 44,287 2,527,902 
TOTAL UNITED STATES OF AMERICA  7,022,777 
TOTAL COMMON STOCKS   
(Cost $2,543,901,770)  2,989,450,379 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.3%   
Alpargatas SA (PN) 19,900 136,209 
Azul SA (a) 31,100 137,045 
Banco Bradesco SA (PN) 501,354 1,767,771 
Banco Inter SA (b) 19,409 42,059 
Bradespar SA (PN) 27,510 237,187 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 23,729 142,278 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 118,734 270,969 
Gerdau SA 120,000 571,955 
Itau Unibanco Holding SA 508,450 2,099,998 
Itausa-Investimentos Itau SA (PN) 469,800 853,228 
Lojas Americanas SA (PN) 87,690 75,046 
Metalurgica Gerdau SA (PN) 72,100 159,816 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 512,600 2,474,990 
TOTAL BRAZIL  8,968,551 
Chile - 0.0%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 15,118 821,037 
Colombia - 0.0%   
Bancolombia SA (PN) 47,075 422,530 
Grupo Aval Acciones y Valores SA 483,108 147,534 
TOTAL COLOMBIA  570,064 
Germany - 0.3%   
Henkel AG & Co. KGaA 18,113 1,620,231 
Porsche Automobil Holding SE (Germany) 16,130 1,678,754 
Sartorius AG (non-vtg.) 2,606 1,688,225 
Volkswagen AG 19,332 4,331,449 
TOTAL GERMANY  9,318,659 
Korea (South) - 0.2%   
Hyundai Motor Co. 3,323 276,646 
Hyundai Motor Co. Series 2 4,633 387,253 
LG Chemical Ltd. 920 300,651 
LG Electronics, Inc. 2,911 159,391 
LG Household & Health Care Ltd. 216 110,330 
Samsung Electronics Co. Ltd. 85,946 4,697,333 
Samsung SDI Co. Ltd. 573 184,790 
TOTAL KOREA (SOUTH)  6,116,394 
Russia - 0.1%   
AK Transneft OAO 168 360,419 
Sberbank of Russia (Russia) 109,390 495,111 
Surgutneftegas OJSC 755,200 411,378 
TOTAL RUSSIA  1,266,908 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $27,974,049)  27,061,613 
Money Market Funds - 3.7%   
Fidelity Cash Central Fund 0.06% (f) 107,431,934 107,453,421 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 7,583,395 7,584,153 
TOTAL MONEY MARKET FUNDS   
(Cost $115,037,384)  115,037,574 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $2,686,913,203)  3,131,549,566 
NET OTHER ASSETS (LIABILITIES) - 0.2%  7,546,640 
NET ASSETS - 100%  $3,139,096,206 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 652 Dec. 2021 $76,270,960 $513,976 $513,976 
ICE MSCI Emerging Markets Index Contracts (United States) 556 Dec. 2021 35,083,600 (259,324) (259,324) 
TME S&P/TSX 60 Index Contracts (Canada) 43 Dec. 2021 8,759,131 219,517 219,517 
TOTAL FUTURES CONTRACTS     $474,169 

The notional amount of futures purchased as a percentage of Net Assets is 3.8%

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $82,729,981 or 2.6% of net assets.

 (c) Level 3 security

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

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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.

Fund 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 0.06% $29,217,784 $840,583,716 $762,347,643 $50,302 $(436) $-- $107,453,421 0.2% 
Fidelity Securities Lending Cash Central Fund 0.06% 2,773,617 70,454,036  65,643,500  253,144 -- -- 7,584,153 0.0% 
Total $31,991,401 $911,037,752  $827,991,143 $303,446 $(436) $-- $115,037,574  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $199,791,883 $91,430,831 $108,361,052 $-- 
Consumer Discretionary 386,240,018 204,920,914 181,319,104 -- 
Consumer Staples 241,010,121 95,135,236 145,874,885 -- 
Energy 142,606,979 79,414,774 63,192,195 10 
Financials 570,427,727 385,528,110 184,899,617 -- 
Health Care 277,740,153 91,586,154 186,101,243 52,756 
Industrials 396,142,600 201,998,617 194,143,983 -- 
Information Technology 392,214,660 127,705,196 264,111,708 397,756 
Materials 238,454,826 139,097,569 99,357,257 -- 
Real Estate 83,302,347 58,506,108 24,796,239 -- 
Utilities 88,580,678 57,778,791 30,801,887 -- 
Money Market Funds 115,037,574 115,037,574 -- -- 
Total Investments in Securities: $3,131,549,566 $1,648,139,874 $1,482,959,170 $450,522 
Derivative Instruments:     
Assets     
Futures Contracts $733,493 $733,493 $-- $-- 
Total Assets $733,493 $733,493 $-- $-- 
Liabilities     
Futures Contracts $(259,324) $(259,324) $-- $-- 
Total Liabilities $(259,324) $(259,324) $-- $-- 
Total Derivative Instruments: $474,169 $474,169 $-- $-- 

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, 2021. 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) $733,493 $(259,324) 
Total Equity Risk 733,493 (259,324) 
Total Value of Derivatives $733,493 $(259,324) 

 (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).

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


Fidelity ZERO® International Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $7,058,243) — See accompanying schedule:
Unaffiliated issuers (cost $2,571,875,819) 		$3,016,511,992  
Fidelity Central Funds (cost $115,037,384) 115,037,574  
Total Investment in Securities (cost $2,686,913,203)  $3,131,549,566 
Segregated cash with brokers for derivative instruments  6,212,206 
Foreign currency held at value (cost $1,577,124)  1,572,775 
Receivable for investments sold  1,201,234 
Receivable for fund shares sold  4,382,439 
Dividends receivable  5,476,096 
Reclaims receivable  2,754,842 
Interest receivable  1,069 
Distributions receivable from Fidelity Central Funds  8,404 
Other receivables  68,476 
Total assets  3,153,227,107 
Liabilities   
Payable for investments purchased on a delayed delivery basis $14,849  
Payable for fund shares redeemed 2,189,109  
Payable for daily variation margin on futures contracts 976,711  
Other payables and accrued expenses 3,365,982  
Collateral on securities loaned 7,584,250  
Total liabilities  14,130,901 
Net Assets  $3,139,096,206 
Net Assets consist of:   
Paid in capital  $2,655,493,521 
Total accumulated earnings (loss)  483,602,685 
Net Assets  $3,139,096,206 
Net Asset Value, offering price and redemption price per share ($3,139,096,206 ÷ 253,112,636 shares)  $12.40 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $67,948,736 
Non-Cash dividends  5,797,943 
Interest  2,729 
Income from Fidelity Central Funds (including $253,144 from security lending)  303,446 
Income before foreign taxes withheld  74,052,854 
Less foreign taxes withheld  (8,758,424) 
Total income  65,294,430 
Expenses   
Independent trustees' fees and expenses $9,384  
Total expenses  9,384 
Net investment income (loss)  65,285,046 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $537,016) (6,161,923)  
Fidelity Central Funds (436)  
Foreign currency transactions (169,099)  
Futures contracts 14,013,424  
Total net realized gain (loss)  7,681,966 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $3,217,074) 462,754,726  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies (132,670)  
Futures contracts 1,287,886  
Total change in net unrealized appreciation (depreciation)  463,909,943 
Net gain (loss)  471,591,909 
Net increase (decrease) in net assets resulting from operations  $536,876,955 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $65,285,046 $35,248,900 
Net realized gain (loss) 7,681,966 (16,721,752) 
Change in net unrealized appreciation (depreciation) 463,909,943 (68,510,767) 
Net increase (decrease) in net assets resulting from operations 536,876,955 (49,983,619) 
Distributions to shareholders (32,771,369) (32,813,228) 
Share transactions   
Proceeds from sales of shares 1,320,104,853 883,998,983 
Reinvestment of distributions 30,440,745 30,381,153 
Cost of shares redeemed (366,571,959) (441,068,830) 
Net increase (decrease) in net assets resulting from share transactions 983,973,639 473,311,306 
Total increase (decrease) in net assets 1,488,079,225 390,514,459 
Net Assets   
Beginning of period 1,651,016,981 1,260,502,522 
End of period $3,139,096,206 $1,651,016,981 
Other Information   
Shares   
Sold 110,254,438 92,059,244 
Issued in reinvestment of distributions 2,735,017 2,961,126 
Redeemed (30,579,373) (48,663,965) 
Net increase (decrease) 82,410,082 46,356,405 

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


Financial Highlights

Fidelity ZERO International Index Fund

     
Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $9.67 $10.14 $9.13 $10.00 
Income from Investment Operations     
Net investment income (loss)B .30 .23 .32 .06 
Net realized and unrealized gain (loss) 2.62 (.45) .75 (.93) 
Total from investment operations 2.92 (.22) 1.07 (.87) 
Distributions from net investment income (.19) (.25) (.06) – 
Total distributions (.19) (.25) (.06) – 
Net asset value, end of period $12.40 $9.67 $10.14 $9.13 
Total ReturnC,D 30.39% (2.34)% 11.79% (8.70)% 
Ratios to Average Net AssetsE,F     
Expenses before reductionsG -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% - %H 
Expenses net of all reductionsG -% -% -% - %H 
Net investment income (loss) 2.50% 2.39% 3.34% 2.42%H 
Supplemental Data     
Net assets, end of period (000 omitted) $3,139,096 $1,651,017 $1,260,503 $393,972 
Portfolio turnover rateI 8% 8% 4% - %J,K 

 A For the period August 2, 2018 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount represents less than .005%.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Amount represents less than 1%.

 K Amount not annualized.

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


Fidelity ZERO® Large Cap Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity ZERO® Large Cap Index Fund 42.81% 18.53% 

 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.


Period Ending Values
$17,039Fidelity ZERO® Large Cap Index Fund
$17,029Fidelity U.S. Large Cap Index℠
$16,766S&P 500 Index

Fidelity ZERO® Large Cap Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 42.81%, roughly in line with the 42.77% advance of the benchmark Fidelity U.S. Large Cap Index. By sector, information technology gained roughly 46% and contributed most, followed by financials, which gained 73%, and consumer discretionary, which advanced 42%. The health care sector rose 33%, communication services gained 39%, driven by the media & entertainment industry (+46%), and industrials advanced roughly 37%. Other notable contributors included the energy (+107%), consumer staples (+20%), real estate (+43%), materials (+35%), and utilities (+11%) sectors. Turning to individual stocks, the top contributor was Microsoft (+65%), from the software & services industry. In media & entertainment, Alphabet (+83%) was helpful, and Apple (+39%) from the technology hardware & equipment category also contributed. Tesla, within the automobiles & components group, rose about 188% and Nvidia, within the semiconductors & semiconductor equipment segment, gained about 105% and boosted the fund. Conversely, the biggest individual detractor was Zoom Video Communications (-34%), from the software & services industry. In media & entertainment, Pinterest (-48%) and Zillow (-43%) hurt. Uber Technologies, within the transportation segment, returned -25% and hindered the fund. Another detractor was Teladoc Health (-49%), a stock in the health care equipment & services 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.

Fidelity ZERO® Large Cap Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Microsoft Corp. 6.1 
Apple, Inc. 5.8 
Amazon.com, Inc. 3.6 
Tesla, Inc. 2.2 
Alphabet, Inc. Class A 2.2 
Alphabet, Inc. Class C 2.1 
Meta Platforms, Inc. Class A 1.9 
NVIDIA Corp. 1.6 
Berkshire Hathaway, Inc. Class B 1.3 
JPMorgan Chase & Co. 1.3 
 28.1 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 29.4 
Health Care 13.2 
Consumer Discretionary 12.5 
Financials 11.1 
Communication Services 10.8 
Industrials 7.7 
Consumer Staples 5.4 
Energy 2.6 
Real Estate 2.5 
Materials 2.3 

Asset Allocation (% of fund's net assets)

As of October 31, 2021* 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 3.4%

Fidelity ZERO® Large Cap Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.7%   
 Shares Value 
COMMUNICATION SERVICES - 10.8%   
Diversified Telecommunication Services - 1.0%   
AT&T, Inc. 897,838 $22,679,388 
Verizon Communications, Inc. 520,609 27,587,071 
  50,266,459 
Entertainment - 1.9%   
Activision Blizzard, Inc. 97,796 7,646,669 
Electronic Arts, Inc. 35,786 5,018,987 
Netflix, Inc. (a) 55,656 38,419,893 
Roku, Inc. Class A (a) 14,638 4,463,126 
Take-Two Interactive Software, Inc. (a) 14,652 2,652,012 
The Walt Disney Co. (a) 228,500 38,632,495 
  96,833,182 
Interactive Media & Services - 6.6%   
Alphabet, Inc.:   
Class A (a) 37,860 112,100,431 
Class C (a) 35,430 105,064,476 
IAC (a) 10,459 1,593,638 
Match Group, Inc. (a) 34,809 5,248,501 
Meta Platforms, Inc. Class A (a) 299,760 96,993,343 
Pinterest, Inc. Class A (a) 69,813 3,116,452 
Snap, Inc. Class A (a) 131,711 6,925,364 
Twitter, Inc. (a) 100,347 5,372,578 
Vimeo, Inc. (a) 19,510 658,072 
Zillow Group, Inc.:   
Class A (a)(b) 5,005 529,129 
Class C (a)(b) 20,907 2,166,592 
  339,768,576 
Media - 1.1%   
Charter Communications, Inc. Class A (a) 15,949 10,763,821 
Comcast Corp. Class A 575,962 29,621,726 
Discovery Communications, Inc.:   
Class A (a) 20,854 488,818 
Class C (non-vtg.) (a) 38,468 867,838 
Fox Corp.:   
Class A 41,015 1,629,936 
Class B 18,271 675,296 
Liberty Broadband Corp.:   
Class A (a) 3,079 495,011 
Class C (a) 18,270 2,967,962 
Liberty Media Corp.:   
Liberty Braves Class A (a) 1,356 41,453 
Liberty Braves Class C (a) 4,976 147,887 
Liberty Formula One Group Series C (a) 25,331 1,413,470 
Liberty Media Class A (a) 3,149 164,220 
Liberty SiriusXM Series A (a) 10,017 498,646 
Liberty SiriusXM Series C (a) 19,929 982,898 
Omnicom Group, Inc. 26,973 1,836,322 
ViacomCBS, Inc.:   
Class A (b) 3,481 135,515 
Class B 73,686 2,668,907 
  55,399,726 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 73,756 8,484,153 
TOTAL COMMUNICATION SERVICES  550,752,096 
CONSUMER DISCRETIONARY - 12.5%   
Auto Components - 0.1%   
Aptiv PLC (a) 34,015 5,880,853 
Automobiles - 2.6%   
Ford Motor Co. 493,427 8,427,733 
General Motors Co. (a) 182,552 9,936,305 
Tesla, Inc. (a) 102,036 113,668,104 
  132,032,142 
Distributors - 0.1%   
Genuine Parts Co. 18,008 2,361,029 
Pool Corp. 5,042 2,597,437 
  4,958,466 
Diversified Consumer Services - 0.0%   
Chegg, Inc. (a) 17,893 1,063,560 
Hotels, Restaurants & Leisure - 2.0%   
Airbnb, Inc. Class A 42,321 7,222,502 
Booking Holdings, Inc. (a) 5,163 12,498,487 
Caesars Entertainment, Inc. (a) 26,838 2,937,687 
Carnival Corp. (a) 100,417 2,225,241 
Chipotle Mexican Grill, Inc. (a) 3,533 6,285,313 
Darden Restaurants, Inc. 16,387 2,362,022 
Domino's Pizza, Inc. 4,635 2,266,376 
DraftKings, Inc. Class A (a)(b) 41,620 1,939,076 
Expedia, Inc. (a) 18,270 3,003,771 
Hilton Worldwide Holdings, Inc. (a) 35,043 5,044,440 
Las Vegas Sands Corp. (a) 43,306 1,680,706 
Marriott International, Inc. Class A (a) 34,398 5,504,368 
McDonald's Corp. 93,908 23,059,109 
MGM Resorts International 50,294 2,371,865 
Penn National Gaming, Inc. (a) 19,664 1,407,942 
Royal Caribbean Cruises Ltd. (a) 28,184 2,379,575 
Starbucks Corp. 148,268 15,726,787 
Yum! Brands, Inc. 37,177 4,644,894 
  102,560,161 
Household Durables - 0.3%   
D.R. Horton, Inc. 40,986 3,658,820 
Garmin Ltd. 19,105 2,743,478 
Lennar Corp.:   
Class A 33,610 3,358,647 
Class B 3,043 249,769 
NVR, Inc. (a) 423 2,070,500 
PulteGroup, Inc. 32,722 1,573,274 
  13,654,488 
Internet & Direct Marketing Retail - 3.9%   
Amazon.com, Inc. (a) 54,768 184,701,246 
eBay, Inc. 81,744 6,271,400 
Etsy, Inc. (a) 15,917 3,990,233 
Wayfair LLC Class A (a)(b) 9,725 2,422,498 
  197,385,377 
Leisure Products - 0.1%   
Hasbro, Inc. 16,232 1,554,376 
Peloton Interactive, Inc. Class A (a) 33,794 3,090,123 
  4,644,499 
Multiline Retail - 0.5%   
Dollar General Corp. 29,701 6,579,366 
Dollar Tree, Inc. (a) 29,167 3,143,036 
Target Corp. 62,210 16,150,960 
  25,873,362 
Specialty Retail - 2.2%   
AutoZone, Inc. (a) 2,709 4,835,132 
Best Buy Co., Inc. 28,346 3,465,015 
Burlington Stores, Inc. (a) 8,372 2,313,100 
CarMax, Inc. (a) 20,489 2,805,354 
Carvana Co. Class A (a)(b) 10,626 3,221,591 
Lowe's Companies, Inc. 88,890 20,784,260 
O'Reilly Automotive, Inc. (a) 8,671 5,396,137 
Ross Stores, Inc. 44,907 5,083,472 
The Home Depot, Inc. 133,702 49,702,381 
TJX Companies, Inc. 151,714 9,935,750 
Tractor Supply Co. 14,378 3,122,470 
Ulta Beauty, Inc. (a) 6,886 2,529,641 
  113,194,303 
Textiles, Apparel & Luxury Goods - 0.7%   
lululemon athletica, Inc. (a) 14,894 6,940,753 
NIKE, Inc. Class B 160,717 26,886,347 
VF Corp. 40,980 2,986,622 
  36,813,722 
TOTAL CONSUMER DISCRETIONARY  638,060,933 
CONSUMER STAPLES - 5.4%   
Beverages - 1.3%   
Brown-Forman Corp. Class B (non-vtg.) 23,030 1,563,507 
Constellation Brands, Inc. Class A (sub. vtg.) 21,156 4,586,832 
Keurig Dr. Pepper, Inc. 92,679 3,344,785 
Monster Beverage Corp. (a) 47,216 4,013,360 
PepsiCo, Inc. 173,794 28,085,110 
The Coca-Cola Co. 488,515 27,537,591 
  69,131,185 
Food & Staples Retailing - 1.3%   
Costco Wholesale Corp. 55,589 27,324,217 
Kroger Co. 85,506 3,421,950 
Sysco Corp. 64,329 4,946,900 
Walgreens Boots Alliance, Inc. 90,278 4,244,872 
Walmart, Inc. 179,703 26,851,222 
  66,789,161 
Food Products - 0.8%   
Archer Daniels Midland Co. 70,335 4,518,320 
Conagra Brands, Inc. 60,426 1,945,717 
General Mills, Inc. 76,234 4,711,261 
Hormel Foods Corp. 35,406 1,498,382 
Kellogg Co. 32,164 1,971,653 
McCormick & Co., Inc. (non-vtg.) 31,332 2,513,766 
Mondelez International, Inc. 175,766 10,676,027 
The Hershey Co. 18,285 3,206,275 
The J.M. Smucker Co. 13,648 1,676,793 
The Kraft Heinz Co. 84,607 3,036,545 
Tyson Foods, Inc. Class A 37,071 2,964,568 
  38,719,307 
Household Products - 1.2%   
Church & Dwight Co., Inc. 30,872 2,696,978 
Colgate-Palmolive Co. 106,067 8,081,245 
Kimberly-Clark Corp. 42,346 5,483,384 
Procter & Gamble Co. 305,242 43,646,554 
The Clorox Co. 15,443 2,517,363 
  62,425,524 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 29,160 9,457,463 
Tobacco - 0.6%   
Altria Group, Inc. 231,886 10,228,491 
Philip Morris International, Inc. 195,983 18,528,233 
  28,756,724 
TOTAL CONSUMER STAPLES  275,279,364 
ENERGY - 2.6%   
Energy Equipment & Services - 0.2%   
Baker Hughes Co. Class A 104,182 2,612,885 
Halliburton Co. 111,977 2,798,305 
Schlumberger Ltd. 175,851 5,672,953 
  11,084,143 
Oil, Gas & Consumable Fuels - 2.4%   
Cheniere Energy, Inc. 29,660 3,066,844 
Chevron Corp. 243,191 27,842,938 
ConocoPhillips Co. 168,392 12,543,520 
DT Midstream, Inc. 12,085 579,597 
EOG Resources, Inc. 73,421 6,788,506 
Exxon Mobil Corp. 532,371 34,321,958 
Hess Corp. 34,659 2,861,794 
Kinder Morgan, Inc. 245,126 4,105,861 
Marathon Petroleum Corp. 80,260 5,291,542 
Occidental Petroleum Corp. 111,548 3,740,204 
ONEOK, Inc. 56,047 3,565,710 
Phillips 66 Co. 55,077 4,118,658 
Pioneer Natural Resources Co. 28,531 5,334,726 
The Williams Companies, Inc. 152,793 4,291,955 
Valero Energy Corp. 51,410 3,975,535 
  122,429,348 
TOTAL ENERGY  133,513,491 
FINANCIALS - 11.1%   
Banks - 4.2%   
Bank of America Corp. 931,176 44,491,589 
Citigroup, Inc. 254,867 17,626,602 
Citizens Financial Group, Inc. 53,579 2,538,573 
Fifth Third Bancorp 86,856 3,780,842 
First Republic Bank 22,169 4,795,820 
Huntington Bancshares, Inc. 185,668 2,922,414 
JPMorgan Chase & Co. 375,754 63,836,847 
KeyCorp 120,258 2,798,404 
M&T Bank Corp. 16,180 2,380,402 
PNC Financial Services Group, Inc. 53,441 11,277,654 
Regions Financial Corp. 120,026 2,842,216 
SVB Financial Group (a) 7,377 5,292,260 
Truist Financial Corp. 167,849 10,653,376 
U.S. Bancorp 169,656 10,242,133 
Wells Fargo & Co. 516,372 26,417,592 
  211,896,724 
Capital Markets - 3.3%   
Ameriprise Financial, Inc. 14,303 4,321,365 
Bank of New York Mellon Corp. 99,858 5,911,594 
BlackRock, Inc. Class A 17,990 16,972,845 
Blackstone, Inc. 86,257 11,939,694 
Charles Schwab Corp. 188,775 15,485,213 
CME Group, Inc. 45,160 9,960,038 
Goldman Sachs Group, Inc. 42,390 17,521,907 
Intercontinental Exchange, Inc. 70,814 9,804,906 
KKR & Co. LP 73,314 5,840,926 
MarketAxess Holdings, Inc. 4,782 1,954,260 
Moody's Corp. 20,370 8,232,536 
Morgan Stanley 183,550 18,865,269 
MSCI, Inc. 10,367 6,892,811 
NASDAQ, Inc. 14,718 3,088,867 
Northern Trust Corp. 26,204 3,224,140 
Raymond James Financial, Inc. 23,289 2,296,063 
S&P Global, Inc. 30,305 14,369,419 
State Street Corp. 45,976 4,530,935 
T. Rowe Price Group, Inc. 28,537 6,189,105 
  167,401,893 
Consumer Finance - 0.6%   
Ally Financial, Inc. 45,348 2,164,914 
American Express Co. 80,917 14,061,756 
Capital One Financial Corp. 56,099 8,472,632 
Discover Financial Services 37,658 4,267,405 
Synchrony Financial 71,639 3,327,632 
  32,294,339 
Diversified Financial Services - 1.3%   
Berkshire Hathaway, Inc. Class B (a) 233,096 66,900,883 
Insurance - 1.7%   
AFLAC, Inc. 77,596 4,164,577 
Allstate Corp. 37,182 4,598,298 
American International Group, Inc. 107,541 6,354,598 
Aon PLC 28,387 9,081,569 
Arch Capital Group Ltd. (a) 49,815 2,083,263 
Arthur J. Gallagher & Co. 25,997 4,358,917 
Chubb Ltd. 55,170 10,779,115 
Cincinnati Financial Corp. 18,850 2,289,144 
Hartford Financial Services Group, Inc. 43,659 3,184,051 
Markel Corp. (a) 1,726 2,266,462 
Marsh & McLennan Companies, Inc. 63,707 10,626,328 
MetLife, Inc. 91,591 5,751,915 
Principal Financial Group, Inc. 31,393 2,106,156 
Progressive Corp. 73,582 6,981,460 
Prudential Financial, Inc. 48,641 5,352,942 
The Travelers Companies, Inc. 31,372 5,047,127 
Willis Towers Watson PLC 16,227 3,931,478 
  88,957,400 
TOTAL FINANCIALS  567,451,239 
HEALTH CARE - 13.2%   
Biotechnology - 2.0%   
AbbVie, Inc. 222,220 25,481,967 
Alnylam Pharmaceuticals, Inc. (a) 14,945 2,384,624 
Amgen, Inc. 71,407 14,779,107 
Biogen, Inc. (a) 18,741 4,997,850 
BioMarin Pharmaceutical, Inc. (a) 23,097 1,829,975 
Exact Sciences Corp. (a)(b) 21,629 2,059,513 
Gilead Sciences, Inc. 157,670 10,229,630 
Horizon Therapeutics PLC (a) 28,406 3,406,163 
Incyte Corp. (a) 23,538 1,576,575 
Moderna, Inc. (a) 44,159 15,244,128 
Novavax, Inc. (a)(b) 9,350 1,391,561 
Regeneron Pharmaceuticals, Inc. (a) 13,217 8,458,087 
Seagen, Inc. (a)(b) 16,701 2,944,887 
Vertex Pharmaceuticals, Inc. (a) 32,623 6,032,971 
  100,817,038 
Health Care Equipment & Supplies - 3.6%   
Abbott Laboratories 222,925 28,732,803 
Abiomed, Inc. (a) 5,710 1,895,948 
Align Technology, Inc. (a) 9,240 5,769,179 
Baxter International, Inc. 62,860 4,963,426 
Becton, Dickinson & Co. 36,112 8,652,074 
Boston Scientific Corp. (a) 179,038 7,721,909 
Danaher Corp. 79,896 24,909,176 
DexCom, Inc. (a) 12,166 7,581,973 
Edwards Lifesciences Corp. (a) 78,378 9,391,252 
Hologic, Inc. (a) 31,875 2,336,756 
IDEXX Laboratories, Inc. (a) 10,698 7,126,366 
Insulet Corp. (a) 8,660 2,684,773 
Intuitive Surgical, Inc. (a) 44,853 16,197,764 
Masimo Corp. (a) 6,385 1,810,403 
Medtronic PLC 168,990 20,255,141 
Novocure Ltd. (a)(b) 11,210 1,149,810 
ResMed, Inc. 18,298 4,810,727 
STERIS PLC 12,543 2,931,801 
Stryker Corp. 42,201 11,228,420 
Teleflex, Inc. 5,886 2,100,949 
The Cooper Companies, Inc. 6,192 2,581,569 
West Pharmaceutical Services, Inc. 9,302 3,998,744 
Zimmer Biomet Holdings, Inc. 26,260 3,758,331 
  182,589,294 
Health Care Providers & Services - 2.5%   
AmerisourceBergen Corp. 18,811 2,295,318 
Anthem, Inc. 30,659 13,340,651 
Cardinal Health, Inc. 36,532 1,746,595 
Centene Corp. (a) 73,314 5,222,889 
Cigna Corp. 42,767 9,135,459 
CVS Health Corp. 165,933 14,814,498 
Guardant Health, Inc. (a)(b) 12,726 1,486,270 
HCA Holdings, Inc. 30,998 7,763,759 
Humana, Inc. 16,159 7,484,202 
Laboratory Corp. of America Holdings (a) 12,160 3,490,163 
McKesson Corp. 19,449 4,043,058 
Quest Diagnostics, Inc. 15,364 2,255,128 
UnitedHealth Group, Inc. 118,569 54,597,467 
  127,675,457 
Health Care Technology - 0.2%   
Cerner Corp. 37,170 2,761,359 
Teladoc Health, Inc. (a)(b) 20,025 2,995,540 
Veeva Systems, Inc. Class A (a) 17,372 5,507,098 
  11,263,997 
Life Sciences Tools & Services - 1.4%   
10X Genomics, Inc. (a) 11,405 1,839,284 
Agilent Technologies, Inc. 38,154 6,008,873 
Avantor, Inc. (a) 73,454 2,966,073 
Bio-Rad Laboratories, Inc. Class A (a) 2,706 2,150,404 
Bio-Techne Corp. 4,890 2,560,649 
Charles River Laboratories International, Inc. (a) 6,337 2,843,285 
Illumina, Inc. (a) 18,447 7,656,612 
IQVIA Holdings, Inc. (a) 24,093 6,298,392 
Mettler-Toledo International, Inc. (a) 2,907 4,304,918 
PerkinElmer, Inc. 14,097 2,493,618 
Thermo Fisher Scientific, Inc. 49,471 31,318,606 
Waters Corp. (a) 7,716 2,836,016 
  73,276,730 
Pharmaceuticals - 3.5%   
Bristol-Myers Squibb Co. 279,421 16,318,186 
Catalent, Inc. (a) 21,419 2,952,823 
Elanco Animal Health, Inc. (a) 59,541 1,957,708 
Eli Lilly & Co. 99,838 25,434,729 
Johnson & Johnson 331,025 53,917,352 
Merck & Co., Inc. 318,313 28,027,460 
Organon & Co. 31,869 1,171,186 
Pfizer, Inc. 705,024 30,837,750 
Viatris, Inc. 152,108 2,030,642 
Zoetis, Inc. Class A 59,595 12,884,439 
  175,532,275 
TOTAL HEALTH CARE  671,154,791 
INDUSTRIALS - 7.7%   
Aerospace & Defense - 1.3%   
General Dynamics Corp. 29,174 5,915,029 
HEICO Corp. (b) 5,322 741,834 
HEICO Corp. Class A 9,388 1,179,884 
L3Harris Technologies, Inc. 25,267 5,825,054 
Lockheed Martin Corp. 30,991 10,298,929 
Northrop Grumman Corp. 18,924 6,760,031 
Raytheon Technologies Corp. 189,609 16,848,656 
The Boeing Co. (a) 69,285 14,344,074 
TransDigm Group, Inc. (a) 6,583 4,106,607 
  66,020,098 
Air Freight & Logistics - 0.6%   
Expeditors International of Washington, Inc. 21,363 2,633,203 
FedEx Corp. 30,929 7,284,707 
United Parcel Service, Inc. Class B 91,580 19,549,583 
  29,467,493 
Airlines - 0.2%   
Delta Air Lines, Inc. (a) 80,461 3,148,439 
Southwest Airlines Co. (a) 74,393 3,517,301 
United Airlines Holdings, Inc. (a) 40,718 1,878,729 
  8,544,469 
Building Products - 0.4%   
Carrier Global Corp. 109,108 5,698,711 
Fortune Brands Home & Security, Inc. 17,367 1,761,014 
Johnson Controls International PLC 89,556 6,570,724 
Masco Corp. 31,096 2,038,343 
Trane Technologies PLC 29,877 5,405,646 
  21,474,438 
Commercial Services & Supplies - 0.4%   
Cintas Corp. 11,005 4,766,266 
Copart, Inc. (a) 26,772 4,157,424 
Republic Services, Inc. 26,419 3,555,997 
Waste Management, Inc. 48,714 7,805,444 
  20,285,131 
Electrical Equipment - 0.6%   
AMETEK, Inc. 29,070 3,848,868 
Eaton Corp. PLC 50,122 8,258,101 
Emerson Electric Co. 75,171 7,292,339 
Generac Holdings, Inc. (a) 7,937 3,957,071 
Plug Power, Inc. (a)(b) 65,005 2,487,741 
Rockwell Automation, Inc. 14,589 4,659,727 
  30,503,847 
Industrial Conglomerates - 1.0%   
3M Co. 72,763 13,001,293 
General Electric Co. 138,029 14,475,101 
Honeywell International, Inc. 86,816 18,979,714 
Roper Technologies, Inc. 13,256 6,467,205 
  52,923,313 
Machinery - 1.4%   
Caterpillar, Inc. 68,843 14,044,660 
Cummins, Inc. 18,057 4,330,791 
Deere & Co. 35,696 12,219,098 
Dover Corp. 18,102 3,060,686 
Fortive Corp. 45,065 3,411,871 
IDEX Corp. 9,559 2,127,547 
Illinois Tool Works, Inc. 36,041 8,212,663 
Ingersoll Rand, Inc. 50,947 2,738,911 
Otis Worldwide Corp. 53,666 4,309,916 
PACCAR, Inc. 43,654 3,912,271 
Parker Hannifin Corp. 16,228 4,813,063 
Stanley Black & Decker, Inc. 20,491 3,682,847 
Westinghouse Air Brake Tech Co. 23,778 2,157,378 
Xylem, Inc. 22,654 2,958,386 
  71,980,088 
Professional Services - 0.5%   
CoStar Group, Inc. (a) 49,663 4,273,501 
Equifax, Inc. 15,320 4,250,228 
IHS Markit Ltd. 50,122 6,551,948 
Jacobs Engineering Group, Inc. 16,387 2,301,063 
Leidos Holdings, Inc. 17,822 1,781,844 
TransUnion Holding Co., Inc. 24,079 2,776,068 
Verisk Analytics, Inc. 20,287 4,265,747 
  26,200,399 
Road & Rail - 1.1%   
CSX Corp. 283,483 10,253,580 
Kansas City Southern 11,438 3,548,640 
Lyft, Inc. (a) 36,593 1,678,521 
Norfolk Southern Corp. 31,054 9,100,375 
Old Dominion Freight Lines, Inc. 11,795 4,026,223 
Uber Technologies, Inc. (a) 203,777 8,929,508 
Union Pacific Corp. 82,000 19,794,800 
  57,331,647 
Trading Companies & Distributors - 0.2%   
Fastenal Co. 72,269 4,125,115 
United Rentals, Inc. (a) 9,103 3,451,038 
W.W. Grainger, Inc. 5,501 2,547,568 
  10,123,721 
TOTAL INDUSTRIALS  394,854,644 
INFORMATION TECHNOLOGY - 29.4%   
Communications Equipment - 0.8%   
Arista Networks, Inc. (a) 7,041 2,884,627 
Cisco Systems, Inc. 529,910 29,659,063 
F5 Networks, Inc. (a) 7,606 1,606,007 
Motorola Solutions, Inc. 21,289 5,292,233 
  39,441,930 
Electronic Equipment & Components - 0.7%   
Amphenol Corp. Class A 75,216 5,774,332 
CDW Corp. 17,289 3,226,992 
Cognex Corp. 22,238 1,947,826 
Corning, Inc. 96,650 3,437,841 
Keysight Technologies, Inc. (a) 23,164 4,169,983 
TE Connectivity Ltd. 41,244 6,021,624 
Teledyne Technologies, Inc. (a) 5,860 2,632,429 
Trimble, Inc. (a) 31,639 2,764,299 
Zebra Technologies Corp. Class A (a) 6,715 3,585,474 
  33,560,800 
IT Services - 5.0%   
Accenture PLC Class A 79,741 28,610,273 
Akamai Technologies, Inc. (a) 20,480 2,159,821 
Automatic Data Processing, Inc. 53,201 11,943,092 
Broadridge Financial Solutions, Inc. 14,607 2,606,035 
Cloudflare, Inc. (a) 33,126 6,450,295 
Cognizant Technology Solutions Corp. Class A 66,093 5,161,202 
EPAM Systems, Inc. (a) 7,121 4,794,142 
Fidelity National Information Services, Inc. 77,673 8,601,508 
Fiserv, Inc. (a) 74,944 7,381,235 
FleetCor Technologies, Inc. (a) 10,387 2,569,848 
Gartner, Inc. (a) 10,519 3,491,361 
Global Payments, Inc. 36,938 5,281,765 
GoDaddy, Inc. (a) 21,234 1,468,756 
IBM Corp. 112,711 14,100,146 
MasterCard, Inc. Class A 109,546 36,754,874 
MongoDB, Inc. Class A (a) 8,128 4,237,045 
Okta, Inc. (a) 15,725 3,886,906 
Paychex, Inc. 40,270 4,964,486 
PayPal Holdings, Inc. (a) 147,758 34,367,033 
Square, Inc. (a) 49,972 12,717,874 
Twilio, Inc. Class A (a) 20,991 6,115,938 
VeriSign, Inc. (a) 12,239 2,725,258 
Visa, Inc. Class A 212,217 44,941,194 
  255,330,087 
Semiconductors & Semiconductor Equipment - 5.8%   
Advanced Micro Devices, Inc. (a) 152,528 18,338,441 
Analog Devices, Inc. 67,640 11,734,864 
Applied Materials, Inc. 114,932 15,705,458 
Broadcom, Inc. 51,590 27,428,855 
Enphase Energy, Inc. (a) 16,928 3,921,033 
Entegris, Inc. 17,051 2,400,440 
Intel Corp. 510,161 24,997,889 
KLA Corp. 19,207 7,159,601 
Lam Research Corp. 17,919 10,098,611 
Marvell Technology, Inc. 103,050 7,058,925 
Microchip Technology, Inc. 68,922 5,106,431 
Micron Technology, Inc. 141,564 9,782,072 
Monolithic Power Systems, Inc. 5,428 2,852,197 
NVIDIA Corp. 313,363 80,117,518 
NXP Semiconductors NV 33,341 6,696,873 
ON Semiconductor Corp. (a) 54,141 2,602,558 
Qorvo, Inc. (a) 13,977 2,351,351 
Qualcomm, Inc. 141,845 18,871,059 
Skyworks Solutions, Inc. 20,767 3,470,789 
SolarEdge Technologies, Inc. (a) 6,573 2,331,312 
Teradyne, Inc. 20,745 2,867,789 
Texas Instruments, Inc. 116,093 21,765,116 
Wolfspeed, Inc. (a) 14,487 1,740,034 
Xilinx, Inc. 31,118 5,601,240 
  295,000,456 
Software - 11.0%   
Adobe, Inc. (a) 59,907 38,961,117 
ANSYS, Inc. (a) 10,972 4,164,752 
Autodesk, Inc. (a) 27,666 8,786,998 
Avalara, Inc. (a) 10,860 1,950,890 
Black Knight, Inc. (a) 19,641 1,377,031 
Cadence Design Systems, Inc. (a) 34,805 6,025,094 
Ceridian HCM Holding, Inc. (a)(b) 16,963 2,124,616 
Citrix Systems, Inc. 15,571 1,475,041 
Coupa Software, Inc. (a) 9,246 2,105,314 
Crowdstrike Holdings, Inc. (a) 25,055 7,060,499 
Datadog, Inc. Class A (a) 30,146 5,035,889 
DocuSign, Inc. (a) 24,500 6,818,105 
Fair Isaac Corp. (a) 3,560 1,417,592 
Fortinet, Inc. (a) 17,046 5,733,252 
HubSpot, Inc. (a) 5,615 4,549,441 
Intuit, Inc. 34,362 21,510,268 
Microsoft Corp. 944,981 313,374,590 
NortonLifeLock, Inc. 73,156 1,861,820 
Nuance Communications, Inc. (a) 35,885 1,975,469 
Oracle Corp. 207,144 19,873,395 
Palo Alto Networks, Inc. (a) 12,247 6,234,825 
Paycom Software, Inc. (a) 6,045 3,311,753 
PTC, Inc. (a) 13,310 1,695,029 
RingCentral, Inc. (a) 10,237 2,495,576 
Salesforce.com, Inc. (a) 122,168 36,612,528 
ServiceNow, Inc. (a) 24,911 17,381,899 
Splunk, Inc. (a) 20,612 3,397,270 
SS&C Technologies Holdings, Inc. 27,933 2,219,836 
Synopsys, Inc. (a) 19,186 6,392,391 
The Trade Desk, Inc. (a) 54,589 4,089,262 
Tyler Technologies, Inc. (a) 5,136 2,789,978 
Workday, Inc. Class A (a) 23,767 6,891,955 
Zendesk, Inc. (a) 15,106 1,537,791 
Zoom Video Communications, Inc. Class A (a) 27,183 7,465,811 
Zscaler, Inc. (a) 9,819 3,130,886 
  561,827,963 
Technology Hardware, Storage & Peripherals - 6.1%   
Apple, Inc. 1,974,699 295,809,910 
Dell Technologies, Inc. (a) 34,906 3,839,311 
Hewlett Packard Enterprise Co. 164,217 2,405,779 
HP, Inc. 151,053 4,581,437 
NetApp, Inc. 28,169 2,515,492 
Seagate Technology Holdings PLC 26,331 2,345,302 
Western Digital Corp. (a) 38,540 2,015,257 
  313,512,488 
TOTAL INFORMATION TECHNOLOGY  1,498,673,724 
MATERIALS - 2.3%   
Chemicals - 1.6%   
Air Products & Chemicals, Inc. 27,835 8,345,211 
Albemarle Corp. U.S. 14,706 3,683,412 
Celanese Corp. Class A 13,972 2,256,618 
Corteva, Inc. 92,317 3,983,479 
Dow, Inc. 93,778 5,248,755 
DuPont de Nemours, Inc. 65,772 4,577,731 
Eastman Chemical Co. 17,093 1,778,185 
Ecolab, Inc. 31,296 6,954,597 
FMC Corp. 16,182 1,472,724 
International Flavors & Fragrances, Inc. 31,318 4,617,839 
Linde PLC 64,936 20,727,571 
LyondellBasell Industries NV Class A 33,230 3,084,409 
PPG Industries, Inc. 29,846 4,792,372 
Sherwin-Williams Co. 30,460 9,643,941 
  81,166,844 
Construction Materials - 0.1%   
Martin Marietta Materials, Inc. 7,843 3,081,044 
Vulcan Materials Co. 16,683 3,171,772 
  6,252,816 
Containers & Packaging - 0.3%   
Amcor PLC 193,880 2,340,132 
Avery Dennison Corp. 10,430 2,270,820 
Ball Corp. 41,068 3,756,901 
International Paper Co. 49,142 2,440,883 
Packaging Corp. of America 11,943 1,640,610 
  12,449,346 
Metals & Mining - 0.3%   
Freeport-McMoRan, Inc. 184,606 6,963,338 
Newmont Corp. 100,488 5,426,352 
Nucor Corp. 36,932 4,123,458 
  16,513,148 
TOTAL MATERIALS  116,382,154 
REAL ESTATE - 2.5%   
Equity Real Estate Investment Trusts (REITs) - 2.4%   
Alexandria Real Estate Equities, Inc. 17,435 3,559,181 
American Tower Corp. 57,233 16,137,989 
AvalonBay Communities, Inc. 17,557 4,155,391 
Boston Properties, Inc. 17,877 2,031,542 
Crown Castle International Corp. 54,348 9,798,944 
Digital Realty Trust, Inc. 35,535 5,607,778 
Duke Realty Corp. 47,573 2,675,506 
Equinix, Inc. 11,286 9,447,172 
Equity Residential (SBI) 42,852 3,702,413 
Essex Property Trust, Inc. 8,178 2,779,948 
Extra Space Storage, Inc. 16,827 3,321,145 
Healthpeak Properties, Inc. 67,777 2,406,761 
Invitation Homes, Inc. 72,499 2,990,584 
Medical Properties Trust, Inc. 74,673 1,592,775 
Mid-America Apartment Communities, Inc. 14,590 2,979,424 
Prologis (REIT), Inc. 92,959 13,475,337 
Public Storage 19,170 6,367,891 
Realty Income Corp. 48,966 3,497,641 
SBA Communications Corp. Class A 13,776 4,757,266 
Simon Property Group, Inc. 41,324 6,057,272 
Sun Communities, Inc. 14,575 2,856,409 
Ventas, Inc. 49,481 2,640,801 
VICI Properties, Inc. 77,207 2,266,025 
Welltower, Inc. 53,138 4,272,295 
Weyerhaeuser Co. 94,285 3,367,860 
  122,745,350 
Real Estate Management & Development - 0.1%   
CBRE Group, Inc. (a) 42,220 4,394,258 
TOTAL REAL ESTATE  127,139,608 
UTILITIES - 2.2%   
Electric Utilities - 1.5%   
Alliant Energy Corp. 31,504 1,782,181 
American Electric Power Co., Inc. 62,903 5,328,513 
Duke Energy Corp. 96,740 9,868,447 
Edison International 47,743 3,004,467 
Entergy Corp. 25,268 2,603,109 
Evergy, Inc. 28,864 1,840,080 
Eversource Energy 43,209 3,668,444 
Exelon Corp. 122,954 6,539,923 
FirstEnergy Corp. 68,428 2,636,531 
NextEra Energy, Inc. 246,683 21,049,460 
PG&E Corp. (a) 189,741 2,200,996 
PPL Corp. 96,768 2,786,918 
Southern Co. 133,141 8,297,347 
Xcel Energy, Inc. 67,703 4,372,937 
  75,979,353 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 83,806 2,106,045 
Multi-Utilities - 0.6%   
Ameren Corp. 32,331 2,725,180 
CMS Energy Corp. 36,428 2,198,430 
Consolidated Edison, Inc. 44,436 3,350,474 
Dominion Energy, Inc. 101,662 7,719,196 
DTE Energy Co. 24,362 2,761,433 
Public Service Enterprise Group, Inc. 63,571 4,055,830 
Sempra Energy 40,153 5,124,727 
WEC Energy Group, Inc. 39,662 3,571,960 
  31,507,230 
Water Utilities - 0.1%   
American Water Works Co., Inc. 22,821 3,974,962 
TOTAL UTILITIES  113,567,590 
TOTAL COMMON STOCKS   
(Cost $3,708,936,462)  5,086,829,634 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.06% (c) 28,903,499 28,909,280 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 18,513,418 18,515,269 
TOTAL MONEY MARKET FUNDS   
(Cost $47,424,526)  47,424,549 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $3,756,360,988)  5,134,254,183 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (31,197,649) 
NET ASSETS - 100%  $5,103,056,534 

