N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2105

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

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

October 31

 

 

Date of reporting period:

April 30, 2013

Item 1. Reports to Stockholders

Fidelity®

Series Global ex U.S. Index

Fund

Semiannual Report

April 30, 2013

(Fidelity Cover Art)

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Investment Changes

(Click Here)

A summary of major shifts in the fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2012 to April 30, 2013).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Semiannual Report

Shareholder Expense Example - continued

 

Annualized
Expense RatioB

Beginning
Account Value
November 1, 2012

Ending
Account Value
April 30, 2013

Expenses Paid
During Period*
November 1, 2012
to April 30, 2013

Actual

.20%

$ 1,000.00

$ 1,125.90

$ 1.05

HypotheticalA

 

$ 1,000.00

$ 1,023.80

$ 1.00

A 5% return per year before expenses

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

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2013

sgx351188

Japan 15.6%

 

sgx351190

United Kingdom 14.5%

 

sgx351192

Canada 7.2%

 

sgx351194

Australia 6.4%

 

sgx351196

Switzerland 6.3%

 

sgx351198

France 6.3%

 

sgx351200

Germany 5.8%

 

sgx351202

Korea (South) 3.2%

 

sgx351204

Hong Kong 2.9%

 

sgx351206

Other* 31.8%

 

sgx351208

* Includes Short-Term investments and Net Other Assets

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

As of October 31, 2012

sgx351210

United Kingdom 14.8%

 

sgx351190

Japan 13.1%

 

sgx351192

Canada 8.3%

 

sgx351194

Australia 6.0%

 

sgx351196

France 6.0%

 

sgx351198

Switzerland 5.9%

 

sgx351200

Germany 5.8%

 

sgx351202

Korea (South) 3.5%

 

sgx351204

Brazil 2.9%

 

sgx351206

Other* 33.7%

 

sgx351221

* Includes Short-Term investments and Net Other Assets

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

Asset Allocation as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks and Equity Futures

100.1

100.0

Bonds

0.0*

0.0*

Short-Term Investments and Net Other Assets (Liabilities)

(0.1)

0.0*

* Amount represents less than 0.1%

Top Ten Stocks as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Nestle SA (Switzerland, Food Products)

1.4

1.4

HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks)

1.2

1.2

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

1.0

0.9

Novartis AG (Switzerland, Pharmaceuticals)

1.0

0.9

Toyota Motor Corp. (Japan, Automobiles)

1.0

0.7

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

0.9

0.9

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

0.9

0.9

BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)

0.8

0.9

Sanofi SA (France, Pharmaceuticals)

0.8

0.7

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

0.8

0.7

 

9.8

Market Sectors as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

27.6

26.2

Consumer Staples

11.2

10.2

Industrials

10.5

10.3

Consumer Discretionary

9.8

8.4

Energy

9.4

10.7

Materials

9.0

10.8

Health Care

7.4

7.0

Information Technology

6.3

6.0

Telecommunication Services

5.5

5.2

Utilities

3.4

3.4

Semiannual Report

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value

Australia - 6.4%

AGL Energy Ltd.

41,231

$ 678,350

ALS Ltd.

24,334

246,973

Alumina Ltd. (a)

175,308

175,307

Amcor Ltd.

91,749

940,699

AMP Ltd.

225,570

1,262,781

APA Group unit

61,946

418,068

Asciano Ltd.

74,674

418,038

ASX Ltd.

13,423

523,367

Australia & New Zealand Banking Group Ltd.

206,033

6,800,846

Bendigo & Adelaide Bank Ltd.

31,022

355,695

BHP Billiton Ltd.

244,207

8,209,985

Boral Ltd.

54,657

283,315

Brambles Ltd.

118,446

1,070,755

Caltex Australia Ltd.

9,435

210,688

CFS Retail Property Trust unit

156,448

356,817

Coca-Cola Amatil Ltd.

42,977

674,551

Cochlear Ltd.

4,404

301,240

Commonwealth Bank of Australia

121,773

9,272,480

Computershare Ltd.

33,393

343,762

Crown Ltd.

31,766

424,820

CSL Ltd.

38,198

2,493,208

DEXUS Property Group unit

355,191

425,302

Echo Entertainment Group Ltd.

51,096

191,756

Federation Centres unit

109,443

294,995

Flight Centre Ltd.

4,616

182,659

Fortescue Metals Group Ltd.

105,556

383,005

Goodman Group unit

125,978

680,433

Harvey Norman Holdings Ltd. (e)

41,906

130,332

Iluka Resources Ltd.

29,871

277,157

Incitec Pivot Ltd.

122,305

366,434

Insurance Australia Group Ltd.

157,719

951,612

Leighton Holdings Ltd.

12,316

255,232

Lend Lease Group unit

41,587

464,761

Macquarie Group Ltd.

23,970

973,860

Metcash Ltd.

68,654

291,100

Mirvac Group unit

261,151

479,201

National Australia Bank Ltd.

175,893

6,199,841

Newcrest Mining Ltd.

56,987

993,108

Orica Ltd.

26,859

636,252

Origin Energy Ltd.

82,532

1,054,111

OZ Minerals Ltd.

22,197

98,950

Qantas Airways Ltd. (a)

82,933

163,356

Common Stocks - continued

Shares

Value

Australia - continued

QBE Insurance Group Ltd.

91,660

$ 1,270,470

QR National Ltd.

142,117

611,431

Ramsay Health Care Ltd.

10,074

334,094

Rio Tinto Ltd.

33,657

1,946,985

Santos Ltd.

73,286

938,299

Sims Metal Management Ltd.

11,508

115,444

Sonic Healthcare Ltd.

28,699

394,515

SP AusNet unit

116,248

151,245

Stockland Corp. Ltd. unit

170,599

684,448

Suncorp-Metway Ltd.

98,782

1,329,247

Sydney Airport unit

13,641

48,930

Tabcorp Holdings Ltd.

53,602

191,714

Tatts Group Ltd.

106,297

360,348

Telstra Corp. Ltd.

327,179

1,689,149

The GPT Group unit

110,624

470,204

Toll Holdings Ltd.

49,217

290,833

Transurban Group unit

98,462

696,155

Treasury Wine Estates Ltd.

48,349

292,721

Wesfarmers Ltd.

76,194

3,425,810

Westfield Group unit

160,487

1,938,291

Westfield Retail Trust unit

224,953

769,589

Westpac Banking Corp.

233,433

8,179,600

Whitehaven Coal Ltd.

29,000

58,625

Woodside Petroleum Ltd.

49,650

1,966,855

Woolworths Ltd.

93,405

3,525,688

WorleyParsons Ltd.

15,627

368,886

TOTAL AUSTRALIA

83,004,778

Austria - 0.2%

Andritz AG

5,637

367,322

Erste Group Bank AG

16,186

507,324

IMMOEAST AG (a)

928

0

IMMOFINANZ Immobilien Anlagen AG

64,972

265,679

OMV AG

11,049

519,106

Osterreichische Elektrizitatswirtschafts AG

4,666

102,159

Raiffeisen International Bank-Holding AG

3,560

125,624

Telekom Austria AG

21,696

148,749

Vienna Insurance Group AG

2,765

146,529

Voestalpine AG

9,106

284,274

TOTAL AUSTRIA

2,466,766

Common Stocks - continued

Shares

Value

Bailiwick of Guernsey - 0.0%

Resolution Ltd.

109,064

$ 447,085

Bailiwick of Jersey - 0.6%

Experian PLC

77,493

1,362,631

Glencore International PLC

296,505

1,459,796

Petrofac Ltd.

19,732

413,784

Randgold Resources Ltd.

6,540

529,104

Shire PLC

42,818

1,334,722

Wolseley PLC

21,118

1,044,140

WPP PLC

96,466

1,594,808

TOTAL BAILIWICK OF JERSEY

7,738,985

Belgium - 0.8%

Ageas

17,871

654,750

Anheuser-Busch InBev SA NV (e)

60,774

5,838,593

Belgacom SA (e)

11,754

270,890

Colruyt NV

5,354

270,228

Delhaize Group SA

7,689

481,127

Groupe Bruxelles Lambert SA (e)

6,043

467,950

KBC Groupe SA

17,427

683,925

Solvay SA Class A

4,402

645,230

Telenet Group Holding NV

3,830

206,775

UCB SA

8,342

493,052

Umicore SA

8,860

410,136

TOTAL BELGIUM

10,422,656

Bermuda - 0.5%

Brilliance China Automotive Holdings Ltd. (a)

210,000

257,083

Cheung Kong Infrastructure Holdings Ltd.

39,000

282,946

China Foods Ltd.

60,000

30,618

China Gas Holdings Ltd.

236,000

232,650

China Resources Gas Group Ltd.

68,000

190,589

Cosco Pacific Ltd.

117,360

155,469

Credicorp Ltd. (NY Shares)

5,181

780,207

First Pacific Co. Ltd.

172,000

238,047

GOME Electrical Appliances Holdings Ltd. (a)

737,000

74,078

Haier Electronics Group Co. Ltd.

74,000

132,168

Huabao International Holdings Ltd.

162,000

74,318

Kerry Properties Ltd.

51,500

232,940

Kunlun Energy Co. Ltd.

244,000

477,300

Li & Fung Ltd.

440,000

569,267

Nine Dragons Paper (Holdings) Ltd.

110,000

95,398

Noble Group Ltd.

310,363

283,477

Common Stocks - continued

Shares

Value

Bermuda - continued

NWS Holdings Ltd.

101,367

$ 181,046

Orient Overseas International Ltd.

13,500

80,198

Seadrill Ltd.

26,663

1,020,467

Shangri-La Asia Ltd.

130,000

251,284

Sihuan Pharmaceutical Holdings Group Ltd.

133,000

74,554

Yue Yuen Industrial (Holdings) Ltd.

51,000

176,459

TOTAL BERMUDA

5,890,563

Brazil - 1.7%

All America Latina Logistica SA

31,400

158,668

Anhanguera Educacional Participacoes SA

8,600

154,785

Banco Bradesco SA

48,000

821,452

Banco Bradesco SA (PN) sponsored ADR

41,987

696,564

Banco do Brasil SA

36,300

457,209

Banco do Brasil SA sponsored ADR

5,600

70,896

Banco Santander SA (Brasil):

ADR

13,800

102,396

unit

44,400

326,440

BM&F Bovespa SA

135,800

942,777

BR Malls Participacoes SA

32,000

377,458

BR Properties SA

12,700

140,790

Brasil Foods SA

39,700

984,985

Brasil Foods SA sponsored ADR

9,700

240,851

Braskem SA Class A sponsored ADR

1,500

26,475

CCR SA

68,800

673,299

Centrais Eletricas Brasileiras SA (Electrobras)

16,800

45,343

Centrais Eletricas Brasileiras SA (Electrobras):

(PN-B) sponsored ADR (e)

4,800

24,816

sponsored ADR

4,100

11,029

Cetip SA - Mercados Organizado

16,638

196,421

Cia.Hering SA

11,000

223,656

Cielo SA

23,265

613,617

Cielo SA sponsored ADR

2,880

76,982

Companhia Brasileira de Distribuicao Grupo Pao de Acucar:

rights (a)

7

21

sponsored ADR (e)

2,200

122,232

Companhia de Bebidas das Americas (AmBev)

11,200

459,420

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

13,300

558,866

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

21,300

300,217

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR

8,400

120,120

Common Stocks - continued

Shares

Value

Brazil - continued

Companhia de Saneamento de Minas Gerais

4,100

$ 94,470

Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (e)

8,750

112,263

Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR (e)

1,700

30,328

Companhia Siderurgica Nacional SA (CSN)

50,700

201,457

Companhia Siderurgica Nacional SA (CSN) sponsored ADR (e)

11,400

45,600

Cosan SA Industria e Comercio

8,600

202,884

CPFL Energia SA

14,700

157,378

CPFL Energia SA sponsored ADR

1,608

34,411

Cyrela Brazil Realty SA

20,700

186,644

Diagnosticos da America SA

17,600

96,852

Drogasil SA

13,700

147,288

Duratex SA

18,942

142,296

Ecorodovias Infraestrutura e Logistica SA

12,300

106,478

Embraer SA

33,700

293,922

Embraer SA sponsored ADR

2,625

91,691

Energias do Brasil SA

16,300

99,393

Fibria Celulose SA (a)

9,895

105,392

Fibria Celulose SA sponsored ADR (a)(e)

7,900

84,451

Gerdau SA sponsored ADR

17,150

134,628

Hypermarcas SA

24,600

196,357

Itau Unibanco Holding SA sponsored ADR

46,550

783,437

JBS SA

36,500

115,114

Kroton Educacional SA

13,600

189,921

Light SA

3,500

34,987

Localiza Rent A Car SA

11,200

198,949

Lojas Americanas SA

11,500

92,080

Lojas Renner SA

9,900

375,812

MPX Mineracao e Energia SA (a)

12,000

51,281

MRV Engenharia e Participacoes SA

23,000

98,978

Multiplan Empreendimentos Imobiliarios SA

6,500

185,538

Multiplus SA

3,700

60,990

Natura Cosmeticos SA

13,600

340,620

Obrascon Huarte Lain Brasil SA

8,000

88,567

Odontoprev SA

20,000

99,663

OGX Petroleo e Gas Participacoes SA (a)

75,900

76,630

OGX Petroleo e Gas Participacoes SA sponsored ADR (a)

13,800

13,938

Oi SA

14,918

43,470

Oi SA:

ADR

977

2,765

sponsored ADR (e)

13,014

31,103

Common Stocks - continued

Shares

Value

Brazil - continued

PDG Realty SA Empreendimentos e Participacoes

98,600

$ 111,376

Petroleo Brasileiro SA - Petrobras:

(ON)

162,311

1,552,734

(PN) sponsored ADR (non-vtg.)

41,350

825,760

sponsored ADR

30,750

588,863

Porto Seguro SA

9,000

111,648

Qualicorp SA (a)

14,500

141,177

Souza Cruz SA

28,300

434,667

Sul America SA unit

9,142

68,311

Telefonica Brasil SA sponsored ADR

5,940

157,885

TIM Participacoes SA

50,703

211,859

TIM Participacoes SA sponsored ADR

1,933

40,322

Totvs SA

8,900

167,346

Tractebel Energia SA

13,100

233,027

Ultrapar Participacoes SA

18,800

500,362

Ultrapar Participacoes SA sponsored ADR

5,800

154,686

Usinas Siderurgicas de Minas Gerais SA - Usiminas ADR (e)

7,100

35,855

Vale SA

72,400

1,235,767

Vale SA:

(PN-A) sponsored ADR

37,200

604,872

sponsored ADR

26,400

451,176

Weg SA

15,900

210,437

TOTAL BRAZIL

22,213,941

Canada - 7.2%

Agnico Eagle Mines Ltd. (Canada)

12,868

415,373

Agrium, Inc.

11,451

1,049,680

Alimentation Couche-Tard, Inc. Class B (sub. vtg.)

10,609

644,575

ARC Resources Ltd. (e)

21,786

608,957

Athabasca Oil Corp. (a)

21,598

156,285

Bank of Montreal (e)

49,379

3,097,185

Bank of Nova Scotia

89,198

5,143,195

Barrick Gold Corp.

75,669

1,491,673

Baytex Energy Corp. (e)

9,688

382,827

BCE, Inc. (e)

19,052

892,415

Bell Aliant, Inc.

5,289

141,432

Bombardier, Inc. Class B (sub. vtg.)

112,424

446,371

Bonavista Energy Corp. (e)

14,434

228,520

Brookfield Asset Management, Inc. Class A (e)

42,886

1,655,503

Brookfield Properties Corp. (e)

20,949

385,730

CAE, Inc.

17,994

194,506

Cameco Corp.

29,373

572,620

Common Stocks - continued

Shares

Value

Canada - continued

Canadian Imperial Bank of Commerce (e)

30,664

$ 2,452,329

Canadian National Railway Co.

32,790

3,210,162

Canadian Natural Resources Ltd.

83,490

2,448,885

Canadian Oil Sands Ltd. (e)

38,110

748,620

Canadian Pacific Railway Ltd.

12,998

1,619,960

Canadian Tire Ltd. Class A (non-vtg.)

5,869

432,259

Canadian Utilities Ltd. Class A (non-vtg.)

4,279

352,191

Catamaran Corp. (a)

15,664

904,437

Cenovus Energy, Inc.

56,999

1,705,812

Centerra Gold, Inc.

12,827

53,602

CGI Group, Inc. Class A (sub. vtg.) (a)

15,341

485,759

CI Financial Corp.

12,593

352,622

Crescent Point Energy Corp. (e)

28,104

1,073,445

Dollarama, Inc.

5,137

376,307

Eldorado Gold Corp.

51,060

403,939

Empire Co. Ltd. Class A (non-vtg.)

2,176

147,954

Enbridge, Inc.

57,606

2,741,210

Encana Corp.

55,645

1,025,686

Enerplus Corp. (e)

13,558

191,369

Finning International, Inc.

14,595

314,949

First Quantum Minerals Ltd.

43,248

755,107

Fortis, Inc.

14,503

503,132

Franco-Nevada Corp.

10,863

472,928

George Weston Ltd.

3,647

280,951

Gildan Activewear, Inc.

9,147

367,805

Goldcorp, Inc.

61,344

1,815,751

Great-West Lifeco, Inc. (e)

22,371

607,544

H&R REIT/H&R Finance Trust

10,446

256,627

Husky Energy, Inc. (e)

26,528

766,783

IAMGOLD Corp.

25,458

136,709

IGM Financial, Inc.

8,094

360,653

Imperial Oil Ltd.

22,519

895,887

Industrial Alliance Insurance and Financial Services, Inc.

7,314

270,214

Intact Financial Corp.

10,403

634,021

Kinross Gold Corp.

84,038

457,957

Loblaw Companies Ltd. (e)

8,781

372,612

Magna International, Inc. Class A (sub. vtg.)

16,410

987,092

Manulife Financial Corp.

136,744

2,021,061

MEG Energy Corp. (a)

10,480

299,800

Metro, Inc. Class A (sub. vtg.)

7,215

489,284

National Bank of Canada

12,151

918,456

New Gold, Inc. (a)

36,201

290,341

Common Stocks - continued

Shares

Value

Canada - continued

Onex Corp. (sub. vtg.)

6,486

$ 323,511

Open Text Corp.

4,115

268,887

Osisko Mining Corp. (a)

32,963

139,057

Pacific Rubiales Energy Corp.

22,194

469,236

Pan American Silver Corp.

10,218

134,878

Pembina Pipeline Corp. (e)

21,433

703,548

Pengrowth Energy Corp. (e)

36,306

185,233

Penn West Petroleum Ltd. (e)

36,009

332,407

Potash Corp. of Saskatchewan, Inc.

64,653

2,721,016

Power Corp. of Canada (sub. vtg.) (e)

25,725

692,758

Power Financial Corp.

18,904

558,423

Research In Motion Ltd. (a)(e)

35,736

582,139

RioCan (REIT)

10,997

322,122

Ritchie Brothers Auctioneers, Inc.

6,234

126,233

Rogers Communications, Inc. Class B (non-vtg.)

28,488

1,405,101

Royal Bank of Canada (e)

109,459

6,603,720

Saputo, Inc.

10,057

517,799

Shaw Communications, Inc. Class B (e)

28,457

647,976

Shoppers Drug Mart Corp.

15,361

687,963

Silver Wheaton Corp.

27,803

679,724

SNC-Lavalin Group, Inc.

11,334

489,158

Sun Life Financial, Inc. (e)

45,635

1,287,356

Suncor Energy, Inc.

116,524

3,632,953

Talisman Energy, Inc.

78,177

937,395

Teck Resources Ltd. Class B (sub. vtg.)

43,381

1,154,013

TELUS Corp.

20,832

749,576

The Toronto-Dominion Bank

69,470

5,695,099

Thomson Reuters Corp.

27,469

920,223

Tim Hortons, Inc.

4,141

224,359

Tim Hortons, Inc. (Canada)

7,366

399,063

Tourmaline Oil Corp. (a)

10,144

402,457

TransAlta Corp. (e)

20,038

294,568

TransCanada Corp.

52,963

2,625,413

Turquoise Hill Resources Ltd. (a)

32,791

231,094

Valeant Pharmaceuticals International, Inc. (Canada) (a)

21,350

1,621,197

Vermilion Energy, Inc.

7,489

384,318

Yamana Gold, Inc.

57,459

711,215

TOTAL CANADA

92,370,247

Cayman Islands - 0.9%

Agile Property Holdings Ltd.

94,000

121,616

Airtac International Group

7,000

37,148

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Anta Sports Products Ltd.

56,000

$ 46,906

ASM Pacific Technology Ltd.

13,300

137,111

Belle International Holdings Ltd.

341,000

556,311

Bosideng International Holdings Ltd.

226,000

59,411

Chailease Holding Co. Ltd.

54,000

162,604

Chaoda Modern Agriculture (Holdings) Ltd. (a)

58,000

2,900

China Mengniu Dairy Co. Ltd.

92,000

259,041

China Resources Cement Holdings Ltd.

146,000

84,099

China Resources Land Ltd.

152,000

460,300

China Shanshui Cement Group Ltd.

147,000

83,159

China State Construction International Holdings Ltd.

126,000

183,476

Country Garden Holdings Co. Ltd.

331,786

188,122

Daphne Interl Holdings Ltd.

70,000

72,885

ENN Energy Holdings Ltd.

60,000

347,158

Evergrande Real Estate Group Ltd.

484,000

197,713

GCL-Poly Energy Holdings Ltd.

584,000

118,152

Geely Automobile Holdings Ltd.

335,000

168,360

Golden Eagle Retail Group Ltd. (H Shares)

47,000

82,733

Greentown China Holdings Ltd.

49,000

95,220

Hengan International Group Co. Ltd.

59,500

614,924

Intime Department Store Group Co. Ltd.

64,000

75,875

Kingboard Chemical Holdings Ltd.

45,500

123,715

Lee & Man Paper Manufacturing Ltd.

164,000

121,941

Longfor Properties Co. Ltd.

91,500

152,811

MGM China Holdings Ltd.

71,200

167,904

MStar Semiconductor, Inc.

23,908

204,300

Parkson Retail Group Ltd.

85,500

46,275

Sands China Ltd.

184,000

965,033

Shimao Property Holdings Ltd.

97,000

208,996

Shui On Land Ltd.

333,170

110,768

SOHO China Ltd.

152,000

131,235

Tencent Holdings Ltd.

77,500

2,658,518

Tingyi (Cayman Islands) Holding Corp.

154,000

425,675

TPK Holding Co. Ltd.

16,496

335,066

Uni-President China Holdings Ltd.

75,000

81,571

Want Want China Holdings Ltd.

443,000

702,164

Wynn Macau Ltd.

120,400

365,382

Yingde Gases Group Co. Ltd.

68,500

65,939

Zhen Ding Technology Holding Ltd.

12,600

30,806

Zhongsheng Group Holdings Ltd. Class H

44,500

61,817

TOTAL CAYMAN ISLANDS

11,115,140

Common Stocks - continued

Shares

Value

Chile - 0.4%

AES Gener SA

171,287

$ 124,387

Aguas Andinas SA

175,738

139,934

Banco de Chile

1,454,357

226,824

Banco de Chile (a)

52,673

7,896

Banco de Credito e Inversiones

2,164

155,310

Banco Santander Chile

4,660,033

311,197

Banco Santander Chile sponsored ADR

106

2,824

CAP SA

6,724

212,021

Cencosud SA

90,609

511,697

Colbun SA

538,165

165,695

Compania Cervecerias Unidas SA

8,421

145,729

Compania Cervecerias Unidas SA sponsored ADR

157

5,421

Compania de Petroleos de Chile SA (COPEC)

35,004

501,703

CorpBanca SA

9,649,596

132,158

E-CL SA

35,227

73,528

Empresa Nacional de Electricidad SA

235,791

418,060

Empresa Nacional de Electricidad SA sponsored ADR

174

9,276

Empresa Nacional de Telecomunicaciones SA (ENTEL)

8,293

159,891

Empresas CMPC SA

95,291

352,068

Enersis SA

1,460,579

550,489

Enersis SA sponsored ADR

453

8,553

LATAM Airlines Group SA

18,559

383,432

LATAM Airlines Group SA sponsored ADR

303

6,272

SACI Falabella

37,808

432,309

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

95

4,702

Vina Concha y Toro SA

28,981

56,676

TOTAL CHILE

5,098,052

China - 2.3%

Agricultural Bank of China Ltd. (H Shares)

1,679,000

802,702

Air China Ltd. (H Shares)

134,000

108,441

Aluminum Corp. of China Ltd. (H Shares) (a)

288,000

109,937

Angang Steel Co. Ltd. (H Shares) (a)

78,000

45,935

Anhui Conch Cement Co. Ltd. (H Shares)

91,000

329,517

AviChina Industry & Technology Co. Ltd.

144,000

69,586

Bank Communications Co. Ltd. (H Shares)

643,200

511,400

Bank of China Ltd. (H Shares)

5,831,024

2,727,604

BBMG Corp. (H Shares)

75,000

60,211

Beijing Capital International Airport Co. Ltd. (H Shares)

130,000

90,127

BYD Co. Ltd. (H Shares) (a)

40,000

142,781

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

95,040

95,161

Common Stocks - continued

Shares

Value

China - continued

China BlueChemical Ltd. (H Shares)

134,000

$ 81,676

China CITIC Bank Corp. Ltd. (H Shares)

601,293

338,608

China Coal Energy Co. Ltd. (H Shares)

299,000

230,025

China Communications Construction Co. Ltd. (H Shares)

337,000

322,663

China Communications Services Corp. Ltd. (H Shares)

176,000

128,822

China Construction Bank Corp. (H Shares)

5,440,649

4,557,157

China Cosco Holdings Co. Ltd. (H Shares) (a)

200,000

84,534

China International Marine Containers (Group) Ltd. (H Shares) (a)

75,200

120,163

China Life Insurance Co. Ltd. (H Shares)

576,000

1,593,206

China Longyuan Power Grid Corp. Ltd. (H Shares)

208,000

190,574

China Merchants Bank Co. Ltd. (H Shares)

298,480

636,181

China Minsheng Banking Corp. Ltd. (H Shares)

382,800

491,810

China National Building Materials Co. Ltd. (H Shares)

228,000

269,129

China Oilfield Services Ltd. (H Shares)

132,000

260,253

China Pacific Insurance Group Co. Ltd. (H Shares)

207,200

744,944

China Petroleum & Chemical Corp. (H Shares)

1,496,000

1,650,933

China Railway Construction Corp. Ltd. (H Shares)

142,000

143,278

China Railway Group Ltd. (H Shares)

290,000

152,845

China Shenhua Energy Co. Ltd. (H Shares)

255,500

903,781

China Shipping Container Lines Co. Ltd. (H Shares) (a)

239,000

56,977

China Shipping Development Co. Ltd. (H Shares)

86,000

36,904

China Southern Airlines Ltd. (H Shares)

230,000

120,926

China Telecom Corp. Ltd. (H Shares)

1,042,000

533,876

China Vanke Co. Ltd. (B Shares)

92,800

187,988

Chongqing Rural Commercial Bank Co. Ltd. (H Shares)

163,000

88,640

CITIC Securities Co. Ltd. (H Shares)

73,000

165,564

CSR Corp. Ltd. (H Shares)

135,000

88,896

Datang International Power Generation Co. Ltd. (H Shares)

208,000

91,668

Dongfang Electric Corp. Ltd. (H Shares)

22,400

31,463

Dongfeng Motor Group Co. Ltd. (H Shares)

194,000

288,994

Great Wall Motor Co. Ltd. (H Shares)

74,500

323,051

Guangzhou Automobile Group Co. Ltd. (H Shares)

151,376

124,844

Guangzhou R&F Properties Co. Ltd. (H Shares)

59,200

107,107

Haitong Securities Co. Ltd. (H Shares) (a)

85,600

124,647

Huaneng Power International, Inc. (H Shares)

240,000

278,079

Industrial & Commercial Bank of China Ltd. (H Shares)

4,919,008

3,460,988

Inner Mongolia Yitai Coal Co. Ltd. (B Shares)

49,600

258,416

Jiangsu Expressway Co. Ltd. (H Shares)

74,000

81,055

Jiangxi Copper Co. Ltd. (H Shares)

104,000

201,563

New China Life Insurance Co. Ltd. (H Shares)

41,800

155,400

People's Insurance Co. of China Group

307,000

160,618

Common Stocks - continued

Shares

Value

China - continued

PetroChina Co. Ltd. (H Shares)

1,596,000

$ 2,034,309

PICC Property & Casualty Co. Ltd. (H Shares)

190,020

243,887

Ping An Insurance (Group) Co. of China Ltd. (H Shares)

146,500

1,160,084

Shandong Weigao Medical Polymer Co. Ltd. (H Shares)

108,000

103,684

Shanghai Electric Group Co. Ltd. (H Shares)

196,000

68,700

Shanghai Pharma Holding Co. Ltd. (H Shares)

48,200

99,255

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

172,000

59,179

Sinopharm Group Co. Ltd. (H Shares)

83,600

248,317

Tsingtao Brewery Co. Ltd. (H Shares)

22,000

147,562

Weichai Power Co. Ltd. (H Shares)

31,200

108,756

Wumart Stores, Inc. (H Shares)

39,000

68,349

Yanzhou Coal Mining Co. Ltd. (H Shares)

136,000

142,139

Zhaojin Mining Industry Co. Ltd. (H Shares)

69,000

76,645

Zhejiang Expressway Co. Ltd. (H Shares)

138,000

108,477

Zhuzhou CSR Times Electric Co. Ltd. (H Shares)

33,000

91,216

Zijin Mining Group Co. Ltd. (H Shares)

423,000

124,826

ZTE Corp. (H Shares)

52,680

88,794

TOTAL CHINA

29,935,827

Colombia - 0.2%

Almacenes Exito SA

16,189

265,399

BanColombia SA

16,261

267,292

BanColombia SA sponsored ADR

40

2,711

Cementos Argos SA

29,086

129,885

Corp. Financiera Colombiana SA

5,918

114,463

Corp. Financiera Colombiana SA (RFD) (a)

159

2,920

Ecopetrol SA

369,667

889,185

Grupo de Inversiones Suramerica

17,520

369,583

Interconexion Electrica SA ESP

26,592

122,390

Inversiones Argos SA

22,361

248,961

Isagen SA

54,439

75,764

TOTAL COLOMBIA

2,488,553

Czech Republic - 0.1%

Ceske Energeticke Zavody A/S

12,171

352,262

Komercni Banka A/S

1,240

237,023

Telefonica Czech Rep A/S

8,041

116,180

TOTAL CZECH REPUBLIC

705,465

Denmark - 0.8%

A.P. Moller - Maersk A/S:

Series A

38

259,773

Series B

101

718,638

Common Stocks - continued

Shares

Value

Denmark - continued

Carlsberg A/S Series B

8,173

$ 758,671

Coloplast A/S Series B

8,573

466,426

Danske Bank A/S (a)

49,713

939,621

DSV de Sammensluttede Vognmaend A/S

14,904

375,160

Novo Nordisk A/S Series B

30,454

5,360,660

Novozymes A/S Series B

18,127

625,996

TDC A/S

47,533

385,564

Tryg A/S (e)

2,085

180,542

William Demant Holding A/S (a)

1,739

139,154

TOTAL DENMARK

10,210,205

Egypt - 0.1%

Commercial International Bank Ltd.

37,641

165,888

Commercial International Bank Ltd. sponsored GDR

2,426

10,553

EFG-Hermes Holding SAE (a)

25,318

36,548

Egyptian Kuwaiti Holding

47,435

55,499

Orascom Construction Industries SAE (a)

4,139

132,324

Orascom Construction Industries SAE GDR (a)

2,427

77,591

Orascom Telecom Holding SAE (a)

156,705

106,214

Orascom Telecom Holding SAE GDR (Reg. S) (a)

4,891

16,483

Talaat Moustafa Group Holding (a)

53,119

30,259

Telecom Egypt SAE

24,076

43,921

TOTAL EGYPT

675,280

Finland - 0.5%

Elisa Corp. (A Shares)

11,229

212,948

Fortum Corp.

32,778

609,086

Kesko Oyj

4,480

134,519

Kone Oyj (B Shares)

11,870

1,048,139

Metso Corp.

10,021

411,619

Neste Oil Oyj

9,559

148,925

Nokia Corp. (e)

285,643

959,671

Nokian Tyres PLC

8,704

377,353

Orion Oyj (B Shares)

7,083

203,349

Pohjola Bank PLC (A Shares)

9,480

161,302

Sampo Oyj (A Shares) (e)

32,168

1,283,619

Stora Enso Oyj (R Shares) (e)

38,402

266,775

UPM-Kymmene Corp.

41,256

431,397

Wartsila Corp.

12,939

635,081

TOTAL FINLAND

6,883,783

France - 6.2%

Accor SA

11,290

373,196

Common Stocks - continued

Shares

Value

France - continued

Aeroports de Paris

2,060

$ 186,459

Air Liquide SA

12,335

1,561,429

Air Liquide SA

7,697

974,327

Alstom SA

16,586

680,626

Arkema SA

4,755

445,486

Atos Origin SA

3,910

272,139

AXA SA

134,336

2,514,830

BIC SA

2,290

244,372

BNP Paribas SA

76,116

4,241,195

Bouygues SA (e)

14,425

402,547

Bureau Veritas SA

4,128

505,854

Cap Gemini SA

11,592

533,168

Carrefour SA (e)

45,852

1,358,658

Casino Guichard Perrachon SA (e)

4,330

467,995

Christian Dior SA

4,239

738,851

CNP Assurances (e)

11,594

164,215

Compagnie de St. Gobain

30,043

1,204,956

Compagnie Generale de Geophysique SA (a)

12,569

271,900

Credit Agricole SA (a)

74,755

684,316

Danone SA (e)

43,899

3,353,720

Dassault Systemes SA

4,658

568,041

Edenred SA

12,602

419,552

EDF SA

9,355

209,072

EDF SA

9,060

202,479

Essilor International SA

15,339

1,725,947

Eurazeo SA

2,141

113,404

Eutelsat Communications

10,278

371,079

Fonciere Des Regions

1,818

144,611

France Telecom SA

141,667

1,512,917

GDF Suez (e)

100,976

2,167,580

Gecina SA

1,556

187,110

Groupe Eurotunnel SA

44,150

369,617

ICADE

1,596

147,130

Iliad SA

1,729

395,288

Imerys

2,487

162,944

JCDecaux SA

5,026

138,138

Klepierre SA (e)

7,695

326,313

L'Oreal SA

9,464

1,687,573

L'Oreal SA (a)

2,895

516,222

L'Oreal SA (a)

6,036

1,076,310

Lafarge SA

2,505

161,830

Lafarge SA (a)

4,998

322,886

Common Stocks - continued

Shares

Value

France - continued

Lafarge SA (Bearer)

6,561

$ 423,860

Lagardere S.C.A. (Reg.)

9,025

335,408

Legrand SA

18,255

850,688

LVMH Moet Hennessy - Louis Vuitton SA

19,331

3,347,722

Michelin CGDE Series B

13,573

1,146,321

Natixis SA

73,158

320,830

Pernod Ricard SA

16,083

1,990,968

Peugeot Citroen SA (a)(e)

15,055

120,546

PPR SA

5,762

1,267,620

Publicis Groupe SA

13,477

937,478

Remy Cointreau SA

1,837

213,885

Renault SA

14,565

1,003,570

Rexel SA

10,968

241,292

Safran SA

17,614

865,007

Sanofi SA

90,229

9,755,162

Schneider Electric SA (e)

39,972

3,047,921

SCOR SE (e)

12,860

390,290

Societe Generale Series A

53,429

1,940,620

Sodexo SA

7,138

596,079

Suez Environnement SA

20,086

288,462

Technip SA (e)

7,754

832,248

Thales SA

7,155

310,763

Total SA

161,212

8,114,939

Unibail-Rodamco

6,937

1,813,433

Vallourec SA

7,977

383,391

Veolia Environnement SA

26,652

368,661

VINCI SA

34,759

1,673,566

Vivendi SA

100,855

2,284,521

Wendel SA

2,587

280,256

Zodiac Aerospace

2,411

302,181

TOTAL FRANCE

79,553,970

Germany - 5.4%

adidas AG

15,913

1,661,860

Allianz AG

34,559

5,099,673

Axel Springer Verlag

2,800

117,999

BASF AG (e)

69,730

6,512,649

Bayer AG (e)

62,619

6,532,964

Bayerische Motoren Werke AG (BMW)

25,205

2,325,220

Beiersdorf AG

7,461

675,325

Brenntag AG

3,843

655,151

Common Stocks - continued

Shares

Value

Germany - continued

Celesio AG

5,991

$ 118,545

Commerzbank AG (a)(e)

28,371

381,665

Continental AG (e)

8,335

989,666

Daimler AG (Germany)

69,123

3,824,690

Deutsche Bank AG

70,795

3,258,908

Deutsche Boerse AG

14,635

913,567

Deutsche Lufthansa AG

17,529

350,428

Deutsche Post AG

69,314

1,644,921

Deutsche Telekom AG

213,070

2,520,372

E.ON AG (e)

136,984

2,482,319

Fraport AG Frankfurt Airport Services Worldwide

3,153

188,433

Fresenius Medical Care AG & Co. KGaA

15,810

1,089,242

Fresenius SE & Co. KGaA

9,597

1,203,464

GEA Group AG

13,125

443,964

Hannover Reins Corp.

4,678

395,024

HeidelbergCement Finance AG

10,417

750,000

Henkel AG & Co. KGaA

10,102

790,913

Hochtief AG

2,232

154,908

Hugo Boss AG

1,791

208,411

Infineon Technologies AG

79,858

630,488

K&S AG

12,772

564,650

Kabel Deutschland Holding AG

6,828

648,962

Lanxess AG

6,462

470,610

Linde AG

14,067

2,660,267

MAN SE

3,236

362,453

Merck KGaA (e)

5,009

762,567

Metro AG

9,170

285,909

Muenchener Rueckversicherungs AG (e)

13,658

2,731,311

RWE AG (e)

37,311

1,343,152

Salzgitter AG

2,660

104,112

SAP AG

69,939

5,575,673

Siemens AG

63,353

6,619,565

Suedzucker AG (Bearer)

5,919

238,606

Thyssenkrupp AG (a)

28,421

514,088

United Internet AG

6,972

191,165

Volkswagen AG

2,222

431,916

TOTAL GERMANY

69,425,775

Greece - 0.1%

Coca-Cola Hellenic Bottling Co. SA

14,938

368,468

Common Stocks - continued

Shares

Value

Greece - continued

Greek Organization of Football Prognostics SA

17,722

$ 174,809

Hellenic Telecommunications Organization SA (a)

17,000

147,762

TOTAL GREECE

691,039

Hong Kong - 2.9%

AIA Group Ltd.

915,000

4,062,003

Bank of East Asia Ltd.

94,089

386,776

Beijing Enterprises Holdings Ltd.

36,500

273,039

BOC Hong Kong (Holdings) Ltd.

286,000

984,027

Cathay Pacific Airways Ltd.

83,000

145,889

Cheung Kong Holdings Ltd.

105,000

1,580,382

China Agri-Industries Holdings Ltd.

191,382

93,963

China Everbright Ltd.

68,000

108,132

China Insurance International Holdings Co. Ltd. (a)

62,000

105,622

China Merchant Holdings International Co. Ltd.

86,532

273,753

China Mobile Ltd.

459,500

5,053,864

China Overseas Land and Investment Ltd.

314,000

958,976

China Resources Enterprise Ltd.

92,000

315,355

China Resources Power Holdings Co. Ltd.

146,000

477,877

China Unicom Ltd.

354,000

510,430

CITIC Pacific Ltd.

84,000

101,642

CLP Holdings Ltd.

134,000

1,181,111

CNOOC Ltd.

1,351,000

2,530,518

Dah Chong Hong Holdings Ltd.

58,000

53,440

Far East Horizon Ltd.

102,000

69,401

Fosun International Ltd.

133,500

94,962

Franshion Properties China Ltd.

246,000

84,006

Fushan International Energy Group Ltd.

244,000

95,271

Galaxy Entertainment Group Ltd. (a)

156,000

698,569

Guangdong Investment Ltd.

182,000

176,133

Hang Lung Properties Ltd.

174,000

677,152

Hang Seng Bank Ltd.

58,100

971,809

Henderson Land Development Co. Ltd.

72,388

524,243

HKT Trust / HKT Ltd. unit

170,000

178,540

Hong Kong & China Gas Co. Ltd.

393,525

1,184,102

Hong Kong Exchanges and Clearing Ltd.

82,939

1,395,828

Hopewell Holdings Ltd.

41,500

160,435

Hutchison Whampoa Ltd.

161,000

1,748,974

Hysan Development Co. Ltd.

54,434

269,710

Lenovo Group Ltd.

488,000

445,857

Link (REIT)

173,602

983,204

Mmg Ltd. (a)

92,000

27,623

Common Stocks - continued

Shares

Value

Hong Kong - continued

MTR Corp. Ltd.

107,965

$ 445,208

New World Development Co. Ltd.

287,682

501,951

PCCW Ltd.

293,000

149,140

Poly (Hong Kong) Investments Ltd.

121,000

84,355

Power Assets Holdings Ltd.

105,000

1,025,625

Shanghai Industrial Holdings Ltd.

38,000

120,462

Shui On Land Ltd. rights 5/13/13 (a)

64,723

6,839

Sino Land Ltd.

227,170

373,535

Sino-Ocean Land Holdings Ltd.

201,641

133,039

SJM Holdings Ltd.

147,000

370,524

Sun Art Retail Group Ltd.

179,000

250,042

Sun Hung Kai Properties Ltd.

118,547

1,714,010

Swire Pacific Ltd. (A Shares)

50,500

641,975

Swire Properties Ltd.

90,800

324,112

Wharf Holdings Ltd.

115,000

1,026,237

Wheelock and Co. Ltd.

73,000

406,384

Wing Hang Bank Ltd.

13,131

137,991

Yuexiu Property Co. Ltd.

374,000

110,848

TOTAL HONG KONG

36,804,895

Hungary - 0.1%

Magyar Telekom PLC

27,383

50,606

MOL Hungarian Oil and Gas PLC Series A (For. Reg.)

3,445

244,660

OTP Bank PLC

17,738

369,646

TOTAL HUNGARY

664,912

India - 1.5%

ABB Ltd. India

4

39

ACC Ltd.

3,816

87,665

Adani Enterprises Ltd. (a)

13,112

53,269

Aditya Birla Nuvo Ltd.

1,956

38,200

Ambuja Cements Ltd.

42,083

146,234

Asian Paints India Ltd.

2,076

181,024

Axis Bank Ltd.

23,164

644,070

Bajaj Auto Ltd.

5,821

203,890

Bank of Baroda

6,977

90,837

Bank of India

7,137

43,605

Bharat Heavy Electricals Ltd.

39,711

142,578

Bharat Petroleum Corp. Ltd.

12,619

97,372

Bharti Airtel Ltd. (a)

39,989

237,431

Cairn India Ltd.

39,830

231,479

Canara Bank (a)

5,810

44,886

Common Stocks - continued

Shares

Value

India - continued

Cipla Ltd.

27,491

$ 207,546

Coal India Ltd.

36,105

214,673

Dabur India Ltd.

33,587

92,468

Divi's Laboratories Ltd.

2,500

50,054

DLF Ltd.

30,345

134,641

Dr. Reddy's Laboratories Ltd.

8,773

332,099

GAIL India Ltd.

26,355

172,386

Godrej Consumer Products Ltd.

9,645

148,345

HCL Technologies Ltd.

15,685

210,769

HDFC Bank Ltd.

116,386

1,483,016

Hero Motocorp Ltd.

2,731

83,655

Hindalco Industries Ltd.

68,913

124,835

Hindustan Unilever Ltd.

65,654

713,957

Housing Development Finance Corp. Ltd. (a)

109,517

1,729,098

ICICI Bank Ltd.

32,606

710,570

Idea Cellular Ltd. (a)

53,208

131,570

Indiabulls Wholesale Services Ltd.

510

150

Infosys Ltd.

32,415

1,347,411

Infrastructure Development Finance Co. Ltd.

75,481

215,047

ITC Ltd.

168,363

1,031,316

Jaiprakash Associates Ltd.

59,301

83,122

Jindal Steel & Power Ltd. (a)

27,005

153,197

JSW Steel Ltd. (a)

5,715

74,811

Kotak Mahindra Bank Ltd.

19,947

262,727

Larsen & Toubro Ltd.

16,410

462,237

LIC Housing Finance Ltd. (a)

21,441

97,310

Lupin Ltd.

10,224

133,806

Mahindra & Mahindra Ltd.

23,667

407,389

Mundra Port and SEZ Ltd. (a)

33,001

89,134

NTPC Ltd.

80,897

237,108

Oil & Natural Gas Corp. Ltd.

58,809

357,882

Piramal Enterprises Ltd.

3,964

41,427

Power Finance Corp. Ltd.

15,566

56,497

Power Grid Corp. of India Ltd.

87,180

182,204

Ranbaxy Laboratories Ltd. (a)

8,041

67,694

Reliance Capital Ltd.

8,828

58,023

Reliance Communication Ltd. (a)

47,511

85,800

Reliance Industries Ltd.

97,379

1,429,713

Reliance Infrastructure Ltd. (a)

7,701

53,814

Reliance Power Ltd. (a)

42,783

56,861

Rural Electrification Corp. Ltd.

21,527

89,982

Satyam Computer Services Ltd. (a)

46,668

95,883

Common Stocks - continued

Shares

Value

India - continued

Sesa Goa Ltd.

26,615

$ 78,702

Shriram Transport Finance Co. Ltd.

8,986

124,776

Siemens India Ltd.

5,320

54,117

State Bank of India

11,247

474,371

Sterlite Industries (India) Ltd.

92,689

166,923

Sun Pharmaceutical Industries Ltd.

24,753

438,509

Tata Consultancy Services Ltd.

35,931

922,554

Tata Motors Ltd.

57,495

318,348

Tata Power Co. Ltd.

71,000

125,244

Tata Steel Ltd.

21,108

119,036

Titan Industries Ltd. (a)

16,875

85,090

Ultratech Cemco Ltd.

4,917

174,099

Unitech Ltd. (a)

119,659

59,958

United Breweries Ltd. (a)

4,000

54,749

United Spirits Ltd. (a)

6,857

282,397

Wipro Ltd.

41,203

267,550

Zee Entertainment Enterprises Ltd. (a)

33,830

147,394

TOTAL INDIA

19,846,623

Indonesia - 0.7%

PT Adaro Energy Tbk

1,014,000

128,282

PT Astra Agro Lestari Tbk

24,000

43,692

PT Astra International Tbk

1,536,000

1,161,181

PT Bank Central Asia Tbk

925,500

1,023,307

PT Bank Danamon Indonesia Tbk Series A

284,213

188,549

PT Bank Mandiri (Persero) Tbk

694,500

750,037

PT Bank Negara Indonesia (Persero) Tbk

574,989

319,356

PT Bank Rakyat Indonesia Tbk

855,500

827,121

PT Bumi Resources Tbk

1,063,500

73,288

PT Charoen Pokphand Indonesia Tbk

540,000

280,483

PT Global Mediacom Tbk

467,500

104,583

PT Gudang Garam Tbk

34,000

172,754

PT Indo Tambangraya Megah Tbk

29,500

111,507

PT Indocement Tunggal Prakarsa Tbk

109,500

297,330

PT Indofood Sukses Makmur Tbk

354,500

267,994

PT Indosat Tbk

103,500

63,872

PT Jasa Marga Tbk

152,500

105,091

PT Kalbe Farma Tbk

1,660,000

237,325

PT Media Nusantara Citra Tbk

300,000

96,426

PT Perusahaan Gas Negara Tbk Series B

830,000

533,555

PT Semen Gresik (Persero) Tbk

222,500

421,084

PT Tambang Batubbara Bukit Asam Tbk

57,000

89,406

Common Stocks - continued

Shares

Value

Indonesia - continued

PT Telkomunikasi Indonesia Tbk Series B

772,000

$ 930,091

PT Unilever Indonesia Tbk

110,000

296,991

PT United Tractors Tbk

125,212

228,594

PT XL Axiata Tbk

175,500

92,059

TOTAL INDONESIA

8,843,958

Ireland - 0.2%

CRH PLC

54,579

1,175,283

Elan Corp. PLC (a)

38,300

443,328

James Hardie Industries PLC CDI

34,668

364,435

Kerry Group PLC Class A

11,051

653,603

Ryanair Holdings PLC

5,111

39,775

Ryanair Holdings PLC sponsored ADR

1,650

71,511

TOTAL IRELAND

2,747,935

Isle of Man - 0.0%

Genting Singapore PLC

459,000

572,027

Israel - 0.4%

Bank Hapoalim BM (Reg.) (a)

81,609

379,021

Bank Leumi le-Israel BM (a)

99,074

351,526

Bezeq Israeli Telecommunication Corp. Ltd.

138,344

200,666

Delek Group Ltd.

295

77,597

Israel Chemicals Ltd.

33,940

403,682

Israel Corp. Ltd. (Class A)

177

113,803

Mellanox Technologies Ltd. (a)

2,500

130,404

Mizrahi Tefahot Bank Ltd. (a)

9,726

99,403

NICE Systems Ltd. (a)

1,774

62,926

NICE Systems Ltd. sponsored ADR (a)

2,788

98,890

Teva Pharmaceutical Industries Ltd.

47,000

1,804,497

Teva Pharmaceutical Industries Ltd. sponsored ADR

21,187

811,250

TOTAL ISRAEL

4,533,665

Italy - 1.4%

Assicurazioni Generali SpA

87,341

1,602,281

Atlantia SpA (e)

25,671

458,767

Banca Monte dei Paschi di Siena SpA (a)(e)

431,651

121,594

Banco Popolare Societa Cooperativa (a)

121,730

175,542

Enel Green Power SpA

139,117

296,617

Enel SpA

501,594

1,939,446

ENI SpA

192,942

4,604,831

EXOR SpA

4,615

139,788

Fiat Industrial SpA

62,773

708,472

Common Stocks - continued

Shares

Value

Italy - continued

Fiat SpA

66,230

$ 396,161

Finmeccanica SpA (a)

30,217

157,267

Intesa Sanpaolo SpA

743,691

1,348,639

Intesa Sanpaolo SpA (Risparmio Shares)

98,336

154,109

Luxottica Group SpA

12,022

622,671

Mediobanca SpA

35,919

228,287

Pirelli & C SpA

19,593

203,457

Prysmian SpA

15,964

322,295

Saipem SpA

19,891

563,202

Snam Rete Gas SpA

126,353

621,340

Telecom Italia SpA

728,327

618,641

Terna SpA

103,990

486,719

UniCredit SpA

304,886

1,590,018

Unione di Banche Italiane SCPA

68,880

287,555

TOTAL ITALY

17,647,699

Japan - 15.6%

ABC-MART, Inc.

1,800

67,429

ACOM Co. Ltd. (a)

2,500

102,433

Advantest Corp.

10,000

149,828

AEON Co. Ltd.

46,700

661,148

AEON Financial Service Co. Ltd.

5,200

155,901

AEON Mall Co. Ltd.

5,100

164,199

Air Water, Inc.

11,000

178,115

Aisin Seiki Co. Ltd.

14,600

527,013

Ajinomoto Co., Inc.

50,000

686,221

Alfresa Holdings Corp.

2,900

172,532

All Nippon Airways Ltd.

80,000

174,243

Amada Co. Ltd.

26,000

208,631

Aozora Bank Ltd.

78,000

244,382

Asahi Glass Co. Ltd.

77,000

605,006

Asahi Group Holdings

29,700

738,567

Asahi Kasei Corp.

96,000

645,346

Asics Corp.

10,400

187,748

Astellas Pharma, Inc.

33,900

1,975,864

Bank of Kyoto Ltd.

23,000

241,988

Bank of Yokohama Ltd.

91,000

553,622

Benesse Holdings, Inc.

5,400

239,328

Bridgestone Corp.

49,600

1,872,073

Brother Industries Ltd.

16,500

188,697

Calbee, Inc.

1,300

128,527

Canon, Inc.

86,500

3,110,930

Common Stocks - continued

Shares

Value

Japan - continued

Casio Computer Co. Ltd.

16,700

$ 138,365

Central Japan Railway Co.

10,900

1,314,576

Chiba Bank Ltd.

57,000

442,585

Chiyoda Corp.

11,000

113,091

Chubu Electric Power Co., Inc.

48,200

623,999

Chugai Pharmaceutical Co. Ltd.

17,000

423,254

Chugoku Electric Power Co., Inc.(THE)

23,700

340,176

Citizen Holdings Co. Ltd.

18,700

110,629

Coca-Cola West Co. Ltd.

5,300

98,574

Cosmo Oil Co. Ltd.

41,000

97,920

Credit Saison Co. Ltd.

12,400

362,720

Dai Nippon Printing Co. Ltd.

43,000

421,041

Dai-ichi Mutual Life Insurance Co.

650

896,005

Daicel Chemical Industries Ltd.

22,000

177,558

Daido Steel Co. Ltd.

20,000

109,008

Daihatsu Motor Co. Ltd.

15,000

297,551

Daiichi Sankyo Kabushiki Kaisha

52,800

1,033,123

Daikin Industries Ltd.

17,300

694,719

Dainippon Sumitomo Pharma Co. Ltd.

10,900

200,204

Daito Trust Construction Co. Ltd.

5,600

542,982

Daiwa House Industry Co. Ltd.

39,000

881,481

Daiwa Securities Group, Inc.

124,000

1,100,209

DeNA Co. Ltd.

8,000

227,889

Denki Kagaku Kogyo KK

33,000

120,729

DENSO Corp.

36,500

1,636,684

Dentsu, Inc.

14,100

490,164

Don Quijote Co. Ltd.

4,300

234,307

East Japan Railway Co.

25,700

2,169,511

Eisai Co. Ltd.

19,700

898,993

Electric Power Development Co. Ltd.

9,600

274,176

FamilyMart Co. Ltd.

4,000

182,802

Fanuc Corp.

14,600

2,203,902

Fast Retailing Co. Ltd.

4,000

1,466,857

Fuji Electric Co. Ltd.

47,000

160,815

Fuji Heavy Industries Ltd.

45,000

849,397

Fujifilm Holdings Corp.

35,500

729,295

Fujitsu Ltd.

139,000

583,811

Fukuoka Financial Group, Inc.

60,000

306,943

Furukawa Electric Co. Ltd. (a)

46,000

116,407

Fyushu Electric Power Co., Inc.

33,700

465,511

GREE, Inc. (e)

8,000

102,540

GS Yuasa Corp.

24,000

101,745

Common Stocks - continued

Shares

Value

Japan - continued

Gunma Bank Ltd.

27,000

$ 171,768

Hakuhodo DY Holdings, Inc.

1,970

162,355

Hamamatsu Photonics K.K.

5,000

206,149

Hankyu Hanshin Holdings, Inc.

86,000

556,871

Hino Motors Ltd.

19,000

290,223

Hirose Electric Co. Ltd.

2,500

359,474

Hiroshima Bank Ltd.

40,000

210,864

Hisamitsu Pharmaceutical Co., Inc.

5,000

293,994

Hitachi Chemical Co. Ltd.

7,700

120,710

Hitachi Construction Machinery Co. Ltd.

7,600

180,793

Hitachi High-Technologies Corp.

4,600

114,914

Hitachi Ltd.

360,000

2,300,704

Hitachi Metals Ltd.

12,000

124,063

Hokkaido Electric Power Co., Inc.

13,000

164,953

Hokuriku Electric Power Co., Inc.

11,400

168,131

Honda Motor Co. Ltd.

124,200

4,955,886

Hoya Corp.

32,600

653,185

Hulic Co. Ltd.

21,700

241,327

Ibiden Co. Ltd.

8,800

154,254

Idemitsu Kosan Co. Ltd.

1,600

135,360

INPEX Corp.

167

808,165

Isetan Mitsukoshi Holdings Ltd.

27,200

433,510

Ishikawajima-Harima Heavy Industries Co. Ltd.

104,000

387,810

Isuzu Motors Ltd.

90,000

599,790

Itochu Corp.

114,300

1,417,257

ITOCHU Techno-Solutions Corp.

2,200

104,692

Iyo Bank Ltd.

19,000

198,999

J Front Retailing Co. Ltd.

39,000

327,649

Japan Airlines Co. Ltd.

4,400

223,436

Japan Exchange Group, Inc.

3,700

454,176

Japan Petroleum Exploration Co. Ltd.

2,100

83,386

Japan Prime Realty Investment Corp.

57

209,460

Japan Real Estate Investment Corp.

45

604,503

Japan Retail Fund Investment Corp.

161

381,647

Japan Steel Works Ltd.

23,000

116,849

Japan Tobacco, Inc.

83,700

3,163,964

JFE Holdings, Inc.

37,800

820,711

JGC Corp.

15,000

444,471

Joyo Bank Ltd.

46,000

282,762

JSR Corp.

12,800

294,657

JTEKT Corp.

15,400

157,024

JX Holdings, Inc.

170,110

923,673

Kajima Corp.

59,000

188,393

Common Stocks - continued

Shares

Value

Japan - continued

Kamigumi Co. Ltd.

17,000

$ 159,405

Kaneka Corp.

20,000

120,483

Kansai Electric Power Co., Inc.

56,000

684,171

Kansai Paint Co. Ltd.

16,000

205,310

Kao Corp.

39,300

1,358,917

Kawasaki Heavy Industries Ltd.

103,000

328,460

KDDI Corp.

40,600

1,952,346

Keihin Electric Express Railway Co. Ltd.

36,000

398,388

Keio Corp.

41,000

352,675

Keisei Electric Railway Co.

19,000

200,883

Keyence Corp.

3,470

1,101,191

Kikkoman Corp.

12,000

227,771

Kinden Corp.

10,000

72,956

Kintetsu Corp. (e)

123,000

622,159

Kirin Holdings Co. Ltd.

65,000

1,137,433

Kobe Steel Ltd. (a)

203,000

265,134

Koito Manufacturing Co. Ltd.

7,000

135,420

Komatsu Ltd.

70,100

1,920,598

Konami Corp.

8,400

191,617

Konica Minolta Holdings, Inc.

39,000

275,530

Kubota Corp.

83,000

1,192,189

Kuraray Co. Ltd.

27,800

422,193

Kurita Water Industries Ltd.

7,900

162,178

Kyocera Corp.

11,600

1,179,982

Kyowa Hakko Kirin Co. Ltd.

18,000

220,940

Lawson, Inc.

4,700

370,051

LIXIL Group Corp.

20,800

467,612

Mabuchi Motor Co. Ltd.

2,000

108,596

Makita Corp.

8,800

536,783

Marubeni Corp.

124,000

890,103

Marui Group Co. Ltd.

15,200

176,437

Maruichi Steel Tube Ltd.

3,200

80,920

Mazda Motor Corp. (a)

200,000

685,288

McDonald's Holdings Co. (Japan) Ltd.

4,600

134,173

Medipal Holdings Corp.

10,000

156,901

Meiji Holdings Co. Ltd.

4,800

216,691

Miraca Holdings, Inc.

3,900

194,481

Mitsubishi Chemical Holdings Corp.

104,000

507,221

Mitsubishi Corp.

106,000

1,908,240

Mitsubishi Electric Corp.

146,000

1,391,875

Mitsubishi Estate Co. Ltd.

95,000

3,094,257

Mitsubishi Gas Chemical Co., Inc.

32,000

244,654

Common Stocks - continued

Shares

Value

Japan - continued

Mitsubishi Heavy Industries Ltd.

228,000

$ 1,572,300

Mitsubishi Logistics Corp.

9,000

160,893

Mitsubishi Materials Corp.

90,000

258,157

Mitsubishi Motors Corp. of Japan (a)

297,000

350,840

Mitsubishi Tanabe Pharma Corp.

16,100

244,903

Mitsubishi UFJ Financial Group, Inc.

967,900

6,567,051

Mitsubishi UFJ Lease & Finance Co. Ltd.

45,100

254,752

Mitsui & Co. Ltd.

131,400

1,810,253

Mitsui Chemicals, Inc.

63,000

145,797

Mitsui Fudosan Co. Ltd.

64,000

2,178,114

Mitsui OSK Lines Ltd.

87,000

362,297

Mizuho Financial Group, Inc.

1,739,660

3,828,048

MS&AD Insurance Group Holdings, Inc.

38,590

1,035,396

Murata Manufacturing Co. Ltd.

15,300

1,245,937

Nabtesco Corp.

6,800

150,058

Namco Bandai Holdings, Inc.

14,100

256,993

NEC Corp.

197,000

511,767

Nexon Co. Ltd.

7,700

93,487

NGK Insulators Ltd.

19,000

229,656

NGK Spark Plug Co. Ltd.

13,000

219,164

NHK Spring Co. Ltd.

11,300

122,318

Nidec Corp.

8,400

571,252

Nikon Corp.

25,700

559,390

Nintendo Co. Ltd.

8,100

894,018

Nippon Building Fund, Inc.

51

734,825

Nippon Electric Glass Co. Ltd.

27,000

137,814

Nippon Express Co. Ltd.

69,000

359,140

Nippon Meat Packers, Inc.

12,000

184,283

Nippon Paper Industries Co. Ltd. (a)(e)

7,700

115,336

Nippon Steel & Sumitomo Metal Corp.

582,170

1,550,596

Nippon Telegraph & Telephone Corp.

33,300

1,656,014

Nippon Yusen KK

134,000

349,815

Nishi-Nippon City Bank Ltd.

47,000

156,792

Nissan Motor Co. Ltd.

187,100

1,951,885

Nisshin Seifun Group, Inc.

13,000

167,964

Nissin Food Holdings Co. Ltd.

4,000

179,420

Nitori Holdings Co. Ltd.

2,350

177,290

Nitto Denko Corp.

12,300

808,104

NKSJ Holdings, Inc.

28,500

723,363

NOK Corp.

7,300

105,271

Nomura Holdings, Inc.

276,400

2,258,935

Nomura Real Estate Holdings, Inc.

10,000

268,838

Common Stocks - continued

Shares

Value

Japan - continued

Nomura Real Estate Office Fund, Inc.

19

$ 121,400

Nomura Research Institute Ltd.

7,100

213,871

NSK Ltd.

35,000

283,133

NTT Data Corp.

99

313,443

NTT DoCoMo, Inc.

1,150

1,904,283

NTT Urban Development Co.

94

139,370

Obayashi Corp.

51,000

313,786

Odakyu Electric Railway Co. Ltd.

47,000

566,021

Oji Holdings Corp.

66,000

235,580

Olympus Corp. (a)

17,200

431,854

Omron Corp.

15,700

495,961

Ono Pharmaceutical Co. Ltd.

6,700

441,884

Oracle Corp. Japan

2,500

107,102

Oriental Land Co. Ltd.

3,700

598,181

ORIX Corp.

78,900

1,210,666

Osaka Gas Co. Ltd.

142,000

615,431

Otsuka Corp.

1,300

134,764

Otsuka Holdings Co. Ltd.

27,600

995,319

Panasonic Corp.

169,500

1,221,566

Park24 Co. Ltd.

8,200

165,459

Rakuten, Inc.

54,900

585,583

Resona Holdings, Inc.

146,500

781,977

Ricoh Co. Ltd.

47,000

522,974

Rinnai Corp.

2,300

182,886

ROHM Co. Ltd.

7,500

265,137

Sankyo Co. Ltd. (Gunma)

4,100

186,868

Sanrio Co. Ltd.

3,200

160,675

Santen Pharmaceutical Co. Ltd.

5,300

266,033

SBI Holdings, Inc. Japan

17,080

330,858

Secom Co. Ltd.

16,100

897,964

Sega Sammy Holdings, Inc.

15,700

412,495

Sekisui Chemical Co. Ltd.

31,000

390,369

Sekisui House Ltd.

41,000

614,563

Seven & i Holdings Co. Ltd.

57,600

2,215,651

Seven Bank Ltd.

34,000

120,732

Sharp Corp. (e)

73,000

253,462

Shikoku Electric Power Co., Inc.

12,100

219,335

Shimadzu Corp.

21,000

153,446

Shimamura Co. Ltd.

1,600

202,211

SHIMANO, Inc.

5,700

496,497

SHIMIZU Corp.

43,000

173,067

Common Stocks - continued

Shares

Value

Japan - continued

Shin-Etsu Chemical Co. Ltd.

31,500

$ 2,123,491

Shinsei Bank Ltd.

108,000

303,124

Shionogi & Co. Ltd.

22,600

555,891

Shiseido Co. Ltd.

27,400

392,350

Shizuoka Bank Ltd.

40,000

489,616

Showa Denko KK

101,000

163,089

Showa Shell Sekiyu KK

16,700

134,036

SMC Corp.

4,100

821,938

So-net M3, Inc.

50

113,091

Softbank Corp.