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) 68 Dec. 2021 $15,629,800 $545,621 $545,621 

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) 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.

 (d) 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.

Fund 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 0.06% $9,271,077 $1,102,838,299 $1,083,199,680 $12,792 $(417) $1 $28,909,280 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 3,988,026 279,297,374  264,770,131  18,950 -- -- 18,515,269 0.0% 
Total $13,259,103 $1,382,135,673 $1,347,969,811  $31,742 $(417) $1 $47,424,549  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $550,752,096 $550,752,096 $-- $-- 
Consumer Discretionary 638,060,933 638,060,933 -- -- 
Consumer Staples 275,279,364 275,279,364 -- -- 
Energy 133,513,491 133,513,491 -- -- 
Financials 567,451,239 567,451,239 -- -- 
Health Care 671,154,791 671,154,791 -- -- 
Industrials 394,854,644 394,854,644 -- -- 
Information Technology 1,498,673,724 1,498,673,724 -- -- 
Materials 116,382,154 116,382,154 -- -- 
Real Estate 127,139,608 127,139,608 -- -- 
Utilities 113,567,590 113,567,590 -- -- 
Money Market Funds 47,424,549 47,424,549 -- -- 
Total Investments in Securities: $5,134,254,183 $5,134,254,183 $-- $-- 
Derivative Instruments:     
Assets     
Futures Contracts $545,621 $545,621 $-- $-- 
Total Assets $545,621 $545,621 $-- $-- 
Total Derivative Instruments: $545,621 $545,621 $-- $-- 

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, 2021. 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) $545,621 $0 
Total Equity Risk 545,621 0 
Total Value of Derivatives $545,621 $0 

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

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


Fidelity ZERO® Large Cap Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $18,237,127) — See accompanying schedule:
Unaffiliated issuers (cost $3,708,936,462) 		$5,086,829,634  
Fidelity Central Funds (cost $47,424,526) 47,424,549  
Total Investment in Securities (cost $3,756,360,988)  $5,134,254,183 
Segregated cash with brokers for derivative instruments  425,500 
Receivable for fund shares sold  9,344,852 
Dividends receivable  3,696,632 
Distributions receivable from Fidelity Central Funds  2,359 
Receivable for daily variation margin on futures contracts  17,822 
Other receivables  46 
Total assets  5,147,741,394 
Liabilities   
Payable for investments purchased $22,215,174  
Payable for fund shares redeemed 3,954,185  
Collateral on securities loaned 18,515,501  
Total liabilities  44,684,860 
Net Assets  $5,103,056,534 
Net Assets consist of:   
Paid in capital  $3,701,831,199 
Total accumulated earnings (loss)  1,401,225,335 
Net Assets  $5,103,056,534 
Net Asset Value, offering price and redemption price per share ($5,103,056,534 ÷ 308,360,841 shares)  $16.55 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $51,932,357 
Interest  725 
Income from Fidelity Central Funds (including $18,950 from security lending)  31,742 
Total income  51,964,824 
Expenses   
Independent trustees' fees and expenses $13,506  
Total expenses before reductions 13,506  
Expense reductions (51)  
Total expenses after reductions  13,455 
Net investment income (loss)  51,951,369 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 26,177,456  
Fidelity Central Funds (417)  
Futures contracts 3,613,781  
Total net realized gain (loss)  29,790,820 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 1,134,261,205  
Fidelity Central Funds 1  
Futures contracts 539,924  
Total change in net unrealized appreciation (depreciation)  1,134,801,130 
Net gain (loss)  1,164,591,950 
Net increase (decrease) in net assets resulting from operations  $1,216,543,319 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $51,951,369 $33,778,288 
Net realized gain (loss) 29,790,820 (6,985,309) 
Change in net unrealized appreciation (depreciation) 1,134,801,130 164,197,399 
Net increase (decrease) in net assets resulting from operations 1,216,543,319 190,990,378 
Distributions to shareholders (33,862,107) (16,389,623) 
Share transactions   
Proceeds from sales of shares 2,370,735,175 1,786,549,644 
Reinvestment of distributions 32,582,726 15,768,297 
Cost of shares redeemed (858,858,399) (763,781,840) 
Net increase (decrease) in net assets resulting from share transactions 1,544,459,502 1,038,536,101 
Total increase (decrease) in net assets 2,727,140,714 1,213,136,856 
Net Assets   
Beginning of period 2,375,915,820 1,162,778,964 
End of period $5,103,056,534 $2,375,915,820 
Other Information   
Shares   
Sold 162,659,624 164,020,717 
Issued in reinvestment of distributions 2,468,388 1,432,179 
Redeemed (59,268,053) (72,170,162) 
Net increase (decrease) 105,859,959 93,282,734 

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


Financial Highlights

Fidelity ZERO Large Cap Index Fund

     
Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $11.73 $10.65 $9.35 $10.00 
Income from Investment Operations     
Net investment income (loss)B .20 .20 .19 .02 
Net realized and unrealized gain (loss) 4.78 1.01 1.16 (.67) 
Total from investment operations 4.98 1.21 1.35 (.65) 
Distributions from net investment income (.16) (.13) (.04) – 
Distributions from net realized gain – – (.01) – 
Total distributions (.16) (.13) (.05) – 
Net asset value, end of period $16.55 $11.73 $10.65 $9.35 
Total ReturnC,D 42.81% 11.45% 14.50% (6.50)% 
Ratios to Average Net AssetsE,F     
Expenses before reductionsG -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% - %H 
Expenses net of all reductionsG -% -% -% - %H 
Net investment income (loss) 1.36% 1.80% 1.91% 1.29%H 
Supplemental Data     
Net assets, end of period (000 omitted) $5,103,057 $2,375,916 $1,162,779 $105,175 
Portfolio turnover rateI 5%J 5% 3% 1%K 

 A For the period September 13, 2018 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount represents less than .005%.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

 K Amount not annualized.

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


Fidelity ZERO® Total Market Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity ZERO® Total Market Index Fund 44.00% 18.13% 

 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.


Period Ending Values
$17,186Fidelity ZERO® Total Market Index Fund
$17,178Fidelity U.S. Total Investable Market Index℠
$17,274S&P 500 Index

Fidelity ZERO® Total Market Index Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 44.00%, roughly in line with the 44.05% advance of the benchmark Fidelity U.S. Total Investable Market Index. By sector, information technology gained 47% and contributed most, followed by financials, which gained about 72%, and consumer discretionary, which advanced 44%. The health care sector rose roughly 32%, communication services gained 40%, driven by the media & entertainment industry (+47%), and industrials advanced about 41%. Other notable contributors included the energy (+117%), real estate (+47%), consumer staples (+20%), materials (+41%), and utilities (+12%) sectors. Turning to individual stocks, the top contributor was Microsoft (+65%), from the software & services industry, followed by Alphabet (+83%), within the media & entertainment group. In technology hardware & equipment, Apple advanced roughly 39% and Tesla (+188%) from the automobiles & components category also helped. Nvidia, within the semiconductors & semiconductor equipment segment, rose approximately 104% and boosted the fund. In contrast, the biggest individual detractor was Zoom Video Communications (-40%), from the software & services category, followed by Uber Technologies (-25%), which is in the transportation group. Within consumer durables & apparel, Peloton Interactive returned about -35% and hurt. Other detractors were Pinterest (-24%), a stock in the media & entertainment segment, and Fidelity National Information Services (-10%), from the software & services industry.

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

Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2021

 % of fund's net assets 
Microsoft Corp. 5.3 
Apple, Inc. 5.0 
Amazon.com, Inc. 3.1 
Tesla, Inc. 1.9 
Alphabet, Inc. Class A 1.9 
 17.2 

Top Five Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 27.4 
Health Care 13.2 
Consumer Discretionary 12.6 
Financials 11.9 
Communication Services 9.8 

Asset Allocation (% of fund's net assets)

As of October 31, 2021 * 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 3.5%