71,900

3,565,804

Sojitz Corp.

90,400

141,935

Sony Corp.

77,000

1,265,725

Sony Financial Holdings, Inc.

12,200

172,350

Stanley Electric Co. Ltd.

12,100

232,073

Sumco Corp.

6,800

71,379

Sumitomo Chemical Co. Ltd.

117,000

391,796

Sumitomo Corp.

86,800

1,086,652

Sumitomo Electric Industries Ltd.

57,500

764,674

Sumitomo Heavy Industries Ltd.

40,000

178,110

Sumitomo Metal Mining Co. Ltd.

39,000

545,974

Sumitomo Mitsui Financial Group, Inc.

102,100

4,825,997

Sumitomo Mitsui Trust Holdings, Inc.

234,250

1,177,225

Sumitomo Realty & Development Co. Ltd.

27,000

1,276,056

Sumitomo Rubber Industries Ltd.

12,100

223,428

Suzuken Co. Ltd.

6,000

233,643

Suzuki Motor Corp.

28,400

729,772

Sysmex Corp.

5,500

354,698

T&D Holdings, Inc.

43,700

509,028

Taiheiyo Cement Corp.

92,000

238,934

Taisei Corp.

74,000

247,163

Taisho Pharmaceutical Holdings Co. Ltd.

2,500

185,360

Taiyo Nippon Sanso Corp.

21,000

139,540

Takashimaya Co. Ltd.

19,000

224,587

Takeda Pharmaceutical Co. Ltd.

60,300

3,310,576

TDK Corp.

9,800

358,354

Teijin Ltd.

63,000

151,783

Terumo Corp.

11,700

581,261

The Chugoku Bank Ltd.

12,000

209,231

The Hachijuni Bank Ltd.

30,000

204,251

The Suruga Bank Ltd.

13,000

229,998

THK Co. Ltd.

8,400

176,914

Tobu Railway Co. Ltd.

81,000

470,872

Common Stocks - continued

Shares

Value

Japan - continued

Toho Co. Ltd.

9,400

$ 209,008

Toho Gas Co. Ltd.

34,000

202,719

Tohoku Electric Power Co., Inc. (a)

36,400

389,862

Tokio Marine Holdings, Inc.

51,800

1,646,187

Tokyo Electric Power Co. (a)

112,900

499,763

Tokyo Electron Ltd.

12,900

660,276

Tokyo Gas Co. Ltd.

185,000

1,056,008

Tokyu Corp.

85,000

674,061

Tokyu Land Corp.

33,000

405,737

TonenGeneral Sekiyu KK

24,000

242,530

Toppan Printing Co. Ltd.

46,000

350,496

Toray Industries, Inc.

109,000

766,327

Toshiba Corp.

302,000

1,665,281

Toto Ltd.

20,000

207,426

Toyo Seikan Group Holdings Ltd.

11,300

154,859

Toyo Suisan Kaisha Ltd.

7,000

237,899

Toyoda Gosei Co. Ltd.

4,400

114,192

Toyota Boshoku Corp.

4,600

66,118

Toyota Industries Corp.

12,900

528,228

Toyota Motor Corp.

209,400

12,153,126

Toyota Tsusho Corp.

16,600

462,336

Trend Micro, Inc.

7,600

213,080

Tsumura & Co.

4,400

143,773

Ube Industries Ltd.

72,000

145,577

Unicharm Corp.

8,600

556,088

Ushio, Inc.

6,300

64,192

USS Co. Ltd.

1,520

194,992

West Japan Railway Co.

12,400

599,941

Yahoo! Japan Corp.

1,073

539,172

Yakult Honsha Co. Ltd.

7,700

335,631

Yamada Denki Co. Ltd. (e)

6,960

335,879

Yamaguchi Financial Group, Inc.

14,000

152,038

Yamaha Corp.

11,300

121,176

Yamaha Motor Co. Ltd.

20,100

280,404

Yamato Holdings Co. Ltd.

27,900

538,190

Yamato Kogyo Co. Ltd.

3,300

109,146

Yamazaki Baking Co. Ltd.

7,000

91,605

Yaskawa Electric Corp.

16,000

195,771

Yokogawa Electric Corp.

13,800

140,333

TOTAL JAPAN

200,439,172

Common Stocks - continued

Shares

Value

Korea (South) - 3.1%

AMOREPACIFIC Corp.

225

$ 183,822

AMOREPACIFIC Group, Inc.

184

69,818

BS Financial Group, Inc.

12,610

165,980

Celltrion, Inc.

4,378

125,584

Cheil Industries, Inc.

3,953

340,538

Cheil Worldwide, Inc.

6,870

169,628

CJ CheilJedang Corp.

630

186,436

CJ Corp.

1,000

131,172

Coway Co. Ltd.

4,160

210,717

Daelim Industrial Co.

2,043

142,801

Daewoo Engineering & Construction Co. Ltd. (a)

8,050

55,245

Daewoo International Corp.

3,142

110,237

Daewoo Securities Co. Ltd.

10,753

106,397

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

6,910

165,911

DGB Financial Group Co. Ltd.

9,710

135,741

Dongbu Insurance Co. Ltd.

3,017

121,736

Doosan Co. Ltd.

670

74,809

Doosan Heavy Industries & Construction Co. Ltd.

3,440

127,875

Doosan Infracore Co. Ltd. (a)

7,170

84,938

E-Mart Co. Ltd.

1,626

317,345

GS Engineering & Construction Corp.

2,432

66,782

GS Holdings Corp.

3,581

176,838

Hana Financial Group, Inc.

20,808

664,883

Hanjin Shipping Holdings Co. Ltd. (a)

12

53

Hankook Tire Co. Ltd.

6,127

266,413

Hanwha Chemical Corp.

5,510

81,779

Hanwha Corp.

3,110

88,082

Hanwha Life Insurance Co. Ltd.

12,710

77,302

Hyosung Corp.

1,617

81,319

Hyundai Department Store Co. Ltd.

1,064

154,537

Hyundai Engineering & Construction Co. Ltd.

5,095

267,328

Hyundai Fire & Marine Insurance Co. Ltd.

4,420

124,382

Hyundai Glovis Co. Ltd.

926

155,509

Hyundai Heavy Industries Co. Ltd.

3,146

574,020

Hyundai Hysco Co. Ltd.

2,330

65,145

Hyundai Industrial Development & Construction Co.

4,450

91,294

Hyundai Merchant Marine Co. Ltd. (a)

3,558

33,106

Hyundai Mipo Dockyard Co. Ltd.

780

76,470

Hyundai Mobis

5,150

1,168,744

Hyundai Motor Co.

11,264

2,039,894

Hyundai Securities Co. Ltd.

6,550

45,486

Hyundai Steel Co.

4,411

305,115

Common Stocks - continued

Shares

Value

Korea (South) - continued

Hyundai Wia Corp.

1,363

$ 175,694

Industrial Bank of Korea

11,990

137,139

Kangwon Land, Inc.

7,890

223,104

KB Financial Group, Inc.

29,873

976,643

KB Financial Group, Inc. ADR

362

11,874

KCC Corp.

404

119,923

Kia Motors Corp.

20,144

1,002,071

Korea Aerospace Industries Ltd.

3,000

76,252

Korea Electric Power Corp. (a)

19,610

565,241

Korea Electric Power Corp. sponsored ADR (a)

520

7,446

Korea Gas Corp.

1,613

103,520

Korea Investment Holdings Co. Ltd.

2,670

112,218

Korea Zinc Co. Ltd.

580

166,111

Korean Air Lines Co. Ltd. (a)

2,227

71,362

KT Corp.

900

29,439

KT Corp. sponsored ADR

3,220

52,357

KT&G Corp.

8,158

587,258

Kumho Petro Chemical Co. Ltd.

982

84,953

LG Chemical Ltd.

3,456

815,679

LG Corp.

7,284

433,756

LG Display Co. Ltd. (a)

17,690

483,924

LG Display Co. Ltd. sponsored ADR (a)

460

6,311

LG Electronics, Inc.

7,917

633,153

LG Household & Health Care Ltd.

742

416,933

LG Innotek Co. Ltd. (a)

848

68,511

LG Telecom Ltd.

16,298

153,865

Lotte Chemical Corp.

1,182

174,358

Lotte Confectionery Co. Ltd.

65

113,289

Lotte Shopping Co. Ltd.

828

308,919

LS Cable Ltd.

1,297

95,367

LS Industrial Systems Ltd.

999

56,406

Mando Corp.

795

60,620

Mirae Asset Securities Co. Ltd.

1,596

66,644

NCSOFT Corp.

1,091

164,401

NHN Corp.

3,161

849,353

Oci Co. Ltd.

1,057

135,770

Orion Corp.

275

290,824

POSCO

4,868

1,398,801

POSCO sponsored ADR (e)

336

24,189

S-Oil Corp.

3,809

306,003

S1 Corp.

1,311

74,023

Samsung C&T Corp.

9,525

510,140

Common Stocks - continued

Shares

Value

Korea (South) - continued

Samsung Card Co. Ltd.

3,011

$ 115,481

Samsung Electro-Mechanics Co. Ltd.

4,585

409,966

Samsung Electronics Co. Ltd.

8,162

11,261,913

Samsung Electronics Co. Ltd.:

GDR

474

327,534

GDR (f)

148

59,022

Samsung Engineering Co. Ltd.

2,092

168,065

Samsung Fire & Marine Insurance Co. Ltd.

2,669

548,768

Samsung Heavy Industries Co. Ltd.

12,950

412,031

Samsung Life Insurance Co. Ltd.

4,442

437,502

Samsung SDI Co. Ltd.

2,557

298,267

Samsung Securities Co. Ltd.

4,388

201,553

Samsung Techwin Co. Ltd.

2,528

157,195

Shinhan Financial Group Co. Ltd.

31,916

1,105,166

Shinhan Financial Group Co. Ltd. sponsored ADR

450

15,431

Shinsegae Co. Ltd.

526

112,925

SK C&C Co. Ltd.

1,618

135,713

SK Energy Co. Ltd.

4,846

659,852

SK Holdings Co. Ltd.

2,124

305,602

SK Hynix, Inc.

39,920

1,083,512

SK Networks Co. Ltd.

7,240

47,977

SK Telecom Co. Ltd.

620

109,105

SK Telecom Co. Ltd. sponsored ADR

3,790

73,867

Woori Finance Holdings Co. Ltd.

29,210

315,537

Woori Investment & Securities Co. Ltd.

9,527

97,725

Yuhan Corp.

596

113,615

TOTAL KOREA (SOUTH)

40,348,379

Luxembourg - 0.3%

ArcelorMittal SA (Netherlands)

76,478

945,316

Kernel Holding SA (a)

3,959

71,792

Millicom International Cellular SA (depository receipt)

4,893

400,134

SES SA (France) (depositary receipt)

23,518

734,347

Subsea 7 SA

21,341

459,647

Tenaris SA

36,485

809,144

TOTAL LUXEMBOURG

3,420,380

Malaysia - 0.8%

AirAsia Bhd

92,600

89,176

AMMB Holdings Bhd

115,300

253,906

Axiata Group Bhd

196,800

437,908

Berjaya Sports Toto Bhd

49,764

68,696

Common Stocks - continued

Shares

Value

Malaysia - continued

British American Tobacco (Malaysia) Bhd

9,700

$ 201,875

Bumi Armada Bhd

83,800

109,897

Bumiputra-Commerce Holdings Bhd

361,900

920,659

DiGi.com Bhd

247,400

377,300

Felda Global Ventures Holdings Bhd

85,300

129,527

Gamuda Bhd

116,875

156,346

Genting Bhd

155,800

537,683

Genting Malaysia Bhd

232,600

287,453

Genting Plantations Bhd

18,200

51,205

Hong Leong Bank Bhd

45,500

216,246

Hong Leong Credit Bhd

15,100

76,927

IHH Healthcare Bhd

139,900

172,432

IJM Corp. Bhd

84,200

150,827

IOI Corp. Bhd

236,600

391,158

Kuala Lumpur Kepong Bhd

38,800

274,948

Lafarge Malayan Cement Bhd

24,700

80,534

Malayan Banking Bhd

324,756

1,026,837

Malaysia Airports Holdings Bhd

44,861

88,764

Malaysia Marine and Heavy Engineering Sdn Bhd

38,700

48,462

Malaysian Plantations Bhd

72,500

106,278

Maxis Bhd

157,900

350,831

MISC Bhd (a)

75,800

108,624

MMC Corp. Bhd

61,800

51,796

Parkson Holdings Bhd

40,771

56,550

Petronas Chemicals Group Bhd

213,100

457,368

Petronas Dagangan Bhd

16,700

129,648

Petronas Gas Bhd

47,300

306,576

PPB Group Bhd

33,100

139,254

Public Bank Bhd (For. Reg.)

82,900

447,401

RHB Capital Bhd

44,988

125,390

SapuraKencana Petroleum Bhd (a)

159,900

167,126

Sime Darby Bhd

201,600

625,507

Telekom Malaysia Bhd

79,100

143,511

Tenaga Nasional Bhd

214,525

553,499

UEM Land Holdings Bhd (a)

141,000

116,322

UMW Holdings Bhd

45,000

211,504

YTL Corp. Bhd

391,000

210,761

YTL Power International Bhd

150,600

74,743

TOTAL MALAYSIA

10,531,455

Mauritius - 0.0%

Golden Agri-Resources Ltd.

584,000

251,295

Common Stocks - continued

Shares

Value

Mexico - 1.2%

Alfa SA de CV Series A

217,600

$ 505,367

Alpek SA de CV

30,000

71,601

America Movil S.A.B. de CV Series L

2,952,046

3,177,589

CEMEX SA de CV unit

802,832

905,164

Coca-Cola FEMSA S.A.B. de CV Series L

32,000

516,884

Compartamos S.A.B. de CV

66,800

111,239

Controladora Commercial Mexicana SA unit

28,000

108,105

El Puerto de Liverpool SA Class C

13,800

174,513

Embotelladoras Arca S.A.B. de CC

22,962

189,372

Fomento Economico Mexicano S.A.B. de CV unit

147,900

1,682,013

Grupo Aeroportuario del Pacifico SA de CV Series B

26,400

151,130

Grupo Aeroportuario del Sureste SA de CV Series B

16,200

201,047

Grupo Bimbo S.A.B. de CV Series A

120,900

393,398

Grupo Carso SA de CV Series A1

41,800

238,600

Grupo Financiero Banorte S.A.B. de CV Series O

140,600

1,060,206

Grupo Financiero Inbursa S.A.B. de CV Series O

147,100

431,040

Grupo Financiero Santander Mexico S.A.B. de CV

117,200

379,042

Grupo Mexico SA de CV Series B

292,823

1,048,079

Grupo Modelo S.A.B. de CV Series C

47,700

434,011

Grupo Televisa SA de CV

195,400

992,103

Industrias CH SA de CV (a)

11,000

88,645

Industrias Penoles SA de CV

10,560

440,905

Kimberly-Clark de Mexico SA de CV Series A

119,700

415,223

Mexichem S.A.B. de CV

78,784

401,567

Minera Frisco S.A.B. de CV (a)

51,800

221,409

Wal-Mart de Mexico SA de CV Series V

407,000

1,295,181

TOTAL MEXICO

15,633,433

Morocco - 0.0%

Attijariwafa Bank

2,034

80,541

Douja Promotion Groupe Addoha SA

7,506

48,832

Maroc Telecom SA

9,013

119,053

TOTAL MOROCCO

248,426

Netherlands - 1.9%

AEGON NV

134,694

899,722

Akzo Nobel NV (e)

18,356

1,106,683

ASML Holding NV (Netherlands) (e)

23,773

1,769,018

Corio NV

4,764

220,749

D.E. Master Blenders 1753 NV (a)

41,563

659,026

Delta Lloyd NV

12,897

247,127

European Aeronautic Defence and Space Co. (EADS) NV

34,137

1,802,989

Common Stocks - continued

Shares

Value

Netherlands - continued

Fugro NV (Certificaten Van Aandelen)

4,921

$ 284,665

Gemalto NV

5,929

484,421

Heineken Holding NV (A Shares)

7,782

467,947

Heineken NV (Bearer) (e)

17,590

1,242,115

ING Groep NV (Certificaten Van Aandelen) (a)

288,650

2,377,853

Koninklijke Ahold NV

77,450

1,221,933

Koninklijke Boskalis Westminster NV

5,385

224,277

Koninklijke KPN NV (e)

80,388

167,587

Koninklijke KPN NV rights 5/14/13 (a)(e)

69,308

93,101

Koninklijke Philips Electronics NV

71,906

1,990,218

QIAGEN NV (a)

18,157

359,754

Randstad Holding NV

9,433

392,746

Reed Elsevier NV (e)

52,684

854,789

Royal DSM NV

11,437

736,982

STMicroelectronics NV

48,437

421,449

TNT Express NV

22,704

174,437

Unilever NV (Certificaten Van Aandelen) (Bearer)

122,832

5,234,035

Vopak NV

5,521

305,813

Wolters Kluwer NV (Certificaten Van Aandelen) (e)

22,619

500,440

Ziggo NV

8,699

311,779

TOTAL NETHERLANDS

24,551,655

New Zealand - 0.1%

Auckland International Airport Ltd.

67,964

180,592

Contact Energy Ltd.

32,799

148,440

Fletcher Building Ltd.

52,263

396,008

Sky City Entertainment Group Ltd.

46,250

176,809

Telecom Corp. of New Zealand Ltd.

137,841

307,782

TOTAL NEW ZEALAND

1,209,631

Norway - 0.5%

Aker Solutions ASA

11,668

162,885

DnB ASA (e)

72,726

1,188,663

Gjensidige Forsikring ASA (e)

15,419

248,405

Norsk Hydro ASA (e)

73,625

344,728

Orkla ASA (A Shares) (e)

58,630

527,685

StatoilHydro ASA

85,259

2,087,257

Telenor ASA

51,893

1,166,276

Yara International ASA

13,745

643,571

TOTAL NORWAY

6,369,470

Peru - 0.0%

Compania de Minas Buenaventura SA sponsored ADR

13,941

279,099

Common Stocks - continued

Shares

Value

Philippines - 0.2%

Aboitiz Equity Ventures, Inc.

129,000

$ 178,579

Aboitiz Power Corp.

123,700

112,059

Alliance Global Group, Inc.

285,600

164,389

Ayala Corp.

12,260

190,860

Ayala Land, Inc.

384,400

302,945

Bank of the Philippine Islands (BPI)

60,616

151,338

BDO Unibank, Inc.

114,083

254,072

DMCI Holdings, Inc.

61,800

85,627

Globe Telecom, Inc.

2,525

87,693

International Container Terminal Services, Inc.

57,840

129,236

Jollibee Food Corp.

29,990

93,594

Metropolitan Bank & Trust Co.

31,637

95,660

Philippine Long Distance Telephone Co.

3,025

223,492

PNOC Energy Development Corp.

507,100

80,175

San Miguel Corp.

34,130

100,297

SM Investments Corp.

16,030

445,764

SM Prime Holdings, Inc.

548,875

266,606

Universal Robina Corp.

63,200

182,501

TOTAL PHILIPPINES

3,144,887

Poland - 0.3%

Asseco Poland SA

5,094

69,095

Bank Handlowy w Warszawie SA

2,630

78,238

Bank Millennium SA (a)

29,139

44,541

Bank Polska Kasa Opieki SA

10,222

490,097

Bank Zachodni WBK SA

2,000

166,464

BRE Bank SA

1,149

125,669

Cyfrowy Polsat SA (a)

15,835

83,789

ENEA SA

5,600

23,039

Eurocash SA

4,762

85,750

Grupa Lotos SA (a)

4,883

58,676

Jastrzebska Spolka Weglowa SA

2,400

63,421

KGHM Polska Miedz SA (Bearer)

10,538

493,575

Polish Oil & Gas Co. (a)

146,533

247,634

Polska Grupa Energetyczna SA

57,785

300,094

Polski Koncern Naftowy Orlen SA (a)

25,660

397,911

Powszechna Kasa Oszczednosci Bank SA

65,639

683,426

Powszechny Zaklad Ubezpieczen SA

4,168

574,446

Synthos SA

38,228

56,982

Tauron Polska Energia SA

75,249

100,257

Common Stocks - continued

Shares

Value

Poland - continued

Telekomunikacja Polska SA

49,882

$ 111,135

Zaklady Azotowe w Tarnowie-Moscicach SA

3,697

71,217

TOTAL POLAND

4,325,456

Portugal - 0.1%

Banco Espirito Santo SA (Reg.) (a)

169,312

193,766

Energias de Portugal SA

142,095

488,415

Galp Energia SGPS SA Class B

20,186

323,527

Jeronimo Martins SGPS SA

17,209

409,867

Portugal Telecom SGPS SA (Reg.)

44,464

232,005

TOTAL PORTUGAL

1,647,580

Russia - 1.2%

Federal Grid Co. of Unified Energy System (a)

23,194,927

89,667

Gazprom OAO (a)

40,634

162,031

Gazprom OAO sponsored ADR (Reg. S)

385,630

3,059,974

Inter Rao Ues JSC (a)

140,047,000

57,951

LSR Group OJSC GDR (Reg. S)

16,681

72,562

Lukoil Oil Co. (a)

665

42,084

Lukoil Oil Co. sponsored ADR (United Kingdom)

38,383

2,433,482

Magnit OJSC GDR (Reg. S)

19,701

1,004,751

Mechel Steel Group OAO sponsored ADR (e)

11,819

48,222

Megafon OJSC GDR

7,100

219,106

Mobile TeleSystems OJSC sponsored ADR

39,956

827,089

Norilsk Nickel OJSC (a)

279

46,168

Norilsk Nickel OJSC ADR

32,217

493,564

NOVATEK OAO GDR (Reg. S)

7,028

711,234

Novolipetsk Steel OJSC GDR (Reg. S)

5,026

83,432

Rosneft Oil Co. OJSC (a)

1,806

12,431

Rosneft Oil Co. OJSC GDR (Reg. S)

91,979

628,676

Rostelecom sponsored ADR

14,175

316,103

RusHydro JSC (a)

144,700

2,580

RusHydro JSC sponsored ADR

88,053

151,451

Russian Grids OAO

1,383,333

58,738

Russian Grids OAO rights (a)

3,892,035

0

Sberbank (Savings Bank of the Russian Federation) (a)

280,115

890,883

Sberbank (Savings Bank of the Russian Federation) sponsored ADR

134,771

1,733,155

Severstal JSC (a)

229

1,923

Severstal JSC GDR (Reg. S)

11,251

95,127

Sistema JSFC sponsored GDR

8,232

156,984

Surgutneftegaz JSC:

(Reg.) (a)

10,100

8,655

sponsored ADR

59,164

502,894

Common Stocks - continued

Shares

Value

Russia - continued

Tatneft OAO sponsored ADR

18,257

$ 689,932

TMK OAO GDR (Reg. S)

3,722

47,046

Uralkali OJSC (a)

1,055

7,651

Uralkali OJSC GDR (Reg. S)

20,033

724,994

VTB Bank JSC

2,224,000

3,516

VTB Bank JSC:

rights (a)

44,695,439

447

sponsored GDR (Reg. S)

92,397

291,051

TOTAL RUSSIA

15,675,554

Singapore - 1.1%

Ascendas Real Estate Investment Trust

163,000

363,928

CapitaCommercial Trust (REIT)

154,000

213,802

CapitaLand Ltd.

190,000

576,926

CapitaMall Trust

185,000

348,461

CapitaMalls Asia Ltd.

100,000

170,496

City Developments Ltd.

39,000

356,532

ComfortDelgro Corp. Ltd.

140,000

225,623

DBS Group Holdings Ltd.

136,712

1,860,269

Global Logistic Properties Ltd.

161,000

360,770

Hutchison Port Holdings Trust

414,000

343,620

Jardine Cycle & Carriage Ltd.

8,000

316,311

K-REIT Asia

22,080

27,069

Keppel Corp. Ltd.

110,400

959,961

Keppel Ld Ltd.

54,000

177,998

Olam International Ltd.

112,363

152,803

Oversea-Chinese Banking Corp. Ltd.

192,404

1,694,880

SembCorp Industries Ltd.

77,000

311,951

SembCorp Marine Ltd.

66,000

230,949

Singapore Airlines Ltd.

43,000

387,513

Singapore Exchange Ltd.

61,000

370,447

Singapore Press Holdings Ltd.

123,000

445,384

Singapore Technologies Engineering Ltd.

122,000

435,820

Singapore Telecommunications Ltd.

607,000

1,936,762

StarHub Ltd.

42,000

161,289

United Overseas Bank Ltd.

95,856

1,661,546

UOL Group Ltd.

34,000

196,817

Wilmar International Ltd.

147,000

397,426

Yangzijiang Shipbuilding Holdings Ltd.

145,000

111,837

TOTAL SINGAPORE

14,797,190

Common Stocks - continued

Shares

Value

South Africa - 1.6%

Absa Group Ltd.

22,097

$ 363,683

African Bank Investments Ltd.

51,793

164,438

African Rainbow Minerals Ltd.

7,351

144,898

Anglo Platinum Ltd. (a)

4,862

184,429

AngloGold Ashanti Ltd.

28,248

545,009

ArcelorMittal South Africa Ltd. (a)

10,621

27,211

Aspen Pharmacare Holdings Ltd.

22,421

486,973

Assore Ltd.

2,511

81,709

Aveng Ltd.

28,582

93,962

Barloworld Ltd.

16,267

170,402

Bidvest Group Ltd.

22,683

589,882

Discovery Ltd.

21,011

191,390

Exxaro Resources Ltd.

8,804

138,072

FirstRand Ltd.

237,972

826,875

Foschini Ltd.

17,066

218,710

Gold Fields Ltd.

55,350

414,989

Growthpoint Properties Ltd.

127,629

419,433

Harmony Gold Mining Co. Ltd.

28,131

142,215

Impala Platinum Holdings Ltd.

39,621

540,702

Imperial Holdings Ltd.

15,043

333,097

Investec Ltd.

17,280

123,955

Kumba Iron Ore Ltd.

6,494

342,506

Liberty Holdings Ltd.

7,302

97,241

Life Healthcare Group Holdings Ltd.

75,755

320,039

Massmart Holdings Ltd.

7,611

157,759

MMI Holdings Ltd.

76,185

194,421

Mr Price Group Ltd.

16,935

243,414

MTN Group Ltd.

129,282

2,330,779

Naspers Ltd. Class N

29,404

1,967,694

Nedbank Group Ltd.

16,044

340,851

Netcare Ltd.

62,628

142,376

Northam Platinum Ltd. (a)

18,023

66,862

Pick 'n Pay Stores Ltd.

15,224

72,103

Pretoria Portland Cement Co. Ltd.

42,110

153,968

Rand Merchant Insurance Holdings Ltd.

47,980

125,384

Redefine Properties Ltd. unit

199,208

239,756

Remgro Ltd.

34,060

686,893

Reunert Ltd.

13,057

113,480

RMB Holdings Ltd.

57,506

255,248

Sanlam Ltd.

131,862

675,805

Sappi Ltd. (a)

39,679

119,389

Sasol Ltd.

41,216

1,785,334

Common Stocks - continued

Shares

Value

South Africa - continued

Shoprite Holdings Ltd.

33,380

$ 632,708

Spar Group Ltd.

12,320

162,692

Standard Bank Group Ltd.

92,454

1,154,967

Steinhoff International Holdings Ltd.

85,719

228,781

Tiger Brands Ltd.

12,122

377,040

Transportation Hex Group Ltd. (a)

136

50

Truworths International Ltd.

34,501

342,915

Vodacom Group Ltd.

29,764

348,969

Woolworths Holdings Ltd.

57,439

447,683

TOTAL SOUTH AFRICA

20,329,141

Spain - 2.0%

Abertis Infraestructuras SA

29,391

548,858

ACS Actividades de Construccion y Servicios SA

9,859

253,509

Amadeus IT Holding SA Class A

23,573

695,862

Banco Bilbao Vizcaya Argentaria SA

403,998

3,932,745

Banco Bilbao Vizcaya Argentaria SA

7,120

69,106

Banco de Sabadell SA (e)

210,206

437,116

Banco Popular Espanol SA

432,643

336,734

Banco Santander SA (Spain)

809,668

5,847,055

Bankia SA (a)(e)

651

3,429

Bankia SA rights 5/14/13 (a)

651

1,063

Cintra Concesiones de Infrastructuras de Transporte SA

30,459

504,020

Criteria CaixaCorp SA

82,677

306,066

Distribuidora Internacional de Alimentacion SA

46,087

357,489

Enagas SA

14,953

398,376

Gas Natural SDG SA

27,091

567,272

Grifols SA

10,882

436,667

Grupo Acciona SA

1,778

116,491

Iberdrola SA

355,181

1,913,121

Inditex SA

16,450

2,210,794

International Consolidated Airlines Group SA (a)

51,502

217,042

International Consolidated Airlines Group SA CDI (a)

12,980

54,842

MAPFRE SA (Reg.)

63,521

232,976

Red Electrica Corporacion SA

8,191

435,693

Repsol YPF SA

63,248

1,482,641

Telefonica SA

309,559

4,532,660

Zardoya Otis SA

11,039

154,246

TOTAL SPAIN

26,045,873

Common Stocks - continued

Shares

Value

Sweden - 2.2%

Alfa Laval AB

24,849

$ 543,292

ASSA ABLOY AB (B Shares)

25,191

1,003,201

Atlas Copco AB:

(A Shares) (e)

49,357

1,299,219

(B Shares) (e)

31,538

747,933

Boliden AB

22,512

356,382

Electrolux AB (B Shares)

18,073

511,707

Elekta AB (B Shares)

27,522

423,167

Getinge AB (B Shares)

15,346

461,963

H&M Hennes & Mauritz AB (B Shares) (e)

72,578

2,567,815

Hexagon AB (B Shares)

17,625

503,373

Husqvarna AB (B Shares)

28,460

163,355

Industrivarden AB Series C

8,340

155,706

Investment AB Kinnevik

15,949

416,625

Investor AB (B Shares)

34,614

1,020,093

Lundin Petroleum AB (a)

16,843

403,335

Nordea Bank AB

199,124

2,385,721

Ratos AB (B Shares)

14,127

135,471

Sandvik AB (e)

77,593

1,099,655

Scania AB (B Shares)

23,636

502,913

Securitas AB (B Shares)

25,714

251,941

Skandinaviska Enskilda Banken AB (A Shares)

108,565

1,113,951

Skanska AB (B Shares)

28,956

492,351

SKF AB (B Shares) (e)

29,014

675,093

Svenska Cellulosa AB (SCA) (B Shares)

43,232

1,122,649

Svenska Handelsbanken AB (A Shares)

37,358

1,696,977

Swedbank AB (A Shares)

61,191

1,505,923

Swedish Match Co. AB (e)

15,501

537,664

Tele2 AB (B Shares)

24,649

422,540

Telefonaktiebolaget LM Ericsson (B Shares)

230,920

2,871,807

TeliaSonera AB

161,537

1,111,384

Volvo AB (B Shares)

114,480

1,584,443

TOTAL SWEDEN

28,087,649

Switzerland - 6.3%

ABB Ltd. (Reg.)

167,121

3,789,787

Actelion Ltd.

8,199

501,305

Adecco SA (Reg.)

9,986

534,097

Aryzta AG

6,797

421,797

Baloise Holdings AG

3,922

403,673

Banque Cantonale Vaudoise (Bearer)

217

120,076

Barry Callebaut AG

130

126,952

Common Stocks - continued

Shares

Value

Switzerland - continued

Compagnie Financiere Richemont SA Series A

39,714

$ 3,207,702

Credit Suisse Group

96,684

2,685,016

Ems-Chemie Holding AG

596

172,268

Geberit AG (Reg.)

2,791

681,691

Givaudan SA

639

821,945

Holcim Ltd. (Reg.)

17,496

1,363,288

Julius Baer Group Ltd.

15,903

633,520

Kuehne & Nagel International AG

4,115

470,893

Lindt & Spruengli AG

8

355,991

Lindt & Spruengli AG (participation certificate)

62

240,052

Lonza Group AG

3,733

259,961

Nestle SA

244,097

17,407,131

Novartis AG

174,370

12,908,190

Pargesa Holding SA

1,909

133,043

Partners Group Holding AG

1,359

348,593

Roche Holding AG (participation certificate)

53,252

13,310,136

Schindler Holding AG:

(participation certificate)

3,840

575,711

(Reg.)

1,528

223,662

SGS SA (Reg.)

416

1,005,326

Sika AG (Bearer)

171

412,879

Sonova Holding AG Class B

3,689

401,513

Sulzer AG (Reg.)

1,960

334,326

Swatch Group AG (Bearer)

2,304

1,319,510

Swatch Group AG (Bearer) (Reg.)

3,411

342,641

Swiss Life Holding AG

2,297

363,152

Swiss Prime Site AG

4,241

347,791

Swiss Re Ltd.

26,824

2,133,399

Swisscom AG

1,700

800,452

Syngenta AG (Switzerland)

7,079

3,026,410

Transocean Ltd. (Switzerland) (a)

27,317

1,394,642

UBS AG

276,400

4,930,540

Zurich Insurance Group AG

11,205

3,128,434

TOTAL SWITZERLAND

81,637,495

Taiwan - 2.5%

Acer, Inc. (a)

230,013

186,023

Advanced Semiconductor Engineering, Inc.

465,639

406,437

Advantech Co. Ltd.

22,400

107,101

Asia Cement Corp.

170,209

216,152

ASUSTeK Computer, Inc.

52,422

610,612

AU Optronics Corp. (a)

541,000

255,182

Common Stocks - continued

Shares

Value

Taiwan - continued

Capital Securities Corp.

99,040

$ 35,096

Catcher Technology Co. Ltd.

44,000

223,059

Cathay Financial Holding Co. Ltd.

554,564

746,565

Chang Hwa Commercial Bank

304,633

174,061

Cheng Shin Rubber Industry Co. Ltd.

141,316

478,721

Cheng Uei Precision Industries Co. Ltd.

31,270

62,349

Chicony Electronics Co. Ltd.

32,093

94,244

China Airlines Ltd. (a)

190,835

72,801

China Development Finance Holding Corp. (a)

1,024,819

283,571

China Life Insurance Co. Ltd.

130,437

132,472

China Motor Co. Ltd.

39,000

38,021

China Petrochemical Development Corp.

101,050

54,654

China Steel Corp.

916,235

807,803

Chinatrust Financial Holding Co. Ltd.

955,428

579,931

Chunghwa Picture Tubes, Ltd. (a)

551

36

Chunghwa Telecom Co. Ltd.

291,400

930,871

Clevo Co. Ltd.

47,544

91,251

Compal Electronics, Inc.

300,394

194,558

CTCI Corp.

45,000

90,031

Delta Electronics, Inc.

136,000

652,560

E Ink Holdings, Inc.

64,000

47,528

E.SUN Financial Holdings Co. Ltd.

273,840

165,288

Epistar Corp.

55,000

96,982

Eternal Chemical Co. Ltd.

37,260

32,156

EVA Airways Corp. (a)

127,100

70,898

Evergreen Marine Corp. (Taiwan) (a)

118,199

69,140

Far Eastern Department Stores Co. Ltd.

73,055

64,657

Far Eastern Textile Ltd.

209,591

225,653

Far EasTone Telecommunications Co. Ltd.

128,000

312,079

Farglory Land Development Co. Ltd.

26,000

49,549

Feng Hsin Iron & Steel Co.

34,000

61,105

First Financial Holding Co. Ltd.

572,664

352,453

Formosa Chemicals & Fibre Corp.

231,000

541,272

Formosa International Hotel Corp.

3,210

35,050

Formosa Petrochemical Corp.

79,000

215,114

Formosa Plastics Corp.

314,000

762,374

Formosa Taffeta Co. Ltd.

50,000

47,559

Foxconn Technology Co. Ltd.

51,300

135,513

Fubon Financial Holding Co. Ltd.

419,487

599,572

Giant Manufacturing Co. Ltd.

25,042

150,303

Hermes Microvision, Inc.

2,000

60,699

Highwealth Construction Corp.

24,000

53,632

Common Stocks - continued

Shares

Value

Taiwan - continued

HIWIN Technologies Corp.

12,757

$ 89,978

Hon Hai Precision Industry Co. Ltd. (Foxconn)

767,477

1,983,104

Hotai Motor Co. Ltd.

21,000

187,640

HTC Corp.

54,057

551,752

Hua Nan Financial Holdings Co. Ltd.

347,118

201,868

Innolux Corp. (a)

493,170

308,545

Inventec Corp.

142,209

56,903

Kinsus Interconnect Technology Corp.

20,000

69,854

Largan Precision Co. Ltd.

7,000

191,319

Lee Chang Yung Chemical Industry Corp.

38,809

45,994

LITE-ON Technology Corp.

147,970

266,436

Macronix International Co. Ltd.

251,191

68,483

MediaTek, Inc.

88,007

1,074,348

Mega Financial Holding Co. Ltd.

618,551

477,180

Merida Industry Co. Ltd.

12,000

73,245

Nan Ya Plastics Corp.

370,000

737,742

Nankang Rubber Tire Co. Ltd.

43,164

51,009

Novatek Microelectronics Corp.

35,000

170,905

Oriental Union Chemical Corp.

35,000

38,632

Pegatron Corp. (a)

109,652

179,593

Phison Electronics Corp.

9,199

72,525

Pou Chen Corp.

157,240

185,553

Powertech Technology, Inc.

48,700

87,194

President Chain Store Corp.

44,000

271,550

Quanta Computer, Inc.

187,000

386,809

Radiant Opto-Electronics Corp.

30,750

125,127

Realtek Semiconductor Corp.

33,410

96,299

Richtek Technology Corp.

11,050

60,889

Ruentex Development Co. Ltd.

37,622

73,739

Ruentex Industries Ltd.

35,754

85,596

ScinoPharm Taiwan Ltd.

18,000

41,872

Shin Kong Financial Holding Co. Ltd. (a)

437,995

138,424

Siliconware Precision Industries Co. Ltd.

210,000

252,088

SIMPLO Technology Co. Ltd.

19,971

84,990

Sinopac Holdings Co.

517,737

258,956

Standard Foods Corp.

17,360

59,456

Synnex Technology International Corp.

98,496

166,665

Taishin Financial Holdings Co. Ltd.

448,724

194,767

Taiwan Business Bank

270,549

83,211

Taiwan Cement Corp.

247,110

328,474

Taiwan Cooperative Financial Holding Co. Ltd.

324,090

186,278

Taiwan Fertilizer Co. Ltd.

49,000

117,308

Common Stocks - continued

Shares

Value

Taiwan - continued

Taiwan Glass Industry Corp.

62,210

$ 63,286

Taiwan Mobile Co. Ltd.

126,400

460,766

Taiwan Semiconductor Manufacturing Co. Ltd.

1,871,000

6,949,269

TECO Electric & Machinery Co. Ltd.

127,000

119,507

Transcend Information, Inc.

23,000

79,552

Tripod Technology Corp.

28,880

65,614

TSRC Corp.

39,710

78,504

Tung Ho Steel Enterprise Corp.

52,000

50,783

U-Ming Marine Transport Corp.

42,000

65,514

Unified-President Enterprises Corp.

312,241

615,165

Unimicron Technology Corp.

78,000

82,258

United Microelectronics Corp.

975,000

373,907

Walsin Lihwa Corp. (a)

258,000

80,051

Wan Hai Lines Ltd. (a)

69,850

39,082

Wintek Corp. (a)

132,597

68,120

Wistron Corp.

150,304

152,649

WPG Holding Co. Ltd.

96,107

115,856

Yang Ming Marine Transport Corp. (a)

126,100

56,657

Yuanta Financial Holding Co. Ltd.

597,157

303,742

Yulon Motor Co. Ltd.

64,000

109,814

TOTAL TAIWAN

31,785,134

Thailand - 0.6%

Advanced Info Service PCL

3,000

27,598

Advanced Info Service PCL (For. Reg.)

86,200

792,981

Airports of Thailand PCL (For. Reg.)

30,000

147,700

Bangkok Bank PCL

42,300

327,158

Bangkok Bank PCL (For. Reg.)

64,800

501,179

Bangkok Dusit Medical Service PCL (For. Reg.)

20,000

115,162

Bank of Ayudhya PCL (For. Reg.)

167,300

186,681

Banpu PCL (For. Reg.)

7,000

81,329

BEC World PCL (For. Reg.)

72,100

164,589

C.P. ALL PCL (For. Reg.)

337,500

505,963

Central Pattana PCL (For. Reg.)

52,300

178,194

Charoen Pokphand Foods PCL

20,000

21,635

Charoen Pokphand Foods PCL (For. Reg.)

213,700

231,175

Glow Energy PCL (For. Reg.)

33,300

87,363

Indorama Ventures PCL (For. Reg.)

97,500

78,066

IRPC Public Co. Ltd. (For. Reg.)

717,500

100,230

Kasikornbank PCL

51,600

379,748

Kasikornbank PCL (For. Reg.)

87,400

643,216

Krung Thai Bank PCL (For. Reg.)

293,975

248,401

Common Stocks - continued

Shares

Value

Thailand - continued

PTT Exploration and Production PCL (For. Reg.)

118,051

$ 619,416

PTT Global Chemical PCL (For. Reg.)

121,686

302,660

PTT PCL (For. Reg.)

63,400

704,204

Siam Cement PCL

10,600

178,412

Siam Cement PCL (For. Reg.)

22,900

385,438

Siam Commercial Bank PCL

6,800

43,094

Siam Commercial Bank PCL (For. Reg.)

129,100

818,147

Siam Makro PCL (For. Reg.)

6,700

172,123

Thai Oil PCL (For. Reg.)

61,000

137,172

TOTAL THAILAND

8,179,034

Turkey - 0.5%

Akbank T.A.S.

133,506

701,507

Anadolu Efes Biracilik Ve Malt Sanayii A/S

16,203

269,334

Arcelik A/S

18,237

141,908

Asya Katilim Bankasi A/S (a)

22,846

27,654

Bim Birlesik Magazalar A/S JSC

8,228

422,243

Coca-Cola Icecek A/S

5,062

141,180

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S

51,404

88,027

Enka Insaat ve Sanayi A/S

29,062

89,808

Eregli Demir ve Celik Fabrikalari T.A.S.

69,981

80,023

Ford Otomotiv Sanayi A/S

5,405

75,072

Haci Omer Sabanci Holding A/S

60,641

377,156

Koc Holding A/S

47,801

289,299

Koza Altin Isletmeleri A/S

3,700

73,886

TAV Havalimanlari Holding A/S

11,204

79,058

Tofas Turk Otomobil Fabrikasi A/S

9,000

62,753

Tupras Turkiye Petrol Rafinelleri A/S

9,710

270,813

Turk Hava Yollari AO

39,108

162,736

Turk Sise ve Cam Fabrikalari A/S

34,310

58,180

Turk Telekomunikasyon A/S

35,968

170,536

Turkcell Iletisim Hizmet A/S (a)

61,620

383,681

Turkiye Garanti Bankasi A/S

176,536

974,875

Turkiye Halk Bankasi A/S

47,372

516,593

Turkiye Is Bankasi A/S Series C

118,315

456,695

Turkiye Vakiflar Bankasi TAO

61,798

220,615

Yapi ve Kredi Bankasi A/S

58,263

180,696

TOTAL TURKEY

6,314,328

United Kingdom - 14.5%

3I Group PLC

76,192

388,907

Aberdeen Asset Management PLC

65,586

457,127

Common Stocks - continued

Shares

Value

United Kingdom - continued

Admiral Group PLC

15,707

$ 312,544

Aggreko PLC

20,107

556,576

AMEC PLC

22,212

349,515

Anglo American PLC (United Kingdom)

104,687

2,544,933

Antofagasta PLC

29,829

415,856

ARM Holdings PLC

104,516

1,625,632

Associated British Foods PLC

26,340

791,710

AstraZeneca PLC (United Kingdom)

94,261

4,894,127

Aviva PLC

221,976

1,053,835

Babcock International Group PLC

26,539

441,101

BAE Systems PLC

248,563

1,449,826

Balfour Beatty PLC

57,444

192,649

Barclays PLC

882,571

3,938,454

BG Group PLC

258,016

4,346,558

BHP Billiton PLC

161,048

4,530,730

BP PLC

1,443,865

10,462,456

British American Tobacco PLC (United Kingdom)

146,181

8,103,582

British Land Co. PLC

70,586

651,838

British Sky Broadcasting Group PLC

81,036

1,062,404

BT Group PLC

599,301

2,576,772

Bunzl PLC

24,961

495,909

Burberry Group PLC

32,536

675,212

Capita Group PLC

48,313

677,299

Capital Shopping Centres Group PLC

51,756

275,514

Carnival PLC

13,646

492,675

Centrica PLC

394,035

2,270,796

Cobham PLC

86,105

335,047

Compass Group PLC

138,607

1,823,635

Croda International PLC

10,213

393,119

Diageo PLC

189,616

5,790,417

Eurasian Natural Resources Corp. PLC

18,549

79,063

Evraz PLC

24,241

58,365

Fresnillo PLC

14,386

257,432

G4S PLC (United Kingdom)

109,020

529,715

GKN PLC

122,428

522,597

GlaxoSmithKline PLC

371,675

9,589,771

Hammerson PLC

55,491

447,793

Hargreaves Lansdown PLC

17,000

258,656

HSBC Holdings PLC (United Kingdom)

1,392,407

15,249,628

ICAP PLC

39,618

177,114

IMI PLC

24,982

480,804

Imperial Tobacco Group PLC

75,302

2,690,318

Common Stocks - continued

Shares

Value

United Kingdom - continued

Inmarsat PLC

34,996

$ 392,758

InterContinental Hotel Group PLC

19,774

584,245

Intertek Group PLC

11,917

612,353

Invensys PLC

59,094

353,130

Investec PLC

44,208

312,451

ITV PLC

274,380

536,596

J Sainsbury PLC

91,393

541,030

Johnson Matthey PLC

15,694

590,929

Kazakhmys PLC

14,501

78,005

Kingfisher PLC

179,158

871,342

Land Securities Group PLC

58,377

792,089

Legal & General Group PLC

441,466

1,162,348

Lloyds Banking Group PLC (a)

3,207,062

2,724,378

London Stock Exchange Group PLC

12,431

258,943

Marks & Spencer Group PLC

124,719

791,590

Meggitt PLC

60,008

436,798

Melrose PLC

162,537

616,296

National Grid PLC

275,507

3,511,946

Next PLC

11,942

808,599

Old Mutual PLC

368,105

1,172,182

Pearson PLC

61,402

1,116,756

Prudential PLC

193,894

3,333,925

Reckitt Benckiser Group PLC

48,795

3,559,367

Reed Elsevier PLC

91,505

1,068,887

Rexam PLC

58,948

472,943

Rio Tinto PLC

102,002

4,683,942

Rolls-Royce Group PLC

140,721

2,470,055

Royal & Sun Alliance Insurance Group PLC

272,169

470,547

Royal Bank of Scotland Group PLC (a)

163,011

777,861

Royal Dutch Shell PLC:

Class A (Netherlands)

90,400

3,074,682

Class A (United Kingdom)

193,068

6,573,054

Class B (United Kingdom)

198,467

6,961,714

SABMiller PLC

72,317

3,896,291

Sage Group PLC

96,100

503,810

Schroders PLC

8,896

322,664

Scottish & Southern Energy PLC

73,144

1,769,036

Segro PLC

51,713

213,995

Serco Group PLC

36,734

352,921

Severn Trent PLC

17,537

496,060

Smith & Nephew PLC

66,070

756,278

Smiths Group PLC

30,740

596,875

Common Stocks - continued

Shares

Value

United Kingdom - continued

Standard Chartered PLC (United Kingdom)

182,720

$ 4,589,501

Standard Life PLC

178,571

1,037,968

Tate & Lyle PLC

35,139

460,955

Tesco PLC

609,368

3,465,836

The Weir Group PLC

15,794

540,721

TUI Travel PLC

29,613

144,576

Tullow Oil PLC

69,834

1,085,851

Unilever PLC

96,998

4,202,607

United Utilities Group PLC

50,956

586,124

Vedanta Resources PLC

7,779

146,090

Vodafone Group PLC

3,720,172

11,351,350

Whitbread PLC

13,186

523,327

WM Morrison Supermarkets PLC

167,617

760,535

Xstrata PLC

158,313

2,369,396

TOTAL UNITED KINGDOM

186,602,519

United States of America - 0.0%

Southern Copper Corp.

12,726

424,158

TOTAL COMMON STOCKS

(Cost $1,135,825,866)


1,265,278,217

Nonconvertible Preferred Stocks - 1.9%

 

 

 

 

Brazil - 1.1%

AES Tiete SA (PN) (non-vtg.)

7,300

73,994

Banco Bradesco SA (PN)

117,679

1,934,506

Banco do Estado Rio Grande do Sul SA

12,800

107,736

Bradespar Sa (PN)

17,300

219,714

Braskem SA (PN-A)

9,200

80,010

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)

10,900

56,550

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

7,501

412,025

Companhia de Bebidas das Americas (AmBev) (PN)

43,806

1,833,908

Companhia Energetica de Minas Gerais (CEMIG) (PN)

27,875

355,134

Companhia Energetica de Sao Paulo Series A

10,800

114,167

Companhia Paranaense de Energia-Copel (PN-B)

6,600

117,139

Eletropaulo Metropolitana SA (PN-B)

8,100

33,279

Gerdau SA (PN)

47,750

373,504

Itau Unibanco Holding SA

127,900

2,145,358

Itausa-Investimentos Itau SA (PN)

192,298

952,479

Klabin SA (PN) (non-vtg.)

32,000

213,680

Nonconvertible Preferred Stocks - continued

Shares

Value

Brazil - continued

Lojas Americanas SA (PN)

31,625

$ 275,983

Marcopolo SA (PN)

13,000

86,483

Metalurgica Gerdau SA (PN)

23,600

234,850

Oi SA (PN)

49,303

120,747

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

238,040

2,374,749

Telefonica Brasil SA

16,040

425,943

Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)

19,300

95,596

Vale SA (PN-A)

114,600

1,863,270

TOTAL BRAZIL

14,500,804

Chile - 0.0%

Embotelladora Andina SA Class B

16,000

108,716

Sociedad Quimica y Minera de Chile SA (PN-B)

7,028

347,930

TOTAL CHILE

456,646

Colombia - 0.1%

Banco Davivienda SA

5,822

77,900

BanColombia SA (PN)

27,203

445,662

Grupo Aval Acciones Y Val SA

108,033

75,768

Grupo de Inversiones Suramerica

4,706

99,066

Inversiones Argos SA

9,012

99,448

TOTAL COLOMBIA

797,844

France - 0.1%

Air Liquide SA

3,733

472,543

Germany - 0.4%

Bayerische Motoren Werke AG (BMW) (non-vtg.)

4,210

292,631

Henkel AG & Co. KGaA

13,428

1,266,175

Porsche Automobil Holding SE (Germany)

11,615

909,981

ProSiebenSat.1 Media AG

7,775

297,758

RWE AG (non-vtg.)

3,046

103,595

Volkswagen AG (e)

11,052

2,240,004

TOTAL GERMANY

5,110,144

Italy - 0.0%

Telecom Italia SpA (Risparmio Shares) (e)

416,118

289,003

Korea (South) - 0.1%

Hyundai Motor Co.

2,156

153,244

Hyundai Motor Co. Series 2

3,391

255,492

Nonconvertible Preferred Stocks - continued

Shares

Value

Korea (South) - continued

LG Chemical Ltd.

624

$ 54,492

Samsung Electronics Co. Ltd.

1,469

1,161,481

TOTAL KOREA (SOUTH)

1,624,709

Russia - 0.1%

AK Transneft OAO

108

216,373

Sberbank (Savings Bank of the Russian Federation)

74,675

172,979

Surgutneftegaz JSC

472,517

331,385

TOTAL RUSSIA

720,737

United Kingdom - 0.0%

Rolls-Royce Group PLC Class C

16,745,799

26,012

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $23,537,576)


23,998,442

Nonconvertible Bonds - 0.0%

 

Principal Amount (d)

 

India - 0.0%

Dr. Reddy's Laboratories Ltd. 9.25% 3/24/14 (g)
(Cost $253)

$ 11,184


1,062

U.S. Government and Government Agency Obligations - 0.2%

 

U.S. Treasury Obligations - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.11% to 0.12% 6/27/13 to 8/15/13
(Cost $2,199,446)

2,200,000


2,199,772

Money Market Funds - 7.8%

Shares

Value

Fidelity Cash Central Fund, 0.13% (b)

21,697,822

$ 21,697,822

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

78,801,326

78,801,326

TOTAL MONEY MARKET FUNDS

(Cost $100,499,148)


100,499,148

TOTAL INVESTMENT PORTFOLIO - 108.1%

(Cost $1,262,062,289)

1,391,976,641

NET OTHER ASSETS (LIABILITIES) - (8.1)%

(104,191,076)

NET ASSETS - 100%

$ 1,287,785,565

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 are available on the SEC's website or upon request.

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

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $59,022 or 0.0% of net assets.

(g) Principal amount shown represents units.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 22,854

Fidelity Securities Lending Cash Central Fund

422,413

Total

$ 445,267

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 126,084,322

$ 80,010,180

$ 46,074,142

$ -

Consumer Staples

139,668,789

79,279,740

60,389,049

-

Energy

121,669,668

68,950,532

52,719,136

-

Financials

347,231,624

246,195,488

101,035,689

447

Health Care

99,914,439

38,217,791

61,696,648

-

Industrials

135,830,799

85,681,546

50,149,253

-

Information Technology

81,945,783

37,545,161

44,400,622

-

Materials

119,606,838

80,956,545

38,650,293

-

Telecommunication Services

71,255,643

32,358,999

38,896,644

-

Utilities

46,068,754

35,640,592

10,428,162

-

Corporate Bonds

1,062

-

1,062

-

U.S. Government and Government Agency Obligations

2,199,772

-

2,199,772

-

Money Market Funds

100,499,148

100,499,148

-

-

Total Investments in Securities:

$ 1,391,976,641

$ 885,335,722

$ 506,640,472

$ 447

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers

Total

Level 1 to Level 2

$ 121,624,938

Level 2 to Level 1

$ 0

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

  

April 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $74,928,699) - See accompanying schedule:

Unaffiliated issuers (cost $1,161,563,141)

$ 1,291,477,493

 

Fidelity Central Funds (cost $100,499,148)

100,499,148

 

Total Investments (cost $1,262,062,289)

 

$ 1,391,976,641

Foreign currency held at value (cost $11,106,404)

11,122,745

Receivable for investments sold

213,055

Dividends receivable

5,220,550

Interest receivable

2

Distributions receivable from Fidelity Central Funds

202,636

Receivable for daily variation margin on futures contracts

112,410

Other receivables

1,159

Total assets

1,408,849,198

 

 

 

Liabilities

Payable to custodian bank

$ 767

Payable for investments purchased

13,836,495

Payable for fund shares redeemed

28,097,611

Accrued management fee

211,223

Other payables and accrued expenses

116,211

Collateral on securities loaned, at value

78,801,326

Total liabilities

121,063,633

 

 

 

Net Assets

$ 1,287,785,565

Net Assets consist of:

 

Paid in capital

$ 1,153,332,670

Undistributed net investment income

12,231,323

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(7,494,795)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

129,716,367

Net Assets, for 111,074,500 shares outstanding

$ 1,287,785,565

Net Asset Value, offering price and redemption price per share ($1,287,785,565 ÷ 111,074,500 shares)

$ 11.59

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

Semiannual Report

Statement of Operations

  

Six months ended April 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 18,026,464

Interest

 

2,095

Income from Fidelity Central Funds

 

445,267

Income before foreign taxes withheld

 

18,473,826

Less foreign taxes withheld

 

(1,465,668)

Total income

 

17,008,158

 

 

 

Expenses

Management fee

$ 1,173,127

Independent trustees' compensation

2,090

Miscellaneous

1,476

Total expenses before reductions

1,176,693

Expense reductions

(5)

1,176,688

Net investment income (loss)

15,831,470

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(1,739,201)

Foreign currency transactions

(198,993)

Futures contracts

3,127,941

Total net realized gain (loss)

 

1,189,747

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $17,273)

122,729,759

Assets and liabilities in foreign currencies

(47,712)

Futures contracts

55,329

Total change in net unrealized appreciation (depreciation)

 

122,737,376

Net gain (loss)

123,927,123

Net increase (decrease) in net assets resulting from operations

$ 139,758,593

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

  

Six months ended April 30, 2013
(Unaudited)

Year ended
October 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 15,831,470

$ 23,352,445

Net realized gain (loss)

1,189,747

(2,697,529)

Change in net unrealized appreciation (depreciation)

122,737,376

36,000,261

Net increase (decrease) in net assets resulting
from operations

139,758,593

56,655,177

Distributions to shareholders from net investment income

(24,958,322)

(10,700,271)

Distributions to shareholders from net realized gain

(1,833,673)

-

Total distributions

(26,791,995)

(10,700,271)

Share transactions
Proceeds from sales of shares

217,988,273

606,880,924

Reinvestment of distributions

26,791,995

10,700,271

Cost of shares redeemed

(97,691,825)

(119,469,748)

Net increase (decrease) in net assets resulting from share transactions

147,088,443

498,111,447

Total increase (decrease) in net assets

260,055,041

544,066,353

 

 

 

Net Assets

Beginning of period

1,027,730,524

483,664,171

End of period (including undistributed net investment income of $12,231,323 and undistributed net investment income of $21,358,175, respectively)

$ 1,287,785,565

$ 1,027,730,524

Other Information

Shares

Sold

19,884,064

60,748,637

Issued in reinvestment of distributions

2,532,325

1,104,259

Redeemed

(8,779,342)

(11,655,821)

Net increase (decrease)

13,637,047

50,197,075

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

Semiannual Report

Financial Highlights

 

Six months ended April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011

2010

2009 G

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 10.55

$ 10.24

$ 11.05

$ 9.76

$ 10.00

Income from Investment Operations

 

 

 

 

 

Net investment income (loss) D

  .15

  .31

  .31

  .23

  .01

Net realized and unrealized gain (loss)

  1.15

  .19

  (.96)

  1.09

  (.25)

Total from investment operations

  1.30

  .50

  (.65)

  1.32

  (.24)

Distributions from net investment income

  (.25)

  (.19)

  (.11)

  (.03)

  -

Distributions from net realized gain

  (.02)

  -

  (.05)

  -

  -

Total distributions

  (.26) I

  (.19)

  (.16)

  (.03)

  -

Net asset value, end of period

$ 11.59

$ 10.55

$ 10.24

$ 11.05

$ 9.76

Total Return B, C

  12.59%

  5.08%

  (6.00)%

  13.55%

  (2.40)%

Ratios to Average Net Assets E, H

 

 

 

 

Expenses before reductions

  .20% A

  .20%

  .24%

  .25%

  .25% A

Expenses net of fee waivers, if any

  .20% A

  .20%

  .24%

  .25%

  .25% A

Expenses net of all reductions

  .20% A

  .20%

  .24%

  .18%

  .25% A

Net investment income (loss)

  2.70% A

  3.09%

  2.81%

  2.27%

  .58% A

Supplemental Data

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 1,287,786

$ 1,027,731

$ 483,664

$ 182,037

$ 19,817

Portfolio turnover rate F

  1% A

  1%

  17%

  8%

  -% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

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

J Amount represents less than 1%.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2013 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

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

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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 FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2013, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation

$ 213,181,301

Gross unrealized depreciation

(83,273,115)

Net unrealized appreciation (depreciation) on securities and other investments

$ 129,908,186

 

 

Tax cost

$ 1,262,068,455

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

Fiscal year of expiration

 

2019

$ (2,685,793)

No expiration

 

Short-term

(2,059,041)

Long-term

(1,884,948)

Total no expiration

(3,943,989)

Total capital loss carryforward

$ (6,629,782)

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

New Accounting Pronouncement. The Financial Accounting Standards Board issued in December 2011, Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, Accounting Standards Update No. 2013-1 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These updates create new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

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 is mitigated by the protection provided by the exchange on which they trade.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

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 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.

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

During the period the Fund recognized net realized gain (loss) of $3,127,941 and a change in net unrealized appreciation (depreciation) of $55,329 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $167,063,632 and $7,989,403, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, FMR pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

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

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,476 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $422,413.

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $5.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Other.

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

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

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

SGX-SANN-0613
1.899282.103

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

Index Fund
Investor Class

Fidelity Advantage® Class

Semiannual Report

April 30, 2013

(Fidelity Cover Art)

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Spartan® Emerging Markets Index Fund

 

 

Investment Changes

(Click Here)

A summary of major shifts in the Fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Spartan® Global ex U.S. Index Fund

 

 

Investment Changes

(Click Here)

A summary of major shifts in the Fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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.

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. © 2013 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2012 to April 30, 2013).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Semiannual Report

 

Annualized
Expense RatioB

Beginning
Account Value
November 1, 2012

Ending
Account Value
April 30, 2013

Expenses Paid
During Period*
November 1, 2012
to April 30, 2013

Spartan Emerging Markets Index Fund

 

 

 

 

Investor Class

.32%

 

 

 

Actual

 

$ 1,000.00

$ 1,055.10

$ 1.63

HypotheticalA

 

$ 1,000.00

$ 1,023.21

$ 1.61

Fidelity Advantage Class

.20%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.60

$ 1.02

HypotheticalA

 

$ 1,000.00

$ 1,023.80

$ 1.00

Institutional Class

.14%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.40

$ .71

HypotheticalA

 

$ 1,000.00

$ 1,024.10

$ .70

Fidelity Advantage Institutional Class

.11%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.80

$ .56

HypotheticalA

 

$ 1,000.00

$ 1,024.25

$ .55

Spartan Global ex U.S. Index Fund

 

 

 

 

Investor Class

.23%

 

 

 

Actual

 

$ 1,000.00

$ 1,125.70

$ 1.21

HypotheticalA

 

$ 1,000.00

$ 1,023.65

$ 1.15

Fidelity Advantage Class

.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,126.60

$ .95

HypotheticalA

 

$ 1,000.00

$ 1,023.90

$ .90

Institutional Class

.13%

 

 

 

Actual

 

$ 1,000.00

$ 1,126.20

$ .69

HypotheticalA

 

$ 1,000.00

$ 1,024.15

$ .65

Fidelity Advantage Institutional Class

.10%

 

 

 

Actual

 

$ 1,000.00

$ 1,126.50

$ .53

HypotheticalA

 

$ 1,000.00

$ 1,024.30

$ .50

A 5% return per year before expenses

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

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).

Semiannual Report

Spartan Emerging Markets Index Fund

Investment Changes (Unaudited)

Top Ten Stocks as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)

2.5

2.3

China Construction Bank Corp. (H Shares) (China, Commercial Banks)

1.7

1.6

China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services)

1.7

1.9

Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)

1.5

1.2

Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)

1.3

1.2

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)

1.2

1.6

America Movil S.A.B. de CV Series L (Mexico, Wireless Telecommunication Services)

1.1

1.4

Itau Unibanco Holding SA (Brazil, Commercial Banks)

1.1

1.0

Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels)

1.1

1.1

Bank of China Ltd. (H Shares) (China, Commercial Banks)

1.0

1.0

 

14.2

Market Sectors as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

29.6

25.5

Energy

13.5

13.5

Materials

9.5

10.7

Information Technology

9.5

7.1

Consumer Staples

9.5

8.6

Telecommunication Services

8.6

9.2

Consumer Discretionary

5.5

5.1

Industrials

5.0

4.7

Utilities

3.8

2.8

Health Care

1.5

1.1

Geographic Diversification (% of fund's net assets)

As of April 30, 2013

zxc412

Brazil 14.7%

 

zxc414

Taiwan 11.9%

 

zxc416

China 11.8%

 

zxc418

India 8.6%

 

zxc420

South Africa 8.4%

 

zxc422

Russia 6.3%

 

zxc424

Mexico 5.7%

 

zxc426

Malaysia 4.4%

 

zxc428

Hong Kong 4.2%

 

zxc430

Other 24.0%

 

zxc432

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

As of October 31, 2012

zxc412

Brazil 15.3%

 

zxc414

Taiwan 11.8%

 

zxc416

China 11.6%

 

zxc418

South Africa 9.8%

 

zxc420

India 8.9%

 

zxc422

Russia 6.4%

 

zxc424

Mexico 5.9%

 

zxc426

Malaysia 4.8%

 

zxc428

Hong Kong 4.7%

 

zxc430

Other 20.8%

 

zxc444

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

Semiannual Report

Spartan Emerging Markets Index Fund

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.7%

Shares

Value

Bermuda - 0.9%

Brilliance China Automotive Holdings Ltd. (a)

148,000

$ 181,182

China Foods Ltd.

52,000

26,536

China Gas Holdings Ltd.

156,000

153,786

China Resources Gas Group Ltd.