Fidelity ZERO® Total Market Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.9%   
 Shares Value 
COMMUNICATION SERVICES - 9.8%   
Diversified Telecommunication Services - 0.9%   
Anterix, Inc. (a)(b) 4,852 $311,013 
AT&T, Inc. 1,861,650 47,025,279 
ATN International, Inc. 2,398 97,790 
Bandwidth, Inc. (a) 5,748 490,189 
Cogent Communications Group, Inc. 10,671 817,292 
Consolidated Communications Holdings, Inc. (a) 18,237 134,954 
EchoStar Holding Corp. Class A (a)(b) 11,187 262,447 
Globalstar, Inc. (a)(b) 159,712 263,525 
IDT Corp. Class B (a) 4,938 238,851 
Iridium Communications, Inc. (a) 34,309 1,391,230 
Liberty Global PLC:   
Class A (a) 37,648 1,082,004 
Class C (a) 96,651 2,787,415 
Liberty Latin America Ltd.:   
Class A (a) 15,780 189,676 
Class C (a) 35,174 423,143 
Lumen Technologies, Inc. 262,696 3,115,575 
Ooma, Inc. (a) 4,833 111,642 
Radius Global Infrastructure, Inc. (a) 14,497 251,233 
Verizon Communications, Inc. 1,078,586 57,154,272 
  116,147,530 
Entertainment - 1.8%   
Activision Blizzard, Inc. 202,915 15,865,924 
AMC Entertainment Holdings, Inc. Class A (a)(b) 133,942 4,737,529 
Cinemark Holdings, Inc. (a)(b) 26,711 502,167 
Electronic Arts, Inc. 74,297 10,420,154 
Lions Gate Entertainment Corp.:   
Class A (a)(b) 27,040 350,168 
Class B (a) 18,092 204,801 
Live Nation Entertainment, Inc. (a) 34,584 3,498,172 
LiveOne, Inc. (a) 12,864 29,459 
Madison Square Garden Entertainment Corp. (a) 6,230 439,028 
Madison Square Garden Sports Corp. (a) 4,470 847,110 
Marcus Corp. (a)(b) 5,384 99,981 
Netflix, Inc. (a) 115,419 79,674,890 
Playtika Holding Corp. (b) 26,408 746,818 
Roku, Inc. Class A (a) 30,387 9,264,996 
Sciplay Corp. (A Shares) (a) 5,461 110,367 
Take-Two Interactive Software, Inc. (a) 30,436 5,508,916 
The Walt Disney Co. (a) 473,870 80,117,201 
Warner Music Group Corp. Class A 25,108 1,242,595 
World Wrestling Entertainment, Inc. Class A (b) 12,044 735,768 
Zynga, Inc. (a) 265,109 1,956,504 
  216,352,548 
Interactive Media & Services - 5.8%   
Alphabet, Inc.:   
Class A (a) 78,539 232,547,696 
Class C (a) 73,440 217,779,710 
Angi, Inc. (a)(b) 19,456 243,784 
Bumble, Inc. (b) 18,436 968,259 
CarGurus, Inc. Class A (a) 22,676 760,553 
Cars.com, Inc. (a) 16,042 208,867 
Eventbrite, Inc. (a)(b) 20,971 424,453 
EverQuote, Inc. Class A (a) 6,308 86,987 
IAC (a) 22,005 3,352,902 
Liberty TripAdvisor Holdings, Inc. (a)(b) 17,647 54,529 
Match Group, Inc. (a) 72,326 10,905,314 
MediaAlpha, Inc. Class A (b) 6,452 113,104 
Meta Platforms, Inc. Class A (a) 621,634 201,142,113 
Pinterest, Inc. Class A (a) 144,986 6,472,175 
QuinStreet, Inc. (a) 11,889 166,446 
Snap, Inc. Class A (a) 273,303 14,370,272 
TripAdvisor, Inc. (a)(b) 24,833 818,744 
TrueCar, Inc. (a) 21,207 88,857 
Twitter, Inc. (a) 208,539 11,165,178 
Vimeo, Inc. (a) 40,218 1,356,553 
Yelp, Inc. (a) 17,721 684,562 
Ziff Davis, Inc. (a) 12,487 1,601,707 
Zillow Group, Inc.:   
Class A (a) 14,394 1,521,734 
Class C (a)(b) 39,465 4,089,758 
Zoominfo Technologies, Inc. (a) 47,681 3,205,117 
  714,129,374 
Media - 1.1%   
Altice U.S.A., Inc. Class A (a) 59,286 966,362 
AMC Networks, Inc. Class A (a) 7,500 298,425 
Audacy, Inc. Class A (a)(b) 28,618 92,436 
Boston Omaha Corp. (a)(b) 3,936 139,531 
Cable One, Inc. 1,286 2,200,616 
Cardlytics, Inc. (a)(b) 8,609 677,184 
Cbdmd, Inc. (a)(b) 6,733 11,917 
Charter Communications, Inc. Class A (a) 33,077 22,323,337 
Clear Channel Outdoor Holdings, Inc. (a) 124,905 362,225 
Comcast Corp. Class A 1,194,484 61,432,312 
Discovery Communications, Inc.:   
Class A (a) 46,141 1,081,545 
Class C (non-vtg.) (a) 75,986 1,714,244 
DISH Network Corp. Class A (a) 64,214 2,637,269 
E.W. Scripps Co. Class A (b) 14,875 276,675 
Fluent, Inc. (a) 8,395 19,980 
Fox Corp.:   
Class A 87,525 3,478,244 
Class B 35,156 1,299,366 
Gannett Co., Inc. (a)(b) 32,943 191,069 
Gray Television, Inc. 21,983 515,282 
iHeartMedia, Inc. (a) 29,322 568,260 
Interpublic Group of Companies, Inc. 101,890 3,726,117 
John Wiley & Sons, Inc. Class A 11,013 596,574 
Liberty Broadband Corp.:   
Class A (a) 6,086 978,446 
Class C (a) 38,002 6,173,425 
Liberty Media Corp.:   
Liberty Braves Class A (a) 1,595 48,759 
Liberty Braves Class C (a) 10,671 317,142 
Liberty Formula One Group Series C (a) 53,103 2,963,147 
Liberty Media Class A (a) 7,386 385,180 
Liberty SiriusXM Series A (a) 22,986 1,144,243 
Liberty SiriusXM Series C (a) 40,258 1,985,525 
Loral Space & Communications Ltd. 3,044 151,652 
Magnite, Inc. (a)(b) 30,191 816,063 
Meredith Corp. (a) 10,211 594,689 
National CineMedia, Inc. 17,193 54,674 
News Corp.:   
Class A 103,192 2,363,097 
Class B 32,615 735,794 
Nexstar Broadcasting Group, Inc. Class A 10,787 1,617,295 
Omnicom Group, Inc. 56,697 3,859,932 
PubMatic, Inc. (b) 5,388 153,989 
Scholastic Corp. 7,576 274,175 
Sinclair Broadcast Group, Inc. Class A (b) 11,889 310,660 
Sirius XM Holdings, Inc. (b) 240,059 1,461,959 
TechTarget, Inc. (a) 6,921 652,720 
Tegna, Inc. 56,748 1,115,666 
The New York Times Co. Class A 43,188 2,357,633 
ViacomCBS, Inc.:   
Class A (b) 8,077 314,438 
Class B 152,909 5,538,364 
WideOpenWest, Inc. (a) 14,260 271,653 
  141,249,290 
Wireless Telecommunication Services - 0.2%   
Gogo, Inc. (a) 17,548 285,330 
NII Holdings, Inc. (a)(c) 11,652 3,030 
Shenandoah Telecommunications Co. 12,430 343,565 
T-Mobile U.S., Inc. (a) 153,126 17,614,084 
Telephone & Data Systems, Inc. 25,331 474,703 
U.S. Cellular Corp. (a) 3,662 111,947 
  18,832,659 
TOTAL COMMUNICATION SERVICES  1,206,711,401 
CONSUMER DISCRETIONARY - 12.6%   
Auto Components - 0.3%   
Adient PLC (a) 24,267 1,009,993 
American Axle & Manufacturing Holdings, Inc. (a)(b) 28,834 261,813 
Aptiv PLC (a) 70,701 12,223,496 
Autoliv, Inc. 20,364 1,972,253 
BorgWarner, Inc. 61,969 2,792,943 
Cooper-Standard Holding, Inc. (a) 4,192 108,740 
Dana, Inc. 37,040 821,918 
Dorman Products, Inc. (a) 7,401 772,516 
Fox Factory Holding Corp. (a) 11,098 1,786,223 
Gentex Corp. 62,252 2,203,098 
Gentherm, Inc. (a) 8,409 619,155 
LCI Industries (b) 6,817 951,926 
Lear Corp. 15,466 2,657,832 
Modine Manufacturing Co. (a) 13,429 147,719 
Motorcar Parts of America, Inc. (a)(b) 5,179 97,987 
Patrick Industries, Inc. 5,790 451,099 
Standard Motor Products, Inc. 4,817 230,734 
Stoneridge, Inc. (a)(b) 6,211 117,885 
Tenneco, Inc. (a) 19,855 263,476 
The Goodyear Tire & Rubber Co. (a) 74,709 1,428,436 
Veoneer, Inc. (a)(b) 25,877 910,870 
Visteon Corp. (a) 7,012 793,618 
XPEL, Inc. (a) 4,197 318,552 
  32,942,282 
Automobiles - 2.2%   
Ford Motor Co. 1,024,069 17,491,099 
General Motors Co. (a) 378,940 20,625,704 
Harley-Davidson, Inc. 39,599 1,444,968 
Tesla, Inc. (a) 211,597 235,719,058 
Thor Industries, Inc. 14,621 1,490,757 
Winnebago Industries, Inc. 8,468 573,199 
Workhorse Group, Inc. (a)(b) 27,557 185,459 
  277,530,244 
Distributors - 0.1%   
Funko, Inc. (a) 5,531 90,653 
Genuine Parts Co. 37,122 4,867,065 
LKQ Corp. 70,303 3,872,289 
Pool Corp. 10,464 5,390,634 
  14,220,641 
Diversified Consumer Services - 0.1%   
2U, Inc. (a) 18,642 550,685 
Adtalem Global Education, Inc. (a) 13,568 501,066 
American Public Education, Inc. (a) 4,767 119,127 
Aspen Group, Inc. (a) 5,146 24,444 
Bright Horizons Family Solutions, Inc. (a) 15,989 2,654,174 
Carriage Services, Inc. 5,037 259,154 
Chegg, Inc. (a) 37,037 2,201,479 
Frontdoor, Inc. (a) 21,885 815,873 
Graham Holdings Co. (b) 1,033 605,183 
Grand Canyon Education, Inc. (a) 11,974 954,328 
H&R Block, Inc. 45,966 1,060,436 
Houghton Mifflin Harcourt Co. (a) 34,320 487,001 
Laureate Education, Inc. Class A 27,627 478,500 
OneSpaWorld Holdings Ltd. (a)(b) 11,702 126,382 
Perdoceo Education Corp. (a) 18,121 192,445 
Regis Corp. (a)(b) 4,615 12,461 
Service Corp. International 43,190 2,958,083 
Strategic Education, Inc. 6,305 430,064 
Stride, Inc. (a) 10,920 387,660 
Terminix Global Holdings, Inc. (a) 32,526 1,316,652 
Vivint Smart Home, Inc. Class A (a)(b) 11,942 108,314 
WW International, Inc. (a)(b) 12,379 214,899 
Xpresspa Group, Inc. (a)(b) 24,220 32,213 
  16,490,623 
Hotels, Restaurants & Leisure - 2.1%   
Accel Entertainment, Inc. (a) 14,065 171,312 
Airbnb, Inc. Class A 87,866 14,995,212 
ARAMARK Holdings Corp. 69,564 2,537,695 
Bally's Corp. (a) 7,276 333,314 
BJ's Restaurants, Inc. (a)(b) 5,895 196,421 
Bloomin' Brands, Inc. (a)(b) 20,296 438,800 
Booking Holdings, Inc. (a) 10,714 25,936,237 
Boyd Gaming Corp. (a) 20,848 1,329,685 
Brinker International, Inc. (a) 11,394 478,092 
Caesars Entertainment, Inc. (a) 55,376 6,061,457 
Carnival Corp. (a) 209,528 4,643,140 
Carrols Restaurant Group, Inc. 7,427 27,257 
Century Casinos, Inc. (a) 6,874 101,735 
Chipotle Mexican Grill, Inc. (a) 7,330 13,040,290 
Choice Hotels International, Inc. 8,499 1,195,129 
Churchill Downs, Inc. 8,901 2,047,230 
Chuy's Holdings, Inc. (a)(b) 5,172 150,816 
Cracker Barrel Old Country Store, Inc. 6,146 818,463 
Darden Restaurants, Inc. 34,214 4,931,606 
Dave & Buster's Entertainment, Inc. (a) 10,246 380,434 
Del Taco Restaurants, Inc. 7,875 65,678 
Denny's Corp. (a)(b) 15,963 253,812 
Dine Brands Global, Inc. (a) 4,205 355,365 
Domino's Pizza, Inc. 9,617 4,702,424 
DraftKings, Inc. Class A (a)(b) 86,594 4,034,414 
Drive Shack, Inc. (a) 19,437 50,536 
El Pollo Loco Holdings, Inc. (a) 4,411 64,842 
Everi Holdings, Inc. (a)(b) 22,237 533,688 
Expedia, Inc. (a) 38,455 6,322,387 
Fiesta Restaurant Group, Inc. (a)(b) 3,604 37,986 
GAN Ltd. (a)(b) 11,539 164,777 
Golden Entertainment, Inc. (a) 5,336 277,312 
Hilton Grand Vacations, Inc. (a) 22,918 1,152,317 
Hilton Worldwide Holdings, Inc. (a) 72,811 10,481,143 
Hyatt Hotels Corp. Class A (a) 12,506 1,065,511 
Jack in the Box, Inc. 5,864 580,243 
Las Vegas Sands Corp. (a) 90,126 3,497,790 
Lindblad Expeditions Holdings (a) 7,367 110,137 
Marriott International, Inc. Class A (a) 71,464 11,435,669 
Marriott Vacations Worldwide Corp. 11,143 1,751,902 
McDonald's Corp. 194,540 47,769,297 
MGM Resorts International 103,993 4,904,310 
Monarch Casino & Resort, Inc. (a) 3,345 241,576 
Noodles & Co. (a) 9,091 110,456 
Norwegian Cruise Line Holdings Ltd. (a)(b) 95,634 2,459,706 
Papa John's International, Inc. 8,358 1,037,061 
Penn National Gaming, Inc. (a) 40,500 2,899,800 
Planet Fitness, Inc. (a) 21,506 1,710,802 
Playa Hotels & Resorts NV (a) 35,943 305,875 
PlayAGS, Inc. (a) 8,714 76,857 
RCI Hospitality Holdings, Inc. 2,004 135,871 
Red Robin Gourmet Burgers, Inc. (a)(b) 3,746 74,433 
Red Rock Resorts, Inc. (a) 15,621 849,939 
Royal Caribbean Cruises Ltd. (a) 58,778 4,962,627 
Ruth's Hospitality Group, Inc. (a) 7,904 152,863 
Scientific Games Corp. Class A (a) 24,842 1,988,602 
SeaWorld Entertainment, Inc. (a) 13,047 828,485 
Shake Shack, Inc. Class A (a) 10,222 707,056 
Six Flags Entertainment Corp. (a) 21,565 886,968 
Starbucks Corp. 307,256 32,590,644 
Texas Roadhouse, Inc. Class A 18,170 1,613,678 
The Cheesecake Factory, Inc. (a) 13,118 533,116 
Travel+Leisure Co. 22,681 1,232,486 
Vail Resorts, Inc. 10,473 3,610,148 
Wendy's Co. 45,594 1,016,746 
Wingstop, Inc. 7,780 1,341,817 
Wyndham Hotels & Resorts, Inc. 24,163 2,041,049 
Wynn Resorts Ltd. (a) 28,068 2,520,506 
Yum! Brands, Inc. 77,055 9,627,252 
  254,982,284 
Household Durables - 0.5%   
Bassett Furniture Industries, Inc. 2,058 34,760 
Beazer Homes U.S.A., Inc. (a) 7,857 142,290 
Casper Sleep, Inc. (a)(b) 4,442 16,169 
Cavco Industries, Inc. (a) 2,156 518,259 
Century Communities, Inc. 8,173 548,081 
D.R. Horton, Inc. 85,399 7,623,569 
Dream Finders Homes, Inc. (b) 5,454 86,555 
Ethan Allen Interiors, Inc. (b) 5,074 117,768 
Flexsteel Industries, Inc. 1,611 45,108 
Garmin Ltd. 39,761 5,709,680 
GoPro, Inc. Class A (a) 34,034 293,033 
Green Brick Partners, Inc. (a) 12,371 322,265 
Helen of Troy Ltd. (a)(b) 6,274 1,411,336 
Hooker Furnishings Corp. 3,635 91,638 
Hovnanian Enterprises, Inc. Class A (a) 1,134 95,551 
Installed Building Products, Inc. 5,903 749,976 
iRobot Corp. (a)(b) 7,228 602,960 
KB Home 24,360 978,054 
La-Z-Boy, Inc. 12,722 422,879 
Leggett & Platt, Inc. 34,556 1,618,949 
Lennar Corp.:   
Class A 67,570 6,752,270 
Class B 8,976 736,750 
LGI Homes, Inc. (a)(b) 5,807 866,985 
Lovesac (a)(b) 3,549 276,857 
M.D.C. Holdings, Inc. 15,744 771,141 
M/I Homes, Inc. (a) 7,643 437,638 
Meritage Homes Corp. (a) 9,644 1,048,399 
Mohawk Industries, Inc. (a) 14,416 2,554,659 
Newell Brands, Inc. 100,550 2,301,590 
NVR, Inc. (a) 886 4,336,793 
PulteGroup, Inc. 67,013 3,221,985 
Purple Innovation, Inc. (a)(b) 14,801 285,659 
Skyline Champion Corp. (a) 13,913 880,971 
Sonos, Inc. (a) 32,430 1,057,867 
Taylor Morrison Home Corp. (a) 33,173 1,012,772 
Tempur Sealy International, Inc. 51,137 2,274,062 
Toll Brothers, Inc. 30,038 1,807,386 
TopBuild Corp. (a) 8,690 2,233,069 
TRI Pointe Homes, Inc. (a) 29,709 718,661 
Tupperware Brands Corp. (a)(b) 12,890 286,674 
Universal Electronics, Inc. (a) 3,491 143,759 
VOXX International Corp. (a)(b) 4,376 49,493 
Vuzix Corp. (a)(b) 17,427 186,295 
Whirlpool Corp. 16,266 3,429,361 
ZAGG, Inc. rights (a)(c) 5,004 450 
  59,100,426 
Internet & Direct Marketing Retail - 3.4%   
1-800-FLOWERS.com, Inc. Class A (a)(b) 6,523 209,519 
Amazon.com, Inc. (a) 113,570 383,006,875 
CarParts.com, Inc. (a)(b) 13,156 200,366 
Chewy, Inc. (a)(b) 22,427 1,699,967 
Duluth Holdings, Inc. (a)(b) 2,607 37,358 
eBay, Inc. 169,762 13,024,141 
Etsy, Inc. (a) 32,973 8,266,001 
Groupon, Inc. (a)(b) 5,519 117,113 
Lands' End, Inc. (a)(b) 4,138 108,747 
Liquidity Services, Inc. (a) 6,487 143,233 
Overstock.com, Inc. (a)(b) 11,378 1,083,527 
PetMed Express, Inc. 5,512 156,706 
Poshmark, Inc. (b) 3,449 83,914 
Quotient Technology, Inc. (a) 20,129 129,631 
Qurate Retail, Inc. Series A 96,506 1,007,523 
Revolve Group, Inc. (a) 9,820 736,893 
Shutterstock, Inc. 6,081 736,713 
Stitch Fix, Inc. (a)(b) 18,708 647,297 
The RealReal, Inc. (a) 21,311 277,682 
Waitr Holdings, Inc. (a)(b) 33,364 64,726 
Wayfair LLC Class A (a)(b) 20,193 5,030,076 
  416,768,008 
Leisure Products - 0.2%   
Acushnet Holdings Corp. (b) 8,572 436,658 
American Outdoor Brands, Inc. (a) 4,211 95,927 
AMMO, Inc. (b) 19,250 116,270 
Brunswick Corp. 19,948 1,856,959 
Callaway Golf Co. (a) 30,443 823,483 
Clarus Corp. (b) 6,977 192,426 
Hasbro, Inc. 34,080 3,263,501 
Johnson Outdoors, Inc. Class A 1,833 194,628 
Malibu Boats, Inc. Class A (a) 5,325 375,998 
MasterCraft Boat Holdings, Inc. (a) 4,307 115,341 
Mattel, Inc. (a) 90,639 1,976,837 
Nautilus, Inc. (a)(b) 6,855 70,127 
Peloton Interactive, Inc. Class A (a) 70,211 6,420,094 
Polaris, Inc. 14,641 1,682,983 
Smith & Wesson Brands, Inc. 13,363 287,305 
Sturm, Ruger& Co., Inc. 4,356 343,601 
Vista Outdoor, Inc. (a) 15,542 650,277 
YETI Holdings, Inc. (a) 22,507 2,213,113 
  21,115,528 
Multiline Retail - 0.5%   
Big Lots, Inc. (b) 8,650 382,763 
Dillard's, Inc. Class A (b) 1,145 264,655 
Dollar General Corp. 61,517 13,627,246 
Dollar Tree, Inc. (a) 60,544 6,524,221 
Franchise Group, Inc. 6,792 249,946 
Kohl's Corp. 40,264 1,954,012 
Macy's, Inc. 81,012 2,144,388 
Nordstrom, Inc. (a) 29,118 836,560 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 16,023 1,084,116 
Target Corp. 128,927 33,472,028 
  60,539,935 
Specialty Retail - 2.4%   
Abercrombie & Fitch Co. Class A (a) 15,730 621,964 
Academy Sports & Outdoors, Inc. 22,246 951,684 
Advance Auto Parts, Inc. 17,215 3,882,327 
America's Car Mart, Inc. (a) 1,611 192,498 
American Eagle Outfitters, Inc. (b) 38,939 924,412 
Asbury Automotive Group, Inc. (a) 5,117 1,001,448 
AutoNation, Inc. (a)(b) 11,211 1,357,876 
AutoZone, Inc. (a) 5,609 10,011,168 
Barnes & Noble Education, Inc. (a)(b) 8,156 84,659 
Bath & Body Works, Inc. 68,600 4,739,574 
Bed Bath & Beyond, Inc. (a)(b) 27,459 385,524 
Best Buy Co., Inc. 58,963 7,207,637 
Big 5 Sporting Goods Corp. (b) 5,235 126,582 
Boot Barn Holdings, Inc. (a) 7,900 825,471 
Burlington Stores, Inc. (a) 17,275 4,772,910 
Caleres, Inc. 10,209 235,420 
Camping World Holdings, Inc. (b) 10,855 404,349 
CarMax, Inc. (a) 42,603 5,833,203 
Carvana Co. Class A (a)(b) 22,073 6,692,092 
Chico's FAS, Inc. (a)(b) 29,926 163,396 
Citi Trends, Inc. (a)(b) 2,626 203,147 
Conn's, Inc. (a) 4,801 106,918 
Designer Brands, Inc. Class A (a)(b) 14,979 202,666 
Dick's Sporting Goods, Inc. 16,919 2,101,509 
Five Below, Inc. (a) 14,712 2,902,678 
Floor & Decor Holdings, Inc. Class A (a) 27,686 3,763,081 
Foot Locker, Inc. 23,302 1,110,806 
GameStop Corp. Class A (a)(b) 16,197 2,972,311 
Gap, Inc. 55,743 1,264,809 
Genesco, Inc. (a) 3,965 240,239 
Group 1 Automotive, Inc. 4,770 857,646 
GrowGeneration Corp. (a)(b) 14,098 297,186 
Guess?, Inc. 9,255 191,671 
Haverty Furniture Companies, Inc. 4,330 124,271 
Hibbett, Inc. (b) 3,966 307,127 
Leslie's, Inc. (b) 33,958 702,251 
Lithia Motors, Inc. Class A (sub. vtg.) 7,970 2,544,183 
Lowe's Companies, Inc. 184,325 43,098,872 
Lumber Liquidators Holdings, Inc. (a)(b) 6,937 125,421 
MarineMax, Inc. (a)(b) 5,526 286,192 
Monro, Inc. (b) 8,208 506,926 
Murphy U.S.A., Inc. 6,136 999,861 
National Vision Holdings, Inc. (a)(b) 21,378 1,317,740 
O'Reilly Automotive, Inc.(a) 17,993 11,197,404 
OneWater Marine, Inc. Class A 2,255 99,987 
Party City Holdco, Inc. (a)(b) 27,207 197,795 
Penske Automotive Group, Inc. 8,063 855,081 
Petco Health & Wellness Co., Inc. (b) 21,275 526,131 
Rent-A-Center, Inc. 15,791 841,029 
RH (a) 4,475 2,951,844 
Ross Stores, Inc. 93,389 10,571,635 
Sally Beauty Holdings, Inc. (a)(b) 28,292 431,736 
Shoe Carnival, Inc. 4,120 139,544 
Signet Jewelers Ltd. 13,743 1,225,601 
Sleep Number Corp. (a)(b) 6,387 564,228 
Sonic Automotive, Inc. Class A (sub. vtg.) 6,162 304,588 
Sportsman's Warehouse Holdings, Inc. (a) 12,954 223,586 
The Aaron's Co., Inc. 8,165 190,979 
The Buckle, Inc. 8,129 338,329 
The Cato Corp. Class A (sub. vtg.) 5,869 103,470 
The Children's Place, Inc. (a) 3,613 299,482 
The Home Depot, Inc. 277,109 103,012,500 
The ODP Corp. (a) 12,272 531,378 
Tilly's, Inc. 6,975 96,813 
TJX Companies, Inc. 314,777 20,614,746 
Tractor Supply Co. 29,967 6,507,933 
TravelCenters of America LLC (a) 3,661 197,365 
Ulta Beauty, Inc. (a) 14,316 5,259,126 
Urban Outfitters, Inc. (a) 17,298 552,325 
Victoria's Secret & Co. (a) 19,404 979,320 
Vroom, Inc. (a)(b) 33,247 636,015 
Williams-Sonoma, Inc. 19,745 3,667,239 
Winmark Corp. 768 178,806 
Zumiez, Inc. (a) 5,119 208,343 
  290,146,063 
Textiles, Apparel & Luxury Goods - 0.8%   
Capri Holdings Ltd. (a) 39,082 2,080,726 
Carter's, Inc. 12,103 1,192,388 
Columbia Sportswear Co. 9,185 953,770 
Crocs, Inc. (a) 16,397 2,647,296 
Deckers Outdoor Corp. (a) 7,258 2,869,160 
Fossil Group, Inc. (a) 12,490 147,632 
G-III Apparel Group Ltd. (a)(b) 12,008 344,149 
Hanesbrands, Inc. 89,260 1,520,990 
Kontoor Brands, Inc. 12,631 669,443 
Lakeland Industries, Inc. (a)(b) 1,881 39,332 
Levi Strauss & Co. Class A 23,888 625,388 
lululemon athletica, Inc. (a) 30,907 14,402,971 
Movado Group, Inc. (b) 4,163 138,628 
NIKE, Inc. Class B 333,229 55,745,879 
Oxford Industries, Inc. 4,128 382,748 
PVH Corp. 18,412 2,012,984 
Ralph Lauren Corp. 12,770 1,623,961 
Samsonite International SA (a)(d) 363,300 782,586 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 34,966 1,615,779 
Steven Madden Ltd. 20,418 920,852 
Superior Group of Companies, Inc. 2,637 68,536 
Tapestry, Inc. 73,791 2,876,373 
Under Armour, Inc.:   
Class A (sub. vtg.) (a) 57,183 1,255,739 
Class C (non-vtg.) (a) 44,035 831,381 
Unifi, Inc. (a) 3,888 93,390 
Vera Bradley, Inc. (a) 5,254 51,542 
VF Corp. 85,118 6,203,400 
Wolverine World Wide, Inc. 21,326 707,383 
  102,804,406 
TOTAL CONSUMER DISCRETIONARY  1,546,640,440 
CONSUMER STAPLES - 5.1%   
Beverages - 1.2%   
Boston Beer Co., Inc. Class A (a) 2,479 1,220,858 
Brown-Forman Corp. Class B (non-vtg.) 47,467 3,222,535 
Celsius Holdings, Inc. (a) 9,802 946,089 
Coca-Cola Bottling Co. Consolidated 1,209 485,293 
Constellation Brands, Inc. Class A (sub. vtg.) 44,019 9,543,759 
Keurig Dr. Pepper, Inc. 192,761 6,956,744 
MGP Ingredients, Inc. 3,388 217,543 
Molson Coors Beverage Co. Class B 50,448 2,224,252 
Monster Beverage Corp. (a) 98,108 8,339,180 
National Beverage Corp. (b) 5,729 323,116 
Newage, Inc. (a)(b) 30,286 44,823 
PepsiCo, Inc. 359,941 58,166,466 
The Coca-Cola Co. 1,011,706 57,029,867 
  148,720,525 
Food & Staples Retailing - 1.2%   
Andersons, Inc. 7,434 253,202 
BJ's Wholesale Club Holdings, Inc. (a) 35,293 2,062,523 
Blue Apron Holdings, Inc.:   
rights 10/28/21 (a)(c) 2,361 0 
Class A (a)(b) 2,361 21,603 
Casey's General Stores, Inc. 9,809 1,878,816 
Chefs' Warehouse Holdings (a) 8,148 284,121 
Costco Wholesale Corp. 115,204 56,627,374 
Grocery Outlet Holding Corp. (a)(b) 21,819 484,164 
Ingles Markets, Inc. Class A 3,466 239,813 
Kroger Co. 177,557 7,105,831 
Natural Grocers by Vitamin Cottage, Inc. 3,943 48,026 
Performance Food Group Co. (a) 39,806 1,800,425 
PriceSmart, Inc. 6,829 491,347 
Rite Aid Corp. (a)(b) 13,921 189,186 
SpartanNash Co. 8,930 206,640 
Sprouts Farmers Market LLC (a) 30,121 666,879 
Sysco Corp. 133,741 10,284,683 
U.S. Foods Holding Corp. (a) 57,338 1,987,908 
United Natural Foods, Inc. (a) 14,695 637,616 
Walgreens Boots Alliance, Inc. 187,618 8,821,798 
Walmart, Inc. 372,106 55,600,079 
Weis Markets, Inc. 4,143 233,292 
  149,925,326 
Food Products - 0.9%   
Archer Daniels Midland Co. 146,609 9,418,162 
B&G Foods, Inc. Class A (b) 16,094 473,807 
Beyond Meat, Inc. (a)(b) 15,571 1,541,218 
Bunge Ltd. 37,218 3,447,876 
Cal-Maine Foods, Inc. (a)(b) 9,757 351,837 
Calavo Growers, Inc. 4,411 177,322 
Campbell Soup Co. 52,597 2,101,250 
Conagra Brands, Inc. 126,366 4,068,985 
Darling Ingredients, Inc. (a) 42,547 3,596,072 
Flowers Foods, Inc. 53,617 1,327,021 
Fresh Del Monte Produce, Inc. 7,850 262,897 
Freshpet, Inc. (a) 11,384 1,774,879 
General Mills, Inc. 158,435 9,791,283 
Hormel Foods Corp. 73,898 3,127,363 
Hostess Brands, Inc. Class A (a) 34,378 650,088 
Ingredion, Inc. 17,286 1,646,146 
J&J Snack Foods Corp. (b) 3,872 571,314 
John B. Sanfilippo & Son, Inc. 2,544 214,968 
Kellogg Co. 66,620 4,083,806 
Laird Superfood, Inc. (a)(b) 652 11,384 
Lamb Weston Holdings, Inc. 37,466 2,114,956 
Lancaster Colony Corp. 5,109 868,530 
Landec Corp. (a) 6,145 59,729 
McCormick & Co., Inc. (non-vtg.) 65,696 5,270,790 
Mondelez International, Inc. 364,209 22,122,055 
Pilgrim's Pride Corp. (a) 12,687 357,266 
Post Holdings, Inc. (a) 15,366 1,559,342 
Sanderson Farms, Inc. 5,453 1,033,071 
Seaboard Corp. 62 238,701 
Seneca Foods Corp. Class A (a) 1,775 91,643 
The Hain Celestial Group, Inc. (a) 21,746 975,743 
The Hershey Co. 38,053 6,672,594 
The J.M. Smucker Co. 28,495 3,500,896 
The Kraft Heinz Co. 175,754 6,307,811 
The Simply Good Foods Co. (a) 22,811 904,456 
Tootsie Roll Industries, Inc. (b) 4,228 133,816 
TreeHouse Foods, Inc. (a)(b) 14,898 538,414 
Tyson Foods, Inc. Class A 77,084 6,164,407 
Vital Farms, Inc. (a)(b) 4,562 74,908 
Whole Earth Brands, Inc. Class A (a)(b) 12,713 154,209 
  107,781,015 
Household Products - 1.1%   
Central Garden & Pet Co. (a)(b) 2,074 106,977 
Central Garden & Pet Co. Class A (non-vtg.) (a) 10,950 505,890 