36,000

100,900

China Yurun Food Group Ltd. (a)

70,000

41,674

CITIC Resources Holdings Ltd. (a)

112,000

14,144

Cosco Pacific Ltd.

86,567

114,677

Credicorp Ltd.

1,133

169,384

Credicorp Ltd. (NY Shares)

1,880

283,109

GOME Electrical Appliances Holdings Ltd. (a)

615,000

61,816

Haier Electronics Group Co. Ltd.

40,000

71,442

Hopson Development Holdings Ltd. (a)

32,000

53,360

Kunlun Energy Co. Ltd.

164,000

320,808

Nine Dragons Paper (Holdings) Ltd.

86,000

74,584

Shenzhen International Holdings Ltd.

642,500

83,623

Sinofert Holdings Ltd.

98,000

21,216

TOTAL BERMUDA

1,772,241

Brazil - 7.9%

AES Tiete SA

3,800

35,004

All America Latina Logistica SA

22,800

115,211

Banco Bradesco SA

47,980

821,110

Banco do Brasil SA

63,300

797,281

Banco Santander SA (Brasil) unit

51,100

375,700

BM&F Bovespa SA

104,700

726,869

BR Malls Participacoes SA

22,800

268,939

BR Properties SA

10,200

113,076

Brasil Foods SA

48,400

1,200,838

BTG Pactual Participations Ltd. unit

5,300

87,338

CCR SA

48,000

469,744

Centrais Eletricas Brasileiras SA (Electrobras)

12,100

32,658

Cetip SA - Mercados Organizado

12,403

146,425

Cia.Hering SA

8,000

162,659

Cielo SA

20,064

529,190

Companhia Brasileira de Distribuicao Grupo Pao de Acucar rights (a)

9

27

Companhia de Bebidas das Americas (AmBev)

15,300

627,600

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

18,300

257,933

Companhia Energetica de Minas Gerais (CEMIG)

3,350

42,027

Companhia Siderurgica Nacional SA (CSN)

38,400

152,583

Cosan SA Industria e Comercio

5,700

134,470

CPFL Energia SA

15,100

161,660

Common Stocks - continued

Shares

Value

Brazil - continued

Cyrela Brazil Realty SA

16,500

$ 148,774

Drogasil SA

13,000

139,763

Duratex SA

16,170

121,472

Ecorodovias Infraestrutura e Logistica SA

7,800

67,523

Embraer SA

39,100

341,020

Energias do Brasil SA

12,200

74,392

Fibria Celulose SA (a)

11,600

123,552

Gerdau SA

8,000

54,779

Guararapes Confeccoes SA

500

26,040

Hypermarcas SA

24,200

193,165

Itau Unibanco Holding SA

14,000

237,211

JBS SA

45,300

142,868

Light SA

3,800

37,986

Localiza Rent A Car SA

7,800

138,554

Lojas Americanas SA

8,546

68,428

Lojas Renner SA

7,000

265,725

M. Dias Branco SA

2,300

102,863

MMX Mineracao e Metalicos SA (a)

18,000

20,962

MPX Mineracao e Energia SA (a)

8,100

34,615

MRV Engenharia e Participacoes SA

18,800

80,904

Multiplan Empreendimentos Imobiliarios SA

4,300

122,740

Multiplus SA

2,400

39,561

Natura Cosmeticos SA

9,000

225,410

Obrascon Huarte Lain Brasil SA

6,700

74,175

OGX Petroleo e Gas Participacoes SA (a)

66,900

67,544

Oi SA

13,300

38,755

PDG Realty SA Empreendimentos e Participacoes

70,800

79,974

Petroleo Brasileiro SA - Petrobras (ON)

206,700

1,977,377

Porto Seguro SA

6,100

75,673

Souza Cruz SA

23,000

353,263

Sul America SA unit

7,928

59,240

TIM Participacoes SA

50,000

208,922

Totvs SA

5,200

97,775

Tractebel Energia SA

13,500

240,142

Ultrapar Participacoes SA

20,500

545,608

Usinas Siderurgicas de Minas Gerais SA - Usiminas

9,400

47,264

Vale SA

75,700

1,292,093

Weg SA

12,000

158,820

TOTAL BRAZIL

15,383,274

Cayman Islands - 2.7%

Agile Property Holdings Ltd.

64,000

82,803

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Anta Sports Products Ltd.

48,000

$ 40,205

Belle International Holdings Ltd.

285,000

464,952

Bosideng International Holdings Ltd.

146,000

38,381

China Dongxiang Group Co. Ltd.

143,000

24,509

China Resources Cement Holdings Ltd.

118,000

67,970

China Resources Land Ltd.

102,000

308,886

China State Construction International Holdings Ltd.

82,000

119,405

China Zhongwang Holdings Ltd. (a)

72,000

24,030

Country Garden Holdings Co. Ltd.

193,000

109,431

ENN Energy Holdings Ltd.

40,000

231,439

Evergrande Real Estate Group Ltd.

266,000

108,660

GCL-Poly Energy Holdings Ltd.

419,000

84,770

Geely Automobile Holdings Ltd.

240,000

120,616

Golden Eagle Retail Group Ltd. (H Shares)

31,000

54,569

Greentown China Holdings Ltd.

41,000

79,674

Hengan International Group Co. Ltd.

41,000

423,729

Kingboard Chemical Holdings Ltd.

30,000

81,571

Kingboard Laminates Holdings Ltd.

48,500

21,750

KWG Property Holding Ltd.

58,500

40,406

Lee & Man Paper Manufacturing Ltd.

75,000

55,766

Li Ning Co. Ltd. (a)

37,500

20,683

Longfor Properties Co. Ltd.

58,000

96,864

MStar Semiconductor, Inc.

15,000

128,179

Renhe Commercial Holdings Co. Ltd. (a)

566,000

35,739

Sany Heavy Equipment International Holdings Co. Ltd.

47,000

18,836

Shenzhou International Group Holdings Ltd.

21,000

60,888

Shimao Property Holdings Ltd.

74,500

160,518

SOHO China Ltd.

81,000

69,934

Tencent Holdings Ltd.

51,100

1,752,907

TPK Holding Co. Ltd.

14,775

300,109

Zhongsheng Group Holdings Ltd. Class H

30,000

41,674

TOTAL CAYMAN ISLANDS

5,269,853

Chile - 2.0%

AES Gener SA

112,698

81,840

Aguas Andinas SA

143,129

113,968

Banco de Chile

1,888,429

294,522

Banco de Chile (a)

77,321

11,591

Banco de Credito e Inversiones

2,148

154,162

Banco Santander Chile

3,811,757

254,549

CAP SA

4,013

126,538

Cencosud SA

65,922

372,282

Common Stocks - continued

Shares

Value

Chile - continued

Colbun SA

383,125

$ 117,960

Compania Cervecerias Unidas SA

6,404

110,824

Compania de Petroleos de Chile SA (COPEC)

21,491

308,025

CorpBanca SA

7,595,135

104,021

Empresa Nacional de Electricidad SA

195,783

347,126

Empresa Nacional de Electricidad SA sponsored ADR

203

10,822

Empresa Nacional de Telecomunicaciones SA (ENTEL)

5,279

101,780

Empresas CMPC SA

80,609

297,823

Enersis SA

1,089,772

410,733

Enersis SA sponsored ADR

300

5,664

LATAM Airlines Group SA

15,402

318,208

LATAM Airlines Group SA sponsored ADR

189

3,912

SACI Falabella

25,516

291,759

Sociedad Matriz Banco de Chile Class B

286,350

113,093

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

168

8,314

TOTAL CHILE

3,959,516

China - 11.8%

Agricultural Bank of China Ltd. (H Shares)

1,287,000

615,294

Air China Ltd. (H Shares)

124,000

100,349

Aluminum Corp. of China Ltd. (H Shares) (a)

214,000

81,689

Angang Steel Co. Ltd. (H Shares) (a)

50,000

29,445

Anhui Conch Cement Co. Ltd. (H Shares)

67,500

244,422

Anhui Expressway Co. Ltd. (H Shares)

20,000

11,082

Anhui Gujing Distillery Co. Ltd. (B Shares)

5,800

13,655

Bank Communications Co. Ltd. (H Shares)

434,000

345,068

Bank of China Ltd. (H Shares)

4,257,000

1,991,316

BBMG Corp. (H Shares)

54,500

43,754

Beijing Capital International Airport Co. Ltd. (H Shares)

80,000

55,463

Beijing North Star Co. Ltd. (H Shares)

26,000

6,466

Bengang Steel Plates Co. Ltd. (B Shares)

16,200

5,741

BOE Technology Group Co. Ltd. (B Shares) (a)

66,300

15,806

BYD Co. Ltd. (H Shares) (a)

30,500

108,870

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

77,200

77,298

China BlueChemical Ltd. (H Shares)

110,000

67,048

China CITIC Bank Corp. Ltd. (H Shares)

410,000

230,885

China Coal Energy Co. Ltd. (H Shares)

224,000

172,327

China Communications Construction Co. Ltd. (H Shares)

238,000

227,874

China Communications Services Corp. Ltd. (H Shares)

136,000

99,544

China Construction Bank Corp. (H Shares)

4,010,000

3,358,827

China Cosco Holdings Co. Ltd. (H Shares) (a)

147,000

62,133

Common Stocks - continued

Shares

Value

China - continued

China Eastern Airlines Corp. Ltd. (H Shares) (a)

82,000

$ 32,863

China International Marine Containers (Group) Ltd. (H Shares) (a)

28,900

46,180

China Life Insurance Co. Ltd. (H Shares)

415,000

1,147,883

China Longyuan Power Grid Corp. Ltd. (H Shares)

127,000

116,360

China Merchants Bank Co. Ltd. (H Shares)

220,000

468,909

China Merchants Property Development Co. Ltd. (B Shares)

6,900

21,340

China Minsheng Banking Corp. Ltd. (H Shares)

300,500

386,073

China Molybdenum Co. Ltd. (H Shares)

61,000

23,582

China National Building Materials Co. Ltd. (H Shares)

156,000

184,141

China National Materials Co. Ltd. (H Shares)

68,000

16,824

China Oilfield Services Ltd. (H Shares)

88,000

173,502

China Pacific Insurance Group Co. Ltd. (H Shares)

120,400

432,873

China Petroleum & Chemical Corp. (H Shares)

1,094,000

1,207,300

China Railway Construction Corp. Ltd. (H Shares)

108,500

109,477

China Railway Group Ltd. (H Shares)

222,000

117,005

China Shenhua Energy Co. Ltd. (H Shares)

191,500

677,393

China Shipping Container Lines Co. Ltd. (H Shares) (a)

236,000

56,262

China Shipping Development Co. Ltd. (H Shares)

60,000

25,747

China Southern Airlines Ltd. (H Shares)

98,000

51,525

China Telecom Corp. Ltd. (H Shares)

910,000

466,245

China Vanke Co. Ltd. (B Shares)

70,500

142,814

Chongqing Changan Automobile Co. Ltd. (B Shares)

42,700

54,915

Chongqing Rural Commercial Bank Co. Ltd. (H Shares)

153,000

83,202

CITIC Securities Co. Ltd. (H Shares)

47,000

106,596

CSG Holding Co. Ltd. (B Shares)

43,200

30,952

CSR Corp. Ltd. (H Shares)

93,000

61,240

Datang International Power Generation Co. Ltd. (H Shares)

188,000

82,854

Dazhong Transport Group Co. Ltd. (B Shares)

31,700

19,496

Dongfang Electric Corp. Ltd. (H Shares)

16,200

22,755

Dongfeng Motor Group Co. Ltd. (H Shares)

158,000

235,367

Double Coin Holdings Ltd. (B Shares)

19,000

14,402

Foshan Electrical and Lighting Co. Ltd. (B Shares)

7,300

5,183

Great Wall Motor Co. Ltd. (H Shares)

56,000

242,830

Guangdong Electric Power Development Co. Ltd.

33,400

21,649

Guangshen Railway Co. Ltd. (H Shares)

86,000

43,332

Guangzhou Automobile Group Co. Ltd. (H Shares)

116,000

95,668

Guangzhou Pharmaceutical Ltd. (H Shares)

10,000

32,731

Guangzhou R&F Properties Co. Ltd. (H Shares)

52,000

94,081

Guangzhou Shipyard International Ltd. (H Shares) (a)

8,000

7,082

Haitong Securities Co. Ltd. (H Shares) (a)

74,000

107,756

Harbin Power Equipment Co. Ltd. (H Shares)

44,000

33,736

Common Stocks - continued

Shares

Value

China - continued

Huadian Energy Co. Ltd. (B Shares) (a)

19,200

$ 5,395

Huadian Power International Corp. Ltd. (H Shares) (a)

66,000

36,231

Huaneng Power International, Inc. (H Shares)

184,000

213,194

Industrial & Commercial Bank of China Ltd. (H Shares)

4,007,000

2,819,304

Inner Mongolia Eerduosi Resourses Co. Ltd. (B Shares)

21,400

20,266

Inner Mongolia Yitai Coal Co. Ltd. (B Shares)

35,281

183,814

Jiangling Motors Corp. Ltd. (B Shares)

3,500

8,926

Jiangsu Expressway Co. Ltd. (H Shares)

64,000

70,102

Jiangxi Copper Co. Ltd. (H Shares)

73,000

141,482

Jinzhou Port Co. Ltd. (B Shares) (a)

11,000

4,136

Lianhua Supermarket Holdings Ltd. (H Shares)

21,000

12,746

Maanshan Iron & Steel Ltd. (H Shares) (a)

84,000

20,675

Metallurgical Corp. China Ltd. (H Shares) (a)

137,000

27,894

New China Life Insurance Co. Ltd. (H Shares)

22,300

82,905

People's Insurance Co. of China Group

197,000

103,068

PetroChina Co. Ltd. (H Shares)

1,176,000

1,498,964

PICC Property & Casualty Co. Ltd. (H Shares)

142,008

182,264

Ping An Insurance (Group) Co. of China Ltd. (H Shares)

106,500

843,337

Shandong Chenming Paper Holdings Ltd.:

(B Shares)

34,500

16,005

(H Shares)

11,500

4,461

Shandong Weigao Medical Polymer Co. Ltd. (H Shares)

96,000

92,163

Shanghai Chlor Alkali Co. Ltd. (B Shares) (a)

12,600

6,287

Shanghai Electric Group Co. Ltd. (H Shares)

168,000

58,885

Shanghai Friendship Group, Inc. (B Shares)

13,200

15,206

Shanghai Haixin Group Co. Ltd. (B Shares) (a)

36,400

17,508

Shanghai Jin Jiang International Hotels (Group) Co. Ltd. (B Shares)

9,000

13,545

Shanghai Jin Jiang International Industrial Investment Co. Ltd. (B Shares)

40

32

Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares)

8,600

8,170

Shanghai Lujiazui Finance Trust Ltd. (B Shares)

26,100

35,861

Shanghai Pharma Holding Co. Ltd. (H Shares)

34,100

70,220

Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)

7,100

7,114

Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. (B Shares)

7,417

7,795

Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) (a)

86,700

31,125

Shenzhen Chiwan Wharf Holding Ltd. (B Shares)

4,800

8,282

Shenzhen Expressway Co. (H Shares)

52,000

21,376

Sichuan Expressway Co. Ltd. (H Shares)

64,000

19,628

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

110,000

37,847

Sinopec Yizheng Chemical Fibre Co. Ltd. (H Shares)

68,000

15,160

Common Stocks - continued

Shares

Value

China - continued

Sinopharm Group Co. Ltd. (H Shares)

38,000

$ 112,872

Sinotrans Ltd. (H Shares)

61,000

13,049

Tianjin Capital Environmental Protection Co. Ltd. (H Shares)

14,000

4,943

Travelsky Technology Ltd. (H Shares)

56,000

35,577

Tsingtao Brewery Co. Ltd. (H Shares)

24,000

160,976

Weichai Power Co. Ltd. (H Shares)

25,800

89,933

Weifu High-Technology Co. Ltd. (B Shares)

4,200

15,485

Wumart Stores, Inc. (H Shares)

30,000

52,576

Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)

39,800

24,054

Yantai Changyu Pioneer Wine Co. (B Shares)

10,920

49,800

Yanzhou Coal Mining Co. Ltd. (H Shares)

104,000

108,695

Zhaojin Mining Industry Co. Ltd. (H Shares)

40,500

44,988

Zhejiang Expressway Co. Ltd. (H Shares)

82,000

64,458

Zhejiang Southeast Electric Power Co. Ltd. (B Shares)

43,800

36,398

Zhuzhou CSR Times Electric Co. Ltd. (H Shares)

29,000

80,160

Zijin Mining Group Co. Ltd. (H Shares)

326,000

96,202

ZTE Corp. (H Shares)

35,800

60,342

TOTAL CHINA

23,076,362

Colombia - 0.7%

Almacenes Exito SA

12,074

197,938

BanColombia SA sponsored ADR

76

5,151

Cementos Argos SA

21,115

94,290

Corp. Financiera Colombiana SA

4,649

89,919

Corp. Financiera Colombiana SA (RFD) (a)

124

2,277

Ecopetrol SA

275,725

663,220

Grupo de Inversiones Suramerica

12,645

266,745

Interconexion Electrica SA ESP

17,894

82,358

Isagen SA

38,200

53,164

TOTAL COLOMBIA

1,455,062

Czech Republic - 0.3%

Ceske Energeticke Zavody A/S

8,557

247,663

Komercni Banka A/S

791

151,198

Telefonica Czech Rep A/S

6,013

86,878

TOTAL CZECH REPUBLIC

485,739

Egypt - 0.3%

Alexandria Mineral Oils Co.

966

9,494

Commercial International Bank Ltd.

29,734

131,041

Commercial International Bank Ltd. sponsored GDR

1,510

6,569

EFG-Hermes Holding SAE (a)

23,102

33,349

Egyptian Kuwaiti Holding

40,326

47,181

Common Stocks - continued

Shares

Value

Egypt - continued

El Ezz Steel Rebars SAE

19,233

$ 25,517

Elsewedy Electric Co.

5,895

16,799

Orascom Construction Industries SAE (a)

4,958

158,507

Orascom Construction Industries SAE GDR (a)

209

6,682

Orascom Telecom Holding SAE (a)

148,430

100,605

Sidi Kerir Petrochemcials Co.

6,102

10,885

Talaat Moustafa Group Holding (a)

73,921

42,108

Telecom Egypt SAE

16,756

30,568

TOTAL EGYPT

619,305

Hong Kong - 4.2%

Beijing Enterprises Holdings Ltd.

29,500

220,676

China Agri-Industries Holdings Ltd.

97,630

47,933

China Everbright Ltd.

46,000

73,148

China Insurance International Holdings Co. Ltd. (a)

39,600

67,462

China Merchant Holdings International Co. Ltd.

62,847

198,823

China Mobile Ltd.

276,000

3,035,618

China Mobile Ltd. sponsored ADR

2,600

143,624

China Overseas Land and Investment Ltd.

228,000

696,327

China Resources Enterprise Ltd.

64,000

219,377

China Resources Power Holdings Co. Ltd.

106,000

346,952

China Unicom Ltd.

244,000

351,822

CITIC Pacific Ltd.

66,000

79,862

CNOOC Ltd.

868,000

1,625,825

CNOOC Ltd. sponsored ADR

400

74,936

Far East Horizon Ltd.

81,000

55,112

Fosun International Ltd.

72,000

51,216

Franshion Properties China Ltd.

216,000

73,761

Guangdong Investment Ltd.

120,000

116,132

Lenovo Group Ltd.

324,000

296,020

Poly (Hong Kong) Investments Ltd.

106,000

73,898

Shanghai Industrial Holdings Ltd.

25,000

79,251

Shenzhen Investment Ltd.

125,586

52,596

Sino-Ocean Land Holdings Ltd.

213,722

141,010

Sinotruk Hong Kong Ltd.

38,500

21,433

Yuexiu Property Co. Ltd.

372,000

110,256

TOTAL HONG KONG

8,253,070

Hungary - 0.3%

Magyar Telekom PLC

19,453

35,951

MOL Hungarian Oil and Gas PLC Series A (For. Reg.)

2,442

173,428

Common Stocks - continued

Shares

Value

Hungary - continued

OTP Bank PLC

14,180

$ 295,500

Richter Gedeon PLC

745

110,637

TOTAL HUNGARY

615,516

India - 8.6%

ABB Ltd. India

2,410

23,397

ACC Ltd.

2,100

48,243

Adani Enterprises Ltd. (a)

12,290

49,929

Adani Power Ltd. (a)

18,448

16,787

Aditya Birla Nuvo Ltd.

1,133

22,127

Ambuja Cements Ltd.

32,656

113,476

Ashok Leyland Ltd.

42,573

18,081

Asian Paints India Ltd.

1,585

138,210

Axis Bank Ltd.

11,415

317,392

Bajaj Auto Ltd.

3,741

131,034

Bajaj Holdings & Investment Ltd.

1,341

22,219

Bank of Baroda

3,865

50,320

Bank of India

5,449

33,292

Bharat Electronics Ltd.

1,025

22,445

Bharat Forge Ltd.

4,960

21,328

Bharat Heavy Electricals Ltd.

31,480

113,025

Bharat Petroleum Corp. Ltd.

10,342

79,802

Bharti Airtel Ltd. (a)

66,295

393,621

Bharti Infratel Ltd.

8,286

27,443

Cadila Healthcare Ltd.

2,290

33,496

Cairn India Ltd.

24,186

140,561

Canara Bank (a)

4,171

32,224

Castrol India Ltd.

5,432

33,294

Cipla Ltd.

17,157

129,528

Coal India Ltd.

34,734

206,521

Colgate-Palmolive (India)

1,734

47,527

Container Corp. of India Ltd.

1,646

34,481

Corporation Bank Ltd.

1,500

10,569

Crompton Greaves Ltd.

7,074

12,149

Cummins India Ltd.

6,447

61,384

Dabur India Ltd.

24,640

67,836

Divi's Laboratories Ltd.

1,844

36,919

DLF Ltd.

18,528

82,209

Dr. Reddy's Laboratories Ltd.

4,558

172,542

Essar Oil Ltd. (a)

6,300

8,966

Exide Industries Ltd. (a)

19,744

48,804

GAIL India Ltd.

16,629

108,769

Common Stocks - continued

Shares

Value

India - continued

GlaxoSmithKline Pharmaceuticals Ltd.

961

$ 40,497

Glenmark Pharmaceuticals Ltd. (a)

4,989

45,267

GMR Infrastructure Ltd. (a)

52,429

19,874

Godrej Consumer Products Ltd.

6,482

99,696

Godrej Industries Ltd.

5,701

32,925

Grasim Industries Ltd. (a)

1,036

57,197

Great Eastern Shipping Co. Ltd.

5,278

21,344

HCL Technologies Ltd.

11,336

152,329

HDFC Bank Ltd.

64,731

824,816

Hero Motocorp Ltd.

4,254

130,306

Hindalco Industries Ltd.

42,124

76,307

Hindustan Petroleum Corp. Ltd.

7,939

45,400

Hindustan Unilever Ltd.

28,309

307,848

Hindustan Zinc Ltd. (a)

11,963

26,551

Housing Development Finance Corp. Ltd. (a)

63,404

1,001,047

ICICI Bank Ltd.

31,726

691,393

IDBI Bank Ltd. (a)

15,445

25,389

Idea Cellular Ltd. (a)

42,653

105,471

Indiabulls Housing Finance Ltd. (a)

10,818

54,770

Indian Oil Corp. Ltd. (a)

17,187

95,852

IndusInd Bank Ltd.

13,884

120,969

Infosys Ltd.

26,369

1,096,094

Infrastructure Development Finance Co. Ltd.

60,700

172,936

ITC Ltd.

103,607

634,650

Jaiprakash Associates Ltd.

54,141

75,889

Jindal Steel & Power Ltd. (a)

20,660

117,202

JSW Energy Ltd.

14,262

17,441

JSW Steel Ltd. (a)

6,140

80,374

Kotak Mahindra Bank Ltd.

14,154

186,426

Larsen & Toubro Ltd.

8,007

225,541

Lupin Ltd.

8,100

106,008

Mahindra & Mahindra Ltd.

16,380

281,955

Mangalore Refinery & Petrochemicals Ltd.

8,733

7,719

Maruti Suzuki India Ltd.

4,667

151,385

Mphasis BFL Ltd.

5,748

40,060

Mundra Port and SEZ Ltd. (a)

23,677

63,950

Nestle India Ltd.

1,529

141,874

NHPC Ltd.

81,142

32,723

NMDC Ltd.

44,466

104,156

NTPC Ltd.

107,003

313,624

Oil & Natural Gas Corp. Ltd.

114,896

699,199

Oil India Ltd.

6,570

67,297

Common Stocks - continued

Shares

Value

India - continued

Oracle Finance Services Software Ltd. (a)

780

$ 38,072

Oriental Bank of Commerce

2,372

11,830

Piramal Enterprises Ltd.

3,941

41,187

Power Finance Corp. Ltd.

18,918

68,663

Power Grid Corp. of India Ltd.

58,908

123,116

Punjab National Bank

3,212

46,380

Ranbaxy Laboratories Ltd. (a)

7,695

64,781

Reliance Capital Ltd.

5,624

36,964

Reliance Communication Ltd. (a)

28,806

52,021

Reliance Industries Ltd.

88,549

1,300,071

Reliance Infrastructure Ltd. (a)

6,063

42,368

Reliance Power Ltd. (a)

26,405

35,094

Rural Electrification Corp. Ltd.

19,113

79,891

Satyam Computer Services Ltd. (a)

38,193

78,470

Sesa Goa Ltd.

26,174

77,398

Shree Cement Ltd.

538

45,114

Shriram Transport Finance Co. Ltd.

6,675

92,687

Siemens India Ltd.

4,020

40,893

Smithkline Beecham Consumer Healthcare Ltd.

600

44,958

State Bank of India

7,344

309,752

Steel Authority of India Ltd.

44,854

51,509

Sterlite Industries (India) Ltd.

46,694

84,091

Sun Pharmaceutical Industries Ltd.

21,116

374,078

Sun TV Ltd.

4,188

32,523

Tata Chemicals Ltd. (a)

9,032

54,485

Tata Communications Ltd. (a)

3,618

15,429

Tata Consultancy Services Ltd.

26,290

675,014

Tata Motors Ltd.

51,429

284,761

Tata Power Co. Ltd.

47,412

83,634

Tata Steel Ltd.

13,788

77,756

Titan Industries Ltd. (a)

11,722

59,107

Torrent Power Ltd.

4,760

12,537

Ultratech Cemco Ltd.

3,624

128,317

Union Bank of India

10,272

46,840

Unitech Ltd. (a)

91,245

45,720

United Breweries Ltd. (a)

3,748

51,300

United Spirits Ltd. (a)

4,205

173,178

Wipro Ltd.

26,861

174,421

Wockhardt Ltd. (a)

1,800

63,918

Yes Bank Ltd.

10,652

102,024

Zee Entertainment Enterprises Ltd. (a)

24,991

108,883

TOTAL INDIA

16,830,936

Common Stocks - continued

Shares

Value

Indonesia - 3.3%

PT Adaro Energy Tbk

670,000

$ 84,762

PT Aneka Tambang Tbk

181,000

25,691

PT Astra Agro Lestari Tbk

22,000

40,051

PT Astra International Tbk

1,119,000

845,938

PT Bank Central Asia Tbk

682,000

754,074

PT Bank Danamon Indonesia Tbk Series A

164,500

109,131

PT Bank Mandiri (Persero) Tbk

520,500

562,123

PT Bank Negara Indonesia (Persero) Tbk

395,500

219,665

PT Bank Rakyat Indonesia Tbk

616,000

595,566

PT Bumi Resources Tbk

1,066,000

73,460

PT Charoen Pokphand Indonesia Tbk

418,500

217,374

PT Global Mediacom Tbk

215,000

48,097

PT Gudang Garam Tbk

31,000

157,511

PT Indo Tambangraya Megah Tbk

20,500

77,488

PT Indocement Tunggal Prakarsa Tbk

70,000

190,074

PT Indofood Sukses Makmur Tbk

235,000

177,655

PT Indofood Sukses Makmur Tbk

66,500

78,316

PT Indosat Tbk

101,000

62,330

PT International Nickel Indonesia Tbk

93,000

27,261

PT Jasa Marga Tbk

106,500

73,391

PT Kalbe Farma Tbk

1,119,500

160,052

PT Media Nusantara Citra Tbk

159,000

51,106

PT Perusahaan Gas Negara Tbk Series B

575,000

369,632

PT Semen Gresik (Persero) Tbk

160,000

302,802

PT Tambang Batubbara Bukit Asam Tbk

43,000

67,447

PT Telkomunikasi Indonesia Tbk Series B

562,500

677,689

PT Unilever Indonesia Tbk

77,000

207,894

PT United Tractors Tbk

81,000

147,878

PT XL Axiata Tbk

93,500

49,046

TOTAL INDONESIA

6,453,504

Luxembourg - 0.1%

Brait SA

26,820

109,569

Malaysia - 4.4%

AirAsia Bhd

110,000

105,933

AMMB Holdings Bhd

110,600

243,556

Astro Malaysia Holdings Bhd

81,000

78,537

Axiata Group Bhd

278,700

620,148

Berjaya Sports Toto Bhd

47,182

65,132

British American Tobacco (Malaysia) Bhd

7,700

160,251

Bumi Armada Bhd

70,200

92,062

Bumiputra-Commerce Holdings Bhd

267,300

680,001

Common Stocks - continued

Shares

Value

Malaysia - continued

DiGi.com Bhd

201,000

$ 306,537

Felda Global Ventures Holdings Bhd

98,200

149,116

Gamuda Bhd

113,700

152,098

Genting Bhd

119,800

413,443

Genting Malaysia Bhd

160,100

197,856

Hong Leong Bank Bhd

30,100

143,055

Hong Leong Credit Bhd

10,700

54,511

IHH Healthcare Bhd

127,000

156,532

IJM Corp. Bhd

74,100

132,735

IOI Corp. Bhd

198,400

328,004

Kuala Lumpur Kepong Bhd

28,400

201,250

Lafarge Malayan Cement Bhd

22,400

73,035

Malayan Banking Bhd

241,196

762,631

Malaysia Marine and Heavy Engineering Sdn Bhd

22,500

28,176

Malaysian Plantations Bhd

67,200

98,508

Maxis Bhd

127,500

283,287

MMC Corp. Bhd

56,700

47,522

Parkson Holdings Bhd

25,800

35,785

Petronas Chemicals Group Bhd

164,700

353,489

Petronas Dagangan Bhd

15,300

118,779

Petronas Gas Bhd

42,500

275,464

PPB Group Bhd

31,100

130,840

Public Bank Bhd (For. Reg.)

56,600

305,463

RHB Capital Bhd

34,760

96,882

SapuraKencana Petroleum Bhd (a)

145,000

151,553

Sime Darby Bhd

207,200

642,882

SP Setia Bhd

43,100

48,589

Telekom Malaysia Bhd

57,800

104,866

Tenaga Nasional Bhd

72,100

186,026

UEM Land Holdings Bhd (a)

74,900

61,791

UMW Holdings Bhd

43,100

202,574

YTL Corp. Bhd

284,686

153,454

YTL Power International Bhd

172,200

85,463

TOTAL MALAYSIA

8,527,816

Mexico - 5.7%

Alfa SA de CV Series A

155,300

360,678

Alpek SA de CV

17,600

42,006

America Movil S.A.B. de CV Series L

2,056,500

2,213,621

CEMEX SA de CV unit

631,908

712,453

Coca-Cola FEMSA S.A.B. de CV Series L

18,900

305,285

Embotelladoras Arca S.A.B. de CC

14,100

116,286

Common Stocks - continued

Shares

Value

Mexico - continued

Fomento Economico Mexicano S.A.B. de CV unit

120,100

$ 1,365,854

Grupo Aeroportuario del Sureste SA de CV Series B

11,900

147,683

Grupo Bimbo S.A.B. de CV Series A

104,400

339,709

Grupo Carso SA de CV Series A1

25,800

147,270

Grupo Elektra SA de CV

1,850

79,727

Grupo Financiero Banorte S.A.B. de CV Series O

105,800

797,794

Grupo Financiero Inbursa S.A.B. de CV Series O

100,400

294,197

Grupo Financiero Santander Mexico S.A.B. de CV

85,200

275,549

Grupo Mexico SA de CV Series B

217,907

779,938

Grupo Modelo S.A.B. de CV Series C

25,800

234,748

Grupo Televisa SA de CV

145,900

740,777

Industrias CH SA de CV (a)

9,400

75,751

Industrias Penoles SA de CV

6,955

290,388

Kimberly-Clark de Mexico SA de CV Series A

46,200

160,262

Mexichem S.A.B. de CV

60,427

308,000

Minera Frisco S.A.B. de CV (a)

37,500

160,287

OHL Mexico S.A.B. de CV (a)(d)

25,200

78,159

Organizacion Soriana S.A.B. de CV Series B

16,600

68,342

Wal-Mart de Mexico SA de CV Series V

315,200

1,003,050

TOTAL MEXICO

11,097,814

Morocco - 0.0%

Douja Promotion Groupe Addoha SA

6,491

42,229

Pakistan - 0.1%

Fauji Fertilizer Co. Ltd.

30,265

34,360

MCB Bank Ltd.

39,301

87,016

National Bank of Pakistan

21,662

8,663

Oil & Gas Development Co. Ltd.

29,617

61,392

Pakistan Petroleum Ltd.

15,161

27,897

TOTAL PAKISTAN

219,328

Peru - 0.2%

Compania de Minas Buenaventura SA

2,874

57,632

Compania de Minas Buenaventura SA sponsored ADR

8,202

164,204

Volcan Compania Minera Saa Class B

105,586

67,914

TOTAL PERU

289,750

Philippines - 1.5%

Aboitiz Equity Ventures, Inc.

127,710

176,793

Aboitiz Power Corp.

118,400

107,257

Alliance Global Group, Inc.

211,000

121,450

Ayala Corp.

10,820

168,443

Common Stocks - continued

Shares

Value

Philippines - continued

Ayala Land, Inc.

298,000

$ 234,854

Bank of the Philippine Islands (BPI)

77,800

194,240

BDO Unibank, Inc.

77,302

172,158

Bloomberry Resorts Corp. (a)

125,600

36,605

DMCI Holdings, Inc.

49,090

68,017

Globe Telecom, Inc.

1,855

64,424

International Container Terminal Services, Inc.

40,960

91,520

Jollibee Food Corp.

24,420

76,211

Manila Electric Co.

8,590

78,025

Metropolitan Bank & Trust Co.

43,870

132,649

Philippine Long Distance Telephone Co.

4,845

357,957

PNOC Energy Development Corp.

333,400

52,712

San Miguel Corp.

50,580

148,638

SM Investments Corp.

13,560

377,078

SM Prime Holdings, Inc.

372,400

180,886

Universal Robina Corp.

46,580

134,508

TOTAL PHILIPPINES

2,974,425

Poland - 1.4%

Bank Handlowy w Warszawie SA

1,809

53,815

Bank Polska Kasa Opieki SA

7,318

350,864

BRE Bank SA

746

81,592

ENEA SA

6,241

25,676

Getin Noble Bank SA (a)

49,975

24,831

ING Bank Slaski SA (a)

1,811

51,639

Jastrzebska Spolka Weglowa SA

2,758

72,881

KGHM Polska Miedz SA (Bearer)

7,621

356,950

Polish Oil & Gas Co. (a)

93,448

157,923

Polska Grupa Energetyczna SA

39,235

203,759

Polski Koncern Naftowy Orlen SA (a)

17,338

268,862

Powszechna Kasa Oszczednosci Bank SA

48,447

504,425

Powszechny Zaklad Ubezpieczen SA

3,279

451,922

Synthos SA

24,557

36,604

Tauron Polska Energia SA

61,239

81,591

Telekomunikacja Polska SA

35,761

79,674

TOTAL POLAND

2,803,008

Russia - 6.2%

Aeroflot - Russian Airlines (a)

22,461

38,769

E.ON Russia JSC (a)

991,149

79,975

Federal Grid Co. of Unified Energy System (a)

14,977,090

57,898

Gazprom OAO sponsored ADR (Reg. S)

316,031

2,507,706

Common Stocks - continued

Shares

Value

Russia - continued

Inter Rao Ues JSC (a)

101,440,795

$ 41,976

LSR Group OJSC GDR (Reg. S)

9,543

41,512

Lukoil Oil Co. sponsored ADR (United Kingdom)

32,435

2,056,379

Magnit OJSC GDR (Reg. S)

14,661

747,711

Magnitogorsk Iron & Steel Works OJSC unit

5,263

15,842

Mechel Steel Group OAO sponsored ADR (d)

5,222

21,306

Megafon OJSC GDR

4,576

141,215

Mobile TeleSystems OJSC sponsored ADR

28,819

596,553

Mosenergo AO (a)

640,658

25,217

Norilsk Nickel OJSC ADR

26,006

398,412

NOVATEK OAO GDR (Reg. S)

3,640

368,368

Novolipetsk Steel OJSC GDR (Reg. S)

4,896

81,274

Pharmstandard OJSC unit (a)

3,506

73,310

Raspadskaya OAO (a)

10,877

15,910

Rosneft Oil Co. OJSC GDR (Reg. S)

72,962

498,695

Rostelecom sponsored ADR

13,186

294,048

RusHydro JSC sponsored ADR

60,717

104,433

Russian Grids OAO (a)

907,841

38,548

Russian Grids OAO rights (a)

2,554,230

0

Sberbank (Savings Bank of the Russian Federation) (a)

39,030

124,132

Sberbank (Savings Bank of the Russian Federation) sponsored ADR

140,863

1,811,498

Severstal JSC GDR (Reg. S)

8,935

75,545

Sistema JSFC sponsored GDR

7,787

148,498

Surgutneftegaz JSC sponsored ADR

40,795

346,758

Tatneft OAO sponsored ADR

13,696

517,572

TMK OAO GDR (Reg. S)

3,064

38,729

Uralkali OJSC GDR (Reg. S)

14,908

539,521

VTB Bank JSC:

rights (a)

35,805,003

358

sponsored GDR (Reg. S)

74,909

235,963

TOTAL RUSSIA

12,083,631

South Africa - 8.4%

Absa Group Ltd.

18,208

299,676

Acucap Properties Ltd.

7,677

44,863

Adcock Ingram Holdings Ltd.

8,250

56,082

Aeci Ltd.

6,030

67,467

African Bank Investments Ltd.

39,729

126,136

African Rainbow Minerals Ltd.

4,582

90,318

Anglo Platinum Ltd. (a)

3,152

119,564

AngloGold Ashanti Ltd.

21,285

410,667

ArcelorMittal South Africa Ltd. (a)

10,394

26,629

Common Stocks - continued

Shares

Value

South Africa - continued

Aspen Pharmacare Holdings Ltd.

19,330

$ 419,838

Assore Ltd.

2,210

71,914

Aveng Ltd.

20,257

66,594

AVI Ltd.

18,325

110,275

Barloworld Ltd.

12,400

129,894

Bidvest Group Ltd.

14,845

386,051

Capital Property Fund

85,366

112,255

Capitec Bank Holdings Ltd.

2,863

69,716

Clicks Group Ltd.

14,298

91,140

Coronation Fund Managers Ltd.

12,203

73,026

DataTec Ltd.

8,824

49,659

Discovery Ltd.

15,561

141,746

Exxaro Resources Ltd.

7,290

114,328

FirstRand Ltd.

161,504

561,174

Foschini Ltd.

12,336

158,092

Fountainhead Property Trust

54,358

57,426

Gold Fields Ltd.

39,563

296,626

Grindrod Ltd.

21,050

44,101

Growthpoint Properties Ltd.

91,110

299,419

Harmony Gold Mining Co. Ltd.

22,414

113,313

Hyprop Investments Ltd.

8,473

74,783

Illovo Sugar Ltd.

10,755

41,577

Impala Platinum Holdings Ltd.

28,902

394,421

Imperial Holdings Ltd.

10,885

241,026

Investec Ltd.

15,731

112,844

JD Group Ltd.

5,268

19,408

JSE Ltd.

4,095

35,002

Kumba Iron Ore Ltd.

3,751

197,835

Lewis Group Ltd.

4,305

28,305

Liberty Holdings Ltd.

6,650

88,558

Life Healthcare Group Holdings Ltd.

53,197

224,739

Massmart Holdings Ltd.

5,807

120,366

Mediclinic International Ltd.

21,091

152,891

MMI Holdings Ltd.

61,727

157,525

Mondi Ltd.

5,543

74,094

Mr Price Group Ltd.

12,664

182,025

MTN Group Ltd.

92,893

1,674,734

Murray & Roberts Holdings Ltd. (a)

20,832

51,003

Nampak Ltd.

36,645

134,680

Naspers Ltd. Class N

21,669

1,450,074

Nedbank Group Ltd.

10,133

215,273

Netcare Ltd.

72,014

163,714

Common Stocks - continued

Shares

Value

South Africa - continued

Northam Platinum Ltd. (a)

13,262

$ 49,200

Omnia Holdings Ltd.

2,000

35,148

Palabora Mining Co. Ltd. (a)

376

4,462

Pick 'n Pay Holdings Ltd.

14,542

28,765

Pick 'n Pay Stores Ltd.

11,238

53,225

Pretoria Portland Cement Co. Ltd.

32,453

118,659

Remgro Ltd.

26,208

528,541

Reunert Ltd.

9,334

81,123

RMB Holdings Ltd.

40,518

179,844

Royal Bafokeng Holdings (Pty) Ltd. (a)

2,132

12,889

Sanlam Ltd.

106,076

543,649

Santam Ltd.

2,201

43,218

Sappi Ltd. (a)

28,323

85,220

Sasol Ltd.

30,289

1,312,014

Shoprite Holdings Ltd.

24,025

455,387

Sibanye Gold Ltd. (a)

35,199

33,342

Spar Group Ltd.

9,244

122,072

Standard Bank Group Ltd.

67,663

845,269

Steinhoff International Holdings Ltd.

100,718

268,813

Sun International Ltd.

5,278

64,164

Telkom SA Ltd. (a)

18,572

26,492

Tiger Brands Ltd.

7,310

227,369

Tongaat Hulett Ltd.

5,046

73,383

Truworths International Ltd.

24,469

243,204

Vodacom Group Ltd.

17,263

202,400

Wilson Bayly Holmes-Ovcon Ltd.

2,304

39,669

Woolworths Holdings Ltd.

42,146

328,488

TOTAL SOUTH AFRICA

16,448,875

Taiwan - 11.9%

Acer, Inc. (a)

146,000

118,077

Advanced Semiconductor Engineering, Inc.

338,940

295,846

Advantech Co. Ltd.

22,000

105,188

Asia Cement Corp.

127,740

162,220

ASUSTeK Computer, Inc.

40,000

465,921

AU Optronics Corp. (a)

450,000

212,259

Capital Securities Corp.

111,195

39,403

Catcher Technology Co. Ltd.

39,000

197,711

Cathay Financial Holding Co. Ltd.

383,250

515,938

Cathay Real Estate Development Co. Ltd.

58,000

34,812

Chang Hwa Commercial Bank

224,440

128,241

Cheng Shin Rubber Industry Co. Ltd.

88,380

299,395

Common Stocks - continued

Shares

Value

Taiwan - continued

Cheng Uei Precision Industries Co. Ltd.

17,109

$ 34,114

Chicony Electronics Co. Ltd.

35,910

105,453

China Airlines Ltd. (a)

107,043

40,835

China Development Finance Holding Corp. (a)

749,800

207,473

China Motor Co. Ltd.

33,000

32,172

China Steel Corp.

680,895

600,314

Chinatrust Financial Holding Co. Ltd.

732,360

444,532

Chunghwa Telecom Co. Ltd.

210,000

670,841

Compal Communications, Inc. (a)

15,000

19,405

Compal Electronics, Inc.

217,000

140,546

Delta Electronics, Inc.

112,000

537,402

E.SUN Financial Holdings Co. Ltd.

234,150

141,332

Epistar Corp.

45,000

79,349

Eternal Chemical Co. Ltd.

35,000

30,205

EVA Airways Corp. (a)

76,900

42,896

Evergreen Marine Corp. (Taiwan) (a)

102,000

59,664

Far Eastern International Bank

102,776

41,996

Far Eastern Textile Ltd.

198,730

213,960

Far EasTone Telecommunications Co. Ltd.

89,000

216,992

Feng Hsin Iron & Steel Co.

27,000

48,525

First Financial Holding Co. Ltd.

353,180

217,369

Formosa Chemicals & Fibre Corp.

238,000

557,674

Formosa Petrochemical Corp.

101,000

275,019

Formosa Plastics Corp.

263,000

638,549

Formosa Taffeta Co. Ltd.

60,000

57,070

Foxconn Technology Co. Ltd.

63,450

167,608

Fubon Financial Holding Co. Ltd.

377,334

539,323

Giant Manufacturing Co. Ltd.

15,000

90,031

Hon Hai Precision Industry Co. Ltd. (Foxconn)

571,300

1,476,197

Hotai Motor Co. Ltd.

23,000

205,510

HTC Corp.

43,000

438,895

Hua Nan Financial Holdings Co. Ltd.

357,205

207,734

Innolux Corp. (a)

351,698

220,035

Inventec Corp.

166,865

66,769

Largan Precision Co. Ltd.

6,000

163,988

LITE-ON IT Corp.

21,069

23,184

LITE-ON Technology Corp.

114,405

205,999

Macronix International Co. Ltd.

163,101

44,467

MediaTek, Inc.

70,000

854,527

Mega Financial Holding Co. Ltd.

508,575

392,339

Nan Ya Plastics Corp.

315,000

628,077

Nan Ya Printed Circuit Board Corp.

12,000

13,754

Common Stocks - continued

Shares

Value

Taiwan - continued

Novatek Microelectronics Corp.

27,000

$ 131,841

Oriental Union Chemical Corp.

31,300

34,548

Pegatron Corp. (a)

87,000

142,492

Pou Chen Corp.

58,000

68,444

President Chain Store Corp.

29,000

178,976

President Securities Corp.

53,500

32,202

Quanta Computer, Inc.

101,000

208,918

Realtek Semiconductor Corp.

23,110

66,611

Shin Kong Financial Holding Co. Ltd. (a)

350,000

110,614

Siliconware Precision Industries Co. Ltd.

162,000

194,468

Sinopac Holdings Co.

383,089

191,609

Synnex Technology International Corp.

77,000

130,292

Taishin Financial Holdings Co. Ltd.

360,148

156,321

Taiwan Business Bank

177,200

54,500

Taiwan Cement Corp.

191,000

253,889

Taiwan Cooperative Financial Holding Co. Ltd.

300,078

172,476

Taiwan Fertilizer Co. Ltd.

41,000

98,155

Taiwan Glass Industry Corp.

96,475

98,143

Taiwan Mobile Co. Ltd.

89,900

327,713

Taiwan Secom Co.

18,000

43,703

Taiwan Semiconductor Manufacturing Co. Ltd.

1,276,000

4,739,300

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

10,800

206,064

TECO Electric & Machinery Co. Ltd.

105,000

98,805

Ton Yi Industrial Corp.

55,000

40,751

Transcend Information, Inc.

13,000

44,964

U-Ming Marine Transport Corp.

20,000

31,197

Unified-President Enterprises Corp.

230,340

453,806

Unimicron Technology Corp.

86,000

90,695

United Microelectronics Corp.

670,000

256,941

Vanguard International Semiconductor Corp.

42,000

45,788

Walsin Lihwa Corp. (a)

169,000

52,436

Wan Hai Lines Ltd. (a)

52,000

29,095

Waterland Financial Holdings Co. Ltd.

90,189

31,806

Wistron Corp.

111,700

113,442

Yageo Corp. (a)

101,000

31,988

Yang Ming Marine Transport Corp. (a)

65,900

29,609

Yuanta Financial Holding Co. Ltd.

509,570

259,191

Yuen Foong Yu Paper Manufacturing Co.

89,000

43,610

Yulon Motor Co. Ltd.

65,000

111,529

TOTAL TAIWAN

23,174,067

Common Stocks - continued

Shares

Value

Thailand - 3.1%

Advanced Info Service PCL (For. Reg.)

66,000

$ 607,155

Airports of Thailand PCL (For. Reg.)

21,900

107,821

Bangkok Bank PCL (For. Reg.)

25,600

197,997

Bangkok Dusit Medical Service PCL (For. Reg.)

9,500

54,702

Bank of Ayudhya PCL

16,100

17,965

Bank of Ayudhya PCL (For. Reg.)

138,000

153,986

Banpu PCL (For. Reg.)

5,700

66,225

BEC World PCL (For. Reg.)

50,500

115,281

Berli Jucker PCL

23,600

59,302

Big C Supercenter PCL

7,900

62,177

Big C Supercenter PCL (For. Reg.)

9,000

70,835

C.P. ALL PCL (For. Reg.)

239,100

358,446

Central Pattana PCL (For. Reg.)

19,000

64,736

Charoen Pokphand Foods PCL (For. Reg.)

165,700

179,250

Delta Electronics PCL (For. Reg.)

46,000

59,557

Electricity Generating PCL (For. Reg.)

11,300

59,099

Glow Energy PCL (For. Reg.)

31,300

82,116

Indorama Ventures PCL (For. Reg.)

85,300

68,298

IRPC Public Co. Ltd. (For. Reg.)

485,900

67,877

Kasikornbank PCL (For. Reg.)

63,200

465,118

Krung Thai Bank PCL (For. Reg.)

188,470

159,252

Land & House PCL

132,500

59,140

Land & House PCL (For. Reg.)

37,600

16,782

PTT Exploration and Production PCL (For. Reg.)

79,939

419,441

PTT Global Chemical PCL (For. Reg.)

89,139

221,709

PTT PCL (For. Reg.)

47,700

529,819

Ratchaburi Electric Generating Holding PCL

3,700

7,469

Ratchaburi Electric Generating Holding PCL (For. Reg.)

12,000

24,225

Shin Corp. PLC

81,000

238,032

Siam Cement PCL (For. Reg.)

16,300

274,351

Siam City Cement PCL (For. Reg.)

3,900

64,845

Siam Commercial Bank PCL (For. Reg.)

86,600

548,811

Siam Makro PCL (For. Reg.)

3,100

79,639

Thai Airways International PCL (For. Reg.)

28,000

28,143

Thai Oil PCL (For. Reg.)

43,400

97,595

Thai Union Frozen Products PCL (For. Reg.)

25,180

48,473

TMB PCL (For. Reg.)

1,145,500

106,939

Total Access Communication PCL

17,100

68,167

Total Access Communication PCL (For. Reg.)

19,700

78,532

TOTAL THAILAND

5,989,307

Common Stocks - continued

Shares

Value

Turkey - 2.3%

Akbank T.A.S.

92,307

$ 485,027

Anadolu Efes Biracilik Ve Malt Sanayii A/S

7,829

130,138

Arcelik A/S

13,003

101,181

Aselsan A/S

5,128

30,463

Bim Birlesik Magazalar A/S JSC

6,075

311,756

Coca-Cola Icecek A/S

3,965

110,584

Dogan Sirketler Grubu Holding A/S (a)

45,858

30,951

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S

34,932

59,819

Enka Insaat ve Sanayi A/S

34,066

105,272

Eregli Demir ve Celik Fabrikalari T.A.S.

57,904

66,213

Ford Otomotiv Sanayi A/S

4,084

56,724

Haci Omer Sabanci Holding A/S

44,026

273,819

Koc Holding A/S

35,408

214,295

Koza Altin Isletmeleri A/S

2,506

50,043

Tofas Turk Otomobil Fabrikasi A/S

6,981

48,675

Tupras Turkiye Petrol Rafinelleri A/S

6,556

182,848

Turk Hava Yollari AO

33,003

137,332

Turk Sise ve Cam Fabrikalari A/S

23,680

40,155

Turk Telekomunikasyon A/S

27,876

132,169

Turkcell Iletisim Hizmet A/S (a)

44,707

278,371

Turkiye Garanti Bankasi A/S

117,724

650,100

Turkiye Halk Bankasi A/S

33,875

369,408

Turkiye Is Bankasi A/S Series C

72,583

280,170

Turkiye Vakiflar Bankasi TAO

64,710

231,010

Yapi ve Kredi Bankasi A/S

47,389

146,971

TOTAL TURKEY

4,523,494

United Arab Emirates - 0.4%

Air Arabia PJSC (a)

110,682

29,501

Aldar Properties PJSC (a)

78,393

30,947

Arabtec Holding Co. (a)

36,706

21,186

Dana Gas PJSC (a)

171,247

23,312

DP World Ltd.

8,710

133,611

Dubai Financial Market PJSC (a)

93,412

31,790

Dubai Islamic Bank Pakistan Ltd. (a)

29,428

23,075

Emaar Properties PJSC (a)

159,044

242,918

First Gulf Bank PJSC

39,161

158,862

TOTAL UNITED ARAB EMIRATES

695,202

TOTAL COMMON STOCKS

(Cost $164,748,505)


173,152,893

Nonconvertible Preferred Stocks - 7.3%

Shares

Value

Brazil - 6.8%

AES Tiete SA (PN) (non-vtg.)

6,500

$ 65,885

Banco Bradesco SA (PN)

107,140

1,761,257

Bradespar Sa (PN)

13,300

168,913

Braskem SA (PN-A)

8,100

70,444

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)

13,900

72,114

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

8,000

439,435

Companhia de Bebidas das Americas (AmBev) (PN)

36,900

1,544,793

Companhia de Gas de Sao Paulo

300

8,059

Companhia de Transmissao de Energia Eletrica Paulista (PN)

1,700

29,764

Companhia Energetica de Minas Gerais (CEMIG) (PN)

26,825

341,756

Companhia Energetica de Sao Paulo Series A

9,500

100,425

Companhia Paranaense de Energia-Copel (PN-B)

6,000

106,490

Gerdau SA (PN)

47,500

371,548

Itau Unibanco Holding SA

125,100

2,098,391

Itausa-Investimentos Itau SA (PN)

138,350

685,267

Klabin SA (PN) (non-vtg.)

31,000

207,002

Lojas Americanas SA (PN)

21,096

184,099

Metalurgica Gerdau SA (PN)

14,400

143,298

Oi SA (PN)

62,700

153,557

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

239,200

2,386,321

Telefonica Brasil SA

16,600

440,814

Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)

18,800

93,119

Vale SA (PN-A)

111,100

1,806,364

TOTAL BRAZIL

13,279,115

Chile - 0.1%

Embotelladora Andina SA Class B

12,163

82,645

Sociedad Quimica y Minera de Chile SA (PN-B)

4,649

230,155

TOTAL CHILE

312,800

Colombia - 0.3%

BanColombia SA (PN)

19,008

311,404

Grupo Aval Acciones Y Val SA

110,052

77,184

Grupo de Inversiones Suramerica

5,941

125,065

Inversiones Argos SA

6,365

70,238

TOTAL COLOMBIA

583,891

Russia - 0.1%

AK Transneft OAO (a)

82

164,283

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $14,475,623)


14,340,089

Government Obligations - 0.2%

 

Principal
Amount

Value

United States of America - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.14% 5/23/13 (e)

(Cost $399,969)

$ 400,000

$ 399,993

Money Market Funds - 2.4%

Shares

 

Fidelity Cash Central Fund, 0.13% (b)

4,547,175

4,547,175

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

107,350

107,350

TOTAL MONEY MARKET FUNDS

(Cost $4,654,525)


4,654,525

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $184,278,622)

192,547,500

NET OTHER ASSETS (LIABILITIES) - 1.4%

2,792,684

NET ASSETS - 100%

$ 195,340,184

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

150 NYSE E-mini MSCI Emerging Markets Index Contracts

June 2013

$ 7,799,250

$ 208,699

 

The face value of futures purchased as a percentage of net assets is 4%

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 are available on the SEC's website or upon request.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $244,996.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 6,647

Fidelity Securities Lending Cash Central Fund

49

Total

$ 6,696

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 11,588,280

$ 11,152,134

$ 436,146

$ -

Consumer Staples

17,998,445

17,998,445

-

-

Energy

25,740,882

19,988,084

5,752,798

-

Financials

56,386,638

53,519,014

2,812,496

55,128

Health Care

2,988,704

2,816,162

172,542

-

Industrials

10,921,963

10,921,963

-

-

Information Technology

18,158,170

11,188,841

6,969,329

-

Materials

19,800,135

18,756,552

1,043,583

-

Telecommunication Services

16,410,159

10,556,187

5,853,972

-

Utilities

7,499,606

7,286,412

213,194

-

Government Obligations

399,993

-

399,993

-

Money Market Funds

4,654,525

4,654,525

-

-

Total Investments in Securities:

$ 192,547,500

$ 168,838,319

$ 23,654,053

$ 55,128

Derivative Instruments:

Assets

Futures Contracts

$ 208,699

$ 208,699

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2013. 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)

$ 208,699

$ -

Total Value of Derivatives

$ 208,699

$ -

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

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

Semiannual Report

Spartan Emerging Markets Index Fund

Financial Statements

Statement of Assets and Liabilities

  

April 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $96,608) - See accompanying schedule:

Unaffiliated issuers (cost $179,624,097)

$ 187,892,975

 

Fidelity Central Funds (cost $4,654,525)

4,654,525

 

Total Investments (cost $184,278,622)

 

$ 192,547,500

Foreign currency held at value (cost $1,157,722)

1,158,523

Receivable for fund shares sold

2,622,442

Dividends receivable

436,227

Distributions receivable from Fidelity Central Funds

360

Receivable for daily variation margin on futures contracts

88,094

Receivable from investment adviser for expense reductions

22,354

Other receivables

3,725

Total assets

196,879,225

 

 

 

Liabilities

Payable for fund shares redeemed

$ 1,372,003

Accrued management fee

38,869

Other affiliated payables

18,339

Other payables and accrued expenses

2,480

Collateral on securities loaned, at value

107,350

Total liabilities

1,539,041

 

 

 

Net Assets

$ 195,340,184

Net Assets consist of:

 

Paid in capital

$ 190,607,758

Undistributed net investment income

1,429,175

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(5,173,744)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

8,476,995

Net Assets

$ 195,340,184

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

Semiannual Report

Statement of Assets and Liabilities - continued

  

April 30, 2013 (Unaudited)

 

 

 

Investor Class:
Net Asset Value, offering price and redemption price per share ($9,719,605 ÷ 961,096 shares)

$ 10.11

 

 

 

Fidelity Advantage Class:
Net Asset Value, offering price and redemption price per share ($184,817,879 ÷ 18,266,155 shares)

$ 10.12

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($689,953 ÷ 68,120 shares)

$ 10.13

 

 

 

Fidelity Advantage Institutional Class:
Net Asset Value, offering price and redemption price per share ($112,747 ÷ 11,133 shares)

$ 10.13

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

Semiannual Report

Spartan Emerging Markets Index Fund
Financial Statements - continued

Statement of Operations

Six months ended April 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 1,541,344

Interest

 

437

Income from Fidelity Central Funds

 

6,696

Income before foreign taxes withheld

 

1,548,477

Less foreign taxes withheld

 

(128,465)

Total income

 

1,420,012

 

 

 

Expenses

Management fee

$ 188,050

Transfer agent fees

98,623

Independent trustees' compensation

251

Miscellaneous

174

Total expenses before reductions

287,098

Expense reductions

(110,097)

177,001

Net investment income (loss)

1,243,011

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(924,080)

Foreign currency transactions

33,624

Futures contracts

(274,116)

Swap agreements

340,068

 

Total net realized gain (loss)

 

(824,504)

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $697)

3,586,298

Assets and liabilities in foreign currencies

2,227

Futures contracts

214,703

Swap agreements

168,555

Total change in net unrealized appreciation (depreciation)

 

3,971,783

Net gain (loss)

3,147,279

Net increase (decrease) in net assets resulting from operations

$ 4,390,290

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended
April 30, 2013
(Unaudited)

Year ended
October 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,243,011

$ 2,139,991

Net realized gain (loss)

(824,504)

(3,704,445)

Change in net unrealized appreciation (depreciation)

3,971,783

3,958,926

Net increase (decrease) in net assets resulting
from operations

4,390,290

2,394,472

Distributions to shareholders from net investment income

(1,410,281)

-

Distributions to shareholders from net realized gain

(695,069)

(144,849)

Total distributions

(2,105,350)

(144,849)

Share transactions - net increase (decrease)

96,137,214

60,092,122

Redemption fees

38,962

291,097

Total increase (decrease) in net assets

98,461,116

62,632,842

 

 

 

Net Assets

Beginning of period

96,879,068

34,246,226

End of period (including undistributed net investment income of $1,429,175 and undistributed net investment income of $1,596,445, respectively)

$ 195,340,184

$ 96,879,068

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

Semiannual Report

Financial Highlights - Investor Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.76

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .27

  .02

Net realized and unrealized gain (loss)

  .46

  (.06) H

  (.48)

Total from investment operations

  .54

  .21

  (.46)

Distributions from net investment income

  (.12)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.19) L

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.11

$ 9.76

$ 9.54

Total Return B,C

  5.51%

  2.68%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

 

Expenses before reductions

  .46% A

  .46%

  .46% A

Expenses net of fee waivers, if any

  .32% A

  .33%

  .33% A

Expenses net of all reductions

  .32% A

  .33%

  .33% A

Net investment income (loss)

  1.57% A

  2.80%

  1.76% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 9,720

$ 44,554

$ 14,188

Portfolio turnover rate F

  24% A

  62%

  -% G,M

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

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

M Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.77

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .28

  .02

Net realized and unrealized gain (loss)

  .47

  (.06) H

  (.48)

Total from investment operations

  .55

  .22

  (.46)

Distributions from net investment income

  (.14)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.20)

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.12

$ 9.77

$ 9.54

Total Return B,C

  5.66%

  2.78%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

Expenses before reductions

  .35% A

  .35%

  .35% A

Expenses net of fee waivers, if any

  .20% A

  .22%

  .22% A

Expenses net of all reductions

  .20% A

  .22%

  .22% A

Net investment income (loss)

  1.69% A

  2.91%

  1.87% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 184,818

$ 51,728

$ 10,517

Portfolio turnover rate F

  24% A

  62%

  -% G,L

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

L Amount not annualized.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.79

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .09

  .28

  .03

Net realized and unrealized gain (loss)

  .46

  (.04) H

  (.49)

Total from investment operations

  .55

  .24

  (.46)

Distributions from net investment income

  (.15)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.21)

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.13

$ 9.79

$ 9.54

Total Return B,C

  5.64%

  2.99%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

 

Expenses before reductions

  .28% A

  .28%

  .28% A

Expenses net of fee waivers, if any

  .14% A

  .15%

  .15% A

Expenses net of all reductions

  .14% A

  .15%

  .15% A

Net investment income (loss)

  1.75% A

  2.99%

  1.93% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 690

$ 517

$ 4,771

Portfolio turnover rate F

  24% A

  62%

  -% G,L

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

L Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.79

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .09

  .28

  .03

Net realized and unrealized gain (loss)

  .46

  (.04) H

  (.49)

Total from investment operations

  .55

  .24

  (.46)

Distributions from net investment income

  (.15)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.21)

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.13

$ 9.79

$ 9.54

Total Return B,C

  5.68%

  2.99%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

 

Expenses before reductions

  .25% A

  .25%

  .25% A

Expenses net of fee waivers, if any

  .11% A

  .12%

  .12% A

Expenses net of all reductions

  .11% A

  .12%

  .12% A

Net investment income (loss)

  1.78% A

  3.02%

  1.96% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 113

$ 80

$ 4,771

Portfolio turnover rate F

  24% A

  62%

  -% G,L

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

L Amount not annualized.

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

Semiannual Report

Spartan Global ex U.S. Index Fund

Investment Changes (Unaudited)

Top Ten Stocks as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Nestle SA (Switzerland, Food Products)

1.3

1.3

HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks)

1.1

1.1

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

1.0

0.9

Novartis AG (Switzerland, Pharmaceuticals)

1.0

0.9

Toyota Motor Corp. (Japan, Automobiles)

0.9

0.7

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

0.9

0.9

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

0.9

0.8

BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)

0.8

0.9

Sanofi SA (France, Pharmaceuticals)

0.7

0.7

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

0.7

0.7

 

9.3

Market Sectors as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.3

25.2

Consumer Staples

10.7

9.9

Industrials

9.5

9.9

Consumer Discretionary

9.5

8.2

Energy

9.3

10.3

Materials

8.4

10.5

Health Care

7.4

6.9

Information Technology

6.0

5.8

Telecommunication Services

5.6

5.2

Utilities

3.4

3.3

Geographic Diversification (% of fund's net assets)

As of April 30, 2013

zxc412

Japan 14.9%

 

zxc414

United Kingdom 13.9%

 

zxc416

Canada 7.1%

 

zxc418

Australia 6.2%

 

zxc420

Switzerland 6.1%

 

zxc422

France 6.0%

 

zxc424

Germany 5.6%

 

zxc426

Korea (South) 3.1%

 

zxc428

Hong Kong 2.7%

 

zxc430

Other 34.4%

 

zxc456

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

As of October 31, 2012

zxc412

United Kingdom 14.4%

 

zxc414

Japan 12.7%

 

zxc416

Canada 7.8%

 

zxc418

Australia 5.9%

 

zxc420

France 5.8%

 

zxc422

Switzerland 5.7%

 

zxc424

Germany 5.6%

 

zxc426

Korea (South) 3.4%

 

zxc428

Brazil 2.8%

 

zxc430

Other 35.9%

 

zxc468

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

Semiannual Report

Spartan Global ex U.S. Index Fund

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%

Shares

Value

Australia - 6.2%

AGL Energy Ltd.