Church & Dwight Co., Inc. 64,534 5,637,690 
Colgate-Palmolive Co. 219,875 16,752,276 
Energizer Holdings, Inc. 15,514 565,796 
Kimberly-Clark Corp. 88,085 11,406,127 
Procter & Gamble Co. 632,359 90,421,013 
Reynolds Consumer Products, Inc. 13,093 353,249 
Spectrum Brands Holdings, Inc. 11,021 1,033,219 
The Clorox Co. 32,166 5,243,380 
WD-40 Co. (b) 3,444 781,788 
  132,807,405 
Personal Products - 0.2%   
BellRing Brands, Inc. Class A (a)(b) 10,504 281,717 
Coty, Inc. Class A (a) 86,892 736,844 
Edgewell Personal Care Co. (b) 14,404 503,996 
elf Beauty, Inc. (a)(b) 13,283 429,174 
Estee Lauder Companies, Inc. Class A 60,546 19,636,884 
Herbalife Nutrition Ltd. (a) 26,366 1,223,382 
Inter Parfums, Inc. 4,739 437,789 
MediFast, Inc. 3,012 591,165 
Nu Skin Enterprises, Inc. Class A 13,313 534,517 
The Honest Co., Inc. (b) 7,686 70,327 
USANA Health Sciences, Inc. (a) 3,023 293,412 
Veru, Inc. (a) 14,505 118,506 
  24,857,713 
Tobacco - 0.5%   
22nd Century Group, Inc. (a)(b) 34,212 93,741 
Altria Group, Inc. 481,555 21,241,391 
Philip Morris International, Inc. 406,615 38,441,382 
Turning Point Brands, Inc. (b) 4,219 161,039 
Universal Corp. 5,824 273,728 
Vector Group Ltd. 32,136 426,123 
  60,637,404 
TOTAL CONSUMER STAPLES  624,729,388 
ENERGY - 2.7%   
Energy Equipment & Services - 0.2%   
Archrock, Inc. 34,643 283,726 
Aspen Aerogels, Inc. (a) 6,778 369,130 
Baker Hughes Co. Class A 217,273 5,449,207 
Bristow Group, Inc. (a) 6,004 207,738 
Cactus, Inc. 15,772 686,082 
Championx Corp. (a) 51,443 1,349,350 
Core Laboratories NV 11,064 287,775 
DMC Global, Inc. (a)(b) 5,455 227,910 
Dril-Quip, Inc. (a) 10,241 241,278 
Expro Group Holdings NV (a)(b) 8,330 142,860 
Halliburton Co. 230,902 5,770,241 
Helix Energy Solutions Group, Inc. (a)(b) 35,286 133,381 
Helmerich & Payne, Inc. 27,440 851,738 
Liberty Oilfield Services, Inc. Class A (a)(b) 28,155 363,763 
Nabors Industries Ltd. (a) 2,045 209,613 
Newpark Resources, Inc. (a) 19,393 65,936 
Nextier Oilfield Solutions, Inc. (a) 44,329 197,707 
NOV, Inc. (a) 102,756 1,440,639 
Oceaneering International, Inc. (a) 24,507 333,295 
Oil States International, Inc. (a) 15,609 94,591 
Patterson-UTI Energy, Inc. 46,345 396,713 
ProPetro Holding Corp. (a) 22,724 217,923 
RPC, Inc. (a)(b) 14,455 77,912 
Schlumberger Ltd. 366,468 11,822,258 
Select Energy Services, Inc. Class A (a) 14,860 89,309 
Solaris Oilfield Infrastructure, Inc. Class A 6,688 50,762 
TechnipFMC PLC (a) 106,496 784,876 
TETRA Technologies, Inc. (a) 32,237 104,126 
Tidewater, Inc. (a)(b) 9,561 115,975 
Transocean Ltd. (United States) (a)(b) 158,221 558,520 
U.S. Silica Holdings, Inc. (a) 18,441 178,509 
  33,102,843 
Oil, Gas & Consumable Fuels - 2.5%   
Alto Ingredients, Inc. (a)(b) 17,710 94,217 
Antero Resources Corp. (a) 74,371 1,477,752 
APA Corp. 97,347 2,551,465 
Arch Resources, Inc. (b) 3,845 350,203 
Berry Corp. 15,930 153,087 
Bonanza Creek Energy, Inc. 8,095 454,453 
Brigham Minerals, Inc. Class A 13,726 318,169 
Callon Petroleum Co. (a) 10,131 524,077 
Centennial Resource Development, Inc. Class A (a)(b) 51,061 367,639 
Cheniere Energy, Inc. 61,843 6,394,566 
Chevron Corp. 504,039 57,707,425 
Clean Energy Fuels Corp. (a)(b) 44,232 407,819 
CNX Resources Corp. (a)(b) 54,631 798,159 
Comstock Resources, Inc. (a) 24,290 239,742 
ConocoPhillips Co. 349,573 26,039,693 
CONSOL Energy, Inc. (a) 8,413 231,442 
Contango Oil & Gas Co. (a)(b) 33,829 139,714 
Continental Resources, Inc. 15,097 736,885 
Coterra Energy, Inc. 103,144 2,199,030 
CVR Energy, Inc. (b) 7,010 134,382 
Delek U.S. Holdings, Inc. (a) 19,703 383,223 
Denbury, Inc. (a) 13,331 1,128,602 
Devon Energy Corp. 164,793 6,604,903 
Diamondback Energy, Inc. 44,137 4,731,045 
DT Midstream, Inc. 25,112 1,204,372 
EOG Resources, Inc. 152,516 14,101,629 
EQT Corp. (a) 72,847 1,450,384 
Equitrans Midstream Corp. 106,016 1,093,025 
Exxon Mobil Corp. 1,103,938 71,170,883 
Green Plains, Inc. (a)(b) 13,993 531,034 
Hess Corp. 72,061 5,950,077 
HollyFrontier Corp. 37,969 1,283,352 
International Seaways, Inc. 11,283 198,017 
Kinder Morgan, Inc. 509,705 8,537,559 
Kosmos Energy Ltd. (a) 102,280 368,208 
Laredo Petroleum, Inc. (a)(b) 3,507 264,428 
Magnolia Oil & Gas Corp. Class A 37,277 778,344 
Marathon Oil Corp. 207,467 3,385,861 
Marathon Petroleum Corp. 166,547 10,980,444 
Matador Resources Co. 29,016 1,214,320 
Murphy Oil Corp. 38,576 1,073,570 
National Energy Services Reunited Corp. (a)(b) 9,369 109,617 
Northern Oil & Gas, Inc. 13,949 323,059 
Occidental Petroleum Corp. 232,042 7,780,368 
ONEOK, Inc. 115,884 7,372,540 
Ovintiv, Inc. 68,052 2,553,311 
Par Pacific Holdings, Inc. (a) 11,124 171,977 
PBF Energy, Inc. Class A (a) 24,600 359,406 
PDC Energy, Inc. 25,466 1,332,126 
Peabody Energy Corp. (a) 21,858 259,892 
Phillips 66 Co. 114,217 8,541,147 
Pioneer Natural Resources Co. 59,268 11,081,931 
Range Resources Corp. (a) 68,275 1,592,173 
Ranger Oil Corp. (a) 3,655 120,761 
Renewable Energy Group, Inc. (a) 13,158 842,112 
Rex American Resources Corp. (a) 1,370 120,492 
SM Energy Co. 31,198 1,070,715 
Southwestern Energy Co. (a) 175,527 856,572 
Talos Energy, Inc. (a) 11,959 155,108 
Targa Resources Corp. 59,641 3,260,573 
Teekay Corp. (a) 20,995 74,322 
Teekay Tankers Ltd. (a)(b) 6,971 96,757 
Tellurian, Inc. (a)(b) 99,070 388,354 
The Williams Companies, Inc. 317,742 8,925,373 
Uranium Energy Corp. (a)(b) 62,904 234,003 
Valero Energy Corp. 107,106 8,282,507 
W&T Offshore, Inc. (a) 21,580 88,694 
World Fuel Services Corp. 16,095 491,380 
  304,238,469 
TOTAL ENERGY  337,341,312 
FINANCIALS - 11.9%   
Banks - 4.4%   
1st Source Corp. 3,680 177,670 
Allegiance Bancshares, Inc. 5,293 207,327 
Ameris Bancorp 17,463 914,887 
Associated Banc-Corp. 40,575 904,011 
Atlantic Union Bankshares Corp. 20,870 748,607 
Banc of California, Inc. 12,619 256,544 
BancFirst Corp. 4,688 304,767 
Bancorp, Inc., Delaware (a) 14,322 437,537 
Bank of America Corp. 1,930,679 92,247,843 
Bank of Hawaii Corp. 10,631 898,320 
Bank OZK 31,747 1,418,138 
BankUnited, Inc. 26,243 1,064,416 
Banner Corp. 9,505 549,009 
Berkshire Hills Bancorp, Inc. 14,003 380,181 
BOK Financial Corp. 8,125 822,006 
Brookline Bancorp, Inc., Delaware 18,776 301,355 
Bryn Mawr Bank Corp. 4,662 216,037 
Cadence Bank 28,710 833,164 
Camden National Corp. 3,358 159,841 
Cathay General Bancorp 20,841 879,282 
Central Pacific Financial Corp. 6,096 167,579 
CIT Group, Inc. 25,675 1,271,683 
Citigroup, Inc. 528,546 36,554,241 
Citizens Financial Group, Inc. 112,469 5,328,781 
City Holding Co. 3,715 295,640 
Columbia Banking Systems, Inc. (b) 18,878 644,306 
Comerica, Inc. 34,530 2,938,158 
Commerce Bancshares, Inc. 27,845 1,963,351 
Community Bank System, Inc. 13,657 978,797 
Community Trust Bancorp, Inc. 3,056 133,486 
ConnectOne Bancorp, Inc. 10,361 349,477 
CrossFirst Bankshares, Inc. (a) 10,288 146,398 
Cullen/Frost Bankers, Inc. 14,407 1,865,707 
Customers Bancorp, Inc. (a) 8,548 455,523 
CVB Financial Corp. 33,038 661,421 
Dime Community Bancshares, Inc. (b) 9,573 341,565 
Eagle Bancorp, Inc. 7,971 451,079 
East West Bancorp, Inc. 37,707 2,996,952 
Eastern Bankshares, Inc. 44,646 927,297 
Enterprise Financial Services Corp. 10,695 502,879 
FB Financial Corp. 9,960 451,487 
Fifth Third Bancorp 179,508 7,813,983 
First Bancorp, North Carolina 7,936 384,261 
First Bancorp, Puerto Rico 54,413 742,737 
First Bancshares, Inc. 5,109 205,637 
First Busey Corp. 13,443 342,662 
First Citizens Bancshares, Inc. (b) 1,848 1,504,087 
First Commonwealth Financial Corp. 28,076 429,563 
First Financial Bancorp, Ohio 26,112 620,943 
First Financial Bankshares, Inc. 33,552 1,701,757 
First Financial Corp., Indiana 2,595 111,196 
First Foundation, Inc. 9,716 258,543 
First Hawaiian, Inc. 34,142 941,978 
First Horizon National Corp. 142,960 2,426,031 
First Interstate Bancsystem, Inc. 9,147 380,241 
First Merchants Corp. 14,341 596,299 
First Midwest Bancorp, Inc., Delaware 27,790 534,958 
First Republic Bank 46,186 9,991,417 
Five Star Bancorp 2,181 59,803 
Flushing Financial Corp. 7,540 181,111 
FNB Corp., Pennsylvania 83,356 971,097 
Fulton Financial Corp. 40,196 647,156 
German American Bancorp, Inc. 6,120 241,250 
Glacier Bancorp, Inc. 25,633 1,417,249 
Great Southern Bancorp, Inc. 2,261 127,588 
Great Western Bancorp, Inc. 15,035 511,942 
Hancock Whitney Corp. 22,693 1,122,850 
Hanmi Financial Corp. 7,435 164,983 
HarborOne Bancorp, Inc. 13,521 194,297 
Heartland Financial U.S.A., Inc. 9,639 483,107 
Heritage Commerce Corp. 14,178 169,994 
Heritage Financial Corp., Washington 7,957 197,652 
Hilltop Holdings, Inc. 17,032 603,614 
Home Bancshares, Inc. 37,998 902,832 
Hope Bancorp, Inc. 33,335 486,358 
Horizon Bancorp, Inc. Indiana 8,147 155,363 
Huntington Bancshares, Inc. 388,378 6,113,070 
Independent Bank Corp. 4,722 106,387 
Independent Bank Corp., Massachusetts 8,598 726,531 
Independent Bank Group, Inc. 10,673 771,551 
International Bancshares Corp. 14,519 615,606 
Investors Bancorp, Inc. 59,225 906,143 
JPMorgan Chase & Co. 778,964 132,338,194 
KeyCorp 253,107 5,889,800 
Lakeland Bancorp, Inc. 10,958 197,025 
Lakeland Financial Corp. (b) 6,615 475,420 
Live Oak Bancshares, Inc. (b) 8,207 731,900 
M&T Bank Corp. 33,837 4,978,099 
Midland States Bancorp, Inc. 4,640 119,062 
National Bank Holdings Corp. 7,361 319,247 
NBT Bancorp, Inc. 10,551 387,116 
Nicolet Bankshares, Inc. (a) 2,603 187,130 
OceanFirst Financial Corp. 14,505 321,576 
OFG Bancorp 14,165 366,874 
Old National Bancorp, Indiana (b) 42,804 731,092 
Origin Bancorp, Inc. 4,990 222,554 
Pacific Premier Bancorp, Inc. 27,011 1,134,192 
PacWest Bancorp 29,764 1,412,897 
Park National Corp. 3,422 440,035 
Peoples Bancorp, Inc. 8,186 261,625 
Peoples United Financial, Inc. 112,115 1,921,651 
Pinnacle Financial Partners, Inc. 19,629 1,895,573 
PNC Financial Services Group, Inc. 110,903 23,403,860 
Popular, Inc. 20,779 1,692,242 
Preferred Bank, Los Angeles 3,880 266,052 
Prosperity Bancshares, Inc. 23,711 1,785,675 
QCR Holdings, Inc. 3,470 191,336 
Regions Financial Corp. 252,435 5,977,661 
Renasant Corp. (b) 14,131 528,641 
S&T Bancorp, Inc. 10,663 325,861 
Sandy Spring Bancorp, Inc. 12,493 592,918 
Seacoast Banking Corp., Florida 13,443 489,728 
ServisFirst Bancshares, Inc. 14,008 1,124,982 
Signature Bank 15,744 4,688,878 
Silvergate Capital Corp. (a) 6,817 1,067,679 
Simmons First National Corp. Class A 29,037 867,916 
Southside Bancshares, Inc. 7,531 311,181 
Southstate Corp. 18,291 1,428,344 
Sterling Bancorp 50,666 1,289,450 
Stock Yards Bancorp, Inc. 6,333 387,896 
SVB Financial Group (a) 15,343 11,007,068 
Synovus Financial Corp. 38,349 1,786,680 
Texas Capital Bancshares, Inc. (a) 13,336 808,162 
Tompkins Financial Corp. 3,424 281,145 
TowneBank 16,523 520,805 
Trico Bancshares 7,770 340,559 
TriState Capital Holdings, Inc. (a) 8,421 253,051 
Triumph Bancorp, Inc. (a) 5,967 699,929 
Truist Financial Corp. 348,664 22,129,704 
Trustmark Corp. 15,910 506,097 
U.S. Bancorp 352,314 21,269,196 
UMB Financial Corp. 11,091 1,096,013 
Umpqua Holdings Corp. 57,517 1,176,223 
United Bankshares, Inc., West Virginia 32,692 1,209,277 
United Community Bank, Inc. 23,449 816,963 
Univest Corp. of Pennsylvania 7,262 208,419 
Valley National Bancorp 104,908 1,391,080 
Veritex Holdings, Inc. 14,573 596,764 
Washington Trust Bancorp, Inc. 3,825 209,075 
Webster Financial Corp. 23,880 1,336,325 
Wells Fargo & Co. 1,070,995 54,792,104 
WesBanco, Inc. 17,781 618,245 
Westamerica Bancorp. 6,256 348,835 
Western Alliance Bancorp. 26,896 3,122,357 
Wintrust Financial Corp. 14,724 1,303,074 
Zions Bancorp NA 41,887 2,638,462 
  541,227,550 
Capital Markets - 3.3%   
Affiliated Managers Group, Inc. 10,667 1,790,776 
Ameriprise Financial, Inc. 29,735 8,983,836 
Apollo Global Management LLC Class A 54,756 4,213,474 
Ares Management Corp. 42,806 3,627,380 
Artisan Partners Asset Management, Inc. 17,413 862,640 
Assetmark Financial Holdings, Inc. (a) 4,688 120,200 
B. Riley Financial, Inc. 4,563 326,985 
Bank of New York Mellon Corp. 207,145 12,262,984 
BGC Partners, Inc. Class A 95,285 511,680 
BlackRock, Inc. Class A 37,277 35,169,358 
Blackstone, Inc. 178,942 24,769,152 
Blucora, Inc. (a) 11,383 188,047 
BrightSphere Investment Group, Inc. 15,188 455,336 
Carlyle Group LP 35,637 2,001,018 
Cboe Global Markets, Inc. 27,681 3,652,231 
Charles Schwab Corp. 391,522 32,116,550 
CME Group, Inc. 93,570 20,636,864 
Cohen & Steers, Inc. 6,732 638,799 
Coinbase Global, Inc. (a) 7,403 2,364,666 
Cowen Group, Inc. Class A 6,988 263,657 
Diamond Hill Investment Group, Inc. 824 178,693 
Donnelley Financial Solutions, Inc. (a) 7,283 279,085 
Evercore, Inc. Class A 10,237 1,554,386 
FactSet Research Systems, Inc. 9,862 4,377,643 
Federated Hermes, Inc. 26,074 868,525 
Focus Financial Partners, Inc. Class A (a) 13,215 830,695 
Franklin Resources, Inc. 73,013 2,299,179 
Goldman Sachs Group, Inc. 87,868 36,320,238 
Greenhill & Co., Inc. (b) 3,173 49,880 
Hamilton Lane, Inc. Class A 9,133 954,490 
Houlihan Lokey 13,149 1,473,740 
Interactive Brokers Group, Inc. 22,634 1,603,619 
Intercontinental Exchange, Inc. 146,617 20,300,590 
Invesco Ltd. 88,284 2,243,296 
Janus Henderson Group PLC 45,172 2,100,498 
Jefferies Financial Group, Inc. 51,705 2,223,315 
KKR & Co. LP 152,042 12,113,186 
Lazard Ltd. Class A 29,659 1,452,994 
LPL Financial 20,834 3,417,193 
MarketAxess Holdings, Inc. 9,958 4,069,536 
Moelis & Co. Class A 15,668 1,139,690 
Moody's Corp. 42,164 17,040,581 
Morgan Stanley 380,545 39,112,415 
Morningstar, Inc. 6,147 1,947,062 
MSCI, Inc. 21,502 14,296,250 
NASDAQ, Inc. 30,495 6,399,986 
Northern Trust Corp. 54,581 6,715,646 
Open Lending Corp. (a) 26,944 849,275 
Oppenheimer Holdings, Inc. Class A (non-vtg.) 2,180 113,469 
Piper Jaffray Companies 3,907 643,444 
PJT Partners, Inc. (b) 6,443 526,973 
Raymond James Financial, Inc. 48,585 4,789,995 
S&P Global, Inc. 62,785 29,770,136 
Sculptor Capital Management, Inc. Class A 5,150 136,475 
SEI Investments Co. 27,863 1,756,484 
State Street Corp. 95,588 9,420,197 
StepStone Group, Inc. Class A 10,724 503,814 
Stifel Financial Corp. 27,174 1,980,169 
StoneX Group, Inc. (a) 4,055 280,241 
T. Rowe Price Group, Inc. 59,116 12,821,078 
Tradeweb Markets, Inc. Class A 27,605 2,459,606 
Victory Capital Holdings, Inc. 4,116 155,996 
Virtu Financial, Inc. Class A 23,207 577,390 
Virtus Investment Partners, Inc. 1,950 624,000 
WisdomTree Investments, Inc. 26,835 171,476 
  407,898,262 
Consumer Finance - 0.7%   
Ally Financial, Inc. 94,824 4,526,898 
American Express Co. 167,803 29,160,805 
Capital One Financial Corp. 116,472 17,590,766 
Credit Acceptance Corp. (a)(b) 2,298 1,374,687 
CURO Group Holdings Corp. 6,864 117,924 
Discover Financial Services 78,359 8,879,642 
Encore Capital Group, Inc. (a)(b) 7,663 413,955 
Enova International, Inc. (a)(b) 9,902 321,221 
EZCORP, Inc. (non-vtg.) Class A (a) 13,613 101,553 
First Cash Financial Services, Inc. 10,574 935,482 
Green Dot Corp. Class A (a) 15,334 649,548 
LendingClub Corp. (a) 25,383 1,166,603 
LendingTree, Inc. (a)(b) 3,097 499,825 
Navient Corp. 42,994 846,982 
Nelnet, Inc. Class A 5,163 426,619 
OneMain Holdings, Inc. 26,331 1,390,540 
PRA Group, Inc. (a)(b) 11,811 506,456 
PROG Holdings, Inc. 16,992 687,326 
SLM Corp. 79,008 1,449,797 
Synchrony Financial 149,197 6,930,201 
Upstart Holdings, Inc. 12,050 3,880,582 
World Acceptance Corp. (a)(b) 956 177,233 
  82,034,645 
Diversified Financial Services - 1.2%   
A-Mark Precious Metals, Inc. 2,150 161,229 
Berkshire Hathaway, Inc. Class B (a) 482,667 138,530,256 
Cannae Holdings, Inc. (a) 21,553 734,957 
Equitable Holdings, Inc. 99,077 3,319,080 
Voya Financial, Inc. 29,278 2,042,726 
  144,788,248 
Insurance - 2.0%   
AFLAC, Inc. 160,640 8,621,549 
Alleghany Corp. (a) 3,568 2,324,124 
Allstate Corp. 77,043 9,527,908 
AMBAC Financial Group, Inc. (a) 11,780 199,200 
American Equity Investment Life Holding Co. 21,743 692,949 
American Financial Group, Inc. 17,187 2,338,119 
American International Group, Inc. 223,143 13,185,520 
American National Group, Inc. 3,263 619,024 
Amerisafe, Inc. 4,608 273,208 
Aon PLC 58,863 18,831,451 
Arch Capital Group Ltd. (a) 102,833 4,300,476 
Argo Group International Holdings, Ltd. 8,588 473,199 
Arthur J. Gallagher & Co. 53,784 9,017,963 
Assurant, Inc. 15,180 2,448,686 
Assured Guaranty Ltd. 18,626 1,035,233 
Athene Holding Ltd. (a) 34,118 2,968,607 
Axis Capital Holdings Ltd. 20,116 1,047,440 
Brighthouse Financial, Inc. (a) 21,971 1,103,603 
Brown & Brown, Inc. 60,775 3,835,510 
BRP Group, Inc. (a) 13,556 494,794 
Chubb Ltd. 114,309 22,333,692 
Cincinnati Financial Corp. 39,332 4,776,478 
CNO Financial Group, Inc. 33,725 814,122 
eHealth, Inc. (a) 6,395 283,618 
Employers Holdings, Inc. 6,952 268,347 
Enstar Group Ltd. (a) 3,359 775,190 
Erie Indemnity Co. Class A 6,490 1,335,707 
Everest Re Group Ltd. 10,511 2,748,627 
Fidelity National Financial, Inc. 74,099 3,550,083 
First American Financial Corp. 29,094 2,127,935 
Genworth Financial, Inc. Class A (a) 125,670 516,504 
Globe Life, Inc. 24,199 2,154,195 
GoHealth, Inc. (a) 19,265 104,031 
Goosehead Insurance (b) 5,014 723,520 
Greenlight Capital Re, Ltd. (a)(b) 6,458 47,983 
Hanover Insurance Group, Inc. 9,491 1,195,866 
Hartford Financial Services Group, Inc. 90,752 6,618,543 
HCI Group, Inc. 1,585 212,406 
Heritage Insurance Holdings, Inc. 5,941 38,854 
Horace Mann Educators Corp. 10,799 423,105 
James River Group Holdings Ltd. 9,405 300,490 
Kemper Corp. 15,715 997,588 
Kinsale Capital Group, Inc. 5,583 1,044,858 
Lemonade, Inc. (a)(b) 9,980 620,357 
Lincoln National Corp. 46,532 3,357,284 
Loews Corp. 53,058 2,974,962 
Markel Corp. (a) 3,562 4,677,369 
Marsh & McLennan Companies, Inc. 131,833 21,989,744 
MBIA, Inc. (a)(b) 12,552 195,058 
Mercury General Corp. 6,709 365,573 
MetLife, Inc. 190,056 11,935,517 
National Western Life Group, Inc. 538 115,675 
Old Republic International Corp. 74,708 1,929,708 
Palomar Holdings, Inc. (a) 6,545 598,540 
Primerica, Inc. 10,123 1,703,094 
Principal Financial Group, Inc. 65,921 4,422,640 
ProAssurance Corp. (b) 15,146 346,995 
Progressive Corp. 152,390 14,458,763 
Prudential Financial, Inc. 100,841 11,097,552 
Reinsurance Group of America, Inc. 17,599 2,078,090 
RenaissanceRe Holdings Ltd. 12,178 1,726,840 
RLI Corp. 10,928 1,183,612 
Root, Inc. (b) 23,853 110,678 
Safety Insurance Group, Inc. 3,639 285,334 
Selective Insurance Group, Inc. 15,502 1,214,892 
Selectquote, Inc. (a)(b) 32,478 431,633 
Siriuspoint Ltd. (a)(b) 21,837 205,268 
Stewart Information Services Corp. 6,487 461,680 
The Travelers Companies, Inc. 64,975 10,453,178 
Trean Insurance Group, Inc. (a) 4,901 46,069 
Trupanion, Inc. (a) 9,066 928,358 
United Fire Group, Inc. (b) 5,012 102,395 
Universal Insurance Holdings, Inc. 8,298 122,561 
Unum Group 54,582 1,390,204 
W.R. Berkley Corp. 36,860 2,934,056 
White Mountains Insurance Group Ltd. 838 884,082 
Willis Towers Watson PLC 33,675 8,158,779 
  250,236,845 
Mortgage Real Estate Investment Trusts - 0.2%   
AG Mortgage Investment Trust, Inc. 3,260 37,718 
AGNC Investment Corp. 138,022 2,197,310 
Annaly Capital Management, Inc. 376,493 3,185,131 
Apollo Commercial Real Estate Finance, Inc. 34,572 523,420 
Arbor Realty Trust, Inc. 36,497 733,955 
Ares Commercial Real Estate Corp. 14,498 226,459 
Armour Residential REIT, Inc. 21,650 227,758 
Blackstone Mortgage Trust, Inc. 40,207 1,322,810 
BrightSpire Capital, Inc. 22,563 221,343 
Broadmark Realty Capital, Inc. 33,431 345,008 
Cherry Hill Mortgage Investment Corp. 4,889 44,588 
Chimera Investment Corp. 59,678 931,574 
Dynex Capital, Inc. 8,028 140,490 
Ellington Financial LLC 14,132 256,920 
Franklin BSP Realty Trust, Inc. (a) 9,162 150,348 
Granite Point Mortgage Trust, Inc. 14,174 189,932 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 20,153 1,217,241 
Invesco Mortgage Capital, Inc. 75,655 237,557 
KKR Real Estate Finance Trust, Inc. (b) 10,964 238,028 
Ladder Capital Corp. Class A 31,085 373,020 
MFA Financial, Inc. 102,540 462,455 
New Residential Investment Corp. 119,762 1,360,496 
New York Mortgage Trust, Inc. 96,656 424,320 
Orchid Island Capital, Inc. 37,543 186,213 
PennyMac Mortgage Investment Trust 25,716 518,177 
Ready Capital Corp. 15,800 244,426 
Redwood Trust, Inc. 29,567 400,929 
Starwood Property Trust, Inc. 79,129 2,015,416 
TPG RE Finance Trust, Inc. 13,740 179,582 
Two Harbors Investment Corp. 84,797 544,397 
Western Asset Mortgage Capital Corp. 9,566 24,106 
  19,161,127 
Thrifts & Mortgage Finance - 0.1%   
Axos Financial, Inc. (a)(b) 13,690 725,570 
Capitol Federal Financial, Inc. 37,390 453,541 
Columbia Financial, Inc. (a) 11,387 212,026 
Essent Group Ltd. 29,562 1,418,976 
Federal Agricultural Mortgage Corp. Class C (non-vtg.) 2,557 322,412 
Flagstar Bancorp, Inc. 13,679 645,512 
HomeStreet, Inc. 5,190 244,760 
Kearny Financial Corp. 22,911 307,466 
Merchants Bancorp 3,898 173,188 
Meridian Bancorp, Inc. Maryland 13,028 302,250 
Meta Financial Group, Inc. 8,154 452,058 
MGIC Investment Corp. 88,705 1,433,473 
Mr. Cooper Group, Inc. (a) 21,903 960,228 
New York Community Bancorp, Inc. 121,167 1,506,106 
NMI Holdings, Inc. (a) 22,788 553,293 
Northfield Bancorp, Inc. 10,186 178,764 
Northwest Bancshares, Inc. 34,942 482,200 
Ocwen Financial Corp. (a)(b) 2,028 63,699 
PennyMac Financial Services, Inc. 8,684 538,929 
Premier Financial Corp. 10,612 338,311 
Provident Financial Services, Inc. 21,201 524,937 
Radian Group, Inc. 48,354 1,154,210 
Rocket Companies, Inc. (b) 35,521 585,386 
TFS Financial Corp. 11,563 225,016 
Trustco Bank Corp., New York 3,944 132,361 
Walker & Dunlop, Inc. 7,448 968,761 
Washington Federal, Inc. 17,907 633,192 
Waterstone Financial, Inc. 4,272 88,302 
WSFS Financial Corp. 11,924 617,782 
  16,242,709 
TOTAL FINANCIALS  1,461,589,386 
HEALTH CARE - 13.2%   
Biotechnology - 2.5%   
4D Molecular Therapeutics, Inc. (b) 5,891 141,561 
AbbVie, Inc. 460,943 52,856,334 
Abeona Therapeutics, Inc. (a) 11,891 9,659 
ACADIA Pharmaceuticals, Inc. (a) 29,541 530,261 
Acceleron Pharma, Inc. (a) 13,978 2,434,688 
ADMA Biologics, Inc. (a) 17,199 22,187 
Adverum Biotechnologies, Inc. (a)(b) 19,121 43,405 
Aeglea BioTherapeutics, Inc. (a) 12,230 89,524 
Agenus, Inc. (a) 57,153 219,468 
Agios Pharmaceuticals, Inc. (a)(b) 14,775 694,425 
Akebia Therapeutics, Inc. (a)(b) 43,141 123,815 
Akero Therapeutics, Inc. (a)(b) 4,898 105,258 
Akouos, Inc. (a)(b) 2,627 24,484 
Albireo Pharma, Inc. (a)(b) 5,289 154,545 
Aldeyra Therapeutics, Inc. (a)(b) 10,975 99,873 
Alector, Inc. (a)(b) 15,297 332,557 
Aligos Therapeutics, Inc. 5,684 90,546 
Alkermes PLC (a) 41,486 1,256,611 
Allakos, Inc. (a) 9,325 937,909 
Allogene Therapeutics, Inc. (a)(b) 20,113 346,748 
Allovir, Inc. (a)(b) 8,322 199,811 
Alnylam Pharmaceuticals, Inc. (a) 31,064 4,956,572 
Altimmune, Inc. (a)(b) 7,125 76,950 
ALX Oncology Holdings, Inc. (a) 5,646 316,402 
Amgen, Inc. 148,208 30,674,610 
Amicus Therapeutics, Inc. (a) 63,899 670,940 
AnaptysBio, Inc. (a) 5,167 169,994 
Anavex Life Sciences Corp. (a)(b) 20,300 380,422 
Anika Therapeutics, Inc. (a) 3,908 162,768 
Annexon, Inc. (a)(b) 7,426 121,118 
Apellis Pharmaceuticals, Inc. (a) 18,605 571,918 
Applied Genetic Technologies Corp. (a)(b) 10,973 28,420 
Applied Molecular Transport, Inc. (a)(b) 3,380 76,118 
Applied Therapeutics, Inc. (a)(b) 4,011 58,841 
Arbutus Biopharma Corp. (a) 19,481 78,508 
Arcturus Therapeutics Holdings, Inc. (a)(b) 5,382 241,921 
Arcus Biosciences, Inc. (a)(b) 12,725 425,524 
Arcutis Biotherapeutics, Inc. (a)(b) 7,698 163,044 
Ardelyx, Inc. (a)(b) 19,519 23,618 
Arena Pharmaceuticals, Inc. (a) 16,240 932,014 
Arrowhead Pharmaceuticals, Inc. (a) 27,582 1,760,283 
Assembly Biosciences, Inc. (a) 20,246 63,775 
Atara Biotherapeutics, Inc. (a) 20,360 315,173 
Athenex, Inc. (a)(b) 15,684 39,837 
Athersys, Inc. (a)(b) 39,608 46,341 
Atreca, Inc. (a)(b) 5,317 27,542 
Avid Bioservices, Inc. (a)(b) 16,156 495,666 
Avidity Biosciences, Inc. (a)(b) 11,375 255,938 
Avita Medical, Inc. (a) 6,299 103,745 
AVROBIO, Inc. (a) 9,555 53,699 
Beam Therapeutics, Inc. (a)(b) 11,339 1,006,563 
BeyondSpring, Inc. (a)(b) 7,393 102,171 
BioAtla, Inc. (b) 4,776 139,602 
BioCryst Pharmaceuticals, Inc. (a)(b) 44,571 665,445 
Biogen, Inc. (a) 38,905 10,375,185 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 14,966 2,129,961 
BioMarin Pharmaceutical, Inc. (a) 47,703 3,779,509 
BioXcel Therapeutics, Inc. (a)(b) 5,631 164,087 
Black Diamond Therapeutics, Inc. (a)(b) 2,980 22,827 
bluebird bio, Inc. (a) 17,134 401,107 
Blueprint Medicines Corp. (a) 15,590 1,753,719 
Bolt Biotherapeutics, Inc. (b) 2,982 39,034 
BrainStorm Cell Therpeutic, Inc. (a)(b) 4,412 12,773 
BridgeBio Pharma, Inc. (a)(b) 28,609 1,412,712 
Burning Rock Biotech Ltd. ADR (a) 12,605 177,604 
C4 Therapeutics, Inc. 9,849 437,493 
Calithera Biosciences, Inc. (a) 15,184 29,305 
Capricor Therapeutics, Inc. (a)(b) 3,520 13,094 
CareDx, Inc. (a) 13,423 684,573 
Catalyst Biosciences, Inc. (a) 5,646 18,575 
Catalyst Pharmaceutical Partners, Inc. (a) 27,352 161,377 
Cel-Sci Corp. (a) 10,115 113,288 
Celldex Therapeutics, Inc. (a) 12,073 513,585 
ChemoCentryx, Inc. (a) 12,770 444,524 
Chimerix, Inc. (a) 17,176 90,002 
Chinook Therapeutics, Inc. (a)(b) 8,763 94,115 
Clene, Inc. (a)(b) 5,037 27,351 
Clovis Oncology, Inc. (a)(b) 33,574 145,375 
Codiak Biosciences, Inc. (b) 4,986 71,848 
Coherus BioSciences, Inc. (a)(b) 18,249 305,306 
Concert Pharmaceuticals, Inc. (a) 4,143 11,352 
Corbus Pharmaceuticals Holdings, Inc. (a) 12,965 12,965 
Cortexyme, Inc. (a)(b) 4,446 58,687 
Crinetics Pharmaceuticals, Inc. (a) 8,495 211,780 
Cue Biopharma, Inc. (a)(b) 8,332 101,734 
Cullinan Oncology, Inc. 6,717 149,252 
Cyclerion Therapeutics, Inc. (a)(b) 7,598 19,451 
Cytokinetics, Inc. (a)(b) 21,699 757,512 
CytomX Therapeutics, Inc. (a)(b) 16,848 99,909 
Deciphera Pharmaceuticals, Inc. (a) 10,887 363,517 
Denali Therapeutics, Inc. (a) 24,189 1,169,538 
DermTech, Inc. (a)(b) 6,133 167,738 
Dicerna Pharmaceuticals, Inc. (a) 16,701 347,548 
Dynavax Technologies Corp. (a)(b) 28,010 559,360 
Dyne Therapeutics, Inc. (a) 4,252 61,697 
Eagle Pharmaceuticals, Inc. (a)(b) 2,905 152,135 
Editas Medicine, Inc. (a)(b) 17,457 641,021 
Eiger Biopharmaceuticals, Inc. (a) 7,379 49,734 
Emergent BioSolutions, Inc. (a) 12,912 615,515 
Enanta Pharmaceuticals, Inc. (a) 4,742 407,101 
Epizyme, Inc. (a)(b) 22,092 92,786 
Exact Sciences Corp. (a) 44,757 4,261,762 
Exelixis, Inc. (a) 83,388 1,793,676 
Fate Therapeutics, Inc. (a) 21,733 1,169,235 
FibroGen, Inc. (a) 22,972 255,449 
Flexion Therapeutics, Inc. (a) 14,821 137,094 
Foghorn Therapeutics, Inc. (b) 4,446 56,420 
Forma Therapeutics Holdings, Inc. (a) 8,975 166,576 
Fortress Biotech, Inc. (a) 20,440 66,634 
Frequency Therapeutics, Inc. (a)(b) 10,524 66,091 
G1 Therapeutics, Inc. (a)(b) 7,814 113,225 
Generation Bio Co. (a)(b) 12,136 254,371 
Geron Corp. (a)(b) 73,738 113,557 
Gilead Sciences, Inc. 327,533 21,250,341 
Global Blood Therapeutics, Inc. (a) 15,006 548,019 
GlycoMimetics, Inc. (a) 6,172 11,789 
Gossamer Bio, Inc. (a) 10,816 134,335 
Gt Biopharma, Inc. (a) 4,518 29,186 
Halozyme Therapeutics, Inc. (a) 37,570 1,430,290 
Harpoon Therapeutics, Inc. (a)(b) 6,208 38,862 
Heat Biologics, Inc. (a)(b) 4,327 23,106 
Heron Therapeutics, Inc. (a)(b) 27,991 308,181 
Homology Medicines, Inc. (a)(b) 11,181 64,067 
Horizon Therapeutics PLC (a) 58,710 7,039,916 
iBio, Inc. (a) 52,622 41,045 
Ideaya Biosciences, Inc. (a) 8,906 190,945 
IGM Biosciences, Inc. (a)(b) 1,801 84,503 
Immatics NV (a)(b) 8,843 126,720 
ImmunityBio, Inc. (a)(b) 18,844 147,549 
ImmunoGen, Inc. (a) 52,112 314,235 
Immunovant, Inc. (a)(b) 12,341 99,222 
Incyte Corp. (a) 49,568 3,320,065 
Inhibrx, Inc. (a) 5,398 216,946 
Inovio Pharmaceuticals, Inc. (a)(b) 56,267 401,746 
Inozyme Pharma, Inc. (a) 1,209 11,292 
Insmed, Inc. (a)(b) 30,365 915,505 
Intellia Therapeutics, Inc. (a) 17,900 2,380,342 
Intercept Pharmaceuticals, Inc. (a)(b) 6,313 106,437 
Invitae Corp. (a)(b) 52,510 1,391,515 
Ionis Pharmaceuticals, Inc. (a) 36,735 1,170,744 
Iovance Biotherapeutics, Inc. (a) 35,222 856,247 
Ironwood Pharmaceuticals, Inc. Class A (a) 41,021 523,838 
iTeos Therapeutics, Inc. (a) 5,848 156,434 
Iveric Bio, Inc. (a)(b) 25,528 451,846 
Jounce Therapeutics, Inc. (a)(b) 5,212 45,761 
Kadmon Holdings, Inc. (a)(b) 42,257 399,329 
Kalvista Pharmaceuticals, Inc. (a) 3,967 71,327 
Karuna Therapeutics, Inc. (a) 5,798 813,923 
Karyopharm Therapeutics, Inc. (a)(b) 15,662 85,515 
Keros Therapeutics, Inc. (a)(b) 3,650 152,278 
Kiniksa Pharmaceuticals Ltd. (a)(b) 5,771 59,961 
Kinnate Biopharma, Inc. (b) 3,137 74,566 
Kodiak Sciences, Inc. (a) 8,908 1,043,038 
Kronos Bio, Inc. (b) 11,849 195,035 
Krystal Biotech, Inc. (a)(b) 4,310 215,888 
Kura Oncology, Inc. (a)(b) 16,340 268,303 
Kymera Therapeutics, Inc. (a) 9,246 544,404 
Ligand Pharmaceuticals, Inc. Class B (a)(b) 4,196 612,364 
Lineage Cell Therapeutics, Inc. (a)(b) 35,265 80,404 
Macrogenics, Inc. (a) 14,164 276,623 
Madrigal Pharmaceuticals, Inc. (a)(b) 3,500 272,125 
Magenta Therapeutics, Inc. (a)(b) 6,223 39,827 
MannKind Corp. (a)(b) 63,479 298,986 
Matinas BioPharma Holdings, Inc. (a) 29,750 33,023 
MediciNova, Inc. (a)(b) 13,071 43,919 
MEI Pharma, Inc. (a) 21,373 60,272 
Mersana Therapeutics, Inc. (a) 20,712 177,295 
Mirati Therapeutics, Inc. (a) 11,820 2,234,216 
Mirum Pharmaceuticals, Inc. (a) 3,900 61,932 
Moderna, Inc. (a) 91,599 31,620,891 
Molecular Templates, Inc. (a)(b) 9,589 50,055 
Morphic Holding, Inc. (a) 6,992 402,040 
Mustang Bio, Inc. (a)(b) 7,656 17,149 
Myriad Genetics, Inc. (a) 20,469 629,831 
Natera, Inc. (a) 22,573 2,586,189 
Neoleukin Therapeutics, Inc. (a)(b) 9,859 72,266 
Neubase Therapeutics, Inc. (a)(b) 3,796 14,045 
Neurocrine Biosciences, Inc. (a) 25,068 2,642,418 
NextCure, Inc. (a)(b) 2,365 19,440 
Nkarta, Inc. (a) 4,061 63,676 
Novavax, Inc. (a)(b) 19,476 2,898,613 
Nurix Therapeutics, Inc. (a) 10,793 361,026 
Olema Pharmaceuticals, Inc. 7,969 215,163 
Oncorus, Inc. (a)(b) 2,117 22,567 
Opko Health, Inc. (a)(b) 109,333 414,372 
ORIC Pharmaceuticals, Inc. (a) 8,946 130,969 
Ovid Therapeutics, Inc. (a)(b) 22,621 76,911 
Oyster Point Pharma, Inc. (a)(b) 2,507 29,532 
Palatin Technologies, Inc. (a)(b) 38,374 15,657 
Passage Bio, Inc. (a)(b) 5,910 51,535 
PDL BioPharma, Inc. (a)(c) 20,940 51,722 
PMV Pharmaceuticals, Inc. (a) 7,577 178,969 
Poseida Therapeutics, Inc. (a)(b) 10,995 70,478 
Praxis Precision Medicines, Inc. (b) 9,597 199,618 
Precigen, Inc. (a)(b) 28,484 137,578 
Precision BioSciences, Inc. (a) 10,395 98,649 
Prelude Therapeutics, Inc. (a)(b) 2,911 51,175 
Protagonist Therapeutics, Inc. (a)(b) 11,679 363,918 
Prothena Corp. PLC (a)(b) 8,959 495,881 
PTC Therapeutics, Inc. (a) 17,820 675,913 
Puma Biotechnology, Inc. (a)(b) 8,302 42,340 
Radius Health, Inc. (a) 11,335 244,836 
RAPT Therapeutics, Inc. (a) 5,487 173,279 
Recro Pharma, Inc. (a) 2,879 5,614 
Regeneron Pharmaceuticals, Inc. (a) 27,452 17,567,633 
REGENXBIO, Inc. (a) 10,074 357,023 
Relay Therapeutics, Inc. (a) 16,469 547,594 
Repligen Corp. (a) 13,403 3,893,572 
Replimune Group, Inc. (a)(b) 6,991 206,304 
Revolution Medicines, Inc. (a)(b) 16,805 494,571 
Rhythm Pharmaceuticals, Inc. (a)(b) 9,022 103,843 
Rigel Pharmaceuticals, Inc. (a)(b) 41,490 139,406 
Rocket Pharmaceuticals, Inc. (a)(b) 11,049 328,266 
Rubius Therapeutics, Inc. (a)(b) 10,823 153,795 
Sage Therapeutics, Inc. (a) 13,064 527,263 
Sangamo Therapeutics, Inc. (a) 32,464 263,608 
Sarepta Therapeutics, Inc. (a) 20,585 1,628,891 
Scholar Rock Holding Corp. (a)(b) 7,430 195,409 
Seagen, Inc. (a) 34,763 6,129,760 
Selecta Biosciences, Inc. (a)(b) 21,885 78,567 
Seres Therapeutics, Inc. (a) 14,402 87,564 
Sesen Bio, Inc. (a) 39,225 47,462 
Shattuck Labs, Inc. (b) 7,975 153,918 
Silverback Therapeutics, Inc. 3,038 26,218 
Sorrento Therapeutics, Inc. (a)(b) 79,412 544,766 
Spectrum Pharmaceuticals, Inc. (a)(b) 33,214 60,782 
Spero Therapeutics, Inc. (a)(b) 5,513 96,808 
Springworks Therapeutics, Inc. (a)(b) 7,009 470,024 
Spruce Biosciences, Inc. 1,442 6,864 
SQZ Biotechnologies Co. (b) 4,437 59,411 
Stoke Therapeutics, Inc. (a)(b) 4,892 111,684 
Sutro Biopharma, Inc. (a)(b) 12,878 259,620 
Syndax Pharmaceuticals, Inc. (a)(b) 9,643 187,556 
Syros Pharmaceuticals, Inc. (a)(b) 14,802 61,132 
T2 Biosystems, Inc. (a)(b) 28,899 22,382 
Talaris Therapeutics, Inc. (a)(b) 2,286 38,611 
Taysha Gene Therapies, Inc. (a) 6,954 108,761 
TCR2 Therapeutics, Inc. (a)(b) 7,559 47,622 
TG Therapeutics, Inc. (a)(b) 34,612 1,080,587 
Travere Therapeutics, Inc. (a) 13,620 392,392 
Trevena, Inc. (a)(b) 35,368 35,722 
Turning Point Therapeutics, Inc. (a) 13,180 548,024 
Twist Bioscience Corp. (a) 12,729 1,512,205 
Ultragenyx Pharmaceutical, Inc. (a) 17,757 1,490,167 
uniQure B.V. (a) 9,796 298,484 
United Therapeutics Corp. (a) 11,722 2,236,089 
UNITY Biotechnology, Inc. (a) 7,661 18,310 
Vanda Pharmaceuticals, Inc. (a) 13,336 228,312 
Vaxart, Inc. (a)(b) 29,459 197,670 
Vaxcyte, Inc. (a) 8,806 206,060 
VBI Vaccines, Inc. (a) 62,875 182,338 
Veracyte, Inc. (a)(b) 18,641 892,531 
Verastem, Inc. (a) 56,724 147,482 
Vericel Corp. (a)(b) 12,264 564,389 
Vertex Pharmaceuticals, Inc. (a) 67,703 12,520,316 
Viking Therapeutics, Inc. (a)(b) 19,944 116,074 
Vir Biotechnology, Inc. (a) 19,118 721,322 
Vor Biopharma, Inc. (a)(b) 2,585 40,662 
Voyager Therapeutics, Inc. (a)(b) 4,677 16,931 
Xbiotech, Inc. 2,697 39,538 
Xencor, Inc. (a) 16,068 635,650 
Y-mAbs Therapeutics, Inc. (a) 9,608 235,972 
Zentalis Pharmaceuticals, Inc. (a) 9,530 766,593 
ZIOPHARM Oncology, Inc. (a)(b) 52,188 78,282 
  301,120,591 
Health Care Equipment & Supplies - 3.4%   
Abbott Laboratories 462,097 59,559,682 
Abiomed, Inc. (a) 11,866 3,939,987 
Accelerate Diagnostics, Inc. (a)(b) 6,787 40,043 
Accuray, Inc. (a)(b) 21,083 105,204 
Acutus Medical, Inc. (a)(b) 2,705 21,207 
Align Technology, Inc. (a) 19,187 11,979,787 
Alphatec Holdings, Inc. (a)(b) 19,560 229,439 
Angiodynamics, Inc. (a)(b) 9,584 274,102 
Aspira Women's Health, Inc. (a)(b) 14,536 48,696 
Atricure, Inc. (a) 11,849 889,386 
Atrion Corp. 357 259,896 
Avanos Medical, Inc. (a) 11,981 377,881 
AxoGen, Inc. (a) 9,380 142,482 
Axonics Modulation Technologies, Inc. (a)(b) 12,160 891,936 
Baxter International, Inc. 130,527 10,306,412 
Becton, Dickinson & Co. 74,908 17,947,208 
BioLife Solutions, Inc. (a) 7,880 418,822 
BioSig Technologies, Inc. (a)(b) 4,618 12,469 
Bioventus, Inc. (b) 2,041 30,819 
Boston Scientific Corp. (a) 371,856 16,038,149 
Cardiovascular Systems, Inc. (a) 10,109 354,624 
Cerus Corp. (a) 42,208 278,573 
Co.-Diagnostics, Inc. (a)(b) 6,703 55,032 
CONMED Corp. (b) 7,780 1,138,058 
Cryolife, Inc. (a)(b) 9,705 200,311 
CryoPort, Inc. (a)(b) 12,319 1,004,491 
Cutera, Inc. (a) 4,546 195,478 
CytoSorbents Corp. (a)(b) 12,461 73,395 
Danaher Corp. 165,604 51,630,359 
Dentsply Sirona, Inc. 56,641 3,240,432 
DexCom, Inc. (a) 25,247 15,734,183 
Eargo, Inc. (a)(b) 8,731 76,833 
Edwards Lifesciences Corp. (a) 162,757 19,501,544 
Envista Holdings Corp. (a) 43,284 1,692,404 
Glaukos Corp. (a) 12,503 571,512 
Globus Medical, Inc. (a) 21,405 1,651,824 
Haemonetics Corp. (a) 13,001 893,299 
Heska Corp. (a) 2,776 620,519 
Hill-Rom Holdings, Inc. 17,239 2,670,321 
Hologic, Inc. (a) 66,293 4,859,940 
ICU Medical, Inc. (a) 5,285 1,237,377 
IDEXX Laboratories, Inc. (a) 22,218 14,800,299 
Inari Medical, Inc. (a) 8,322 753,307 
Inogen, Inc. (a) 4,751 188,377 
Insulet Corp. (a) 17,944 5,562,999 
Integer Holdings Corp. (a) 8,677 781,104 
Integra LifeSciences Holdings Corp. (a) 18,712 1,243,600 
Intersect ENT, Inc. (a) 8,914 240,411 
Intuitive Surgical, Inc. (a) 93,017 33,591,229 
Invacare Corp. (a) 8,855 43,744 
iRhythm Technologies, Inc. (a) 7,636 535,589 
Lantheus Holdings, Inc. (a) 16,719 391,057 
LeMaitre Vascular, Inc. 4,481 233,057 
LivaNova PLC (a) 13,674 1,049,069 
Masimo Corp. (a) 13,310 3,773,917 
Medtronic PLC 350,437 42,003,379 
Meridian Bioscience, Inc. (a) 10,922 205,443 
Merit Medical Systems, Inc. (a) 12,855 864,627 
Mesa Laboratories, Inc. 1,306 399,244 
Natus Medical, Inc. (a) 8,153 204,233 
Neogen Corp. (a) 27,465 1,162,044 
Nevro Corp. (a) 8,983 1,021,726 
Novocure Ltd. (a) 23,048 2,364,033 
NuVasive, Inc. (a) 13,194 704,032 
OraSure Technologies, Inc. (a)(b) 18,054 192,636 
Ortho Clinical Diagnostics Holdings PLC 29,337 579,992 
Orthofix International NV (a) 5,036 181,195 
OrthoPediatrics Corp. (a)(b) 3,315 235,929 
Outset Medical, Inc. (a) 10,696 569,776 
Penumbra, Inc. (a) 8,924 2,467,932 
Pulmonx Corp. (b) 9,477 368,940 
Pulse Biosciences, Inc. (a)(b) 3,268 68,922 
Quidel Corp. (a) 9,851 1,307,917 
Quotient Ltd. (a) 24,935 63,086 
Repro Medical Systems, Inc. (a)(b) 6,295 15,675 
ResMed, Inc. 37,992 9,988,477 
Retractable Technologies, Inc. (a)(b) 3,462 32,751 
Seaspine Holdings Corp. (a)(b) 9,689 144,947 
Shockwave Medical, Inc. (a) 9,076 1,939,541 
SI-BONE, Inc. (a) 6,468 145,853 
Sientra, Inc. (a)(b) 13,822 80,997 
Silk Road Medical, Inc. (a) 8,654 508,076 
SmileDirectClub, Inc. (a)(b) 28,595 147,264 
Staar Surgical Co. (a) 12,365 1,464,758 
STERIS PLC 26,076 6,095,004 
Stryker Corp. 87,580 23,302,411 
Surgalign Holdings, Inc. (a)(b) 26,747 25,712 
SurModics, Inc. (a) 3,775 210,117 
Tactile Systems Technology, Inc. (a) 4,668 160,999 
Talis Biomedical Corp. (b) 3,761 20,121 
Tandem Diabetes Care, Inc. (a) 16,468 2,245,082 
Teleflex, Inc. 12,132 4,330,396 
The Cooper Companies, Inc. 12,829 5,348,667 
TransMedics Group, Inc. (a) 7,664 210,224 
Vapotherm, Inc. (a)(b) 5,248 120,022 
Varex Imaging Corp. (a) 11,090 297,767 
ViewRay, Inc. (a) 38,956 284,768 
West Pharmaceutical Services, Inc. 19,327 8,308,291 
Wright Medical Group NV (c) 326 0 
Zimmer Biomet Holdings, Inc. 54,494 7,799,181 
Zynex, Inc. (a)(b) 5,226 65,482 
  422,639,544 
Health Care Providers & Services - 2.5%   
1Life Healthcare, Inc. (a) 30,369 657,793 
Acadia Healthcare Co., Inc. (a) 23,140 1,434,680 
Accolade, Inc. (a) 15,390 612,368 
AdaptHealth Corp. (a) 25,054 682,722 
Addus HomeCare Corp. (a)(b) 4,587 428,885 
Amedisys, Inc. (a) 8,413 1,424,657 
AmerisourceBergen Corp. 39,326 4,798,559 
AMN Healthcare Services, Inc. (a) 12,321 1,216,083 
Anthem, Inc. 63,613 27,679,925 
Apollo Medical Holdings, Inc. (a)(b) 9,732 667,907 
Apria, Inc. (b) 1,841 68,909 
Brookdale Senior Living, Inc. (a) 48,959 318,234 
Cardinal Health, Inc. 76,078 3,637,289 
Castle Biosciences, Inc. (a) 6,266 390,685 
Centene Corp. (a) 152,287 10,848,954 
Chemed Corp. 4,138 1,995,551 
Cigna Corp. 88,735 18,954,683 
Community Health Systems, Inc. (a) 30,826 403,821 
Corvel Corp. (a) 2,304 422,139 
Covetrus, Inc. (a) 29,352 592,617 
Cross Country Healthcare, Inc. (a) 8,589 178,050 
CVS Health Corp. 344,148 30,725,533 
DaVita HealthCare Partners, Inc. (a) 17,348 1,791,008 
Encompass Health Corp. 25,404 1,614,678 
Fulgent Genetics, Inc. (a)(b) 5,011 415,512 
Guardant Health, Inc. (a)(b) 26,550 3,100,775 
Hanger, Inc. (a) 9,811 183,269 
HCA Holdings, Inc. 64,297 16,103,827 
HealthEquity, Inc. (a) 21,330 1,411,619 
Henry Schein, Inc. (a) 36,176 2,762,038 
Humana, Inc. 33,527 15,528,365 
InfuSystems Holdings, Inc. (a) 3,817 63,477 
Laboratory Corp. of America Holdings (a) 25,111 7,207,359 
LHC Group, Inc. (a) 8,119 1,092,736 
Magellan Health Services, Inc. (a) 5,862 555,893 
McKesson Corp. 40,311 8,379,851 
MEDNAX, Inc. (a)(b) 21,704 591,000 
Modivcare, Inc. (a) 3,293 536,002 
Molina Healthcare, Inc. (a) 15,313 4,528,360 
National Healthcare Corp. 3,130 218,912 
National Research Corp. Class A 3,500 151,550 
Ontrak, Inc. (a)(b) 1,526 13,124 
Option Care Health, Inc. (a) 36,104 986,722 
Owens & Minor, Inc. 19,904 714,156 
Patterson Companies, Inc. 21,779 680,812 
Pennant Group, Inc. (a)(b) 6,361 162,651 
PetIQ, Inc. Class A (a)(b) 7,858 196,843 
Premier, Inc. 31,861 1,240,986 
Progyny, Inc. (a) 17,875 1,098,061 
Quest Diagnostics, Inc. 32,084 4,709,290 
R1 RCM, Inc. (a) 35,488 770,090 
RadNet, Inc. (a) 12,376 384,770 
Select Medical Holdings Corp. 27,948 928,433 
Surgery Partners, Inc. (a) 7,094 291,847 
Tenet Healthcare Corp. (a) 28,042 2,009,490 
The Ensign Group, Inc. 13,332 1,040,029 
The Joint Corp. (a)(b) 3,824 334,524 
Tivity Health, Inc. (a) 11,917 298,163 
Triple-S Management Corp. (a) 5,881 207,540 
U.S. Physical Therapy, Inc. 3,157 340,514 
UnitedHealth Group, Inc. 245,821 113,193,196 
Universal Health Services, Inc. Class B 19,716 2,446,756 
  306,424,272 
Health Care Technology - 0.3%   
Allscripts Healthcare Solutions, Inc. (a) 32,968 454,299 
American Well Corp. (a)(b) 48,529 436,761 
Cerner Corp. 77,807 5,780,282 
Certara, Inc. 24,184 999,041 
Change Healthcare, Inc. (a) 62,978 1,355,916 
Computer Programs & Systems, Inc. (a)(b) 2,826 102,019 
Evolent Health, Inc. (a) 20,803 608,904 
GoodRx Holdings, Inc. (a)(b) 16,737 746,470 
Health Catalyst, Inc. (a)(b) 13,552 713,377 
HealthStream, Inc. (a) 6,416 170,730 
iCAD, Inc. (a) 5,426 57,244 
Inovalon Holdings, Inc. Class A (a) 20,159 822,286 
Inspire Medical Systems, Inc. (a) 7,179 1,935,315 
Nextgen Healthcare, Inc. (a) 16,318 268,594 
Omnicell, Inc. (a) 11,229 2,000,446 
OptimizeRx Corp. (a)(b) 4,559 440,855 
Phreesia, Inc. (a) 13,241 934,020 
Schrodinger, Inc. (a)(b) 12,530 683,887 
Simulations Plus, Inc. (b) 4,178 210,989 
Tabula Rasa HealthCare, Inc. (a) 5,664 153,778 
Teladoc Health, Inc. (a)(b) 41,783 6,250,319 
Veeva Systems, Inc. Class A (a) 36,131 11,453,888 
Vocera Communications, Inc. (a)(b) 9,278 524,949 
  37,104,369 
Life Sciences Tools & Services - 1.4%   
10X Genomics, Inc. (a) 23,730 3,826,937 
Adaptive Biotechnologies Corp. (a) 28,570 954,524 
Agilent Technologies, Inc. 79,288 12,487,067 
Avantor, Inc. (a) 152,982 6,177,413 
Bio-Rad Laboratories, Inc. Class A (a) 5,650 4,489,942 
Bio-Techne Corp. 10,121 5,299,862 
Bruker Corp. 26,143 2,099,283 
Charles River Laboratories International, Inc. (a) 13,094 5,875,016 
ChromaDex, Inc. (a)(b) 12,689 78,545 
Codexis, Inc. (a) 14,671 510,111 
Fluidigm Corp. (a)(b) 20,426 105,194 
Frontage Holdings Corp. (a)(d) 190,000 111,111 
Illumina, Inc. (a) 38,287 15,891,402 
IQVIA Holdings, Inc. (a) 50,005 13,072,307 
Maravai LifeSciences Holdings, Inc. 28,254 1,194,862 
Medpace Holdings, Inc. (a) 7,558 1,712,265 
Mettler-Toledo International, Inc. (a) 6,030 8,929,706 
Nanostring Technologies, Inc. (a) 12,336 595,829 
NeoGenomics, Inc. (a) 32,002 1,472,092 
Pacific Biosciences of California, Inc. (a)(b) 51,680 1,368,486 
PerkinElmer, Inc. 29,310 5,184,646 
Personalis, Inc. (a)(b) 10,370 203,459 
PPD, Inc. (a) 30,439 1,435,808 
Quanterix Corp. (a) 8,877 449,265 
Seer, Inc. (b) 9,368 345,867 
Sotera Health Co. 25,935 640,595 
Syneos Health, Inc. (a) 26,698 2,491,991 
Thermo Fisher Scientific, Inc. 102,553 64,923,228 
Waters Corp. (a) 16,023 5,889,254 
  167,816,067 
Pharmaceuticals - 3.1%   
AcelRx Pharmaceuticals, Inc. (a) 18,538 16,313 
Aerie Pharmaceuticals, Inc. (a)(b) 11,570 122,989 
Agile Therapeutics, Inc. (a)(b) 14,594 11,579 
Amneal Pharmaceuticals, Inc. (a) 31,218 171,387 
Amphastar Pharmaceuticals, Inc. (a)(b) 8,102 151,345 
Ampio Pharmaceuticals, Inc. (a)(b) 42,328 66,032 
ANI Pharmaceuticals, Inc. (a)(b) 2,953 110,383 
Antares Pharma, Inc. (a) 44,966 168,173 
Aquestive Therapeutics, Inc. (a)(b) 4,628 23,788 
Arvinas Holding Co. LLC (a) 11,243 973,419 
Athira Pharma, Inc. (a) 10,098 131,981 
Avalo Therapeutics, Inc. (a) 30,016 70,237 
Axsome Therapeutics, Inc. (a)(b) 7,925 305,113 
Aytu BioScience, Inc. (a)(b) 9,771 24,330 
Biodelivery Sciences International, Inc. (a)(b) 24,079 98,242 
Bristol-Myers Squibb Co. 580,165 33,881,636 
Cara Therapeutics, Inc. (a) 11,386 191,626 
Catalent, Inc. (a) 44,614 6,150,486 
Collegium Pharmaceutical, Inc. (a)(b) 8,725 171,272 
Corcept Therapeutics, Inc. (a) 27,544 495,792 
CorMedix, Inc. (a)(b) 6,812 33,106 
CymaBay Therapeutics, Inc. (a)(b) 13,326 51,971 
Durect Corp. (a)(b) 44,901 57,473 
Elanco Animal Health, Inc. (a) 123,712 4,067,651 
Eli Lilly & Co. 207,096 52,759,777 
Endo International PLC (a) 59,345 252,216 
Esperion Therapeutics, Inc. (a)(b) 6,783 60,640 
Evofem Biosciences, Inc. (a)(b) 15,813 10,873 
Evolus, Inc. (a)(b) 5,386 42,119 
Fulcrum Therapeutics, Inc. (a) 7,518 166,449 
Innoviva, Inc. (a) 16,654 290,612 
Intra-Cellular Therapies, Inc. (a) 19,435 837,065 
Jazz Pharmaceuticals PLC (a) 15,857 2,109,615 
Johnson & Johnson 686,445 111,808,162 
Kala Pharmaceuticals, Inc. (a)(b) 8,813 15,335 
Lannett Co., Inc. (a)(b) 8,822 24,084 
Liquidia Technologies, Inc. (a) 6,361 23,854 
Marinus Pharmaceuticals, Inc. (a)(b) 8,111 93,277 
Merck & Co., Inc. 660,238 58,133,956 
Nektar Therapeutics (a) 46,634 706,971 
NGM Biopharmaceuticals, Inc. (a) 10,007 184,829 
Ocular Therapeutix, Inc. (a) 20,980 139,307 
Odonate Therapeutics, Inc. (a) 4,761 14,616 
Omeros Corp. (a)(b) 15,564 97,586 
OptiNose, Inc. (a)(b) 7,197 19,072 
Organon & Co. 65,554 2,409,110 
Pacira Biosciences, Inc. (a) 11,375 594,685 
Paratek Pharmaceuticals, Inc. (a)(b) 11,958 60,029 
Perrigo Co. PLC 34,518 1,558,488 
Pfizer, Inc. 1,462,713 63,979,067 
Phathom Pharmaceuticals, Inc. (a)(b) 3,356 78,967 
Phibro Animal Health Corp. Class A 4,642 101,845 
Pliant Therapeutics, Inc. (a)(b) 6,745 107,448 
Prestige Brands Holdings, Inc. (a) 12,613 756,654 
Provention Bio, Inc. (a)(b) 13,480 84,385 
Reata Pharmaceuticals, Inc. (a)(b) 6,908 663,237 
Relmada Therapeutics, Inc. (a) 4,522 106,131 
Revance Therapeutics, Inc. (a)(b) 17,628 242,385 
Royalty Pharma PLC 91,680 3,624,110 
SIGA Technologies, Inc. (a) 9,940 71,667 
Supernus Pharmaceuticals, Inc. (a) 13,413 400,378 
Tarsus Pharmaceuticals, Inc. (a)(b) 1,353 37,559 
TherapeuticsMD, Inc. (a)(b) 85,018 61,893 
Theravance Biopharma, Inc. (a) 13,276 103,155 
Tricida, Inc. (a)(b) 5,946 27,173 
Viatris, Inc. 312,761 4,175,359 
Vyne Therapeutics, Inc. (a)(b) 13,159 17,633 
WAVE Life Sciences (a)(b) 7,463 34,255 
Xeris Biopharma Holdings, Inc. (a)(b) 19,736 36,709 
Xeris Biopharma Holdings, Inc. rights (a)(c) 8,992 1,629 
Zoetis, Inc. Class A 123,854 26,777,235 
Zogenix, Inc. (a)(b) 14,258 218,575 