7,289

$ 119,922

ALS Ltd.

4,623

46,920

Alumina Ltd. (a)

28,267

28,267

Amcor Ltd.

15,763

161,617

AMP Ltd.

38,308

214,455

APA Group unit

10,188

68,758

Asciano Ltd.

13,297

74,439

ASX Ltd.

2,315

90,263

Australia & New Zealand Banking Group Ltd.

35,286

1,164,739

Bendigo & Adelaide Bank Ltd.

5,299

60,758

BHP Billiton Ltd.

41,797

1,405,172

Boral Ltd.

10,373

53,768

Brambles Ltd.

20,447

184,841

Caltex Australia Ltd.

1,610

35,952

CFS Retail Property Trust unit

26,108

59,546

Coca-Cola Amatil Ltd.

7,499

117,702

Cochlear Ltd.

739

50,549

Commonwealth Bank of Australia

20,852

1,587,788

Computershare Ltd.

5,673

58,400

Crown Ltd.

5,028

67,242

CSL Ltd.

6,518

425,434

DEXUS Property Group unit

59,600

71,364

Echo Entertainment Group Ltd.

9,004

33,791

Federation Centres unit

16,171

43,588

Flight Centre Ltd.

669

26,473

Fortescue Metals Group Ltd.

18,207

66,063

Goodman Group unit

22,377

120,863

Harvey Norman Holdings Ltd.

5,660

17,603

Iluka Resources Ltd.

5,621

52,154

Incitec Pivot Ltd.

22,052

66,069

Insurance Australia Group Ltd.

26,982

162,798

Leighton Holdings Ltd.

2,124

44,017

Lend Lease Group unit

7,246

80,979

Macquarie Group Ltd.

4,232

171,939

Metcash Ltd.

10,425

44,203

Mirvac Group unit

45,773

83,992

National Australia Bank Ltd.

30,130

1,062,016

Newcrest Mining Ltd.

10,022

174,653

Orica Ltd.

4,772

113,042

Origin Energy Ltd.

14,289

182,501

OZ Minerals Ltd.

4,676

20,845

Qantas Airways Ltd. (a)

13,120

25,843

Common Stocks - continued

Shares

Value

Australia - continued

QBE Insurance Group Ltd.

15,605

$ 216,296

QR National Ltd.

23,766

102,249

Ramsay Health Care Ltd.

1,750

58,037

Rio Tinto Ltd.

5,730

331,468

Santos Ltd.

12,638

161,807

Sims Metal Management Ltd.

1,953

19,592

Sonic Healthcare Ltd.

4,598

63,207

SP AusNet unit

24,677

32,106

Stockland Corp. Ltd. unit

28,908

115,980

Suncorp-Metway Ltd.

16,765

225,596

Sydney Airport unit

845

3,031

Tabcorp Holdings Ltd.

10,543

37,708

Tatts Group Ltd.

17,426

59,074

Telstra Corp. Ltd.

56,490

291,645

The GPT Group unit

18,996

80,742

Toll Holdings Ltd.

9,209

54,418

Transurban Group unit

17,369

122,804

Treasury Wine Estates Ltd.

9,058

54,840

Wesfarmers Ltd.

13,016

585,221

Westfield Group unit

27,849

336,348

Westfield Retail Trust unit

37,851

129,492

Westpac Banking Corp.

39,992

1,401,338

Whitehaven Coal Ltd.

4,257

8,606

Woodside Petroleum Ltd.

8,592

340,367

Woolworths Ltd.

15,935

601,486

WorleyParsons Ltd.

2,789

65,836

TOTAL AUSTRALIA

14,240,622

Austria - 0.2%

Andritz AG

905

58,972

Erste Group Bank AG

2,820

88,388

IMMOFINANZ Immobilien Anlagen AG

12,464

50,967

OMV AG

1,932

90,770

Osterreichische Elektrizitatswirtschafts AG

923

20,208

Raiffeisen International Bank-Holding AG

563

19,867

Telekom Austria AG

3,580

24,545

Vienna Insurance Group AG

434

22,999

Voestalpine AG

1,483

46,297

TOTAL AUSTRIA

423,013

Bailiwick of Guernsey - 0.0%

Resolution Ltd.

18,933

77,612

Common Stocks - continued

Shares

Value

Bailiwick of Jersey - 0.6%

Experian PLC

13,239

$ 232,794

Glencore International PLC (d)

51,160

251,878

Petrofac Ltd.

3,390

71,089

Randgold Resources Ltd.

1,132

91,582

Shire PLC

7,354

229,239

Wolseley PLC

3,596

177,797

WPP PLC

16,440

271,792

TOTAL BAILIWICK OF JERSEY

1,326,171

Belgium - 0.8%

Ageas

2,972

108,887

Anheuser-Busch InBev SA NV

10,421

1,001,151

Belgacom SA

2,024

46,646

Colruyt NV

1,046

52,794

Delhaize Group SA

1,261

78,905

Groupe Bruxelles Lambert SA

1,038

80,379

KBC Groupe SA

3,066

120,326

Solvay SA Class A

770

112,864

Telenet Group Holding NV

661

35,686

UCB SA

1,425

84,224

Umicore SA

1,498

69,344

TOTAL BELGIUM

1,791,206

Bermuda - 0.4%

Brilliance China Automotive Holdings Ltd. (a)

30,000

36,726

Cheung Kong Infrastructure Holdings Ltd.

6,000

43,530

China Foods Ltd.

6,000

3,062

China Gas Holdings Ltd.

44,000

43,375

China Resources Gas Group Ltd.

12,000

33,633

Cosco Pacific Ltd.

24,113

31,943

Credicorp Ltd. (NY Shares)

880

132,519

First Pacific Co. Ltd.

26,000

35,984

GOME Electrical Appliances Holdings Ltd. (a)

174,000

17,489

Haier Electronics Group Co. Ltd.

11,000

19,647

Huabao International Holdings Ltd.

24,000

11,010

Kerry Properties Ltd.

8,500

38,446

Kunlun Energy Co. Ltd.

42,000

82,158

Li & Fung Ltd.

76,000

98,328

Nine Dragons Paper (Holdings) Ltd.

22,000

19,080

Noble Group Ltd.

54,000

49,322

NWS Holdings Ltd.

17,526

31,302

Orient Overseas International Ltd.

2,500

14,852

Common Stocks - continued

Shares

Value

Bermuda - continued

Seadrill Ltd.

4,597

$ 175,940

Shangri-La Asia Ltd.

20,000

38,659

Sihuan Pharmaceutical Holdings Group Ltd.

18,000

10,090

Yue Yuen Industrial (Holdings) Ltd.

8,500

29,410

TOTAL BERMUDA

996,505

Brazil - 1.3%

All America Latina Logistica SA

5,200

26,276

Anhanguera Educacional Participacoes SA

1,700

30,597

Banco Bradesco SA

8,250

141,187

Banco do Brasil SA

7,500

94,465

Banco Santander SA (Brasil) unit

10,500

77,199

BM&F Bovespa SA

23,100

160,369

BR Malls Participacoes SA

5,500

64,876

BR Properties SA

2,200

24,389

Brasil Foods SA

8,500

210,891

CCR SA

11,600

113,521

Centrais Eletricas Brasileiras SA (Electrobras)

4,700

12,685

Cetip SA - Mercados Organizado

2,700

31,875

Cia.Hering SA

1,700

34,565

Cielo SA

4,632

122,170

Companhia Brasileira de Distribuicao Grupo Pao de Acucar rights (a)

1

3

Companhia de Bebidas das Americas (AmBev)

1,800

73,835

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

4,200

59,198

Companhia de Saneamento de Minas Gerais

900

20,737

Companhia Siderurgica Nacional SA (CSN)

9,800

38,940

Cosan SA Industria e Comercio

1,700

40,105

CPFL Energia SA

3,300

35,330

Cyrela Brazil Realty SA

4,400

39,673

Diagnosticos da America SA

2,800

15,408

Drogasil SA

2,300

24,727

Duratex SA

3,740

28,096

Ecorodovias Infraestrutura e Logistica SA

1,800

15,582

Embraer SA

7,200

62,796

Energias do Brasil SA

2,400

14,635

Fibria Celulose SA (a)

2,900

30,888

Hypermarcas SA

4,100

32,726

JBS SA

5,500

17,346

Kroton Educacional SA

2,400

33,515

Light SA

500

4,998

Localiza Rent A Car SA

1,600

28,421

Common Stocks - continued

Shares

Value

Brazil - continued

Lojas Americanas SA

1,200

$ 9,608

Lojas Renner SA

1,800

68,329

MPX Mineracao e Energia SA (a)

1,400

5,983

MRV Engenharia e Participacoes SA

4,700

20,226

Multiplan Empreendimentos Imobiliarios SA

1,100

31,399

Multiplus SA

400

6,594

Natura Cosmeticos SA

2,100

52,596

Obrascon Huarte Lain Brasil SA

1,300

14,392

Odontoprev SA

4,300

21,427

OGX Petroleo e Gas Participacoes SA (a)

14,600

14,740

Oi SA

2,933

8,546

PDG Realty SA Empreendimentos e Participacoes

18,000

20,332

Petroleo Brasileiro SA - Petrobras (ON)

38,800

371,177

Porto Seguro SA

1,200

14,886

Qualicorp SA (a)

2,600

25,315

Souza Cruz SA

5,000

76,796

Sul America SA unit

1,553

11,604

TIM Participacoes SA

11,900

49,723

Totvs SA

1,600

30,085

Tractebel Energia SA

1,900

33,798

Ultrapar Participacoes SA

4,200

111,783

Vale SA

17,000

290,166

Weg SA

2,600

34,411

TOTAL BRAZIL

3,085,940

Canada - 6.9%

Agnico Eagle Mines Ltd. (Canada)

2,316

74,759

Agrium, Inc.

1,940

177,834

Alimentation Couche-Tard, Inc. Class B (sub. vtg.)

1,810

109,971

ARC Resources Ltd.

3,724

104,092

Athabasca Oil Corp. (a)

4,652

33,662

Bank of Montreal

8,433

528,941

Bank of Nova Scotia

15,330

883,934

Barrick Gold Corp.

13,005

256,369

Baytex Energy Corp.

1,641

64,845

BCE, Inc.

3,223

150,969

Bell Aliant, Inc.

894

23,906

Bombardier, Inc. Class B (sub. vtg.)

19,114

75,891

Bonavista Energy Corp.

2,462

38,979

Brookfield Asset Management, Inc. Class A

7,313

282,299

Brookfield Properties Corp.

3,617

66,599

CAE, Inc.

4,022

43,476

Common Stocks - continued

Shares

Value

Canada - continued

Cameco Corp.

5,176

$ 100,905

Canadian Imperial Bank of Commerce

5,242

419,225

Canadian National Railway Co.

5,613

549,516

Canadian Natural Resources Ltd.

14,209

416,771

Canadian Oil Sands Ltd.

6,225

122,282

Canadian Pacific Railway Ltd.

2,246

279,922

Canadian Tire Ltd. Class A (non-vtg.)

1,066

78,512

Canadian Utilities Ltd. Class A (non-vtg.)

757

62,306

Catamaran Corp. (a)

2,654

153,242

Cenovus Energy, Inc.

9,759

292,058

Centerra Gold, Inc.

1,711

7,150

CGI Group, Inc. Class A (sub. vtg.) (a)

2,699

85,461

CI Financial Corp.

2,069

57,935

Crescent Point Energy Corp.

4,797

183,224

Dollarama, Inc.

920

67,394

Eldorado Gold Corp.

8,756

69,269

Empire Co. Ltd. Class A (non-vtg.)

455

30,937

Enbridge, Inc.

9,827

467,623

Encana Corp.

9,536

175,774

Enerplus Corp.

2,628

37,094

Finning International, Inc.

2,237

48,273

First Quantum Minerals Ltd.

6,991

122,062

Fortis, Inc.

2,419

83,919

Franco-Nevada Corp.

1,980

86,201

George Weston Ltd.

700

53,925

Gildan Activewear, Inc.

1,518

61,039

Goldcorp, Inc.

10,535

311,831

Great-West Lifeco, Inc.

3,812

103,525

H&R REIT/H&R Finance Trust

1,084

26,631

Husky Energy, Inc.

4,415

127,614

IAMGOLD Corp.

5,481

29,433

IGM Financial, Inc.

1,299

57,881

Imperial Oil Ltd.

3,824

152,133

Industrial Alliance Insurance and Financial Services, Inc.

1,293

47,770

Intact Financial Corp.

1,767

107,691

Kinross Gold Corp.

14,769

80,482

Loblaw Companies Ltd.

1,456

61,784

Magna International, Inc. Class A (sub. vtg.)

2,887

173,658

Manulife Financial Corp.

23,643

349,441

MEG Energy Corp. (a)

1,833

52,436

Metro, Inc. Class A (sub. vtg.)

1,233

83,616

National Bank of Canada

2,079

157,145

Common Stocks - continued

Shares

Value

Canada - continued

New Gold, Inc. (a)

5,938

$ 47,624

Onex Corp. (sub. vtg.)

1,224

61,051

Open Text Corp.

826

53,973

Osisko Mining Corp. (a)

6,091

25,695

Pacific Rubiales Energy Corp.

3,898

82,413

Pan American Silver Corp.

1,787

23,588

Pembina Pipeline Corp.

3,904

128,151

Pengrowth Energy Corp.

6,413

32,719

Penn West Petroleum Ltd.

5,920

54,649

Potash Corp. of Saskatchewan, Inc.

11,190

470,947

Power Corp. of Canada (sub. vtg.)

4,673

125,841

Power Financial Corp.

3,159

93,317

Research In Motion Ltd. (a)

6,136

99,955

RioCan (REIT)

1,892

55,420

Ritchie Brothers Auctioneers, Inc.

1,100

22,274

Rogers Communications, Inc. Class B (non-vtg.)

4,915

242,420

Royal Bank of Canada

18,794

1,133,852

Saputo, Inc.

1,646

84,747

Shaw Communications, Inc. Class B

4,844

110,300

Shoppers Drug Mart Corp.

2,734

122,446

Silver Wheaton Corp.

4,580

111,971

SNC-Lavalin Group, Inc.

1,947

84,030

Sun Life Financial, Inc.

7,744

218,457

Suncor Energy, Inc.

19,893

620,219

Talisman Energy, Inc.

13,361

160,207

Teck Resources Ltd. Class B (sub. vtg.)

7,482

199,035

TELUS Corp.

3,220

115,862

The Toronto-Dominion Bank

11,942

978,996

Thomson Reuters Corp.

4,788

160,400

Tim Hortons, Inc.

371

20,101

Tim Hortons, Inc. (Canada)

1,601

86,736

Tourmaline Oil Corp. (a)

1,698

67,367

TransAlta Corp.

3,465

50,937

TransCanada Corp.

9,111

451,639

Turquoise Hill Resources Ltd. (a)

5,838

41,143

Valeant Pharmaceuticals International, Inc. (Canada) (a)

3,678

279,286

Vermilion Energy, Inc.

1,173

60,196

Yamana Gold, Inc.

9,733

120,473

TOTAL CANADA

15,850,053

Cayman Islands - 0.8%

Agile Property Holdings Ltd.

16,000

20,701

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Airtac International Group

1,000

$ 5,307

Anta Sports Products Ltd.

13,000

10,889

ASM Pacific Technology Ltd.

2,400

24,742

Belle International Holdings Ltd.

60,000

97,885

Bosideng International Holdings Ltd.

26,000

6,835

Chailease Holding Co. Ltd.

7,000

21,078

China Mengniu Dairy Co. Ltd.

17,000

47,866

China Resources Cement Holdings Ltd.

28,000

16,129

China Resources Land Ltd.

26,000

78,736

China Shanshui Cement Group Ltd.

30,000

16,971

China State Construction International Holdings Ltd.

22,000

32,035

Country Garden Holdings Co. Ltd.

56,638

32,114

Daphne Interl Holdings Ltd.

14,000

14,577

ENN Energy Holdings Ltd.

10,000

57,860

Evergrande Real Estate Group Ltd.

92,000

37,582

GCL-Poly Energy Holdings Ltd.

119,000

24,076

Geely Automobile Holdings Ltd.

65,000

32,667

Golden Eagle Retail Group Ltd. (H Shares)

7,000

12,322

Greentown China Holdings Ltd.

9,000

17,489

Hengan International Group Co. Ltd.

9,500

98,181

Intime Department Store Group Co. Ltd.

14,000

16,598

Kingboard Chemical Holdings Ltd.

7,000

19,033

Lee & Man Paper Manufacturing Ltd.

25,000

18,589

Longfor Properties Co. Ltd.

17,000

28,391

MGM China Holdings Ltd.

14,000

33,015

MStar Semiconductor, Inc.

3,000

25,636

Parkson Retail Group Ltd.

12,000

6,495

Sands China Ltd.

31,200

163,636

Shimao Property Holdings Ltd.

15,500

33,396

Shui On Land Ltd.

27,003

8,978

SOHO China Ltd.

22,500

19,426

Tencent Holdings Ltd.

13,300

456,236

Tingyi (Cayman Islands) Holding Corp.

26,000

71,867

TPK Holding Co. Ltd.

3,295

66,928

Uni-President China Holdings Ltd.

14,000

15,227

Want Want China Holdings Ltd.

78,000

123,632

Wynn Macau Ltd.

20,400

61,909

Yingde Gases Group Co. Ltd.

13,000

12,514

Zhen Ding Technology Holding Ltd.

1,050

2,567

Zhongsheng Group Holdings Ltd. Class H

7,000

9,724

TOTAL CAYMAN ISLANDS

1,899,839

Common Stocks - continued

Shares

Value

Chile - 0.4%

AES Gener SA

31,873

$ 23,146

Aguas Andinas SA

28,561

22,742

Banco de Chile

215,568

33,620

Banco de Chile (a)

5,650

847

Banco de Credito e Inversiones

437

31,363

Banco Santander Chile

893,617

59,676

CAP SA

875

27,591

Cencosud SA

15,596

88,075

Colbun SA

111,896

34,451

Compania Cervecerias Unidas SA

1,663

28,779

Compania de Petroleos de Chile SA (COPEC)

5,889

84,405

CorpBanca SA

1,467,238

20,095

E-CL SA

5,997

12,517

Empresa Nacional de Electricidad SA

46,152

81,828

Empresa Nacional de Telecomunicaciones SA (ENTEL)

1,627

31,369

Empresas CMPC SA

15,604

57,651

Enersis SA

251,545

94,807

LATAM Airlines Group SA

3,534

73,013

SACI Falabella

6,544

74,826

Vina Concha y Toro SA

3,049

5,963

TOTAL CHILE

886,764

China - 2.2%

Agricultural Bank of China Ltd. (H Shares)

279,000

133,385

Air China Ltd. (H Shares)

30,000

24,278

Aluminum Corp. of China Ltd. (H Shares) (a)

60,000

22,904

Angang Steel Co. Ltd. (H Shares) (a)

12,000

7,067

Anhui Conch Cement Co. Ltd. (H Shares)

16,000

57,937

AviChina Industry & Technology Co. Ltd.

24,000

11,598

Bank Communications Co. Ltd. (H Shares)

111,000

88,255

Bank of China Ltd. (H Shares)

989,000

462,629

BBMG Corp. (H Shares)

12,000

9,634

Beijing Capital International Airport Co. Ltd. (H Shares)

22,000

15,252

BYD Co. Ltd. (H Shares) (a)

6,500

23,202

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

20,400

20,426

China BlueChemical Ltd. (H Shares)

20,000

12,190

China CITIC Bank Corp. Ltd. (H Shares)

99,000

55,750

China Coal Energy Co. Ltd. (H Shares)

54,000

41,543

China Communications Construction Co. Ltd. (H Shares)

57,000

54,575

China Communications Services Corp. Ltd. (H Shares)

32,000

23,422

China Construction Bank Corp. (H Shares)

942,000

789,031

Common Stocks - continued

Shares

Value

China - continued

China Cosco Holdings Co. Ltd. (H Shares) (a)

42,500

$ 17,964

China International Marine Containers (Group) Ltd. (H Shares) (a)

8,000

12,783

China Life Insurance Co. Ltd. (H Shares)

98,000

271,066

China Longyuan Power Grid Corp. Ltd. (H Shares)

33,000

30,235

China Merchants Bank Co. Ltd. (H Shares)

50,500

107,636

China Minsheng Banking Corp. Ltd. (H Shares)

67,500

86,722

China National Building Materials Co. Ltd. (H Shares)

36,000

42,494

China Oilfield Services Ltd. (H Shares)

18,000

35,489

China Pacific Insurance Group Co. Ltd. (H Shares)

35,000

125,835

China Petroleum & Chemical Corp. (H Shares)

258,000

284,720

China Railway Construction Corp. Ltd. (H Shares)

23,000

23,207

China Railway Group Ltd. (H Shares)

46,000

24,244

China Shenhua Energy Co. Ltd. (H Shares)

44,000

155,641

China Shipping Container Lines Co. Ltd. (H Shares) (a)

42,000

10,013

China Shipping Development Co. Ltd. (H Shares)

12,000

5,149

China Southern Airlines Ltd. (H Shares)

26,000

13,670

China Telecom Corp. Ltd. (H Shares)

180,000

92,224

China Vanke Co. Ltd. (B Shares)

19,300

39,097

Chongqing Rural Commercial Bank Co. Ltd. (H Shares)

31,000

16,858

CITIC Securities Co. Ltd. (H Shares)

14,500

32,886

CSR Corp. Ltd. (H Shares)

30,000

19,755

Datang International Power Generation Co. Ltd. (H Shares)

42,000

18,510

Dongfang Electric Corp. Ltd. (H Shares)

2,200

3,090

Dongfeng Motor Group Co. Ltd. (H Shares)

36,000

53,628

Great Wall Motor Co. Ltd. (H Shares)

14,000

60,708

Guangzhou Automobile Group Co. Ltd. (H Shares)

28,000

23,092

Guangzhou R&F Properties Co. Ltd. (H Shares)

11,200

20,264

Haitong Securities Co. Ltd. (H Shares) (a)

12,000

17,474

Huaneng Power International, Inc. (H Shares)

42,000

48,664

Industrial & Commercial Bank of China Ltd. (H Shares)

852,000

599,463

Inner Mongolia Yitai Coal Co. Ltd. (B Shares)

8,500

44,285

Jiangsu Expressway Co. Ltd. (H Shares)

12,000

13,144

Jiangxi Copper Co. Ltd. (H Shares)

19,000

36,824

New China Life Insurance Co. Ltd. (H Shares)

7,200

26,768

People's Insurance Co. of China Group

41,000

21,451

PetroChina Co. Ltd. (H Shares)

276,000

351,798

PICC Property & Casualty Co. Ltd. (H Shares)

36,601

46,977

Ping An Insurance (Group) Co. of China Ltd. (H Shares)

25,000

197,967

Shandong Weigao Medical Polymer Co. Ltd. (H Shares)

16,000

15,361

Shanghai Electric Group Co. Ltd. (H Shares)

40,000

14,020

Shanghai Pharma Holding Co. Ltd. (H Shares)

10,000

20,592

Common Stocks - continued

Shares

Value

China - continued

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

24,000

$ 8,258

Sinopharm Group Co. Ltd. (H Shares)

9,600

28,515

Tsingtao Brewery Co. Ltd. (H Shares)

4,000

26,829

Weichai Power Co. Ltd. (H Shares)

5,400

18,823

Wumart Stores, Inc. (H Shares)

9,000

15,773

Yanzhou Coal Mining Co. Ltd. (H Shares)

28,000

29,264

Zhaojin Mining Industry Co. Ltd. (H Shares)

15,000

16,662

Zhejiang Expressway Co. Ltd. (H Shares)

14,000

11,005

Zhuzhou CSR Times Electric Co. Ltd. (H Shares)

6,000

16,585

Zijin Mining Group Co. Ltd. (H Shares)

68,000

20,067

ZTE Corp. (H Shares)

6,000

10,113

TOTAL CHINA

5,136,740

Colombia - 0.2%

Almacenes Exito SA

2,717

44,542

BanColombia SA

2,680

44,053

Cementos Argos SA

6,155

27,485

Corp. Financiera Colombiana SA

966

18,684

Corp. Financiera Colombiana SA (RFD) (a)

25

459

Ecopetrol SA

63,530

152,813

Grupo de Inversiones Suramerica

2,776

58,560

Interconexion Electrica SA ESP

5,906

27,183

Inversiones Argos SA

3,506

39,035

Isagen SA

8,390

11,677

TOTAL COLOMBIA

424,491

Czech Republic - 0.1%

Ceske Energeticke Zavody A/S

2,096

60,664

Komercni Banka A/S

222

42,435

Telefonica Czech Rep A/S

1,339

19,346

TOTAL CZECH REPUBLIC

122,445

Denmark - 0.8%

A.P. Moller - Maersk A/S:

Series A

7

47,853

Series B

18

128,074

Carlsberg A/S Series B

1,390

129,029

Coloplast A/S Series B

1,487

80,902

Danske Bank A/S (a)

8,521

161,055

DSV de Sammensluttede Vognmaend A/S

2,456

61,822

Novo Nordisk A/S Series B

5,303

933,460

Novozymes A/S Series B

3,169

109,438

TDC A/S

8,882

72,046

Common Stocks - continued

Shares

Value

Denmark - continued

Tryg A/S

300

$ 25,977

William Demant Holding A/S (a)

310

24,806

TOTAL DENMARK

1,774,462

Egypt - 0.1%

Commercial International Bank Ltd.

8,423

37,121

EFG-Hermes Holding SAE (a)

8,064

11,641

Egyptian Kuwaiti Holding

5,229

6,118

Orascom Construction Industries SAE (a)

1,137

36,350

Orascom Telecom Holding SAE (a)

35,582

24,117

Talaat Moustafa Group Holding (a)

7,067

4,026

Telecom Egypt SAE

2,364

4,313

TOTAL EGYPT

123,686

Finland - 0.5%

Elisa Corp. (A Shares)

1,689

32,030

Fortum Corp.

5,852

108,743

Kesko Oyj

845

25,372

Kone Oyj (B Shares)

2,015

177,928

Metso Corp.

1,708

70,157

Neste Oil Oyj

1,944

30,287

Nokia Corp. (d)

48,725

163,701

Nokian Tyres PLC

1,463

63,427

Orion Oyj (B Shares)

1,151

33,045

Pohjola Bank PLC (A Shares)

1,620

27,564

Sampo Oyj (A Shares)

5,413

215,998

Stora Enso Oyj (R Shares)

7,671

53,290

UPM-Kymmene Corp.

6,817

71,283

Wartsila Corp.

2,168

106,411

TOTAL FINLAND

1,179,236

France - 6.0%

Accor SA

1,827

60,392

Aeroports de Paris

373

33,762

Air Liquide SA

3,305

418,364

Air Liquide SA

745

94,306

Alstom SA

2,824

115,886

Arkema SA

816

76,449

Atos Origin SA

746

51,922

AXA SA

22,901

428,717

BIC SA

407

43,432

BNP Paribas SA

13,021

725,532

Bouygues SA

2,563

71,524

Common Stocks - continued

Shares

Value

France - continued

Bureau Veritas SA

717

$ 87,863

Cap Gemini SA

2,080

95,669

Carrefour SA

7,831

232,043

Casino Guichard Perrachon SA

751

81,170

Christian Dior SA

712

124,100

CNP Assurances

2,005

28,398

Compagnie de St. Gobain

5,204

208,721

Compagnie Generale de Geophysique SA (a)

2,094

45,299

Credit Agricole SA (a)

13,012

119,113

Danone SA

7,516

574,194

Dassault Systemes SA

788

96,096

Edenred SA

2,222

73,976

EDF SA

2,470

55,201

EDF SA

648

14,482

Essilor International SA

2,623

295,141

Eurazeo SA

370

19,598

Eutelsat Communications

1,761

63,579

Fonciere Des Regions

323

25,693

France Telecom SA

24,129

257,683

GDF Suez

17,220

369,649

Gecina SA

264

31,746

Groupe Eurotunnel SA

7,375

61,742

ICADE

331

30,514

Iliad SA

299

68,358

Imerys

476

31,187

JCDecaux SA

812

22,318

Klepierre SA

1,311

55,594

L'Oreal SA

2,562

456,843

L'Oreal SA (a)

597

106,454

Lafarge SA (a)

449

29,007

Lafarge SA (Bearer)

1,975

127,591

Lagardere S.C.A. (Reg.)

1,521

56,527

Legrand SA

3,047

141,991

LVMH Moet Hennessy - Louis Vuitton SA

3,287

569,239

Michelin CGDE Series B

2,380

201,005

Natixis SA

13,249

58,103

Pernod Ricard SA

2,753

340,803

Peugeot Citroen SA (a)

2,622

20,994

PPR SA

981

215,817

Publicis Groupe SA

2,306

160,408

Remy Cointreau SA

331

38,539

Renault SA

2,506

172,670

Common Stocks - continued

Shares

Value

France - continued

Rexel SA

1,936

$ 42,591

Safran SA

2,964

145,559

Sanofi SA

15,460

1,671,467

Schneider Electric SA

6,842

521,712

SCOR SE

2,272

68,953

Societe Generale Series A

9,126

331,470

Sodexo SA

1,219

101,796

Suez Environnement SA

3,895

55,937

Technip SA

1,322

141,892

Thales SA

1,070

46,473

Total SA

27,578

1,388,196

Unibail-Rodamco

1,199

313,436

Vallourec SA

1,400

67,287

Veolia Environnement SA

4,457

61,651

VINCI SA

6,057

291,631

Vivendi SA

17,158

388,655

Wendel SA

454

49,183

Zodiac Aerospace

461

57,779

TOTAL FRANCE

13,731,072

Germany - 5.2%

adidas AG

2,720

284,061

Allianz AG

5,907

871,662

Axel Springer Verlag

408

17,194

BASF AG

11,930

1,114,239

Bayer AG

10,733

1,119,761

Bayerische Motoren Werke AG (BMW)

4,353

401,574

Beiersdorf AG

1,340

121,289

Brenntag AG

664

113,198

Celesio AG

1,162

22,993

Commerzbank AG (a)(d)

4,924

66,241

Continental AG

1,439

170,861

Daimler AG (Germany)

11,790

652,360

Deutsche Bank AG

12,098

556,907

Deutsche Boerse AG

2,492

155,559

Deutsche Lufthansa AG

2,974

59,454

Deutsche Post AG

11,751

278,868

Deutsche Telekom AG

36,297

429,352

E.ON AG

23,413

424,272

Fraport AG Frankfurt Airport Services Worldwide

481

28,746

Fresenius Medical Care AG & Co. KGaA

2,755

189,808

Common Stocks - continued

Shares

Value

Germany - continued

Fresenius SE & Co. KGaA

1,620

$ 203,148

GEA Group AG

2,302

77,867

Hannover Reins Corp.

772

65,190

HeidelbergCement Finance AG

1,812

130,460

Henkel AG & Co. KGaA

1,682

131,688

Hochtief AG

395

27,414

Hugo Boss AG

351

40,844

Infineon Technologies AG

13,953

110,161

K&S AG

2,233

98,721

Kabel Deutschland Holding AG

1,144

108,731

Lanxess AG

1,080

78,653

Linde AG

2,404

454,630

MAN SE

528

59,139

Merck KGaA

840

127,881

Metro AG

1,775

55,342

Muenchener Rueckversicherungs AG

2,323

464,551

RWE AG

6,471

232,948

Salzgitter AG

615

24,071

SAP AG

11,932

951,242

Siemens AG

10,848

1,133,475

Suedzucker AG (Bearer)

1,114

44,907

Thyssenkrupp AG (a)

4,981

90,098

United Internet AG

1,380

37,838

Volkswagen AG

390

75,809

TOTAL GERMANY

11,903,207

Greece - 0.1%

Coca-Cola Hellenic Bottling Co. SA

2,580

63,640

Greek Organization of Football Prognostics SA

3,327

32,817

Hellenic Telecommunications Organization SA (a)

3,000

26,076

TOTAL GREECE

122,533

Hong Kong - 2.7%

AIA Group Ltd.

156,800

696,090

Bank of East Asia Ltd.

15,887

65,307

Beijing Enterprises Holdings Ltd.

6,000

44,883

BOC Hong Kong (Holdings) Ltd.

48,500

166,872

Cathay Pacific Airways Ltd.

17,000

29,881

Cheung Kong Holdings Ltd.

18,000

270,923

China Agri-Industries Holdings Ltd.

26,609

13,064

China Everbright Ltd.

8,000

12,721

China Insurance International Holdings Co. Ltd. (a)

10,200

17,376

Common Stocks - continued

Shares

Value

Hong Kong - continued

China Merchant Holdings International Co. Ltd.

14,121

$ 44,673

China Mobile Ltd.

78,500

863,391

China Overseas Land and Investment Ltd.

54,000

164,920

China Resources Enterprise Ltd.

14,000

47,989

China Resources Power Holdings Co. Ltd.

24,000

78,555

China Unicom Ltd.

60,000

86,514

CITIC Pacific Ltd.

17,000

20,570

CLP Holdings Ltd.

23,000

202,728

CNOOC Ltd.

234,000

438,298

Dah Chong Hong Holdings Ltd.

9,000

8,292

Far East Horizon Ltd.

14,000

9,526

Fosun International Ltd.

18,000

12,804

Franshion Properties China Ltd.

42,000

14,343

Fushan International Energy Group Ltd.

36,000

14,056

Galaxy Entertainment Group Ltd. (a)

27,000

120,906

Guangdong Investment Ltd.

28,000

27,097

Hang Lung Properties Ltd.

29,000

112,859

Hang Seng Bank Ltd.

10,000

167,265

Henderson Land Development Co. Ltd.

12,124

87,804

HKT Trust / HKT Ltd. unit

32,000

33,608

Hong Kong & China Gas Co. Ltd.

67,200

202,202

Hong Kong Exchanges and Clearing Ltd.

14,296

240,596

Hopewell Holdings Ltd.

8,000

30,927

Hutchison Whampoa Ltd.

28,000

304,169

Hysan Development Co. Ltd.

8,020

39,738

Lenovo Group Ltd.

80,000

73,091

Link (REIT)

29,828

168,932

Mmg Ltd. (a)

12,000

3,603

MTR Corp. Ltd.

19,000

78,349

New World Development Co. Ltd.

48,130

83,978

PCCW Ltd.

61,000

31,050

Poly (Hong Kong) Investments Ltd.

18,000

12,549

Power Assets Holdings Ltd.

18,000

175,821

Shanghai Industrial Holdings Ltd.

8,000

25,360

Shui On Land Ltd. rights 5/13/13 (a)

9,001

951

Sino Land Ltd.

40,600

66,759

Sino-Ocean Land Holdings Ltd.

45,189

29,815

SJM Holdings Ltd.

25,000

63,014

Sun Art Retail Group Ltd.

33,500

46,795

Sun Hung Kai Properties Ltd.

20,333

293,984

Swire Pacific Ltd. (A Shares)

9,000

114,411

Swire Properties Ltd.

15,400

54,971

Common Stocks - continued

Shares

Value

Hong Kong - continued

Wharf Holdings Ltd.

20,000

$ 178,476

Wheelock and Co. Ltd.

12,000

66,803

Wing Hang Bank Ltd.

2,006

21,081

Yuexiu Property Co. Ltd.

66,000

19,561

TOTAL HONG KONG

6,300,301

Hungary - 0.0%

Magyar Telekom PLC

4,429

8,185

MOL Hungarian Oil and Gas PLC Series A (For. Reg.)

598

42,469

OTP Bank PLC

2,952

61,517

TOTAL HUNGARY

112,171

India - 1.5%

ACC Ltd.

699

16,058

Adani Enterprises Ltd. (a)

2,110

8,572

Aditya Birla Nuvo Ltd.

252

4,921

Ambuja Cements Ltd.

7,380

25,645

Asian Paints India Ltd.

352

30,694

Axis Bank Ltd.

3,732

103,767

Bajaj Auto Ltd.

996

34,886

Bank of Baroda

1,438

18,722

Bank of India

1,387

8,474

Bharat Heavy Electricals Ltd.

8,657

31,082

Bharat Petroleum Corp. Ltd.

2,882

22,238

Bharti Airtel Ltd. (a)

7,415

44,026

Cairn India Ltd.

5,577

32,412

Canara Bank (a)

1,035

7,996

Cipla Ltd.

4,431

33,452

Coal India Ltd.

7,292

43,357

Dabur India Ltd.

4,247

11,692

Divi's Laboratories Ltd.

285

5,706

DLF Ltd.

6,217

27,585

Dr. Reddy's Laboratories Ltd.

1,416

53,602

GAIL India Ltd.

4,596

30,062

Godrej Consumer Products Ltd.

1,448

22,271

HCL Technologies Ltd.

2,523

33,903

HDFC Bank Ltd.

19,796

252,245

Hero Motocorp Ltd.

537

16,449

Hindalco Industries Ltd.

12,251

22,193

Hindustan Unilever Ltd.

11,021

119,848

Housing Development Finance Corp. Ltd. (a)

18,859

297,753

ICICI Bank Ltd.

5,453

118,835

Common Stocks - continued

Shares

Value

India - continued

Idea Cellular Ltd. (a)

9,842

$ 24,337

Infosys Ltd.

5,592

232,446

Infrastructure Development Finance Co. Ltd.

12,313

35,080

ITC Ltd.

28,299

173,347

Jaiprakash Associates Ltd.

10,012

14,034

Jindal Steel & Power Ltd. (a)

4,441

25,193

JSW Steel Ltd. (a)

1,442

18,876

Kotak Mahindra Bank Ltd.

3,978

52,395

Larsen & Toubro Ltd.

2,711

76,364

LIC Housing Finance Ltd. (a)

3,677

16,688

Lupin Ltd.

1,772

23,191

Mahindra & Mahindra Ltd.

4,187

72,072

Mundra Port and SEZ Ltd. (a)

5,684

15,352

NTPC Ltd.

19,534

57,254

Oil & Natural Gas Corp. Ltd.

9,919

60,362

Piramal Enterprises Ltd.

1,061

11,088

Power Finance Corp. Ltd.

2,492

9,045

Power Grid Corp. of India Ltd.

16,276

34,016

Ranbaxy Laboratories Ltd. (a)

2,322

19,548

Reliance Capital Ltd.

1,117

7,342

Reliance Communication Ltd. (a)

7,409

13,380

Reliance Industries Ltd.

16,718

245,453

Reliance Infrastructure Ltd. (a)

924

6,457

Reliance Power Ltd. (a)

4,725

6,280

Rural Electrification Corp. Ltd.

4,073

17,025

Satyam Computer Services Ltd. (a)

7,922

16,276

Sesa Goa Ltd.

6,349

18,774

Shriram Transport Finance Co. Ltd.

1,468

20,384

Siemens India Ltd.

750

7,629

State Bank of India

1,818

76,679

Sterlite Industries (India) Ltd.

16,429

29,587

Sun Pharmaceutical Industries Ltd.

3,827

67,797

Tata Consultancy Services Ltd.

6,053

155,415

Tata Motors Ltd.

10,177

56,350

Tata Power Co. Ltd.

14,991

26,444

Tata Steel Ltd.

3,657

20,623

Titan Industries Ltd. (a)

1,836

9,258

Ultratech Cemco Ltd.

510

18,058

Unitech Ltd. (a)

18,169

9,104

United Breweries Ltd. (a)

502

6,871

United Spirits Ltd. (a)

1,215

50,038

Common Stocks - continued

Shares

Value

India - continued

Wipro Ltd.

6,660

$ 43,246

Zee Entertainment Enterprises Ltd. (a)

7,288

31,753

TOTAL INDIA

3,409,357

Indonesia - 0.7%

PT Adaro Energy Tbk

182,000

23,025

PT Astra Agro Lestari Tbk

5,500

10,013

PT Astra International Tbk

262,000

198,066

PT Bank Central Asia Tbk

159,000

175,803

PT Bank Danamon Indonesia Tbk Series A

38,500

25,541

PT Bank Mandiri (Persero) Tbk

119,000

128,516

PT Bank Negara Indonesia (Persero) Tbk

103,500

57,485

PT Bank Rakyat Indonesia Tbk

142,500

137,773

PT Bumi Resources Tbk

176,500

12,163

PT Charoen Pokphand Indonesia Tbk

105,500

54,798

PT Global Mediacom Tbk

81,000

18,120

PT Gudang Garam Tbk

5,500

27,945

PT Indo Tambangraya Megah Tbk

5,000

18,899

PT Indocement Tunggal Prakarsa Tbk

21,000

57,022

PT Indofood Sukses Makmur Tbk

61,000

46,115

PT Indosat Tbk

20,000

12,342

PT Jasa Marga Tbk

23,000

15,850

PT Kalbe Farma Tbk

307,000

43,891

PT Media Nusantara Citra Tbk

67,500

21,696

PT Perusahaan Gas Negara Tbk Series B

148,000

95,140

PT Semen Gresik (Persero) Tbk

37,000

70,023

PT Tambang Batubbara Bukit Asam Tbk

13,500

21,175

PT Telkomunikasi Indonesia Tbk Series B

129,000

155,417

PT Unilever Indonesia Tbk

18,000

48,599

PT United Tractors Tbk

23,500

42,903

PT XL Axiata Tbk

33,500

17,573

TOTAL INDONESIA

1,535,893

Ireland - 0.2%

CRH PLC

9,305

200,370

Elan Corp. PLC (a)

6,623

76,662

James Hardie Industries PLC CDI

5,683

59,740

Kerry Group PLC Class A

1,956

115,686

Ryanair Holdings PLC sponsored ADR

420

18,203

TOTAL IRELAND

470,661

Isle of Man - 0.0%

Genting Singapore PLC

79,000

98,453

Common Stocks - continued

Shares

Value

Israel - 0.3%

Bank Hapoalim BM (Reg.) (a)

14,856

$ 68,997

Bank Leumi le-Israel BM (a)

16,300

57,834

Bezeq Israeli Telecommunication Corp. Ltd.

26,585

38,561

Delek Group Ltd.

40

10,522

Israel Chemicals Ltd.

5,959

70,876

Israel Corp. Ltd. (Class A)

36

23,146

Mellanox Technologies Ltd. (a)

430

22,430

Mizrahi Tefahot Bank Ltd. (a)

1,312

13,409

NICE Systems Ltd. (a)

866

30,718

Teva Pharmaceutical Industries Ltd.

8,318

319,358

Teva Pharmaceutical Industries Ltd. sponsored ADR

3,325

127,314

TOTAL ISRAEL

783,165

Italy - 1.3%

Assicurazioni Generali SpA

15,130

277,562

Atlantia SpA

4,327

77,328

Banca Monte dei Paschi di Siena SpA (a)

101,413

28,568

Banco Popolare Societa Cooperativa (a)

25,886

37,329

Enel Green Power SpA

24,499

52,235

Enel SpA

85,232

329,555

ENI SpA

32,918

785,634

EXOR SpA

970

29,381

Fiat Industrial SpA

11,035

124,544

Fiat SpA

11,371

68,017

Finmeccanica SpA (a)

4,624

24,066

Intesa Sanpaolo SpA

130,038

235,816

Intesa Sanpaolo SpA (Risparmio Shares)

13,492

21,144

Luxottica Group SpA

2,110

109,286

Mediobanca SpA

7,416

47,133

Pirelli & C SpA

2,843

29,522

Prysmian SpA

2,645

53,399

Saipem SpA

3,441

97,430

Snam Rete Gas SpA

22,316

109,739

Telecom Italia SpA

116,582

99,025

Terna SpA

16,882

79,015

UniCredit SpA

52,767

275,186

Unione di Banche Italiane SCPA

11,416

47,659

TOTAL ITALY

3,038,573

Japan - 14.9%

ABC-MART, Inc.

400

14,984

ACOM Co. Ltd. (a)

630

25,813

Common Stocks - continued

Shares

Value

Japan - continued

Advantest Corp.

1,800

$ 26,969

AEON Co. Ltd.

7,700

109,012

AEON Financial Service Co. Ltd.

800

23,985

AEON Mall Co. Ltd.

800

25,757

Air Water, Inc.

2,000

32,385

Aisin Seiki Co. Ltd.

2,500

90,242

Ajinomoto Co., Inc.

9,000

123,520

Alfresa Holdings Corp.

600

35,696

All Nippon Airways Ltd.

13,000

28,314

Amada Co. Ltd.

4,000

32,097

Aozora Bank Ltd.

15,000

46,997

Asahi Glass Co. Ltd.

13,000

102,144

Asahi Group Holdings

5,000

124,338

Asahi Kasei Corp.

16,000

107,558

Asics Corp.

1,800

32,495

Astellas Pharma, Inc.

5,800

338,053

Bank of Kyoto Ltd.

4,000

42,085

Bank of Yokohama Ltd.

15,000

91,256

Benesse Holdings, Inc.

900

39,888

Bridgestone Corp.

8,500

320,819

Brother Industries Ltd.

2,900

33,165

Calbee, Inc.

200

19,773

Canon, Inc.

14,800

532,275

Casio Computer Co. Ltd.

2,300

19,056

Central Japan Railway Co.

1,900

229,146

Chiba Bank Ltd.

9,000

69,882

Chiyoda Corp.

2,000

20,562

Chubu Electric Power Co., Inc.

8,400

108,747

Chugai Pharmaceutical Co. Ltd.

2,900

72,202

Chugoku Electric Power Co., Inc.(THE)

3,900

55,978

Citizen Holdings Co. Ltd.

4,100

24,256

Coca-Cola West Co. Ltd.

500

9,299

Cosmo Oil Co. Ltd.

7,000

16,718

Credit Saison Co. Ltd.

2,200

64,354

Dai Nippon Printing Co. Ltd.

7,000

68,541

Dai-ichi Mutual Life Insurance Co.

110

151,632

Daicel Chemical Industries Ltd.

4,000

32,283

Daido Steel Co. Ltd.

3,000

16,351

Daihatsu Motor Co. Ltd.

3,000

59,510

Daiichi Sankyo Kabushiki Kaisha

8,700

170,230

Daikin Industries Ltd.

3,000

120,472

Dainippon Sumitomo Pharma Co. Ltd.

1,900

34,898

Common Stocks - continued

Shares

Value

Japan - continued

Daito Trust Construction Co. Ltd.

900

$ 87,265

Daiwa House Industry Co. Ltd.

7,000

158,215

Daiwa Securities Group, Inc.

21,000

186,326

DeNA Co. Ltd.

1,200

34,183

Denki Kagaku Kogyo KK

5,000

18,292

DENSO Corp.

6,400

286,980

Dentsu, Inc.

2,200

76,480

Don Quijote Co. Ltd.

700

38,143

East Japan Railway Co.

4,400

371,434

Eisai Co. Ltd.

3,400

155,156

Electric Power Development Co. Ltd.

1,300

37,128

FamilyMart Co. Ltd.

800

36,560

Fanuc Corp.

2,500

377,380

Fast Retailing Co. Ltd.

700

256,700

Fuji Electric Co. Ltd.

6,000

20,530

Fuji Heavy Industries Ltd.

8,000

151,004

Fujifilm Holdings Corp.

5,800

119,152

Fujitsu Ltd.

24,000

100,802

Fukuoka Financial Group, Inc.

9,000

46,041

Furukawa Electric Co. Ltd. (a)

10,000

25,306

Fyushu Electric Power Co., Inc.

5,600

77,355

GREE, Inc.

800

10,254

GS Yuasa Corp.

5,000

21,197

Gunma Bank Ltd.

6,000

38,171

Hakuhodo DY Holdings, Inc.

300

24,724

Hamamatsu Photonics K.K.

1,000

41,230

Hankyu Hanshin Holdings, Inc.

15,000

97,129

Hino Motors Ltd.

3,000

45,825

Hirose Electric Co. Ltd.

400

57,516

Hiroshima Bank Ltd.

6,000

31,630

Hisamitsu Pharmaceutical Co., Inc.

900

52,919

Hitachi Chemical Co. Ltd.

1,400

21,947

Hitachi Construction Machinery Co. Ltd.

1,200

28,546

Hitachi High-Technologies Corp.

600

14,989

Hitachi Ltd.

62,000

396,232

Hitachi Metals Ltd.

2,000

20,677

Hokkaido Electric Power Co., Inc.

2,200

27,915

Hokuriku Electric Power Co., Inc.

1,800

26,547

Honda Motor Co. Ltd.

21,300

849,922

Hoya Corp.

5,600

112,204

Hulic Co. Ltd.

3,900

43,372

Ibiden Co. Ltd.

1,800

31,552

Common Stocks - continued

Shares

Value

Japan - continued

Idemitsu Kosan Co. Ltd.

300

$ 25,380

INPEX Corp.

28

135,501

Isetan Mitsukoshi Holdings Ltd.

4,700

74,908

Ishikawajima-Harima Heavy Industries Co. Ltd.

16,000

59,663

Isuzu Motors Ltd.

15,000

99,965

Itochu Corp.

20,000

247,989

ITOCHU Techno-Solutions Corp.

400

19,035

Iyo Bank Ltd.

3,000

31,421

J Front Retailing Co. Ltd.

6,000

50,408

Japan Airlines Co. Ltd.

700

35,547

Japan Exchange Group, Inc.

700

85,925

Japan Petroleum Exploration Co. Ltd.

400

15,883

Japan Prime Realty Investment Corp.

11

40,422

Japan Real Estate Investment Corp.

8

107,467

Japan Retail Fund Investment Corp.

28

66,373

Japan Steel Works Ltd.

5,000

25,402

Japan Tobacco, Inc.

14,300

540,558

JFE Holdings, Inc.

6,400

138,956

JGC Corp.

3,000

88,894

Joyo Bank Ltd.

9,000

55,323

JSR Corp.

2,500

57,550

JTEKT Corp.

2,800

28,550

JX Holdings, Inc.

29,700

161,267

Kajima Corp.

10,000

31,931

Kamigumi Co. Ltd.

3,000

28,130

Kaneka Corp.

3,000

18,072

Kansai Electric Power Co., Inc.

9,800

119,730

Kansai Paint Co. Ltd.

3,000

38,496

Kao Corp.

6,900

238,589

Kawasaki Heavy Industries Ltd.

18,000

57,401

KDDI Corp.

7,000

336,611

Keihin Electric Express Railway Co. Ltd.

6,000

66,398

Keio Corp.

7,000

60,213

Keisei Electric Railway Co.

4,000

42,291

Keyence Corp.

610

193,581

Kikkoman Corp.

2,000

37,962

Kinden Corp.

1,000

7,296

Kintetsu Corp.

21,000

106,222

Kirin Holdings Co. Ltd.

11,000

192,489

Kobe Steel Ltd. (a)

29,000

37,876

Koito Manufacturing Co. Ltd.

1,000

19,346

Komatsu Ltd.

12,300

336,995

Konami Corp.

1,300

29,655

Common Stocks - continued

Shares

Value

Japan - continued

Konica Minolta Holdings, Inc.

5,500

$ 38,857

Kubota Corp.

14,000

201,092

Kuraray Co. Ltd.

4,400

66,822

Kurita Water Industries Ltd.

1,300

26,688

Kyocera Corp.

2,000

203,445

Kyowa Hakko Kirin Co. Ltd.

3,000

36,823

Lawson, Inc.

800

62,987

LIXIL Group Corp.

3,500

78,685

Mabuchi Motor Co. Ltd.

400

21,719

Makita Corp.

1,400

85,397

Marubeni Corp.

21,000

150,743

Marui Group Co. Ltd.

2,900

33,662

Maruichi Steel Tube Ltd.

500

12,644

Mazda Motor Corp. (a)

35,000

119,925

McDonald's Holdings Co. (Japan) Ltd.

800

23,334

Medipal Holdings Corp.

1,600

25,104

Meiji Holdings Co. Ltd.

700

31,601

Miraca Holdings, Inc.

700

34,907

Mitsubishi Chemical Holdings Corp.

17,500

85,350

Mitsubishi Corp.

18,600

334,842

Mitsubishi Electric Corp.

25,000

238,335

Mitsubishi Estate Co. Ltd.

16,000

521,138

Mitsubishi Gas Chemical Co., Inc.

5,000

38,227

Mitsubishi Heavy Industries Ltd.

40,000

275,842

Mitsubishi Logistics Corp.

2,000

35,754

Mitsubishi Materials Corp.

15,000

43,026

Mitsubishi Motors Corp. of Japan (a)

50,000

59,064

Mitsubishi Tanabe Pharma Corp.

2,700

41,071

Mitsubishi UFJ Financial Group, Inc.

166,000

1,126,284

Mitsubishi UFJ Lease & Finance Co. Ltd.

8,700

49,143

Mitsui & Co. Ltd.

23,100

318,241

Mitsui Chemicals, Inc.

10,000

23,142

Mitsui Fudosan Co. Ltd.

11,000

374,363

Mitsui OSK Lines Ltd.

13,000

54,136

Mizuho Financial Group, Inc.

298,300

656,397

MS&AD Insurance Group Holdings, Inc.

6,700

179,766

Murata Manufacturing Co. Ltd.

2,600

211,728

Nabtesco Corp.

1,200

26,481

Namco Bandai Holdings, Inc.

2,200

40,098

NEC Corp.

34,000

88,325

Nexon Co. Ltd.

1,500

18,212

NGK Insulators Ltd.

4,000

48,349

Common Stocks - continued

Shares

Value

Japan - continued

NGK Spark Plug Co. Ltd.

2,000

$ 33,718

NHK Spring Co. Ltd.

2,000

21,649

Nidec Corp.

1,400

95,209

Nikon Corp.

4,400

95,771

Nintendo Co. Ltd.

1,400

154,522

Nippon Building Fund, Inc.

9

129,675

Nippon Electric Glass Co. Ltd.

4,000

20,417

Nippon Express Co. Ltd.

12,000

62,459

Nippon Meat Packers, Inc.

2,000

30,714

Nippon Paper Industries Co. Ltd. (a)

1,000

14,979

Nippon Steel & Sumitomo Metal Corp.

99,700

265,549

Nippon Telegraph & Telephone Corp.

5,700

283,462

Nippon Yusen KK

22,000

57,432

Nishi-Nippon City Bank Ltd.

8,000

26,688

Nissan Motor Co. Ltd.

32,500

339,050

Nisshin Seifun Group, Inc.

2,500

32,301

Nissin Food Holdings Co. Ltd.

700

31,398

Nitori Holdings Co. Ltd.

400

30,177

Nitto Denko Corp.

2,200

144,539

NKSJ Holdings, Inc.

4,850

123,099

NOK Corp.

1,000

14,421

Nomura Holdings, Inc.

47,500

388,203

Nomura Real Estate Holdings, Inc.

1,600

43,014

Nomura Real Estate Office Fund, Inc.

3

19,168

Nomura Research Institute Ltd.

1,200

36,147

NSK Ltd.

6,000

48,537

NTT Data Corp.

17

53,823

NTT DoCoMo, Inc.

200

331,180

NTT Urban Development Co.

16

23,723

Obayashi Corp.

9,000

55,374

Odakyu Electric Railway Co. Ltd.

8,000

96,344

Oji Holdings Corp.

11,000

39,263

Olympus Corp. (a)

2,700

67,791

Omron Corp.

2,600

82,134

Ono Pharmaceutical Co. Ltd.

1,100

72,548

Oracle Corp. Japan

500

21,420

Oriental Land Co. Ltd.

700

113,169

ORIX Corp.

13,500

207,148

Osaka Gas Co. Ltd.

24,000

104,017

Otsuka Corp.

200

20,733

Otsuka Holdings Co. Ltd.

4,700

169,493

Common Stocks - continued

Shares

Value

Japan - continued

Panasonic Corp.

28,800

$ 207,558

Park24 Co. Ltd.

1,200

24,214

Rakuten, Inc.

9,400

100,264

Resona Holdings, Inc.

24,900

132,909

Ricoh Co. Ltd.

8,000

89,017

Rinnai Corp.

400

31,806

ROHM Co. Ltd.

1,100

38,887

Sankyo Co. Ltd. (Gunma)

600

27,346

Sanrio Co. Ltd.

500

25,106

Santen Pharmaceutical Co. Ltd.

900

45,176

SBI Holdings, Inc. Japan

2,630

50,946

Secom Co. Ltd.

2,700

150,590

Sega Sammy Holdings, Inc.

2,800

73,566

Sekisui Chemical Co. Ltd.

6,000

75,555

Sekisui House Ltd.

7,000

104,925

Seven & i Holdings Co. Ltd.

9,800

376,968

Seven Bank Ltd.

8,200

29,118

Sharp Corp. (d)

14,000

48,609

Shikoku Electric Power Co., Inc.

2,500

45,317

Shimadzu Corp.

3,000

21,921

Shimamura Co. Ltd.

300

37,915

SHIMANO, Inc.

1,000

87,105

SHIMIZU Corp.

7,000

28,174

Shin-Etsu Chemical Co. Ltd.

5,400

364,027

Shinsei Bank Ltd.

20,000

56,134

Shionogi & Co. Ltd.

4,000

98,388

Shiseido Co. Ltd.

4,700

67,301

Shizuoka Bank Ltd.

7,000

85,683

Showa Denko KK

16,000

25,836

Showa Shell Sekiyu KK

1,800

14,447

SMC Corp.

700

140,331

So-net M3, Inc.

9

20,356

Softbank Corp.

12,300

610,005

Sojitz Corp.

18,400

28,890

Sony Corp.

13,100

215,338

Sony Financial Holdings, Inc.

2,000

28,254

Stanley Electric Co. Ltd.

1,700

32,605

Sumco Corp.

1,600

16,795

Sumitomo Chemical Co. Ltd.

20,000

66,974

Sumitomo Corp.

14,800

185,282

Sumitomo Electric Industries Ltd.

9,700

128,997

Sumitomo Heavy Industries Ltd.

6,000

26,716

Common Stocks - continued

Shares

Value

Japan - continued

Sumitomo Metal Mining Co. Ltd.

7,000

$ 97,995

Sumitomo Mitsui Financial Group, Inc.

17,500

827,179

Sumitomo Mitsui Trust Holdings, Inc.

40,000

201,020

Sumitomo Realty & Development Co. Ltd.

5,000

236,307

Sumitomo Rubber Industries Ltd.

2,000

36,930

Suzuken Co. Ltd.

1,000

38,940

Suzuki Motor Corp.

4,800

123,342

Sysmex Corp.

900

58,041

T&D Holdings, Inc.

7,500

87,362

Taiheiyo Cement Corp.

13,000

33,762

Taisei Corp.

15,000

50,100

Taisho Pharmaceutical Holdings Co. Ltd.

500

37,072

Taiyo Nippon Sanso Corp.

3,000

19,934

Takashimaya Co. Ltd.

3,000

35,461

Takeda Pharmaceutical Co. Ltd.

10,300

565,488

TDK Corp.

1,600

58,507

Teijin Ltd.

11,000

26,502

Terumo Corp.

2,000

99,361

The Chugoku Bank Ltd.

2,000

34,872

The Hachijuni Bank Ltd.

6,000

40,850

The Suruga Bank Ltd.

2,000

35,384

THK Co. Ltd.

1,700

35,804

Tobu Railway Co. Ltd.

13,000

75,572

Toho Co. Ltd.

1,600

35,576

Toho Gas Co. Ltd.

6,000

35,774

Tohoku Electric Power Co., Inc. (a)

6,200

66,405

Tokio Marine Holdings, Inc.

9,100

289,195

Tokyo Electric Power Co. (a)

17,000

75,252

Tokyo Electron Ltd.

2,200

112,605

Tokyo Gas Co. Ltd.

32,000

182,661

Tokyu Corp.

15,000

118,952

Tokyu Land Corp.

6,000

73,770

TonenGeneral Sekiyu KK

4,000

40,422

Toppan Printing Co. Ltd.

7,000

53,336

Toray Industries, Inc.

20,000

140,610

Toshiba Corp.

53,000

292,251

Toto Ltd.

4,000

41,485

Toyo Seikan Group Holdings Ltd.

1,700

23,297

Toyo Suisan Kaisha Ltd.

1,000

33,986

Toyoda Gosei Co. Ltd.

900

23,358

Toyota Boshoku Corp.

600

8,624

Toyota Industries Corp.

2,000

81,896

Common Stocks - continued

Shares

Value

Japan - continued

Toyota Motor Corp.

35,900

$ 2,083,559

Toyota Tsusho Corp.

2,900

80,769

Trend Micro, Inc.

1,400

39,252

Tsumura & Co.

700

22,873

Ube Industries Ltd.

12,000

24,263

Unicharm Corp.

1,500

96,992

Ushio, Inc.

900

9,170

USS Co. Ltd.

280

35,920

West Japan Railway Co.

2,200

106,441

Yahoo! Japan Corp.

198

99,493

Yakult Honsha Co. Ltd.

1,200

52,306

Yamada Denki Co. Ltd.

1,020

49,224

Yamaguchi Financial Group, Inc.

3,000

32,580

Yamaha Corp.

1,900

20,375

Yamaha Motor Co. Ltd.

3,600

50,222

Yamato Holdings Co. Ltd.

4,900

94,521

Yamato Kogyo Co. Ltd.

500

16,537

Yamazaki Baking Co. Ltd.

2,000

26,173

Yaskawa Electric Corp.

3,000

36,707

Yokogawa Electric Corp.

3,000

30,507

TOTAL JAPAN

34,391,020

Korea (South) - 3.0%

AMOREPACIFIC Corp.

46

37,581

AMOREPACIFIC Group, Inc.

29

11,004

BS Financial Group, Inc.

2,060

27,115

Celltrion, Inc.

890

25,530

Cheil Industries, Inc.

655

56,426

Cheil Worldwide, Inc.

1,390

34,321

CJ CheilJedang Corp.

98

29,001

CJ Corp.

219

28,727

Coway Co. Ltd.

620

31,405

Daelim Industrial Co.

318

22,227

Daewoo Engineering & Construction Co. Ltd. (a)

1,470

10,088

Daewoo International Corp.

440

15,437

Daewoo Securities Co. Ltd.

2,472

24,459

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

1,180

28,332

DGB Financial Group Co. Ltd.

1,410

19,711

Dongbu Insurance Co. Ltd.

447

18,036

Doosan Co. Ltd.

108

12,059

Doosan Heavy Industries & Construction Co. Ltd.

721

26,802

Doosan Infracore Co. Ltd. (a)

980

11,609

Common Stocks - continued

Shares

Value

Korea (South) - continued

E-Mart Co. Ltd.

252

$ 49,183

GS Engineering & Construction Corp.

359

9,858

GS Holdings Corp.

726

35,852

Hana Financial Group, Inc.

3,601

115,064

Hankook Tire Co. Ltd.

1,054

45,830

Hanwha Chemical Corp.

1,050

15,584

Hanwha Corp.

730

20,675

Hanwha Life Insurance Co. Ltd.

1,770

10,765

Hyosung Corp.

229

11,516

Hyundai Department Store Co. Ltd.

177

25,708

Hyundai Engineering & Construction Co. Ltd.

873

45,805

Hyundai Fire & Marine Insurance Co. Ltd.

760

21,387

Hyundai Glovis Co. Ltd.

157

26,366

Hyundai Heavy Industries Co. Ltd.

540

98,528

Hyundai Hysco Co. Ltd.

330

9,226

Hyundai Industrial Development & Construction Co.

510

10,463

Hyundai Merchant Marine Co. Ltd. (a)

446

4,150

Hyundai Mipo Dockyard Co. Ltd.

120

11,765

Hyundai Mobis

901

204,473

Hyundai Motor Co.

2,091

378,677

Hyundai Securities Co. Ltd.

1,300

9,028

Hyundai Steel Co.

677

46,829

Hyundai Wia Corp.

223

28,745

Industrial Bank of Korea

2,510

28,709

Kangwon Land, Inc.

1,160

32,801

KB Financial Group, Inc.

4,970

162,485

KCC Corp.

72

21,372

Kia Motors Corp.

3,500

174,109

Korea Aerospace Industries Ltd.

410

10,421

Korea Electric Power Corp. (a)

3,320

95,696

Korea Gas Corp.

230

14,761

Korea Investment Holdings Co. Ltd.

380

15,971

Korea Zinc Co. Ltd.

94

26,921

Korean Air Lines Co. Ltd. (a)

428

13,715

KT Corp.

430

14,065

KT&G Corp.