Zynerba Pharmaceuticals, Inc. (a)(b) 6,363 24,370 
  381,690,870 
TOTAL HEALTH CARE  1,616,795,713 
INDUSTRIALS - 8.9%   
Aerospace & Defense - 1.3%   
AAR Corp. (a) 9,674 342,169 
Aerojet Rocketdyne Holdings, Inc. 19,811 871,882 
AeroVironment, Inc. (a)(b) 6,224 554,621 
Astronics Corp. (a) 5,161 66,577 
Axon Enterprise, Inc. (a) 17,245 3,103,410 
BWX Technologies, Inc. 25,274 1,434,047 
Byrna Technologies, Inc. (a) 4,506 75,926 
Curtiss-Wright Corp. 10,664 1,361,580 
Ducommun, Inc. (a) 2,502 121,072 
General Dynamics Corp. 60,451 12,256,440 
HEICO Corp. 10,603 1,477,952 
HEICO Corp. Class A 19,793 2,487,584 
Hexcel Corp. (a)(b) 21,347 1,211,229 
Howmet Aerospace, Inc. 100,050 2,970,485 
Huntington Ingalls Industries, Inc. 10,423 2,113,055 
Kaman Corp. 7,176 256,829 
Kratos Defense & Security Solutions, Inc. (a) 31,489 673,550 
L3Harris Technologies, Inc. 52,462 12,094,589 
Lockheed Martin Corp. 64,252 21,352,225 
Maxar Technologies, Inc. (b) 18,109 480,794 
Mercury Systems, Inc. (a) 14,423 743,361 
Moog, Inc. Class A 8,133 614,285 
National Presto Industries, Inc. 1,402 116,576 
Northrop Grumman Corp. 39,266 14,026,601 
PAE, Inc. (a) 14,039 139,267 
Park Aerospace Corp. (b) 4,440 58,120 
Parsons Corp. (a) 6,404 221,835 
Raytheon Technologies Corp. 392,577 34,884,392 
Spirit AeroSystems Holdings, Inc. Class A 26,717 1,103,145 
Textron, Inc. 59,259 4,376,277 
The Boeing Co. (a) 143,753 29,761,184 
TransDigm Group, Inc. (a) 13,692 8,541,343 
Triumph Group, Inc. (a) 17,105 349,797 
Vectrus, Inc. (a) 3,093 149,794 
Virgin Galactic Holdings, Inc. (a)(b) 45,808 858,900 
  161,250,893 
Air Freight & Logistics - 0.6%   
Air Transport Services Group, Inc. (a) 15,611 388,558 
Atlas Air Worldwide Holdings, Inc. (a) 6,735 546,343 
C.H. Robinson Worldwide, Inc. 34,097 3,307,068 
Echo Global Logistics, Inc. (a) 6,439 310,553 
Expeditors International of Washington, Inc. 44,744 5,515,145 
FedEx Corp. 64,175 15,115,138 
Forward Air Corp. 7,175 721,518 
GXO Logistics, Inc. (a) 25,476 2,262,269 
Hub Group, Inc. Class A (a) 8,418 661,402 
United Parcel Service, Inc. Class B 189,898 40,537,526 
  69,365,520 
Airlines - 0.2%   
Alaska Air Group, Inc. (a) 33,723 1,780,574 
Allegiant Travel Co. (a) 4,203 736,660 
American Airlines Group, Inc. (a) 170,028 3,264,538 
Delta Air Lines, Inc. (a) 167,267 6,545,158 
Hawaiian Holdings, Inc. (a)(b) 11,756 227,479 
JetBlue Airways Corp. (a) 80,927 1,135,406 
Mesa Air Group, Inc. (a) 6,720 50,669 
SkyWest, Inc. (a) 13,504 581,077 
Southwest Airlines Co. (a) 154,544 7,306,840 
Spirit Airlines, Inc. (a) 28,896 631,378 
United Airlines Holdings, Inc. (a) 84,771 3,911,334 
  26,171,113 
Building Products - 0.7%   
A.O. Smith Corp. 34,550 2,524,569 
AAON, Inc. 11,679 836,800 
Advanced Drain Systems, Inc. 14,389 1,623,079 
Allegion PLC 23,762 3,048,665 
Alpha PRO Tech Ltd. (a)(b) 2,269 13,659 
American Woodmark Corp. (a) 4,201 288,777 
Apogee Enterprises, Inc. 6,684 280,260 
Armstrong World Industries, Inc. 12,281 1,297,488 
Builders FirstSource, Inc. (a) 53,740 3,131,430 
Carlisle Companies, Inc. 13,488 3,006,745 
Carrier Global Corp. 226,678 11,839,392 
Cornerstone Building Brands, Inc. (a) 14,764 211,273 
CSW Industrials, Inc. 4,139 573,748 
Fortune Brands Home & Security, Inc. 35,624 3,612,274 
Gibraltar Industries, Inc. (a) 8,171 532,422 
Griffon Corp. 13,634 361,165 
Insteel Industries, Inc. (b) 4,781 194,443 
Jeld-Wen Holding, Inc. (a) 22,977 629,800 
Johnson Controls International PLC 185,393 13,602,284 
Lennox International, Inc. 8,985 2,689,031 
Masco Corp. 64,742 4,243,838 
Masonite International Corp. (a) 6,191 742,982 
Owens Corning 26,846 2,507,685 
PGT Innovations, Inc. (a)(b) 14,488 309,319 
Quanex Building Products Corp. 8,827 182,895 
Resideo Technologies, Inc. (a) 36,992 912,223 
Simpson Manufacturing Co. Ltd. 11,463 1,216,110 
The AZEK Co., Inc. (a) 28,961 1,062,579 
Trane Technologies PLC 62,048 11,226,345 
Trex Co., Inc. (a) 29,946 3,186,254 
UFP Industries, Inc. 16,451 1,346,185 
Zurn Water Solutions Corp. 31,397 1,139,083 
  78,372,802 
Commercial Services & Supplies - 0.5%   
ABM Industries, Inc. 16,887 743,197 
ACCO Brands Corp. 23,771 196,586 
ADT, Inc. (b) 37,519 313,284 
Brady Corp. Class A 12,981 676,180 
BrightView Holdings, Inc. (a) 14,943 236,996 
Casella Waste Systems, Inc. Class A (a) 13,296 1,153,029 
Cimpress PLC (a) 4,921 439,544 
Cintas Corp. 22,803 9,875,979 
Clean Harbors, Inc. (a) 13,007 1,463,808 
Copart, Inc. (a) 55,707 8,650,740 
CoreCivic, Inc. (a) 29,555 254,469 
Covanta Holding Corp. 30,422 613,916 
Deluxe Corp. 11,281 402,393 
Driven Brands Holdings, Inc. 14,726 478,153 
Ennis, Inc. 7,173 135,857 
Harsco Corp. (a) 19,580 334,818 
Healthcare Services Group, Inc. 18,758 359,966 
Herman Miller, Inc. 20,842 811,171 
HNI Corp. 11,732 438,777 
IAA, Inc. (a) 35,699 2,129,445 
Interface, Inc. (b) 16,649 239,080 
KAR Auction Services, Inc. (a) 32,434 475,807 
Kimball International, Inc. Class B 8,354 90,808 
Matthews International Corp. Class A 7,523 258,566 
Montrose Environmental Group, Inc. (a) 6,079 416,715 
MSA Safety, Inc. 9,355 1,431,596 
Pitney Bowes, Inc. 42,513 295,040 
R.R. Donnelley & Sons Co. (a)(b) 18,229 116,666 
Republic Services, Inc. 54,791 7,374,869 
Rollins, Inc. 59,392 2,092,380 
SP Plus Corp. (a) 5,619 181,213 
Steelcase, Inc. Class A 20,937 249,150 
Stericycle, Inc. (a) 24,774 1,657,876 
Team, Inc. (a) 6,445 15,597 
Tetra Tech, Inc. 14,016 2,462,051 
The Brink's Co. 13,278 914,589 
U.S. Ecology, Inc. (a) 7,663 246,672 
UniFirst Corp. 4,075 806,687 
Viad Corp. (a) 4,848 215,106 
Waste Management, Inc. 100,930 16,172,014 
  65,420,790 
Construction & Engineering - 0.2%   
AECOM (a) 37,421 2,558,474 
Ameresco, Inc. Class A (a)(b) 8,152 669,524 
API Group Corp. (a) 50,833 1,107,143 
Arcosa, Inc. 12,029 622,260 
Argan, Inc. 4,133 170,528 
Comfort Systems U.S.A., Inc. 9,126 834,755 
Construction Partners, Inc. Class A (a)(b) 10,337 368,101 
Dycom Industries, Inc. (a) 8,290 658,392 
EMCOR Group, Inc. 14,058 1,707,906 
Fluor Corp. (a)(b) 36,865 716,656 
Granite Construction, Inc. (b) 11,871 440,652 
Great Lakes Dredge & Dock Corp. (a)(b) 17,187 261,586 
IES Holdings, Inc. (a) 2,725 135,841 
INNOVATE Corp. (a)(b) 15,365 60,692 
MasTec, Inc. (a) 15,357 1,368,769 
Matrix Service Co. (a)(b) 6,450 65,984 
MYR Group, Inc. (a) 4,607 470,605 
NV5 Global, Inc. (a)(b) 2,726 283,858 
Primoris Services Corp. 15,166 408,724 
Quanta Services, Inc. 36,147 4,383,908 
Sterling Construction Co., Inc. (a)(b) 7,672 184,435 
Tutor Perini Corp. (a) 9,717 132,346 
Valmont Industries, Inc. 5,438 1,299,464 
Willscot Mobile Mini Holdings (a) 59,211 2,057,582 
  20,968,185 
Electrical Equipment - 0.7%   
Acuity Brands, Inc. 9,214 1,892,832 
American Superconductor Corp. (a)(b) 5,994 110,170 
AMETEK, Inc. 60,312 7,985,309 
Array Technologies, Inc. 31,182 665,736 
Atkore, Inc. (a) 11,945 1,129,161 
AZZ, Inc. 7,002 372,016 
Blink Charging Co. (a)(b) 9,992 317,746 
Bloom Energy Corp. Class A (a)(b) 37,943 1,186,098 
Eaton Corp. PLC 103,947 17,126,308 
Emerson Electric Co. 155,606 15,095,338 
Encore Wire Corp. 5,358 718,293 
Energous Corp. (a)(b) 7,441 14,287 
EnerSys 10,907 872,996 
FuelCell Energy, Inc. (a)(b) 82,821 661,740 
Generac Holdings, Inc. (a) 16,452 8,202,309 
GrafTech International Ltd. 53,886 576,580 
Hubbell, Inc. Class B 14,572 2,905,220 
nVent Electric PLC 43,904 1,556,397 
Orion Energy Systems, Inc. (a) 4,328 17,702 
Plug Power, Inc. (a)(b) 134,768 5,157,571 
Powell Industries, Inc. 3,022 78,149 
Regal Rexnord Corp. 10,529 1,603,883 
Rockwell Automation, Inc. 30,284 9,672,710 
Sensata Technologies, Inc. PLC (a) 41,675 2,296,293 
Shoals Technologies Group, Inc. (b) 26,417 818,663 
Sunrun, Inc. (a) 53,878 3,107,683 
Thermon Group Holdings, Inc. (a) 8,925 154,224 
TPI Composites, Inc. (a)(b) 10,175 342,185 
Vertiv Holdings Co. 72,974 1,873,972 
Vicor Corp. (a)(b) 5,595 848,146 
  87,359,717 
Industrial Conglomerates - 0.9%   
3M Co. 150,776 26,940,656 
General Electric Co. 286,403 30,035,083 
Honeywell International, Inc. 179,927 39,335,641 
Raven Industries, Inc. (a) 8,964 518,298 
Roper Technologies, Inc. 27,464 13,398,862 
  110,228,540 
Machinery - 1.7%   
AGCO Corp. 16,412 2,005,711 
Alamo Group, Inc. (b) 2,663 402,646 
Albany International Corp. Class A (b) 8,539 688,670 
Allison Transmission Holdings, Inc. 27,618 921,336 
Altra Industrial Motion Corp. 17,118 892,704 
Astec Industries, Inc. 6,015 321,081 
Barnes Group, Inc. 12,121 508,355 
Blue Bird Corp. (a) 3,746 73,459 
Caterpillar, Inc. 142,769 29,126,304 
Chart Industries, Inc. (a) 9,271 1,645,788 
CIRCOR International, Inc. (a) 4,811 137,306 
Colfax Corp. (a)(b) 33,293 1,718,585 
Columbus McKinnon Corp. (NY Shares) 7,808 369,084 
Crane Co. 12,950 1,337,476 
Cummins, Inc. 37,505 8,995,199 
Deere & Co. 74,036 25,343,263 
Donaldson Co., Inc. 32,248 1,935,202 
Douglas Dynamics, Inc. 6,296 266,321 
Dover Corp. 37,507 6,341,684 
Energy Recovery, Inc. (a)(b) 11,033 224,191 
Enerpac Tool Group Corp. Class A 15,278 319,157 
EnPro Industries, Inc. 5,453 488,916 
ESCO Technologies, Inc. 6,572 555,728 
Evoqua Water Technologies Corp. (a) 32,088 1,342,241 
ExOne Co. (a) 3,579 82,389 
Federal Signal Corp. 15,644 669,720 
Flowserve Corp. 34,578 1,162,512 
Fortive Corp. 93,329 7,065,939 
Franklin Electric Co., Inc. 9,760 843,069 
Gorman-Rupp Co. 6,565 279,144 
Graco, Inc. 44,220 3,324,460 
Helios Technologies, Inc. 8,247 750,889 
Hillenbrand, Inc. 19,023 864,786 
Hydrofarm Holdings Group, Inc. (b) 9,442 311,303 
Hyster-Yale Materials Handling Class A 2,834 136,145 
IDEX Corp. 20,138 4,482,115 
Illinois Tool Works, Inc. 74,487 16,973,353 
Ingersoll Rand, Inc. 106,573 5,729,364 
ITT, Inc. 22,291 2,096,914 
John Bean Technologies Corp. (b) 8,132 1,201,503 
Kadant, Inc. 2,989 663,917 
Kennametal, Inc. 22,550 896,363 
Lincoln Electric Holdings, Inc. 15,504 2,207,770 
Lindsay Corp. 2,854 415,742 
Manitowoc Co., Inc. (a) 9,559 204,849 
Meritor, Inc. (a)(b) 18,769 456,837 
Middleby Corp. (a) 14,591 2,661,982 
Miller Industries, Inc. 3,392 122,587 
Mueller Industries, Inc. 14,312 753,384 
Mueller Water Products, Inc. Class A 42,075 690,451 
Nikola Corp. (a)(b) 52,676 621,577 
NN, Inc. (a) 12,576 62,754 
Nordson Corp. 14,139 3,594,275 
Omega Flex, Inc. 816 118,124 
Oshkosh Corp. 17,563 1,879,241 
Otis Worldwide Corp. 111,400 8,946,534 
PACCAR, Inc. 90,555 8,115,539 
Parker Hannifin Corp. 33,694 9,993,303 
Pentair PLC 42,768 3,163,549 
Proto Labs, Inc. (a) 7,090 424,053 
RBC Bearings, Inc. (a) 7,341 1,717,280 
REV Group, Inc. 9,672 146,144 
Snap-On, Inc. 14,210 2,887,898 
SPX Corp. (a) 11,620 675,006 
SPX Flow, Inc. 10,925 816,207 
Standex International Corp. 3,196 355,619 
Stanley Black & Decker, Inc. 42,695 7,673,572 
Tennant Co. 5,079 403,577 
Terex Corp. 17,904 802,099 
The Greenbrier Companies, Inc. 8,196 336,200 
The Shyft Group, Inc. 9,063 373,486 
Timken Co. 18,109 1,284,834 
Toro Co. 27,759 2,650,152 
Trinity Industries, Inc. (b) 20,503 575,109 
Wabash National Corp. (b) 12,270 190,553 
Watts Water Technologies, Inc. Class A 7,099 1,348,952 
Welbilt, Inc. (a) 33,184 785,133 
Westinghouse Air Brake Tech Co. 49,152 4,459,561 
Woodward, Inc. 16,421 1,854,752 
Xylem, Inc. 47,061 6,145,696 
  213,408,673 
Marine - 0.0%   
Genco Shipping & Trading Ltd. 10,065 172,816 
Kirby Corp. (a) 15,405 807,376 
Matson, Inc. 11,138 927,573 
  1,907,765 
Professional Services - 0.7%   
Acacia Research Corp. (a)(b) 13,401 76,788 
ASGN, Inc. (a) 13,686 1,637,667 
Barrett Business Services, Inc. 2,080 170,560 
Booz Allen Hamilton Holding Corp. Class A 35,495 3,083,096 
CACI International, Inc. Class A (a) 6,250 1,797,750 
CBIZ, Inc. (a)(b) 14,274 523,999 
CoStar Group, Inc. (a) 103,100 8,871,755 
CRA International, Inc. 1,799 197,566 
Dun & Bradstreet Holdings, Inc. (a) 39,616 746,365 
Equifax, Inc. 31,701 8,794,808 
Exponent, Inc. 13,397 1,537,976 
Forrester Research, Inc. (a) 2,804 149,313 
Franklin Covey Co. (a) 3,703 156,452 
FTI Consulting, Inc. (a) 9,193 1,323,057 
Heidrick & Struggles International, Inc. 5,522 258,871 
Huron Consulting Group, Inc. (a) 5,418 271,767 
ICF International, Inc. 4,768 479,136 
IHS Markit Ltd. 103,895 13,581,154 
Insperity, Inc. 9,552 1,194,000 
Jacobs Engineering Group, Inc. 34,230 4,806,577 
KBR, Inc. 35,900 1,523,596 
Kelly Services, Inc. Class A (non-vtg.) 8,563 154,391 
Kforce, Inc. 5,520 357,475 
Korn Ferry 14,239 1,099,393 
Leidos Holdings, Inc. 37,113 3,710,558 
Manpower, Inc. 14,072 1,360,059 
ManTech International Corp. Class A 6,877 592,935 
Nielsen Holdings PLC 94,642 1,916,501 
Resources Connection, Inc. 8,286 144,259 
Robert Half International, Inc. 29,349 3,318,491 
Science Applications Internati 14,822 1,330,719 
TransUnion Holding Co., Inc. 49,944 5,758,044 
TriNet Group, Inc. (a) 10,293 1,042,166 
TrueBlue, Inc. (a) 8,667 241,376 
Upwork, Inc. (a) 30,897 1,455,867 
Verisk Analytics, Inc. 41,955 8,821,878 
Willdan Group, Inc. (a)(b) 2,719 90,896 
  82,577,261 
Road & Rail - 1.1%   
AMERCO 2,573 1,896,275 
ArcBest Corp. 6,412 576,118 
Avis Budget Group, Inc. (a)(b) 12,370 2,143,845 
Covenant Transport Group, Inc. Class A (a) 2,670 75,828 
CSX Corp. 587,162 21,237,650 
Daseke, Inc. (a) 15,364 145,190 
Heartland Express, Inc. 11,794 192,596 
J.B. Hunt Transport Services, Inc. 22,067 4,351,392 
Kansas City Southern 23,641 7,334,620 
Knight-Swift Transportation Holdings, Inc. Class A 43,590 2,471,117 
Landstar System, Inc. 9,841 1,730,146 
Lyft, Inc. (a) 76,154 3,493,184 
Marten Transport Ltd. 15,872 263,951 
Norfolk Southern Corp. 64,329 18,851,613 
Old Dominion Freight Lines, Inc. 24,481 8,356,589 
Ryder System, Inc. 14,067 1,194,992 
Saia, Inc. (a) 6,814 2,130,329 
Schneider National, Inc. Class B 8,947 223,138 
U.S. Xpress Enterprises, Inc. (a) 5,641 42,702 
Uber Technologies, Inc. (a) 422,784 18,526,395 
Union Pacific Corp. 169,843 41,000,100 
Werner Enterprises, Inc. 16,323 739,758 
XPO Logistics, Inc. (a) 25,555 2,192,619 
Yellow Corp. (a) 12,048 105,420 
  139,275,567 
Trading Companies & Distributors - 0.3%   
Air Lease Corp. Class A 27,709 1,109,745 
Applied Industrial Technologies, Inc. 10,134 987,862 
Beacon Roofing Supply, Inc. (a) 14,329 757,574 
BlueLinx Corp. (a) 2,378 113,264 
Boise Cascade Co. 10,494 594,170 
CAI International, Inc. 3,961 221,539 
DXP Enterprises, Inc. (a) 3,857 127,127 
Fastenal Co. 149,967 8,560,116 
GATX Corp. (b) 9,231 875,560 
Global Industrial Co. 4,086 165,810 
GMS, Inc. (a) 10,883 539,035 
H&E Equipment Services, Inc. 8,754 394,630 
Herc Holdings, Inc. 6,466 1,177,071 
McGrath RentCorp. 6,073 438,106 
MRC Global, Inc. (a) 14,011 116,291 
MSC Industrial Direct Co., Inc. Class A 11,897 1,000,181 
NOW, Inc. (a) 28,567 206,254 
Rush Enterprises, Inc. Class A 11,891 619,283 
SiteOne Landscape Supply, Inc. (a) 11,690 2,746,682 
Textainer Group Holdings Ltd. (a) 11,913 468,062 
Titan Machinery, Inc. (a) 4,747 134,910 
Triton International Ltd. 17,122 1,064,817 
United Rentals, Inc. (a) 18,948 7,183,376 
Univar, Inc. (a) 45,620 1,166,960 
Veritiv Corp. (a) 3,658 392,394 
W.W. Grainger, Inc. 11,449 5,302,146 
Watsco, Inc. 8,625 2,497,628 
WESCO International, Inc. (a) 11,591 1,501,730 
  40,462,323 
TOTAL INDUSTRIALS  1,096,769,149 
INFORMATION TECHNOLOGY - 27.4%   
Communications Equipment - 0.8%   
ADTRAN, Inc. 11,771 217,528 
Applied Optoelectronics, Inc. (a)(b) 4,366 33,400 
Arista Networks, Inc. (a) 14,739 6,038,421 
CalAmp Corp. (a) 8,247 79,336 
Calix, Inc. (a) 14,462 905,177 
Casa Systems, Inc. (a) 7,990 50,577 
Ciena Corp. (a) 40,491 2,198,256 
Cisco Systems, Inc. 1,098,716 61,495,135 
Clearfield, Inc. (a)(b) 2,777 156,873 
CommScope Holding Co., Inc. (a) 54,414 582,774 
Comtech Telecommunications Corp. 6,797 146,611 
Digi International, Inc. (a) 8,521 183,628 
Extreme Networks, Inc. (a) 34,921 343,273 
F5 Networks, Inc. (a) 15,580 3,289,717 
Harmonic, Inc. (a) 29,651 268,935 
Infinera Corp. (a)(b) 50,686 384,707 
Inseego Corp. (a)(b) 16,723 103,683 
Juniper Networks, Inc. 84,241 2,486,794 
Lumentum Holdings, Inc. (a) 20,234 1,670,924 
Motorola Solutions, Inc. 44,293 11,010,797 
NETGEAR, Inc. (a)(b) 7,910 228,045 
NetScout Systems, Inc. (a) 17,951 485,754 
Ondas Holdings, Inc. (b) 4,377 37,511 
Plantronics, Inc. (a)(b) 11,424 305,706 
Resonant, Inc. (a)(b) 7,916 17,732 
Ribbon Communications, Inc. (a) 28,375 155,211 
ViaSat, Inc. (a)(b) 19,031 1,135,960 
Viavi Solutions, Inc. (a) 60,752 935,581 
  94,948,046 
Electronic Equipment & Components - 0.8%   
908 Devices, Inc. (b) 3,841 126,369 
Advanced Energy Industries, Inc. 9,739 894,235 
Airgain, Inc. (a)(b) 2,184 24,526 
Akoustis Technologies, Inc. (a)(b) 10,519 79,103 
Amphenol Corp. Class A 156,029 11,978,346 
Arlo Technologies, Inc. (a) 19,981 137,869 
Arrow Electronics, Inc. (a) 18,527 2,144,500 
Avnet, Inc. 26,350 1,004,199 
Badger Meter, Inc. 8,097 827,918 
Belden, Inc. 11,157 671,763 
Benchmark Electronics, Inc. 8,085 188,461 
CDW Corp. 35,992 6,717,907 
Cognex Corp. 46,477 4,070,920 
Coherent, Inc. (a) 6,393 1,626,379 
Corning, Inc. 200,911 7,146,404 
CTS Corp. (b) 7,904 281,540 
ePlus, Inc. (a) 3,340 369,304 
Fabrinet (a) 9,635 924,960 
FARO Technologies, Inc. (a) 4,320 317,822 
II-VI, Inc.(a)(b) 27,224 1,647,324 
Insight Enterprises, Inc. (a) 8,824 835,633 
Intellicheck, Inc. (a)(b) 3,856 34,280 
IPG Photonics Corp. (a) 9,455 1,503,440 
Itron, Inc. (a) 12,034 935,884 
Jabil, Inc. 37,684 2,259,533 
Keysight Technologies, Inc. (a) 48,163 8,670,303 
Kimball Electronics, Inc. (a) 5,774 166,003 
Knowles Corp. (a) 25,783 537,318 
Littelfuse, Inc. 6,427 1,893,073 
Luna Innovations, Inc. (a)(b) 7,230 70,420 
Methode Electronics, Inc. Class A 10,074 423,813 
MicroVision, Inc. (a)(b) 42,935 326,735 
Napco Security Technolgies, Inc. (a) 4,085 195,917 
National Instruments Corp. 36,068 1,531,808 
nLIGHT, Inc. (a) 11,684 328,554 
Novanta, Inc. (a) 9,090 1,568,570 
OSI Systems, Inc. (a) 4,297 400,094 
Par Technology Corp. (a)(b) 6,439 404,498 
PC Connection, Inc. 3,190 146,900 
Plexus Corp. (a) 7,199 628,617 
Rogers Corp. (a)(b) 4,784 962,158 
Sanmina Corp. (a) 16,887 637,484 
ScanSource, Inc. (a) 6,311 225,808 
TD SYNNEX Corp. 10,891 1,143,555 
TE Connectivity Ltd. 85,630 12,501,980 
Teledyne Technologies, Inc. (a) 12,173 5,468,355 
Trimble, Inc. (a) 66,050 5,770,789 
TTM Technologies, Inc. (a)(b) 26,472 350,489 
Vishay Intertechnology, Inc. 35,489 682,099 
Vishay Precision Group, Inc. (a) 3,213 109,531 
Vontier Corp. 43,310 1,465,177 
Wrap Technologies, Inc. (a) 4,906 27,964 
Zebra Technologies Corp. Class A (a) 13,981 7,465,155 
  100,851,786 
IT Services - 4.8%   
Accenture PLC Class A 165,189 59,268,161 
Affirm Holdings, Inc. 24,222 3,936,075 
Akamai Technologies, Inc. (a) 42,687 4,501,771 
Alliance Data Systems Corp. 13,033 1,111,063 
Amdocs Ltd. 33,462 2,604,682 
Automatic Data Processing, Inc. 110,234 24,746,431 
BigCommerce Holdings, Inc. (a)(b) 15,417 712,420 
Brightcove, Inc. (a) 10,680 105,946 
Broadridge Financial Solutions, Inc. 30,384 5,420,809 
Cantaloupe, Inc. (a)(b) 14,504 181,300 
Cass Information Systems, Inc. 2,737 112,190 
Cloudflare, Inc. (a) 68,740 13,385,053 
Cognizant Technology Solutions Corp. Class A 137,262 10,718,790 
Concentrix Corp. 11,093 1,971,004 
Conduent, Inc. (a) 46,689 315,151 
CSG Systems International, Inc. 8,534 427,127 
DXC Technology Co. (a) 65,095 2,120,144 
EPAM Systems, Inc. (a) 14,797 9,961,932 
Euronet Worldwide, Inc. (a) 13,766 1,544,408 
EVERTEC, Inc. 15,124 683,756 
EVO Payments, Inc. Class A (a) 11,479 248,865 
ExlService Holdings, Inc. (a) 8,878 1,088,709 
Fastly, Inc. Class A (a)(b) 27,493 1,391,421 
Fidelity National Information Services, Inc. 161,129 17,843,425 
Fiserv, Inc. (a) 155,487 15,313,915 
FleetCor Technologies, Inc. (a) 21,661 5,359,148 
Gartner, Inc. (a) 21,862 7,256,216 
Genpact Ltd. 44,436 2,192,917 
Global Payments, Inc. 76,437 10,929,727 
GoDaddy, Inc. (a) 44,206 3,057,729 
GreenSky, Inc. Class A (a) 18,576 227,370 
Grid Dynamics Holdings, Inc. (a) 11,306 325,048 
Hackett Group, Inc. 6,273 132,611 
i3 Verticals, Inc. Class A (a) 5,749 128,720 
IBM Corp. 233,709 29,236,996 
International Money Express, Inc. (a) 10,448 174,900 
Jack Henry & Associates, Inc. 19,202 3,196,749 
Limelight Networks, Inc. (a)(b) 32,118 95,712 
Liveramp Holdings, Inc. (a) 17,817 953,388 
MasterCard, Inc. Class A 227,148 76,212,697 
Maximus, Inc. 16,590 1,403,016 
MoneyGram International, Inc. (a) 24,485 146,175 
MongoDB, Inc. Class A (a) 16,878 8,798,333 
Okta, Inc. (a) 32,657 8,072,157 
Paychex, Inc. 83,470 10,290,182 
PayPal Holdings, Inc. (a) 306,411 71,268,134 
Paysign, Inc. (a)(b) 4,632 11,673 
Perficient, Inc. (a) 8,601 1,063,084 
Rackspace Technology, Inc. (a)(b) 16,648 221,252 
Repay Holdings Corp. (a)(b) 19,070 400,661 
Sabre Corp. (a)(b) 82,785 859,308 
Sezzle, Inc. unit (a)(b) 24,080 96,005 
Shift4 Payments, Inc. (a)(b) 12,338 778,898 
Snowflake Computing, Inc. (a) 59,489 21,049,588 
SolarWinds, Inc. (b) 11,855 190,866 
Square, Inc. (a) 103,671 26,384,270 
Switch, Inc. Class A 32,618 824,583 
The Western Union Co. 104,843 1,910,239 
Ttec Holdings, Inc. 5,035 475,254 
Tucows, Inc. (a)(b) 2,433 200,236 
Twilio, Inc. Class A (a) 43,562 12,692,224 
Unisys Corp. (a) 17,002 434,741 
VeriSign, Inc. (a) 25,425 5,661,385 
Verra Mobility Corp. (a) 34,559 514,238 
Visa, Inc. Class A 440,014 93,181,765 
WEX, Inc. (a) 11,697 1,751,041 
  587,873,784 
Semiconductors & Semiconductor Equipment - 5.3%   
ACM Research, Inc. (a)(b) 3,194 339,107 
Advanced Micro Devices, Inc. (a) 316,296 38,028,268 
Allegro MicroSystems LLC (a) 14,724 491,193 
Alpha & Omega Semiconductor Ltd. (a) 5,593 193,797 
Ambarella, Inc. (a) 9,451 1,756,279 
Amkor Technology, Inc. 26,389 578,447 
Analog Devices, Inc. 140,300 24,340,647 
Applied Materials, Inc. 238,442 32,583,099 
Atomera, Inc. (a)(b) 4,668 100,875 
Axcelis Technologies, Inc. (a) 8,926 490,305 
AXT, Inc. (a)(b) 9,427 77,019 
Broadcom, Inc. 106,851 56,809,471 
Brooks Automation, Inc. 19,196 2,235,374 
CEVA, Inc. (a) 5,792 264,173 
Cirrus Logic, Inc. (a) 14,815 1,197,200 
CMC Materials, Inc. 7,533 967,011 
Cohu, Inc. (a) 11,974 383,647 
CyberOptics Corp. (a) 1,782 74,416 
Diodes, Inc. (a) 12,023 1,155,290 
DSP Group, Inc. (a) 5,319 116,858 
Enphase Energy, Inc. (a) 35,125 8,136,004 
Entegris, Inc. 35,194 4,954,611 
First Solar, Inc. (a) 25,871 3,093,913 
FormFactor, Inc. (a) 20,036 797,032 
Ichor Holdings Ltd. (a) 7,281 318,325 
Impinj, Inc. (a)(b) 5,017 349,785 
Intel Corp. 1,057,807 51,832,543 
KLA Corp. 39,872 14,862,687 
Kopin Corp. (a)(b) 17,638 92,423 
Kulicke & Soffa Industries, Inc. (b) 15,881 905,217 
Lam Research Corp. 37,187 20,957,478 
Lattice Semiconductor Corp. (a) 35,535 2,467,550 
MACOM Technology Solutions Holdings, Inc. (a) 12,821 895,162 
Marvell Technology, Inc. 213,753 14,642,081 
MaxLinear, Inc. Class A (a) 18,719 1,179,297 
Microchip Technology, Inc. 143,264 10,614,430 
Micron Technology, Inc. 293,600 20,287,760 
MKS Instruments, Inc. 14,364 2,155,318 
Monolithic Power Systems, Inc. 11,269 5,921,409 
NeoPhotonics Corp. (a) 13,328 134,879 
NVE Corp. 1,139 77,418 