1,412

101,644

Kumho Petro Chemical Co. Ltd.

136

11,765

LG Chemical Ltd.

604

142,555

LG Corp.

1,255

74,734

LG Display Co. Ltd. (a)

3,000

82,067

LG Electronics, Inc.

1,409

112,683

LG Household & Health Care Ltd.

131

73,610

Common Stocks - continued

Shares

Value

Korea (South) - continued

LG Innotek Co. Ltd. (a)

103

$ 8,321

LG Telecom Ltd.

2,790

26,340

Lotte Chemical Corp.

235

34,665

Lotte Confectionery Co. Ltd.

7

12,200

Lotte Shopping Co. Ltd.

146

54,471

LS Cable Ltd.

283

20,809

LS Industrial Systems Ltd.

116

6,550

Mando Corp.

127

9,684

Mirae Asset Securities Co. Ltd.

220

9,187

NCSOFT Corp.

213

32,097

NHN Corp.

528

141,872

Oci Co. Ltd.

191

24,534

Orion Corp.

49

51,820

POSCO

885

254,301

S-Oil Corp.

692

55,593

S1 Corp.

187

10,559

Samsung C&T Corp.

1,604

85,907

Samsung Card Co. Ltd.

570

21,861

Samsung Electro-Mechanics Co. Ltd.

717

64,110

Samsung Electronics Co. Ltd.

1,453

2,004,847

Samsung Engineering Co. Ltd.

390

31,331

Samsung Fire & Marine Insurance Co. Ltd.

457

93,963

Samsung Heavy Industries Co. Ltd.

2,310

73,497

Samsung Life Insurance Co. Ltd.

846

83,324

Samsung SDI Co. Ltd.

435

50,742

Samsung Securities Co. Ltd.

711

32,658

Samsung Techwin Co. Ltd.

442

27,484

Shinhan Financial Group Co. Ltd.

5,740

198,761

Shinsegae Co. Ltd.

111

23,830

SK C&C Co. Ltd.

252

21,137

SK Energy Co. Ltd.

774

105,391

SK Holdings Co. Ltd.

339

48,775

SK Hynix, Inc.

6,710

182,123

SK Networks Co. Ltd.

1,070

7,091

SK Telecom Co. Ltd.

135

23,757

Woori Finance Holdings Co. Ltd.

4,730

51,095

Woori Investment & Securities Co. Ltd.

1,271

13,038

Yuhan Corp.

106

20,207

TOTAL KOREA (SOUTH)

6,933,363

Luxembourg - 0.3%

ArcelorMittal SA (Netherlands)

13,157

162,629

Common Stocks - continued

Shares

Value

Luxembourg - continued

Kernel Holding SA (a)

565

$ 10,246

Millicom International Cellular SA (depository receipt)

829

67,793

SES SA (France) (depository receipt)

3,944

123,151

Subsea 7 SA

3,665

78,938

Tenaris SA

6,131

135,970

TOTAL LUXEMBOURG

578,727

Malaysia - 0.8%

AirAsia Bhd

16,700

16,083

AMMB Holdings Bhd

20,500

45,144

Axiata Group Bhd

33,200

73,875

Berjaya Sports Toto Bhd

7,973

11,006

British American Tobacco (Malaysia) Bhd

1,700

35,380

Bumi Armada Bhd

12,100

15,868

Bumiputra-Commerce Holdings Bhd

64,300

163,577

DiGi.com Bhd

41,300

62,985

Felda Global Ventures Holdings Bhd

11,400

17,311

Gamuda Bhd

19,400

25,952

Genting Bhd

27,000

93,180

Genting Malaysia Bhd

41,900

51,781

Genting Plantations Bhd

1,800

5,064

Hong Leong Bank Bhd

7,200

34,219

Hong Leong Credit Bhd

3,600

18,340

IHH Healthcare Bhd

23,000

28,348

IJM Corp. Bhd

17,300

30,989

IOI Corp. Bhd

39,200

64,807

Kuala Lumpur Kepong Bhd

6,600

46,769

Lafarge Malayan Cement Bhd

5,000

16,302

Malayan Banking Bhd

56,111

177,416

Malaysia Airports Holdings Bhd

7,962

15,754

Malaysia Marine and Heavy Engineering Sdn Bhd

3,300

4,132

Malaysian Plantations Bhd

10,600

15,539

Maxis Bhd

29,700

65,989

MISC Bhd (a)

13,800

19,776

MMC Corp. Bhd

7,700

6,454

Parkson Holdings Bhd

6,900

9,570

Petronas Chemicals Group Bhd

37,600

80,699

Petronas Dagangan Bhd

3,800

29,501

Petronas Gas Bhd

8,300

53,797

PPB Group Bhd

5,400

22,718

Public Bank Bhd (For. Reg.)

14,400

77,715

RHB Capital Bhd

8,908

24,828

Common Stocks - continued

Shares

Value

Malaysia - continued

SapuraKencana Petroleum Bhd (a)

25,100

$ 26,234

Sime Darby Bhd

36,200

112,318

Telekom Malaysia Bhd

12,200

22,134

Tenaga Nasional Bhd

37,000

95,464

UEM Land Holdings Bhd (a)

16,200

13,365

UMW Holdings Bhd

7,300

34,311

YTL Corp. Bhd

56,526

30,469

YTL Power International Bhd

28,200

13,996

TOTAL MALAYSIA

1,809,159

Mauritius - 0.0%

Golden Agri-Resources Ltd.

102,000

43,891

Mexico - 1.2%

Alfa SA de CV Series A

36,400

84,538

Alpek SA de CV

5,800

13,843

America Movil S.A.B. de CV Series L

505,600

544,229

CEMEX SA de CV unit

142,039

160,144

Coca-Cola FEMSA S.A.B. de CV Series L

5,600

90,455

Compartamos S.A.B. de CV

16,100

26,811

Controladora Commercial Mexicana SA unit

4,800

18,532

El Puerto de Liverpool SA Class C

2,700

34,144

Embotelladoras Arca S.A.B. de CC

3,900

32,164

Fomento Economico Mexicano S.A.B. de CV unit

25,200

286,591

Grupo Aeroportuario del Pacifico SA de CV Series B

3,600

20,609

Grupo Aeroportuario del Sureste SA de CV Series B

2,400

29,785

Grupo Bimbo S.A.B. de CV Series A

21,200

68,983

Grupo Carso SA de CV Series A1

8,300

47,378

Grupo Financiero Banorte S.A.B. de CV Series O

24,100

181,728

Grupo Financiero Inbursa S.A.B. de CV Series O

26,600

77,945

Grupo Financiero Santander Mexico S.A.B. de CV

19,300

62,419

Grupo Mexico SA de CV Series B

49,324

176,542

Grupo Modelo S.A.B. de CV Series C

8,800

80,069

Grupo Televisa SA de CV

33,300

169,074

Industrias CH SA de CV (a)

2,200

17,729

Industrias Penoles SA de CV

1,785

74,528

Kimberly-Clark de Mexico SA de CV Series A

21,300

73,887

Mexichem S.A.B. de CV

13,921

70,956

Minera Frisco S.A.B. de CV (a)

8,700

37,187

Wal-Mart de Mexico SA de CV Series V

68,900

219,258

TOTAL MEXICO

2,699,528

Common Stocks - continued

Shares

Value

Morocco - 0.0%

Attijariwafa Bank

325

$ 12,869

Douja Promotion Groupe Addoha SA

1,252

8,145

Maroc Telecom SA

1,264

16,696

TOTAL MOROCCO

37,710

Netherlands - 1.8%

AEGON NV

23,141

154,576

Akzo Nobel NV

3,111

187,562

ASML Holding NV (Netherlands)

4,081

303,679

Corio NV

912

42,259

D.E. Master Blenders 1753 NV (a)

6,600

104,650

Delta Lloyd NV

2,344

44,915

European Aeronautic Defence and Space Co. (EADS) NV

5,910

312,144

Fugro NV (Certificaten Van Aandelen)

924

53,451

Gemalto NV

1,021

83,419

Heineken Holding NV (A Shares)

1,321

79,434

Heineken NV (Bearer)

2,995

211,492

ING Groep NV (Certificaten Van Aandelen) (a)

49,839

410,566

Koninklijke Ahold NV

13,014

205,323

Koninklijke Boskalis Westminster NV

883

36,776

Koninklijke KPN NV (d)

14,132

29,461

Koninklijke KPN NV rights 5/14/13 (a)(d)

14,132

18,983

Koninklijke Philips Electronics NV

12,359

342,073

QIAGEN NV (a)

3,237

64,136

Randstad Holding NV

1,621

67,491

Reed Elsevier NV

8,874

143,979

Royal DSM NV

1,995

128,555

STMicroelectronics NV

8,207

71,409

TNT Express NV

4,846

37,232

Unilever NV (Certificaten Van Aandelen) (Bearer)

21,101

899,142

Vopak NV

866

47,969

Wolters Kluwer NV (Certificaten Van Aandelen)

4,006

88,632

Ziggo NV

1,613

57,811

TOTAL NETHERLANDS

4,227,119

New Zealand - 0.1%

Auckland International Airport Ltd.

14,245

37,851

Contact Energy Ltd.

3,640

16,474

Fletcher Building Ltd.

9,398

71,211

Sky City Entertainment Group Ltd.

6,783

25,931

Telecom Corp. of New Zealand Ltd.

26,797

59,834

TOTAL NEW ZEALAND

211,301

Common Stocks - continued

Shares

Value

Norway - 0.5%

Aker Solutions ASA

2,391

$ 33,378

DnB ASA

12,689

207,394

Gjensidige Forsikring ASA

2,312

37,247

Norsk Hydro ASA

12,154

56,908

Orkla ASA (A Shares)

9,826

88,437

StatoilHydro ASA

14,529

355,690

Telenor ASA

9,061

203,643

Yara International ASA

2,405

112,607

TOTAL NORWAY

1,095,304

Peru - 0.0%

Compania de Minas Buenaventura SA sponsored ADR

2,557

51,191

Philippines - 0.2%

Aboitiz Equity Ventures, Inc.

28,240

39,094

Aboitiz Power Corp.

19,300

17,484

Alliance Global Group, Inc.

50,100

28,837

Ayala Corp.

2,020

31,447

Ayala Land, Inc.

74,200

58,477

Bank of the Philippine Islands (BPI)

8,840

22,070

BDO Unibank, Inc.

19,873

44,259

DMCI Holdings, Inc.

8,610

11,930

Globe Telecom, Inc.

445

15,455

International Container Terminal Services, Inc.

8,220

18,366

Jollibee Food Corp.

4,640

14,481

Metropolitan Bank & Trust Co.

1,650

4,989

Philippine Long Distance Telephone Co.

545

40,266

PNOC Energy Development Corp.

107,400

16,981

San Miguel Corp.

7,840

23,039

SM Investments Corp.

2,680

74,526

SM Prime Holdings, Inc.

82,900

40,267

Universal Robina Corp.

13,110

37,857

TOTAL PHILIPPINES

539,825

Poland - 0.3%

Asseco Poland SA

769

10,431

Bank Handlowy w Warszawie SA

464

13,803

Bank Millennium SA (a)

4,774

7,297

Bank Polska Kasa Opieki SA

1,747

83,760

Bank Zachodni WBK SA

350

29,131

BRE Bank SA

148

16,187

Cyfrowy Polsat SA (a)

2,660

14,075

ENEA SA

2,114

8,697

Common Stocks - continued

Shares

Value

Poland - continued

Eurocash SA

627

$ 11,291

Grupa Lotos SA (a)

656

7,883

Jastrzebska Spolka Weglowa SA

348

9,196

KGHM Polska Miedz SA (Bearer)

1,861

87,165

Polish Oil & Gas Co. (a)

25,352

42,844

Polska Grupa Energetyczna SA

9,946

51,652

Polski Koncern Naftowy Orlen SA (a)

4,326

67,084

Powszechna Kasa Oszczednosci Bank SA

11,673

121,538

Powszechny Zaklad Ubezpieczen SA

744

102,540

Synthos SA

5,870

8,750

Tauron Polska Energia SA

10,846

14,451

Telekomunikacja Polska SA

8,607

19,176

Zaklady Azotowe w Tarnowie-Moscicach SA

600

11,558

TOTAL POLAND

738,509

Portugal - 0.1%

Banco Espirito Santo SA (Reg.) (a)

23,448

26,835

Energias de Portugal SA

24,895

85,570

Galp Energia SGPS SA Class B

3,508

56,224

Jeronimo Martins SGPS SA

2,752

65,545

Portugal Telecom SGPS SA (Reg.)

7,551

39,400

TOTAL PORTUGAL

273,574

Russia - 1.2%

Federal Grid Co. of Unified Energy System (a)

3,696,897

14,291

Gazprom OAO sponsored ADR (Reg. S)

69,463

551,189

Inter Rao Ues JSC (a)

23,700,000

9,807

LSR Group OJSC GDR (Reg. S)

2,758

11,997

Lukoil Oil Co. sponsored ADR (United Kingdom)

6,687

423,956

Magnit OJSC GDR (Reg. S)

3,374

172,074

Mechel Steel Group OAO sponsored ADR

1,573

6,418

Megafon OJSC GDR

994

30,675

Mobile TeleSystems OJSC sponsored ADR

6,700

138,690

Norilsk Nickel OJSC ADR

6,205

95,061

NOVATEK OAO GDR (Reg. S)

1,186

120,023

Novolipetsk Steel OJSC GDR (Reg. S)

1,138

18,891

Rosneft Oil Co. OJSC GDR (Reg. S)

16,659

113,864

Rostelecom sponsored ADR

2,569

57,289

RusHydro JSC sponsored ADR

19,011

32,699

Russian Grids OAO (a)

233,413

9,911

Russian Grids OAO rights (a)

656,712

0

Sberbank (Savings Bank of the Russian Federation) (a)

1,860

5,916

Sberbank (Savings Bank of the Russian Federation) sponsored ADR

32,768

421,396

Common Stocks - continued

Shares

Value

Russia - continued

Severstal JSC GDR (Reg. S)

2,598

$ 21,966

Sistema JSFC sponsored GDR

1,336

25,478

Surgutneftegaz JSC sponsored ADR

11,941

101,499

Tatneft OAO sponsored ADR

3,066

115,864

TMK OAO GDR (Reg. S)

466

5,890

Uralkali OJSC GDR (Reg. S)

3,449

124,819

VTB Bank JSC:

rights (a)

8,170,112

82

sponsored GDR (Reg. S)

17,093

53,843

TOTAL RUSSIA

2,683,588

Singapore - 1.1%

Ascendas Real Estate Investment Trust

26,000

58,050

CapitaCommercial Trust (REIT)

28,000

38,873

CapitaLand Ltd.

33,000

100,203

CapitaMall Trust

31,000

58,391

CapitaMalls Asia Ltd.

16,000

27,279

City Developments Ltd.

6,000

54,851

ComfortDelgro Corp. Ltd.

23,000

37,067

DBS Group Holdings Ltd.

24,127

328,301

Global Logistic Properties Ltd.

26,000

58,261

Hutchison Port Holdings Trust

69,000

57,270

Jardine Cycle & Carriage Ltd.

2,000

79,078

K-REIT Asia

3,600

4,413

Keppel Corp. Ltd.

18,000

156,515

Keppel Ld Ltd.

11,000

36,259

Olam International Ltd.

23,000

31,278

Oversea-Chinese Banking Corp. Ltd.

33,000

290,696

SembCorp Industries Ltd.

12,000

48,616

SembCorp Marine Ltd.

12,000

41,991

Singapore Airlines Ltd.

7,000

63,084

Singapore Exchange Ltd.

10,000

60,729

Singapore Press Holdings Ltd.

20,000

72,420

Singapore Technologies Engineering Ltd.

20,000

71,446

Singapore Telecommunications Ltd.

103,000

328,643

StarHub Ltd.

8,000

30,722

United Overseas Bank Ltd.

17,000

294,674

UOL Group Ltd.

6,000

34,733

Wilmar International Ltd.

26,000

70,293

Yangzijiang Shipbuilding Holdings Ltd.

23,000

17,740

TOTAL SINGAPORE

2,551,876

Common Stocks - continued

Shares

Value

South Africa - 1.5%

Absa Group Ltd.

3,925

$ 64,599

African Bank Investments Ltd.

9,888

31,393

African Rainbow Minerals Ltd.

1,465

28,877

Anglo Platinum Ltd. (a)

948

35,960

AngloGold Ashanti Ltd.

4,984

96,160

ArcelorMittal South Africa Ltd. (a)

2,049

5,250

Aspen Pharmacare Holdings Ltd.

3,834

83,273

Assore Ltd.

442

14,383

Aveng Ltd.

4,004

13,163

Barloworld Ltd.

2,751

28,818

Bidvest Group Ltd.

3,796

98,717

Discovery Ltd.

4,246

38,677

Exxaro Resources Ltd.

1,803

28,276

FirstRand Ltd.

40,222

139,758

Foschini Ltd.

2,982

38,216

Gold Fields Ltd.

9,508

71,287

Growthpoint Properties Ltd.

22,648

74,429

Harmony Gold Mining Co. Ltd.

4,505

22,775

Impala Platinum Holdings Ltd.

6,976

95,200

Imperial Holdings Ltd.

2,443

54,095

Investec Ltd.

2,984

21,405

Kumba Iron Ore Ltd.

1,107

58,385

Liberty Holdings Ltd.

1,491

19,856

Life Healthcare Group Holdings Ltd.

12,991

54,883

Massmart Holdings Ltd.

1,528

31,672

MMI Holdings Ltd.

11,826

30,179

Mr Price Group Ltd.

3,227

46,383

MTN Group Ltd.

21,969

396,071

Naspers Ltd. Class N

5,093

340,820

Nedbank Group Ltd.

2,629

55,853

Netcare Ltd.

10,911

24,805

Northam Platinum Ltd. (a)

2,541

9,427

Pick 'n Pay Stores Ltd.

2,599

12,309

Pretoria Portland Cement Co. Ltd.

6,427

23,499

Rand Merchant Insurance Holdings Ltd.

8,340

21,795

Redefine Properties Ltd. unit

32,589

39,222

Remgro Ltd.

5,547

111,867

Reunert Ltd.

2,783

24,187

RMB Holdings Ltd.

9,825

43,609

Sanlam Ltd.

23,079

118,282

Sappi Ltd. (a)

5,590

16,820

Sasol Ltd.

7,126

308,674

Common Stocks - continued

Shares

Value

South Africa - continued

Shoprite Holdings Ltd.

5,574

$ 105,653

Spar Group Ltd.

2,111

27,877

Standard Bank Group Ltd.

15,948

199,228

Steinhoff International Holdings Ltd.

14,012

37,398

Tiger Brands Ltd.

2,164

67,309

Truworths International Ltd.

5,116

50,849

Vodacom Group Ltd.

4,543

53,264

Woolworths Holdings Ltd.

9,927

77,372

TOTAL SOUTH AFRICA

3,492,259

Spain - 2.0%

Abertis Infraestructuras SA

4,829

90,178

ACS Actividades de Construccion y Servicios SA

1,991

51,195

Amadeus IT Holding SA Class A

4,059

119,819

Banco Bilbao Vizcaya Argentaria SA

69,476

676,319

Banco Bilbao Vizcaya Argentaria SA

1,215

11,793

Banco de Sabadell SA (d)

37,019

76,980

Banco Popular Espanol SA

66,356

51,646

Banco Santander SA (Spain)

140,767

1,016,555

Bankia SA (a)

67

353

Bankia SA rights 5/14/13 (a)

67

109

Cintra Concesiones de Infrastructuras de Transporte SA

5,196

85,981

Criteria CaixaCorp SA

13,708

50,746

Distribuidora Internacional de Alimentacion SA

7,928

61,496

Enagas SA

2,503

66,685

Gas Natural SDG SA

4,563

95,547

Grifols SA

1,822

73,112

Grupo Acciona SA

404

26,469

Iberdrola SA

61,286

330,106

Inditex SA

2,820

378,993

International Consolidated Airlines Group SA (a)

11,683

49,235

International Consolidated Airlines Group SA CDI (a)

942

3,980

MAPFRE SA (Reg.)

9,537

34,979

Red Electrica Corporacion SA

1,447

76,968

Repsol YPF SA

10,836

254,014

Telefonica SA

53,179

778,664

Zardoya Otis SA

2,235

31,229

TOTAL SPAIN

4,493,151

Common Stocks - continued

Shares

Value

Sweden - 2.1%

Alfa Laval AB

4,353

$ 95,173

ASSA ABLOY AB (B Shares)

4,347

173,114

Atlas Copco AB:

(A Shares)

8,828

232,379

(B Shares)

4,977

118,031

Boliden AB

3,516

55,661

Electrolux AB (B Shares)

3,122

88,394

Elekta AB (B Shares)

4,951

76,125

Getinge AB (B Shares)

2,592

78,027

H&M Hennes & Mauritz AB (B Shares)

12,285

434,644

Hexagon AB (B Shares)

3,058

87,337

Husqvarna AB (B Shares)

4,998

28,688

Industrivarden AB Series C

1,426

26,623

Investment AB Kinnevik

2,664

69,590

Investor AB (B Shares)

5,865

172,845

Lundin Petroleum AB (a)

2,874

68,823

Nordea Bank AB

34,070

408,195

Ratos AB (B Shares)

2,219

21,279

Sandvik AB

13,182

186,816

Scania AB (B Shares)

4,154

88,386

Securitas AB (B Shares)

4,560

44,678

Skandinaviska Enskilda Banken AB (A Shares)

18,308

187,853

Skanska AB (B Shares)

4,873

82,858

SKF AB (B Shares)

5,090

118,433

Svenska Cellulosa AB (SCA) (B Shares)

7,517

195,202

Svenska Handelsbanken AB (A Shares)

6,445

292,762

Swedbank AB (A Shares)

10,502

258,456

Swedish Match Co. AB

2,678

92,888

Tele2 AB (B Shares)

4,230

72,512

Telefonaktiebolaget LM Ericsson (B Shares)

39,567

492,070

TeliaSonera AB

28,073

193,144

Volvo AB (B Shares)

19,683

272,420

TOTAL SWEDEN

4,813,406

Switzerland - 6.1%

ABB Ltd. (Reg.)

28,632

649,285

Actelion Ltd.

1,453

88,840

Adecco SA (Reg.)

1,716

91,780

Aryzta AG

1,111

68,945

Baloise Holdings AG

616

63,402

Banque Cantonale Vaudoise (Bearer)

37

20,474

Barry Callebaut AG

27

26,367

Common Stocks - continued

Shares

Value

Switzerland - continued

Compagnie Financiere Richemont SA Series A

6,791

$ 548,509

Credit Suisse Group

16,743

464,971

Ems-Chemie Holding AG

120

34,685

Geberit AG (Reg.)

485

118,459

Givaudan SA

107

137,634

Holcim Ltd. (Reg.)

2,982

232,357

Julius Baer Group Ltd.

2,899

115,486

Kuehne & Nagel International AG

704

80,561

Lindt & Spruengli AG

1

44,499

Lindt & Spruengli AG (participation certificate)

15

58,077

Lonza Group AG

762

53,065

Nestle SA

41,853

2,984,644

Novartis AG

29,848

2,209,575

Pargesa Holding SA

397

27,668

Partners Group Holding AG

230

58,997

Roche Holding AG (participation certificate)

9,131

2,282,259

Schindler Holding AG:

(participation certificate)

683

102,399

(Reg.)

235

34,398

SGS SA (Reg.)

72

173,999

Sika AG (Bearer)

28

67,606

Sonova Holding AG Class B

649

70,638

Sulzer AG (Reg.)

320

54,584

Swatch Group AG (Bearer)

405

231,945

Swatch Group AG (Bearer) (Reg.)

545

54,746

Swiss Life Holding AG

361

57,074

Swiss Prime Site AG

714

58,553

Swiss Re Ltd.

4,571

363,546

Swisscom AG

296

139,373

Syngenta AG (Switzerland)

1,210

517,298

Transocean Ltd. (Switzerland) (a)

4,685

239,188

UBS AG

47,321

844,132

Zurich Insurance Group AG

1,911

533,551

TOTAL SWITZERLAND

14,003,569

Taiwan - 2.4%

Acer, Inc. (a)

36,000

29,115

Advanced Semiconductor Engineering, Inc.

84,916

74,120

Advantech Co. Ltd.

4,000

19,125

Asia Cement Corp.

23,360

29,665

ASUSTeK Computer, Inc.

9,000

104,832

AU Optronics Corp. (a)

108,000

50,942

Common Stocks - continued

Shares

Value

Taiwan - continued

Capital Securities Corp.

18,090

$ 6,410

Catcher Technology Co. Ltd.

8,000

40,556

Cathay Financial Holding Co. Ltd.

91,750

123,516

Chang Hwa Commercial Bank

57,540

32,877

Cheng Shin Rubber Industry Co. Ltd.

24,260

82,183

Cheng Uei Precision Industries Co. Ltd.

3,029

6,040

Chicony Electronics Co. Ltd.

8,070

23,698

China Airlines Ltd. (a)

22,490

8,580

China Development Finance Holding Corp. (a)

172,800

47,814

China Life Insurance Co. Ltd.

29,563

30,024

China Motor Co. Ltd.

11,000

10,724

China Petrochemical Development Corp.

21,750

11,764

China Steel Corp.

143,960

126,923

Chinatrust Financial Holding Co. Ltd.

171,179

103,903

Chunghwa Telecom Co. Ltd.

48,000

153,335

Clevo Co. Ltd.

6,161

11,825

Compal Electronics, Inc.

49,000

31,736

CTCI Corp.

10,000

20,007

Delta Electronics, Inc.

23,000

110,359

E Ink Holdings, Inc.

5,000

3,713

E.SUN Financial Holdings Co. Ltd.

45,150

27,252

Epistar Corp.

9,000

15,870

Eternal Chemical Co. Ltd.

9,000

7,767

EVA Airways Corp. (a)

19,400

10,822

Evergreen Marine Corp. (Taiwan) (a)

18,000

10,529

Far Eastern Department Stores Co. Ltd.

8,160

7,222

Far Eastern Textile Ltd.

34,510

37,155

Far EasTone Telecommunications Co. Ltd.

22,000

53,638

Farglory Land Development Co. Ltd.

6,000

11,434

Feng Hsin Iron & Steel Co.

3,000

5,392

First Financial Holding Co. Ltd.

87,040

53,570

Formosa Chemicals & Fibre Corp.

41,000

96,070

Formosa International Hotel Corp.

1,000

10,919

Formosa Petrochemical Corp.

13,000

35,398

Formosa Plastics Corp.

53,000

128,681

Formosa Taffeta Co. Ltd.

6,000

5,707

Foxconn Technology Co. Ltd.

11,200

29,586

Fubon Financial Holding Co. Ltd.

74,398

106,337

Giant Manufacturing Co. Ltd.

3,000

18,006

Highwealth Construction Corp.

2,400

5,363

HIWIN Technologies Corp.

2,050

14,459

Hon Hai Precision Industry Co. Ltd. (Foxconn)

132,000

341,078

Common Stocks - continued

Shares

Value

Taiwan - continued

Hotai Motor Co. Ltd.

3,000

$ 26,806

HTC Corp.

9,000

91,862

Hua Nan Financial Holdings Co. Ltd.

72,527

42,178

Innolux Corp. (a)

92,297

57,744

Inventec Corp.

34,280

13,717

Kinsus Interconnect Technology Corp.

2,000

6,985

Largan Precision Co. Ltd.

1,000

27,331

Lee Chang Yung Chemical Industry Corp.

3,216

3,811

LITE-ON Technology Corp.

28,055

50,516

Macronix International Co. Ltd.

62,607

17,069

MediaTek, Inc.

15,000

183,113

Mega Financial Holding Co. Ltd.

107,690

83,077

Merida Industry Co. Ltd.

2,000

12,208

Nan Ya Plastics Corp.

61,000

121,628

Nankang Rubber Tire Co. Ltd.

5,469

6,463

Novatek Microelectronics Corp.

7,000

34,181

Oriental Union Chemical Corp.

4,000

4,415

Pegatron Corp. (a)

18,000

29,481

Phison Electronics Corp.

2,000

15,768

Pou Chen Corp.

32,000

37,762

Powertech Technology, Inc.

9,000

16,114

President Chain Store Corp.

8,000

49,373

Quanta Computer, Inc.

35,000

72,397

Radiant Opto-Electronics Corp.

6,060

24,659

Realtek Semiconductor Corp.

4,020

11,587

Richtek Technology Corp.

1,000

5,510

Ruentex Development Co. Ltd.

6,000

11,760

Ruentex Industries Ltd.

5,146

12,320

ScinoPharm Taiwan Ltd.

2,000

4,652

Shin Kong Financial Holding Co. Ltd. (a)

89,000

28,128

Siliconware Precision Industries Co. Ltd.

43,000

51,618

SIMPLO Technology Co. Ltd.

4,200

17,874

Sinopac Holdings Co.

76,821

38,424

Standard Foods Corp.

4,240

14,522

Synnex Technology International Corp.

18,000

30,458

Taishin Financial Holdings Co. Ltd.

73,970

32,106

Taiwan Business Bank

22,320

6,865

Taiwan Cement Corp.

41,000

54,500

Taiwan Cooperative Financial Holding Co. Ltd.

65,206

37,479

Taiwan Fertilizer Co. Ltd.

11,000

26,334

Taiwan Glass Industry Corp.

10,225

10,402

Taiwan Mobile Co. Ltd.

22,600

82,384

Common Stocks - continued

Shares

Value

Taiwan - continued

Taiwan Semiconductor Manufacturing Co. Ltd.

320,000

$ 1,188,544

TECO Electric & Machinery Co. Ltd.

29,000

27,289

Transcend Information, Inc.

4,000

13,835

Tripod Technology Corp.

4,000

9,088

TSRC Corp.

8,200

16,211

Tung Ho Steel Enterprise Corp.

7,000

6,836

U-Ming Marine Transport Corp.

5,000

7,799

Unified-President Enterprises Corp.

53,540

105,482

Unimicron Technology Corp.

17,000

17,928

United Microelectronics Corp.

150,000

57,524

Walsin Lihwa Corp. (a)

32,000

9,929

Wan Hai Lines Ltd. (a)

17,000

9,512

Wintek Corp. (a)

17,000

8,733

Wistron Corp.

23,600

23,968

WPG Holding Co. Ltd.

16,000

19,288

Yang Ming Marine Transport Corp. (a)

18,000

8,087

Yuanta Financial Holding Co. Ltd.

107,190

54,522

Yulon Motor Co. Ltd.

12,000

20,590

TOTAL TAIWAN

5,436,787

Thailand - 0.6%

Advanced Info Service PCL (For. Reg.)

15,500

142,589

Airports of Thailand PCL (For. Reg.)

6,400

31,509

Bangkok Bank PCL

6,700

51,819

Bangkok Bank PCL (For. Reg.)

11,400

88,170

Bangkok Dusit Medical Service PCL (For. Reg.)

3,400

19,578

Bank of Ayudhya PCL

6,300

7,030

Bank of Ayudhya PCL (For. Reg.)

23,800

26,557

Banpu PCL (For. Reg.)

1,150

13,361

BEC World PCL (For. Reg.)

11,400

26,024

C.P. ALL PCL (For. Reg.)

57,300

85,901

Central Pattana PCL (For. Reg.)

9,100

31,005

Charoen Pokphand Foods PCL (For. Reg.)

42,500

45,975

Glow Energy PCL (For. Reg.)

5,200

13,642

Indorama Ventures PCL (For. Reg.)

12,900

10,329

IRPC Public Co. Ltd. (For. Reg.)

160,700

22,449

Kasikornbank PCL

8,500

62,555

Kasikornbank PCL (For. Reg.)

15,800

116,279

Krung Thai Bank PCL (For. Reg.)

45,655

38,577

PTT Exploration and Production PCL (For. Reg.)

18,244

95,727

PTT Global Chemical PCL (For. Reg.)

22,439

55,811

PTT PCL (For. Reg.)

11,200

124,402

Common Stocks - continued

Shares

Value

Thailand - continued

Siam Cement PCL

2,100

$ 35,346

Siam Cement PCL (For. Reg.)

3,500

58,910

Siam Commercial Bank PCL (For. Reg.)

23,100

146,392

Siam Makro PCL (For. Reg.)

1,300

33,397

Thai Oil PCL (For. Reg.)

12,400

27,884

TOTAL THAILAND

1,411,218

Turkey - 0.5%

Akbank T.A.S.

22,482

118,132

Anadolu Efes Biracilik Ve Malt Sanayii A/S

2,985

49,618

Arcelik A/S

2,314

18,006

Asya Katilim Bankasi A/S (a)

3,321

4,020

Bim Birlesik Magazalar A/S JSC

1,438

73,795

Coca-Cola Icecek A/S

648

18,073

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S

8,851

15,157

Enka Insaat ve Sanayi A/S

4,036

12,472

Eregli Demir ve Celik Fabrikalari T.A.S.

14,055

16,072

Ford Otomotiv Sanayi A/S

678

9,417

Haci Omer Sabanci Holding A/S

10,366

64,471

Koc Holding A/S

8,873

53,701

Koza Altin Isletmeleri A/S

400

7,988

TAV Havalimanlari Holding A/S

2,501

17,648

Tofas Turk Otomobil Fabrikasi A/S

1,996

13,917

Tupras Turkiye Petrol Rafinelleri A/S

1,451

40,469

Turk Hava Yollari AO

7,234

30,102

Turk Sise ve Cam Fabrikalari A/S

4,594

7,790

Turk Telekomunikasyon A/S

7,846

37,200

Turkcell Iletisim Hizmet A/S (a)

10,553

65,709

Turkiye Garanti Bankasi A/S

30,952

170,924

Turkiye Halk Bankasi A/S

8,435

91,984

Turkiye Is Bankasi A/S Series C

21,595

83,357

Turkiye Vakiflar Bankasi TAO

10,551

37,666

Yapi ve Kredi Bankasi A/S

10,120

31,386

TOTAL TURKEY

1,089,074

United Kingdom - 13.9%

3I Group PLC

12,883

65,759

Aberdeen Asset Management PLC

11,530

80,363

Admiral Group PLC

2,776

55,238

Aggreko PLC

3,478

96,273

AMEC PLC

3,700

58,221

Anglo American PLC (United Kingdom)

18,156

441,371

Common Stocks - continued

Shares

Value

United Kingdom - continued

Antofagasta PLC

5,097

$ 71,059

ARM Holdings PLC

17,932

278,913

Associated British Foods PLC

4,604

138,384

AstraZeneca PLC (United Kingdom)

16,185

840,342

Aviva PLC

38,487

182,718

Babcock International Group PLC

4,742

78,816

BAE Systems PLC

42,286

246,647

Balfour Beatty PLC

7,782

26,098

Barclays PLC

151,177

674,624

BG Group PLC

44,238

745,237

BHP Billiton PLC

27,534

774,608

BP PLC

247,618

1,794,276

British American Tobacco PLC (United Kingdom)

25,087

1,390,704

British Land Co. PLC

12,395

114,464

British Sky Broadcasting Group PLC

13,830

181,315

BT Group PLC

102,354

440,084

Bunzl PLC

4,335

86,125

Burberry Group PLC

5,753

119,391

Capita Group PLC

8,788

123,199

Capital Shopping Centres Group PLC

8,865

47,191

Carnival PLC

2,387

86,180

Centrica PLC

67,316

387,937

Cobham PLC

14,523

56,511

Compass Group PLC

23,872

314,081

Croda International PLC

1,672

64,359

Diageo PLC

32,607

995,739

Eurasian Natural Resources Corp. PLC

3,329

14,189

Evraz PLC

3,458

8,326

Fresnillo PLC

2,322

41,551

G4S PLC (United Kingdom)

18,295

88,893

GKN PLC

21,324

91,024

GlaxoSmithKline PLC

63,790

1,645,877

Hammerson PLC

9,417

75,992

Hargreaves Lansdown PLC

2,828

43,028

HSBC Holdings PLC (United Kingdom)

238,689

2,614,120

ICAP PLC

7,653

34,213

IMI PLC

4,160

80,063

Imperial Tobacco Group PLC

12,846

458,950

Inmarsat PLC

5,777

64,835

InterContinental Hotel Group PLC

3,477

102,732

Intertek Group PLC

1,989

102,204

Invensys PLC

10,580

63,223

Common Stocks - continued

Shares

Value

United Kingdom - continued

Investec PLC

7,259

$ 51,305

ITV PLC

48,076

94,021

J Sainsbury PLC

15,863

93,906

Johnson Matthey PLC

2,666

100,383

Kazakhmys PLC

2,499

13,443

Kingfisher PLC

30,773

149,666

Land Securities Group PLC

10,364

140,624

Legal & General Group PLC

76,712

201,977

Lloyds Banking Group PLC (a)

548,091

465,600

London Stock Exchange Group PLC

2,492

51,909

Marks & Spencer Group PLC

19,631

124,598

Meggitt PLC

10,501

76,437

Melrose PLC

14,785

56,061

National Grid PLC

47,128

600,751

Next PLC

2,083

141,041

Old Mutual PLC

63,849

203,319

Pearson PLC

10,659

193,862

Prudential PLC

33,221

571,221

Reckitt Benckiser Group PLC

8,386

611,719

Reed Elsevier PLC

15,569

181,864

Rexam PLC

10,473

84,025

Rio Tinto PLC

17,460

801,765

Rolls-Royce Group PLC

24,318

426,850

Royal & Sun Alliance Insurance Group PLC

46,761

80,844

Royal Bank of Scotland Group PLC (a)

27,838

132,838

Royal Dutch Shell PLC:

Class A (Netherlands)

9,498

323,046

Class A (United Kingdom)

39,185

1,334,064

Class B (United Kingdom)

34,035

1,193,861

SABMiller PLC

12,491

672,989

Sage Group PLC

16,096

84,384

Schroders PLC

1,571

56,981

Scottish & Southern Energy PLC

12,462

301,402

Segro PLC

8,390

34,719

Serco Group PLC

6,398

61,469

Severn Trent PLC

3,179

89,923

Smith & Nephew PLC

11,742

134,406

Smiths Group PLC

5,004

97,162

Standard Chartered PLC (United Kingdom)

31,306

786,334

Standard Life PLC

30,693

178,407

Tate & Lyle PLC

6,235

81,791

Tesco PLC

104,135

592,277

Common Stocks - continued

Shares

Value

United Kingdom - continued

The Weir Group PLC

2,751

$ 94,183

TUI Travel PLC

5,008

24,450

Tullow Oil PLC

11,843

184,147

Unilever PLC

16,664

721,997

United Utilities Group PLC

8,885

102,200

Vedanta Resources PLC

1,305

24,508

Vodafone Group PLC

638,918

1,949,529

Whitbread PLC

2,309

91,640

WM Morrison Supermarkets PLC

29,120

132,127

Xstrata PLC

27,410

410,233

TOTAL UNITED KINGDOM

31,993,705

United States of America - 0.0%

Southern Copper Corp.

2,170

72,326

TOTAL COMMON STOCKS

(Cost $196,586,709)


216,515,351

Nonconvertible Preferred Stocks - 2.0%

 

 

 

 

Brazil - 1.4%

AES Tiete SA (PN) (non-vtg.)

1,100

11,150

Banco Bradesco SA (PN)

27,390

450,260

Banco do Estado Rio Grande do Sul SA

2,300

19,359

Bradespar Sa (PN)

3,300

41,911

Braskem SA (PN-A)

2,100

18,263

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)

2,900

15,045

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

1,700

93,380

Companhia de Bebidas das Americas (AmBev) (PN)

9,900

414,457

Companhia Energetica de Minas Gerais (CEMIG) (PN)

6,450

82,174

Companhia Energetica de Sao Paulo Series A

2,000

21,142

Companhia Paranaense de Energia-Copel (PN-B)

1,600

28,397

Eletropaulo Metropolitana SA (PN-B)

1,100

4,519

Gerdau SA (PN)

11,200

87,607

Itau Unibanco Holding SA

29,700

498,179

Itausa-Investimentos Itau SA (PN)

32,960

163,256

Klabin SA (PN) (non-vtg.)

6,600

44,071

Lojas Americanas SA (PN)

5,778

50,423

Marcopolo SA (PN)

2,200

14,636

Metalurgica Gerdau SA (PN)

3,200

31,844

Oi SA (PN)

10,448

25,588

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

54,700

545,701

Nonconvertible Preferred Stocks - continued

Shares

Value

Brazil - continued

Telefonica Brasil SA

3,900

$ 103,565

Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)

4,300

21,299

Vale SA (PN-A)

26,000

422,731

TOTAL BRAZIL

3,208,957

Chile - 0.0%

Embotelladora Andina SA Class B

2,532

17,204

Sociedad Quimica y Minera de Chile SA (PN-B)

1,158

57,328

TOTAL CHILE

74,532

Colombia - 0.1%

Banco Davivienda SA

1,211

16,203

BanColombia SA (PN)

4,386

71,855

Grupo Aval Acciones Y Val SA

19,751

13,852

Grupo de Inversiones Suramerica

1,140

23,998

Inversiones Argos SA

1,932

21,320

TOTAL COLOMBIA

147,228

Germany - 0.4%

Bayerische Motoren Werke AG (BMW) (non-vtg.)

672

46,710

Henkel AG & Co. KGaA

2,314

218,195

Porsche Automobil Holding SE (Germany)

1,999

156,612

ProSiebenSat.1 Media AG

1,342

51,394

RWE AG (non-vtg.)

410

13,944

Volkswagen AG

1,876

380,225

TOTAL GERMANY

867,080

Italy - 0.0%

Telecom Italia SpA (Risparmio Shares)

84,697

58,824

Korea (South) - 0.1%

Hyundai Motor Co.

207

14,713

Hyundai Motor Co. Series 2

429

32,323

LG Chemical Ltd.

158

13,798

Samsung Electronics Co. Ltd.

246

194,503

TOTAL KOREA (SOUTH)

255,337

Russia - 0.0%

AK Transneft OAO

16

32,055

Sberbank (Savings Bank of the Russian Federation)

24,295

56,277

Surgutneftegaz JSC

53,392

37,445

TOTAL RUSSIA

125,777

Nonconvertible Preferred Stocks - continued

Shares

Value

United Kingdom - 0.0%

Rolls-Royce Group PLC Class C

2,893,842

$ 4,495

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,744,913)


4,742,230

Investment Companies - 0.1%

 

 

 

 

iShares MSCI Canada Index ETF
(Cost $183,853)

6,800


190,536

Government Obligations - 0.5%

 

Principal
Amount

 

United States of America - 0.5%

U.S. Treasury Bills, yield at date of purchase 0.11% to 0.14% 5/23/13 to 9/12/13 (e)
(Cost $1,099,652)

$ 1,100,000


1,099,814

Money Market Funds - 2.4%

Shares

 

Fidelity Cash Central Fund, 0.13% (b)

4,926,488

4,926,488

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

566,497

566,497

TOTAL MONEY MARKET FUNDS

(Cost $5,492,985)


5,492,985

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $208,108,112)

228,040,916

NET OTHER ASSETS (LIABILITIES) - 0.9%

2,001,703

NET ASSETS - 100%

$ 230,042,619

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

69 NYSE E-mini MSCI EAFE Index Contracts

June 2013

$ 6,005,760

$ 266,763

40 NYSE E-mini MSCI Emerging Markets Index Contracts

June 2013

2,079,800

69,524

3 TME S&P/TSX 60 Index Contracts

June 2013

422,373

(1,145)

TOTAL EQUITY INDEX CONTRACTS

$ 8,507,933

$ 335,142

 

The face value of futures purchased as a percentage of net assets is 3.7%

Security Type Abbreviations

ETF

-

Exchange Traded Fund

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 are available on the SEC's website or upon request.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $364,935.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 5,096

Fidelity Securities Lending Cash Central Fund

4,547

Total

$ 9,643

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 21,640,222

$ 13,738,223

$ 7,901,999

$ -

Consumer Staples

23,959,531

13,612,423

10,347,108

-

Energy

20,867,474

11,825,036

9,042,438

-

Financials

59,617,595

42,219,890

17,397,623

82

Health Care

17,134,211

6,537,829

10,596,382

-

Industrials

23,296,006

14,668,625

8,627,381

-

Information Technology

14,059,051

6,424,057

7,634,994

-

Materials

20,529,021

13,917,003

6,612,018

-

Telecommunication Services

12,235,617

5,556,472

6,679,145

-

Utilities

7,918,852

6,149,264

1,769,588

-

Investment Companies

190,536

190,536

-

-

Government Obligations

1,099,814

-

1,099,814

-

Money Market Funds

5,492,985

5,492,985

-

-

Total Investments in Securities:

$ 228,040,916

$ 140,332,343

$ 87,708,491

$ 82

Derivative Instruments:

Assets

Futures Contracts

$ 336,287

$ 336,287

$ -

$ -

Liabilities

Futures Contracts

$ (1,145)

$ (1,145)

$ -

$ -

Total Derivative Instruments:

$ 335,142

$ 335,142

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers

Total

Level 1 to Level 2

$ 13,117,572

Level 2 to Level 1

$ 0

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2013. 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)

$ 336,287

$ (1,145)

Total Value of Derivatives

$ 336,287

$ (1,145)

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

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

Semiannual Report

Spartan Global ex U.S. Index Fund

Financial Statements

Statement of Assets and Liabilities

  

April 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $540,474) - See accompanying schedule:

Unaffiliated issuers (cost $202,615,127)

$ 222,547,931

 

Fidelity Central Funds (cost $5,492,985)

5,492,985

 

Total Investments (cost $208,108,112)

 

$ 228,040,916

Foreign currency held at value (cost $1,197,193)

1,205,868

Receivable for investments sold

47,528

Receivable for fund shares sold

656,735

Dividends receivable

880,173

Distributions receivable from Fidelity Central Funds

1,485

Receivable for daily variation margin on futures contracts

35,616

Receivable from investment adviser for expense reductions

17,921

Other receivables

64

Total assets

230,886,306

 

 

 

Liabilities

Payable for investments purchased

$ 131,449

Payable for fund shares redeemed

71,684

Accrued management fee

36,571

Other affiliated payables

13,463

Other payables and accrued expenses

24,023

Collateral on securities loaned, at value

566,497

Total liabilities

843,687

 

 

 

Net Assets

$ 230,042,619

Net Assets consist of:

 

Paid in capital

$ 208,006,890

Undistributed net investment income

2,034,088

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(250,080)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

20,251,721

Net Assets

$ 230,042,619

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

Semiannual Report

Spartan Global ex U.S. Index Fund
Financial Statements - continued

Statement of Assets and Liabilities - continued

  

April 30, 2013 (Unaudited)

 

 

 

Investor Class:
Net Asset Value, offering price and redemption price per share ($3,694,897 ÷ 316,117 shares)

$ 11.69

 

 

 

Fidelity Advantage Class:
Net Asset Value, offering price and redemption price per share ($194,765,050 ÷ 16,659,125 shares)

$ 11.69

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($31,451,325 ÷ 2,689,553 shares)

$ 11.69

 

 

 

Fidelity Advantage Institutional Class:
Net Asset Value, offering price and redemption price per share ($131,347 ÷ 11,229 shares)

$ 11.70

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 2,827,225

Interest

 

524

Income from Fidelity Central Funds

 

9,643

Income before foreign taxes withheld

 

2,837,392

Less foreign taxes withheld

 

(231,016)

Total income

 

2,606,376

 

 

 

Expenses

Management fee

$ 173,284

Transfer agent fees

64,726

Independent trustees' compensation

285

Miscellaneous

198

Total expenses before reductions

238,493

Expense reductions

(87,822)

150,671

Net investment income (loss)

2,455,705

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers (net of foreign taxes of $134)

(359,688)

Foreign currency transactions

(67,642)

Futures contracts

370,388

Total net realized gain (loss)

 

(56,942)

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $12,713)

15,894,643

Assets and liabilities in foreign currencies

10,934

Futures contracts

338,653

Total change in net unrealized appreciation (depreciation)

 

16,244,230

Net gain (loss)

16,187,288

Net increase (decrease) in net assets resulting from operations

$ 18,642,993

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

Semiannual Report

Spartan Global ex U.S. Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

  

Six months ended
April 30, 2013
(Unaudited)

Year ended
October 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,455,705

$ 1,806,475

Net realized gain (loss)

(56,942)

62,786

Change in net unrealized appreciation (depreciation)

16,244,230

3,391,102

Net increase (decrease) in net assets resulting
from operations

18,642,993

5,260,363

Distributions to shareholders from net investment income

(1,883,129)

-

Distributions to shareholders from net realized gain

(93,195)

(118,904)

Total distributions

(1,976,324)

(118,904)

Share transactions - net increase (decrease)

98,830,267

74,594,182

Redemption fees

139,176

31,911

Total increase (decrease) in net assets

115,636,112

79,767,552

 

 

 

Net Assets

Beginning of period

114,406,507

34,638,955

End of period (including undistributed net investment income of $2,034,088 and undistributed net investment income of $1,461,512, respectively)

$ 230,042,619

$ 114,406,507

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

Semiannual Report

Financial Highlights - Investor Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.54

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .15

  .29

  .03

Net realized and unrealized gain (loss)

  1.15

  .18

  .06

Total from investment operations

  1.30

  .47

  .09

Distributions from net investment income

  (.15)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.16)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.69

$ 10.54

$ 10.09

Total Return B,C

  12.57%

  4.81%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .34% A

  .34%

  .34% A

Expenses net of fee waivers, if any

  .23% A

  .24%

  .24% A

Expenses net of all reductions

  .23% A

  .24%

  .24% A

Net investment income (loss)

  2.77% A

  2.88%

  1.79% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 3,695

$ 25,552

$ 1,790

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.54

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .16

  .30

  .03

Net realized and unrealized gain (loss)

  1.15

  .17

  .06

Total from investment operations

  1.31

  .47

  .09

Distributions from net investment income

  (.16)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.17)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.69

$ 10.54

$ 10.09

Total Return B,C

  12.66%

  4.81%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .28% A

  .28%

  .28% A

Expenses net of fee waivers, if any

  .18% A

  .18%

  .18% A

Expenses net of all reductions

  .18% A

  .18%

  .18% A

Net investment income (loss)

  2.82% A

  2.94%

  1.86% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 194,765

$ 67,539

$ 17,715

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.55

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .16

  .30

  .03

Net realized and unrealized gain (loss)

  1.15

  .18

  .06

Total from investment operations

  1.31

  .48

  .09

Distributions from net investment income

  (.17)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.18)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.69

$ 10.55

$ 10.09

Total Return B,C

  12.62%

  4.91%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .23% A

  .23%

  .23% A

Expenses net of fee waivers, if any

  .13% A

  .13%

  .13% A

Expenses net of all reductions

  .13% A

  .13%

  .13% A

Net investment income (loss)

  2.87% A

  2.99%

  1.91% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 31,451

$ 21,199

$ 7,567

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.56

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .16

  .30

  .03

Net realized and unrealized gain (loss)

  1.15

  .19

  .06

Total from investment operations

  1.31

  .49

  .09

Distributions from net investment income

  (.17)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.18)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.70

$ 10.56

$ 10.09

Total Return B,C

  12.65%

  5.01%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .20% A

  .20%

  .20% A

Expenses net of fee waivers, if any

  .10% A

  .10%

  .10% A

Expenses net of all reductions

  .10% A

  .10%

  .10% A

Net investment income (loss)

  2.90% A

  3.03%

  1.94% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 131

$ 117

$ 7,568

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2013 (Unaudited)

1. Organization.

Spartan® Emerging Markets Index Fund and Spartan® Global ex U.S Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund offers Investor Class, Fidelity Advantage® Class, Institutional Class and Fidelity Advantage® Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund offers conversion privileges between share classes within each Fund to eligible shareholders. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 FMR Fair Value Committee (the Committee), in accordance with procedures adopted by each Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2013, including information on transfers between Levels 1 and 2, is included at the end of each Fund's Schedule of Investments.

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

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

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

Semiannual Report

3. Significant Accounting Policies - continued

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Spartan Emerging Markets Index Fund and Spartan Global ex U.S Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

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

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

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

 

Tax cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation) on
securities and
other investments

Spartan Emerging Markets Index Fund

$ 185,312,011

$ 17,906,000

$ (10,670,511)

$ 7,235,489

Spartan Global ex U.S. Index Fund

208,438,388

27,857,653

(8,255,125)

19,602,528

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

 

No expiration

 

 

Short-term

Long-term

Total no
expiration

Spartan Emerging Markets Index Fund

$ (2,778,562)

$ -

$ (2,778,562)

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

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement. The Financial Accounting Standards Board issued in December 2011, Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, Accounting Standards Update No. 2013-1 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These updates create new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact of the update's adoption on each Fund's financial statement disclosures.

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 and swap agreements. 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 risks:

Equity Risk

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

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

Funds. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as swap agreements, the Funds attempt to reduce their exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement on a bilateral basis with each of its counterparties. The ISDA Master Agreement gives the Funds the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on OTC derivatives, the Funds receive collateral in the form of cash or securities once each Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Funds' custodian bank in accordance with the collateral agreements entered into between the Funds, the counterparty and the Funds' custodian bank. The Funds could experience delays and costs in gaining access to the collateral even though it is held by the Funds' custodian bank. The Funds' maximum risk of loss from counterparty credit risk related to OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Funds. The Funds may be required to pledge collateral for the benefit of the counterparties on OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded futures contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to exchange-traded futures contracts is 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.

Semiannual Report

4. Derivative Instruments - continued

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

Primary Risk Exposure / Derivative Type

Net Realized
Gain (Loss)

Change in Net
Unrealized Appreciation
(Depreciation)

Spartan Emerging Markets Index Fund

 

 

Equity Risk

 

 

Futures Contracts

$ (274,116)

$ 214,703

Swap Agreements

$ 340,068

$ 168,555

Totals (a)

$ 65,952

$ 383,258

Spartan Global ex U.S. Index Fund

 

 

Equity Risk

 

 

Futures Contracts

$ 370,388

$ 338,653

Totals (a)

$ 370,388

$ 338,653

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

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

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

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

Any open swaps at period end are included in the Schedule of Investments under the caption "Swap Agreements."

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, the Fund will receive a payment from or make a payment to the counterparty. The Funds entered into total return swaps to manage their market exposure.

5. Purchases and Sales of Investments.

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

 

Purchases ($)

Sales ($)

Spartan Emerging Markets Index Fund

116,051,847

16,784,495

Spartan Global ex U.S. Index Fund

108,027,470

11,465,920

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .25% and .20% of average net assets for Spartan Emerging Markets Index Fund and Spartan Global ex U.S.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee and Expense Contract - continued

Index Fund, respectively. Under the management contract, FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.

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

 

Investor
Class

Fidelity
Advantage
Class

Institutional
Class

Fidelity
Advantage
Institutional
Class

Spartan Emerging Markets Index Fund

.46%

.35%

.28%

.25%

Spartan Global ex U.S. Index Fund

.34%

.28%

.23%

.20%

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

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

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

Spartan Emerging Markets Index Fund

Amount

Investor Class

$ 45,202

Fidelity Advantage Class

53,325

Institutional Class

96

 

$ 98,623

Spartan Global ex U.S. Index Fund

 

Investor Class

$ 10,282

Fidelity Advantage Class

49,077

Institutional Class

5,367

 

$ 64,726

7. Committed Line of Credit.

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

Spartan Emerging Markets Index Fund

$ 174

Spartan Global ex U.S. Index Fund

198

During the period, there were no borrowings on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering

Semiannual Report

8. Security Lending - continued

the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity as of and during the period was as follows:

 

Total Security
Lending Income

Spartan Emerging Markets Index Fund

$ 49

Spartan Global ex U.S. Index Fund

4,547

9. Expense Reductions.

FMR contractually agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2013. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

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

 

Expense
Limitations

Reimbursement

Spartan Emerging Markets Index Fund

 

 

Investor Class

.33% / .31%*

$ 30,716

Fidelity Advantage Class

.22% / .20%*

78,722

Institutional Class

.15% / .13%*

464

Fidelity Advantage Institutional Class

.12% / .10%*

71

Spartan Global ex U.S. Index Fund

 

Investor Class

.24% / .22%*

7,766

Fidelity Advantage Class

.18%

61,737

Institutional Class

.13%

18,018

Fidelity Advantage Institutional Class

.10%

62

* Expense limitation effective January 1, 2013.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Expense Reductions - continued

In addition, FMR reimbursed a portion of each Fund's operating expenses during the period as follows:

 

Reimbursement

Spartan Emerging Markets Index Fund

$ 115

Spartan Global ex U.S. Index Fund

237

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

Spartan Emerging Markets Index Fund

$ 9

Spartan Global ex U.S. Index Fund

2

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
April 30, 2013

Year ended
October 31, 2012

Spartan Emerging Markets Index Fund

 

 

From net investment income

 

 

Investor Class

$ 596,789

$ -

Fidelity Advantage Class

803,258

-

Institutional Class

9,000

-

Fidelity Advantage Institutional Class

1,234

-

Total

$ 1,410,281

$ -

From net realized gain

 

 

Investor Class

$ 313,070

$ 75,627

Fidelity Advantage Class

377,504

39,940

Institutional Class

3,966

14,631

Fidelity Advantage Institutional Class

529

14,651

Total

$ 695,069

$ 144,849

Spartan Global ex U.S. Index Fund

 

 

From net investment income

 

 

Investor Class

$ 416,574

$ -

Fidelity Advantage Class

1,114,795

-

Institutional Class

349,844

-

Fidelity Advantage Institutional Class

1,916

-

Total

$ 1,883,129

$ -

From net realized gain

 

 

Investor Class

$ 21,640

$ 10,086

Fidelity Advantage Class

54,936

61,496

Institutional Class

16,531

23,661

Fidelity Advantage Institutional Class

88

23,661

Total

$ 93,195

$ 118,904

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

 

Six months ended
April 30, 2013

Year ended
October 31, 2012

Six months ended
April 30, 2013

Year ended
October 31, 2012

Spartan Emerging Markets Index Fund

 

 

 

 

Investor Class

 

 

 

 

Shares sold

4,446,626

8,985,035

$ 45,623,428

$ 84,541,058

Reinvestment of distributions

82,497

8,161

824,144

74,427

Shares redeemed

(8,132,368)

(5,916,245)

(82,370,164)

(56,375,691)

Net increase (decrease)

(3,603,245)

3,076,951

$ (35,922,592)

$ 28,239,794

Fidelity Advantage Class

 

 

 

 

Shares sold

14,322,643

5,877,822

$ 145,402,687

$ 56,396,023

Reinvestment of distributions

111,290

4,293

1,111,792

39,151

Shares redeemed

(1,460,275)

(1,692,005)

(14,637,120)

(15,835,888)

Net increase (decrease)

12,973,658

4,190,110

$ 131,877,359

$ 40,599,286

Institutional Class

 

 

 

 

Shares sold

31,216

62,685

$ 314,795

$ 593,633

Reinvestment of distributions

1,297

1,604

12,966

14,631

Shares redeemed

(17,255)

(511,428)

(176,055)

(4,773,271)

Net increase (decrease)

15,258

(447,139)

$ 151,706

$ (4,165,007)

Fidelity Advantage Institutional Class

 

 

 

 

Shares sold

2,844

7,902

$ 29,204

$ 78,409

Reinvestment of distributions

176

1,606

1,763

14,651

Shares redeemed

(22)

(501,374)

(226)

(4,675,011)

Net increase (decrease)

2,998

(491,866)

$ 30,741

$ (4,581,951)

Spartan Global ex U.S. Index Fund

 

 

 

 

Investor Class

 

 

 

 

Shares sold

1,029,409

2,777,466

$ 11,264,434

$ 28,058,197

Reinvestment of distributions

37,086

952

401,269

9,239

Shares redeemed

(3,175,523)

(530,683)

(35,669,825)

(5,392,759)

Net increase (decrease)

(2,109,028)

2,247,735

$ (24,004,122)

$ 22,674,677

Fidelity Advantage Class

 

 

 

 

Shares sold

11,051,951

6,694,107

$ 124,228,718

$ 68,329,114

Reinvestment of distributions

104,604

6,228

1,131,814

60,478

Shares redeemed

(902,886)

(2,050,736)

(10,120,188)

(20,469,188)

Net increase (decrease)

10,253,669

4,649,599

$ 115,240,344

$ 47,920,404

Institutional Class

 

 

 

 

Shares sold

2,779,008

2,541,317

$ 31,157,365

$ 24,281,272

Reinvestment of distributions

33,861

2,437

366,375

23,661

Shares redeemed

(2,132,596)

(1,284,475)

(23,931,699)

(12,955,759)

Net increase (decrease)

680,273

1,259,279

$ 7,592,041

$ 11,349,174

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

 

Shares

Dollars

 

Six months ended
April 30, 2013

Year ended
October 31, 2012

Six months ended
April 30, 2013

Year ended
October 31, 2012

Fidelity Advantage Institutional Class

 

 

 

 

Shares sold

-

-

$ -

$ -

Reinvestment of distributions

185

2,437

2,004

23,661

Shares redeemed

-

(741,394)

-

(7,373,734)

Net increase (decrease)

185

(738,957)

$ 2,004

$ (7,350,073)

12. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Service Company, Inc.

Boston, MA

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

Fidelity Automated Service
Telephone (FAST®) zxc470
1-800-544-5555

zxc470
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

EMX-GUX-USAN-0613
1.929362.101

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

Index Fund
Institutional Class

Fidelity Advantage® Institutional Class

Semiannual Report

April 30, 2013

(Fidelity Cover Art)

Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses.

Spartan® Emerging Markets Index Fund

 

 

Investment Changes

(Click Here)

A summary of major shifts in the Fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Spartan® Global ex U.S. Index Fund

 

 

Investment Changes

(Click Here)

A summary of major shifts in the Fund's investments over the past six months.

Investments

(Click Here)

A complete list of the fund's investments with their market values.

Financial Statements

(Click Here)

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

(Click Here)

Notes to the financial statements.

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2012 to April 30, 2013).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Semiannual Report

 

Annualized
Expense RatioB

Beginning
Account Value
November 1, 2012

Ending
Account Value
April 30, 2013

Expenses Paid
During Period*
November 1, 2012
to April 30, 2013

Spartan Emerging Markets Index Fund

 

 

 

 

Investor Class

.32%

 

 

 

Actual

 

$ 1,000.00

$ 1,055.10

$ 1.63

HypotheticalA

 

$ 1,000.00

$ 1,023.21

$ 1.61

Fidelity Advantage Class

.20%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.60

$ 1.02

HypotheticalA

 

$ 1,000.00

$ 1,023.80

$ 1.00

Institutional Class

.14%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.40

$ .71

HypotheticalA

 

$ 1,000.00

$ 1,024.10

$ .70

Fidelity Advantage Institutional Class

.11%

 

 

 

Actual

 

$ 1,000.00

$ 1,056.80

$ .56

HypotheticalA

 

$ 1,000.00

$ 1,024.25

$ .55

Spartan Global ex U.S. Index Fund

 

 

 

 

Investor Class

.23%

 

 

 

Actual

 

$ 1,000.00

$ 1,125.70

$ 1.21

HypotheticalA

 

$ 1,000.00

$ 1,023.65

$ 1.15

Fidelity Advantage Class

.18%

 

 

 

Actual

 

$ 1,000.00

$ 1,126.60

$ .95

HypotheticalA

 

$ 1,000.00

$ 1,023.90

$ .90

Institutional Class

.13%

 

 

 

Actual

 

$ 1,000.00

$ 1,126.20

$ .69

HypotheticalA

 

$ 1,000.00

$ 1,024.15

$ .65

Fidelity Advantage Institutional Class

.10%

 

 

 

Actual

 

$ 1,000.00

$ 1,126.50

$ .53

HypotheticalA

 

$ 1,000.00

$ 1,024.30

$ .50

A 5% return per year before expenses

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

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).