NVIDIA Corp. 649,808 166,136,411 
NXP Semiconductors NV 69,114 13,882,238 
ON Semiconductor Corp. (a) 112,841 5,424,267 
Onto Innovation, Inc. (a) 12,575 996,066 
PDF Solutions, Inc. (a) 7,788 183,252 
Photronics, Inc. (a) 16,170 210,048 
Pixelworks, Inc. (a) 11,824 48,360 
Power Integrations, Inc. 15,519 1,601,716 
Qorvo, Inc. (a) 29,157 4,905,082 
Qualcomm, Inc. 294,010 39,115,090 
Rambus, Inc. (a)(b) 28,408 661,054 
Semtech Corp. (a) 16,591 1,410,733 
Silicon Laboratories, Inc. (a)(b) 10,660 2,012,182 
SiTime Corp. (a)(b) 3,336 883,673 
Skyworks Solutions, Inc. 43,132 7,208,651 
SMART Global Holdings, Inc. (a) 6,014 321,508 
SolarEdge Technologies, Inc. (a) 13,630 4,834,288 
SunPower Corp. (a)(b) 21,922 737,895 
Synaptics, Inc. (a) 9,129 1,776,230 
Teradyne, Inc. 43,128 5,962,015 
Texas Instruments, Inc. 240,653 45,117,624 
Ultra Clean Holdings, Inc. (a) 12,003 594,989 
Universal Display Corp. 11,281 2,066,679 
Veeco Instruments, Inc. (a)(b) 14,282 346,910 
Wolfspeed, Inc. (a) 30,206 3,628,043 
Xilinx, Inc. 64,570 11,622,600 
  648,545,402 
Software - 10.4%   
8x8, Inc. (a) 29,286 663,621 
A10 Networks, Inc. 14,522 271,416 
ACI Worldwide, Inc. (a) 30,881 947,429 
Adobe, Inc. (a) 124,204 80,777,313 
Agilysys, Inc. (a) 5,056 241,272 
Alarm.com Holdings, Inc. (a) 11,973 1,008,845 
Altair Engineering, Inc. Class A (a)(b) 12,973 1,009,170 
Alteryx, Inc. Class A (a) 15,888 1,162,843 
American Software, Inc. Class A 8,470 245,037 
Anaplan, Inc. (a) 37,734 2,460,634 
ANSYS, Inc. (a) 22,892 8,689,345 
AppFolio, Inc. (a)(b) 5,063 666,746 
Appian Corp. Class A (a)(b) 10,357 1,029,589 
Asana, Inc. (a) 20,426 2,773,851 
Aspen Technology, Inc. (a) 17,780 2,785,948 
Autodesk, Inc. (a) 57,420 18,237,166 
Avalara, Inc. (a) 22,450 4,032,918 
Avaya Holdings Corp. (a) 20,828 387,817 
Benefitfocus, Inc. (a)(b) 8,004 87,724 
Bill.Com Holdings, Inc. (a) 23,059 6,786,494 
Black Knight, Inc. (a) 40,700 2,853,477 
Blackbaud, Inc. (a) 11,055 785,016 
BlackLine, Inc. (a)(b) 13,834 1,755,120 
Bottomline Technologies, Inc. (a) 9,843 455,731 
Box, Inc. Class A (a) 39,654 1,024,263 
C3.Ai, Inc. (b) 18,188 820,643 
Cadence Design Systems, Inc. (a) 72,422 12,536,972 
CDK Global, Inc. 32,620 1,419,622 
Cerence, Inc. (a)(b) 9,676 1,017,238 
Ceridian HCM Holding, Inc. (a) 35,016 4,385,754 
ChannelAdvisor Corp. (a) 7,166 182,805 
Citrix Systems, Inc. 32,230 3,053,148 
CommVault Systems, Inc. (a) 12,085 743,228 
Consensus Cloud Solutions, Inc. (a) 6,001 380,043 
Coupa Software, Inc. (a) 19,245 4,382,087 
Crowdstrike Holdings, Inc. (a) 52,009 14,656,136 
Datadog, Inc. Class A (a) 62,596 10,456,662 
Digimarc Corp. (a)(b) 3,439 173,773 
Digital Turbine, Inc. (a)(b) 22,528 1,938,760 
DocuSign, Inc. (a) 50,843 14,149,098 
Dolby Laboratories, Inc. Class A 16,761 1,480,834 
Domo, Inc. Class B (a) 7,344 648,842 
Dropbox, Inc. Class A (a) 73,799 2,250,132 
Duck Creek Technologies, Inc. (a) 19,603 617,495 
Dynatrace, Inc. (a) 51,675 3,875,625 
Ebix, Inc. (b) 5,721 187,706 
eGain Communications Corp. (a) 5,073 52,353 
Elastic NV (a) 18,742 3,251,924 
Envestnet, Inc. (a) 13,878 1,158,813 
Everbridge, Inc. (a)(b) 9,951 1,585,294 
Fair Isaac Corp. (a) 7,346 2,925,177 
Five9, Inc. (a) 17,822 2,816,054 
Fortinet, Inc. (a) 35,436 11,918,544 
Guidewire Software, Inc. (a) 22,039 2,770,963 
HubSpot, Inc. (a) 11,653 9,441,610 
Intelligent Systems Corp. (a)(b) 1,650 69,845 
InterDigital, Inc. 7,565 506,477 
Intuit, Inc. 71,259 44,607,421 
Jamf Holding Corp. (a)(b) 14,181 675,725 
LivePerson, Inc. (a)(b) 16,798 865,265 
Mandiant, Inc. (a) 61,023 1,064,241 
Manhattan Associates, Inc. (a) 16,695 3,030,810 
McAfee Corp. 19,291 412,249 
Microsoft Corp. 1,959,406 649,778,167 
MicroStrategy, Inc. Class A (a)(b) 2,018 1,442,991 
Mimecast Ltd. (a) 15,678 1,182,748 
Mitek Systems, Inc. (a)(b) 12,054 226,977 
Model N, Inc. (a)(b) 8,000 259,280 
Momentive Global, Inc. (a) 33,273 762,617 
N-able, Inc. (a)(b) 18,651 248,058 
nCino, Inc. (a)(b) 14,632 1,063,161 
NCR Corp. (a) 34,035 1,345,744 
New Relic, Inc. (a) 15,143 1,229,006 
NortonLifeLock, Inc. 151,464 3,854,759 
Nuance Communications, Inc. (a) 73,663 4,055,148 
Nutanix, Inc. Class A (a) 52,750 1,809,853 
ON24, Inc. (a) 2,190 41,895 
Onespan, Inc. (a) 8,398 171,487 
Oracle Corp. 429,415 41,198,075 
Pagerduty, Inc. (a)(b) 19,366 808,531 
Palantir Technologies, Inc. (a) 409,475 10,597,213 
Palo Alto Networks, Inc. (a) 25,416 12,939,031 
Paycom Software, Inc. (a) 12,566 6,884,283 
Paylocity Holding Corp. (a) 10,223 3,119,446 
Pegasystems, Inc. 10,356 1,229,464 
Ping Identity Holding Corp. (a) 13,303 376,874 
Progress Software Corp. 12,051 619,542 
PROS Holdings, Inc. (a) 9,954 298,620 
PTC, Inc. (a) 27,445 3,495,121 
Q2 Holdings, Inc. (a) 14,766 1,158,540 
QAD, Inc. Class A 3,122 273,612 
Qualtrics International, Inc. 16,413 760,250 
Qualys, Inc. (a) 8,741 1,088,080 
Rapid7, Inc. (a) 14,358 1,848,593 
RingCentral, Inc. (a) 21,255 5,181,544 
SailPoint Technologies Holding, Inc. (a)(b) 24,641 1,182,275 
Salesforce.com, Inc. (a) 253,333 75,921,367 
SecureWorks Corp. (a) 3,430 63,181 
ServiceNow, Inc. (a) 51,683 36,062,330 
ShotSpotter, Inc. (a) 1,999 77,781 
Smartsheet, Inc. (a) 32,430 2,237,994 
Smith Micro Software, Inc. (a) 9,703 55,307 
Splunk, Inc. (a) 42,857 7,063,691 
Sprout Social, Inc. (a) 11,627 1,484,535 
SPS Commerce, Inc. (a) 9,196 1,404,505 
SS&C Technologies Holdings, Inc. 57,682 4,583,989 
Synchronoss Technologies, Inc. (a) 6,287 16,598 
Synopsys, Inc. (a) 39,875 13,285,553 
Telos Corp. 13,832 358,387 
Tenable Holdings, Inc. (a)(b) 23,592 1,256,274 
Teradata Corp. (a) 28,181 1,593,917 
The Trade Desk, Inc. (a) 113,366 8,492,247 
Tyler Technologies, Inc. (a) 10,620 5,768,996 
Upland Software, Inc. (a) 7,309 243,901 
Varonis Systems, Inc. (a)(b) 27,688 1,792,521 
Verint Systems, Inc. (a) 16,877 786,468 
Veritone, Inc. (a)(b) 6,586 196,987 
Vertex, Inc. Class A (a)(b) 6,013 125,191 
Viant Technology, Inc. 2,859 33,593 
VirnetX Holding Corp. (a)(b) 13,724 52,837 
VMware, Inc. Class A (a) 20,833 3,160,366 
Vobile Group Ltd. (a) 265,000 232,626 
Vonage Holdings Corp. (a) 65,375 1,053,845 
Workday, Inc. Class A (a) 49,333 14,305,583 
Workiva, Inc. (a) 11,235 1,680,194 
Xperi Holding Corp. 26,308 471,439 
Yext, Inc. (a) 30,859 388,515 
Zendesk, Inc. (a) 31,443 3,200,897 
Zix Corp. (a) 12,365 104,732 
Zoom Video Communications, Inc. Class A (a) 56,419 15,495,478 
Zscaler, Inc. (a) 20,413 6,508,889 
Zuora, Inc. (a)(b) 29,197 638,246 
  1,278,378,098 
Technology Hardware, Storage & Peripherals - 5.3%   
3D Systems Corp. (a) 32,145 905,203 
Apple, Inc. 4,094,661 613,380,218 
Avid Technology, Inc. (a) 10,463 299,660 
Corsair Gaming, Inc. (a)(b) 9,044 221,126 
Dell Technologies, Inc. (a) 72,044 7,924,120 
Diebold Nixdorf, Inc. (a)(b) 19,642 176,778 
Eastman Kodak Co. (a)(b) 16,294 110,636 
Hewlett Packard Enterprise Co. 344,561 5,047,819 
HP, Inc. 314,202 9,529,747 
Immersion Corp. (a)(b) 3,990 31,880 
NetApp, Inc. 58,938 5,263,163 
Pure Storage, Inc. Class A (a) 68,879 1,850,090 
Razer, Inc. (a)(d) 1,077,000 258,696 
Seagate Technology Holdings PLC 54,842 4,884,777 
Super Micro Computer, Inc. (a) 10,699 378,638 
Turtle Beach Corp. (a)(b) 4,485 128,989 
Western Digital Corp. (a) 80,641 4,216,718 
Xerox Holdings Corp. 36,746 654,079 
  655,262,337 
TOTAL INFORMATION TECHNOLOGY  3,365,859,453 
MATERIALS - 2.7%   
Chemicals - 1.7%   
AdvanSix, Inc. 6,911 335,875 
Air Products & Chemicals, Inc. 57,691 17,296,339 
Albemarle Corp. U.S. 30,576 7,658,371 
American Vanguard Corp. 5,948 92,670 
Amyris, Inc. (a)(b) 48,376 716,932 
Ashland Global Holdings, Inc. (b) 14,929 1,433,333 
Avient Corp. (b) 23,482 1,265,210 
Axalta Coating Systems Ltd. (a) 55,870 1,742,585 
Balchem Corp. 8,471 1,296,825 
Cabot Corp. 15,077 804,358 
Celanese Corp. Class A 29,307 4,733,374 
CF Industries Holdings, Inc. 56,600 3,214,880 
Chase Corp. 2,015 193,440 
Corteva, Inc. 192,124 8,290,151 
Dow, Inc. 195,087 10,919,019 
DuPont de Nemours, Inc. 136,765 9,518,844 
Eastman Chemical Co. 35,063 3,647,604 
Ecolab, Inc. 64,873 14,416,078 
Ecovyst, Inc. 14,597 170,493 
Element Solutions, Inc. 55,859 1,268,558 
Ferro Corp. (a) 20,525 431,436 
FMC Corp. 33,280 3,028,813 
FutureFuel Corp. 5,729 40,447 
GCP Applied Technologies, Inc. (a) 16,236 367,096 
H.B. Fuller Co. 14,394 1,014,921 
Hawkins, Inc. 4,798 175,943 
Huntsman Corp. 54,298 1,769,029 
Ingevity Corp. (a) 10,251 798,655 
Innospec, Inc. 6,615 599,385 
International Flavors & Fragrances, Inc. 65,021 9,587,346 
Intrepid Potash, Inc. (a) 2,547 124,064 
Koppers Holdings, Inc. (a)(b) 4,957 173,941 
Kraton Performance Polymers, Inc. (a) 8,107 370,085 
Kronos Worldwide, Inc. 6,969 90,806 
Linde PLC 134,497 42,931,442 
Livent Corp. (a)(b) 43,489 1,227,260 
Loop Industries, Inc. (a)(b) 5,502 86,436 
LyondellBasell Industries NV Class A 69,312 6,433,540 
Minerals Technologies, Inc. 8,833 626,613 
NewMarket Corp. 1,813 616,438 
Olin Corp. 37,940 2,161,821 
Orion Engineered Carbons SA (a) 15,448 290,422 
PPG Industries, Inc. 61,983 9,952,610 
Quaker Chemical Corp. (b) 3,585 881,336 
Rayonier Advanced Materials, Inc. (a) 14,854 106,652 
RPM International, Inc. 33,495 2,920,764 
Sensient Technologies Corp. 11,105 1,061,638 
Sherwin-Williams Co. 63,126 19,986,323 
Stepan Co. 5,283 634,066 
The Chemours Co. LLC 44,263 1,240,249 
The Mosaic Co. 90,781 3,773,766 
The Scotts Miracle-Gro Co. Class A 10,749 1,595,797 
Tredegar Corp. 6,860 82,732 
Trinseo PLC (b) 9,559 535,878 
Tronox Holdings PLC 29,271 682,600 
Valvoline, Inc. 46,323 1,573,129 
Westlake Chemical Corp. 8,921 868,370 
  207,856,788 
Construction Materials - 0.1%   
Eagle Materials, Inc. 10,744 1,593,980 
Forterra, Inc. (a) 7,736 184,272 
Martin Marietta Materials, Inc. 16,331 6,415,470 
Summit Materials, Inc. (a) 31,122 1,109,499 
Vulcan Materials Co. 34,719 6,600,776 
  15,903,997 
Containers & Packaging - 0.4%   
Amcor PLC 400,771 4,837,306 
Aptargroup, Inc. 17,078 2,062,681 
Avery Dennison Corp. 21,501 4,681,198 
Ball Corp. 85,283 7,801,689 
Berry Global Group, Inc. (a) 35,431 2,322,148 
Crown Holdings, Inc. 34,603 3,598,366 
Graphic Packaging Holding Co. 72,907 1,453,037 
Greif, Inc. Class A 7,061 456,705 
International Paper Co. 101,502 5,041,604 
Myers Industries, Inc. 8,909 183,347 
O-I Glass, Inc. (a) 39,442 514,718 
Packaging Corp. of America 25,134 3,452,658 
Pactiv Evergreen, Inc. 11,892 165,418 
Ranpak Holdings Corp. (A Shares) (a) 10,649 366,965 
Sealed Air Corp. 38,465 2,281,744 
Silgan Holdings, Inc. 22,177 891,515 
Sonoco Products Co. 25,506 1,478,073 
TriMas Corp. 10,474 349,308 
WestRock Co. 70,515 3,391,772 
  45,330,252 
Metals & Mining - 0.5%   
Alcoa Corp. 48,452 2,226,369 
Allegheny Technologies, Inc. (a)(b) 33,186 534,295 
Arconic Corp. (a) 28,461 837,323 
Carpenter Technology Corp. 12,512 386,371 
Century Aluminum Co. (a) 12,934 170,858 
Cleveland-Cliffs, Inc. (a) 118,245 2,850,887 
Coeur d'Alene Mines Corp. (a) 69,430 439,492 
Commercial Metals Co. 30,823 991,884 
Compass Minerals International, Inc. 8,419 552,286 
Coronado Global Resources, Inc. unit (a)(d) 199,998 205,362 
Freeport-McMoRan, Inc. 383,334 14,459,358 
Gatos Silver, Inc. 12,259 148,334 
Gold Resource Corp. 13,060 24,030 
Haynes International, Inc. 2,872 115,253 
Hecla Mining Co. 136,427 788,548 
Kaiser Aluminum Corp. (b) 4,228 410,708 
Materion Corp. 5,003 361,117 
McEwen Mining, Inc. (a)(b) 72,451 79,696 
Newmont Corp. 208,550 11,261,700 
Nucor Corp. 76,691 8,562,550 
Reliance Steel & Aluminum Co. 16,541 2,417,633 
Royal Gold, Inc. 17,919 1,774,339 
Ryerson Holding Corp. 4,736 124,841 
Schnitzer Steel Industries, Inc. Class A 6,814 366,593 
Steel Dynamics, Inc. 50,876 3,361,886 
SunCoke Energy, Inc. 20,669 149,230 
TimkenSteel Corp. (a)(b) 8,927 124,532 
United States Steel Corp. 71,676 1,891,530 
Warrior Metropolitan Coal, Inc. 13,649 327,167 
Worthington Industries, Inc. 8,606 467,478 
  56,411,650 
Paper & Forest Products - 0.0%   
Clearwater Paper Corp. (a)(b) 4,217 176,397 
Domtar Corp. (a) 12,803 698,916 
Glatfelter Corp. (b) 10,212 167,783 
Louisiana-Pacific Corp. 24,508 1,444,256 
Mercer International, Inc. (SBI) 8,843 95,239 
Neenah, Inc. 4,691 237,083 
Resolute Forest Products 12,406 145,895 
Schweitzer-Mauduit International, Inc. 8,119 282,866 
Verso Corp. 7,373 162,796 
  3,411,231 
TOTAL MATERIALS  328,913,918 
REAL ESTATE - 3.3%   
Equity Real Estate Investment Trusts (REITs) - 3.2%   
Acadia Realty Trust (SBI) 23,564 503,798 
Agree Realty Corp. 17,957 1,276,024 
Alexander & Baldwin, Inc. 18,296 448,801 
Alexanders, Inc. 466 129,911 
Alexandria Real Estate Equities, Inc. 36,240 7,398,034 
American Assets Trust, Inc. 13,638 515,926 
American Campus Communities, Inc. 37,491 2,014,017 
American Finance Trust, Inc. 32,323 267,634 
American Homes 4 Rent Class A 73,305 2,976,183 
American Tower Corp. 118,659 33,458,278 
Americold Realty Trust 67,882 2,000,483 
Apartment Income (REIT) Corp. 40,573 2,175,119 
Apartment Investment & Management Co. Class A 43,473 329,525 
Apple Hospitality (REIT), Inc. 59,253 930,865 
Armada Hoffler Properties, Inc. 13,951 191,268 
AvalonBay Communities, Inc. 36,527 8,645,210 
Bluerock Residential Growth (REIT), Inc. 5,687 76,945 
Boston Properties, Inc. 37,474 4,258,545 
Brandywine Realty Trust (SBI) 44,990 596,118 
Brixmor Property Group, Inc. 76,799 1,800,169 
Broadstone Net Lease, Inc. 41,612 1,106,463 
Camden Property Trust (SBI) 26,266 4,283,985 
CareTrust (REIT), Inc. 25,978 539,044 
CatchMark Timber Trust, Inc. 10,705 91,635 
Centerspace 3,917 396,557 
Chatham Lodging Trust (a) 10,453 132,649 
City Office REIT, Inc. 10,725 203,453 
Columbia Property Trust, Inc. 29,930 573,758 
Community Healthcare Trust, Inc. 6,896 329,905 
CorEnergy Infrastructure Trust, Inc. 2,534 12,011 
CoreSite Realty Corp. 11,732 1,671,341 
Corporate Office Properties Trust (SBI) 28,324 768,147 
Cousins Properties, Inc. 38,864 1,539,403 
Crown Castle International Corp. 112,753 20,329,366 
CTO Realty Growth, Inc. (b) 1,691 90,655 
CubeSmart 52,397 2,882,359 
CyrusOne, Inc. 32,215 2,642,274 
DiamondRock Hospitality Co. (a) 53,872 487,003 
Digital Realty Trust, Inc. 73,847 11,653,795 
Digitalbridge Group, Inc. (a)(b) 126,998 850,887 
Diversified Healthcare Trust (SBI) 60,579 220,508 
Douglas Emmett, Inc. 45,767 1,495,666 
Duke Realty Corp. 99,226 5,580,470 
Easterly Government Properties, Inc. 24,447 514,120 
EastGroup Properties, Inc. 10,632 2,102,797 
Empire State Realty Trust, Inc. 36,661 354,878 
EPR Properties 19,363 972,216 
Equinix, Inc. 23,416 19,600,831 
Equity Commonwealth 31,952 828,515 
Equity Lifestyle Properties, Inc. 45,179 3,818,077 
Equity Residential (SBI) 89,132 7,701,005 
Essential Properties Realty Trust, Inc. 30,481 908,029 
Essex Property Trust, Inc. 17,075 5,804,305 
Extra Space Storage, Inc. 35,040 6,915,845 
Farmland Partners, Inc. 6,178 69,441 
Federal Realty Investment Trust (SBI) 18,197 2,190,009 
First Industrial Realty Trust, Inc. 34,873 2,030,655 
Four Corners Property Trust, Inc. 19,156 555,524 
Franklin Street Properties Corp. 22,117 99,527 
Gaming & Leisure Properties 57,712 2,798,455 
Getty Realty Corp. 11,134 357,624 
Gladstone Commercial Corp. 8,480 185,373 
Gladstone Land Corp. 8,026 177,696 
Global Medical REIT, Inc. 18,627 308,836 
Global Net Lease, Inc. 24,115 386,322 
Healthcare Realty Trust, Inc. 38,554 1,274,595 
Healthcare Trust of America, Inc. 57,034 1,904,365 
Healthpeak Properties, Inc. 142,429 5,057,654 
Hersha Hospitality Trust (a) 8,269 73,842 
Highwoods Properties, Inc. (SBI) 27,880 1,250,139 
Host Hotels & Resorts, Inc. (a) 188,675 3,175,400 
Hudson Pacific Properties, Inc. 40,233 1,036,000 
Independence Realty Trust, Inc. 27,476 649,258 
Industrial Logistics Properties Trust 18,870 530,058 
Invitation Homes, Inc. 151,665 6,256,181 
Iron Mountain, Inc. 75,012 3,423,548 
iStar Financial, Inc. 19,479 491,650 
JBG SMITH Properties 31,173 899,653 
Kilroy Realty Corp. 27,167 1,830,512 
Kimco Realty Corp. 162,504 3,672,590 
Kite Realty Group Trust 21,072 427,762 
Lamar Advertising Co. Class A 23,142 2,619,674 
Lexington Corporate Properties Trust 75,066 1,093,712 
Life Storage, Inc. 20,749 2,776,424 
LTC Properties, Inc. 9,785 311,750 
Mack-Cali Realty Corp. (a) 20,864 379,516 
Medical Properties Trust, Inc. 154,464 3,294,717 
Mid-America Apartment Communities, Inc. 30,222 6,171,635 
Monmouth Real Estate Investment Corp. Class A 24,769 466,896 
National Health Investors, Inc. 11,872 638,476 
National Retail Properties, Inc. 47,507 2,154,918 
National Storage Affiliates Trust 21,139 1,320,342 
NETSTREIT Corp. 11,975 290,274 
NexPoint Residential Trust, Inc. 5,999 424,849 
Office Properties Income Trust 11,863 303,930 
Omega Healthcare Investors, Inc. 62,646 1,839,287 
One Liberty Properties, Inc. 4,766 148,985 
Outfront Media, Inc. 39,744 989,228 
Paramount Group, Inc. 43,757 371,059 
Park Hotels & Resorts, Inc. (a) 61,777 1,144,728 
Pebblebrook Hotel Trust 34,059 764,965 
Physicians Realty Trust 58,926 1,120,183 
Piedmont Office Realty Trust, Inc. Class A 31,364 557,025 
Plymouth Industrial REIT, Inc. 8,935 228,379 
Potlatch Corp. 17,770 928,838 
Preferred Apartment Communities, Inc. Class A 16,016 201,962 
Prologis (REIT), Inc. 192,778 27,945,099 
PS Business Parks, Inc. 5,377 955,493 
Public Storage 39,788 13,216,778 
Rayonier, Inc. 37,635 1,404,915 
Realty Income Corp. 101,356 7,239,859 
Regency Centers Corp. 40,672 2,863,716 
Retail Opportunity Investments Corp. 32,935 585,255 
Retail Value, Inc. 3,848 24,088 
Rexford Industrial Realty, Inc. 36,243 2,435,530 
RLJ Lodging Trust 42,782 616,916 
RPT Realty 23,581 313,391 
Ryman Hospitality Properties, Inc. (a) 14,260 1,219,800 
Sabra Health Care REIT, Inc. 61,192 865,867 
Safehold, Inc. 3,776 282,067 
Saul Centers, Inc. 3,025 140,360 
SBA Communications Corp. Class A 28,528 9,851,574 
Seritage Growth Properties (a) 8,307 127,928 
Service Properties Trust 41,677 448,861 
Simon Property Group, Inc. 85,861 12,585,505 
SITE Centers Corp. 47,176 749,627 
SL Green Realty Corp. 17,818 1,248,507 
Spirit Realty Capital, Inc. 31,203 1,526,763 
Stag Industrial, Inc. 42,400 1,845,672 
Store Capital Corp. 64,172 2,203,025 
Summit Hotel Properties, Inc. (a) 28,466 284,660 
Sun Communities, Inc. 30,181 5,914,872 
Sunstone Hotel Investors, Inc. (a) 54,506 672,604 
Tanger Factory Outlet Centers, Inc. 26,673 448,106 
Terreno Realty Corp. 18,915 1,383,254 
The GEO Group, Inc. (b) 30,588 250,210 
The Macerich Co. 55,233 999,165 
UDR, Inc. 72,781 4,041,529 
UMH Properties, Inc. 10,699 256,134 
Uniti Group, Inc. 58,938 843,403 
Universal Health Realty Income Trust (SBI) 2,962 168,745 
Urban Edge Properties 29,989 525,707 
Urstadt Biddle Properties, Inc. Class A 8,914 175,071 
Ventas, Inc. 102,271 5,458,203 
VICI Properties, Inc. (b) 162,468 4,768,436 
Vornado Realty Trust 42,203 1,799,114 
Washington REIT (SBI) 22,698 575,394 
Welltower, Inc. 110,436 8,879,054 
Weyerhaeuser Co. 196,299 7,011,800 
Whitestone REIT Class B 11,307 103,798 
WP Carey, Inc. 48,851 3,766,901 
Xenia Hotels & Resorts, Inc. (a) 28,681 510,522 
  388,582,504 
Real Estate Management & Development - 0.1%   
CBRE Group, Inc. (a) 87,699 9,127,712 
Cushman & Wakefield PLC (a) 38,859 714,617 
eXp World Holdings, Inc. 17,074 881,018 
Forestar Group, Inc. (a) 3,560 69,669 
Howard Hughes Corp. (a) 10,636 926,715 
Jones Lang LaSalle, Inc. (a) 13,173 3,401,664 
Kennedy-Wilson Holdings, Inc. 30,506 682,419 
Marcus & Millichap, Inc. (a) 6,561 309,023 
Newmark Group, Inc. 43,808 651,863 
RE/MAX Holdings, Inc. 5,071 161,309 
Realogy Holdings Corp. (a) 30,859 534,478 
Redfin Corp. (a)(b) 27,375 1,405,433 
Tejon Ranch Co. (a) 6,156 112,101 
The RMR Group, Inc. 3,846 133,802 
The St. Joe Co. 8,594 404,090 
  19,515,913 
TOTAL REAL ESTATE  408,098,417 
UTILITIES - 2.3%   
Electric Utilities - 1.4%   
Allete, Inc. 13,105 806,482 
Alliant Energy Corp. 66,169 3,743,180 
American Electric Power Co., Inc. 130,461 11,051,351 
Avangrid, Inc. (b) 18,159 956,979 
Duke Energy Corp. 200,475 20,450,455 
Edison International 99,533 6,263,612 
Entergy Corp. 52,663 5,425,342 
Evergy, Inc. 59,829 3,814,099 
Eversource Energy 89,790 7,623,171 
Exelon Corp. 255,089 13,568,184 
FirstEnergy Corp. 141,443 5,449,799 
Hawaiian Electric Industries, Inc. 28,666 1,162,693 
IDACORP, Inc. 13,074 1,363,880 
MGE Energy, Inc. 9,026 684,983 
NextEra Energy, Inc. 511,315 43,630,509 
NRG Energy, Inc. 64,343 2,566,642 
OGE Energy Corp. 51,175 1,743,532 
Otter Tail Corp. 10,398 644,780 
PG&E Corp. (a) 394,617 4,577,557 
Pinnacle West Capital Corp. 30,369 1,958,497 
PNM Resources, Inc. 22,030 1,095,993 
Portland General Electric Co. 22,830 1,125,747 
PPL Corp. 200,118 5,763,398 
Southern Co. 275,709 17,182,185 
Via Renewables, Inc. Class A, (b) 2,744 30,596 
Xcel Energy, Inc. 140,781 9,093,045 
  171,776,691 
Gas Utilities - 0.1%   
Atmos Energy Corp. 33,816 3,115,130 
Chesapeake Utilities Corp. (b) 4,393 575,791 
National Fuel Gas Co. 23,254 1,335,477 
New Jersey Resources Corp. (b) 24,434 923,850 
Northwest Natural Holding Co. 7,576 341,602 
ONE Gas, Inc. 13,554 912,184 
South Jersey Industries, Inc. (b) 30,195 687,238 
Southwest Gas Corp. 15,839 1,096,851 
Spire, Inc. 13,309 835,273 
UGI Corp. 54,083 2,347,743 
  12,171,139 
Independent Power and Renewable Electricity Producers - 0.1%   
Clearway Energy, Inc.:   
Class A 8,156 269,066 
Class C 22,070 783,044 
Ormat Technologies, Inc. 11,699 846,189 
Sunnova Energy International, Inc. (a)(b) 24,109 1,074,297 
The AES Corp. 174,884 4,394,835 
Vistra Corp. 126,901 2,485,991 
  9,853,422 
Multi-Utilities - 0.6%   
Ameren Corp. 66,817 5,632,005 
Avista Corp. 17,288 688,235 
Black Hills Corp. 16,357 1,085,778 
CenterPoint Energy, Inc. 155,795 4,056,902 
CMS Energy Corp. 76,133 4,594,627 
Consolidated Edison, Inc. 92,228 6,953,991 
Dominion Energy, Inc. 210,805 16,006,424 
DTE Energy Co. 50,425 5,715,674 
MDU Resources Group, Inc. 52,657 1,618,150 
NiSource, Inc. 103,135 2,544,340 
NorthWestern Energy Corp. 13,364 759,877 
Public Service Enterprise Group, Inc. 132,020 8,422,876 
Sempra Energy 83,318 10,633,876 
Unitil Corp. 3,927 163,952 
WEC Energy Group, Inc. 82,254 7,407,795 
  76,284,502 
Water Utilities - 0.1%   
American States Water Co. 9,979 906,492 
American Water Works Co., Inc. 47,297 8,238,191 
Cadiz, Inc. (a)(b) 7,495 45,495 
California Water Service Group 14,662 892,623 
Essential Utilities, Inc. 58,044 2,732,131 
Middlesex Water Co. 4,450 490,034 
SJW Corp. 6,749 444,894 
York Water Co. 3,196 153,152 
  13,903,012 
TOTAL UTILITIES  283,988,766 
TOTAL COMMON STOCKS   
(Cost $8,737,476,776)  12,277,437,343 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund 0.06% (e) 53,388,693 53,399,371 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 182,553,601 182,571,856 
TOTAL MONEY MARKET FUNDS   
(Cost $235,971,227)  235,971,227 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $8,973,448,003)  12,513,408,570 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (215,903,376) 
NET ASSETS - 100%  $12,297,505,194 