Semiannual Report

Spartan Emerging Markets Index Fund

Investment Changes (Unaudited)

Top Ten Stocks as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)

2.5

2.3

China Construction Bank Corp. (H Shares) (China, Commercial Banks)

1.7

1.6

China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services)

1.7

1.9

Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)

1.5

1.2

Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)

1.3

1.2

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)

1.2

1.6

America Movil S.A.B. de CV Series L (Mexico, Wireless Telecommunication Services)

1.1

1.4

Itau Unibanco Holding SA (Brazil, Commercial Banks)

1.1

1.0

Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels)

1.1

1.1

Bank of China Ltd. (H Shares) (China, Commercial Banks)

1.0

1.0

 

14.2

Market Sectors as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

29.6

25.5

Energy

13.5

13.5

Materials

9.5

10.7

Information Technology

9.5

7.1

Consumer Staples

9.5

8.6

Telecommunication Services

8.6

9.2

Consumer Discretionary

5.5

5.1

Industrials

5.0

4.7

Utilities

3.8

2.8

Health Care

1.5

1.1

Geographic Diversification (% of fund's net assets)

As of April 30, 2013

zxc412

Brazil 14.7%

 

zxc414

Taiwan 11.9%

 

zxc416

China 11.8%

 

zxc418

India 8.6%

 

zxc420

South Africa 8.4%

 

zxc422

Russia 6.3%

 

zxc424

Mexico 5.7%

 

zxc426

Malaysia 4.4%

 

zxc428

Hong Kong 4.2%

 

zxc430

Other 24.0%

 

zxc491

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

As of October 31, 2012

zxc412

Brazil 15.3%

 

zxc414

Taiwan 11.8%

 

zxc416

China 11.6%

 

zxc418

South Africa 9.8%

 

zxc420

India 8.9%

 

zxc422

Russia 6.4%

 

zxc424

Mexico 5.9%

 

zxc426

Malaysia 4.8%

 

zxc428

Hong Kong 4.7%

 

zxc430

Other 20.8%

 

zxc503

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

Semiannual Report

Spartan Emerging Markets Index Fund

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.7%

Shares

Value

Bermuda - 0.9%

Brilliance China Automotive Holdings Ltd. (a)

148,000

$ 181,182

China Foods Ltd.

52,000

26,536

China Gas Holdings Ltd.

156,000

153,786

China Resources Gas Group Ltd.

36,000

100,900

China Yurun Food Group Ltd. (a)

70,000

41,674

CITIC Resources Holdings Ltd. (a)

112,000

14,144

Cosco Pacific Ltd.

86,567

114,677

Credicorp Ltd.

1,133

169,384

Credicorp Ltd. (NY Shares)

1,880

283,109

GOME Electrical Appliances Holdings Ltd. (a)

615,000

61,816

Haier Electronics Group Co. Ltd.

40,000

71,442

Hopson Development Holdings Ltd. (a)

32,000

53,360

Kunlun Energy Co. Ltd.

164,000

320,808

Nine Dragons Paper (Holdings) Ltd.

86,000

74,584

Shenzhen International Holdings Ltd.

642,500

83,623

Sinofert Holdings Ltd.

98,000

21,216

TOTAL BERMUDA

1,772,241

Brazil - 7.9%

AES Tiete SA

3,800

35,004

All America Latina Logistica SA

22,800

115,211

Banco Bradesco SA

47,980

821,110

Banco do Brasil SA

63,300

797,281

Banco Santander SA (Brasil) unit

51,100

375,700

BM&F Bovespa SA

104,700

726,869

BR Malls Participacoes SA

22,800

268,939

BR Properties SA

10,200

113,076

Brasil Foods SA

48,400

1,200,838

BTG Pactual Participations Ltd. unit

5,300

87,338

CCR SA

48,000

469,744

Centrais Eletricas Brasileiras SA (Electrobras)

12,100

32,658

Cetip SA - Mercados Organizado

12,403

146,425

Cia.Hering SA

8,000

162,659

Cielo SA

20,064

529,190

Companhia Brasileira de Distribuicao Grupo Pao de Acucar rights (a)

9

27

Companhia de Bebidas das Americas (AmBev)

15,300

627,600

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

18,300

257,933

Companhia Energetica de Minas Gerais (CEMIG)

3,350

42,027

Companhia Siderurgica Nacional SA (CSN)

38,400

152,583

Cosan SA Industria e Comercio

5,700

134,470

CPFL Energia SA

15,100

161,660

Common Stocks - continued

Shares

Value

Brazil - continued

Cyrela Brazil Realty SA

16,500

$ 148,774

Drogasil SA

13,000

139,763

Duratex SA

16,170

121,472

Ecorodovias Infraestrutura e Logistica SA

7,800

67,523

Embraer SA

39,100

341,020

Energias do Brasil SA

12,200

74,392

Fibria Celulose SA (a)

11,600

123,552

Gerdau SA

8,000

54,779

Guararapes Confeccoes SA

500

26,040

Hypermarcas SA

24,200

193,165

Itau Unibanco Holding SA

14,000

237,211

JBS SA

45,300

142,868

Light SA

3,800

37,986

Localiza Rent A Car SA

7,800

138,554

Lojas Americanas SA

8,546

68,428

Lojas Renner SA

7,000

265,725

M. Dias Branco SA

2,300

102,863

MMX Mineracao e Metalicos SA (a)

18,000

20,962

MPX Mineracao e Energia SA (a)

8,100

34,615

MRV Engenharia e Participacoes SA

18,800

80,904

Multiplan Empreendimentos Imobiliarios SA

4,300

122,740

Multiplus SA

2,400

39,561

Natura Cosmeticos SA

9,000

225,410

Obrascon Huarte Lain Brasil SA

6,700

74,175

OGX Petroleo e Gas Participacoes SA (a)

66,900

67,544

Oi SA

13,300

38,755

PDG Realty SA Empreendimentos e Participacoes

70,800

79,974

Petroleo Brasileiro SA - Petrobras (ON)

206,700

1,977,377

Porto Seguro SA

6,100

75,673

Souza Cruz SA

23,000

353,263

Sul America SA unit

7,928

59,240

TIM Participacoes SA

50,000

208,922

Totvs SA

5,200

97,775

Tractebel Energia SA

13,500

240,142

Ultrapar Participacoes SA

20,500

545,608

Usinas Siderurgicas de Minas Gerais SA - Usiminas

9,400

47,264

Vale SA

75,700

1,292,093

Weg SA

12,000

158,820

TOTAL BRAZIL

15,383,274

Cayman Islands - 2.7%

Agile Property Holdings Ltd.

64,000

82,803

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Anta Sports Products Ltd.

48,000

$ 40,205

Belle International Holdings Ltd.

285,000

464,952

Bosideng International Holdings Ltd.

146,000

38,381

China Dongxiang Group Co. Ltd.

143,000

24,509

China Resources Cement Holdings Ltd.

118,000

67,970

China Resources Land Ltd.

102,000

308,886

China State Construction International Holdings Ltd.

82,000

119,405

China Zhongwang Holdings Ltd. (a)

72,000

24,030

Country Garden Holdings Co. Ltd.

193,000

109,431

ENN Energy Holdings Ltd.

40,000

231,439

Evergrande Real Estate Group Ltd.

266,000

108,660

GCL-Poly Energy Holdings Ltd.

419,000

84,770

Geely Automobile Holdings Ltd.

240,000

120,616

Golden Eagle Retail Group Ltd. (H Shares)

31,000

54,569

Greentown China Holdings Ltd.

41,000

79,674

Hengan International Group Co. Ltd.

41,000

423,729

Kingboard Chemical Holdings Ltd.

30,000

81,571

Kingboard Laminates Holdings Ltd.

48,500

21,750

KWG Property Holding Ltd.

58,500

40,406

Lee & Man Paper Manufacturing Ltd.

75,000

55,766

Li Ning Co. Ltd. (a)

37,500

20,683

Longfor Properties Co. Ltd.

58,000

96,864

MStar Semiconductor, Inc.

15,000

128,179

Renhe Commercial Holdings Co. Ltd. (a)

566,000

35,739

Sany Heavy Equipment International Holdings Co. Ltd.

47,000

18,836

Shenzhou International Group Holdings Ltd.

21,000

60,888

Shimao Property Holdings Ltd.

74,500

160,518

SOHO China Ltd.

81,000

69,934

Tencent Holdings Ltd.

51,100

1,752,907

TPK Holding Co. Ltd.

14,775

300,109

Zhongsheng Group Holdings Ltd. Class H

30,000

41,674

TOTAL CAYMAN ISLANDS

5,269,853

Chile - 2.0%

AES Gener SA

112,698

81,840

Aguas Andinas SA

143,129

113,968

Banco de Chile

1,888,429

294,522

Banco de Chile (a)

77,321

11,591

Banco de Credito e Inversiones

2,148

154,162

Banco Santander Chile

3,811,757

254,549

CAP SA

4,013

126,538

Cencosud SA

65,922

372,282

Common Stocks - continued

Shares

Value

Chile - continued

Colbun SA

383,125

$ 117,960

Compania Cervecerias Unidas SA

6,404

110,824

Compania de Petroleos de Chile SA (COPEC)

21,491

308,025

CorpBanca SA

7,595,135

104,021

Empresa Nacional de Electricidad SA

195,783

347,126

Empresa Nacional de Electricidad SA sponsored ADR

203

10,822

Empresa Nacional de Telecomunicaciones SA (ENTEL)

5,279

101,780

Empresas CMPC SA

80,609

297,823

Enersis SA

1,089,772

410,733

Enersis SA sponsored ADR

300

5,664

LATAM Airlines Group SA

15,402

318,208

LATAM Airlines Group SA sponsored ADR

189

3,912

SACI Falabella

25,516

291,759

Sociedad Matriz Banco de Chile Class B

286,350

113,093

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

168

8,314

TOTAL CHILE

3,959,516

China - 11.8%

Agricultural Bank of China Ltd. (H Shares)

1,287,000

615,294

Air China Ltd. (H Shares)

124,000

100,349

Aluminum Corp. of China Ltd. (H Shares) (a)

214,000

81,689

Angang Steel Co. Ltd. (H Shares) (a)

50,000

29,445

Anhui Conch Cement Co. Ltd. (H Shares)

67,500

244,422

Anhui Expressway Co. Ltd. (H Shares)

20,000

11,082

Anhui Gujing Distillery Co. Ltd. (B Shares)

5,800

13,655

Bank Communications Co. Ltd. (H Shares)

434,000

345,068

Bank of China Ltd. (H Shares)

4,257,000

1,991,316

BBMG Corp. (H Shares)

54,500

43,754

Beijing Capital International Airport Co. Ltd. (H Shares)

80,000

55,463

Beijing North Star Co. Ltd. (H Shares)

26,000

6,466

Bengang Steel Plates Co. Ltd. (B Shares)

16,200

5,741

BOE Technology Group Co. Ltd. (B Shares) (a)

66,300

15,806

BYD Co. Ltd. (H Shares) (a)

30,500

108,870

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

77,200

77,298

China BlueChemical Ltd. (H Shares)

110,000

67,048

China CITIC Bank Corp. Ltd. (H Shares)

410,000

230,885

China Coal Energy Co. Ltd. (H Shares)

224,000

172,327

China Communications Construction Co. Ltd. (H Shares)

238,000

227,874

China Communications Services Corp. Ltd. (H Shares)

136,000

99,544

China Construction Bank Corp. (H Shares)

4,010,000

3,358,827

China Cosco Holdings Co. Ltd. (H Shares) (a)

147,000

62,133

Common Stocks - continued

Shares

Value

China - continued

China Eastern Airlines Corp. Ltd. (H Shares) (a)

82,000

$ 32,863

China International Marine Containers (Group) Ltd. (H Shares) (a)

28,900

46,180

China Life Insurance Co. Ltd. (H Shares)

415,000

1,147,883

China Longyuan Power Grid Corp. Ltd. (H Shares)

127,000

116,360

China Merchants Bank Co. Ltd. (H Shares)

220,000

468,909

China Merchants Property Development Co. Ltd. (B Shares)

6,900

21,340

China Minsheng Banking Corp. Ltd. (H Shares)

300,500

386,073

China Molybdenum Co. Ltd. (H Shares)

61,000

23,582

China National Building Materials Co. Ltd. (H Shares)

156,000

184,141

China National Materials Co. Ltd. (H Shares)

68,000

16,824

China Oilfield Services Ltd. (H Shares)

88,000

173,502

China Pacific Insurance Group Co. Ltd. (H Shares)

120,400

432,873

China Petroleum & Chemical Corp. (H Shares)

1,094,000

1,207,300

China Railway Construction Corp. Ltd. (H Shares)

108,500

109,477

China Railway Group Ltd. (H Shares)

222,000

117,005

China Shenhua Energy Co. Ltd. (H Shares)

191,500

677,393

China Shipping Container Lines Co. Ltd. (H Shares) (a)

236,000

56,262

China Shipping Development Co. Ltd. (H Shares)

60,000

25,747

China Southern Airlines Ltd. (H Shares)

98,000

51,525

China Telecom Corp. Ltd. (H Shares)

910,000

466,245

China Vanke Co. Ltd. (B Shares)

70,500

142,814

Chongqing Changan Automobile Co. Ltd. (B Shares)

42,700

54,915

Chongqing Rural Commercial Bank Co. Ltd. (H Shares)

153,000

83,202

CITIC Securities Co. Ltd. (H Shares)

47,000

106,596

CSG Holding Co. Ltd. (B Shares)

43,200

30,952

CSR Corp. Ltd. (H Shares)

93,000

61,240

Datang International Power Generation Co. Ltd. (H Shares)

188,000

82,854

Dazhong Transport Group Co. Ltd. (B Shares)

31,700

19,496

Dongfang Electric Corp. Ltd. (H Shares)

16,200

22,755

Dongfeng Motor Group Co. Ltd. (H Shares)

158,000

235,367

Double Coin Holdings Ltd. (B Shares)

19,000

14,402

Foshan Electrical and Lighting Co. Ltd. (B Shares)

7,300

5,183

Great Wall Motor Co. Ltd. (H Shares)

56,000

242,830

Guangdong Electric Power Development Co. Ltd.

33,400

21,649

Guangshen Railway Co. Ltd. (H Shares)

86,000

43,332

Guangzhou Automobile Group Co. Ltd. (H Shares)

116,000

95,668

Guangzhou Pharmaceutical Ltd. (H Shares)

10,000

32,731

Guangzhou R&F Properties Co. Ltd. (H Shares)

52,000

94,081

Guangzhou Shipyard International Ltd. (H Shares) (a)

8,000

7,082

Haitong Securities Co. Ltd. (H Shares) (a)

74,000

107,756

Harbin Power Equipment Co. Ltd. (H Shares)

44,000

33,736

Common Stocks - continued

Shares

Value

China - continued

Huadian Energy Co. Ltd. (B Shares) (a)

19,200

$ 5,395

Huadian Power International Corp. Ltd. (H Shares) (a)

66,000

36,231

Huaneng Power International, Inc. (H Shares)

184,000

213,194

Industrial & Commercial Bank of China Ltd. (H Shares)

4,007,000

2,819,304

Inner Mongolia Eerduosi Resourses Co. Ltd. (B Shares)

21,400

20,266

Inner Mongolia Yitai Coal Co. Ltd. (B Shares)

35,281

183,814

Jiangling Motors Corp. Ltd. (B Shares)

3,500

8,926

Jiangsu Expressway Co. Ltd. (H Shares)

64,000

70,102

Jiangxi Copper Co. Ltd. (H Shares)

73,000

141,482

Jinzhou Port Co. Ltd. (B Shares) (a)

11,000

4,136

Lianhua Supermarket Holdings Ltd. (H Shares)

21,000

12,746

Maanshan Iron & Steel Ltd. (H Shares) (a)

84,000

20,675

Metallurgical Corp. China Ltd. (H Shares) (a)

137,000

27,894

New China Life Insurance Co. Ltd. (H Shares)

22,300

82,905

People's Insurance Co. of China Group

197,000

103,068

PetroChina Co. Ltd. (H Shares)

1,176,000

1,498,964

PICC Property & Casualty Co. Ltd. (H Shares)

142,008

182,264

Ping An Insurance (Group) Co. of China Ltd. (H Shares)

106,500

843,337

Shandong Chenming Paper Holdings Ltd.:

(B Shares)

34,500

16,005

(H Shares)

11,500

4,461

Shandong Weigao Medical Polymer Co. Ltd. (H Shares)

96,000

92,163

Shanghai Chlor Alkali Co. Ltd. (B Shares) (a)

12,600

6,287

Shanghai Electric Group Co. Ltd. (H Shares)

168,000

58,885

Shanghai Friendship Group, Inc. (B Shares)

13,200

15,206

Shanghai Haixin Group Co. Ltd. (B Shares) (a)

36,400

17,508

Shanghai Jin Jiang International Hotels (Group) Co. Ltd. (B Shares)

9,000

13,545

Shanghai Jin Jiang International Industrial Investment Co. Ltd. (B Shares)

40

32

Shanghai Jinqiao Export Processing Zone Development Co. Ltd. (B Shares)

8,600

8,170

Shanghai Lujiazui Finance Trust Ltd. (B Shares)

26,100

35,861

Shanghai Pharma Holding Co. Ltd. (H Shares)

34,100

70,220

Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)

7,100

7,114

Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. (B Shares)

7,417

7,795

Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) (a)

86,700

31,125

Shenzhen Chiwan Wharf Holding Ltd. (B Shares)

4,800

8,282

Shenzhen Expressway Co. (H Shares)

52,000

21,376

Sichuan Expressway Co. Ltd. (H Shares)

64,000

19,628

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

110,000

37,847

Sinopec Yizheng Chemical Fibre Co. Ltd. (H Shares)

68,000

15,160

Common Stocks - continued

Shares

Value

China - continued

Sinopharm Group Co. Ltd. (H Shares)

38,000

$ 112,872

Sinotrans Ltd. (H Shares)

61,000

13,049

Tianjin Capital Environmental Protection Co. Ltd. (H Shares)

14,000

4,943

Travelsky Technology Ltd. (H Shares)

56,000

35,577

Tsingtao Brewery Co. Ltd. (H Shares)

24,000

160,976

Weichai Power Co. Ltd. (H Shares)

25,800

89,933

Weifu High-Technology Co. Ltd. (B Shares)

4,200

15,485

Wumart Stores, Inc. (H Shares)

30,000

52,576

Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares)

39,800

24,054

Yantai Changyu Pioneer Wine Co. (B Shares)

10,920

49,800

Yanzhou Coal Mining Co. Ltd. (H Shares)

104,000

108,695

Zhaojin Mining Industry Co. Ltd. (H Shares)

40,500

44,988

Zhejiang Expressway Co. Ltd. (H Shares)

82,000

64,458

Zhejiang Southeast Electric Power Co. Ltd. (B Shares)

43,800

36,398

Zhuzhou CSR Times Electric Co. Ltd. (H Shares)

29,000

80,160

Zijin Mining Group Co. Ltd. (H Shares)

326,000

96,202

ZTE Corp. (H Shares)

35,800

60,342

TOTAL CHINA

23,076,362

Colombia - 0.7%

Almacenes Exito SA

12,074

197,938

BanColombia SA sponsored ADR

76

5,151

Cementos Argos SA

21,115

94,290

Corp. Financiera Colombiana SA

4,649

89,919

Corp. Financiera Colombiana SA (RFD) (a)

124

2,277

Ecopetrol SA

275,725

663,220

Grupo de Inversiones Suramerica

12,645

266,745

Interconexion Electrica SA ESP

17,894

82,358

Isagen SA

38,200

53,164

TOTAL COLOMBIA

1,455,062

Czech Republic - 0.3%

Ceske Energeticke Zavody A/S

8,557

247,663

Komercni Banka A/S

791

151,198

Telefonica Czech Rep A/S

6,013

86,878

TOTAL CZECH REPUBLIC

485,739

Egypt - 0.3%

Alexandria Mineral Oils Co.

966

9,494

Commercial International Bank Ltd.

29,734

131,041

Commercial International Bank Ltd. sponsored GDR

1,510

6,569

EFG-Hermes Holding SAE (a)

23,102

33,349

Egyptian Kuwaiti Holding

40,326

47,181

Common Stocks - continued

Shares

Value

Egypt - continued

El Ezz Steel Rebars SAE

19,233

$ 25,517

Elsewedy Electric Co.

5,895

16,799

Orascom Construction Industries SAE (a)

4,958

158,507

Orascom Construction Industries SAE GDR (a)

209

6,682

Orascom Telecom Holding SAE (a)

148,430

100,605

Sidi Kerir Petrochemcials Co.

6,102

10,885

Talaat Moustafa Group Holding (a)

73,921

42,108

Telecom Egypt SAE

16,756

30,568

TOTAL EGYPT

619,305

Hong Kong - 4.2%

Beijing Enterprises Holdings Ltd.

29,500

220,676

China Agri-Industries Holdings Ltd.

97,630

47,933

China Everbright Ltd.

46,000

73,148

China Insurance International Holdings Co. Ltd. (a)

39,600

67,462

China Merchant Holdings International Co. Ltd.

62,847

198,823

China Mobile Ltd.

276,000

3,035,618

China Mobile Ltd. sponsored ADR

2,600

143,624

China Overseas Land and Investment Ltd.

228,000

696,327

China Resources Enterprise Ltd.

64,000

219,377

China Resources Power Holdings Co. Ltd.

106,000

346,952

China Unicom Ltd.

244,000

351,822

CITIC Pacific Ltd.

66,000

79,862

CNOOC Ltd.

868,000

1,625,825

CNOOC Ltd. sponsored ADR

400

74,936

Far East Horizon Ltd.

81,000

55,112

Fosun International Ltd.

72,000

51,216

Franshion Properties China Ltd.

216,000

73,761

Guangdong Investment Ltd.

120,000

116,132

Lenovo Group Ltd.

324,000

296,020

Poly (Hong Kong) Investments Ltd.

106,000

73,898

Shanghai Industrial Holdings Ltd.

25,000

79,251

Shenzhen Investment Ltd.

125,586

52,596

Sino-Ocean Land Holdings Ltd.

213,722

141,010

Sinotruk Hong Kong Ltd.

38,500

21,433

Yuexiu Property Co. Ltd.

372,000

110,256

TOTAL HONG KONG

8,253,070

Hungary - 0.3%

Magyar Telekom PLC

19,453

35,951

MOL Hungarian Oil and Gas PLC Series A (For. Reg.)

2,442

173,428

Common Stocks - continued

Shares

Value

Hungary - continued

OTP Bank PLC

14,180

$ 295,500

Richter Gedeon PLC

745

110,637

TOTAL HUNGARY

615,516

India - 8.6%

ABB Ltd. India

2,410

23,397

ACC Ltd.

2,100

48,243

Adani Enterprises Ltd. (a)

12,290

49,929

Adani Power Ltd. (a)

18,448

16,787

Aditya Birla Nuvo Ltd.

1,133

22,127

Ambuja Cements Ltd.

32,656

113,476

Ashok Leyland Ltd.

42,573

18,081

Asian Paints India Ltd.

1,585

138,210

Axis Bank Ltd.

11,415

317,392

Bajaj Auto Ltd.

3,741

131,034

Bajaj Holdings & Investment Ltd.

1,341

22,219

Bank of Baroda

3,865

50,320

Bank of India

5,449

33,292

Bharat Electronics Ltd.

1,025

22,445

Bharat Forge Ltd.

4,960

21,328

Bharat Heavy Electricals Ltd.

31,480

113,025

Bharat Petroleum Corp. Ltd.

10,342

79,802

Bharti Airtel Ltd. (a)

66,295

393,621

Bharti Infratel Ltd.

8,286

27,443

Cadila Healthcare Ltd.

2,290

33,496

Cairn India Ltd.

24,186

140,561

Canara Bank (a)

4,171

32,224

Castrol India Ltd.

5,432

33,294

Cipla Ltd.

17,157

129,528

Coal India Ltd.

34,734

206,521

Colgate-Palmolive (India)

1,734

47,527

Container Corp. of India Ltd.

1,646

34,481

Corporation Bank Ltd.

1,500

10,569

Crompton Greaves Ltd.

7,074

12,149

Cummins India Ltd.

6,447

61,384

Dabur India Ltd.

24,640

67,836

Divi's Laboratories Ltd.

1,844

36,919

DLF Ltd.

18,528

82,209

Dr. Reddy's Laboratories Ltd.

4,558

172,542

Essar Oil Ltd. (a)

6,300

8,966

Exide Industries Ltd. (a)

19,744

48,804

GAIL India Ltd.

16,629

108,769

Common Stocks - continued

Shares

Value

India - continued

GlaxoSmithKline Pharmaceuticals Ltd.

961

$ 40,497

Glenmark Pharmaceuticals Ltd. (a)

4,989

45,267

GMR Infrastructure Ltd. (a)

52,429

19,874

Godrej Consumer Products Ltd.

6,482

99,696

Godrej Industries Ltd.

5,701

32,925

Grasim Industries Ltd. (a)

1,036

57,197

Great Eastern Shipping Co. Ltd.

5,278

21,344

HCL Technologies Ltd.

11,336

152,329

HDFC Bank Ltd.

64,731

824,816

Hero Motocorp Ltd.

4,254

130,306

Hindalco Industries Ltd.

42,124

76,307

Hindustan Petroleum Corp. Ltd.

7,939

45,400

Hindustan Unilever Ltd.

28,309

307,848

Hindustan Zinc Ltd. (a)

11,963

26,551

Housing Development Finance Corp. Ltd. (a)

63,404

1,001,047

ICICI Bank Ltd.

31,726

691,393

IDBI Bank Ltd. (a)

15,445

25,389

Idea Cellular Ltd. (a)

42,653

105,471

Indiabulls Housing Finance Ltd. (a)

10,818

54,770

Indian Oil Corp. Ltd. (a)

17,187

95,852

IndusInd Bank Ltd.

13,884

120,969

Infosys Ltd.

26,369

1,096,094

Infrastructure Development Finance Co. Ltd.

60,700

172,936

ITC Ltd.

103,607

634,650

Jaiprakash Associates Ltd.

54,141

75,889

Jindal Steel & Power Ltd. (a)

20,660

117,202

JSW Energy Ltd.

14,262

17,441

JSW Steel Ltd. (a)

6,140

80,374

Kotak Mahindra Bank Ltd.

14,154

186,426

Larsen & Toubro Ltd.

8,007

225,541

Lupin Ltd.

8,100

106,008

Mahindra & Mahindra Ltd.

16,380

281,955

Mangalore Refinery & Petrochemicals Ltd.

8,733

7,719

Maruti Suzuki India Ltd.

4,667

151,385

Mphasis BFL Ltd.

5,748

40,060

Mundra Port and SEZ Ltd. (a)

23,677

63,950

Nestle India Ltd.

1,529

141,874

NHPC Ltd.

81,142

32,723

NMDC Ltd.

44,466

104,156

NTPC Ltd.

107,003

313,624

Oil & Natural Gas Corp. Ltd.

114,896

699,199

Oil India Ltd.

6,570

67,297

Common Stocks - continued

Shares

Value

India - continued

Oracle Finance Services Software Ltd. (a)

780

$ 38,072

Oriental Bank of Commerce

2,372

11,830

Piramal Enterprises Ltd.

3,941

41,187

Power Finance Corp. Ltd.

18,918

68,663

Power Grid Corp. of India Ltd.

58,908

123,116

Punjab National Bank

3,212

46,380

Ranbaxy Laboratories Ltd. (a)

7,695

64,781

Reliance Capital Ltd.

5,624

36,964

Reliance Communication Ltd. (a)

28,806

52,021

Reliance Industries Ltd.

88,549

1,300,071

Reliance Infrastructure Ltd. (a)

6,063

42,368

Reliance Power Ltd. (a)

26,405

35,094

Rural Electrification Corp. Ltd.

19,113

79,891

Satyam Computer Services Ltd. (a)

38,193

78,470

Sesa Goa Ltd.

26,174

77,398

Shree Cement Ltd.

538

45,114

Shriram Transport Finance Co. Ltd.

6,675

92,687

Siemens India Ltd.

4,020

40,893

Smithkline Beecham Consumer Healthcare Ltd.

600

44,958

State Bank of India

7,344

309,752

Steel Authority of India Ltd.

44,854

51,509

Sterlite Industries (India) Ltd.

46,694

84,091

Sun Pharmaceutical Industries Ltd.

21,116

374,078

Sun TV Ltd.

4,188

32,523

Tata Chemicals Ltd. (a)

9,032

54,485

Tata Communications Ltd. (a)

3,618

15,429

Tata Consultancy Services Ltd.

26,290

675,014

Tata Motors Ltd.

51,429

284,761

Tata Power Co. Ltd.

47,412

83,634

Tata Steel Ltd.

13,788

77,756

Titan Industries Ltd. (a)

11,722

59,107

Torrent Power Ltd.

4,760

12,537

Ultratech Cemco Ltd.

3,624

128,317

Union Bank of India

10,272

46,840

Unitech Ltd. (a)

91,245

45,720

United Breweries Ltd. (a)

3,748

51,300

United Spirits Ltd. (a)

4,205

173,178

Wipro Ltd.

26,861

174,421

Wockhardt Ltd. (a)

1,800

63,918

Yes Bank Ltd.

10,652

102,024

Zee Entertainment Enterprises Ltd. (a)

24,991

108,883

TOTAL INDIA

16,830,936

Common Stocks - continued

Shares

Value

Indonesia - 3.3%

PT Adaro Energy Tbk

670,000

$ 84,762

PT Aneka Tambang Tbk

181,000

25,691

PT Astra Agro Lestari Tbk

22,000

40,051

PT Astra International Tbk

1,119,000

845,938

PT Bank Central Asia Tbk

682,000

754,074

PT Bank Danamon Indonesia Tbk Series A

164,500

109,131

PT Bank Mandiri (Persero) Tbk

520,500

562,123

PT Bank Negara Indonesia (Persero) Tbk

395,500

219,665

PT Bank Rakyat Indonesia Tbk

616,000

595,566

PT Bumi Resources Tbk

1,066,000

73,460

PT Charoen Pokphand Indonesia Tbk

418,500

217,374

PT Global Mediacom Tbk

215,000

48,097

PT Gudang Garam Tbk

31,000

157,511

PT Indo Tambangraya Megah Tbk

20,500

77,488

PT Indocement Tunggal Prakarsa Tbk

70,000

190,074

PT Indofood Sukses Makmur Tbk

235,000

177,655

PT Indofood Sukses Makmur Tbk

66,500

78,316

PT Indosat Tbk

101,000

62,330

PT International Nickel Indonesia Tbk

93,000

27,261

PT Jasa Marga Tbk

106,500

73,391

PT Kalbe Farma Tbk

1,119,500

160,052

PT Media Nusantara Citra Tbk

159,000

51,106

PT Perusahaan Gas Negara Tbk Series B

575,000

369,632

PT Semen Gresik (Persero) Tbk

160,000

302,802

PT Tambang Batubbara Bukit Asam Tbk

43,000

67,447

PT Telkomunikasi Indonesia Tbk Series B

562,500

677,689

PT Unilever Indonesia Tbk

77,000

207,894

PT United Tractors Tbk

81,000

147,878

PT XL Axiata Tbk

93,500

49,046

TOTAL INDONESIA

6,453,504

Luxembourg - 0.1%

Brait SA

26,820

109,569

Malaysia - 4.4%

AirAsia Bhd

110,000

105,933

AMMB Holdings Bhd

110,600

243,556

Astro Malaysia Holdings Bhd

81,000

78,537

Axiata Group Bhd

278,700

620,148

Berjaya Sports Toto Bhd

47,182

65,132

British American Tobacco (Malaysia) Bhd

7,700

160,251

Bumi Armada Bhd

70,200

92,062

Bumiputra-Commerce Holdings Bhd

267,300

680,001

Common Stocks - continued

Shares

Value

Malaysia - continued

DiGi.com Bhd

201,000

$ 306,537

Felda Global Ventures Holdings Bhd

98,200

149,116

Gamuda Bhd

113,700

152,098

Genting Bhd

119,800

413,443

Genting Malaysia Bhd

160,100

197,856

Hong Leong Bank Bhd

30,100

143,055

Hong Leong Credit Bhd

10,700

54,511

IHH Healthcare Bhd

127,000

156,532

IJM Corp. Bhd

74,100

132,735

IOI Corp. Bhd

198,400

328,004

Kuala Lumpur Kepong Bhd

28,400

201,250

Lafarge Malayan Cement Bhd

22,400

73,035

Malayan Banking Bhd

241,196

762,631

Malaysia Marine and Heavy Engineering Sdn Bhd

22,500

28,176

Malaysian Plantations Bhd

67,200

98,508

Maxis Bhd

127,500

283,287

MMC Corp. Bhd

56,700

47,522

Parkson Holdings Bhd

25,800

35,785

Petronas Chemicals Group Bhd

164,700

353,489

Petronas Dagangan Bhd

15,300

118,779

Petronas Gas Bhd

42,500

275,464

PPB Group Bhd

31,100

130,840

Public Bank Bhd (For. Reg.)

56,600

305,463

RHB Capital Bhd

34,760

96,882

SapuraKencana Petroleum Bhd (a)

145,000

151,553

Sime Darby Bhd

207,200

642,882

SP Setia Bhd

43,100

48,589

Telekom Malaysia Bhd

57,800

104,866

Tenaga Nasional Bhd

72,100

186,026

UEM Land Holdings Bhd (a)

74,900

61,791

UMW Holdings Bhd

43,100

202,574

YTL Corp. Bhd

284,686

153,454

YTL Power International Bhd

172,200

85,463

TOTAL MALAYSIA

8,527,816

Mexico - 5.7%

Alfa SA de CV Series A

155,300

360,678

Alpek SA de CV

17,600

42,006

America Movil S.A.B. de CV Series L

2,056,500

2,213,621

CEMEX SA de CV unit

631,908

712,453

Coca-Cola FEMSA S.A.B. de CV Series L

18,900

305,285

Embotelladoras Arca S.A.B. de CC

14,100

116,286

Common Stocks - continued

Shares

Value

Mexico - continued

Fomento Economico Mexicano S.A.B. de CV unit

120,100

$ 1,365,854

Grupo Aeroportuario del Sureste SA de CV Series B

11,900

147,683

Grupo Bimbo S.A.B. de CV Series A

104,400

339,709

Grupo Carso SA de CV Series A1

25,800

147,270

Grupo Elektra SA de CV

1,850

79,727

Grupo Financiero Banorte S.A.B. de CV Series O

105,800

797,794

Grupo Financiero Inbursa S.A.B. de CV Series O

100,400

294,197

Grupo Financiero Santander Mexico S.A.B. de CV

85,200

275,549

Grupo Mexico SA de CV Series B

217,907

779,938

Grupo Modelo S.A.B. de CV Series C

25,800

234,748

Grupo Televisa SA de CV

145,900

740,777

Industrias CH SA de CV (a)

9,400

75,751

Industrias Penoles SA de CV

6,955

290,388

Kimberly-Clark de Mexico SA de CV Series A

46,200

160,262

Mexichem S.A.B. de CV

60,427

308,000

Minera Frisco S.A.B. de CV (a)

37,500

160,287

OHL Mexico S.A.B. de CV (a)(d)

25,200

78,159

Organizacion Soriana S.A.B. de CV Series B

16,600

68,342

Wal-Mart de Mexico SA de CV Series V

315,200

1,003,050

TOTAL MEXICO

11,097,814

Morocco - 0.0%

Douja Promotion Groupe Addoha SA

6,491

42,229

Pakistan - 0.1%

Fauji Fertilizer Co. Ltd.

30,265

34,360

MCB Bank Ltd.

39,301

87,016

National Bank of Pakistan

21,662

8,663

Oil & Gas Development Co. Ltd.

29,617

61,392

Pakistan Petroleum Ltd.

15,161

27,897

TOTAL PAKISTAN

219,328

Peru - 0.2%

Compania de Minas Buenaventura SA

2,874

57,632

Compania de Minas Buenaventura SA sponsored ADR

8,202

164,204

Volcan Compania Minera Saa Class B

105,586

67,914

TOTAL PERU

289,750

Philippines - 1.5%

Aboitiz Equity Ventures, Inc.

127,710

176,793

Aboitiz Power Corp.

118,400

107,257

Alliance Global Group, Inc.

211,000

121,450

Ayala Corp.

10,820

168,443

Common Stocks - continued

Shares

Value

Philippines - continued

Ayala Land, Inc.

298,000

$ 234,854

Bank of the Philippine Islands (BPI)

77,800

194,240

BDO Unibank, Inc.

77,302

172,158

Bloomberry Resorts Corp. (a)

125,600

36,605

DMCI Holdings, Inc.

49,090

68,017

Globe Telecom, Inc.

1,855

64,424

International Container Terminal Services, Inc.

40,960

91,520

Jollibee Food Corp.

24,420

76,211

Manila Electric Co.

8,590

78,025

Metropolitan Bank & Trust Co.

43,870

132,649

Philippine Long Distance Telephone Co.

4,845

357,957

PNOC Energy Development Corp.

333,400

52,712

San Miguel Corp.

50,580

148,638

SM Investments Corp.

13,560

377,078

SM Prime Holdings, Inc.

372,400

180,886

Universal Robina Corp.

46,580

134,508

TOTAL PHILIPPINES

2,974,425

Poland - 1.4%

Bank Handlowy w Warszawie SA

1,809

53,815

Bank Polska Kasa Opieki SA

7,318

350,864

BRE Bank SA

746

81,592

ENEA SA

6,241

25,676

Getin Noble Bank SA (a)

49,975

24,831

ING Bank Slaski SA (a)

1,811

51,639

Jastrzebska Spolka Weglowa SA

2,758

72,881

KGHM Polska Miedz SA (Bearer)

7,621

356,950

Polish Oil & Gas Co. (a)

93,448

157,923

Polska Grupa Energetyczna SA

39,235

203,759

Polski Koncern Naftowy Orlen SA (a)

17,338

268,862

Powszechna Kasa Oszczednosci Bank SA

48,447

504,425

Powszechny Zaklad Ubezpieczen SA

3,279

451,922

Synthos SA

24,557

36,604

Tauron Polska Energia SA

61,239

81,591

Telekomunikacja Polska SA

35,761

79,674

TOTAL POLAND

2,803,008

Russia - 6.2%

Aeroflot - Russian Airlines (a)

22,461

38,769

E.ON Russia JSC (a)

991,149

79,975

Federal Grid Co. of Unified Energy System (a)

14,977,090

57,898

Gazprom OAO sponsored ADR (Reg. S)

316,031

2,507,706

Common Stocks - continued

Shares

Value

Russia - continued

Inter Rao Ues JSC (a)

101,440,795

$ 41,976

LSR Group OJSC GDR (Reg. S)

9,543

41,512

Lukoil Oil Co. sponsored ADR (United Kingdom)

32,435

2,056,379

Magnit OJSC GDR (Reg. S)

14,661

747,711

Magnitogorsk Iron & Steel Works OJSC unit

5,263

15,842

Mechel Steel Group OAO sponsored ADR (d)

5,222

21,306

Megafon OJSC GDR

4,576

141,215

Mobile TeleSystems OJSC sponsored ADR

28,819

596,553

Mosenergo AO (a)

640,658

25,217

Norilsk Nickel OJSC ADR

26,006

398,412

NOVATEK OAO GDR (Reg. S)

3,640

368,368

Novolipetsk Steel OJSC GDR (Reg. S)

4,896

81,274

Pharmstandard OJSC unit (a)

3,506

73,310

Raspadskaya OAO (a)

10,877

15,910

Rosneft Oil Co. OJSC GDR (Reg. S)

72,962

498,695

Rostelecom sponsored ADR

13,186

294,048

RusHydro JSC sponsored ADR

60,717

104,433

Russian Grids OAO (a)

907,841

38,548

Russian Grids OAO rights (a)

2,554,230

0

Sberbank (Savings Bank of the Russian Federation) (a)

39,030

124,132

Sberbank (Savings Bank of the Russian Federation) sponsored ADR

140,863

1,811,498

Severstal JSC GDR (Reg. S)

8,935

75,545

Sistema JSFC sponsored GDR

7,787

148,498

Surgutneftegaz JSC sponsored ADR

40,795

346,758

Tatneft OAO sponsored ADR

13,696

517,572

TMK OAO GDR (Reg. S)

3,064

38,729

Uralkali OJSC GDR (Reg. S)

14,908

539,521

VTB Bank JSC:

rights (a)

35,805,003

358

sponsored GDR (Reg. S)

74,909

235,963

TOTAL RUSSIA

12,083,631

South Africa - 8.4%

Absa Group Ltd.

18,208

299,676

Acucap Properties Ltd.

7,677

44,863

Adcock Ingram Holdings Ltd.

8,250

56,082

Aeci Ltd.

6,030

67,467

African Bank Investments Ltd.

39,729

126,136

African Rainbow Minerals Ltd.

4,582

90,318

Anglo Platinum Ltd. (a)

3,152

119,564

AngloGold Ashanti Ltd.

21,285

410,667

ArcelorMittal South Africa Ltd. (a)

10,394

26,629

Common Stocks - continued

Shares

Value

South Africa - continued

Aspen Pharmacare Holdings Ltd.

19,330

$ 419,838

Assore Ltd.

2,210

71,914

Aveng Ltd.

20,257

66,594

AVI Ltd.

18,325

110,275

Barloworld Ltd.

12,400

129,894

Bidvest Group Ltd.

14,845

386,051

Capital Property Fund

85,366

112,255

Capitec Bank Holdings Ltd.

2,863

69,716

Clicks Group Ltd.

14,298

91,140

Coronation Fund Managers Ltd.

12,203

73,026

DataTec Ltd.

8,824

49,659

Discovery Ltd.

15,561

141,746

Exxaro Resources Ltd.

7,290

114,328

FirstRand Ltd.

161,504

561,174

Foschini Ltd.

12,336

158,092

Fountainhead Property Trust

54,358

57,426

Gold Fields Ltd.

39,563

296,626

Grindrod Ltd.

21,050

44,101

Growthpoint Properties Ltd.

91,110

299,419

Harmony Gold Mining Co. Ltd.

22,414

113,313

Hyprop Investments Ltd.

8,473

74,783

Illovo Sugar Ltd.

10,755

41,577

Impala Platinum Holdings Ltd.

28,902

394,421

Imperial Holdings Ltd.

10,885

241,026

Investec Ltd.

15,731

112,844

JD Group Ltd.

5,268

19,408

JSE Ltd.

4,095

35,002

Kumba Iron Ore Ltd.

3,751

197,835

Lewis Group Ltd.

4,305

28,305

Liberty Holdings Ltd.

6,650

88,558

Life Healthcare Group Holdings Ltd.

53,197

224,739

Massmart Holdings Ltd.

5,807

120,366

Mediclinic International Ltd.

21,091

152,891

MMI Holdings Ltd.

61,727

157,525

Mondi Ltd.

5,543

74,094

Mr Price Group Ltd.

12,664

182,025

MTN Group Ltd.

92,893

1,674,734

Murray & Roberts Holdings Ltd. (a)

20,832

51,003

Nampak Ltd.

36,645

134,680

Naspers Ltd. Class N

21,669

1,450,074

Nedbank Group Ltd.

10,133

215,273

Netcare Ltd.

72,014

163,714

Common Stocks - continued

Shares

Value

South Africa - continued

Northam Platinum Ltd. (a)

13,262

$ 49,200

Omnia Holdings Ltd.

2,000

35,148

Palabora Mining Co. Ltd. (a)

376

4,462

Pick 'n Pay Holdings Ltd.

14,542

28,765

Pick 'n Pay Stores Ltd.

11,238

53,225

Pretoria Portland Cement Co. Ltd.

32,453

118,659

Remgro Ltd.

26,208

528,541

Reunert Ltd.

9,334

81,123

RMB Holdings Ltd.

40,518

179,844

Royal Bafokeng Holdings (Pty) Ltd. (a)

2,132

12,889

Sanlam Ltd.

106,076

543,649

Santam Ltd.

2,201

43,218

Sappi Ltd. (a)

28,323

85,220

Sasol Ltd.

30,289

1,312,014

Shoprite Holdings Ltd.

24,025

455,387

Sibanye Gold Ltd. (a)

35,199

33,342

Spar Group Ltd.

9,244

122,072

Standard Bank Group Ltd.

67,663

845,269

Steinhoff International Holdings Ltd.

100,718

268,813

Sun International Ltd.

5,278

64,164

Telkom SA Ltd. (a)

18,572

26,492

Tiger Brands Ltd.

7,310

227,369

Tongaat Hulett Ltd.

5,046

73,383

Truworths International Ltd.

24,469

243,204

Vodacom Group Ltd.

17,263

202,400

Wilson Bayly Holmes-Ovcon Ltd.

2,304

39,669

Woolworths Holdings Ltd.

42,146

328,488

TOTAL SOUTH AFRICA

16,448,875

Taiwan - 11.9%

Acer, Inc. (a)

146,000

118,077

Advanced Semiconductor Engineering, Inc.

338,940

295,846

Advantech Co. Ltd.

22,000

105,188

Asia Cement Corp.

127,740

162,220

ASUSTeK Computer, Inc.

40,000

465,921

AU Optronics Corp. (a)

450,000

212,259

Capital Securities Corp.

111,195

39,403

Catcher Technology Co. Ltd.

39,000

197,711

Cathay Financial Holding Co. Ltd.

383,250

515,938

Cathay Real Estate Development Co. Ltd.

58,000

34,812

Chang Hwa Commercial Bank

224,440

128,241

Cheng Shin Rubber Industry Co. Ltd.

88,380

299,395

Common Stocks - continued

Shares

Value

Taiwan - continued

Cheng Uei Precision Industries Co. Ltd.

17,109

$ 34,114

Chicony Electronics Co. Ltd.

35,910

105,453

China Airlines Ltd. (a)

107,043

40,835

China Development Finance Holding Corp. (a)

749,800

207,473

China Motor Co. Ltd.

33,000

32,172

China Steel Corp.

680,895

600,314

Chinatrust Financial Holding Co. Ltd.

732,360

444,532

Chunghwa Telecom Co. Ltd.

210,000

670,841

Compal Communications, Inc. (a)

15,000

19,405

Compal Electronics, Inc.

217,000

140,546

Delta Electronics, Inc.

112,000

537,402

E.SUN Financial Holdings Co. Ltd.

234,150

141,332

Epistar Corp.

45,000

79,349

Eternal Chemical Co. Ltd.

35,000

30,205

EVA Airways Corp. (a)

76,900

42,896

Evergreen Marine Corp. (Taiwan) (a)

102,000

59,664

Far Eastern International Bank

102,776

41,996

Far Eastern Textile Ltd.

198,730

213,960

Far EasTone Telecommunications Co. Ltd.

89,000

216,992

Feng Hsin Iron & Steel Co.

27,000

48,525

First Financial Holding Co. Ltd.

353,180

217,369

Formosa Chemicals & Fibre Corp.

238,000

557,674

Formosa Petrochemical Corp.

101,000

275,019

Formosa Plastics Corp.

263,000

638,549

Formosa Taffeta Co. Ltd.

60,000

57,070

Foxconn Technology Co. Ltd.

63,450

167,608

Fubon Financial Holding Co. Ltd.

377,334

539,323

Giant Manufacturing Co. Ltd.

15,000

90,031

Hon Hai Precision Industry Co. Ltd. (Foxconn)

571,300

1,476,197

Hotai Motor Co. Ltd.

23,000

205,510

HTC Corp.

43,000

438,895

Hua Nan Financial Holdings Co. Ltd.

357,205

207,734

Innolux Corp. (a)

351,698

220,035

Inventec Corp.

166,865

66,769

Largan Precision Co. Ltd.

6,000

163,988

LITE-ON IT Corp.

21,069

23,184

LITE-ON Technology Corp.

114,405

205,999

Macronix International Co. Ltd.

163,101

44,467

MediaTek, Inc.

70,000

854,527

Mega Financial Holding Co. Ltd.

508,575

392,339

Nan Ya Plastics Corp.

315,000

628,077

Nan Ya Printed Circuit Board Corp.

12,000

13,754

Common Stocks - continued

Shares

Value

Taiwan - continued

Novatek Microelectronics Corp.

27,000

$ 131,841

Oriental Union Chemical Corp.

31,300

34,548

Pegatron Corp. (a)

87,000

142,492

Pou Chen Corp.

58,000

68,444

President Chain Store Corp.

29,000

178,976

President Securities Corp.

53,500

32,202

Quanta Computer, Inc.

101,000

208,918

Realtek Semiconductor Corp.

23,110

66,611

Shin Kong Financial Holding Co. Ltd. (a)

350,000

110,614

Siliconware Precision Industries Co. Ltd.

162,000

194,468

Sinopac Holdings Co.

383,089

191,609

Synnex Technology International Corp.

77,000

130,292

Taishin Financial Holdings Co. Ltd.

360,148

156,321

Taiwan Business Bank

177,200

54,500

Taiwan Cement Corp.

191,000

253,889

Taiwan Cooperative Financial Holding Co. Ltd.

300,078

172,476

Taiwan Fertilizer Co. Ltd.

41,000

98,155

Taiwan Glass Industry Corp.

96,475

98,143

Taiwan Mobile Co. Ltd.

89,900

327,713

Taiwan Secom Co.

18,000

43,703

Taiwan Semiconductor Manufacturing Co. Ltd.

1,276,000

4,739,300

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

10,800

206,064

TECO Electric & Machinery Co. Ltd.

105,000

98,805

Ton Yi Industrial Corp.

55,000

40,751

Transcend Information, Inc.

13,000

44,964

U-Ming Marine Transport Corp.

20,000

31,197

Unified-President Enterprises Corp.

230,340

453,806

Unimicron Technology Corp.

86,000

90,695

United Microelectronics Corp.

670,000

256,941

Vanguard International Semiconductor Corp.

42,000

45,788

Walsin Lihwa Corp. (a)

169,000

52,436

Wan Hai Lines Ltd. (a)

52,000

29,095

Waterland Financial Holdings Co. Ltd.

90,189

31,806

Wistron Corp.

111,700

113,442

Yageo Corp. (a)

101,000

31,988

Yang Ming Marine Transport Corp. (a)

65,900

29,609

Yuanta Financial Holding Co. Ltd.

509,570

259,191

Yuen Foong Yu Paper Manufacturing Co.

89,000

43,610

Yulon Motor Co. Ltd.

65,000

111,529

TOTAL TAIWAN

23,174,067

Common Stocks - continued

Shares

Value

Thailand - 3.1%

Advanced Info Service PCL (For. Reg.)

66,000

$ 607,155

Airports of Thailand PCL (For. Reg.)

21,900

107,821

Bangkok Bank PCL (For. Reg.)

25,600

197,997

Bangkok Dusit Medical Service PCL (For. Reg.)

9,500

54,702

Bank of Ayudhya PCL

16,100

17,965

Bank of Ayudhya PCL (For. Reg.)

138,000

153,986

Banpu PCL (For. Reg.)

5,700

66,225

BEC World PCL (For. Reg.)

50,500

115,281

Berli Jucker PCL

23,600

59,302

Big C Supercenter PCL

7,900

62,177

Big C Supercenter PCL (For. Reg.)

9,000

70,835

C.P. ALL PCL (For. Reg.)

239,100

358,446

Central Pattana PCL (For. Reg.)

19,000

64,736

Charoen Pokphand Foods PCL (For. Reg.)

165,700

179,250

Delta Electronics PCL (For. Reg.)

46,000

59,557

Electricity Generating PCL (For. Reg.)

11,300

59,099

Glow Energy PCL (For. Reg.)

31,300

82,116

Indorama Ventures PCL (For. Reg.)

85,300

68,298

IRPC Public Co. Ltd. (For. Reg.)

485,900

67,877

Kasikornbank PCL (For. Reg.)

63,200

465,118

Krung Thai Bank PCL (For. Reg.)

188,470

159,252

Land & House PCL

132,500

59,140

Land & House PCL (For. Reg.)

37,600

16,782

PTT Exploration and Production PCL (For. Reg.)

79,939

419,441

PTT Global Chemical PCL (For. Reg.)

89,139

221,709

PTT PCL (For. Reg.)

47,700

529,819

Ratchaburi Electric Generating Holding PCL

3,700

7,469

Ratchaburi Electric Generating Holding PCL (For. Reg.)

12,000

24,225

Shin Corp. PLC

81,000

238,032

Siam Cement PCL (For. Reg.)

16,300

274,351

Siam City Cement PCL (For. Reg.)

3,900

64,845

Siam Commercial Bank PCL (For. Reg.)

86,600

548,811

Siam Makro PCL (For. Reg.)

3,100

79,639

Thai Airways International PCL (For. Reg.)

28,000

28,143

Thai Oil PCL (For. Reg.)

43,400

97,595

Thai Union Frozen Products PCL (For. Reg.)

25,180

48,473

TMB PCL (For. Reg.)

1,145,500

106,939

Total Access Communication PCL

17,100

68,167

Total Access Communication PCL (For. Reg.)

19,700

78,532

TOTAL THAILAND

5,989,307

Common Stocks - continued

Shares

Value

Turkey - 2.3%

Akbank T.A.S.

92,307

$ 485,027

Anadolu Efes Biracilik Ve Malt Sanayii A/S

7,829

130,138

Arcelik A/S

13,003

101,181

Aselsan A/S

5,128

30,463

Bim Birlesik Magazalar A/S JSC

6,075

311,756

Coca-Cola Icecek A/S

3,965

110,584

Dogan Sirketler Grubu Holding A/S (a)

45,858

30,951

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S

34,932

59,819

Enka Insaat ve Sanayi A/S

34,066

105,272

Eregli Demir ve Celik Fabrikalari T.A.S.

57,904

66,213

Ford Otomotiv Sanayi A/S

4,084

56,724

Haci Omer Sabanci Holding A/S

44,026

273,819

Koc Holding A/S

35,408

214,295

Koza Altin Isletmeleri A/S

2,506

50,043

Tofas Turk Otomobil Fabrikasi A/S

6,981

48,675

Tupras Turkiye Petrol Rafinelleri A/S

6,556

182,848

Turk Hava Yollari AO

33,003

137,332

Turk Sise ve Cam Fabrikalari A/S

23,680

40,155

Turk Telekomunikasyon A/S

27,876

132,169

Turkcell Iletisim Hizmet A/S (a)

44,707

278,371

Turkiye Garanti Bankasi A/S

117,724

650,100

Turkiye Halk Bankasi A/S

33,875

369,408

Turkiye Is Bankasi A/S Series C

72,583

280,170

Turkiye Vakiflar Bankasi TAO

64,710

231,010

Yapi ve Kredi Bankasi A/S

47,389

146,971

TOTAL TURKEY

4,523,494

United Arab Emirates - 0.4%

Air Arabia PJSC (a)

110,682

29,501

Aldar Properties PJSC (a)

78,393

30,947

Arabtec Holding Co. (a)

36,706

21,186

Dana Gas PJSC (a)

171,247

23,312

DP World Ltd.

8,710

133,611

Dubai Financial Market PJSC (a)

93,412

31,790

Dubai Islamic Bank Pakistan Ltd. (a)

29,428

23,075

Emaar Properties PJSC (a)

159,044

242,918

First Gulf Bank PJSC

39,161

158,862

TOTAL UNITED ARAB EMIRATES

695,202

TOTAL COMMON STOCKS

(Cost $164,748,505)


173,152,893

Nonconvertible Preferred Stocks - 7.3%

Shares

Value

Brazil - 6.8%

AES Tiete SA (PN) (non-vtg.)

6,500

$ 65,885

Banco Bradesco SA (PN)

107,140

1,761,257

Bradespar Sa (PN)

13,300

168,913

Braskem SA (PN-A)

8,100

70,444

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)

13,900

72,114

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

8,000

439,435

Companhia de Bebidas das Americas (AmBev) (PN)

36,900

1,544,793

Companhia de Gas de Sao Paulo

300

8,059

Companhia de Transmissao de Energia Eletrica Paulista (PN)

1,700

29,764

Companhia Energetica de Minas Gerais (CEMIG) (PN)

26,825

341,756

Companhia Energetica de Sao Paulo Series A

9,500

100,425

Companhia Paranaense de Energia-Copel (PN-B)

6,000

106,490

Gerdau SA (PN)

47,500

371,548

Itau Unibanco Holding SA

125,100

2,098,391

Itausa-Investimentos Itau SA (PN)

138,350

685,267

Klabin SA (PN) (non-vtg.)

31,000

207,002

Lojas Americanas SA (PN)

21,096

184,099

Metalurgica Gerdau SA (PN)

14,400

143,298

Oi SA (PN)

62,700

153,557

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

239,200

2,386,321

Telefonica Brasil SA

16,600

440,814

Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)

18,800

93,119

Vale SA (PN-A)

111,100

1,806,364

TOTAL BRAZIL

13,279,115

Chile - 0.1%

Embotelladora Andina SA Class B

12,163

82,645

Sociedad Quimica y Minera de Chile SA (PN-B)

4,649

230,155

TOTAL CHILE

312,800

Colombia - 0.3%

BanColombia SA (PN)

19,008

311,404

Grupo Aval Acciones Y Val SA

110,052

77,184

Grupo de Inversiones Suramerica

5,941

125,065

Inversiones Argos SA

6,365

70,238

TOTAL COLOMBIA

583,891

Russia - 0.1%

AK Transneft OAO (a)

82

164,283

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $14,475,623)


14,340,089

Government Obligations - 0.2%

 

Principal
Amount

Value

United States of America - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.14% 5/23/13 (e)

(Cost $399,969)

$ 400,000

$ 399,993

Money Market Funds - 2.4%

Shares

 

Fidelity Cash Central Fund, 0.13% (b)

4,547,175

4,547,175

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

107,350

107,350

TOTAL MONEY MARKET FUNDS

(Cost $4,654,525)


4,654,525

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $184,278,622)

192,547,500

NET OTHER ASSETS (LIABILITIES) - 1.4%

2,792,684

NET ASSETS - 100%

$ 195,340,184

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

150 NYSE E-mini MSCI Emerging Markets Index Contracts

June 2013

$ 7,799,250

$ 208,699

 

The face value of futures purchased as a percentage of net assets is 4%

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 are available on the SEC's website or upon request.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $244,996.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 6,647

Fidelity Securities Lending Cash Central Fund

49

Total

$ 6,696

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 11,588,280

$ 11,152,134

$ 436,146

$ -

Consumer Staples

17,998,445

17,998,445

-

-

Energy

25,740,882

19,988,084

5,752,798

-

Financials

56,386,638

53,519,014

2,812,496

55,128

Health Care

2,988,704

2,816,162

172,542

-

Industrials

10,921,963

10,921,963

-

-

Information Technology

18,158,170

11,188,841

6,969,329

-

Materials

19,800,135

18,756,552

1,043,583

-

Telecommunication Services

16,410,159

10,556,187

5,853,972

-

Utilities

7,499,606

7,286,412

213,194

-

Government Obligations

399,993

-

399,993

-

Money Market Funds

4,654,525

4,654,525

-

-

Total Investments in Securities:

$ 192,547,500

$ 168,838,319

$ 23,654,053

$ 55,128

Derivative Instruments:

Assets

Futures Contracts

$ 208,699

$ 208,699

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2013. 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)

$ 208,699

$ -

Total Value of Derivatives

$ 208,699

$ -

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

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

Semiannual Report

Spartan Emerging Markets Index Fund

Financial Statements

Statement of Assets and Liabilities

  

April 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $96,608) - See accompanying schedule:

Unaffiliated issuers (cost $179,624,097)

$ 187,892,975

 

Fidelity Central Funds (cost $4,654,525)

4,654,525

 

Total Investments (cost $184,278,622)

 

$ 192,547,500

Foreign currency held at value (cost $1,157,722)

1,158,523

Receivable for fund shares sold

2,622,442

Dividends receivable

436,227

Distributions receivable from Fidelity Central Funds

360

Receivable for daily variation margin on futures contracts

88,094

Receivable from investment adviser for expense reductions

22,354

Other receivables

3,725

Total assets

196,879,225

 

 

 

Liabilities

Payable for fund shares redeemed

$ 1,372,003

Accrued management fee

38,869

Other affiliated payables

18,339

Other payables and accrued expenses

2,480

Collateral on securities loaned, at value

107,350

Total liabilities

1,539,041

 

 

 

Net Assets

$ 195,340,184

Net Assets consist of:

 

Paid in capital

$ 190,607,758

Undistributed net investment income

1,429,175

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(5,173,744)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

8,476,995

Net Assets

$ 195,340,184

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

Semiannual Report

Statement of Assets and Liabilities - continued

  

April 30, 2013 (Unaudited)

 

 

 

Investor Class:
Net Asset Value, offering price and redemption price per share ($9,719,605 ÷ 961,096 shares)

$ 10.11

 

 

 

Fidelity Advantage Class:
Net Asset Value, offering price and redemption price per share ($184,817,879 ÷ 18,266,155 shares)

$ 10.12

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($689,953 ÷ 68,120 shares)

$ 10.13

 

 

 

Fidelity Advantage Institutional Class:
Net Asset Value, offering price and redemption price per share ($112,747 ÷ 11,133 shares)

$ 10.13

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

Semiannual Report

Spartan Emerging Markets Index Fund
Financial Statements - continued

Statement of Operations

Six months ended April 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 1,541,344

Interest

 

437

Income from Fidelity Central Funds

 

6,696

Income before foreign taxes withheld

 

1,548,477

Less foreign taxes withheld

 

(128,465)

Total income

 

1,420,012

 

 

 

Expenses

Management fee

$ 188,050

Transfer agent fees

98,623

Independent trustees' compensation

251

Miscellaneous

174

Total expenses before reductions

287,098

Expense reductions

(110,097)

177,001

Net investment income (loss)

1,243,011

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

(924,080)

Foreign currency transactions

33,624

Futures contracts

(274,116)

Swap agreements

340,068

 

Total net realized gain (loss)

 

(824,504)

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $697)

3,586,298

Assets and liabilities in foreign currencies

2,227

Futures contracts

214,703

Swap agreements

168,555

Total change in net unrealized appreciation (depreciation)

 

3,971,783

Net gain (loss)

3,147,279

Net increase (decrease) in net assets resulting from operations

$ 4,390,290

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended
April 30, 2013
(Unaudited)

Year ended
October 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,243,011

$ 2,139,991

Net realized gain (loss)

(824,504)

(3,704,445)

Change in net unrealized appreciation (depreciation)

3,971,783

3,958,926

Net increase (decrease) in net assets resulting
from operations

4,390,290

2,394,472

Distributions to shareholders from net investment income

(1,410,281)

-

Distributions to shareholders from net realized gain

(695,069)

(144,849)

Total distributions

(2,105,350)

(144,849)

Share transactions - net increase (decrease)

96,137,214

60,092,122

Redemption fees

38,962

291,097

Total increase (decrease) in net assets

98,461,116

62,632,842

 

 

 

Net Assets

Beginning of period

96,879,068

34,246,226

End of period (including undistributed net investment income of $1,429,175 and undistributed net investment income of $1,596,445, respectively)

$ 195,340,184

$ 96,879,068

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

Semiannual Report

Financial Highlights - Investor Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.76

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .27

  .02

Net realized and unrealized gain (loss)

  .46

  (.06) H

  (.48)

Total from investment operations

  .54

  .21

  (.46)

Distributions from net investment income

  (.12)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.19) L

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.11

$ 9.76

$ 9.54

Total Return B,C

  5.51%

  2.68%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

 

Expenses before reductions

  .46% A

  .46%

  .46% A

Expenses net of fee waivers, if any

  .32% A

  .33%

  .33% A

Expenses net of all reductions

  .32% A

  .33%

  .33% A

Net investment income (loss)

  1.57% A

  2.80%

  1.76% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 9,720

$ 44,554

$ 14,188

Portfolio turnover rate F

  24% A

  62%

  -% G,M

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

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

M Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.77

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .08

  .28

  .02

Net realized and unrealized gain (loss)

  .47

  (.06) H

  (.48)

Total from investment operations

  .55

  .22

  (.46)

Distributions from net investment income

  (.14)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.20)

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.12

$ 9.77

$ 9.54

Total Return B,C

  5.66%

  2.78%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

Expenses before reductions

  .35% A

  .35%

  .35% A

Expenses net of fee waivers, if any

  .20% A

  .22%

  .22% A

Expenses net of all reductions

  .20% A

  .22%

  .22% A

Net investment income (loss)

  1.69% A

  2.91%

  1.87% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 184,818

$ 51,728

$ 10,517

Portfolio turnover rate F

  24% A

  62%

  -% G,L

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

L Amount not annualized.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.79

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .09

  .28

  .03

Net realized and unrealized gain (loss)

  .46

  (.04) H

  (.49)

Total from investment operations

  .55

  .24

  (.46)

Distributions from net investment income

  (.15)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.21)

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.13

$ 9.79

$ 9.54

Total Return B,C

  5.64%

  2.99%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

 

Expenses before reductions

  .28% A

  .28%

  .28% A

Expenses net of fee waivers, if any

  .14% A

  .15%

  .15% A

Expenses net of all reductions

  .14% A

  .15%

  .15% A

Net investment income (loss)

  1.75% A

  2.99%

  1.93% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 690

$ 517

$ 4,771

Portfolio turnover rate F

  24% A

  62%

  -% G,L

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

L Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 I

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 9.79

$ 9.54

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .09

  .28

  .03

Net realized and unrealized gain (loss)

  .46

  (.04) H

  (.49)

Total from investment operations

  .55

  .24

  (.46)

Distributions from net investment income

  (.15)

  -

  -

Distributions from net realized gain

  (.06)

  (.03)

  -

Total distributions

  (.21)

  (.03)

  -

Redemption fees added to paid in capital D

  - K

  .04

  -

Net asset value, end of period

$ 10.13

$ 9.79

$ 9.54

Total Return B,C

  5.68%

  2.99%

  (4.60)%

Ratios to Average Net Assets E,J

 

 

 

Expenses before reductions

  .25% A

  .25%

  .25% A

Expenses net of fee waivers, if any

  .11% A

  .12%

  .12% A

Expenses net of all reductions

  .11% A

  .12%

  .12% A

Net investment income (loss)

  1.78% A

  3.02%

  1.96% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 113

$ 80

$ 4,771

Portfolio turnover rate F

  24% A

  62%

  -% G,L

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

G Amount represents less than 1%.