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) 13 Dec. 2021 $1,491,945 $60,628 $60,628 
CME E-mini S&P 500 Index Contracts (United States) 71 Dec. 2021 16,319,350 960,487 960,487 
CME E-mini S&P MidCap 400 Index Contracts (United States) 2 Dec. 2021 557,880 33,930 33,930 
TOTAL FUTURES CONTRACTS     $1,055,045 

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

Legend

 (a) Non-income producing

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

 (c) Level 3 security

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,357,755 or 0.0% of net assets.

 (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.

Fund 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 0.06% $28,643,735 $2,245,656,316 $2,220,899,864 $27,526 $(816) $-- $53,399,371 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 94,535,966 886,004,644  797,968,754  436,723 -- -- 182,571,856 0.5% 
Total $123,179,701 $3,131,660,960  $3,018,868,618  $464,249 $(816) $-- $235,971,227  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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 $1,206,711,401 $1,206,708,371 $-- $3,030 
Consumer Discretionary 1,546,640,440 1,546,639,990 -- 450 
Consumer Staples 624,729,388 624,729,388 -- -- 
Energy 337,341,312 337,341,312 -- -- 
Financials 1,461,589,386 1,461,589,386 -- -- 
Health Care 1,616,795,713 1,616,742,362 -- 53,351 
Industrials 1,096,769,149 1,096,769,149 -- -- 
Information Technology 3,365,859,453 3,365,859,453 -- -- 
Materials 328,913,918 328,913,918 -- -- 
Real Estate 408,098,417 408,098,417 -- -- 
Utilities 283,988,766 283,988,766 -- -- 
Money Market Funds 235,971,227 235,971,227 -- -- 
Total Investments in Securities: $12,513,408,570 $12,513,351,739 $-- $56,831 
Derivative Instruments:     
Assets     
Futures Contracts $1,055,045 $1,055,045 $-- $-- 
Total Assets $1,055,045 $1,055,045 $-- $-- 
Total Derivative Instruments: $1,055,045 $1,055,045 $-- $-- 

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, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $1,055,045 $0 
Total Equity Risk 1,055,045 0 
Total Value of Derivatives $1,055,045 $0 

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

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


Fidelity ZERO® Total Market Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $178,439,396) — See accompanying schedule:
Unaffiliated issuers (cost $8,737,476,776) 		$12,277,437,343  
Fidelity Central Funds (cost $235,971,227) 235,971,227  
Total Investment in Securities (cost $8,973,448,003)  $12,513,408,570 
Segregated cash with brokers for derivative instruments  3,700,400 
Cash  1,200,476 
Foreign currency held at value (cost $4,054)  4,168 
Receivable for investments sold  3,664,706 
Receivable for fund shares sold  20,020,258 
Dividends receivable  8,193,213 
Distributions receivable from Fidelity Central Funds  30,330 
Receivable for daily variation margin on futures contracts  134,706 
Other receivables  4,687 
Total assets  12,550,361,514 
Liabilities   
Payable for investments purchased $65,121,768  
Payable for fund shares redeemed 4,970,463  
Deferred dividend income 193,665  
Collateral on securities loaned 182,570,424  
Total liabilities  252,856,320 
Net Assets  $12,297,505,194 
Net Assets consist of:   
Paid in capital  $8,673,167,316 
Total accumulated earnings (loss)  3,624,337,878 
Net Assets  $12,297,505,194 
Net Asset Value, offering price and redemption price per share ($12,297,505,194 ÷ 741,294,756 shares)  $16.59 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $129,288,590 
Interest  1,876 
Income from Fidelity Central Funds (including $436,723 from security lending)  464,249 
Total income  129,754,715 
Expenses   
Independent trustees' fees and expenses $33,851  
Total expenses before reductions 33,851  
Expense reductions (234)  
Total expenses after reductions  33,617 
Net investment income (loss)  129,721,098 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 52,988,830  
Fidelity Central Funds (816)  
Foreign currency transactions 80  
Futures contracts 12,436,425  
Total net realized gain (loss)  65,424,519 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,873,787,370  
Assets and liabilities in foreign currencies 110  
Futures contracts 1,046,942  
Total change in net unrealized appreciation (depreciation)  2,874,834,422 
Net gain (loss)  2,940,258,941 
Net increase (decrease) in net assets resulting from operations  $3,069,980,039 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $129,721,098 $94,002,039 
Net realized gain (loss) 65,424,519 (18,048,140) 
Change in net unrealized appreciation (depreciation) 2,874,834,422 396,340,566 
Net increase (decrease) in net assets resulting from operations 3,069,980,039 472,294,465 
Distributions to shareholders (91,348,095) (70,205,838) 
Share transactions   
Proceeds from sales of shares 4,596,598,011 3,128,687,092 
Reinvestment of distributions 86,821,793 67,273,777 
Cost of shares redeemed (1,418,116,814) (1,713,363,481) 
Net increase (decrease) in net assets resulting from share transactions 3,265,302,990 1,482,597,388 
Total increase (decrease) in net assets 6,243,934,934 1,884,686,015 
Net Assets   
Beginning of period 6,053,570,260 4,168,884,245 
End of period $12,297,505,194 $6,053,570,260 
Other Information   
Shares   
Sold 312,544,560 289,201,389 
Issued in reinvestment of distributions 6,572,430 6,055,249 
Redeemed (96,717,386) (163,119,980) 
Net increase (decrease) 222,399,604 132,136,658 

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


Financial Highlights

Fidelity ZERO Total Market Index Fund

     
Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $11.67 $10.78 $9.56 $10.00 
Income from Investment Operations     
Net investment income (loss)B .20 .20 .19 .04 
Net realized and unrealized gain (loss) 4.89 .86 1.10 (.48) 
Total from investment operations 5.09 1.06 1.29 (.44) 
Distributions from net investment income (.17) (.16) (.06) – 
Distributions from net realized gain – (.01) (.01) – 
Total distributions (.17) (.17) (.07) – 
Net asset value, end of period $16.59 $11.67 $10.78 $9.56 
Total ReturnC,D 44.00% 9.92% 13.57% (4.40)% 
Ratios to Average Net AssetsE,F     
Expenses before reductionsG -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% - %H 
Expenses net of all reductionsG -% -% -% - %H 
Net investment income (loss) 1.37% 1.79% 1.91% 1.61%H 
Supplemental Data     
Net assets, end of period (000 omitted) $12,297,505 $6,053,570 $4,168,884 $1,364,146 
Portfolio turnover rateI 4%J 6% 3% - %K,L 

 A For the period August 2, 2018 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount represents less than .005%.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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

 K Amount represents less than 1%.

 L Amount not annualized.

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


Notes to Financial Statements

For the period ended October 31, 2021

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. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

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

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

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

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

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

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, 2021 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. A non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income" for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Total Market Index Fund. 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, 2021, 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 on each applicable Fund's Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), certain deemed distributions, 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 $1,258,377,827 $315,696,139 $(85,054,287) $230,641,852 
Fidelity ZERO International Index Fund 2,714,413,591 605,853,833  (188,498,341) 417,355,492 
Fidelity ZERO Large Cap Index Fund 3,771,663,726 1,454,916,272  (92,325,815) 1,362,590,457 
Fidelity ZERO Total Market Index Fund 9,017,143,461 3,800,794,983  (304,529,875) 3,496,265,108 

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

 Undistributed ordinary income Undistributed long-term capital gain Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity ZERO Extended Market Index Fund $37,236,266 $51,048,106 $230,641,856 
Fidelity ZERO International Index Fund 69,656,147 – 417,312,518 
Fidelity ZERO Large Cap Index Fund 38,634,879 – 1,362,590,457 
Fidelity ZERO Total Market Index Fund 107,117,871 20,954,784 3,496,265,222 

The tax character of distributions paid was as follows:

October 31, 2021    
 Ordinary Income Long-term Capital Gains Total 
Fidelity ZERO Extended Market Index Fund $9,151,552 $6,703,647 $15,855,199 
Fidelity ZERO International Index Fund 32,771,369 – 32,771,369 
Fidelity ZERO Large Cap Index Fund 33,862,107 – 33,862,107 
Fidelity ZERO Total Market Index Fund 91,348,095 – 91,348,095 

October 31, 2020    
 Ordinary Income Long-term Capital Gains Total 
Fidelity ZERO Extended Market Index Fund $8,767,723 $247,676 $9,015,399 
Fidelity ZERO International Index Fund 32,813,228 – 32,813,228 
Fidelity ZERO Large Cap Index Fund 16,389,623 – 16,389,623 
Fidelity ZERO Total Market Index Fund 67,331,914 2,873,924 70,205,838 

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

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

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

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

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

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

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

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin 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. 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 ZERO Extended Market Index Fund 768,856,439 267,787,815 
Fidelity ZERO International Index Fund 1,155,131,576 202,479,961 
Fidelity ZERO Large Cap Index Fund 1,849,775,676 181,487,161 
Fidelity ZERO Total Market Index Fund 3,843,771,187 355,434,033 

Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 
Fidelity ZERO Large Cap Index Fund 7,087,172 35,180,274 99,433,026 
Fidelity ZERO Total Market Index Fund 8,741,259 53,736,281 124,475,524 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except fees and expenses of the independent Trustees.

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

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity ZERO Extended Market Index Fund $29,914 $6,313 $533,654 
Fidelity ZERO International Index Fund 25,597 126 90,981 
Fidelity ZERO Large Cap Index Fund 1,917 2 – 
Fidelity ZERO Total Market Index Fund 44,343 7,706 555,944 

9. Expense Reductions.

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

 Custodian credits 
Fidelity ZERO Extended Market Index Fund $164 
Fidelity ZERO Large Cap Index Fund 51 
Fidelity ZERO Total Market Index Fund 234 

10. Other.

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

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity ZERO International Index Fund, Fidelity ZERO Total Market Index Fund, Fidelity ZERO Extended Market Index Fund, and Fidelity ZERO Large Cap Index Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Fidelity ZERO International Index Fund, Fidelity ZERO Total Market Index Fund, Fidelity ZERO Extended Market Index Fund, and Fidelity ZERO Large Cap Index Fund (the “Funds”), each a fund of Fidelity Concord Street Trust, including the schedules of investments, as of October 31, 2021, 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 three years in the period then ended and for the period from August 2, 2018 (commencement of operations) through October 31, 2018 for Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund, and the financial highlights for each of the three years in the period then ended and for the period from September 13, 2018 (commencement of operations) through October 31, 2018 for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund, 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, 2021, 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 three years in the period then ended and for the period from August 2, 2018 (commencement of operations) through October 31, 2018 for Fidelity ZERO International Index Fund and Fidelity ZERO Total Market Index Fund, and the financial highlights for each of the three years in the period then ended and for the period from September 13, 2018 (commencement of operations) through October 31, 2018 for Fidelity ZERO Extended Market Index Fund and Fidelity ZERO Large Cap Index Fund, 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, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 14, 2021


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 318 funds. Mr. Chiel oversees 179 funds. 

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

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

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

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

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. 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 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 Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

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

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a 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 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) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-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 and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

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 The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

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 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 currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-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) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

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 Presiding Director (2013-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, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-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 Investment 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.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

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).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); 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 serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). 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).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

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 for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as 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 an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Name, Year of Birth; Principal Occupation

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).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); 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 serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). 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).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

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 for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as 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 an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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, 2021 to October 31, 2021).

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, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity ZERO Extended Market Index Fund - %-C    
Actual  $1,000.00 $1,036.80 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 
Fidelity ZERO International Index Fund - %-C    
Actual  $1,000.00 $1,023.10 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 
Fidelity ZERO Large Cap Index Fund - %-C    
Actual  $1,000.00 $1,110.70 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 
Fidelity ZERO Total Market Index Fund - %-C    
Actual  $1,000.00 $1,100.10 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

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

 B 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.

 C Amount less than .005%.

 D Amount less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Dividends Capital Gains 
Fidelity ZERO Extended Market Index Fund 12/06/21 12/03/21 $0.161 $0.748 
Fidelity ZERO International Index Fund 12/06/21 12/03/21 $0.306 $0.000 
Fidelity ZERO Large Cap Index Fund 12/06/21 12/03/21 $0.161 $0.000 
Fidelity ZERO Total Market Index Fund 12/06/21 12/03/21 $0.181 $0.028 

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity ZERO Extended Market Index Fund $51,070,946 
Fidelity ZERO International Index Fund $1,547,470 
Fidelity ZERO Large Cap Index Fund $863,935 
Fidelity ZERO Total Market Index Fund $22,024,535 

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 04, 2020 70% 
December 29, 2020 55% 
Fidelity ZERO Large Cap Index Fund  
December 2020 95% 
Fidelity ZERO Total Market Index Fund  
December 2020 95% 

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 04, 2020 74% 
December 29, 2020 59% 
Fidelity ZERO International Index Fund  
December 2020 91% 
Fidelity ZERO Large Cap Index Fund  
December 2020 96% 
Fidelity ZERO Total Market Index Fund  
December 2020 96% 

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 04, 2020 23% 
December 29, 2020 42% 
Fidelity ZERO Large Cap Index Fund  
December 2020 2% 
Fidelity ZERO Total Market Index Fund  
December 2020 3% 

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 12/07/20 $0.2111 $0.0241 

The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 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), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to 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.

At its May 2021 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.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of 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 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. The Board also considered Fidelity's and Geode's investments in business continuity planning, and their success in continuously providing services to the funds notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered 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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

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; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity ZERO Large Cap Index Fund
Fidelity ZERO International Index Fund

At its July 2021 meeting, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), voted to approve an amended and restated sub-advisory agreement with Geode Capital Management, LLC (Geode) for each fund (the Amended Contracts) to decrease the sub-advisory fee rate paid by Fidelity Management & Research Company LLC (FMR), each fund's investment adviser, to Geode on behalf of each fund by 0.05 basis points for Fidelity ZERO Large Cap Index Fund and 0.25 basis points for Fidelity ZERO International Index Fund, effective August 1, 2021. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and Geode to each fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family and the investment performance of each fund in connection with the annual renewal of each fund's current management contract and sub-advisory agreement (Advisory Contracts). At its May 2021 meeting, the Board concluded that the nature, extent and quality of the services provided to each fund under the existing Advisory Contracts should continue to benefit each fund's shareholders. The Board noted that approval of the Amended Contracts would not change each fund's portfolio manager, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to each fund under the Amended Contracts should continue to benefit each fund's shareholders.

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 and 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 at its May 2021 and July 2021 meetings that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered that it previously reviewed information regarding the level of Fidelity's profits in respect of all Fidelity funds. Because each fund pays no advisory fees and FMR or an affiliate bears all expenses of each fund, with limited exceptions, the Board did not consider the costs and services provided by and the profits realized by Fidelity in connection with the operation of each fund to be relevant in its decision to approve the Amended Contracts.

Economies of Scale.  The Board did not consider the realization of economies of scale to be a material factor in its decision to approve the Amended Contracts because each fund pays no advisory fees and FMR or an affiliate will continue to bear all expenses of each fund with limited exceptions.

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





Fidelity Investments

EML-ANN-1221
1.9891446.103

Item 2.

Code of Ethics


As of the end of the period, October 31, 2021, 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, 2021 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI International Small Cap Index Fund

 $37,000

$-

 $8,600

$400

Fidelity Series International Index Fund

 $55,700

$-

 $9,000

$1,300

Fidelity ZERO Extended Market Index Fund

 $59,700

$-

 $7,400

$1,400

Fidelity ZERO International Index Fund

 $50,200

$-

 $9,000

 $1,200

Fidelity ZERO Large Cap Index Fund

 $41,300

$-

 $7,400

$1,000

Fidelity ZERO Total Market Index Fund

 $37,600

$-

 $6,900

 $900



October 31, 2020 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI International Small Cap Index Fund

$-

$-

$-

$-

Fidelity Series International Index Fund

 $57,000

$-

 $9,500

$1,300

Fidelity ZERO Extended Market Index Fund

 $61,100

$-

 $7,400

$1,400

Fidelity ZERO International Index Fund

 $51,400

$-

 $9,100

 $1,200

Fidelity ZERO Large Cap Index Fund

 $42,400

$-

 $7,700

$1,000

Fidelity ZERO Total Market Index Fund

 $38,600

$-

 $7,200

 $900



A Amounts may reflect rounding.
B Fidelity SAI International Small Cap Index Fund commenced operations on May 27, 2021


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, 2021 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Japan Stock Index Fund

 $34,000

$1,800

 $10,700

 $600




October 31, 2020 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Japan Stock Index Fund

 $-

$-

 $-

 $-



A Amounts may reflect rounding.
B Fidelity SAI Japan Stock Index Fund commenced operations on May 27, 2021.






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, 2021A,B

October 31, 2020A,B

Audit-Related Fees

 $-

$-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity SAI International Small Cap Index Fund’s commencement of operations.



Services Billed by PwC




October 31, 2021A,B

October 31, 2020A,B

Audit-Related Fees

 $8,830,600

 $9,069,400

Tax Fees

$354,200

$30,000

All Other Fees

$-

$-


A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI Japan Stock Index Fund’s commencement of operations.



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


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


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


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by 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, 2021A,B

October 31, 2020A,B

Deloitte Entities
PwC

$576,100
$14,500,600

$548,300
$14,174,300


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity SAI International Small Cap Index Fund and Fidelity SAI Japan Stock Index Funds’ commencement of operations.


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


Audit Committee Pre-Approval Policies and Procedures

 

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


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the



operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


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


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


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


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



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


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


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

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

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

December 21, 2021


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, 2021



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

December 21, 2021