H 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.

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

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

K Amount represents less than $.01 per share.

L Amount not annualized.

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

Semiannual Report

Spartan Global ex U.S. Index Fund

Investment Changes (Unaudited)

Top Ten Stocks as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Nestle SA (Switzerland, Food Products)

1.3

1.3

HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks)

1.1

1.1

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

1.0

0.9

Novartis AG (Switzerland, Pharmaceuticals)

1.0

0.9

Toyota Motor Corp. (Japan, Automobiles)

0.9

0.7

Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)

0.9

0.9

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

0.9

0.8

BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)

0.8

0.9

Sanofi SA (France, Pharmaceuticals)

0.7

0.7

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

0.7

0.7

 

9.3

Market Sectors as of April 30, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.3

25.2

Consumer Staples

10.7

9.9

Industrials

9.5

9.9

Consumer Discretionary

9.5

8.2

Energy

9.3

10.3

Materials

8.4

10.5

Health Care

7.4

6.9

Information Technology

6.0

5.8

Telecommunication Services

5.6

5.2

Utilities

3.4

3.3

Geographic Diversification (% of fund's net assets)

As of April 30, 2013

zxc412

Japan 14.9%

 

zxc414

United Kingdom 13.9%

 

zxc416

Canada 7.1%

 

zxc418

Australia 6.2%

 

zxc420

Switzerland 6.1%

 

zxc422

France 6.0%

 

zxc424

Germany 5.6%

 

zxc426

Korea (South) 3.1%

 

zxc428

Hong Kong 2.7%

 

zxc430

Other 34.4%

 

zxc515

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

As of October 31, 2012

zxc412

United Kingdom 14.4%

 

zxc414

Japan 12.7%

 

zxc416

Canada 7.8%

 

zxc418

Australia 5.9%

 

zxc420

France 5.8%

 

zxc422

Switzerland 5.7%

 

zxc424

Germany 5.6%

 

zxc426

Korea (South) 3.4%

 

zxc428

Brazil 2.8%

 

zxc430

Other 35.9%

 

zxc527

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

Semiannual Report

Spartan Global ex U.S. Index Fund

Investments April 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%

Shares

Value

Australia - 6.2%

AGL Energy Ltd.

7,289

$ 119,922

ALS Ltd.

4,623

46,920

Alumina Ltd. (a)

28,267

28,267

Amcor Ltd.

15,763

161,617

AMP Ltd.

38,308

214,455

APA Group unit

10,188

68,758

Asciano Ltd.

13,297

74,439

ASX Ltd.

2,315

90,263

Australia & New Zealand Banking Group Ltd.

35,286

1,164,739

Bendigo & Adelaide Bank Ltd.

5,299

60,758

BHP Billiton Ltd.

41,797

1,405,172

Boral Ltd.

10,373

53,768

Brambles Ltd.

20,447

184,841

Caltex Australia Ltd.

1,610

35,952

CFS Retail Property Trust unit

26,108

59,546

Coca-Cola Amatil Ltd.

7,499

117,702

Cochlear Ltd.

739

50,549

Commonwealth Bank of Australia

20,852

1,587,788

Computershare Ltd.

5,673

58,400

Crown Ltd.

5,028

67,242

CSL Ltd.

6,518

425,434

DEXUS Property Group unit

59,600

71,364

Echo Entertainment Group Ltd.

9,004

33,791

Federation Centres unit

16,171

43,588

Flight Centre Ltd.

669

26,473

Fortescue Metals Group Ltd.

18,207

66,063

Goodman Group unit

22,377

120,863

Harvey Norman Holdings Ltd.

5,660

17,603

Iluka Resources Ltd.

5,621

52,154

Incitec Pivot Ltd.

22,052

66,069

Insurance Australia Group Ltd.

26,982

162,798

Leighton Holdings Ltd.

2,124

44,017

Lend Lease Group unit

7,246

80,979

Macquarie Group Ltd.

4,232

171,939

Metcash Ltd.

10,425

44,203

Mirvac Group unit

45,773

83,992

National Australia Bank Ltd.

30,130

1,062,016

Newcrest Mining Ltd.

10,022

174,653

Orica Ltd.

4,772

113,042

Origin Energy Ltd.

14,289

182,501

OZ Minerals Ltd.

4,676

20,845

Qantas Airways Ltd. (a)

13,120

25,843

Common Stocks - continued

Shares

Value

Australia - continued

QBE Insurance Group Ltd.

15,605

$ 216,296

QR National Ltd.

23,766

102,249

Ramsay Health Care Ltd.

1,750

58,037

Rio Tinto Ltd.

5,730

331,468

Santos Ltd.

12,638

161,807

Sims Metal Management Ltd.

1,953

19,592

Sonic Healthcare Ltd.

4,598

63,207

SP AusNet unit

24,677

32,106

Stockland Corp. Ltd. unit

28,908

115,980

Suncorp-Metway Ltd.

16,765

225,596

Sydney Airport unit

845

3,031

Tabcorp Holdings Ltd.

10,543

37,708

Tatts Group Ltd.

17,426

59,074

Telstra Corp. Ltd.

56,490

291,645

The GPT Group unit

18,996

80,742

Toll Holdings Ltd.

9,209

54,418

Transurban Group unit

17,369

122,804

Treasury Wine Estates Ltd.

9,058

54,840

Wesfarmers Ltd.

13,016

585,221

Westfield Group unit

27,849

336,348

Westfield Retail Trust unit

37,851

129,492

Westpac Banking Corp.

39,992

1,401,338

Whitehaven Coal Ltd.

4,257

8,606

Woodside Petroleum Ltd.

8,592

340,367

Woolworths Ltd.

15,935

601,486

WorleyParsons Ltd.

2,789

65,836

TOTAL AUSTRALIA

14,240,622

Austria - 0.2%

Andritz AG

905

58,972

Erste Group Bank AG

2,820

88,388

IMMOFINANZ Immobilien Anlagen AG

12,464

50,967

OMV AG

1,932

90,770

Osterreichische Elektrizitatswirtschafts AG

923

20,208

Raiffeisen International Bank-Holding AG

563

19,867

Telekom Austria AG

3,580

24,545

Vienna Insurance Group AG

434

22,999

Voestalpine AG

1,483

46,297

TOTAL AUSTRIA

423,013

Bailiwick of Guernsey - 0.0%

Resolution Ltd.

18,933

77,612

Common Stocks - continued

Shares

Value

Bailiwick of Jersey - 0.6%

Experian PLC

13,239

$ 232,794

Glencore International PLC (d)

51,160

251,878

Petrofac Ltd.

3,390

71,089

Randgold Resources Ltd.

1,132

91,582

Shire PLC

7,354

229,239

Wolseley PLC

3,596

177,797

WPP PLC

16,440

271,792

TOTAL BAILIWICK OF JERSEY

1,326,171

Belgium - 0.8%

Ageas

2,972

108,887

Anheuser-Busch InBev SA NV

10,421

1,001,151

Belgacom SA

2,024

46,646

Colruyt NV

1,046

52,794

Delhaize Group SA

1,261

78,905

Groupe Bruxelles Lambert SA

1,038

80,379

KBC Groupe SA

3,066

120,326

Solvay SA Class A

770

112,864

Telenet Group Holding NV

661

35,686

UCB SA

1,425

84,224

Umicore SA

1,498

69,344

TOTAL BELGIUM

1,791,206

Bermuda - 0.4%

Brilliance China Automotive Holdings Ltd. (a)

30,000

36,726

Cheung Kong Infrastructure Holdings Ltd.

6,000

43,530

China Foods Ltd.

6,000

3,062

China Gas Holdings Ltd.

44,000

43,375

China Resources Gas Group Ltd.

12,000

33,633

Cosco Pacific Ltd.

24,113

31,943

Credicorp Ltd. (NY Shares)

880

132,519

First Pacific Co. Ltd.

26,000

35,984

GOME Electrical Appliances Holdings Ltd. (a)

174,000

17,489

Haier Electronics Group Co. Ltd.

11,000

19,647

Huabao International Holdings Ltd.

24,000

11,010

Kerry Properties Ltd.

8,500

38,446

Kunlun Energy Co. Ltd.

42,000

82,158

Li & Fung Ltd.

76,000

98,328

Nine Dragons Paper (Holdings) Ltd.

22,000

19,080

Noble Group Ltd.

54,000

49,322

NWS Holdings Ltd.

17,526

31,302

Orient Overseas International Ltd.

2,500

14,852

Common Stocks - continued

Shares

Value

Bermuda - continued

Seadrill Ltd.

4,597

$ 175,940

Shangri-La Asia Ltd.

20,000

38,659

Sihuan Pharmaceutical Holdings Group Ltd.

18,000

10,090

Yue Yuen Industrial (Holdings) Ltd.

8,500

29,410

TOTAL BERMUDA

996,505

Brazil - 1.3%

All America Latina Logistica SA

5,200

26,276

Anhanguera Educacional Participacoes SA

1,700

30,597

Banco Bradesco SA

8,250

141,187

Banco do Brasil SA

7,500

94,465

Banco Santander SA (Brasil) unit

10,500

77,199

BM&F Bovespa SA

23,100

160,369

BR Malls Participacoes SA

5,500

64,876

BR Properties SA

2,200

24,389

Brasil Foods SA

8,500

210,891

CCR SA

11,600

113,521

Centrais Eletricas Brasileiras SA (Electrobras)

4,700

12,685

Cetip SA - Mercados Organizado

2,700

31,875

Cia.Hering SA

1,700

34,565

Cielo SA

4,632

122,170

Companhia Brasileira de Distribuicao Grupo Pao de Acucar rights (a)

1

3

Companhia de Bebidas das Americas (AmBev)

1,800

73,835

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

4,200

59,198

Companhia de Saneamento de Minas Gerais

900

20,737

Companhia Siderurgica Nacional SA (CSN)

9,800

38,940

Cosan SA Industria e Comercio

1,700

40,105

CPFL Energia SA

3,300

35,330

Cyrela Brazil Realty SA

4,400

39,673

Diagnosticos da America SA

2,800

15,408

Drogasil SA

2,300

24,727

Duratex SA

3,740

28,096

Ecorodovias Infraestrutura e Logistica SA

1,800

15,582

Embraer SA

7,200

62,796

Energias do Brasil SA

2,400

14,635

Fibria Celulose SA (a)

2,900

30,888

Hypermarcas SA

4,100

32,726

JBS SA

5,500

17,346

Kroton Educacional SA

2,400

33,515

Light SA

500

4,998

Localiza Rent A Car SA

1,600

28,421

Common Stocks - continued

Shares

Value

Brazil - continued

Lojas Americanas SA

1,200

$ 9,608

Lojas Renner SA

1,800

68,329

MPX Mineracao e Energia SA (a)

1,400

5,983

MRV Engenharia e Participacoes SA

4,700

20,226

Multiplan Empreendimentos Imobiliarios SA

1,100

31,399

Multiplus SA

400

6,594

Natura Cosmeticos SA

2,100

52,596

Obrascon Huarte Lain Brasil SA

1,300

14,392

Odontoprev SA

4,300

21,427

OGX Petroleo e Gas Participacoes SA (a)

14,600

14,740

Oi SA

2,933

8,546

PDG Realty SA Empreendimentos e Participacoes

18,000

20,332

Petroleo Brasileiro SA - Petrobras (ON)

38,800

371,177

Porto Seguro SA

1,200

14,886

Qualicorp SA (a)

2,600

25,315

Souza Cruz SA

5,000

76,796

Sul America SA unit

1,553

11,604

TIM Participacoes SA

11,900

49,723

Totvs SA

1,600

30,085

Tractebel Energia SA

1,900

33,798

Ultrapar Participacoes SA

4,200

111,783

Vale SA

17,000

290,166

Weg SA

2,600

34,411

TOTAL BRAZIL

3,085,940

Canada - 6.9%

Agnico Eagle Mines Ltd. (Canada)

2,316

74,759

Agrium, Inc.

1,940

177,834

Alimentation Couche-Tard, Inc. Class B (sub. vtg.)

1,810

109,971

ARC Resources Ltd.

3,724

104,092

Athabasca Oil Corp. (a)

4,652

33,662

Bank of Montreal

8,433

528,941

Bank of Nova Scotia

15,330

883,934

Barrick Gold Corp.

13,005

256,369

Baytex Energy Corp.

1,641

64,845

BCE, Inc.

3,223

150,969

Bell Aliant, Inc.

894

23,906

Bombardier, Inc. Class B (sub. vtg.)

19,114

75,891

Bonavista Energy Corp.

2,462

38,979

Brookfield Asset Management, Inc. Class A

7,313

282,299

Brookfield Properties Corp.

3,617

66,599

CAE, Inc.

4,022

43,476

Common Stocks - continued

Shares

Value

Canada - continued

Cameco Corp.

5,176

$ 100,905

Canadian Imperial Bank of Commerce

5,242

419,225

Canadian National Railway Co.

5,613

549,516

Canadian Natural Resources Ltd.

14,209

416,771

Canadian Oil Sands Ltd.

6,225

122,282

Canadian Pacific Railway Ltd.

2,246

279,922

Canadian Tire Ltd. Class A (non-vtg.)

1,066

78,512

Canadian Utilities Ltd. Class A (non-vtg.)

757

62,306

Catamaran Corp. (a)

2,654

153,242

Cenovus Energy, Inc.

9,759

292,058

Centerra Gold, Inc.

1,711

7,150

CGI Group, Inc. Class A (sub. vtg.) (a)

2,699

85,461

CI Financial Corp.

2,069

57,935

Crescent Point Energy Corp.

4,797

183,224

Dollarama, Inc.

920

67,394

Eldorado Gold Corp.

8,756

69,269

Empire Co. Ltd. Class A (non-vtg.)

455

30,937

Enbridge, Inc.

9,827

467,623

Encana Corp.

9,536

175,774

Enerplus Corp.

2,628

37,094

Finning International, Inc.

2,237

48,273

First Quantum Minerals Ltd.

6,991

122,062

Fortis, Inc.

2,419

83,919

Franco-Nevada Corp.

1,980

86,201

George Weston Ltd.

700

53,925

Gildan Activewear, Inc.

1,518

61,039

Goldcorp, Inc.

10,535

311,831

Great-West Lifeco, Inc.

3,812

103,525

H&R REIT/H&R Finance Trust

1,084

26,631

Husky Energy, Inc.

4,415

127,614

IAMGOLD Corp.

5,481

29,433

IGM Financial, Inc.

1,299

57,881

Imperial Oil Ltd.

3,824

152,133

Industrial Alliance Insurance and Financial Services, Inc.

1,293

47,770

Intact Financial Corp.

1,767

107,691

Kinross Gold Corp.

14,769

80,482

Loblaw Companies Ltd.

1,456

61,784

Magna International, Inc. Class A (sub. vtg.)

2,887

173,658

Manulife Financial Corp.

23,643

349,441

MEG Energy Corp. (a)

1,833

52,436

Metro, Inc. Class A (sub. vtg.)

1,233

83,616

National Bank of Canada

2,079

157,145

Common Stocks - continued

Shares

Value

Canada - continued

New Gold, Inc. (a)

5,938

$ 47,624

Onex Corp. (sub. vtg.)

1,224

61,051

Open Text Corp.

826

53,973

Osisko Mining Corp. (a)

6,091

25,695

Pacific Rubiales Energy Corp.

3,898

82,413

Pan American Silver Corp.

1,787

23,588

Pembina Pipeline Corp.

3,904

128,151

Pengrowth Energy Corp.

6,413

32,719

Penn West Petroleum Ltd.

5,920

54,649

Potash Corp. of Saskatchewan, Inc.

11,190

470,947

Power Corp. of Canada (sub. vtg.)

4,673

125,841

Power Financial Corp.

3,159

93,317

Research In Motion Ltd. (a)

6,136

99,955

RioCan (REIT)

1,892

55,420

Ritchie Brothers Auctioneers, Inc.

1,100

22,274

Rogers Communications, Inc. Class B (non-vtg.)

4,915

242,420

Royal Bank of Canada

18,794

1,133,852

Saputo, Inc.

1,646

84,747

Shaw Communications, Inc. Class B

4,844

110,300

Shoppers Drug Mart Corp.

2,734

122,446

Silver Wheaton Corp.

4,580

111,971

SNC-Lavalin Group, Inc.

1,947

84,030

Sun Life Financial, Inc.

7,744

218,457

Suncor Energy, Inc.

19,893

620,219

Talisman Energy, Inc.

13,361

160,207

Teck Resources Ltd. Class B (sub. vtg.)

7,482

199,035

TELUS Corp.

3,220

115,862

The Toronto-Dominion Bank

11,942

978,996

Thomson Reuters Corp.

4,788

160,400

Tim Hortons, Inc.

371

20,101

Tim Hortons, Inc. (Canada)

1,601

86,736

Tourmaline Oil Corp. (a)

1,698

67,367

TransAlta Corp.

3,465

50,937

TransCanada Corp.

9,111

451,639

Turquoise Hill Resources Ltd. (a)

5,838

41,143

Valeant Pharmaceuticals International, Inc. (Canada) (a)

3,678

279,286

Vermilion Energy, Inc.

1,173

60,196

Yamana Gold, Inc.

9,733

120,473

TOTAL CANADA

15,850,053

Cayman Islands - 0.8%

Agile Property Holdings Ltd.

16,000

20,701

Common Stocks - continued

Shares

Value

Cayman Islands - continued

Airtac International Group

1,000

$ 5,307

Anta Sports Products Ltd.

13,000

10,889

ASM Pacific Technology Ltd.

2,400

24,742

Belle International Holdings Ltd.

60,000

97,885

Bosideng International Holdings Ltd.

26,000

6,835

Chailease Holding Co. Ltd.

7,000

21,078

China Mengniu Dairy Co. Ltd.

17,000

47,866

China Resources Cement Holdings Ltd.

28,000

16,129

China Resources Land Ltd.

26,000

78,736

China Shanshui Cement Group Ltd.

30,000

16,971

China State Construction International Holdings Ltd.

22,000

32,035

Country Garden Holdings Co. Ltd.

56,638

32,114

Daphne Interl Holdings Ltd.

14,000

14,577

ENN Energy Holdings Ltd.

10,000

57,860

Evergrande Real Estate Group Ltd.

92,000

37,582

GCL-Poly Energy Holdings Ltd.

119,000

24,076

Geely Automobile Holdings Ltd.

65,000

32,667

Golden Eagle Retail Group Ltd. (H Shares)

7,000

12,322

Greentown China Holdings Ltd.

9,000

17,489

Hengan International Group Co. Ltd.

9,500

98,181

Intime Department Store Group Co. Ltd.

14,000

16,598

Kingboard Chemical Holdings Ltd.

7,000

19,033

Lee & Man Paper Manufacturing Ltd.

25,000

18,589

Longfor Properties Co. Ltd.

17,000

28,391

MGM China Holdings Ltd.

14,000

33,015

MStar Semiconductor, Inc.

3,000

25,636

Parkson Retail Group Ltd.

12,000

6,495

Sands China Ltd.

31,200

163,636

Shimao Property Holdings Ltd.

15,500

33,396

Shui On Land Ltd.

27,003

8,978

SOHO China Ltd.

22,500

19,426

Tencent Holdings Ltd.

13,300

456,236

Tingyi (Cayman Islands) Holding Corp.

26,000

71,867

TPK Holding Co. Ltd.

3,295

66,928

Uni-President China Holdings Ltd.

14,000

15,227

Want Want China Holdings Ltd.

78,000

123,632

Wynn Macau Ltd.

20,400

61,909

Yingde Gases Group Co. Ltd.

13,000

12,514

Zhen Ding Technology Holding Ltd.

1,050

2,567

Zhongsheng Group Holdings Ltd. Class H

7,000

9,724

TOTAL CAYMAN ISLANDS

1,899,839

Common Stocks - continued

Shares

Value

Chile - 0.4%

AES Gener SA

31,873

$ 23,146

Aguas Andinas SA

28,561

22,742

Banco de Chile

215,568

33,620

Banco de Chile (a)

5,650

847

Banco de Credito e Inversiones

437

31,363

Banco Santander Chile

893,617

59,676

CAP SA

875

27,591

Cencosud SA

15,596

88,075

Colbun SA

111,896

34,451

Compania Cervecerias Unidas SA

1,663

28,779

Compania de Petroleos de Chile SA (COPEC)

5,889

84,405

CorpBanca SA

1,467,238

20,095

E-CL SA

5,997

12,517

Empresa Nacional de Electricidad SA

46,152

81,828

Empresa Nacional de Telecomunicaciones SA (ENTEL)

1,627

31,369

Empresas CMPC SA

15,604

57,651

Enersis SA

251,545

94,807

LATAM Airlines Group SA

3,534

73,013

SACI Falabella

6,544

74,826

Vina Concha y Toro SA

3,049

5,963

TOTAL CHILE

886,764

China - 2.2%

Agricultural Bank of China Ltd. (H Shares)

279,000

133,385

Air China Ltd. (H Shares)

30,000

24,278

Aluminum Corp. of China Ltd. (H Shares) (a)

60,000

22,904

Angang Steel Co. Ltd. (H Shares) (a)

12,000

7,067

Anhui Conch Cement Co. Ltd. (H Shares)

16,000

57,937

AviChina Industry & Technology Co. Ltd.

24,000

11,598

Bank Communications Co. Ltd. (H Shares)

111,000

88,255

Bank of China Ltd. (H Shares)

989,000

462,629

BBMG Corp. (H Shares)

12,000

9,634

Beijing Capital International Airport Co. Ltd. (H Shares)

22,000

15,252

BYD Co. Ltd. (H Shares) (a)

6,500

23,202

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

20,400

20,426

China BlueChemical Ltd. (H Shares)

20,000

12,190

China CITIC Bank Corp. Ltd. (H Shares)

99,000

55,750

China Coal Energy Co. Ltd. (H Shares)

54,000

41,543

China Communications Construction Co. Ltd. (H Shares)

57,000

54,575

China Communications Services Corp. Ltd. (H Shares)

32,000

23,422

China Construction Bank Corp. (H Shares)

942,000

789,031

Common Stocks - continued

Shares

Value

China - continued

China Cosco Holdings Co. Ltd. (H Shares) (a)

42,500

$ 17,964

China International Marine Containers (Group) Ltd. (H Shares) (a)

8,000

12,783

China Life Insurance Co. Ltd. (H Shares)

98,000

271,066

China Longyuan Power Grid Corp. Ltd. (H Shares)

33,000

30,235

China Merchants Bank Co. Ltd. (H Shares)

50,500

107,636

China Minsheng Banking Corp. Ltd. (H Shares)

67,500

86,722

China National Building Materials Co. Ltd. (H Shares)

36,000

42,494

China Oilfield Services Ltd. (H Shares)

18,000

35,489

China Pacific Insurance Group Co. Ltd. (H Shares)

35,000

125,835

China Petroleum & Chemical Corp. (H Shares)

258,000

284,720

China Railway Construction Corp. Ltd. (H Shares)

23,000

23,207

China Railway Group Ltd. (H Shares)

46,000

24,244

China Shenhua Energy Co. Ltd. (H Shares)

44,000

155,641

China Shipping Container Lines Co. Ltd. (H Shares) (a)

42,000

10,013

China Shipping Development Co. Ltd. (H Shares)

12,000

5,149

China Southern Airlines Ltd. (H Shares)

26,000

13,670

China Telecom Corp. Ltd. (H Shares)

180,000

92,224

China Vanke Co. Ltd. (B Shares)

19,300

39,097

Chongqing Rural Commercial Bank Co. Ltd. (H Shares)

31,000

16,858

CITIC Securities Co. Ltd. (H Shares)

14,500

32,886

CSR Corp. Ltd. (H Shares)

30,000

19,755

Datang International Power Generation Co. Ltd. (H Shares)

42,000

18,510

Dongfang Electric Corp. Ltd. (H Shares)

2,200

3,090

Dongfeng Motor Group Co. Ltd. (H Shares)

36,000

53,628

Great Wall Motor Co. Ltd. (H Shares)

14,000

60,708

Guangzhou Automobile Group Co. Ltd. (H Shares)

28,000

23,092

Guangzhou R&F Properties Co. Ltd. (H Shares)

11,200

20,264

Haitong Securities Co. Ltd. (H Shares) (a)

12,000

17,474

Huaneng Power International, Inc. (H Shares)

42,000

48,664

Industrial & Commercial Bank of China Ltd. (H Shares)

852,000

599,463

Inner Mongolia Yitai Coal Co. Ltd. (B Shares)

8,500

44,285

Jiangsu Expressway Co. Ltd. (H Shares)

12,000

13,144

Jiangxi Copper Co. Ltd. (H Shares)

19,000

36,824

New China Life Insurance Co. Ltd. (H Shares)

7,200

26,768

People's Insurance Co. of China Group

41,000

21,451

PetroChina Co. Ltd. (H Shares)

276,000

351,798

PICC Property & Casualty Co. Ltd. (H Shares)

36,601

46,977

Ping An Insurance (Group) Co. of China Ltd. (H Shares)

25,000

197,967

Shandong Weigao Medical Polymer Co. Ltd. (H Shares)

16,000

15,361

Shanghai Electric Group Co. Ltd. (H Shares)

40,000

14,020

Shanghai Pharma Holding Co. Ltd. (H Shares)

10,000

20,592

Common Stocks - continued

Shares

Value

China - continued

Sinopec Shanghai Petrochemical Co. Ltd. (H Shares)

24,000

$ 8,258

Sinopharm Group Co. Ltd. (H Shares)

9,600

28,515

Tsingtao Brewery Co. Ltd. (H Shares)

4,000

26,829

Weichai Power Co. Ltd. (H Shares)

5,400

18,823

Wumart Stores, Inc. (H Shares)

9,000

15,773

Yanzhou Coal Mining Co. Ltd. (H Shares)

28,000

29,264

Zhaojin Mining Industry Co. Ltd. (H Shares)

15,000

16,662

Zhejiang Expressway Co. Ltd. (H Shares)

14,000

11,005

Zhuzhou CSR Times Electric Co. Ltd. (H Shares)

6,000

16,585

Zijin Mining Group Co. Ltd. (H Shares)

68,000

20,067

ZTE Corp. (H Shares)

6,000

10,113

TOTAL CHINA

5,136,740

Colombia - 0.2%

Almacenes Exito SA

2,717

44,542

BanColombia SA

2,680

44,053

Cementos Argos SA

6,155

27,485

Corp. Financiera Colombiana SA

966

18,684

Corp. Financiera Colombiana SA (RFD) (a)

25

459

Ecopetrol SA

63,530

152,813

Grupo de Inversiones Suramerica

2,776

58,560

Interconexion Electrica SA ESP

5,906

27,183

Inversiones Argos SA

3,506

39,035

Isagen SA

8,390

11,677

TOTAL COLOMBIA

424,491

Czech Republic - 0.1%

Ceske Energeticke Zavody A/S

2,096

60,664

Komercni Banka A/S

222

42,435

Telefonica Czech Rep A/S

1,339

19,346

TOTAL CZECH REPUBLIC

122,445

Denmark - 0.8%

A.P. Moller - Maersk A/S:

Series A

7

47,853

Series B

18

128,074

Carlsberg A/S Series B

1,390

129,029

Coloplast A/S Series B

1,487

80,902

Danske Bank A/S (a)

8,521

161,055

DSV de Sammensluttede Vognmaend A/S

2,456

61,822

Novo Nordisk A/S Series B

5,303

933,460

Novozymes A/S Series B

3,169

109,438

TDC A/S

8,882

72,046

Common Stocks - continued

Shares

Value

Denmark - continued

Tryg A/S

300

$ 25,977

William Demant Holding A/S (a)

310

24,806

TOTAL DENMARK

1,774,462

Egypt - 0.1%

Commercial International Bank Ltd.

8,423

37,121

EFG-Hermes Holding SAE (a)

8,064

11,641

Egyptian Kuwaiti Holding

5,229

6,118

Orascom Construction Industries SAE (a)

1,137

36,350

Orascom Telecom Holding SAE (a)

35,582

24,117

Talaat Moustafa Group Holding (a)

7,067

4,026

Telecom Egypt SAE

2,364

4,313

TOTAL EGYPT

123,686

Finland - 0.5%

Elisa Corp. (A Shares)

1,689

32,030

Fortum Corp.

5,852

108,743

Kesko Oyj

845

25,372

Kone Oyj (B Shares)

2,015

177,928

Metso Corp.

1,708

70,157

Neste Oil Oyj

1,944

30,287

Nokia Corp. (d)

48,725

163,701

Nokian Tyres PLC

1,463

63,427

Orion Oyj (B Shares)

1,151

33,045

Pohjola Bank PLC (A Shares)

1,620

27,564

Sampo Oyj (A Shares)

5,413

215,998

Stora Enso Oyj (R Shares)

7,671

53,290

UPM-Kymmene Corp.

6,817

71,283

Wartsila Corp.

2,168

106,411

TOTAL FINLAND

1,179,236

France - 6.0%

Accor SA

1,827

60,392

Aeroports de Paris

373

33,762

Air Liquide SA

3,305

418,364

Air Liquide SA

745

94,306

Alstom SA

2,824

115,886

Arkema SA

816

76,449

Atos Origin SA

746

51,922

AXA SA

22,901

428,717

BIC SA

407

43,432

BNP Paribas SA

13,021

725,532

Bouygues SA

2,563

71,524

Common Stocks - continued

Shares

Value

France - continued

Bureau Veritas SA

717

$ 87,863

Cap Gemini SA

2,080

95,669

Carrefour SA

7,831

232,043

Casino Guichard Perrachon SA

751

81,170

Christian Dior SA

712

124,100

CNP Assurances

2,005

28,398

Compagnie de St. Gobain

5,204

208,721

Compagnie Generale de Geophysique SA (a)

2,094

45,299

Credit Agricole SA (a)

13,012

119,113

Danone SA

7,516

574,194

Dassault Systemes SA

788

96,096

Edenred SA

2,222

73,976

EDF SA

2,470

55,201

EDF SA

648

14,482

Essilor International SA

2,623

295,141

Eurazeo SA

370

19,598

Eutelsat Communications

1,761

63,579

Fonciere Des Regions

323

25,693

France Telecom SA

24,129

257,683

GDF Suez

17,220

369,649

Gecina SA

264

31,746

Groupe Eurotunnel SA

7,375

61,742

ICADE

331

30,514

Iliad SA

299

68,358

Imerys

476

31,187

JCDecaux SA

812

22,318

Klepierre SA

1,311

55,594

L'Oreal SA

2,562

456,843

L'Oreal SA (a)

597

106,454

Lafarge SA (a)

449

29,007

Lafarge SA (Bearer)

1,975

127,591

Lagardere S.C.A. (Reg.)

1,521

56,527

Legrand SA

3,047

141,991

LVMH Moet Hennessy - Louis Vuitton SA

3,287

569,239

Michelin CGDE Series B

2,380

201,005

Natixis SA

13,249

58,103

Pernod Ricard SA

2,753

340,803

Peugeot Citroen SA (a)

2,622

20,994

PPR SA

981

215,817

Publicis Groupe SA

2,306

160,408

Remy Cointreau SA

331

38,539

Renault SA

2,506

172,670

Common Stocks - continued

Shares

Value

France - continued

Rexel SA

1,936

$ 42,591

Safran SA

2,964

145,559

Sanofi SA

15,460

1,671,467

Schneider Electric SA

6,842

521,712

SCOR SE

2,272

68,953

Societe Generale Series A

9,126

331,470

Sodexo SA

1,219

101,796

Suez Environnement SA

3,895

55,937

Technip SA

1,322

141,892

Thales SA

1,070

46,473

Total SA

27,578

1,388,196

Unibail-Rodamco

1,199

313,436

Vallourec SA

1,400

67,287

Veolia Environnement SA

4,457

61,651

VINCI SA

6,057

291,631

Vivendi SA

17,158

388,655

Wendel SA

454

49,183

Zodiac Aerospace

461

57,779

TOTAL FRANCE

13,731,072

Germany - 5.2%

adidas AG

2,720

284,061

Allianz AG

5,907

871,662

Axel Springer Verlag

408

17,194

BASF AG

11,930

1,114,239

Bayer AG

10,733

1,119,761

Bayerische Motoren Werke AG (BMW)

4,353

401,574

Beiersdorf AG

1,340

121,289

Brenntag AG

664

113,198

Celesio AG

1,162

22,993

Commerzbank AG (a)(d)

4,924

66,241

Continental AG

1,439

170,861

Daimler AG (Germany)

11,790

652,360

Deutsche Bank AG

12,098

556,907

Deutsche Boerse AG

2,492

155,559

Deutsche Lufthansa AG

2,974

59,454

Deutsche Post AG

11,751

278,868

Deutsche Telekom AG

36,297

429,352

E.ON AG

23,413

424,272

Fraport AG Frankfurt Airport Services Worldwide

481

28,746

Fresenius Medical Care AG & Co. KGaA

2,755

189,808

Common Stocks - continued

Shares

Value

Germany - continued

Fresenius SE & Co. KGaA

1,620

$ 203,148

GEA Group AG

2,302

77,867

Hannover Reins Corp.

772

65,190

HeidelbergCement Finance AG

1,812

130,460

Henkel AG & Co. KGaA

1,682

131,688

Hochtief AG

395

27,414

Hugo Boss AG

351

40,844

Infineon Technologies AG

13,953

110,161

K&S AG

2,233

98,721

Kabel Deutschland Holding AG

1,144

108,731

Lanxess AG

1,080

78,653

Linde AG

2,404

454,630

MAN SE

528

59,139

Merck KGaA

840

127,881

Metro AG

1,775

55,342

Muenchener Rueckversicherungs AG

2,323

464,551

RWE AG

6,471

232,948

Salzgitter AG

615

24,071

SAP AG

11,932

951,242

Siemens AG

10,848

1,133,475

Suedzucker AG (Bearer)

1,114

44,907

Thyssenkrupp AG (a)

4,981

90,098

United Internet AG

1,380

37,838

Volkswagen AG

390

75,809

TOTAL GERMANY

11,903,207

Greece - 0.1%

Coca-Cola Hellenic Bottling Co. SA

2,580

63,640

Greek Organization of Football Prognostics SA

3,327

32,817

Hellenic Telecommunications Organization SA (a)

3,000

26,076

TOTAL GREECE

122,533

Hong Kong - 2.7%

AIA Group Ltd.

156,800

696,090

Bank of East Asia Ltd.

15,887

65,307

Beijing Enterprises Holdings Ltd.

6,000

44,883

BOC Hong Kong (Holdings) Ltd.

48,500

166,872

Cathay Pacific Airways Ltd.

17,000

29,881

Cheung Kong Holdings Ltd.

18,000

270,923

China Agri-Industries Holdings Ltd.

26,609

13,064

China Everbright Ltd.

8,000

12,721

China Insurance International Holdings Co. Ltd. (a)

10,200

17,376

Common Stocks - continued

Shares

Value

Hong Kong - continued

China Merchant Holdings International Co. Ltd.

14,121

$ 44,673

China Mobile Ltd.

78,500

863,391

China Overseas Land and Investment Ltd.

54,000

164,920

China Resources Enterprise Ltd.

14,000

47,989

China Resources Power Holdings Co. Ltd.

24,000

78,555

China Unicom Ltd.

60,000

86,514

CITIC Pacific Ltd.

17,000

20,570

CLP Holdings Ltd.

23,000

202,728

CNOOC Ltd.

234,000

438,298

Dah Chong Hong Holdings Ltd.

9,000

8,292

Far East Horizon Ltd.

14,000

9,526

Fosun International Ltd.

18,000

12,804

Franshion Properties China Ltd.

42,000

14,343

Fushan International Energy Group Ltd.

36,000

14,056

Galaxy Entertainment Group Ltd. (a)

27,000

120,906

Guangdong Investment Ltd.

28,000

27,097

Hang Lung Properties Ltd.

29,000

112,859

Hang Seng Bank Ltd.

10,000

167,265

Henderson Land Development Co. Ltd.

12,124

87,804

HKT Trust / HKT Ltd. unit

32,000

33,608

Hong Kong & China Gas Co. Ltd.

67,200

202,202

Hong Kong Exchanges and Clearing Ltd.

14,296

240,596

Hopewell Holdings Ltd.

8,000

30,927

Hutchison Whampoa Ltd.

28,000

304,169

Hysan Development Co. Ltd.

8,020

39,738

Lenovo Group Ltd.

80,000

73,091

Link (REIT)

29,828

168,932

Mmg Ltd. (a)

12,000

3,603

MTR Corp. Ltd.

19,000

78,349

New World Development Co. Ltd.

48,130

83,978

PCCW Ltd.

61,000

31,050

Poly (Hong Kong) Investments Ltd.

18,000

12,549

Power Assets Holdings Ltd.

18,000

175,821

Shanghai Industrial Holdings Ltd.

8,000

25,360

Shui On Land Ltd. rights 5/13/13 (a)

9,001

951

Sino Land Ltd.

40,600

66,759

Sino-Ocean Land Holdings Ltd.

45,189

29,815

SJM Holdings Ltd.

25,000

63,014

Sun Art Retail Group Ltd.

33,500

46,795

Sun Hung Kai Properties Ltd.

20,333

293,984

Swire Pacific Ltd. (A Shares)

9,000

114,411

Swire Properties Ltd.

15,400

54,971

Common Stocks - continued

Shares

Value

Hong Kong - continued

Wharf Holdings Ltd.

20,000

$ 178,476

Wheelock and Co. Ltd.

12,000

66,803

Wing Hang Bank Ltd.

2,006

21,081

Yuexiu Property Co. Ltd.

66,000

19,561

TOTAL HONG KONG

6,300,301

Hungary - 0.0%

Magyar Telekom PLC

4,429

8,185

MOL Hungarian Oil and Gas PLC Series A (For. Reg.)

598

42,469

OTP Bank PLC

2,952

61,517

TOTAL HUNGARY

112,171

India - 1.5%

ACC Ltd.

699

16,058

Adani Enterprises Ltd. (a)

2,110

8,572

Aditya Birla Nuvo Ltd.

252

4,921

Ambuja Cements Ltd.

7,380

25,645

Asian Paints India Ltd.

352

30,694

Axis Bank Ltd.

3,732

103,767

Bajaj Auto Ltd.

996

34,886

Bank of Baroda

1,438

18,722

Bank of India

1,387

8,474

Bharat Heavy Electricals Ltd.

8,657

31,082

Bharat Petroleum Corp. Ltd.

2,882

22,238

Bharti Airtel Ltd. (a)

7,415

44,026

Cairn India Ltd.

5,577

32,412

Canara Bank (a)

1,035

7,996

Cipla Ltd.

4,431

33,452

Coal India Ltd.

7,292

43,357

Dabur India Ltd.

4,247

11,692

Divi's Laboratories Ltd.

285

5,706

DLF Ltd.

6,217

27,585

Dr. Reddy's Laboratories Ltd.

1,416

53,602

GAIL India Ltd.

4,596

30,062

Godrej Consumer Products Ltd.

1,448

22,271

HCL Technologies Ltd.

2,523

33,903

HDFC Bank Ltd.

19,796

252,245

Hero Motocorp Ltd.

537

16,449

Hindalco Industries Ltd.

12,251

22,193

Hindustan Unilever Ltd.

11,021

119,848

Housing Development Finance Corp. Ltd. (a)

18,859

297,753

ICICI Bank Ltd.

5,453

118,835

Common Stocks - continued

Shares

Value

India - continued

Idea Cellular Ltd. (a)

9,842

$ 24,337

Infosys Ltd.

5,592

232,446

Infrastructure Development Finance Co. Ltd.

12,313

35,080

ITC Ltd.

28,299

173,347

Jaiprakash Associates Ltd.

10,012

14,034

Jindal Steel & Power Ltd. (a)

4,441

25,193

JSW Steel Ltd. (a)

1,442

18,876

Kotak Mahindra Bank Ltd.

3,978

52,395

Larsen & Toubro Ltd.

2,711

76,364

LIC Housing Finance Ltd. (a)

3,677

16,688

Lupin Ltd.

1,772

23,191

Mahindra & Mahindra Ltd.

4,187

72,072

Mundra Port and SEZ Ltd. (a)

5,684

15,352

NTPC Ltd.

19,534

57,254

Oil & Natural Gas Corp. Ltd.

9,919

60,362

Piramal Enterprises Ltd.

1,061

11,088

Power Finance Corp. Ltd.

2,492

9,045

Power Grid Corp. of India Ltd.

16,276

34,016

Ranbaxy Laboratories Ltd. (a)

2,322

19,548

Reliance Capital Ltd.

1,117

7,342

Reliance Communication Ltd. (a)

7,409

13,380

Reliance Industries Ltd.

16,718

245,453

Reliance Infrastructure Ltd. (a)

924

6,457

Reliance Power Ltd. (a)

4,725

6,280

Rural Electrification Corp. Ltd.

4,073

17,025

Satyam Computer Services Ltd. (a)

7,922

16,276

Sesa Goa Ltd.

6,349

18,774

Shriram Transport Finance Co. Ltd.

1,468

20,384

Siemens India Ltd.

750

7,629

State Bank of India

1,818

76,679

Sterlite Industries (India) Ltd.

16,429

29,587

Sun Pharmaceutical Industries Ltd.

3,827

67,797

Tata Consultancy Services Ltd.

6,053

155,415

Tata Motors Ltd.

10,177

56,350

Tata Power Co. Ltd.

14,991

26,444

Tata Steel Ltd.

3,657

20,623

Titan Industries Ltd. (a)

1,836

9,258

Ultratech Cemco Ltd.

510

18,058

Unitech Ltd. (a)

18,169

9,104

United Breweries Ltd. (a)

502

6,871

United Spirits Ltd. (a)

1,215

50,038

Common Stocks - continued

Shares

Value

India - continued

Wipro Ltd.

6,660

$ 43,246

Zee Entertainment Enterprises Ltd. (a)

7,288

31,753

TOTAL INDIA

3,409,357

Indonesia - 0.7%

PT Adaro Energy Tbk

182,000

23,025

PT Astra Agro Lestari Tbk

5,500

10,013

PT Astra International Tbk

262,000

198,066

PT Bank Central Asia Tbk

159,000

175,803

PT Bank Danamon Indonesia Tbk Series A

38,500

25,541

PT Bank Mandiri (Persero) Tbk

119,000

128,516

PT Bank Negara Indonesia (Persero) Tbk

103,500

57,485

PT Bank Rakyat Indonesia Tbk

142,500

137,773

PT Bumi Resources Tbk

176,500

12,163

PT Charoen Pokphand Indonesia Tbk

105,500

54,798

PT Global Mediacom Tbk

81,000

18,120

PT Gudang Garam Tbk

5,500

27,945

PT Indo Tambangraya Megah Tbk

5,000

18,899

PT Indocement Tunggal Prakarsa Tbk

21,000

57,022

PT Indofood Sukses Makmur Tbk

61,000

46,115

PT Indosat Tbk

20,000

12,342

PT Jasa Marga Tbk

23,000

15,850

PT Kalbe Farma Tbk

307,000

43,891

PT Media Nusantara Citra Tbk

67,500

21,696

PT Perusahaan Gas Negara Tbk Series B

148,000

95,140

PT Semen Gresik (Persero) Tbk

37,000

70,023

PT Tambang Batubbara Bukit Asam Tbk

13,500

21,175

PT Telkomunikasi Indonesia Tbk Series B

129,000

155,417

PT Unilever Indonesia Tbk

18,000

48,599

PT United Tractors Tbk

23,500

42,903

PT XL Axiata Tbk

33,500

17,573

TOTAL INDONESIA

1,535,893

Ireland - 0.2%

CRH PLC

9,305

200,370

Elan Corp. PLC (a)

6,623

76,662

James Hardie Industries PLC CDI

5,683

59,740

Kerry Group PLC Class A

1,956

115,686

Ryanair Holdings PLC sponsored ADR

420

18,203

TOTAL IRELAND

470,661

Isle of Man - 0.0%

Genting Singapore PLC

79,000

98,453

Common Stocks - continued

Shares

Value

Israel - 0.3%

Bank Hapoalim BM (Reg.) (a)

14,856

$ 68,997

Bank Leumi le-Israel BM (a)

16,300

57,834

Bezeq Israeli Telecommunication Corp. Ltd.

26,585

38,561

Delek Group Ltd.

40

10,522

Israel Chemicals Ltd.

5,959

70,876

Israel Corp. Ltd. (Class A)

36

23,146

Mellanox Technologies Ltd. (a)

430

22,430

Mizrahi Tefahot Bank Ltd. (a)

1,312

13,409

NICE Systems Ltd. (a)

866

30,718

Teva Pharmaceutical Industries Ltd.

8,318

319,358

Teva Pharmaceutical Industries Ltd. sponsored ADR

3,325

127,314

TOTAL ISRAEL

783,165

Italy - 1.3%

Assicurazioni Generali SpA

15,130

277,562

Atlantia SpA

4,327

77,328

Banca Monte dei Paschi di Siena SpA (a)

101,413

28,568

Banco Popolare Societa Cooperativa (a)

25,886

37,329

Enel Green Power SpA

24,499

52,235

Enel SpA

85,232

329,555

ENI SpA

32,918

785,634

EXOR SpA

970

29,381

Fiat Industrial SpA

11,035

124,544

Fiat SpA

11,371

68,017

Finmeccanica SpA (a)

4,624

24,066

Intesa Sanpaolo SpA

130,038

235,816

Intesa Sanpaolo SpA (Risparmio Shares)

13,492

21,144

Luxottica Group SpA

2,110

109,286

Mediobanca SpA

7,416

47,133

Pirelli & C SpA

2,843

29,522

Prysmian SpA

2,645

53,399

Saipem SpA

3,441

97,430

Snam Rete Gas SpA

22,316

109,739

Telecom Italia SpA

116,582

99,025

Terna SpA

16,882

79,015

UniCredit SpA

52,767

275,186

Unione di Banche Italiane SCPA

11,416

47,659

TOTAL ITALY

3,038,573

Japan - 14.9%

ABC-MART, Inc.

400

14,984

ACOM Co. Ltd. (a)

630

25,813

Common Stocks - continued

Shares

Value

Japan - continued

Advantest Corp.

1,800

$ 26,969

AEON Co. Ltd.

7,700

109,012

AEON Financial Service Co. Ltd.

800

23,985

AEON Mall Co. Ltd.

800

25,757

Air Water, Inc.

2,000

32,385

Aisin Seiki Co. Ltd.

2,500

90,242

Ajinomoto Co., Inc.

9,000

123,520

Alfresa Holdings Corp.

600

35,696

All Nippon Airways Ltd.

13,000

28,314

Amada Co. Ltd.

4,000

32,097

Aozora Bank Ltd.

15,000

46,997

Asahi Glass Co. Ltd.

13,000

102,144

Asahi Group Holdings

5,000

124,338

Asahi Kasei Corp.

16,000

107,558

Asics Corp.

1,800

32,495

Astellas Pharma, Inc.

5,800

338,053

Bank of Kyoto Ltd.

4,000

42,085

Bank of Yokohama Ltd.

15,000

91,256

Benesse Holdings, Inc.

900

39,888

Bridgestone Corp.

8,500

320,819

Brother Industries Ltd.

2,900

33,165

Calbee, Inc.

200

19,773

Canon, Inc.

14,800

532,275

Casio Computer Co. Ltd.

2,300

19,056

Central Japan Railway Co.

1,900

229,146

Chiba Bank Ltd.

9,000

69,882

Chiyoda Corp.

2,000

20,562

Chubu Electric Power Co., Inc.

8,400

108,747

Chugai Pharmaceutical Co. Ltd.

2,900

72,202

Chugoku Electric Power Co., Inc.(THE)

3,900

55,978

Citizen Holdings Co. Ltd.

4,100

24,256

Coca-Cola West Co. Ltd.

500

9,299

Cosmo Oil Co. Ltd.

7,000

16,718

Credit Saison Co. Ltd.

2,200

64,354

Dai Nippon Printing Co. Ltd.

7,000

68,541

Dai-ichi Mutual Life Insurance Co.

110

151,632

Daicel Chemical Industries Ltd.

4,000

32,283

Daido Steel Co. Ltd.

3,000

16,351

Daihatsu Motor Co. Ltd.

3,000

59,510

Daiichi Sankyo Kabushiki Kaisha

8,700

170,230

Daikin Industries Ltd.

3,000

120,472

Dainippon Sumitomo Pharma Co. Ltd.

1,900

34,898

Common Stocks - continued

Shares

Value

Japan - continued

Daito Trust Construction Co. Ltd.

900

$ 87,265

Daiwa House Industry Co. Ltd.

7,000

158,215

Daiwa Securities Group, Inc.

21,000

186,326

DeNA Co. Ltd.

1,200

34,183

Denki Kagaku Kogyo KK

5,000

18,292

DENSO Corp.

6,400

286,980

Dentsu, Inc.

2,200

76,480

Don Quijote Co. Ltd.

700

38,143

East Japan Railway Co.

4,400

371,434

Eisai Co. Ltd.

3,400

155,156

Electric Power Development Co. Ltd.

1,300

37,128

FamilyMart Co. Ltd.

800

36,560

Fanuc Corp.

2,500

377,380

Fast Retailing Co. Ltd.

700

256,700

Fuji Electric Co. Ltd.

6,000

20,530

Fuji Heavy Industries Ltd.

8,000

151,004

Fujifilm Holdings Corp.

5,800

119,152

Fujitsu Ltd.

24,000

100,802

Fukuoka Financial Group, Inc.

9,000

46,041

Furukawa Electric Co. Ltd. (a)

10,000

25,306

Fyushu Electric Power Co., Inc.

5,600

77,355

GREE, Inc.

800

10,254

GS Yuasa Corp.

5,000

21,197

Gunma Bank Ltd.

6,000

38,171

Hakuhodo DY Holdings, Inc.

300

24,724

Hamamatsu Photonics K.K.

1,000

41,230

Hankyu Hanshin Holdings, Inc.

15,000

97,129

Hino Motors Ltd.

3,000

45,825

Hirose Electric Co. Ltd.

400

57,516

Hiroshima Bank Ltd.

6,000

31,630

Hisamitsu Pharmaceutical Co., Inc.

900

52,919

Hitachi Chemical Co. Ltd.

1,400

21,947

Hitachi Construction Machinery Co. Ltd.

1,200

28,546

Hitachi High-Technologies Corp.

600

14,989

Hitachi Ltd.

62,000

396,232

Hitachi Metals Ltd.

2,000

20,677

Hokkaido Electric Power Co., Inc.

2,200

27,915

Hokuriku Electric Power Co., Inc.

1,800

26,547

Honda Motor Co. Ltd.

21,300

849,922

Hoya Corp.

5,600

112,204

Hulic Co. Ltd.

3,900

43,372

Ibiden Co. Ltd.

1,800

31,552

Common Stocks - continued

Shares

Value

Japan - continued

Idemitsu Kosan Co. Ltd.

300

$ 25,380

INPEX Corp.

28

135,501

Isetan Mitsukoshi Holdings Ltd.

4,700

74,908

Ishikawajima-Harima Heavy Industries Co. Ltd.

16,000

59,663

Isuzu Motors Ltd.

15,000

99,965

Itochu Corp.

20,000

247,989

ITOCHU Techno-Solutions Corp.

400

19,035

Iyo Bank Ltd.

3,000

31,421

J Front Retailing Co. Ltd.

6,000

50,408

Japan Airlines Co. Ltd.

700

35,547

Japan Exchange Group, Inc.

700

85,925

Japan Petroleum Exploration Co. Ltd.

400

15,883

Japan Prime Realty Investment Corp.

11

40,422

Japan Real Estate Investment Corp.

8

107,467

Japan Retail Fund Investment Corp.

28

66,373

Japan Steel Works Ltd.

5,000

25,402

Japan Tobacco, Inc.

14,300

540,558

JFE Holdings, Inc.

6,400

138,956

JGC Corp.

3,000

88,894

Joyo Bank Ltd.

9,000

55,323

JSR Corp.

2,500

57,550

JTEKT Corp.

2,800

28,550

JX Holdings, Inc.

29,700

161,267

Kajima Corp.

10,000

31,931

Kamigumi Co. Ltd.

3,000

28,130

Kaneka Corp.

3,000

18,072

Kansai Electric Power Co., Inc.

9,800

119,730

Kansai Paint Co. Ltd.

3,000

38,496

Kao Corp.

6,900

238,589

Kawasaki Heavy Industries Ltd.

18,000

57,401

KDDI Corp.

7,000

336,611

Keihin Electric Express Railway Co. Ltd.

6,000

66,398

Keio Corp.

7,000

60,213

Keisei Electric Railway Co.

4,000

42,291

Keyence Corp.

610

193,581

Kikkoman Corp.

2,000

37,962

Kinden Corp.

1,000

7,296

Kintetsu Corp.

21,000

106,222

Kirin Holdings Co. Ltd.

11,000

192,489

Kobe Steel Ltd. (a)

29,000

37,876

Koito Manufacturing Co. Ltd.

1,000

19,346

Komatsu Ltd.

12,300

336,995

Konami Corp.

1,300

29,655

Common Stocks - continued

Shares

Value

Japan - continued

Konica Minolta Holdings, Inc.

5,500

$ 38,857

Kubota Corp.

14,000

201,092

Kuraray Co. Ltd.

4,400

66,822

Kurita Water Industries Ltd.

1,300

26,688

Kyocera Corp.

2,000

203,445

Kyowa Hakko Kirin Co. Ltd.

3,000

36,823

Lawson, Inc.

800

62,987

LIXIL Group Corp.

3,500

78,685

Mabuchi Motor Co. Ltd.

400

21,719

Makita Corp.

1,400

85,397

Marubeni Corp.

21,000

150,743

Marui Group Co. Ltd.

2,900

33,662

Maruichi Steel Tube Ltd.

500

12,644

Mazda Motor Corp. (a)

35,000

119,925

McDonald's Holdings Co. (Japan) Ltd.

800

23,334

Medipal Holdings Corp.

1,600

25,104

Meiji Holdings Co. Ltd.

700

31,601

Miraca Holdings, Inc.

700

34,907

Mitsubishi Chemical Holdings Corp.

17,500

85,350

Mitsubishi Corp.

18,600

334,842

Mitsubishi Electric Corp.

25,000

238,335

Mitsubishi Estate Co. Ltd.

16,000

521,138

Mitsubishi Gas Chemical Co., Inc.

5,000

38,227

Mitsubishi Heavy Industries Ltd.

40,000

275,842

Mitsubishi Logistics Corp.

2,000

35,754

Mitsubishi Materials Corp.

15,000

43,026

Mitsubishi Motors Corp. of Japan (a)

50,000

59,064

Mitsubishi Tanabe Pharma Corp.

2,700

41,071

Mitsubishi UFJ Financial Group, Inc.

166,000

1,126,284

Mitsubishi UFJ Lease & Finance Co. Ltd.

8,700

49,143

Mitsui & Co. Ltd.

23,100

318,241

Mitsui Chemicals, Inc.

10,000

23,142

Mitsui Fudosan Co. Ltd.

11,000

374,363

Mitsui OSK Lines Ltd.

13,000

54,136

Mizuho Financial Group, Inc.

298,300

656,397

MS&AD Insurance Group Holdings, Inc.

6,700

179,766

Murata Manufacturing Co. Ltd.

2,600

211,728

Nabtesco Corp.

1,200

26,481

Namco Bandai Holdings, Inc.

2,200

40,098

NEC Corp.

34,000

88,325

Nexon Co. Ltd.

1,500

18,212

NGK Insulators Ltd.

4,000

48,349

Common Stocks - continued

Shares

Value

Japan - continued

NGK Spark Plug Co. Ltd.

2,000

$ 33,718

NHK Spring Co. Ltd.

2,000

21,649

Nidec Corp.

1,400

95,209

Nikon Corp.

4,400

95,771

Nintendo Co. Ltd.

1,400

154,522

Nippon Building Fund, Inc.

9

129,675

Nippon Electric Glass Co. Ltd.

4,000

20,417

Nippon Express Co. Ltd.

12,000

62,459

Nippon Meat Packers, Inc.

2,000

30,714

Nippon Paper Industries Co. Ltd. (a)

1,000

14,979

Nippon Steel & Sumitomo Metal Corp.

99,700

265,549

Nippon Telegraph & Telephone Corp.

5,700

283,462

Nippon Yusen KK

22,000

57,432

Nishi-Nippon City Bank Ltd.

8,000

26,688

Nissan Motor Co. Ltd.

32,500

339,050

Nisshin Seifun Group, Inc.

2,500

32,301

Nissin Food Holdings Co. Ltd.

700

31,398

Nitori Holdings Co. Ltd.

400

30,177

Nitto Denko Corp.

2,200

144,539

NKSJ Holdings, Inc.

4,850

123,099

NOK Corp.

1,000

14,421

Nomura Holdings, Inc.

47,500

388,203

Nomura Real Estate Holdings, Inc.

1,600

43,014

Nomura Real Estate Office Fund, Inc.

3

19,168

Nomura Research Institute Ltd.

1,200

36,147

NSK Ltd.

6,000

48,537

NTT Data Corp.

17

53,823

NTT DoCoMo, Inc.

200

331,180

NTT Urban Development Co.

16

23,723

Obayashi Corp.

9,000

55,374

Odakyu Electric Railway Co. Ltd.

8,000

96,344

Oji Holdings Corp.

11,000

39,263

Olympus Corp. (a)

2,700

67,791

Omron Corp.

2,600

82,134

Ono Pharmaceutical Co. Ltd.

1,100

72,548

Oracle Corp. Japan

500

21,420

Oriental Land Co. Ltd.

700

113,169

ORIX Corp.

13,500

207,148

Osaka Gas Co. Ltd.

24,000

104,017

Otsuka Corp.

200

20,733

Otsuka Holdings Co. Ltd.

4,700

169,493

Common Stocks - continued

Shares

Value

Japan - continued

Panasonic Corp.

28,800

$ 207,558

Park24 Co. Ltd.

1,200

24,214

Rakuten, Inc.

9,400

100,264

Resona Holdings, Inc.

24,900

132,909

Ricoh Co. Ltd.

8,000

89,017

Rinnai Corp.

400

31,806

ROHM Co. Ltd.

1,100

38,887

Sankyo Co. Ltd. (Gunma)

600

27,346

Sanrio Co. Ltd.

500

25,106

Santen Pharmaceutical Co. Ltd.

900

45,176

SBI Holdings, Inc. Japan

2,630

50,946

Secom Co. Ltd.

2,700

150,590

Sega Sammy Holdings, Inc.

2,800

73,566

Sekisui Chemical Co. Ltd.

6,000

75,555

Sekisui House Ltd.

7,000

104,925

Seven & i Holdings Co. Ltd.

9,800

376,968

Seven Bank Ltd.

8,200

29,118

Sharp Corp. (d)

14,000

48,609

Shikoku Electric Power Co., Inc.

2,500

45,317

Shimadzu Corp.

3,000

21,921

Shimamura Co. Ltd.

300

37,915

SHIMANO, Inc.

1,000

87,105

SHIMIZU Corp.

7,000

28,174

Shin-Etsu Chemical Co. Ltd.

5,400

364,027

Shinsei Bank Ltd.

20,000

56,134

Shionogi & Co. Ltd.

4,000

98,388

Shiseido Co. Ltd.

4,700

67,301

Shizuoka Bank Ltd.

7,000

85,683

Showa Denko KK

16,000

25,836

Showa Shell Sekiyu KK

1,800

14,447

SMC Corp.

700

140,331

So-net M3, Inc.

9

20,356

Softbank Corp.

12,300

610,005

Sojitz Corp.

18,400

28,890

Sony Corp.

13,100

215,338

Sony Financial Holdings, Inc.

2,000

28,254

Stanley Electric Co. Ltd.

1,700

32,605

Sumco Corp.

1,600

16,795

Sumitomo Chemical Co. Ltd.

20,000

66,974

Sumitomo Corp.

14,800

185,282

Sumitomo Electric Industries Ltd.

9,700

128,997

Sumitomo Heavy Industries Ltd.

6,000

26,716

Common Stocks - continued

Shares

Value

Japan - continued

Sumitomo Metal Mining Co. Ltd.

7,000

$ 97,995

Sumitomo Mitsui Financial Group, Inc.

17,500

827,179

Sumitomo Mitsui Trust Holdings, Inc.

40,000

201,020

Sumitomo Realty & Development Co. Ltd.

5,000

236,307

Sumitomo Rubber Industries Ltd.

2,000

36,930

Suzuken Co. Ltd.

1,000

38,940

Suzuki Motor Corp.

4,800

123,342

Sysmex Corp.

900

58,041

T&D Holdings, Inc.

7,500

87,362

Taiheiyo Cement Corp.

13,000

33,762

Taisei Corp.

15,000

50,100

Taisho Pharmaceutical Holdings Co. Ltd.

500

37,072

Taiyo Nippon Sanso Corp.

3,000

19,934

Takashimaya Co. Ltd.

3,000

35,461

Takeda Pharmaceutical Co. Ltd.

10,300

565,488

TDK Corp.

1,600

58,507

Teijin Ltd.

11,000

26,502

Terumo Corp.

2,000

99,361

The Chugoku Bank Ltd.

2,000

34,872

The Hachijuni Bank Ltd.

6,000

40,850

The Suruga Bank Ltd.

2,000

35,384

THK Co. Ltd.

1,700

35,804

Tobu Railway Co. Ltd.

13,000

75,572

Toho Co. Ltd.

1,600

35,576

Toho Gas Co. Ltd.

6,000

35,774

Tohoku Electric Power Co., Inc. (a)

6,200

66,405

Tokio Marine Holdings, Inc.

9,100

289,195

Tokyo Electric Power Co. (a)

17,000

75,252

Tokyo Electron Ltd.

2,200

112,605

Tokyo Gas Co. Ltd.

32,000

182,661

Tokyu Corp.

15,000

118,952

Tokyu Land Corp.

6,000

73,770

TonenGeneral Sekiyu KK

4,000

40,422

Toppan Printing Co. Ltd.

7,000

53,336

Toray Industries, Inc.

20,000

140,610

Toshiba Corp.

53,000

292,251

Toto Ltd.

4,000

41,485

Toyo Seikan Group Holdings Ltd.

1,700

23,297

Toyo Suisan Kaisha Ltd.

1,000

33,986

Toyoda Gosei Co. Ltd.

900

23,358

Toyota Boshoku Corp.

600

8,624

Toyota Industries Corp.

2,000

81,896

Common Stocks - continued

Shares

Value

Japan - continued

Toyota Motor Corp.

35,900

$ 2,083,559

Toyota Tsusho Corp.

2,900

80,769

Trend Micro, Inc.

1,400

39,252

Tsumura & Co.

700

22,873

Ube Industries Ltd.

12,000

24,263

Unicharm Corp.

1,500

96,992

Ushio, Inc.

900

9,170

USS Co. Ltd.

280

35,920

West Japan Railway Co.

2,200

106,441

Yahoo! Japan Corp.

198

99,493

Yakult Honsha Co. Ltd.

1,200

52,306

Yamada Denki Co. Ltd.

1,020

49,224

Yamaguchi Financial Group, Inc.

3,000

32,580

Yamaha Corp.

1,900

20,375

Yamaha Motor Co. Ltd.

3,600

50,222

Yamato Holdings Co. Ltd.

4,900

94,521

Yamato Kogyo Co. Ltd.

500

16,537

Yamazaki Baking Co. Ltd.

2,000

26,173

Yaskawa Electric Corp.

3,000

36,707

Yokogawa Electric Corp.

3,000

30,507

TOTAL JAPAN

34,391,020

Korea (South) - 3.0%

AMOREPACIFIC Corp.

46

37,581

AMOREPACIFIC Group, Inc.

29

11,004

BS Financial Group, Inc.

2,060

27,115

Celltrion, Inc.

890

25,530

Cheil Industries, Inc.

655

56,426

Cheil Worldwide, Inc.

1,390

34,321

CJ CheilJedang Corp.

98

29,001

CJ Corp.

219

28,727

Coway Co. Ltd.

620

31,405

Daelim Industrial Co.

318

22,227

Daewoo Engineering & Construction Co. Ltd. (a)

1,470

10,088

Daewoo International Corp.

440

15,437

Daewoo Securities Co. Ltd.

2,472

24,459

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

1,180

28,332

DGB Financial Group Co. Ltd.

1,410

19,711

Dongbu Insurance Co. Ltd.

447

18,036

Doosan Co. Ltd.

108

12,059

Doosan Heavy Industries & Construction Co. Ltd.

721

26,802

Doosan Infracore Co. Ltd. (a)

980

11,609

Common Stocks - continued

Shares

Value

Korea (South) - continued

E-Mart Co. Ltd.

252

$ 49,183

GS Engineering & Construction Corp.

359

9,858

GS Holdings Corp.

726

35,852

Hana Financial Group, Inc.

3,601

115,064

Hankook Tire Co. Ltd.

1,054

45,830

Hanwha Chemical Corp.

1,050

15,584

Hanwha Corp.

730

20,675

Hanwha Life Insurance Co. Ltd.

1,770

10,765

Hyosung Corp.

229

11,516

Hyundai Department Store Co. Ltd.

177

25,708

Hyundai Engineering & Construction Co. Ltd.

873

45,805

Hyundai Fire & Marine Insurance Co. Ltd.

760

21,387

Hyundai Glovis Co. Ltd.

157

26,366

Hyundai Heavy Industries Co. Ltd.

540

98,528

Hyundai Hysco Co. Ltd.

330

9,226

Hyundai Industrial Development & Construction Co.

510

10,463

Hyundai Merchant Marine Co. Ltd. (a)

446

4,150

Hyundai Mipo Dockyard Co. Ltd.

120

11,765

Hyundai Mobis

901

204,473

Hyundai Motor Co.

2,091

378,677

Hyundai Securities Co. Ltd.

1,300

9,028

Hyundai Steel Co.

677

46,829

Hyundai Wia Corp.

223

28,745

Industrial Bank of Korea

2,510

28,709

Kangwon Land, Inc.

1,160

32,801

KB Financial Group, Inc.

4,970

162,485

KCC Corp.

72

21,372

Kia Motors Corp.

3,500

174,109

Korea Aerospace Industries Ltd.

410

10,421

Korea Electric Power Corp. (a)

3,320

95,696

Korea Gas Corp.

230

14,761

Korea Investment Holdings Co. Ltd.

380

15,971

Korea Zinc Co. Ltd.

94

26,921

Korean Air Lines Co. Ltd. (a)

428

13,715

KT Corp.

430

14,065

KT&G Corp.

1,412

101,644

Kumho Petro Chemical Co. Ltd.

136

11,765

LG Chemical Ltd.

604

142,555

LG Corp.

1,255

74,734

LG Display Co. Ltd. (a)

3,000

82,067

LG Electronics, Inc.

1,409

112,683

LG Household & Health Care Ltd.

131

73,610

Common Stocks - continued

Shares

Value

Korea (South) - continued

LG Innotek Co. Ltd. (a)

103

$ 8,321

LG Telecom Ltd.

2,790

26,340

Lotte Chemical Corp.

235

34,665

Lotte Confectionery Co. Ltd.

7

12,200

Lotte Shopping Co. Ltd.

146

54,471

LS Cable Ltd.

283

20,809

LS Industrial Systems Ltd.

116

6,550

Mando Corp.

127

9,684

Mirae Asset Securities Co. Ltd.

220

9,187

NCSOFT Corp.

213

32,097

NHN Corp.

528

141,872

Oci Co. Ltd.

191

24,534

Orion Corp.

49

51,820

POSCO

885

254,301

S-Oil Corp.

692

55,593

S1 Corp.

187

10,559

Samsung C&T Corp.

1,604

85,907

Samsung Card Co. Ltd.

570

21,861

Samsung Electro-Mechanics Co. Ltd.

717

64,110

Samsung Electronics Co. Ltd.

1,453

2,004,847

Samsung Engineering Co. Ltd.

390

31,331

Samsung Fire & Marine Insurance Co. Ltd.

457

93,963

Samsung Heavy Industries Co. Ltd.

2,310

73,497

Samsung Life Insurance Co. Ltd.

846

83,324

Samsung SDI Co. Ltd.

435

50,742

Samsung Securities Co. Ltd.

711

32,658

Samsung Techwin Co. Ltd.

442

27,484

Shinhan Financial Group Co. Ltd.

5,740

198,761

Shinsegae Co. Ltd.

111

23,830

SK C&C Co. Ltd.

252

21,137

SK Energy Co. Ltd.

774

105,391

SK Holdings Co. Ltd.

339

48,775

SK Hynix, Inc.

6,710

182,123

SK Networks Co. Ltd.

1,070

7,091

SK Telecom Co. Ltd.

135

23,757

Woori Finance Holdings Co. Ltd.

4,730

51,095

Woori Investment & Securities Co. Ltd.

1,271

13,038

Yuhan Corp.

106

20,207

TOTAL KOREA (SOUTH)

6,933,363

Luxembourg - 0.3%

ArcelorMittal SA (Netherlands)

13,157

162,629

Common Stocks - continued

Shares

Value

Luxembourg - continued

Kernel Holding SA (a)

565

$ 10,246

Millicom International Cellular SA (depository receipt)

829

67,793

SES SA (France) (depository receipt)

3,944

123,151

Subsea 7 SA

3,665

78,938

Tenaris SA

6,131

135,970

TOTAL LUXEMBOURG

578,727

Malaysia - 0.8%

AirAsia Bhd

16,700

16,083

AMMB Holdings Bhd

20,500

45,144

Axiata Group Bhd

33,200

73,875

Berjaya Sports Toto Bhd

7,973

11,006

British American Tobacco (Malaysia) Bhd

1,700

35,380

Bumi Armada Bhd

12,100

15,868

Bumiputra-Commerce Holdings Bhd

64,300

163,577

DiGi.com Bhd

41,300

62,985

Felda Global Ventures Holdings Bhd

11,400

17,311

Gamuda Bhd

19,400

25,952

Genting Bhd

27,000

93,180

Genting Malaysia Bhd

41,900

51,781

Genting Plantations Bhd

1,800

5,064

Hong Leong Bank Bhd

7,200

34,219

Hong Leong Credit Bhd

3,600

18,340

IHH Healthcare Bhd

23,000

28,348

IJM Corp. Bhd

17,300

30,989

IOI Corp. Bhd

39,200

64,807

Kuala Lumpur Kepong Bhd

6,600

46,769

Lafarge Malayan Cement Bhd

5,000

16,302

Malayan Banking Bhd

56,111

177,416

Malaysia Airports Holdings Bhd

7,962

15,754

Malaysia Marine and Heavy Engineering Sdn Bhd

3,300

4,132

Malaysian Plantations Bhd

10,600

15,539

Maxis Bhd

29,700

65,989

MISC Bhd (a)

13,800

19,776

MMC Corp. Bhd

7,700

6,454

Parkson Holdings Bhd

6,900

9,570

Petronas Chemicals Group Bhd

37,600

80,699

Petronas Dagangan Bhd

3,800

29,501

Petronas Gas Bhd

8,300

53,797

PPB Group Bhd

5,400

22,718

Public Bank Bhd (For. Reg.)

14,400

77,715

RHB Capital Bhd

8,908

24,828

Common Stocks - continued

Shares

Value

Malaysia - continued

SapuraKencana Petroleum Bhd (a)

25,100

$ 26,234

Sime Darby Bhd

36,200

112,318

Telekom Malaysia Bhd

12,200

22,134

Tenaga Nasional Bhd

37,000

95,464

UEM Land Holdings Bhd (a)

16,200

13,365

UMW Holdings Bhd

7,300

34,311

YTL Corp. Bhd

56,526

30,469

YTL Power International Bhd

28,200

13,996

TOTAL MALAYSIA

1,809,159

Mauritius - 0.0%

Golden Agri-Resources Ltd.

102,000

43,891

Mexico - 1.2%

Alfa SA de CV Series A

36,400

84,538

Alpek SA de CV

5,800

13,843

America Movil S.A.B. de CV Series L

505,600

544,229

CEMEX SA de CV unit

142,039

160,144

Coca-Cola FEMSA S.A.B. de CV Series L

5,600

90,455

Compartamos S.A.B. de CV

16,100

26,811

Controladora Commercial Mexicana SA unit

4,800

18,532

El Puerto de Liverpool SA Class C

2,700

34,144

Embotelladoras Arca S.A.B. de CC

3,900

32,164

Fomento Economico Mexicano S.A.B. de CV unit

25,200

286,591

Grupo Aeroportuario del Pacifico SA de CV Series B

3,600

20,609

Grupo Aeroportuario del Sureste SA de CV Series B

2,400

29,785

Grupo Bimbo S.A.B. de CV Series A

21,200

68,983

Grupo Carso SA de CV Series A1

8,300

47,378

Grupo Financiero Banorte S.A.B. de CV Series O

24,100

181,728

Grupo Financiero Inbursa S.A.B. de CV Series O

26,600

77,945

Grupo Financiero Santander Mexico S.A.B. de CV

19,300

62,419

Grupo Mexico SA de CV Series B

49,324

176,542

Grupo Modelo S.A.B. de CV Series C

8,800

80,069

Grupo Televisa SA de CV

33,300

169,074

Industrias CH SA de CV (a)

2,200

17,729

Industrias Penoles SA de CV

1,785

74,528

Kimberly-Clark de Mexico SA de CV Series A

21,300

73,887

Mexichem S.A.B. de CV

13,921

70,956

Minera Frisco S.A.B. de CV (a)

8,700

37,187

Wal-Mart de Mexico SA de CV Series V

68,900

219,258

TOTAL MEXICO

2,699,528

Common Stocks - continued

Shares

Value

Morocco - 0.0%

Attijariwafa Bank

325

$ 12,869

Douja Promotion Groupe Addoha SA

1,252

8,145

Maroc Telecom SA

1,264

16,696

TOTAL MOROCCO

37,710

Netherlands - 1.8%

AEGON NV

23,141

154,576

Akzo Nobel NV

3,111

187,562

ASML Holding NV (Netherlands)

4,081

303,679

Corio NV

912

42,259

D.E. Master Blenders 1753 NV (a)

6,600

104,650

Delta Lloyd NV

2,344

44,915

European Aeronautic Defence and Space Co. (EADS) NV

5,910

312,144

Fugro NV (Certificaten Van Aandelen)

924

53,451

Gemalto NV

1,021

83,419

Heineken Holding NV (A Shares)

1,321

79,434

Heineken NV (Bearer)

2,995

211,492

ING Groep NV (Certificaten Van Aandelen) (a)

49,839

410,566

Koninklijke Ahold NV

13,014

205,323

Koninklijke Boskalis Westminster NV

883

36,776

Koninklijke KPN NV (d)

14,132

29,461

Koninklijke KPN NV rights 5/14/13 (a)(d)

14,132

18,983

Koninklijke Philips Electronics NV

12,359

342,073

QIAGEN NV (a)

3,237

64,136

Randstad Holding NV

1,621

67,491

Reed Elsevier NV

8,874

143,979

Royal DSM NV

1,995

128,555

STMicroelectronics NV

8,207

71,409

TNT Express NV

4,846

37,232

Unilever NV (Certificaten Van Aandelen) (Bearer)

21,101

899,142

Vopak NV

866

47,969

Wolters Kluwer NV (Certificaten Van Aandelen)

4,006

88,632

Ziggo NV

1,613

57,811

TOTAL NETHERLANDS

4,227,119

New Zealand - 0.1%

Auckland International Airport Ltd.

14,245

37,851

Contact Energy Ltd.

3,640

16,474

Fletcher Building Ltd.

9,398

71,211

Sky City Entertainment Group Ltd.

6,783

25,931

Telecom Corp. of New Zealand Ltd.

26,797

59,834

TOTAL NEW ZEALAND

211,301

Common Stocks - continued

Shares

Value

Norway - 0.5%

Aker Solutions ASA

2,391

$ 33,378

DnB ASA

12,689

207,394

Gjensidige Forsikring ASA

2,312

37,247

Norsk Hydro ASA

12,154

56,908

Orkla ASA (A Shares)

9,826

88,437

StatoilHydro ASA

14,529

355,690

Telenor ASA

9,061

203,643

Yara International ASA

2,405

112,607

TOTAL NORWAY

1,095,304

Peru - 0.0%

Compania de Minas Buenaventura SA sponsored ADR

2,557

51,191

Philippines - 0.2%

Aboitiz Equity Ventures, Inc.

28,240

39,094

Aboitiz Power Corp.

19,300

17,484

Alliance Global Group, Inc.

50,100

28,837

Ayala Corp.

2,020

31,447

Ayala Land, Inc.

74,200

58,477

Bank of the Philippine Islands (BPI)

8,840

22,070

BDO Unibank, Inc.

19,873

44,259

DMCI Holdings, Inc.

8,610

11,930

Globe Telecom, Inc.

445

15,455

International Container Terminal Services, Inc.

8,220

18,366

Jollibee Food Corp.

4,640

14,481

Metropolitan Bank & Trust Co.

1,650

4,989

Philippine Long Distance Telephone Co.

545

40,266

PNOC Energy Development Corp.

107,400

16,981

San Miguel Corp.

7,840

23,039

SM Investments Corp.

2,680

74,526

SM Prime Holdings, Inc.

82,900

40,267

Universal Robina Corp.

13,110

37,857

TOTAL PHILIPPINES

539,825

Poland - 0.3%

Asseco Poland SA

769

10,431

Bank Handlowy w Warszawie SA

464

13,803

Bank Millennium SA (a)

4,774

7,297

Bank Polska Kasa Opieki SA

1,747

83,760

Bank Zachodni WBK SA

350

29,131

BRE Bank SA

148

16,187

Cyfrowy Polsat SA (a)

2,660

14,075

ENEA SA

2,114

8,697

Common Stocks - continued

Shares

Value

Poland - continued

Eurocash SA

627

$ 11,291

Grupa Lotos SA (a)

656

7,883

Jastrzebska Spolka Weglowa SA

348

9,196

KGHM Polska Miedz SA (Bearer)

1,861

87,165

Polish Oil & Gas Co. (a)

25,352

42,844

Polska Grupa Energetyczna SA

9,946

51,652

Polski Koncern Naftowy Orlen SA (a)

4,326

67,084

Powszechna Kasa Oszczednosci Bank SA

11,673

121,538

Powszechny Zaklad Ubezpieczen SA

744

102,540

Synthos SA

5,870

8,750

Tauron Polska Energia SA

10,846

14,451

Telekomunikacja Polska SA

8,607

19,176

Zaklady Azotowe w Tarnowie-Moscicach SA

600

11,558

TOTAL POLAND

738,509

Portugal - 0.1%

Banco Espirito Santo SA (Reg.) (a)

23,448

26,835

Energias de Portugal SA

24,895

85,570

Galp Energia SGPS SA Class B

3,508

56,224

Jeronimo Martins SGPS SA

2,752

65,545

Portugal Telecom SGPS SA (Reg.)

7,551

39,400

TOTAL PORTUGAL

273,574

Russia - 1.2%

Federal Grid Co. of Unified Energy System (a)

3,696,897

14,291

Gazprom OAO sponsored ADR (Reg. S)

69,463

551,189

Inter Rao Ues JSC (a)

23,700,000

9,807

LSR Group OJSC GDR (Reg. S)

2,758

11,997

Lukoil Oil Co. sponsored ADR (United Kingdom)

6,687

423,956

Magnit OJSC GDR (Reg. S)

3,374

172,074

Mechel Steel Group OAO sponsored ADR

1,573

6,418

Megafon OJSC GDR

994

30,675

Mobile TeleSystems OJSC sponsored ADR

6,700

138,690

Norilsk Nickel OJSC ADR

6,205

95,061

NOVATEK OAO GDR (Reg. S)

1,186

120,023

Novolipetsk Steel OJSC GDR (Reg. S)

1,138

18,891

Rosneft Oil Co. OJSC GDR (Reg. S)

16,659

113,864

Rostelecom sponsored ADR

2,569

57,289

RusHydro JSC sponsored ADR

19,011

32,699

Russian Grids OAO (a)

233,413

9,911

Russian Grids OAO rights (a)

656,712

0

Sberbank (Savings Bank of the Russian Federation) (a)

1,860

5,916

Sberbank (Savings Bank of the Russian Federation) sponsored ADR

32,768

421,396

Common Stocks - continued

Shares

Value

Russia - continued

Severstal JSC GDR (Reg. S)

2,598

$ 21,966

Sistema JSFC sponsored GDR

1,336

25,478

Surgutneftegaz JSC sponsored ADR

11,941

101,499

Tatneft OAO sponsored ADR

3,066

115,864

TMK OAO GDR (Reg. S)

466

5,890

Uralkali OJSC GDR (Reg. S)

3,449

124,819

VTB Bank JSC:

rights (a)

8,170,112

82

sponsored GDR (Reg. S)

17,093

53,843

TOTAL RUSSIA

2,683,588

Singapore - 1.1%

Ascendas Real Estate Investment Trust

26,000

58,050

CapitaCommercial Trust (REIT)

28,000

38,873

CapitaLand Ltd.

33,000

100,203

CapitaMall Trust

31,000

58,391

CapitaMalls Asia Ltd.

16,000

27,279

City Developments Ltd.

6,000

54,851

ComfortDelgro Corp. Ltd.

23,000

37,067

DBS Group Holdings Ltd.

24,127

328,301

Global Logistic Properties Ltd.

26,000

58,261

Hutchison Port Holdings Trust

69,000

57,270

Jardine Cycle & Carriage Ltd.

2,000

79,078

K-REIT Asia

3,600

4,413

Keppel Corp. Ltd.

18,000

156,515

Keppel Ld Ltd.

11,000

36,259

Olam International Ltd.

23,000

31,278

Oversea-Chinese Banking Corp. Ltd.

33,000

290,696

SembCorp Industries Ltd.

12,000

48,616

SembCorp Marine Ltd.

12,000

41,991

Singapore Airlines Ltd.

7,000

63,084

Singapore Exchange Ltd.

10,000

60,729

Singapore Press Holdings Ltd.

20,000

72,420

Singapore Technologies Engineering Ltd.

20,000

71,446

Singapore Telecommunications Ltd.

103,000

328,643

StarHub Ltd.

8,000

30,722

United Overseas Bank Ltd.

17,000

294,674

UOL Group Ltd.

6,000

34,733

Wilmar International Ltd.

26,000

70,293

Yangzijiang Shipbuilding Holdings Ltd.

23,000

17,740

TOTAL SINGAPORE

2,551,876

Common Stocks - continued

Shares

Value

South Africa - 1.5%

Absa Group Ltd.

3,925

$ 64,599

African Bank Investments Ltd.

9,888

31,393

African Rainbow Minerals Ltd.

1,465

28,877

Anglo Platinum Ltd. (a)

948

35,960

AngloGold Ashanti Ltd.

4,984

96,160

ArcelorMittal South Africa Ltd. (a)

2,049

5,250

Aspen Pharmacare Holdings Ltd.

3,834

83,273

Assore Ltd.

442

14,383

Aveng Ltd.

4,004

13,163

Barloworld Ltd.

2,751

28,818

Bidvest Group Ltd.

3,796

98,717

Discovery Ltd.

4,246

38,677

Exxaro Resources Ltd.

1,803

28,276

FirstRand Ltd.

40,222

139,758

Foschini Ltd.

2,982

38,216

Gold Fields Ltd.

9,508

71,287

Growthpoint Properties Ltd.

22,648

74,429

Harmony Gold Mining Co. Ltd.

4,505

22,775

Impala Platinum Holdings Ltd.

6,976

95,200

Imperial Holdings Ltd.

2,443

54,095

Investec Ltd.

2,984

21,405

Kumba Iron Ore Ltd.

1,107

58,385

Liberty Holdings Ltd.

1,491

19,856

Life Healthcare Group Holdings Ltd.

12,991

54,883

Massmart Holdings Ltd.

1,528

31,672

MMI Holdings Ltd.

11,826

30,179

Mr Price Group Ltd.

3,227

46,383

MTN Group Ltd.

21,969

396,071

Naspers Ltd. Class N

5,093

340,820

Nedbank Group Ltd.

2,629

55,853

Netcare Ltd.

10,911

24,805

Northam Platinum Ltd. (a)

2,541

9,427

Pick 'n Pay Stores Ltd.

2,599

12,309

Pretoria Portland Cement Co. Ltd.

6,427

23,499

Rand Merchant Insurance Holdings Ltd.

8,340

21,795

Redefine Properties Ltd. unit

32,589

39,222

Remgro Ltd.

5,547

111,867

Reunert Ltd.

2,783

24,187

RMB Holdings Ltd.

9,825

43,609

Sanlam Ltd.

23,079

118,282

Sappi Ltd. (a)

5,590

16,820

Sasol Ltd.

7,126

308,674

Common Stocks - continued

Shares

Value

South Africa - continued

Shoprite Holdings Ltd.

5,574

$ 105,653

Spar Group Ltd.

2,111

27,877

Standard Bank Group Ltd.

15,948

199,228

Steinhoff International Holdings Ltd.

14,012

37,398

Tiger Brands Ltd.

2,164

67,309

Truworths International Ltd.

5,116

50,849

Vodacom Group Ltd.

4,543

53,264

Woolworths Holdings Ltd.

9,927

77,372

TOTAL SOUTH AFRICA

3,492,259

Spain - 2.0%

Abertis Infraestructuras SA

4,829

90,178

ACS Actividades de Construccion y Servicios SA

1,991

51,195

Amadeus IT Holding SA Class A

4,059

119,819

Banco Bilbao Vizcaya Argentaria SA

69,476

676,319

Banco Bilbao Vizcaya Argentaria SA

1,215

11,793

Banco de Sabadell SA (d)

37,019

76,980

Banco Popular Espanol SA

66,356

51,646

Banco Santander SA (Spain)

140,767

1,016,555

Bankia SA (a)

67

353

Bankia SA rights 5/14/13 (a)

67

109

Cintra Concesiones de Infrastructuras de Transporte SA

5,196

85,981

Criteria CaixaCorp SA

13,708

50,746

Distribuidora Internacional de Alimentacion SA

7,928

61,496

Enagas SA

2,503

66,685

Gas Natural SDG SA

4,563

95,547

Grifols SA

1,822

73,112

Grupo Acciona SA

404

26,469

Iberdrola SA

61,286

330,106

Inditex SA

2,820

378,993

International Consolidated Airlines Group SA (a)

11,683

49,235

International Consolidated Airlines Group SA CDI (a)

942

3,980

MAPFRE SA (Reg.)

9,537

34,979

Red Electrica Corporacion SA

1,447

76,968

Repsol YPF SA

10,836

254,014

Telefonica SA

53,179

778,664

Zardoya Otis SA

2,235

31,229

TOTAL SPAIN

4,493,151

Common Stocks - continued

Shares

Value

Sweden - 2.1%

Alfa Laval AB

4,353

$ 95,173

ASSA ABLOY AB (B Shares)

4,347

173,114

Atlas Copco AB:

(A Shares)

8,828

232,379

(B Shares)

4,977

118,031

Boliden AB

3,516

55,661

Electrolux AB (B Shares)

3,122

88,394

Elekta AB (B Shares)

4,951

76,125

Getinge AB (B Shares)

2,592

78,027

H&M Hennes & Mauritz AB (B Shares)

12,285

434,644

Hexagon AB (B Shares)

3,058

87,337

Husqvarna AB (B Shares)

4,998

28,688

Industrivarden AB Series C

1,426

26,623

Investment AB Kinnevik

2,664

69,590

Investor AB (B Shares)

5,865

172,845

Lundin Petroleum AB (a)

2,874

68,823

Nordea Bank AB

34,070

408,195

Ratos AB (B Shares)

2,219

21,279

Sandvik AB

13,182

186,816

Scania AB (B Shares)

4,154

88,386

Securitas AB (B Shares)

4,560

44,678

Skandinaviska Enskilda Banken AB (A Shares)

18,308

187,853

Skanska AB (B Shares)

4,873

82,858

SKF AB (B Shares)

5,090

118,433

Svenska Cellulosa AB (SCA) (B Shares)

7,517

195,202

Svenska Handelsbanken AB (A Shares)

6,445

292,762

Swedbank AB (A Shares)

10,502

258,456

Swedish Match Co. AB

2,678

92,888

Tele2 AB (B Shares)

4,230

72,512

Telefonaktiebolaget LM Ericsson (B Shares)

39,567

492,070

TeliaSonera AB

28,073

193,144

Volvo AB (B Shares)

19,683

272,420

TOTAL SWEDEN

4,813,406

Switzerland - 6.1%

ABB Ltd. (Reg.)

28,632

649,285

Actelion Ltd.

1,453

88,840

Adecco SA (Reg.)

1,716

91,780

Aryzta AG

1,111

68,945

Baloise Holdings AG

616

63,402

Banque Cantonale Vaudoise (Bearer)

37

20,474

Barry Callebaut AG

27

26,367

Common Stocks - continued

Shares

Value

Switzerland - continued

Compagnie Financiere Richemont SA Series A

6,791

$ 548,509

Credit Suisse Group

16,743

464,971

Ems-Chemie Holding AG

120

34,685

Geberit AG (Reg.)

485

118,459

Givaudan SA

107

137,634

Holcim Ltd. (Reg.)

2,982

232,357

Julius Baer Group Ltd.

2,899

115,486

Kuehne & Nagel International AG

704

80,561

Lindt & Spruengli AG

1

44,499

Lindt & Spruengli AG (participation certificate)

15

58,077

Lonza Group AG

762

53,065

Nestle SA

41,853

2,984,644

Novartis AG

29,848

2,209,575

Pargesa Holding SA

397

27,668

Partners Group Holding AG

230

58,997

Roche Holding AG (participation certificate)

9,131

2,282,259

Schindler Holding AG:

(participation certificate)

683

102,399

(Reg.)

235

34,398

SGS SA (Reg.)

72

173,999

Sika AG (Bearer)

28

67,606

Sonova Holding AG Class B

649

70,638

Sulzer AG (Reg.)

320

54,584

Swatch Group AG (Bearer)

405

231,945

Swatch Group AG (Bearer) (Reg.)

545

54,746

Swiss Life Holding AG

361

57,074

Swiss Prime Site AG

714

58,553

Swiss Re Ltd.

4,571

363,546

Swisscom AG

296

139,373

Syngenta AG (Switzerland)

1,210

517,298

Transocean Ltd. (Switzerland) (a)

4,685

239,188

UBS AG

47,321

844,132

Zurich Insurance Group AG

1,911

533,551

TOTAL SWITZERLAND

14,003,569

Taiwan - 2.4%

Acer, Inc. (a)

36,000

29,115

Advanced Semiconductor Engineering, Inc.

84,916

74,120

Advantech Co. Ltd.

4,000

19,125

Asia Cement Corp.

23,360

29,665

ASUSTeK Computer, Inc.

9,000

104,832

AU Optronics Corp. (a)

108,000

50,942

Common Stocks - continued

Shares

Value

Taiwan - continued

Capital Securities Corp.

18,090

$ 6,410

Catcher Technology Co. Ltd.

8,000

40,556

Cathay Financial Holding Co. Ltd.

91,750

123,516

Chang Hwa Commercial Bank

57,540

32,877

Cheng Shin Rubber Industry Co. Ltd.

24,260

82,183

Cheng Uei Precision Industries Co. Ltd.

3,029

6,040

Chicony Electronics Co. Ltd.

8,070

23,698

China Airlines Ltd. (a)

22,490

8,580

China Development Finance Holding Corp. (a)

172,800

47,814

China Life Insurance Co. Ltd.

29,563

30,024

China Motor Co. Ltd.

11,000

10,724

China Petrochemical Development Corp.

21,750

11,764

China Steel Corp.

143,960

126,923

Chinatrust Financial Holding Co. Ltd.

171,179

103,903

Chunghwa Telecom Co. Ltd.

48,000

153,335

Clevo Co. Ltd.

6,161

11,825

Compal Electronics, Inc.

49,000

31,736

CTCI Corp.

10,000

20,007

Delta Electronics, Inc.

23,000

110,359

E Ink Holdings, Inc.

5,000

3,713

E.SUN Financial Holdings Co. Ltd.

45,150

27,252

Epistar Corp.

9,000

15,870

Eternal Chemical Co. Ltd.

9,000

7,767

EVA Airways Corp. (a)

19,400

10,822

Evergreen Marine Corp. (Taiwan) (a)

18,000

10,529

Far Eastern Department Stores Co. Ltd.

8,160

7,222

Far Eastern Textile Ltd.

34,510

37,155

Far EasTone Telecommunications Co. Ltd.

22,000

53,638

Farglory Land Development Co. Ltd.

6,000

11,434

Feng Hsin Iron & Steel Co.

3,000

5,392

First Financial Holding Co. Ltd.

87,040

53,570

Formosa Chemicals & Fibre Corp.

41,000

96,070

Formosa International Hotel Corp.

1,000

10,919

Formosa Petrochemical Corp.

13,000

35,398

Formosa Plastics Corp.

53,000

128,681

Formosa Taffeta Co. Ltd.

6,000

5,707

Foxconn Technology Co. Ltd.

11,200

29,586

Fubon Financial Holding Co. Ltd.

74,398

106,337

Giant Manufacturing Co. Ltd.

3,000

18,006

Highwealth Construction Corp.

2,400

5,363

HIWIN Technologies Corp.

2,050

14,459

Hon Hai Precision Industry Co. Ltd. (Foxconn)

132,000

341,078

Common Stocks - continued

Shares

Value

Taiwan - continued

Hotai Motor Co. Ltd.

3,000

$ 26,806

HTC Corp.

9,000

91,862

Hua Nan Financial Holdings Co. Ltd.

72,527

42,178

Innolux Corp. (a)

92,297

57,744

Inventec Corp.

34,280

13,717

Kinsus Interconnect Technology Corp.

2,000

6,985

Largan Precision Co. Ltd.

1,000

27,331

Lee Chang Yung Chemical Industry Corp.

3,216

3,811

LITE-ON Technology Corp.

28,055

50,516

Macronix International Co. Ltd.

62,607

17,069

MediaTek, Inc.

15,000

183,113

Mega Financial Holding Co. Ltd.

107,690

83,077

Merida Industry Co. Ltd.

2,000

12,208

Nan Ya Plastics Corp.

61,000

121,628

Nankang Rubber Tire Co. Ltd.

5,469

6,463

Novatek Microelectronics Corp.

7,000

34,181

Oriental Union Chemical Corp.

4,000

4,415

Pegatron Corp. (a)

18,000

29,481

Phison Electronics Corp.

2,000

15,768

Pou Chen Corp.

32,000

37,762

Powertech Technology, Inc.

9,000

16,114

President Chain Store Corp.

8,000

49,373

Quanta Computer, Inc.

35,000

72,397

Radiant Opto-Electronics Corp.

6,060

24,659

Realtek Semiconductor Corp.

4,020

11,587

Richtek Technology Corp.

1,000

5,510

Ruentex Development Co. Ltd.

6,000

11,760

Ruentex Industries Ltd.

5,146

12,320

ScinoPharm Taiwan Ltd.

2,000

4,652

Shin Kong Financial Holding Co. Ltd. (a)

89,000

28,128

Siliconware Precision Industries Co. Ltd.

43,000

51,618

SIMPLO Technology Co. Ltd.

4,200

17,874

Sinopac Holdings Co.

76,821

38,424

Standard Foods Corp.

4,240

14,522

Synnex Technology International Corp.

18,000

30,458

Taishin Financial Holdings Co. Ltd.

73,970

32,106

Taiwan Business Bank

22,320

6,865

Taiwan Cement Corp.

41,000

54,500

Taiwan Cooperative Financial Holding Co. Ltd.

65,206

37,479

Taiwan Fertilizer Co. Ltd.

11,000

26,334

Taiwan Glass Industry Corp.

10,225

10,402

Taiwan Mobile Co. Ltd.

22,600

82,384

Common Stocks - continued

Shares

Value

Taiwan - continued

Taiwan Semiconductor Manufacturing Co. Ltd.

320,000

$ 1,188,544

TECO Electric & Machinery Co. Ltd.

29,000

27,289

Transcend Information, Inc.

4,000

13,835

Tripod Technology Corp.

4,000

9,088

TSRC Corp.

8,200

16,211

Tung Ho Steel Enterprise Corp.

7,000

6,836

U-Ming Marine Transport Corp.

5,000

7,799

Unified-President Enterprises Corp.

53,540

105,482

Unimicron Technology Corp.

17,000

17,928

United Microelectronics Corp.

150,000

57,524

Walsin Lihwa Corp. (a)

32,000

9,929

Wan Hai Lines Ltd. (a)

17,000

9,512

Wintek Corp. (a)

17,000

8,733

Wistron Corp.

23,600

23,968

WPG Holding Co. Ltd.

16,000

19,288

Yang Ming Marine Transport Corp. (a)

18,000

8,087

Yuanta Financial Holding Co. Ltd.

107,190

54,522

Yulon Motor Co. Ltd.

12,000

20,590

TOTAL TAIWAN

5,436,787

Thailand - 0.6%

Advanced Info Service PCL (For. Reg.)

15,500

142,589

Airports of Thailand PCL (For. Reg.)

6,400

31,509

Bangkok Bank PCL

6,700

51,819

Bangkok Bank PCL (For. Reg.)

11,400

88,170

Bangkok Dusit Medical Service PCL (For. Reg.)

3,400

19,578

Bank of Ayudhya PCL

6,300

7,030

Bank of Ayudhya PCL (For. Reg.)

23,800

26,557

Banpu PCL (For. Reg.)

1,150

13,361

BEC World PCL (For. Reg.)

11,400

26,024

C.P. ALL PCL (For. Reg.)

57,300

85,901

Central Pattana PCL (For. Reg.)

9,100

31,005

Charoen Pokphand Foods PCL (For. Reg.)

42,500

45,975

Glow Energy PCL (For. Reg.)

5,200

13,642

Indorama Ventures PCL (For. Reg.)

12,900

10,329

IRPC Public Co. Ltd. (For. Reg.)

160,700

22,449

Kasikornbank PCL

8,500

62,555

Kasikornbank PCL (For. Reg.)

15,800

116,279

Krung Thai Bank PCL (For. Reg.)

45,655

38,577

PTT Exploration and Production PCL (For. Reg.)

18,244

95,727

PTT Global Chemical PCL (For. Reg.)

22,439

55,811

PTT PCL (For. Reg.)

11,200

124,402

Common Stocks - continued

Shares

Value

Thailand - continued

Siam Cement PCL

2,100

$ 35,346

Siam Cement PCL (For. Reg.)

3,500

58,910

Siam Commercial Bank PCL (For. Reg.)

23,100

146,392

Siam Makro PCL (For. Reg.)

1,300

33,397

Thai Oil PCL (For. Reg.)

12,400

27,884

TOTAL THAILAND

1,411,218

Turkey - 0.5%

Akbank T.A.S.

22,482

118,132

Anadolu Efes Biracilik Ve Malt Sanayii A/S

2,985

49,618

Arcelik A/S

2,314

18,006

Asya Katilim Bankasi A/S (a)

3,321

4,020

Bim Birlesik Magazalar A/S JSC

1,438

73,795

Coca-Cola Icecek A/S

648

18,073

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S

8,851

15,157

Enka Insaat ve Sanayi A/S

4,036

12,472

Eregli Demir ve Celik Fabrikalari T.A.S.

14,055

16,072

Ford Otomotiv Sanayi A/S

678

9,417

Haci Omer Sabanci Holding A/S

10,366

64,471

Koc Holding A/S

8,873

53,701

Koza Altin Isletmeleri A/S

400

7,988

TAV Havalimanlari Holding A/S

2,501

17,648

Tofas Turk Otomobil Fabrikasi A/S

1,996

13,917

Tupras Turkiye Petrol Rafinelleri A/S

1,451

40,469

Turk Hava Yollari AO

7,234

30,102

Turk Sise ve Cam Fabrikalari A/S

4,594

7,790

Turk Telekomunikasyon A/S

7,846

37,200

Turkcell Iletisim Hizmet A/S (a)

10,553

65,709

Turkiye Garanti Bankasi A/S

30,952

170,924

Turkiye Halk Bankasi A/S

8,435

91,984

Turkiye Is Bankasi A/S Series C

21,595

83,357

Turkiye Vakiflar Bankasi TAO

10,551

37,666

Yapi ve Kredi Bankasi A/S

10,120

31,386

TOTAL TURKEY

1,089,074

United Kingdom - 13.9%

3I Group PLC

12,883

65,759

Aberdeen Asset Management PLC

11,530

80,363

Admiral Group PLC

2,776

55,238

Aggreko PLC

3,478

96,273

AMEC PLC

3,700

58,221

Anglo American PLC (United Kingdom)

18,156

441,371

Common Stocks - continued

Shares

Value

United Kingdom - continued

Antofagasta PLC

5,097

$ 71,059

ARM Holdings PLC

17,932

278,913

Associated British Foods PLC

4,604

138,384

AstraZeneca PLC (United Kingdom)

16,185

840,342

Aviva PLC

38,487

182,718

Babcock International Group PLC

4,742

78,816

BAE Systems PLC

42,286

246,647

Balfour Beatty PLC

7,782

26,098

Barclays PLC

151,177

674,624

BG Group PLC

44,238

745,237

BHP Billiton PLC

27,534

774,608

BP PLC

247,618

1,794,276

British American Tobacco PLC (United Kingdom)

25,087

1,390,704

British Land Co. PLC

12,395

114,464

British Sky Broadcasting Group PLC

13,830

181,315

BT Group PLC

102,354

440,084

Bunzl PLC

4,335

86,125

Burberry Group PLC

5,753

119,391

Capita Group PLC

8,788

123,199

Capital Shopping Centres Group PLC

8,865

47,191

Carnival PLC

2,387

86,180

Centrica PLC

67,316

387,937

Cobham PLC

14,523

56,511

Compass Group PLC

23,872

314,081

Croda International PLC

1,672

64,359

Diageo PLC

32,607

995,739

Eurasian Natural Resources Corp. PLC

3,329

14,189

Evraz PLC

3,458

8,326

Fresnillo PLC

2,322

41,551

G4S PLC (United Kingdom)

18,295

88,893

GKN PLC

21,324

91,024

GlaxoSmithKline PLC

63,790

1,645,877

Hammerson PLC

9,417

75,992

Hargreaves Lansdown PLC

2,828

43,028

HSBC Holdings PLC (United Kingdom)

238,689

2,614,120

ICAP PLC

7,653

34,213

IMI PLC

4,160

80,063

Imperial Tobacco Group PLC

12,846

458,950

Inmarsat PLC

5,777

64,835

InterContinental Hotel Group PLC

3,477

102,732

Intertek Group PLC

1,989

102,204

Invensys PLC

10,580

63,223

Common Stocks - continued

Shares

Value

United Kingdom - continued

Investec PLC

7,259

$ 51,305

ITV PLC

48,076

94,021

J Sainsbury PLC

15,863

93,906

Johnson Matthey PLC

2,666

100,383

Kazakhmys PLC

2,499

13,443

Kingfisher PLC

30,773

149,666

Land Securities Group PLC

10,364

140,624

Legal & General Group PLC

76,712

201,977

Lloyds Banking Group PLC (a)

548,091

465,600

London Stock Exchange Group PLC

2,492

51,909

Marks & Spencer Group PLC

19,631

124,598

Meggitt PLC

10,501

76,437

Melrose PLC

14,785

56,061

National Grid PLC

47,128

600,751

Next PLC

2,083

141,041

Old Mutual PLC

63,849

203,319

Pearson PLC

10,659

193,862

Prudential PLC

33,221

571,221

Reckitt Benckiser Group PLC

8,386

611,719

Reed Elsevier PLC

15,569

181,864

Rexam PLC

10,473

84,025

Rio Tinto PLC

17,460

801,765

Rolls-Royce Group PLC

24,318

426,850

Royal & Sun Alliance Insurance Group PLC

46,761

80,844

Royal Bank of Scotland Group PLC (a)

27,838

132,838

Royal Dutch Shell PLC:

Class A (Netherlands)

9,498

323,046

Class A (United Kingdom)

39,185

1,334,064

Class B (United Kingdom)

34,035

1,193,861

SABMiller PLC

12,491

672,989

Sage Group PLC

16,096

84,384

Schroders PLC

1,571

56,981

Scottish & Southern Energy PLC

12,462

301,402

Segro PLC

8,390

34,719

Serco Group PLC

6,398

61,469

Severn Trent PLC

3,179

89,923

Smith & Nephew PLC

11,742

134,406

Smiths Group PLC

5,004

97,162

Standard Chartered PLC (United Kingdom)

31,306

786,334

Standard Life PLC

30,693

178,407

Tate & Lyle PLC

6,235

81,791

Tesco PLC

104,135

592,277

Common Stocks - continued

Shares

Value

United Kingdom - continued

The Weir Group PLC

2,751

$ 94,183

TUI Travel PLC

5,008

24,450

Tullow Oil PLC

11,843

184,147

Unilever PLC

16,664

721,997

United Utilities Group PLC

8,885

102,200

Vedanta Resources PLC

1,305

24,508

Vodafone Group PLC

638,918

1,949,529

Whitbread PLC

2,309

91,640

WM Morrison Supermarkets PLC

29,120

132,127

Xstrata PLC

27,410

410,233

TOTAL UNITED KINGDOM

31,993,705

United States of America - 0.0%

Southern Copper Corp.

2,170

72,326

TOTAL COMMON STOCKS

(Cost $196,586,709)


216,515,351

Nonconvertible Preferred Stocks - 2.0%

 

 

 

 

Brazil - 1.4%

AES Tiete SA (PN) (non-vtg.)

1,100

11,150

Banco Bradesco SA (PN)

27,390

450,260

Banco do Estado Rio Grande do Sul SA

2,300

19,359

Bradespar Sa (PN)

3,300

41,911

Braskem SA (PN-A)

2,100

18,263

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)

2,900

15,045

Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)

1,700

93,380

Companhia de Bebidas das Americas (AmBev) (PN)

9,900

414,457

Companhia Energetica de Minas Gerais (CEMIG) (PN)

6,450

82,174

Companhia Energetica de Sao Paulo Series A

2,000

21,142

Companhia Paranaense de Energia-Copel (PN-B)

1,600

28,397

Eletropaulo Metropolitana SA (PN-B)

1,100

4,519

Gerdau SA (PN)

11,200

87,607

Itau Unibanco Holding SA

29,700

498,179

Itausa-Investimentos Itau SA (PN)

32,960

163,256

Klabin SA (PN) (non-vtg.)

6,600

44,071

Lojas Americanas SA (PN)

5,778

50,423

Marcopolo SA (PN)

2,200

14,636

Metalurgica Gerdau SA (PN)

3,200

31,844

Oi SA (PN)

10,448

25,588

Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)

54,700

545,701

Nonconvertible Preferred Stocks - continued

Shares

Value

Brazil - continued

Telefonica Brasil SA

3,900

$ 103,565

Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)

4,300

21,299

Vale SA (PN-A)

26,000

422,731

TOTAL BRAZIL

3,208,957

Chile - 0.0%

Embotelladora Andina SA Class B

2,532

17,204

Sociedad Quimica y Minera de Chile SA (PN-B)

1,158

57,328

TOTAL CHILE

74,532

Colombia - 0.1%

Banco Davivienda SA

1,211

16,203

BanColombia SA (PN)

4,386

71,855

Grupo Aval Acciones Y Val SA

19,751

13,852

Grupo de Inversiones Suramerica

1,140

23,998

Inversiones Argos SA

1,932

21,320

TOTAL COLOMBIA

147,228

Germany - 0.4%

Bayerische Motoren Werke AG (BMW) (non-vtg.)

672

46,710

Henkel AG & Co. KGaA

2,314

218,195

Porsche Automobil Holding SE (Germany)

1,999

156,612

ProSiebenSat.1 Media AG

1,342

51,394

RWE AG (non-vtg.)

410

13,944

Volkswagen AG

1,876

380,225

TOTAL GERMANY

867,080

Italy - 0.0%

Telecom Italia SpA (Risparmio Shares)

84,697

58,824

Korea (South) - 0.1%

Hyundai Motor Co.

207

14,713

Hyundai Motor Co. Series 2

429

32,323

LG Chemical Ltd.

158

13,798

Samsung Electronics Co. Ltd.

246

194,503

TOTAL KOREA (SOUTH)

255,337

Russia - 0.0%

AK Transneft OAO

16

32,055

Sberbank (Savings Bank of the Russian Federation)

24,295

56,277

Surgutneftegaz JSC

53,392

37,445

TOTAL RUSSIA

125,777

Nonconvertible Preferred Stocks - continued

Shares

Value

United Kingdom - 0.0%

Rolls-Royce Group PLC Class C

2,893,842

$ 4,495

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $4,744,913)


4,742,230

Investment Companies - 0.1%

 

 

 

 

iShares MSCI Canada Index ETF
(Cost $183,853)

6,800


190,536

Government Obligations - 0.5%

 

Principal
Amount

 

United States of America - 0.5%

U.S. Treasury Bills, yield at date of purchase 0.11% to 0.14% 5/23/13 to 9/12/13 (e)
(Cost $1,099,652)

$ 1,100,000


1,099,814

Money Market Funds - 2.4%

Shares

 

Fidelity Cash Central Fund, 0.13% (b)

4,926,488

4,926,488

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

566,497

566,497

TOTAL MONEY MARKET FUNDS

(Cost $5,492,985)


5,492,985

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $208,108,112)

228,040,916

NET OTHER ASSETS (LIABILITIES) - 0.9%

2,001,703

NET ASSETS - 100%

$ 230,042,619

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

69 NYSE E-mini MSCI EAFE Index Contracts

June 2013

$ 6,005,760

$ 266,763

40 NYSE E-mini MSCI Emerging Markets Index Contracts

June 2013

2,079,800

69,524

3 TME S&P/TSX 60 Index Contracts

June 2013

422,373

(1,145)

TOTAL EQUITY INDEX CONTRACTS

$ 8,507,933

$ 335,142

 

The face value of futures purchased as a percentage of net assets is 3.7%

Security Type Abbreviations

ETF

-

Exchange Traded Fund

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 are available on the SEC's website or upon request.

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $364,935.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 5,096

Fidelity Securities Lending Cash Central Fund

4,547

Total

$ 9,643

Other Information

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

The following is a summary of the inputs used, as of April 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 21,640,222

$ 13,738,223

$ 7,901,999

$ -

Consumer Staples

23,959,531

13,612,423

10,347,108

-

Energy

20,867,474

11,825,036

9,042,438

-

Financials

59,617,595

42,219,890

17,397,623

82

Health Care

17,134,211

6,537,829

10,596,382

-

Industrials

23,296,006

14,668,625

8,627,381

-

Information Technology

14,059,051

6,424,057

7,634,994

-

Materials

20,529,021

13,917,003

6,612,018

-

Telecommunication Services

12,235,617

5,556,472

6,679,145

-

Utilities

7,918,852

6,149,264

1,769,588

-

Investment Companies

190,536

190,536

-

-

Government Obligations

1,099,814

-

1,099,814

-

Money Market Funds

5,492,985

5,492,985

-

-

Total Investments in Securities:

$ 228,040,916

$ 140,332,343

$ 87,708,491

$ 82

Derivative Instruments:

Assets

Futures Contracts

$ 336,287

$ 336,287

$ -

$ -

Liabilities

Futures Contracts

$ (1,145)

$ (1,145)

$ -

$ -

Total Derivative Instruments:

$ 335,142

$ 335,142

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers

Total

Level 1 to Level 2

$ 13,117,572

Level 2 to Level 1

$ 0

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2013. 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)

$ 336,287

$ (1,145)

Total Value of Derivatives

$ 336,287

$ (1,145)

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

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

Semiannual Report

Spartan Global ex U.S. Index Fund

Financial Statements

Statement of Assets and Liabilities

  

April 30, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $540,474) - See accompanying schedule:

Unaffiliated issuers (cost $202,615,127)

$ 222,547,931

 

Fidelity Central Funds (cost $5,492,985)

5,492,985

 

Total Investments (cost $208,108,112)

 

$ 228,040,916

Foreign currency held at value (cost $1,197,193)

1,205,868

Receivable for investments sold

47,528

Receivable for fund shares sold

656,735

Dividends receivable

880,173

Distributions receivable from Fidelity Central Funds

1,485

Receivable for daily variation margin on futures contracts

35,616

Receivable from investment adviser for expense reductions

17,921

Other receivables

64

Total assets

230,886,306

 

 

 

Liabilities

Payable for investments purchased

$ 131,449

Payable for fund shares redeemed

71,684

Accrued management fee

36,571

Other affiliated payables

13,463

Other payables and accrued expenses

24,023

Collateral on securities loaned, at value

566,497

Total liabilities

843,687

 

 

 

Net Assets

$ 230,042,619

Net Assets consist of:

 

Paid in capital

$ 208,006,890

Undistributed net investment income

2,034,088

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(250,080)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

20,251,721

Net Assets

$ 230,042,619

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

Semiannual Report

Spartan Global ex U.S. Index Fund
Financial Statements - continued

Statement of Assets and Liabilities - continued

  

April 30, 2013 (Unaudited)

 

 

 

Investor Class:
Net Asset Value, offering price and redemption price per share ($3,694,897 ÷ 316,117 shares)

$ 11.69

 

 

 

Fidelity Advantage Class:
Net Asset Value, offering price and redemption price per share ($194,765,050 ÷ 16,659,125 shares)

$ 11.69

 

 

 

Institutional Class:
Net Asset Value, offering price and redemption price per share ($31,451,325 ÷ 2,689,553 shares)

$ 11.69

 

 

 

Fidelity Advantage Institutional Class:
Net Asset Value, offering price and redemption price per share ($131,347 ÷ 11,229 shares)

$ 11.70

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 2,827,225

Interest

 

524

Income from Fidelity Central Funds

 

9,643

Income before foreign taxes withheld

 

2,837,392

Less foreign taxes withheld

 

(231,016)

Total income

 

2,606,376

 

 

 

Expenses

Management fee

$ 173,284

Transfer agent fees

64,726

Independent trustees' compensation

285

Miscellaneous

198

Total expenses before reductions

238,493

Expense reductions

(87,822)

150,671

Net investment income (loss)

2,455,705

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers (net of foreign taxes of $134)

(359,688)

Foreign currency transactions

(67,642)

Futures contracts

370,388

Total net realized gain (loss)

 

(56,942)

Change in net unrealized appreciation (depreciation) on:

Investment securities (net of increase in deferred foreign taxes of $12,713)

15,894,643

Assets and liabilities in foreign currencies

10,934

Futures contracts

338,653

Total change in net unrealized appreciation (depreciation)

 

16,244,230

Net gain (loss)

16,187,288

Net increase (decrease) in net assets resulting from operations

$ 18,642,993

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

Semiannual Report

Spartan Global ex U.S. Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

  

Six months ended
April 30, 2013
(Unaudited)

Year ended
October 31,
2012

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 2,455,705

$ 1,806,475

Net realized gain (loss)

(56,942)

62,786

Change in net unrealized appreciation (depreciation)

16,244,230

3,391,102

Net increase (decrease) in net assets resulting
from operations

18,642,993

5,260,363

Distributions to shareholders from net investment income

(1,883,129)

-

Distributions to shareholders from net realized gain

(93,195)

(118,904)

Total distributions

(1,976,324)

(118,904)

Share transactions - net increase (decrease)

98,830,267

74,594,182

Redemption fees

139,176

31,911

Total increase (decrease) in net assets

115,636,112

79,767,552

 

 

 

Net Assets

Beginning of period

114,406,507

34,638,955

End of period (including undistributed net investment income of $2,034,088 and undistributed net investment income of $1,461,512, respectively)

$ 230,042,619

$ 114,406,507

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

Semiannual Report

Financial Highlights - Investor Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.54

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .15

  .29

  .03

Net realized and unrealized gain (loss)

  1.15

  .18

  .06

Total from investment operations

  1.30

  .47

  .09

Distributions from net investment income

  (.15)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.16)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.69

$ 10.54

$ 10.09

Total Return B,C

  12.57%

  4.81%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .34% A

  .34%

  .34% A

Expenses net of fee waivers, if any

  .23% A

  .24%

  .24% A

Expenses net of all reductions

  .23% A

  .24%

  .24% A

Net investment income (loss)

  2.77% A

  2.88%

  1.79% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 3,695

$ 25,552

$ 1,790

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.54

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .16

  .30

  .03

Net realized and unrealized gain (loss)

  1.15

  .17

  .06

Total from investment operations

  1.31

  .47

  .09

Distributions from net investment income

  (.16)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.17)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.69

$ 10.54

$ 10.09

Total Return B,C

  12.66%

  4.81%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .28% A

  .28%

  .28% A

Expenses net of fee waivers, if any

  .18% A

  .18%

  .18% A

Expenses net of all reductions

  .18% A

  .18%

  .18% A

Net investment income (loss)

  2.82% A

  2.94%

  1.86% A

Supplemental Data

 

 

Net assets, end of period (000 omitted)

$ 194,765

$ 67,539

$ 17,715

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Financial Highlights - Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.55

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .16

  .30

  .03

Net realized and unrealized gain (loss)

  1.15

  .18

  .06

Total from investment operations

  1.31

  .48

  .09

Distributions from net investment income

  (.17)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.18)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.69

$ 10.55

$ 10.09

Total Return B,C

  12.62%

  4.91%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .23% A

  .23%

  .23% A

Expenses net of fee waivers, if any

  .13% A

  .13%

  .13% A

Expenses net of all reductions

  .13% A

  .13%

  .13% A

Net investment income (loss)

  2.87% A

  2.99%

  1.91% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 31,451

$ 21,199

$ 7,567

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Financial Highlights - Fidelity Advantage Institutional Class

 

Six months ended
April 30, 2013

Years ended October 31,

 

(Unaudited)

2012

2011 G

Selected Per-Share Data

 

 

 

Net asset value, beginning of period

$ 10.56

$ 10.09

$ 10.00

Income from Investment Operations

 

 

 

Net investment income (loss) D

  .16

  .30

  .03

Net realized and unrealized gain (loss)

  1.15

  .19

  .06

Total from investment operations

  1.31

  .49

  .09

Distributions from net investment income

  (.17)

  -

  -

Distributions from net realized gain

  (.01)

  (.03)

  -

Total distributions

  (.18)

  (.03)

  -

Redemption fees added to paid in capital D

  .01

  .01

  - I

Net asset value, end of period

$ 11.70

$ 10.56

$ 10.09

Total Return B,C

  12.65%

  5.01%

  .90%

Ratios to Average Net Assets E,H

 

 

 

Expenses before reductions

  .20% A

  .20%

  .20% A

Expenses net of fee waivers, if any

  .10% A

  .10%

  .10% A

Expenses net of all reductions

  .10% A

  .10%

  .10% A

Net investment income (loss)

  2.90% A

  3.03%

  1.94% A

Supplemental Data

 

 

 

Net assets, end of period (000 omitted)

$ 131

$ 117

$ 7,568

Portfolio turnover rate F

  14% A

  7%

  1% J

A Annualized

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

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

D Calculated based on average shares outstanding during the period.

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

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

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

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

I Amount represents less than $.01 per share.

J Amount not annualized.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2013 (Unaudited)

1. Organization.

Spartan® Emerging Markets Index Fund and Spartan® Global ex U.S Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund offers Investor Class, Fidelity Advantage® Class, Institutional Class and Fidelity Advantage® Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund offers conversion privileges between share classes within each Fund to eligible shareholders. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

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

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 FMR Fair Value Committee (the Committee), in accordance with procedures adopted by each Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2013, including information on transfers between Levels 1 and 2, is included at the end of each Fund's Schedule of Investments.

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

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

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

Semiannual Report

3. Significant Accounting Policies - continued

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Spartan Emerging Markets Index Fund and Spartan Global ex U.S Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

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

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

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

 

Tax cost

Gross unrealized
appreciation

Gross unrealized
depreciation

Net unrealized
appreciation
(depreciation) on
securities and
other investments

Spartan Emerging Markets Index Fund

$ 185,312,011

$ 17,906,000

$ (10,670,511)

$ 7,235,489

Spartan Global ex U.S. Index Fund

208,438,388

27,857,653

(8,255,125)

19,602,528

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

 

No expiration

 

 

Short-term

Long-term

Total no
expiration

Spartan Emerging Markets Index Fund

$ (2,778,562)

$ -

$ (2,778,562)

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

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement. The Financial Accounting Standards Board issued in December 2011, Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, Accounting Standards Update No. 2013-1 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These updates create new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is currently evaluating the impact of the update's adoption on each Fund's financial statement disclosures.

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 and swap agreements. 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 risks:

Equity Risk

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

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

Funds. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as swap agreements, the Funds attempt to reduce their exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement on a bilateral basis with each of its counterparties. The ISDA Master Agreement gives the Funds the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on OTC derivatives, the Funds receive collateral in the form of cash or securities once each Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Funds' custodian bank in accordance with the collateral agreements entered into between the Funds, the counterparty and the Funds' custodian bank. The Funds could experience delays and costs in gaining access to the collateral even though it is held by the Funds' custodian bank. The Funds' maximum risk of loss from counterparty credit risk related to OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Funds. The Funds may be required to pledge collateral for the benefit of the counterparties on OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded futures contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to exchange-traded futures contracts is 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.

Semiannual Report

4. Derivative Instruments - continued

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

Primary Risk Exposure / Derivative Type

Net Realized
Gain (Loss)

Change in Net
Unrealized Appreciation
(Depreciation)

Spartan Emerging Markets Index Fund

 

 

Equity Risk

 

 

Futures Contracts

$ (274,116)

$ 214,703

Swap Agreements

$ 340,068

$ 168,555

Totals (a)

$ 65,952

$ 383,258

Spartan Global ex U.S. Index Fund

 

 

Equity Risk

 

 

Futures Contracts

$ 370,388

$ 338,653

Totals (a)

$ 370,388

$ 338,653

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

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

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

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

Any open swaps at period end are included in the Schedule of Investments under the caption "Swap Agreements."

Total Return Swaps. Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, the Fund will receive a payment from or make a payment to the counterparty. The Funds entered into total return swaps to manage their market exposure.

5. Purchases and Sales of Investments.

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

 

Purchases ($)

Sales ($)

Spartan Emerging Markets Index Fund

116,051,847

16,784,495

Spartan Global ex U.S. Index Fund

108,027,470

11,465,920

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .25% and .20% of average net assets for Spartan Emerging Markets Index Fund and Spartan Global ex U.S.

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Management Fee and Expense Contract - continued

Index Fund, respectively. Under the management contract, FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.

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

 

Investor
Class

Fidelity
Advantage
Class

Institutional
Class

Fidelity
Advantage
Institutional
Class

Spartan Emerging Markets Index Fund

.46%

.35%

.28%

.25%

Spartan Global ex U.S. Index Fund

.34%

.28%

.23%

.20%

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

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

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

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

Spartan Emerging Markets Index Fund

Amount

Investor Class

$ 45,202

Fidelity Advantage Class

53,325

Institutional Class

96

 

$ 98,623

Spartan Global ex U.S. Index Fund

 

Investor Class

$ 10,282

Fidelity Advantage Class

49,077

Institutional Class

5,367

 

$ 64,726

7. Committed Line of Credit.

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

Spartan Emerging Markets Index Fund

$ 174

Spartan Global ex U.S. Index Fund

198

During the period, there were no borrowings on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering

Semiannual Report

8. Security Lending - continued

the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity as of and during the period was as follows:

 

Total Security
Lending Income

Spartan Emerging Markets Index Fund

$ 49

Spartan Global ex U.S. Index Fund

4,547

9. Expense Reductions.

FMR contractually agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2013. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

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

 

Expense
Limitations

Reimbursement

Spartan Emerging Markets Index Fund

 

 

Investor Class

.33% / .31%*

$ 30,716

Fidelity Advantage Class

.22% / .20%*

78,722

Institutional Class

.15% / .13%*

464

Fidelity Advantage Institutional Class

.12% / .10%*

71

Spartan Global ex U.S. Index Fund

 

Investor Class

.24% / .22%*

7,766

Fidelity Advantage Class

.18%

61,737

Institutional Class

.13%

18,018

Fidelity Advantage Institutional Class

.10%

62

* Expense limitation effective January 1, 2013.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Expense Reductions - continued

In addition, FMR reimbursed a portion of each Fund's operating expenses during the period as follows:

 

Reimbursement

Spartan Emerging Markets Index Fund

$ 115

Spartan Global ex U.S. Index Fund

237

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

Spartan Emerging Markets Index Fund

$ 9

Spartan Global ex U.S. Index Fund

2

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 

Six months ended
April 30, 2013

Year ended
October 31, 2012

Spartan Emerging Markets Index Fund

 

 

From net investment income

 

 

Investor Class

$ 596,789

$ -

Fidelity Advantage Class

803,258

-

Institutional Class

9,000

-

Fidelity Advantage Institutional Class

1,234

-

Total

$ 1,410,281

$ -

From net realized gain

 

 

Investor Class

$ 313,070

$ 75,627

Fidelity Advantage Class

377,504

39,940

Institutional Class

3,966

14,631

Fidelity Advantage Institutional Class

529

14,651

Total

$ 695,069

$ 144,849

Spartan Global ex U.S. Index Fund

 

 

From net investment income

 

 

Investor Class

$ 416,574

$ -

Fidelity Advantage Class

1,114,795

-

Institutional Class

349,844

-

Fidelity Advantage Institutional Class

1,916

-

Total

$ 1,883,129

$ -

From net realized gain

 

 

Investor Class

$ 21,640

$ 10,086

Fidelity Advantage Class

54,936

61,496

Institutional Class

16,531

23,661

Fidelity Advantage Institutional Class

88

23,661

Total

$ 93,195

$ 118,904

Semiannual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

 

Shares

Dollars

 

Six months ended
April 30, 2013

Year ended
October 31, 2012

Six months ended
April 30, 2013

Year ended
October 31, 2012

Spartan Emerging Markets Index Fund

 

 

 

 

Investor Class

 

 

 

 

Shares sold

4,446,626

8,985,035

$ 45,623,428

$ 84,541,058

Reinvestment of distributions

82,497

8,161

824,144

74,427

Shares redeemed

(8,132,368)

(5,916,245)

(82,370,164)

(56,375,691)

Net increase (decrease)

(3,603,245)

3,076,951

$ (35,922,592)

$ 28,239,794

Fidelity Advantage Class

 

 

 

 

Shares sold

14,322,643

5,877,822

$ 145,402,687

$ 56,396,023

Reinvestment of distributions

111,290

4,293

1,111,792

39,151

Shares redeemed

(1,460,275)

(1,692,005)

(14,637,120)

(15,835,888)

Net increase (decrease)

12,973,658

4,190,110

$ 131,877,359

$ 40,599,286

Institutional Class

 

 

 

 

Shares sold

31,216

62,685

$ 314,795

$ 593,633

Reinvestment of distributions

1,297

1,604

12,966

14,631

Shares redeemed

(17,255)

(511,428)

(176,055)

(4,773,271)

Net increase (decrease)

15,258

(447,139)

$ 151,706

$ (4,165,007)

Fidelity Advantage Institutional Class

 

 

 

 

Shares sold

2,844

7,902

$ 29,204

$ 78,409

Reinvestment of distributions

176

1,606

1,763

14,651

Shares redeemed

(22)

(501,374)

(226)

(4,675,011)

Net increase (decrease)

2,998

(491,866)

$ 30,741

$ (4,581,951)

Spartan Global ex U.S. Index Fund

 

 

 

 

Investor Class

 

 

 

 

Shares sold

1,029,409

2,777,466

$ 11,264,434

$ 28,058,197

Reinvestment of distributions

37,086

952

401,269

9,239

Shares redeemed

(3,175,523)

(530,683)

(35,669,825)

(5,392,759)

Net increase (decrease)

(2,109,028)

2,247,735

$ (24,004,122)

$ 22,674,677

Fidelity Advantage Class

 

 

 

 

Shares sold

11,051,951

6,694,107

$ 124,228,718

$ 68,329,114

Reinvestment of distributions

104,604

6,228

1,131,814

60,478

Shares redeemed

(902,886)

(2,050,736)

(10,120,188)

(20,469,188)

Net increase (decrease)

10,253,669

4,649,599

$ 115,240,344

$ 47,920,404

Institutional Class

 

 

 

 

Shares sold

2,779,008

2,541,317

$ 31,157,365

$ 24,281,272

Reinvestment of distributions

33,861

2,437

366,375

23,661

Shares redeemed

(2,132,596)

(1,284,475)

(23,931,699)

(12,955,759)

Net increase (decrease)

680,273

1,259,279

$ 7,592,041

$ 11,349,174

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions - continued

 

Shares

Dollars

 

Six months ended
April 30, 2013

Year ended
October 31, 2012

Six months ended
April 30, 2013

Year ended
October 31, 2012

Fidelity Advantage Institutional Class

 

 

 

 

Shares sold

-

-

$ -

$ -

Reinvestment of distributions

185

2,437

2,004

23,661

Shares redeemed

-

(741,394)

-

(7,373,734)

Net increase (decrease)

185

(738,957)

$ 2,004

$ (7,350,073)

12. Other.

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

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Geode Capital Management, LLC

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Service Company, Inc.

Boston, MA

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

EMX-I-GUX-I-USAN-0613
1.929370.101

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)

 

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

SIGNATURES

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

Fidelity Salem Street Trust

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

June 21, 2013

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

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

June 21, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 21, 2013